Cultivons notre croissance - SIFCA

//////////////////////////

Cultivons notre croissance ! Let’s grow !//////////////////////////

SIFCA 2014 Annual Report 3

KEY DATA PER DIVISION

Oilseeds

Natural Rubber

Cane Sugar

88

LE GROUPEPrésentation

Les valeurs

Mots du PCA et du DG

Organigramme des Participations

Gouvernance

Chiffres clés 2014

Faits marquants 2014

06

PARTENAIRES PRIVILEGIES

Les collaborateurs, première richesse de SIFCA

Les Actionnaires et Partenaires, une force

Les planteurs privés, une relation durable

26

ENGAGEMENT SOCIAL

Démarche RSE

Fondation SIFCA

32

FINANCIAL REPORT

Key operational & financial figures 2014

Consolidated financial statements OHADA

Rating

40

5SIFCA Rapport Annuel 20144 SIFCA 2014 Annual Report

Groupe agro-industriel ivoirien créé en 1964, SIFCA est un acteur majeur de l’économie ouest-africaine et premier Groupe privé de Côte d’Ivoire, il a longtemps dominé les marchés du café et du cacao, avant de quitter ce secteur en 1999 pour se spécialiser dans trois domaines porteurs de l’économie africaine que sont le palmier à huile, le sucre de canne et le caoutchouc naturel.

Il intervient sur toute la chaîne de production de ces trois produits, allant de l’exploitation des plantations, à la transformation jusqu’à la distribution.

Le Groupe compte plus de 30.000 employés, répartis dans 10 filiales

Présentation du Groupe

30.000 EMPLOYES

These subsidiaries operate in a total of 6 countries:

Natural rubber includes the SIPH holding company (France) and its subsidiaries SAPH in Cote d’Ivoire, GREL in Ghana, RENL in Nigeria and CRC in Liberia.

Oilseeds include Palmci and Sania in Cote d’Ivoire, MOPP in Liberia, WAL and BOPP in Ghana, and Sendiso in Senegal.

Sugar cane is made up of Sucrivoire in Cote d’Ivoire.

10 Subsidiaries

6 Countries

30.000 Employees

ORIGINEFondée en 1964, SIFCA est née de la fusion de la Société Financière de la Côte Africaine et de la Société Immobilière de l’Indénié.

Sous l’impulsion de Pierre Emile Billon, le projet est lancé en association avec Henri Tardivat et Aimé Barou. Ils choisissent d’investir dans deux secteurs prometteurs de la Côte d’Ivoire : l’immobilier et l’agriculture. Flairant le potentiel de la filière agricole du café et du cacao dans l’économie ivoirienne, c’est dans ce secteur qu’ils orientent les affaires du Groupe.

La société croît sous la forme d’un comptoir d’échange de café et de cacao. Puis, l’entreprise se développe, débutant par la création de la première filiale de SIFCA : Unicafé. Ce sont les années phares de la spécialisation de SIFCA dans le domaine du café cacao et le Groupe devient la première entreprise de cacao de Côte d’Ivoire. Ce n’est encore qu’un début...

6 PAYS 10 FILIALES

dont certaines sont cotées à la bourse d’Abidjan (SAPH et Palmci) et de Paris (SIPH). //////////////////////////////////

Ces filiales sont installées dans 6 pays au total :

SIFCA is an Ivorian agro-industrial group founded in 1964. A major player on the West-African economic scene, and Cote d’Ivoire’s largest private Group, SIFCA long dominated the coffee and cocoa trade - before exiting this sector in 1999 to focus on three major fields of growth in Africa, namely oil palm, cane sugar and natural rubber.

SIFCA is involved throughout the production process of each of those commodities, from plantation management to processing and distribution. The Group employs over 30,000 people across 10 subsidiaries - some of which are quoted on the Abidjan (SAPH and Palmci) and Paris (SIPH) stock exchange. ///////////////////////////////////////////////////////

Le Groupe

Corporate Overview

La filière caoutchouc naturel, avec la holding SIPH (France) et ses filiales SAPH en Côte d’Ivoire, GREL au Ghana, RENL au Nigéria et CRC au Libéria.

La filière oléagineux, avec Palmci et Sania en Côte d’Ivoire, MOPP au Libéria, WAL et BOPP au Ghana, et Sendiso au Sénégal.

La filière sucre de canne avec Sucrivoire en Côte d’Ivoire.

Nigeria RENL

Liberia CRC MOPP

Côte d’Ivoire SAPH PALMCI SANIA SUCRIVOIRE

Senegal SENDISO

France SIPH

Ghana GREL

WAL BOPP

SIFCA Rapport Annuel 20146 SIFCA 2014 Annual Report 7

Depuis 50 ans, le Groupe SIFCA contribue à écrire les plus belles pages de l’agro-industrie ivoirienne.

“Cultivons notre croissance”, résume son attachement à des valeurs humaines fortes ; valeurs qui contribuent à la croissance et à la pérennité de l’entreprise.

Elles constituent également un socle à l’édification de sa culture d’entreprise. ////////////

Cultivons notre Croissance

Le Groupe

Values

Les valeurs du Groupe

ResponsabilitéA travers le respect de principes sociaux et environnementaux,

le respect de ses collaborateurs et de tous ses partenaires, et en particulier///////////////////////////////////////////////////////////////// les communautés vivant autour de ses sites.

Ethique A travers des relations durables et de confiance avec ses partenaires,

notamment les planteurs villageois. Et surtout à travers/////////////////////////////////////////////////////////// la promotion de son code de conduite.

QualitéLa Qualité de ses services, de ses procédures, et surtout de ses produits,

gages de la sécurité alimentaire et du bien-être des consommateurs pour l’huileet le sucre, et gages de la performance de ses clients pour le caoutchouc.

//////////////////////////////////////////////////////////////////////////////////////////////////////////// Nous sommes REQ !

Pour maintenir sa position deleader de l’Agro-industrie en Afrique,la stratégie du Groupe SIFCA est guidée par 3 valeurs.

Let’s Grow

For 50 years, SIFCA has contributed some of the most beautiful chapters in the history of Ivorian agro-industry.

Our motto «Let’s grow» sums up our commitment to powerful human values ; values that fuel the growth and sustainability of the company. These roots also anchor our company culture. ////////

3 values guide SIFCA’s strategy to retain the leadership position in West Africa’s agro-industry, namely:

Responsibility through the respect of social and environmental principles, and the respect of our coworkers and partners, especially the communities living around our sites. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Ethics through long-term trust-based relationships with our partners, in particular with the private out-growers. And especially through the promotion of the Group’s code of conduct. //////////////////////////////////////////////////////////////////////////////////////////////

The Quality of our services, our procedures, and most notably our products, as they underpin the food security and well-being of edible oil and sugar consumers, as well as the performance of our natural rubber clients. ///////////////////////////////////////////////////////////


Le Groupe

A word from the Chairman of the Board

Au plan des résultats financiers consolidés du Groupe, le résultat net 2014, qui s’établit à 6 milliards de FCFA, est le plus faible obtenu depuis 10 ans. Cette modeste performance s’explique par deux faits principaux : la forte chute des cours du caoutchouc, et les pertes financières subies dans notre filiale, Wilmar Ghana, en raison de la dévaluation du cedi ghanéen.

Pendant ces cinquante dernières années, le Groupe SIFCA a pu se développer grâce à une vision stratégique innovante appuyée par une forte capacité d’investissements qui exprime clairement sa volonté de bâtir pour des générations futures. Aujourd’hui, à l’aube d’un nouveau cinquantenaire, nous renouvelons notre vocation à servir un avenir toujours meilleur pour cette Afrique forte et en rapide mutation. Nous croyons fermement qu’elle sera le relais de la croissance mondiale, succédant à la remarquable expansion économique asiatique de ces dernières décennies.

Dans cet environnement africain en perpétuelle transformation, le Groupe SIFCA a déjà engagé les actions de progrès qui lui permettront d’améliorer ses performances et faire face aux nombreux défis qu’il lui faudra relever ; particulièrement de sa dépendance, toujours trop forte, au cours des matières premières ainsi que d’une compétition de plus en plus agressive.

“transformer nos défis en opportunités

“

Pierre BILLONPrésident du Conseil d’Administration, Groupe SIFCAChairman of the Board

///////////////////////////////

//////////////////////////////////////////////////////////////////////////////////////////////

Motdu Président du Conseil d’Administration

Transformer nos Défis en OpportunitésL’année 2014 nous a permis de célébrer la 50ème année d’existence du Groupe SIFCA. Cette année anniversaire fut l’occasion offerte au conseil d’administration de célébrer ceux grâce à qui le Groupe SIFCA s’est développé. Ce fut aussi l’opportunité de réaffirmer notre engagement à continuer l’admirable travail accompli par nos prédécesseurs.

L’année 2014 a pourtant été une année pleine d’adversités, nous rappelant à tous que malgré notre stratégie de diversification dans plusieurs filières agro-industrielles et dans plusieurs pays de l’Afrique de l’Ouest, nous restons fortement dépendants des cours des matières premières que nous commercialisons.

Cette dépendance n’est cependant pas une fatalité. La situation s’applique à toutes les entreprises agro-industrielles. Elle peut en réalité s’avérer être un avantage fondamental car ceux qui atteindront les coûts de production les plus bas pourront toujours mieux affronter la compétition. En améliorant sa compétitivité le Groupe SIFCA sortira renforcé des périodes de bas de cycle et pourra fortement profiter des retournements de tendances des cours.Le Groupe SIFCA s’est résolument engagé dans un plan d’abaissement des seuils de rentabilité dans chacune de ses filières, en utilisant plusieurs leviers de performance.

Les réductions de charges sont des objectifs fondamentalement important dans les plans de réduction des coûts de production, notamment les réductions de frais généraux, mais l’objectif principal demeure l’amélioration de la performance de nos entreprises. La recherche de compétitivité est l’œuvre quotidienne de chaque Direction Générale des filiales et de la Direction Générale du Groupe, qui ont pour mission d’améliorer constamment les rendements industriels et agricoles tout en assurant la maîtrise et le contrôle des opérations.

La migration de nos systèmes d’information vers un système unifié de pilotage de nos opérations est aussi un élément clé de notre plan de progrès. Cet investissement stratégique va nous permettre d’optimiser les processus de gestion, d’unifier les informations, d’améliorer la communication interne et transverse entre les sociétés du Groupe, de renforcer le contrôle des entreprises et d’améliorer les prises de décisions.

En renforçant la productivité des sociétés du Groupe, ce système unifié aura un véritable effet auto-structurant sur l’objectif majeur d’augmenter l’efficacité des opérations du Groupe.Le Groupe Sifca va également accroître sa présence sur une plus grande partie de la chaine de valeur des filières agro-industrielles, notamment la distribution de ses produits sucriers et oléagineux. Ceci permettra d’augmenter notre offre globale par l’introduction de produits issus de nouvelles filières agro-industrielles que nous pourrions alors développer.Nous travaillons aussi à tirer un meilleur profit des synergies qui existent entre les différentes sociétés du Groupe, ainsi que celles que nous développons avec nos partenaires stratégiques : Michelin pour le caoutchouc naturel, Wilmar et Olam dans les oléagineux, Wilmar et Terra dans la filière sucrière.

Tout comme nos charges opérationnelles, nous avons dû réduire nos dépenses d’investissements, malgré tous les besoins en investissements nécessaires à l’évolution de nos activités et à notre croissance. Aujourd’hui encore, de lourds investissements sont nécessaires au développement du Groupe. Nous devons continuer d’investir dans la filière sucrière afin de faire face à l’augmentation de la consommation nationale. Nous devons soutenir nos investissements dans la filière du caoutchouc naturel, pour être encore plus apte à absorber la croissance de production des planteurs villageois. Nous devons développer nos investissements dans la filière oléagineuse, pour produire d’avantage d’huile de palme brute et éviter d’importer de l’huile asiatique, afin d’augmenter les capacités de production de Sania déjà saturée dans sa capacité nominale de raffinage.Tous ces investissements ne pourront être réalisés en 2015 car nous devons préserver les équilibres financiers du Groupe. Mais dès que les cours le permettront nous amplifierons nos investissements de développement tout en poursuivant nos investissements sociaux, engagés pour l’amélioration des conditions de vie de chaque collaborateur du Groupe.

C’est dans cet esprit de partage et de vivre ensemble, dans des périodes favorables mais aussi dans des circonstances plus difficiles, que nous avons décidé de lancer la Fondation SIFCA, car si l’adversité nous pousse à nous dépasser, elle nous demande également de ne pas oublier ces femmes et ces hommes qui ont, eux aussi, besoin que nous les aidions à cultiver leur croissance.

Pour conclure, je souhaite, au nom du conseil d’administration, rendre hommage à tous les collaborateurs du Groupe SIFCA : ouvriers, employés, agents de maîtrise, cadres, dirigeants, dans l’agriculture, l’industrie ou l’administration, à toutes les femmes et à tous les hommes qui contribuent sans relâche à la réussite de notre entreprise, pour que nous puissions continuer à cultiver notre croissance. //////////////////////////////////////////////////////////////////////////////////////////////////////////////////


Le Groupe

A word from the Chairman of the Board

Turning our challenges into opportunities.2014 marked SIFCA’s 50th anniversary. For the board of directors, this celebration was also a time to honour those who made our growth possible - as well as reaffirm our commitment to the commendable work achieved by our predecessors.Yet 2014 also proved a challenging year, one that reminded us that despite our diversification into various agribusiness lines and markets in West Africa, we remain dependant on the price of the raw materials we sell.

At group-level, 2014’s consolidated financial results amount to 6 billion FCFA, the lowest in 10 years. This timid performance results from 2 phenomena: a steep drop in natural rubber prices, and the financial losses incurred by our Wilmar Ghana affiliate, because of the devaluation of the Ghanaian cedi. Over the past 50 years, SIFCA has grown thanks to an innovative strategic vision, supported by high investment capacity - thereby expressing its ambition to build for future generations. Today, as we start walking toward a new 50-year celebration, we reaffirm our commitment to creating a better future for this strong and changing Africa. We strongly believe that Africa will be a global powerhouse, the follower to the remarkable achievements of Asia in the past decades.

In this evolving African environment, SIFCA has already launched some initiatives that will help improve its performance and overcome the many challenges ahead; especially its overreliance on the price of raw materials and an increasingly more aggressive competition.

This overreliance is not irrevocable. The challenge applies to all agribusinesses. It can in fact yield a fundamental competitive advantage, since those who achieve the lowest production costs will be better positioned. By improving its competitiveness, SIFCA will emerge stronger from weak cycles and make the best of recovering prices. SIFCA is decidedly committed to lowering the profitability thresholds of all its affiliate, through the use of several performance levers. Lowering expenditures is of course essential to the reduction of production costs, especially with regard to overhead. Yet the main objective remains to improve our overall competitiveness. Improving competitiveness is the daily aim of both our affiliates and group managers. They must continuously improve industrial and agricultural yields, while retaining mastery and control over operations.

As a conclusion, i wish, in the name of the board of directors, to pay tribute to all our colleagues at SIFCA: the workers, the employees, the supervisors, the managers, in agriculture, in industry or in administration, all the women and all the men who relentlessly contribute to our success - so that we may indeed continue to cultivate our growth.

Pierre BILLONPrésident du Conseil d’Administration, Groupe SIFCAChairman of the Board

/////////////////////////////////////////////////////////////////////////////////////////

The transition of our IT infrastructure to a consolidated management system is also vital to our improvement plan. This strategic investment will help us optimise the process of management, better centralize data, improve the flow of communication both internally and across our affiliates, strengthen auditing and improve decision making. By improving the productivity of our affiliates, this unified system will have a self-structuring effect on the bigger objective of improving the efficiency of group activities.

SIFCA will also increase its involvement on a wider part of the agro industrial value chain, notably the distribution of its sugar and oil seed products. This will allow us to increase our overall offer, thanks to the introduction of products from new agribusiness lines.

We are also looking to better profit from existing synergies between affiliates, as well as those that we are developing with our strategic partners, namely: Michelin in natural rubber; Wilmar and Olam in oil seeds; Wilmar and Terra in sugar. Much like we seek lower overhead costs, so too must we reduce our investment expenditures - despite the need to invest to support our growth and the evolution of our activities. Today still, heavy funding is required for our development. We must continue to invest in the sugar branch, so as to meet rising domestic demand. We must keep investing in our natural rubber branch, to be able to absorb the out growers’ rising production. We must invest in our oil seeds branch, so as to increase crude palm oil production, avoid the importation of oil from Asia and increase SANIA’s already stretched processing capacity. All those investments will not be possible in 2015, because we must safeguard the group’s financial equilibrium. But as soon as prices permit, we will increase our investments for growth, while continuing our social investment to improve the living conditions of each and every one of our co-workers. This desire to share and live together, in good as well as more challenging times, explains our decision to create the SIFCA Foundation. For if hardship forces us to improve ourselves, it also asks that we not forget the women and men who need our help to cultivate their growth.


Le Groupe

A word from the Managing Director

Motdu Directeur Général

Malgré les efforts déployés, l’année 2014 marque une baisse sensible des résultats économiques, essentiellement due à la baisse des cours des matières premières, mais aussi aux pertes financières dans l’activité oléagineuse au Ghana, provenant des déséquilibres macro-économiques que traverse ce pays, avec pour corollaire des dépréciations régulières de sa monnaie.

Les sociétés du Liberia, destinées au développement du groupe dans le palmier et le caoutchouc, ne disposent pas encore de productions suffisantes pour compenser leurs coûts de structure, et ont donc également pesé sur le résultat consolidé.

FILIERE OLEAGINEUSE //////////////////////////////////////////////////////////////////////////////////////////////////////

Dans le domaine des oléagineux, les cours de l’huile de palme ont également subi une baisse ; bien que moins importante que celle du caoutchouc, elle affecte néanmoins fortement le résultat.

En 2014, Palmci a continué à affiner son organisation et son mode de fonctionnement, et je voudrais mettre en avant le remarquable Plan d’Optimisation des Coûts, le POC, qui est une démarche de Progrès Continu reposant sur une forte mobilisation de tous, et qui commence à porter ses fruits. Les volumes de régimes ont été affectés par les conditions climatiques, mais surtout par une très forte concurrence à l’achat des régimes aux planteurs, par des opérateurs qui très souvent ne respectent pas les règles de l’Interprofession. Au Liberia, MOPP a continué à planter, malgré un ralentissement sur le 2° semestre dû à la crise Ebola. Du côté de Sania, le niveau de production d’oléine a notablement augmenté, grâce à une bonne performance industrielle et commerciale, avec une très forte croissance des ventes sur le marché ivoirien. Le lancement des formats PET en 3l et 5l est une avancée majeure, où Sania a affirmé son leadership, et le slogan de “Dinor, parce qu’une huile de qualité n’a rien à cacher” aura marqué tous les esprits.

En 2013, nous avions annoncé le développement de notre activité oléagineux au Ghana à travers la Joint-Venture dans Wilmar Africa. 2014 aura permis de resserrer les liens entre l’équipe Ghana et l’équipe Sania, afin de développer les synergies et une vision globale du marché régional. Malgré un contexte financier difficile du à la dévaluation, Wilmar Africa se consolide sur le marché ghanéen, et laisse présager de bonnes performances à moyen terme.

Tous les regards sont maintenant tournés vers l’avenir.Nous contrôlons nos investissements afin de préserver nos équilibres financiers tout en maintenant notre politique de croissance, mais en l’adaptant au contexte actuel. SIFCA possède la force de pouvoir s’appuyer sur 3 activités distinctes (caoutchouc, oléagineux, et sucre). Les fondements sont donc solides, d’autant plus que la situation financière du groupe est saine. C’est dans cet esprit que le groupe souhaite continuer sa diversification en explorant la production d’énergie à partir de biomasse, avec le projet Biokala.

Même dans ce contexte économique difficile, nous tenons aussi à consolider notre rôle d’entreprise responsable, car, au-delà des considérations éthiques, il s’agit de l’essence de notre activité agro-industrielle, et c’est la meilleure manière d’assurer notre avenir.

Bertrand VIGNESDirecteur Général ////////////////////////////////

FILIERE CAOUTCHOUC ///////////////////////////////////////////////

C’est bien sûr ce secteur qui a été le plus touché, avec une baisse drastique des cours sur le marché international. Sous l’effet combiné de la hausse de la production mondiale et de la baisse de consommation dans les pays occidentaux et en Chine, les cours sont depuis plusieurs mois à des niveaux qui nous obligent à beaucoup de rigueur pour ajuster nos prix de revient.

Des progrès remarquables ont donc été faits dans toutes les entités pour réduire les coûts, améliorer les rendements et la qualité. Mais ce n’est pas encore suffisant pour garantir la rentabilité de notre activité et le financement des investissements quand les cours sont au plus bas. A noter, malgré tout, les excellentes performances agricoles de RENL, GREL et CRC, qui ont nettement dépassé leurs objectifs de production.

Dans le domaine industriel, notons également les progrès de SAPH, qui améliore constamment le niveau de qualité, par un travail en profondeur auprès des planteurs, le déploiement de l’ISO 9001 dans ses usines, et aussi la création d’une direction Supply chain et Qualité.

Une réalisation majeure de 2014 est l’extension de l’usine de Rapides Grah, qui devient un fleuron du groupe, en termes de capacité et de process. A Paris, l’équipe SIPH a assuré la commercialisation de 225.000 Tde caoutchouc dans un marché difficile.

FILIERE SUCRIERE Dans le secteur Sucre, Sucrivoire a continué à déployer son programme d’amélioration agricole et industrielle, et a tenu l’essentiel de ses engagements, avec une production de 92.000 tonnes de sucre.

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////


Le Groupe

A word from the Managing Director

NaTuraL ruBBErThis sector was naturally hardest hit, following severe price drops on the international market.

Due to a combination of rising global production and slowing consumption in Western countries and China, prices have remained low for months, thereby forcing us to stringent measures to improve our production costs. Remarkable progress was achieved by all entities with regard to cost reduction as well as better yield and quality. However, this is still not sufficient to ensure profitable operations and the financing of investments when prices are so low. All the same, the excellent agricultural performance of RENL, GREL and CRC must be highlighted, as it significantly exceeded production targets. For its part, SAPH achieved great industrial gains, through an ongoing quality improvement framework that includes close support for out-growers, adoption of the ISO 9001 norm in its plants, and the creation of Supply Chain & Quality department. A major 2014 milestone is the extension of the Rapides Grah plant, making it the Group’s star performer with regard to capacity and process.

Despite the weak market, the SIPH team in Paris managed to sell 225,000 tons of natural rubber.

OILSEEDIn the oilseed sector, palm oil prices did experience a drop that, while lower than in natural rubber, nevertheless strongly impacted financial results. In 2014, PALMCI further refined its organization and mode of operation, and I would further like to highlight the remarkable Cost Optimization Plan - or POC - a Continuous Improvement initiative built on strong organizational commitment and that has started to bear fruits. The availability of palm bunches was affected by climactic conditions, but also by strong competition at the out-grower level, brought about by buyers who do not follow industry rules. In Liberia, MOPP continued its plantation program, despite a slowdown in the 2nd semester due to the Ebola crisis. At SANIA, olein production increased significantly, thanks to good industrial and marketing performance, with a big sales boost on the Ivorian market. The launch of the 3 litre and 5 litre PET bottles was a major step forward to establish SANIA’s leadership, and new slogan “Dinor, because a quality oil has nothing to hide” really caught the public’s attention.

In 2013, we announced the development of our oilseed operations in Ghana, through a joint-venture with Wilmar Africa. 2014 saw the strengthening of links between the Ghana team and SANIA, this to allow for synergies and the sharing of a more complete vision of the regional market. Despite the financial difficulties due to currency devaluation, Wilmar Africa’s position is getting stronger in Ghana - thereby promising a good performance on the medium term.

Yet despite all the hard work, 2014 witnessed a significant revenue drop, essentially due to lower raw material prices, but also financial losses in Ghana’s oilseed sector, stemming from that country’s macroeconomic imbalances leading to regular currency depreciation.

Operations in Liberia, intended to further develop the Group’s oil palm and natural rubber activities, do not produce enough yet to offset their fixed costs, and that also impacted our consolidated income.

///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

aLL EYES arE NOw ON ThE FuTurE

CaNE SuGarIn the sugar sector, SUCRIVOIRE continued the deployment of its agricultural and industrial improvement program.

The company essentially met all its commitments, with a yearly sugar output of 92,000 tons.

We control our investments in order to keep our financial balance while pursuing growth, but we adapt to current realities. SIFCA can count on 3 distinct business lines, namely natural rubber, oilseed and cane sugar.

The fundamentals are therefore solid, especially since the Group’s financial situation is sound. In this spirit, the Group aims to diversify further by exploring energy production from biomass, through project ‘Biokala’.

Even in this challenging economic environment, we also intend to strengthen our position as a responsible company, because beyond ethical considerations, this is about our agro industrial activity, and it is the best way to protect our future.

“

“SIFCA Rapport Annuel 201416 SIFCA 2014 Annual Report 17

Le Groupe

Shareholding Chart at 31 december 2014

50%

50%

52.51%

25.5%

BRVM

50.44%

49.49%

50.44%

PRIVATE

0.07%

CAIT48.9%

Private0.02%

COSMOLtd

Vessel

THSP

Storage / RCI

WILMAR Africa Ltd

Refinery / Ghana

50.9%

100%

60%

38.08%

61.92%

76.63%PRIVATE

23.27%

BOPP

Plantations Ghana

100%

51.5%

State ofCôte d’Ivoire

23%Harel Frères25.5%

NAUVUJV COMPANY

27.06%

55.59%Paris Stock Exc:23.44%

20,97%

68.06%BRVM:12.05%

Private:10%

9.89%

SAPH

60% State of Ghana:25%NEWGEN:15%

100%

70.30%

Ondo State:15%Edo State:7%

Delta State:3.5%Ogun State:4.2%

16.34%

33.8%

40.0%

FILIVOIRE

SIFCOM ASSUR

ALIZE VOYAGE

90% BIOKALA(Biomass)

Private10%

PARMEINVESTISSEMENT

44.22%

IMMORIVSA.

21.18%

PRIVATESHAREHOLDERS

7.55%

Plantations

Refinery

Storage

Plantations

France

Côte d’Ivoire

Ghana

Liberia

Nigeria

Organigramme des participations


Gouvernance

Le Groupe

Governance

Bertrand VIGNES-------------------------------------------------------------------Directeur Général de SIFCAManaging Director of SIFCA

David BILLON-------------------------------------------------------------------AdministrateurAdministrator

Kuok Khoon HONG-------------------------------------------------------------------Administrateur et Président Directeur Généralde Wilmar InternationalAdministrator and CEO of Wilmar International

Alassane DOUMBIA-------------------------------------------------------------------AdministrateurVice-président du Conseil d’Administration, en charge du Business DéveloppementAdministrator and Deputy Chairman of the Board, in charge of Business Development

Pierre BILLON-------------------------------------------------------------------AdministreurPrésident du Conseil d’AdministrationAdministrator and Chairman of the Board

Sunny George VERGHESE-------------------------------------------------------------------AdministrateurDirecteur Général de Olam InternationalAdministrator and General Manager of Olam International

Lucie BARRY TANNOUS-------------------------------------------------------------------AdministrateurSecrétaire Général de SIFCAAdministrator and Secretary-General of SIFCA


Chiffres Clés 2014

Le Groupe

2014 Key figures

Population en HausseEn milliards d’habitants

2010 2035

7 14

Développement EconomiqueMille milliards de dollars(PIB en parité de pouvoir d’achat)

2010 2035

77.8 178.1

+ = Demande Alimentaireen hausse30.000

Employés / Employees

3 Filières / Divisions

10Filiales / Subsidiaries 6Pays / Countries

Turnover

2014

2013

2012

2011

2010

2009

2008

Turnover per division 2014 Turnover per division 2013

Oil Rubber Sugar Other

Oléagineux / Oil54%

Hévéa / Rubber35%

Sucre / Sugar11%Autre / Other

0%

Turnover (CFA million)


Hévéa / Rubber45%


0%

448 952

510 965

536 326

516 650

372 069

295 349

399 138

Consolidated turnover for Year 2014 equals CFA 449 billion, vs CFA 511 billion for Year 2013 => -12.1% global decrease.The main reason is the decrease of international market prices of rubber (-32,6%).Vegetable oils remains the main contributor (54.10%), and rubber division represents 34.68%.

Net result & profitability

Consolidated net result (CFA million) Profitability ratio (net income/turnover)

5.980

23.848

58.887

100.979

54.728

17.368

43.154

Year 2014 / NPAT per division Year 2013 / NPAT per division Oil Rubber Sugar

Consolidated profit came to CFA Francs 6 billion (a decrease of 75% compared with year 2013). For 2014, sugar is the first contributor (44.7% in 2014 against 16% in 2013).Rubber division notes a negative contribution with -25.1% as against 55% in 2013.

2014

2013

2012

2011

2010

2009

20082008 2009 2010 2011 2012 2013 2014

10,8%

5,9%

14,7%

19,5%

11,0%

4,7%

1,3%

6.860

4.644

-3.854

0 0

4.665

8.425

15.978


Faits marquants 2014

Le Groupe

2014 Highlights

WARAWEST AFRICA RATING AGENCY

Du 29 janvier au 1er février 2014SIFCA participe au Forum Investir en Côte d’Ivoire.---------------------------------------------------------29 January to 1st February, 2014SIFCA takes part in the Invest in Cote d’Ivoire forum.

30 avril 2014SANIA lance le nouvel emballagede l’huile DINOR.----------------------------------------------30 April 2014SANIA introduces the new DINOR packaging.

16 mai 2014 / EBONY 2014SIFCA lance le prix en agro-industrie dans le cadre de son cinquantenaire.----------------------------------------------16 May 2014SIFCA launches the prize for agro-industry to celebrate its 50th Anniversary.

16 juin 2014WARA affirme la notation de “A-” du Groupe SIFCA.----------------------------------------------------------------------16 June 2014WARA upholds SIFCA’s « A » rating.

1er août 2014SANIA désignée lauréate du Prix d’Excellence de l’Industrie par le Président de la République.----------------------------------------------------------------------1st August 2014 SANIA is rewarded with the Excellence Reward for Industry from the President of the Republic.

27 octobre 2014SIFCA souffle ses 50 bougies avec tous ses employés.----------------------------------------------27 October 2014SIFCA celebrates its 50th Anniversary with all its coworkers.

3 novembre 2014Vernissage de l’exposition ‘’Agri-Culture’’, offerte au grand public par SIFCA pour retracer le monde agricole au musée des Civilisations de Côte d’ivoire. --------------------------------------------------3 November 2014 : Opening of the ‘’Agri-Culture’’ exposition at the musée des Civilisations de Côte d’Ivoire, presented by SIFCA to the general public to retrace the history of the rural world.

8 novembre 2014Le Groupe SIFCA engagé dans la lutte contre Ebola auprès du Ministère de la Santé et de la Lutte contre le Sida, avec l’inauguration du centre d’appel 143.

---------------------------------------------------------8 November 2014SIFCA supports the fight against Ebola alongside the Ministry of Health and AIDS prevention, with the opening of the 143 call center.

13 novembre 2014SIFCA récompensée du prix de la 2ème meilleure entreprise Eco-Citoyenne 2014 par le Ministère de l’Environnement, de la Salubrité Urbaine et du Développement durable.---------------------------------------------------------13 November 2014SIFCA is awarded 2nd place for best Eco-Citizen company by the Ministry of the Environment, Urban Hygiene and Sustainable Development

13 décembre 2014Naissance de la Fondation SIFCA, au cœur du Parc National du Banco---------------------------------------------------------13 December 2014The SIFCA Foundation is founded, in the heart of the Banco National Park


Partenaires

Cultivons notre Ethique


Parce qu’ils sont la première richesse de l’entreprise, SIFCA a engagé des initiatives pour ces 30.000 femmes et hommes qui s’engagent avec nous afin de leur assurer de meilleures conditions de travail, de santé et de sécurité.

La qualité des conditions de travail est un facteur essentiel à la performance d’une entreprise.En 2010, le Groupe a synthétisé sa politique à travers une charte Hygiène et Sécurité diffusé à toutes les filiales. ////////////////////////////////////////////////////////////////////////////////////

Partenaires

Partners

Les CollaborateursPremière Richesse de SIFCA

Les Actionnaires et Partenaires, une force

Dans le but d’augmenter sa compétitivité et de renforcer ses capacités, le Groupe a tissé des alliances stratégiques avec des acteurs majeurs de l’agro-industrie mondiale.

Dans le secteur du palmier à huile, SIFCA a signé en 2008 un partenariat avec Wilmar, leader mondial de la production et la commercialisation de l’huile de palme et Olam, leader mondial dans la gestion de la chaîne d’approvisionnement en produits agricoles et ingrédients alimentaires.

Michelin, le leader mondial de l’industrie pneumatique, est le partenaire stratégique de SIFCA dans le secteur du caoutchouc depuis 2002.

Terra, acteur majeur de l’activité cannière à l’île Maurice (ex Harel & Frères), est partenaire de SIFCA dans la filière du sucre de canne depuis 19 ans. ////////////////////////////////////////////////////////

Répartition par filiale des employés (2014)

Zoom sur 2 projets pharesCONSTRUCTIONS ECOLOGIQUESL’activité du Groupe dépend de la qualité de vie de ses employés. Une charte sociale garantit un logement décent aux employés des UAI selon des normes standards. Un vaste programme de constructions écologiques et économiques a été engagé au sein du Groupe ces dernières années. A ce jour, plus de 650 logements ont été construits en Brique de Terre Compressée (BTC) et plus de 1 300 WC secs. Des innovations qui permettent d’améliorer l’hygiène et les conditions de vie des travailleurs, tout en protégeant l’environnement

SIFCA STANDARDOrganisation industrielle - « Une place pour chaque chose, et chaque chose à sa place ».Inspirée de la méthode des 5S, le Groupe SIFCA s’est engagé depuis 2011 dans cette démarche appelée SIFCA STANDARD. Véritable outil d’organisation visant à améliorer le bien-être et la sécurité des employés, SIFCA STANDARD vise également à accroître la productivité et la qualité. A ce jour, près de 100 chantiers ont été réalisés ou lancés sur les différentes Unités Agricoles Intégrées du Groupe.

HOLDING 213

SANIA 1.574

SAPH 6.426

SUCRIVOIRE 7.423

PALMCI 7.878

CRC - MOPP 1.248

GREL 3.820

SIPH 20

RENL 2.348

TOTAL 30.950

Our co-workers are our greatest assetBecause they are its primary wealth, SIFCA has taken practical steps to ensure that the 30,000 men and women working for it enjoy superior work, health and safety conditions.

The quality of working conditions is an essential contributor to company performance. In 2010, SIFCA summarized its policies through the Hygiene and Safety Charter published to all subsidiaries.

Shareholders and partnersgives us strength

In order to improve both its competitiveness and capabilities, SIFCA has built strategic alliances with key players in global agroindustry.

In oil palm, SIFCA signed a partnership in 2008 with Wilmar, global leader in the production and marketing of palm oil, and Olam, global leader in the supply chain of agricultural products and food ingredients.

Global tire industry champion is SIFCA’s strategic partner in natural rubber since 2002.

And Terra, a major sugar cane player in Mauritius formerly known as Harel & Frères, has been SIFCA’s partner in cane sugar for 19 years. /////////////////////////////////////////////////////////////////////////////////////////////////////


Partenaires

Partners

A long-term relationshipwith private out-growers

The growth of village plantations is the key to a dynamic agro-industry in sub-Saharan Africa. SIFCA provides support to out-growers by helping them manage their holdings effectively and by supplying tools and services to secure them, SIFCA fosters both its own growth and the health of local communities. A true « win-win» relationship therefore!

Private out-growers supply SIFCA with about 60% of the raw materials it processes. In exchange, SIFCA supplies them with technical support, as well as tools designed to improve their quality of life : health insurance, savings plan, etc. This harmonious growth between agro-industry and village out-growers is a major goal for SIFCA - as well as a fantastic lever of economic growth for West-African countries. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Women representmore than +12 %

of the total workforce

Les planteurs privés,une relation durable

Le développement des plantations villageoises conditionne le dynamisme de l’agro-industrie en Afrique Subsaharienne. SIFCA a donc mis en place une stratégie d’accompagnement des planteurs en les aidant à développer leurs exploitations et en leur proposant des outils et services pour les protéger. Le Groupe favorise ainsi à la fois sa propre croissance et le renforcement des communautés locales. Une relation « gagnant-gagnant » !Les planteurs privés fournissent à SIFCA environ 60% des matières premières traitées par le groupe. En échange, le Groupe leur apporte un appui technique, ainsi que des outils destinés à améliorer leur qualité de vie : assurance maladie, plan d’épargne, etc. Cette croissance harmonieuse entre l’agro-industrie et les planteurs villageois est un enjeu majeur pour le Groupe et un fantastique levier de développement économique pour les pays d’Afrique de l’Ouest. /////////////////////////////////////////////////////


Engagements

Cultivons notre

Responsabilité


Engagements

Commitments

La Démarche RSE du Groupe

Pour SIFCA, la prise en compte des impacts environnementaux, sociaux et économiques dans son activité est une condition nécessaire à son développement futur.

Il est donc indispensable d’avoir des pratiques et politiques qui renforcent la compétitivité de l’entreprise, tout en améliorant les conditions de vie et de travail de ses employés et des communautés locales.

Cette politique dans laquelle s’est inscrit le Groupe depuis 2007 s’est traduite par plusieurs actions d’envergure. ////////////////////////////////////

Etre un employeur responsableLa vision du groupe SIFCA d’une entreprise responsable est qu’elle contribue à sa réussite tout en agissant avec bon sens pour apporter un bénéfice à la société. Agir en employeur responsable implique pour SIFCA de relever de nombreux défis : favoriser le bien-être au travail, associer excellence opérationnelle et épanouissement des salariés, privilégier un dialogue social riche et positif avec toutes les parties prenantes, mais aussi promouvoir la diversité, préserver l’Environnement, être un acteur dynamique de l’emploi local et contribuer à la vitalité des régions d’implantation.

For SIFCA, managing the environmental, social and economic impact of its activities is a prerequisite to future growth. It is therefore necessary to follow practices and policies that strengthen the company’s competitiveness, while improving living and working conditions for employees and local communities.

As Group policy since 2007, this approach has directed the launch of several major initiatives. ////////////////////////////////////////////////////////

BIOKALAUne énergie verte pour la Côte d’IvoireEntreprise détenue à 90% par SIFCA, Biokala vise à produire de l’électricité à partir de la valorisation des déchets issus des plantations de palmier à huile. “Ce projet répond à deux défis africains, et notamment ivoiriens : valoriser la biomasse générée par les activités agro-industrielles et répondre aux besoins en énergie dans un continent où le taux d’électrification est de moins de 40%”, explique David Billon, initiateur du projet. Ce projet prévoit la construction et l’exploitation d’une centrale d’une puissance installée de 46 mégawatts (MW) à Aboisso. Biokala devrait également générer 160.000 tonnes de crédits carbone par an. //////////////////////////////////////////////////////////////

Un engagement fort & des actions concrètes

BIOKALAGreen energy for Cote d’IvoireOwned 90% by SIFCA, Biokala seeks to use leftover materials from oil palm plantations to generate electricity. “This project takes aim at two African challenges, and especially Ivorian : to take full advantage of the biomass generated by agro industrial activities ; and to meet the energy needs of a continent with an electrification rate of less than 40%”, explains project initiator David Billon. This project call for the building and exploitation of a 46 megawatts (MW) power plant in Aboisso. Biokala should also generate 160 000 tons of carbon credit per annum. //////////////////////////////////////////////////////////////


Engagements

Commitments

act as a responsible employerSIFCA defines a responsible company as one that seeks commercial success while using common sense to contribute to society as a whole. To act as a responsible employer means that SIFCA must meet numerous challenges: foster well-being at work, combine operational excellence with workers’ fulfilment; encourage a rich and positive social dialog between all stakeholders, and also promote diversity, preserve Environment, contribute actively to both local employment and the economic health of the regions where it operates. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Ecoles Familiales Agricoles (EFA)En 2012, le Groupe SIFCA a signé une convention, avec l’Institut Européen de Coopération et de Développement, qui porte sur la mise en place d’EFA autour de nos sites en Côte d’Ivoire. C’est un programme de formation professionnelle des jeunes en milieu rural, afin de leur permettre de devenir des producteurs agricoles performants, et en particulier de promouvoir la production de cultures vivrières. A ce jour, SIFCA a créé 4 EFA à proximité des implantations du Groupe, avec 126 jeunes accueillis lors de la rentrée 2014-2015. ///////

Family Agricultural Schools (FAS)In 2012, SIFCA entered an agreement with the European Cooperation and Development Institute for the creation of FAS around its sites in Cote d’Ivoire. This technical training program helps rural youth become effective agricultural producers, especially with regard to food crops. To date, SIFCA has created 4 FAS nearby its production centers, with 126 youth on roster for the 2014-2015 school period. /////////////////////////////////////////////////////////////////////


Fondation SIFCA

Commitments

Engagements

ThE SIFCa FOuNDaTIONAs Chairman of the Board, Mr Pierre BILLON, explains the reasons behind the creation of the SIFCA Foundation in December 2014 and clarifies its objectives. ////////////////////////////////////////////////////////////////////////////////

“Let’s grow for the rural world”

Why was the SIFCA Foundation created?Creating SIFCA Foundation is a logical follow-up to the growth and better-living initiatives we drive for the benefit rural communities. Over the past 50 years, we have contributed to the growth of communities through various social actions. We want our Foundation to be the mirror of our company: a human adventure.

What are the objectives of the Foundation?We will support projects that improve living conditions for rural communities living alongside our production units and beyond, and especially for the most at-risk: women and children. As such we will support the growth and economic attractiveness of those areas. We also want to support projects that support our activities and express SIFCA’s values. The values promoted by the Foundation are: the environment, education, health and sports in the rural world.

How will you involve the Group’s employees?Our co-workers will be able to submit projects they believe in. They will also be able to support the deployment of certain projects on a voluntary basis. It will be an opportunity for them to express their commitment, their entrepreneurial spirit and their creativity. ///////////////

Pourquoi avoir créé la Fondation SIFCA ?La création de la fondation SIFCA s’inscrit dans la continuité des actions génératrices de développement et d’amélioration des conditions de vie des populations rurales.

Depuis 50 ans, nous contribuons au développement des populations à travers de nombreuses actions sociales. Nous souhaitons que notre Fondation soit à l’image de notre entreprise : une aventure humaine. //////////////

Quelle sont les orientations de la Fondation ?Nous allons soutenir des projets visant à améliorer la qualité de vie des populations rurales installées autour de nos sites et au-delà, et surtout les couches plus vulnérables : les femmes, les enfants, et ainsi contribuer au dynamisme et à l’attractivité de ces territoires.

Nous voulons aussi accompagner des projets cohérents avec nos activités, en droite ligne avec les valeurs du Groupe SIFCA. Les valeurs que prônera cette fondation sont : l’environnement, l’éducation, la santé et le sport dans le monde rural. ////////////////////////////

Créée en décembre 2014, M. Pierre BILLON, Président du Conseil d’Administration nous situe sur les raisons de la création de la fondation SIFCA et donne les orientations qui lui sont assignées.

Comment comptez-vous associer les collaborateurs du Groupe ?Les employés pourront présenter des projets qui leur tiennent à cœur. Ils pourront également accompagner bénévolement le déploiement de certains projets.

Ce sera une opportunité pour eux de manifester leur engagement, leur esprit d’entreprendre et leur créativité. //////////////////////////////////////////////////////////////////////////////////


Financial Report

Cultivons notre Qualité


(hectares) 2014 2013 Change

Total industrial plantations 39 655 39 641 0%(mature plantations) 34 527 34 612 0%Total Outgrowers plantations 141 776 144 764 -2%(mature plantations) 122 664 129 590 -5%Total 181 431 184 405 -2%

(k Tonnes) 2014 2013 Change

Own plantations crop 537 504 7%Outgrowers plantations crop. 701 692 1%Total crop (k Tonnes) 1 238 1 195 4%


CPO produced 279 271 3%


CPO processed 384 374 3%Refined oil 365 355 3%Olein 329 282 17%Stearin 61 65 -6%Margarine 4 3 38%

Olein - (k Tonnes) 2014 2013 Change

Total olein sales 323 276 17%

Stearin - (k Tonnes) 2014 2013 Change

Total stearin sales 60 64 -7%

PFAD - (k Tonnes) 2014 2013 Change

Total PFAD 15,5 16,2 -4%



Immature plantations 15 285 14 202 8%Mature plantations 38 603 38 405 1%Replanting 2 228 2 865 -22%Total 56 116 55 472 1%


Own production 72 69 4%External purchases 88 91 -3%Total 160 160 0%


Immature plantations 3 038 2 773 10%Mature plantations 8 375 8 202 2%Replanting 1 797 1 380 30%Total 13 210 12 355 7%

Sugar produced (k Tonnes) 98 86 14%


Sugar cane production - industrial 906 875 4%Sugar cane production - external 97 84 17%Total cane production 1 004 958 5%


Domestic sales 100 99 1%Export sales 0 10 -100%Total sales 100 109 -9%

Sugar Activity

Financial Report

Rubber Activity


Vegetable oil Activity (without WAL & BOPP)


Financial Key Figures

Financial Report

Y 2014 Y 2013 Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007Net sales 448 952 510 965 536 326 516 650 372 069 295 349 399 138 231 858Operating income 27 188 44 993 97 519 139 369 81 624 31 912 73 560 44 097Net consolidated profit 5 980 23 848 58 887 100 979 54 728 17 368 43 154 30 770

2014

2013

2012

2011

2010

2009

2008

2007

448 952

510 965

536 326

516 650

372 069

295 349

399 138

231 858

Net Sales (CFA million)

27 188

44 993

97 519

139 369

81 624

31 912

73 560

44 097

NPAT consolidated (CFA million)

2014

2013

2012

2011

2010

2009

2008

2007

5 980

23 848

58 887

100 979

54 728

17 368

43 154

30 770

Y 2014 Y 2013 Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007Equity 347 859 346 114 347 439 322 582 261 958 217 926 208 060 112 081Debt 147 904 125 227 77 570 81 721 76 067 69 493 73 751 57 732

Operating Profit (CFA million)

2014

2013

2012

2011

2010

2009

2008

2007Y 2014 Y 2013 Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

Total Equity 347 859 346 114 347 439 322 582 261 958 217 926 208 060 112 081Group Equity 195 721 191 823 192 922 170 840 145 670 128 456 127 933 51 348

2014

2013

2012

2011

2010

2009

2008

2007

Equity (CFA million)

Shareholders Funds (CFA million)

Total Equity

Debt

Total Equity

Group Equity

Financial Key figures

347 859147 904346 114125 227347 439

77 570322 582

81 721261 958

76 067217 92669 493

208 06073 751

112 08157 732

2014

2013

2012

2011

2010

2009

2008

2007

347 859195 721346 114191 823347 439192 922322 582170 840261 958145 670217 926128 456208 060127 933112 08151 348


Economic & Financial Performance Ratios

Financial Report

Turnover

2014

2013

2012

2011

2010

2009

2008


Net result & profitability

2014

2013

2012

2011

2010

2009

2008

Consolidated net result (CFA million) Profitability ratio (net income/turnover)



Hévéa / Rubber35%


0%

2008 2009 2010 2011 2012 2013 2014

Turnover (CFA million)

5.980

23.848

58.887

100.979

54.728

17.368

43.154

Year 2014 / NPAT per division Year 2013 / NPAT per division Oil Rubber Sugar

Shareholders Funds

2014

2013

2012

2011

2010

2009

2008

Group equity (CFA million)

Total Equity

Group Equity

Gearing

Gearing = Financial debt / shareholders funds

2009 2010 2011 2012 2013 2014

40%

34%

20%

22%

30%

25%

Equity multiplier

Equity multiplier = Total assets / stockholders’ equity

2008 2009 2010 2011 2012 2013 2014

1,8%

1,7%

1,5%

1,6%

1,7%

1,9%

2,1%

ROCE 2008 2009 2010 2011 2012 2013 2014

Résultat opérationnel avant produitset charges non récurrents

31 912 81 624 139 369 97 519 44 993 27 188

Taux moyen d'imposition standardpour le calcul du ROCE

15% 26% 24% 30% 37% 21%

Résultat opérationnel avant produits et charges non récurrents et net d’impôts (NOPAT)

27 121 60 337 106 307 67 966 28 445 21 606

Actifs immobilisés incorporels et corporels 224 721 228 943 238 807 261 360 294 646 337 076 372 098Prêts, dépôts, titres en équivalence 12 873 6 054 7 810 9 126 8 474 19 031 12 060Total des actifs non courants (hors IDA) 237 594 234 997 246 617 270 486 303 120 356 107 384 157Besoin en fonds de roulement 56 445 57 248 101 426 80 574 108 209 98 454 108 352Actifs économiques de fin de période 294 039 292 245 348 043 351 060 411 330 454 561 492 509Actifs économiques moyens 293 142 320 144 349 552 381 195 432 946 473 535ROCE 9% 19% 30% 18% 7% 5%

Résultat conso avant impôts 22 367 76 457 134 893 87 429 41 308 11 189Impôts 3 358 19 939 32 000 26 496 15 192 2 298Tx moyen d'impôsition standard 15% 26% 24% 30% 37% 21%


Hévéa / Rubber45%


0%

10,8%

5,9%

14,7%

19,5%

11,0%

4,7%

1,3%

6.860

4.644

-3.854

0 0

4.665

8.425

15.978

ROCE (Return on Capital Employed)

347 859195 721343 114191 823347 439192 922322 582170 840261 958145 670217 926128 456208 060127 933

Consolidated turnover for Year 2014 equals CFA 449 billion, vs CFA 511 billion for Year 2013 => -12.1% global decrease.The main reason is the decrease of international market prices of rubber (-32,6%).Vegetable oils remains the main contributor (54.10%), and rubber division represents 34.68%.

448 952

510 965

536 326

516 650

372 069

295 349

399 138

Consolidated profit came to CFA Francs 6 billion (a decrease of 75% compared with year 2013). For 2014, sugar is the first contributor (44.7% in 2014 against 16% in 2013).Rubber division notes a negative contribution with -25.1% as against 55% in 2013.

Economic & Financial Performance Ratios


Operating Segments (CFA million)

Financial Report

Financial Statements

Total Rubber Oil Sugar Holding/Others

31 Dec 14 31 Dec 13 31 Dec 14 31 Dec 13 31 Dec 14 31 Dec 13 31 Dec 14 31 Dec 13 31 Dec 14 31 Dec 13

Non current assets 392 506 358 770 155 443 128 671 113 703 120 352 31 954 26 694 91 406 83 053

Current assets 223 699 238 455 73 239 98 982 99 998 86 708 34 216 33 838 16 246 18 927

Total assets 616 205 597 225 228 681 227 653 213 701 207 060 66 170 60 532 107 652 101 980

Equity 347 859 346 114 146 219 153 528 69 300 70 907 35 791 28 931 96 549 92 748

Non current liabilities 143 093 119 576 40 551 18 999 71 966 74 960 19 512 17 960 11 064 7 656

Current liabilities 125 253 131 535 41 911 55 126 72 435 61 193 10 867 13 641 39 1 576

Total equityand liabilities

616 205 597 225 228 681 227 653 213 701 207 060 66 170 60 532 107 652 101 980

Total Rubber Oil Sugar Holding/Others

FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13

Net sales 448 952 510 965 155 703 229 326 242 901 227 076 49 245 53 144 1 104 1 420

Operating profit 27 188 44 993 -2 217 29 620 20 597 11 400 8 637 6 824 172 -2 851

NPAT consolidated 5 980 23 848 -3 854 15 978 4 644 8 425 6 860 4 665 -1 670 -5 219

Group part -732 4 944 -2 344 4 560 -196 3 256 3 478 2 348 -1 670 -5 219

Minority 6 712 18 905 -1 510 11 418 4 840 5 169 3 382 2 317 0 0

InvestmentsYear 2014 / Investments per division (CFA million) Year 2013 / Investments per division (CFA million)

Holding Rubber Oil Sugar

266 32 026 27 573 11 435 499 31 479 23 373 13 305

Year 2014 / Investments per country Year 2014 / Investments per country

Côte d’Ivoire France Nigeria Liberia Ghana Senegal

75% 0% 7% 9% 9% 0% 65% 0% 6% 12% 17% 0%

ASSETS 31 Dec 2014 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009 31 Dec 2008

millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA

NON-CURRENT ASSETSGoodwill and Intangible assets 54 727 55 467 51 175 50 372 50 328 47 145 57 586 Property, plant and equipment,biological assets and other

317 371 281 609 243 472 210 988 188 479 181 798 167 135

Interests in associates and financial assets 12 060 19 031 8 474 9 126 7 810 6 054 12 873 Deferred tax assets 8 349 2 663 2 554 2 146 6 223 7 423 4 582 Available for sale investments

Total Non-Current Assets 392 506 358 770 305 675 272 632 252 840 242 420 242 176

CURRENT ASSETSInventories 105 864 108 568 114 991 106 726 85 501 64 119 73 542 Trade receivables 31 342 35 065 44 401 35 698 32 789 29 289 34 817 Other receivables, tax assets and current financial assets

46 519 42 571 25 485 24 865 45 577 34 994 32 987

Derivative assetsCash and cash equivalents 39 973 52 251 40 773 65 606 24 747 45 227 46 889

Total Current Assets 223 699 238 455 225 651 232 895 188 614 173 630 188 235

TOTAL ASSETS 616 205 597 225 531 325 505 528 441 455 416 050 430 411

EQUITY and LIABILITIES 31 Dec 2014 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009 31 Dec 2008millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA

EQUITYShare capital 4 003 4 003 4 003 4 003 4 003 4 003 4 000 Group Reserves 192 450 182 877 165 714 126 770 122 505 117 443 100 413 Profit -732 4 944 23 205 40 067 19 162 7 011 23 520 Equity attributable to equity holdersof the parent

195 721 191 823 192 922 170 840 145 670 128 456 127 933

Reserves 145 427 135 386 118 835 90 830 80 722 79 113 60 492 Profit for minority 6 712 18 905 35 682 60 912 35 566 10 357 19 634 Minority Interests 152 138 154 291 154 517 151 742 116 288 89 470 80 126 Total Group Equity 347 859 346 114 347 439 322 582 261 958 217 926 208 060

NON-CURRENT LIABILITIESLong term provisions and retirement benefit obligation

6 998 5 798 6 314 5 547 5 276 9 494 10 360

Medium and long termborrowings and liabilities

137 451 116 277 68 258 71 497 66 198 56 036 60 324

Deferred tax liabilities 3 456 3 152 2 998 4 677 4 593 3 963 3 067 Liabilities associated with non current assets held for sale

Total non-current liabilities 147 904 125 227 77 570 81 721 76 067 69 493 73 751

CURRENT LIABILITIESTrade and other payables 39 820 32 875 29 117 32 831 25 253 39 007 48 696 Tax and social security liabilities 12 055 19 938 27 053 29 622 19 777 8 106 15 346 Non current financial liabilities 23 498 34 936 20 499 24 263 17 412 24 042 20 859 Derivative liabilities 0 0 0 0 0 0 0 Bank overdrafts and short-term borrowings

45 069 38 135 29 648 14 510 40 989 57 475 63 700

Total current liabilities 120 442 125 884 106 316 101 225 103 431 128 630 148 600

TOTAL EQUITY and LIABILITIES 616 205 597 225 531 325 505 528 441 455 416 050 430 411

Consolidated balanced Sheet - OHADA

Consolidated Financial Statements - OHADA


Financial Report

Consolidated Income Statement - OHADA

Year 2014 Year 2013 Year 2012 Year 2011 Year 2010 Year 2009 Year 2008

millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA millions CFANets sales 448 952 510 965 536 326 516 650 372 069 295 349 399 138+ Changes in inventories of finished goods and work in progress

29 814 27 001 13 741 -2 825 9 365 -2 452 10 707

+ Production for own use and other 10 652 15 535= Production 478 766 537 966 550 067 513 825 381 434 303 549 425 380- Raw materials used -247 258 -283 135 -280 517 -230 199 -166 372 -97 962 -156 777- Cost of goods for resale sold -162 -239 21 198 -2 323 -24 328 -38 392+ Profit on raw materials used/goods for resale sold

231 346 254 592 269 571 283 824 212 739 181 259 230 211

- External charges -80 916 -92 139 -87 620 -75 749 -65 415 -86 078 -84 387- Taxes other than on income -8 338 -14 148 -14 867 -5 473 -5 207 -5 148 -5 298- Other operating income and cost -3 353 -3 923 14 382 10 030 11 524 -1 262 -2 998= Value Added 138 740 144 382 181 466 212 632 153 641 88 771 137 528- Personnel cost -68 583 -63 720 -57 129 -53 090 -47 421 -43 074 -42 364= Earnings before Interest, Depreciation and Amortization (EBITDA)

70 156 88 662 124 337 159 542 106 220 45 697 95 164

- Depreciation and amortisation -42 968 -35 669 -26 818 -20 173 -24 596 -13 785 -21 604= Operating profit (EBIT) 27 188 44 993 97 519 139 369 81 624 31 912 73 560+ Common transactions -61 0- Financial expenses -19 400 -6 067 -9 848 -9 819 -10 948 -10 596 -13 571+ Financial income 3 490 2 596 -14 5 080 1 453 2 208 3 861= Net Financial Expenses -15 910 -3 471 -9 862 -4 739 -9 495 -8 388 -9 710= Profit Before Tax and non recurring items 11 217 41 522 87 657 134 630 72 129 23 524 63 850+ Non reccurent results -275 -405 -445 -25 4 093 -1 349 -672- Corporate income tax and deferred tax -2 298 -15 192 -26 496 -32 000 -19 939 -3 358 -19 281= Net profit before income from associates and impairment losses

8 645 25 924 60 716 102 605 56 282 18 817 43 897

+ Income from Associates 247 192 217 288 235 192 291- Amortisation of Goodwill -2 912 -2 267 -2 046 -1 914 -1 789 -1 641 -1 034= Consolidated profit for the period 5 980 23 848 58 887 100 979 54 728 17 368 43 154

Attributable to the Group -732 4 944 23 205 40 067 19 162 7 011 23 520

Attributable to Minority Interests 6 712 18 905 35 682 60 912 35 566 10 357 19 634

Consolidated Financial Statements - OHADA


Consolidated Financial Statements

Financial Report

Contents


Note 1. SIFCA Group background information

Note 2. Highlights of the 2014 financial year

Note 3. Consolidation principles and methods

Note 4. Asset and liability valuations

Note 5. Companies included in the consolidation scope

Note 6. Positive goodwill

Note 7. Other intangible fixed assets

Note 8. Tangible fixed assets and assets in progress

Note 9. Investments in associates

Note 10. Non-consolidated investments

Note 11. Other financial assets

Note 12. Deferred tax assets

Note 13. Changes in consolidated shareholders’ equity

Note 14. Borrowings and financial debts

Note 15. 15 Other provisions for liabilities and charges

Note 16. Deferred tax liabilities

Note 17. Provisions relating to negative goodwill

Note 18. Inventories

Note 19. Prepayments

Note 20. Trade debtors

Note 21. Other receivables

Note 22. Cash and cash equivalents

Note 23. Advances and deposits received

Note 24. Trade creditors

Note 25. Tax liabilities

Note 26. Other liabilities

Note 27. Short-term borrowings

Note 28. Income statement

Note 29. Current and deferred taxes

Note 30. Translation of foreign subsidiary accounts

Note 31. Significant events after the reporting period

Note 32. Significant off-balance sheet commitments at 31 December 2014

FIXED ASSETS 31 Dec 2014 31 Dec 2013 Notes

Gross Value Deprec./Prov. Net Value Net Value

INTANGIBLE FIXED ASSETSGoodwill 65 243 -20 031 45 212 48 245 6.Fixed asset costs 0 0 0 0 7.Other intangible assets 15 313 -5 798 9 515 7 222 7.

80 556 -25 829 54 727 55 467TANGIBLE FIXED ASSETSLand and buildings 213 160 -108 748 104 412 92 753Technical and industrial facilities 264 472 -166 018 98 454 87 242Other fixed assets 21 864 -11 324 10 540 20 222Assets under construction 105 362 -1 397 103 965 81 392

604 858 -287 487 317 371 281 609 8.FINANCIAL ASSETSDefered tax assets 8 349 0 8 349 2 663 12.Investments in associates 1262 0 1262 1 172 9.Shareholdings 866 -271 596 68 10.Loans and other financial assets (inc. FNI,RCI) 10.451 -249 10 202 17 792 11.

20 929 -520 20 409 21 694TOTAL (I) 706 343 -313 837 392 506 358 770

CURRENT ASSETS 31 Dec 2014 31 Dec 2013 Notes

Gross Value Deprec./Prov. Net Value Net Value

INVENTORIES AND WORK IN PROGRESSCurrent inventories of raw material, parts, components 67 263 -1 835 65 428 64 802 18.1Finished goods inventories and work in progress 30 754 -1 095 29 659 35 434 18.2Inventories of good for resale 13 930 -3 152 10 778 8 333 18.3

111 947 -6 083 105 864 108 568DEBTORS AND SIMILARPrepayments 11 350 -744 10 606 11 125 19.Trade debtors 39 619 -8 277 31 342 35 065 20.Other debtors 41 745 -6 986 34 758 28 831 21.

92 714 -16 008 76 706 75 021TOTAL (II) 204 661 -22 091 182 570 183 589

CASH AT BANK Cash equivalents 17 160 0 17 160 18 129Cash 22 813 0 22 813 34 122

TOTAL (III) 39 973 0 39 973 52 251 22.

Deferred charges 1 148 0 1 148 2 615Translation adjustment 8 0 8 0

TOTAL (IV) 1 155 0 1 155 2 615

TOTAL ASSETS 952 132 -335 927 616 205 597 225

Consolidated balanced Sheet (CFA million)

Notes to Consolidated Financial Statements OHADA

ASSETS

53

57

57

59

61

64

65

66

66

68

68

68

68

69

69

70

70

70

71

72

73

73

74

74

74

75

75

76

76

79

79

80

80

>>


EQUITY 31 Dec 14 31 Dec 13 Notes

SIFCA SA Capital 4 003 4 003Group share of consolidated reserves 192 450 182 877Group share of profit -732 4 944Group shareholders’ interest 195 721 191 823

Minority interests’ share of reserves 145 427 135 386Minority interests’ share of profit 6 712 18 905Minority interests 152 138 154 291Consolidated group equity TOTAL (A) 347 859 346 114 13.

Borrowings and financial debts

Medium and long-term loans 137 451 116 277 14.Provisions for liabilities and chargesDeferred tax liabilities 3 456 3 152 16.Other provisions for liabilities and charges 6 996 5 795 15.Goodwill provisions 2 2 17.Financial and other liabilities TOTAL (B) 147 904 125 227

TOTAL FUNDS TOTAL (I) = (A) + (B) 495 763 471 341

CURRENT LIABILITIES

Advanced and deposits received 841 2 915 23.Trade creditors 39 820 32 875 24.Tax and social security creditors 12 055 19 938 25.Other operating liabilities 21 307 31 401 26.

TOTAL (II) 74 024 87 129

SHORT-TERM BORROWINGS TOTAL (III) 45 069 38 135 27.Deferred income, eliminations and translation adjustments

TOTAL (IV) 1 349 621

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

616 205 597 225

Consolidated Balance Sheet (CFA million)

Financial Report

Consolidated Income Statement (CFA million)

OPERATING ACTIVITIES 31 Dec 2014 31 Dec 2013

INCOMEProduct sales 146 959 209 759Sales of manufactured goods and services 301 993 301 206Turnover 448 952 510 965

Movement in inventories and work in progress 28 623 25 170Other income 1 191 1 831

TOTAL (I) 478 766 537 966

EXPENSESGoods purchases -1 234 -552Movement in good inventories 1 073 313Purchases of raw materials and other supplies -248 846 -268 910Movement in inventories of raw materials and other supplies 1 589 -14 226External services -80 916 -92 139Taxes -8 338 -14 148Other operating income and cost -3 353 -3 923

TOTAL (II) -340 026 -393 584

CONTRIBUTION TOTAL (I+II) 138 740 144 382

Staff costs -68 583 -63 720

GROSS OPERATING PROFIT 70 156 80 662Amortisation, depreciation and provisions Amortisation and depreciation -37 651 -34 058 Provisions -11 010 -6 905 Writebacks of amortisation and provisions 3 453 2 500 Reallocations 2 240 2 795

-42 968 -35 669

OPERATING PROFIT 27 188 44 993



Financial Report

Note 1 SIFCA Group background informationEstablished in 1964, the SIFCA Group is currently one of the main players in the West African economy. The principal exporter of coffee and cocoa in Côte d’Ivoire in the three decades from 1971, SIFCA diversified its activities into the agri-business and services industries, thanks to the privatisations implemented by the Côte d’Ivoire government from 1986. Following the easing of restrictions in the coffee and cocoa industry, the group decided to sell part of those activities to the multinational ADM, and the remainder to a cooperative union. Since then, the group has concentrated on higher value added industries, in particular rubber, palm and cottonseed oil, and sugar.The SIFCA Group is now directly and indirectly present in the Economic Community of West African States’ (ECOWAS) markets, an area heavily populated by 300 million inhabitants. The group also has a subsidiary in France. A strong partnership has been formed in the rubber division with the Michelin Group and the group’s partner in the sugar division is the Mauritian TERRA Group. In 2008, the group formed a strong alliance with the Olam and Wilmar Groups in the oil-producing division. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

Note 2 Highlights of the 2014 financial year

2.1. International markets and pricesPrices moved as described hereafter.

RUBBERThe price per kilo of rubber (SICOM 20), which stood at $2.1 at the beginning of 2014, fell progressively during the year to $1.5 at the end of the year. The average price for 2014, expressed in euros, fell by 32.6% compared to last year (€1.28 per kilo, compared to €1.90 in 2013).

The following graph shows changes in Singapore Commodity Exchange 20 (SICOM) rubber prices from January 2010 to January 2014 in US dollars per kilo and equivalent euros per kilo.

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan

2010 2011 2012 2013 2014

6.36.05.75.45.14.84.54.23.93.63.33.02.72.42.11.81.51.20.90.60.30.0

€ / kgUS$ / kgMoyenne mobile € / kgPrix vente trimestriel SIPH € / kg


CONSOLIDATED PROFIT 31 Dec 2014 31 Dec 2013

OPERATING PROFIT BROUGHT FORWARD (III) 27 188 44 993

COMMON TRANSACTIONS -61 0

Financial income

Interest and similar income 16 55 Other financial income 3 474 2 541

3 490 2 596Financial charges

Interest and similar charges -9 025 -6 218 Other financial charges -10 376 151

-19 400 -6 067FINANCIAL LOSS TOTAL (IV) -15 910 -3 471

NET PROFIT BEFORE TAX TOTAL (V=III+IV) 11 217 41 522

Exceptional income From capital transactions 1 228 252 Other exceptional income 712 577

1 940 829Exceptional charges On capital transactions 0 0 Other exceptional charges -2 215 -1 234

-2 215 -1 234EXCEPTIONAL ITEMS TOTAL (VI) -275 -405

Corporation tax -5 642 -13 794Deferred tax 3 345 -1 399

TAX CHARGE TOTAL (VII) -2 298 -15 192

NET PROFIT TOTAL (VIII=V+VI+VII) 8 645 25 924

Share of income from associates 247 192Amortisation and provisions on goodwill in subsidiaries and associates -2 912 -2 267

NET CONSOLIDATED PROFIT 5 980 23 848

Minority interests 6 712 18 905

GROUP SHARE OF PROFIT -732 4 944

Consolidated Income Statement (CFA million)



Financial Report

2.3 Regional environment (CEDEAO)

The security situation in the countries where SIFCA Group does business (Ivory Coast, Nigeria, Ghana, Liberia) is more or less stable. In Nigeria, the serious problems that affected the North of the country did not impact the South where the business is located.The Ebola crisis had the most impact on the region in 2014. The epidemic, which started in Guinea at the beginning of the year, rapidly spread to Sierra Leone and Liberia, to the extent that it became a major threat at regional and international level. The Ivory Coast government launched an awareness plan and took protection measures, which included closing its border with Liberia and Guinea. These measures proved to be successful as no case was reported in Ivory Coast. Ghana was not affected either. In Nigeria, the epidemic started in September and was treated so efficiently that the World Health Organisation (WHO) declared that the country was unaffected.

2.4 Other significant events

Taxes on sales of rubber in Ivory CoastA decree amended the tax rate on sales, previously 5%, by setting thresholds of between 2.5% and 5%, depending on prices. Unlike previous financial years, this tax had very little impact in 2014, prices being below the threshold as from February.

Launch of palm oil production in Ghana (Wilmar Africa)In September 2013, SIFCA acquired 49.5% of the shares of Wilmar Africa Ltd, a palm oil refinery in Ghana. This company is jointly owned with Wilmar Europe Holding BV, a subsidiary of Wilmar International. Wilmar Africa Ltd holds 76.7% of Benso Palm Oil Plantations (BOPP).In July 2014, the company’s shareholders carried out a share capital increase through the capitalisation of shareholders’ accounts and contributions in cash. SIFCA now holds 38.08% of the share capital of this company.This company’s business is continuing to develop and it has achieved an operating profit. However, the depreciation of Ghana’s currency has had a negative financial impact on the company’s accounts.

Oil palm developments in LiberiaMaryland Oil Palm Plantations (MOPP) continues to develop, with the planting of 1,850 hectares in 2014. A total of 5,445 hectares have now been planted.

Note 3 Consolidation principles and methods

3.1. Applicable accounting standards and financial year end

SIFCA’s consolidated financial statements are prepared in accordance with the accounting law provisions established by OHBLA (Organisation for the Harmonisation of Business Law in Africa). Companies are consolidated on the basis of their accounts for the period from 1 January to 31 December 2014.

3.2. Companies within the consolidation scope, consolidation methods and accounting principles

Companies within the consolidation scopeCompanies included in the consolidation scope are those over which SIFCA SA has full or joint control, or has a significant influence.

Full controlFull control results from the parent company directly or indirectly holding the majority of voting rights at an Ordinary General Meeting or other decision-making mechanism of an entity within the group to be consolidated. In certain cases, this majority is not necessary. In effect, full control is assumed if the parent company is the only shareholder to hold more than 40% of the voting rights and therefore has the ability, for two consecutive years, to appoint the majority of the members of the administrative, management and supervisory systems, or equivalent decision making mechanisms in the entity to be consolidated. Full control could also be a result of the power of the parent company to manage the political and financial management of an entity by virtue of a contract or particular clauses, as long as the applicable laws allow it, and as long as the parent company is a shareholder or associate of the controlled entity.

jan.14 févr.14 mars.14 avr.14 mai.14 juin.14 juil.14 août.14 sept.14 oct.14 nov.14 déc.14

1.400

1.200

1.000

800

600

400

482 480 474 475 478 482 485 493 509 517 526 533

862

906943

905 892854

834

754718 732 728

686

444.976417.342

418.063

457.109

444.314

435.457

419.727

417.878396.045

352.840

367.433385.793

500.000

400.000

300.000

200.000

100.000

0

Prix CAF Rotterdam Parité USD/CFA Prix local (AIPH)

PALM OILThe average world price of crude palm oil in 2014 was $818 per tonne, compared to $853 per tonne in 2013, a 4% decrease due to an increase in supply, in particular in Indonesia and Malaysia, the fall in oil prices, a decrease in household consumption in China, India and Europe and a good level of soybean oil production in the United States.The dollar remained fairly stable, increasing from an average dollar/CFA franc exchange rate of 494 CFA francs/$1 in 2013 to 494.5 CFA francs/$1 in 2014.

The resulting selling price for crude palm oil (AIPH price) was approximately 413,081 CFA francs per tonne compared to 420,986 CFA francs per tonne in 2013, a fall of 1.9%.

SUGARSugar prices in the world market continued to fall during 2014. The average price of sugar on the London market fell from $579 per tonne in 2012 to $490

2.2 National market environment

The situation was stable in 2014 and the security situation was normal. The economic activity continues to improve due to this stability.However, fraudulent imports continue to disrupt the Ivorian edible oils and sugar market, as well as planters’ access to the exemption system for palm oil.The exceptional tax on sales of rubber, introduced in 2012, although maintained, had no particular impact as prices were below the threshold for eligibility as from February 2014. On the other hand, since the VAT exemption in favour of exporting companies was discontinued in 2013, the accumulation of VAT credits had a significant impact on SAPH’s and SANIA’s cash situation.



Financial Report

Note 4 Asset and liability valuations

4.1. Asset valuations

GoodwillGoodwill in the first year is made up of the difference between the cost of the shares in the subsidiary and the parent company’s share of its shareholders’ equity, including the subsidiary’s profit for the period at the date on which it became part of the group. The date on which an entity becomes part of a group is either: the date on which the parent company acquired the shares; the date on which the parent company began to have control or significant influence, if the acquisition took place in various stages; or the date on which the contract states that control passes, if this date is different from that of the purchase of the shares. If a contract states a date of retrospective control, this is not sufficient grounds for the date of transfer of control to be different from that of the transfer of the shares.

The cost of the acquisition of the shares is equal to the amount paid by the buyer to the seller (cash, assets or securities issued by a group company), plus any other costs directly associated with the acquisition. If the payment is deferred or spread, the cost of the acquisition is discounted if the effect of this is significant. If the acquisition agreement allows for an adjustment in price which is dependent on one or more factors, the amount of the adjustment must be included in the acquisition cost at the date of acquisition if the adjustment is likely and if the figure can be reasonably measured. If these future events do not occur, or if it is necessary to revalue the estimate, the acquisition cost is adjusted with the corresponding entry being applied to goodwill.

To determine the share of the net assets compared to the cost of the investment, the shareholders’ equity at the date of acquisition per the individual accounts is restated (to harmonise valuation methods, to apply preferred methods and to take account of deferred tax).

If goodwill is positive, it is recognised as a fixed asset. It represents or comprises the part of the price paid in recognition of the benefits of having control of the entity. The goodwill is amortised over a period which reflects, as reasonably as possible, the assumptions and targets at the time of the acquisition. The amortisation period for goodwill is not necessarily the same for all investments, and it will vary according to the general environment of the company from which the goodwill arose.

Within the group, net goodwill derived from the purchase of equity interests is amortised over the following periods: Rubber plantations: 20 years Palm tree plantations: 20 years Oil refineries and oil marketing: 5 years

In accordance with the principle of prudence, if significant adverse changes take place in the elements which were considered when devising the original amortisation plan, the goodwill must be impaired, or the amortisation policy amended (this could result from poor performances by the entity concerned).

If goodwill is negative, this results from either a forecast loss or an impaired performance from the acquisition, or as applicable a potential capital gain as a result of an acquisition carried out under favourable terms (“a good buy”). Negative goodwill (“badwill”) is recognised as a liability in the balance sheet under provisions for liabilities and charges. It is released to the profit and loss account over a period which reflects the assumptions and targets set at the time of the acquisition. Goodwill is presented in Note 6.

Intangible assets and capital costsBusiness goodwill included in the accounts of individual entities, and which cannot be split into its separate constituent parts, is included in goodwill in the consolidated accounts. Intangible assets representing the costs of forming and modifying capital must be eliminated within the consolidated accounts. This is the same for other deferred charges. In general, other intangible assets, whose valuations may be determined objectively and reliably, are amortised over their useful lives. Where there is a significant fall in value, an impairment provision is recognised for the difference between the book value and the higher of its useful value and market value.

Joint controlJoint control of an entity means that the parent company cannot make an important decision without the agreement of all of the associates or partners, between whom dominant influence can be exercised over the companies concerned.

Significant influence of the parent company over an entity is assumed if the former directly or indirectly holds at least a fifth (20%) of the controlling votes in the latter. A subsidiary or an investment is not included in the consolidation scope if: strict and long-term restrictions substantially challenge either the control or influence the parent company has over it, or its ability to transfer funds, from the date of acquisition, the stocks or shares of this subsidiary are held for sale, the subsidiary represents only a negligible interest in comparison to the whole of the consolidated accounts.

Consolidation methodsSubsidiaries over which SIFCA SA has full control are fully consolidated. The principle of this method is to replace the investment in the subsidiary, as shown in the parent company’s balance sheet, with the subsidiary’s balance sheet by integrating its assets and liabilities. Any difference between the book value of the investment and the subsidiary’s net assets forms part of consolidated shareholders’ equity.SIFCA SA’s jointly owned subsidiaries are proportionally consolidated. The consolidation method for joint ventures consists of integrating, in the accounts of the parent company, their representative fraction of the balance sheet and profit and loss account of the joint venture company. As a result of recognising this representative proportion, minority interests do not arise. Companies in which SIFCA SA has a significant influence are consolidated using equity accounting. The consolidation method for “associated companies” (not controlled) consists of substituting the cost of the investment in the parent company’s balance sheet with its share of the shareholders’ equity of the company held. This is therefore not a true consolidation of the associated company but a revaluation of the investment held, undertaken at the time of the consolidation.

Accounting principlesThe accounting principles used in the preparation of SIFCA SA’s consolidated half year report are the same as those applied for the preparation of SIFCA SA’s full-year consolidated financial statements:

Prudence: the accounts are prepared based on prudent valuations, to avoid the risk that current uncertainties could adversely affect assets and profit in coming years. Faithful representation: the accounts should provide a true and fair view of the information. Materiality: non-material transactions do not need to be included in the accounts or in the notes. Inviolability of the balance sheet: closing balances must be the opening balances of the following year. The inviolability of shareholders’ equity from one year to the next is necessary for consolidation. This principle should particularly be followed when the list of entities included in the consolidation is different from one year to the next. Historical cost: the valuation of assets is based on the historical cost convention, which allows assets to be recognised at their purchase price on their date of entry in the accounts, expressed in the current unit of currency. The conditions for a general or specific revaluation are specified as a dispensation to this convention. Such revaluations are permitted in the consolidated accounts only if they are applied throughout the group. Going concern: the group’s valuations are made on the basis that the group will continue its activities. If the continuity of its business is in question, the various assets must be recognised in the consolidated accounts at their market or realisable value. Consistency: valuation and presentation methods must be the same from one year to the next. Changes in presentation or methods are only allowed if they can be justified. The result of the change in valuation method must be quantified and described in the notes. Accruals concept: costs and revenue must be recognised in the period to which they relate. Uniformity of valuations: the consolidated accounts are prepared using consistent valuation methods. Valuation procedures must be the same for assets of a similar nature in all of the consolidated entities. If the valuation methods defined by the group are different in a consolidated company, the accounts must be restated if the difference between the two valuation methods is material. Comparability: the accounts for the period must be comparable to those of the previous period. Comparability is necessary when the list of entities changes and the accounting data is not the same from one year to the next. Substance over form: the rules of presentation and valuation are dependent on this principle. The choice made should reflect the economic reality rather than the legal terms of the transaction.

>>

>>>>

>>

>>>>>>

>>

>>

>>

>>>>

>>

>>

>>>>>>

>>

>>

>>



Financial Report

Inventories of goods are valued using the weighted average cost per unit method.Inventories of goods and/or materials from transactions between group companies are revalued in the consolidation to remove any inter-group profits or losses.Inventories (raw materials, finished products and other supplies) are subject to impairment provisions if a fall in value is thought to be permanent. The prospects of realising the inventory are always taken into account when considering impairment. A provision for finished products is thus only allowed if the likely realisable value, after deduction of selling costs, is less than the cost of production. Using the same logic, as raw materials are acquired to be used in the finished products they are valued based on the valuation of the products in which they are to be included. As a result, raw materials do not need to be written down at the end of the period unless it is apparent that the cost of producing the products in which they are to be included exceeds their likely selling price.

Loans and trade receivablesLoans and trade receivables are valued at the historical cost recognised in the individual accounts. If their maturities are known and long-term, such values are discounted. Subsequently, the associated financial income is gradually recognised over time in the consolidated accounts. These adjustments are stated net of deferred tax.

Trade receivables, shareholders’ loans and debts in foreign currencyTrade receivables, shareholders’ loans and debts expressed in foreign currency, and included in the balance sheet at 31 December 2014, are valued at the exchange rate applicable at that date. Exchange gains and losses are included in the financial results section of the income statement. Furthermore, intercompany loans granted to certain Group subsidiaries for which there is not and probably will not be any reimbursement schedule, are integrated as part of net foreign investments. Exchange discrepancies realised as and when they are revalued at each year end are therefore booked directly in the shareholders’ equity account.

Deferred taxDeferred tax is recognised on temporary differences between amounts for tax purposes and the amounts used for accounting purposes. A deferred tax asset is only recognised in the balance sheet if the company concerned has reasonable assurance that it will reverse in subsequent years. Deferred tax resulting from tax losses or deferred capital allowances is only recognised as an asset if likely to be charged against profit in the future. Changes in tax rates after the year end are not required to be taken into account when valuing deferred tax, but should be disclosed in the notes to the accounts if the change took place before the accounts were finalised.The rate of tax used for deferred tax purposes should be the rate at which the temporary difference is expected to reverse. Deferred tax should be discounted if the impact is material and if a reliable maturity analysis can be established.

4.2. Liability valuations

Retirement benefit obligationsRetirement benefit obligations have been accounted for in the individual accounts of the group companies. They have been valued in accordance with IAS 19 relating to employee benefits. In comparison to the method of determining rights in the case of redundancy, which is generally applied in the accounts of Côte d’Ivoire companies, IAS 19 better reflects the economic reality of this type of obligation. This method of valuation consists of estimating and discounting the amount of pension or retirement benefit that an employee can expect to receive on retirement, if he or she is still employed by the company on that date. The amount is calculated based on the employee’s expected salary on that same date. At 31 December 2013, the calculations as at 31 December 2012 were not updated since the effect of such an update was not expected to be material. It should also be noted that several major companies within the group have outsourced the management of their retirement commitments.

Provisions for liabilities and charges Provisions for liabilities and charges associated with badwill Where there is negative goodwill, a provision for liabilities and charges is included on the liabilities side of the balance sheet. This provision is released to consolidated profit and loss on a straight line basis.

Provisions for reorganisation Provisions for reorganisation costs may be recognised only if the following strict conditions apply: the reorganisation programme is clearly defined by the management bodies, the cost is estimated with sufficient detail, and a public announcement of the plans and their outcomes has been made before the end of the financial year commencing after the date of acquisition of the company concerned.

Suppliers and other creditorsTrade creditors and other current liabilities are booked at their historical cost.

Tangible assetsTangible assets are recognised in the balance sheet at the cost of acquisition, made up of the purchase price and associated costs after discounts, deductions and rebates. Tangible fixed assets which cannot be split are depreciated on a straight line basis over their useful lives, starting from the date on which they are brought into use.

The group’s depreciation periods are: Rubber plantations: 33 years from the start of tapping Palm tree plantations: 30 years from the operational start date Sugar cane plantations: 5 years Permanent buildings: 20 years Light constructions: 10 years Fixtures and fittings: 10 years Heavy plant and equipment: 10 years Ships: 10 years Aircraft: 10 years Light plant and equipment: 5 years Furniture (office and residential): 10 years Office equipment: between 2 and 5 years Transport equipment: between 3 and 5 years Other vehicles and machinery: between 4 and 5 years

Revaluation of fixed assetsA subsidiary may carry out a general revaluation or a revaluation of specific categories in its individual accounts, as long as the legislation permits. If an entity undertakes either of the above revaluations in its individual accounts (with the exception of an adjustment as a result of high inflation), the revaluation must either be eliminated in the consolidated accounts, or it must be carried out throughout the whole group. In this case, the revaluation must be carried out using the same methods. As regards SIFCA, the following should be noted:

Revaluation in 1994 In 1994, the Côte d’Ivoire Finance Act gave the option to Côte d’Ivoire companies to revalue a large part of their property assets, by up to 40%. SIFCA SA and certain subsidiaries undertook this revaluation. In order to be consistent, similar fixed assets held by the other Côte d’Ivoire companies within the group were revalued in the same way in the consolidated accounts. Since the end of December 2007, this type of adjustment has no longer been applied since SCI SIFCOM is the only group company that would be affected.

Independent revaluations PALMCI and PHCI have undertaken independent revaluations. These revaluations resulted in revaluation differences of 10,424 million CFA francs (PALMCI) and 4,698 million CFA francs (PHCI). In order to provide consistent consolidated data, these revaluations and the resulting increased amortisation and depreciation were eliminated in the consolidated accounts. Since the end of December 2012, this adjustment, which only concerned PALMCI, is no longer made since the said revalued fixed assets were fully depreciated at the end of December 2012.

Investments and other non-consolidated shareholdingsUnquoted non-consolidated shareholdings are valued based on the parent company’s share of the net assets of the company in which the investment is held.Where quoted shares form part of the assets in the balance sheet of a company which is included in the consolidation, these are carried at the last available market price, or - to avoid significant variations - at a weighted average of prices.

Inventories and work in progressFinished products are valued at their production cost, which is made up of the purchase price, plus costs incurred by the company during production to bring the item to its current state and location. It is therefore determined by the costs of the materials consumed and the direct and indirect costs of production. Inventories of raw materials are valued at their purchase cost, which includes the purchase price and the costs directly associated with the purchase (associated costs such as commission and brokerage fees, freight costs, transport and handling costs, transport insurance, indirect taxes payable by the company, VAT and similar non-recoverable taxes, the costs of the “handling function” if it is not in-house, etc.).

>>>>>>>>>>>>>>>>>>>>>>>>>>>>

>>

>>

>>

>>



Financial Report

The shareholding and voting-rights percentages and the consolidation methods used are as follows:

FC = Full consolidation PC = Proportional consolidation EA = Equity accounting NC = Not consolidated (*) = Indirect control percentage

In the case of Filivoire, although less than 20% of the shares are held the SIFCA Group continues to exercise significant influence over the company as a result of its presence on the company’s board of directors.

Note 6 Positive goodwill

Movements in goodwill were as follows, compared to 31 December 2013:

Note 5 Companies included in the consolidation scope

Companies included in the consolidation scope at 31 December 2014 are:

COMPANY 31 Dec 2014 31 Dec 2013

Voting right Shareholding Consolidation method Voting right ShareholdingConsolidation

method

SIFCA SA 100,00 100,00 MÈRE 100,00 100,00 MÈRE

SIPH 55,60 55,60 FC 55,60 55,60 FCGREL 60,00 33,36 FC 60,00 33,36 FCREN 70,32 39,10 FC 70,32 39,10 FCSAPH 68,06 37,84 FC 68,06 37,84 FCCRC 100,00 55,60 FC 100,00 55,60 FC

PALMCI 52,89 52,89 FC 52,89 52,89 FCSANIA & Cie 49,49 49,49 PC 49,49 49,49 PCMARY PALM 100,00 100,00 FC 100,00 100,00 FCCOSMO Shipping Ltd 100,00* 49,49 PC 100,00* 49,49 PCSENDISO 50,90* 25,19 PC 50,90* 25,19 PCTHSP 60,00 60,00 FC 60,00 60,00 FCWilmar Africa Ltd 38,08 38,08 PC 49,50 49,50 PCBOPP 76,63* 29,18 PC 76,63* 37,94 PC

SUCRIVOIRE 51,50 51,50 FC 51,50 51,50 FC

BIOKALA 90,00 90,00 FC NC NC NC

FILIVOIRE 16,34 16,34 EA 16,34 16,34 EASIFCOM Assur 33,80 33,80 EA 33,80 33,80 EAALIZE VOYAGES 40,00 40,00 EA 40,00 40,00 EA

In millions of CFA francs Amount

Net goodwill at 31 dec 2013 48 245

- Amortisation of goodwill in the first half of the year (2 822)

+ Exchange rate differences (177)

+ Other differences -

+ Goodwill from changes in the consolidation scope (34)

Net goodwill at 31 dec 2014 45 212

Amortisation of goodwill accounts for the main movements in the period and relates to goodwill arising on changes in the consolidation scope by SIFCA Group, which is amortised on a straight-line basis (see Note 4.1). Sania’s goodwill (18.7 billion CFA francs using proportional consolidation at 49.45%) is not amortised as its main components relate to items that are not amortised (brands and rights). The other movements are not significant and do not raise any particular comments.

BRVM21.99%

52.51%

25.50%

49.49%

50.44%

50.90%

100%COSMO

Ltd (vessel)

PRIVATE0.07%

CAIT:48.9%Private:0.02%

60%THSPStorage

RCI

38.08%

61.92%

WILMAR Africa Ltd

(Refinery) Ghana

76.63% PRIVATE23.27%

BOPP(Plantations)

Ghana

100%

(Plantations) Liberia

(Plantations) RCI

(Refinery) RCI

(Storage) Senegal

51.50%State ofCôte d’Ivoire:23%Harel Frères:25.5%RCI

55.59%Paris Stock Exc:23.44%

SAPH

20,97%

68.06%:9.89%

BRVM:12.05%Private: 10%

60%State of Ghana:25%

NEWGEN:15%

100%

70.30%

Ondo State:15%Edo State:7%

Delta State:3.5%Ogun State:4.2%

16.34% FILIVOIRE RCI

33.80%SIFCOMASSUR

RCI

40%

RCI

90% PRIVATE:10%BIOKALA

(Biomass)

50% 50%

NAUVU JV COMPANY

27.06%

PARME INVESTISSEMENT

44.22%

IMMORIV SA.

21.18%

PRIVATE SHAREHOLDERS

7.55%



Financial Report

As at 31 December 2014, the balance of the “Goodwill” account, totalling 45.2 billion CFA francs, includes the following significant amounts: SANIA goodwill 18.7 billion CFA francs (consolidated proportionally at 49.49%) at the time of the transfer of the Cosmivoire and Unilever Côte d’Ivoire oil activities (December 2008). PALMCI net goodwill 9.2 billion CFA francs (historical cost of 13.2 billion CFA francs at the time of the purchase of 28.5% of the shares of Unilever Côte d’Ivoire in December 2008).

SAPH net goodwill 7 billion CFA francs consisting mainly of the “technical loss” at the time of the purchase of Saibe (in Bettié) at a carrying amount of 5 billion CFA francs (the historical cost was 8.3 billion CFA francs in April 2007), and the goodwill recognised at the time of the purchase of the shares on the regional stock market during 2010 at a carrying amount of 1.1 billion CFA francs (the historical cost was 1.4 billion CFA francs). Wilmar Africa Ltd net goodwill approximately 2.2 billion CFA francs.

Note 7 Other intangible fixed assets

Other intangible fixed assets comprise software and licences.In accordance with the group’s accounting rules and methods, intangible values in relation to the costs of forming and modifying capital are eliminated within the consolidated accounts. This is the same for other costs, deemed to be of ‘zero value,’ which are deferred over a number of years in the individual accounts.

Note 8 Tangible fixed assets and assets in progress (in millions of CFA Francs)

COMPANY Gross opening31 dec 2013

Additions(+)

Disposals(-)

Transfers and changes in consolidation scope

Gross closing31 dec 2014

SIFCA 9 063 266 (150) - 9 179PALMCI (1) 190 630 20 489 (878) 137 210 378SANIA (10) 15 337 1 919 (106) 36 17 187SUCRIVOIRE (2) 103 424 11 435 (413) - 114 447SIPH 259 13 - - 271CRC (6) 17 524 3 459 - 2 646 23 629GREL (4) 43 995 4 604 (122) 0 48 477REN (9) 28 201 4 651 (164) (157) 32 531SAPH (3) 101 164 19 299 (3 210) (7) 117 246BOPP (8) 3 026 321 (28) (959) 2 359COSMO SHIPPING Ltd 981 5 - 131 1 117MARY PALM (5) 12 275 3 169 (37) 1 920 17 327THSP 2 036 153 (11) - 2 177SENDISO 360 66 - - 426WILMAR AFRICA Ltd (7) 10 192 1 450 - (3 554) 8 087BIOKALA - - - 19 19

TOTAL GROSS VALUE 538 466 71 300 (5 119) 211 604 858- Accumulated depreciation (256 857) (35 016) 5 344 (959) (287 487) Net tangible fixed assets 281 609 36 284 225 (748) 317 371

1. PALMCIPurchases for approximately 20 billion CFA Francs, mainly consisting of the renovation of production facilities (10.1 billion CFA francs), creation and replanting of immature palm oil plantations (6.3 billion CFA francs) and purchase of vehicles and machines (2.6 billion CFA francs). lllllllllllllllllllllllllllllllllllllllllllllllllll

2. SUCRIVOIRECapital expenditure amounted to approximately 11 billion CFA Francs and corresponded mainly to industrial equipment and tools (5 billion CFA francs), assets in progress (2.5 billion CFA francs), agricultural investments (1.6 billion CFA francs), fixtures and fittings (1.1 billion CFA francs), and constructions (0.6 billion CFA francs). llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

3. SAPHCapital expenditure amounted to approximately 19 billion CFA francs and related to agricultural investments (4.7 billion CFA francs), buildings and constructions (2.6 billion CFA francs), assets in progress mainly related to industrial facilities (5 billion CFA francs), fixtures and fittings (1.6 billion CFA francs), industrial equipment and tools (4.2 billion CFA francs) and transportation equipment (0.6 billion CFA francs). lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

4. GRELPurchases for the year mainly correspond to the creation of immature plantations (2.3 billion CFA francs), assets in progress (2.3 billion CFA francs) i.e. a total of 4.6 billion CFA francs. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

5. Maryland Oil Palm PlantationsTotal capital expenditure in 2014 amounted to 3 billion CFA francs and mainly concerned agricultural investments. lllllllllllllllllllllll

6. CRCCapital expenditure for the period amounted to 3.5 billion CFA francs (including 1.8 billion CFA francs of agricultural investments, 1 billion CFA francs of technical facilities and 0.5 billion CFA francs of transportation equipment). The “Other movements and changes in consolidation scope” account includes exchange gains of approximately 2.6 billion CFA francs relating to variations in the Dollar/CFA franc exchange rate at year end. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

7. Wilmar Africa LtdCapital expenditure for the year amounted to 4 billion CFA francs, mainly related to technical and industrial facilities, of which an amount of 1.4 billion CFA francs was booked in the consolidated accounts of SIFCA. The “Other movements and changes in consolidation scope” account mainly relates to the dilution of the interest held by SIFCA in WAL (approximately 11.42%). llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

8. BOPPTotal capital expenditure for the year amounted to 1.1 billion CFA francs, mainly concerning plantations (1 billion CFA francs) and transportation equipment (0.1 billion CFA francs). An amount of 321 million CFA francs was booked in the consolidated accounts of SIFCA. lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

9. RENLCreation of immature plantations (1.3 billion CFA francs), constructions 1.1 billion CFA francs), technical facilities (1.3 billion CFA francs), transport vehicles (0.4 billion CFA francs), i.e. approximately 4 billion CFA francs. lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

10. SANIATotal capital expenditure for 2014 amounted to approximately 4 billion CFA francs, and was booked at the proportional consolidation rate in SIFCA’s consolidated accounts. lllllllllllllllllllllllllllllll

The movements in tangible fixed assets and assets in progress are as follows:


>>

>>

>>

>>


Note 13 Changes in consolidated shareholders’ equityChanges in consolidated shareholders’ equity are as follows, in millions of CFA francs:

Dividends paid and received in the period were as follows, in millions of CFA francs:

Note 14 Borrowings and financial debtsChanges in consolidated shareholders’ equity are as follows, in millions of CFA francs:

Note 9 Investments in associatesThe share of the net assets held is as follows, in millions of CFA francs:

Note 10 Non-consolidated investmentsMovements during the period were not material.

Note 11 Other financial assetsThe balance at 31 December 2014 was 10.2 billion CFA francs:

Note 12 Deferred tax assetsThe deferred tax balance at 31 December 2014 breaks down as follows (in millions of CFA Francs):

Financial Report

COMPANY31 dec 2014 31 dec 2013

Share of net assetsbefore profit/(loss)

Share of profit/(loss)

Share of net assetsbefore profit/(loss)

Share of profit/(loss)

Alizé Voyages 105 34 99 6Filivoire 742 139 727 121SIFCOM ASSUR 168 73 153 65Subtotal 1 015 246 980 217Share of net assets 1 262 1 172

COMPANY 31 dec 2014 31 dec 2013

Other non equity securities (1) 2 016 3 016

Loans (3) 7 614 7 848

Other financial assets (2) 821 7 050

Total gross 10 451 17 914

Accumulated depreciation (249) -122

Net other financial assets 10 202 17 792

(1) Other non-equity securitiesThe decrease is due to the reimbursement of 1 billion CFA francs by the Ivory Coast government in relation to the bond loan subscribed by SIFCA SA.

(2) Other financial assetsIn 2014, the group’s subsidiary Wilmar Africa Ltd increased its share capital through the capitalisation of shareholders’ loans. In this respect, outstanding loans granted by SIFCA for an amount of 5.8 billion CFA francs (proportionally consolidated) were fully converted into shares and, consequently, were eliminated from the Group’s consolidated accounts.

(3) Non-current loans, guarantees and trade receivablesThis includes foreign exchange losses relating to the financing granted by the shareholders, which were initially booked in Wilmar Africa Ltd’s accounts but eliminated from the consolidated accounts, for an amount of 2.5 billion CFA francs (at the proportional consolidation rate).


SIFCA 307 72PALMCI 2 266 1 244SANIA 226 226SUCRIVOIRE 1 546 581SIPH 96 62CRC 0 0GREL 55 18RENL 12 12SAPH 2 393 438COSMO SHIPPING Ltd 1 1MARY PALM 0 0THSP 9 9BIOKALA 121 0WAL 1 317 0Total deferred tax assets 8 349 8 663

Increases in deferred tax assets for the year mainly concern PALMCI, SUCRIVOIRE and SAPH.

Tax credits were booked as a result of the Tax Authorities’ measure for benefiting from Article 110 of the French Tax Code on support for investments.

Group share Minority interests Total

Consolidated net position at 31 dec 2013 191 823 154 291 346 114

+ consolidated profit at 2014 (1) (732) 6 712 5 980- dividends paid (4 000) (8 281) (12 281)+ or - other movements in capital 2 167 - 2167+ other movements 6 463 (583) 5 880Consolidated position at 31 dec 2014 195 721 152 138 347 859

COMPANYDividends paid Dividends received

GroupOutside the

groupTotal Group

Outside the group

Total

SIFCA - 4 000 4 000 8 739 - 8 739PALMCI 5 682 5 140 10 822 - - -SIPH 1 809 1 445 3 253 3 402 - 3 402RENL 1 625 686 2 311 -SAPH 2 244 1 053 3 297 -SIFCOM ASSUR 51 99 150 -FILIVOIRE 106 541 647 -TOTAL 11 516 12 965 24 481 12 141 - 12 141


SIFCA 35 966 36 756 PALMCI (2) 32 414 23 121 SANIA 3 483 4 737 SUCRIVOIRE 18 522 16 916 SIPH (5) 6 192 9 834 SAPH (1) 20 090 0GREL (3) 7 029 2 648 RENL 4 373 5 575 WAL (4) 9 380 16 689 Total borrowingsand financial debts

137 451 116 277

Consolidated financial debts experienced a net increase of 23 billion CFA francs, as detailed hereafter:(1) SAPHObtained a loan of 20 billion CFA francs to finance its capital expenditure.(2) PALMCIObtained a loan of approximately 30 million Euros from PROPARCO and DEG. Repayments over the year amounted to 10 billion CFA francs.(3) GRELThe increase in GREL’s outstanding debts is due to the loan of 4.9 billion CFA francs (7.5 million Euros) obtained from Société Générale Ghana. (4) Wilmar Africa LtdThe balance at 31 December 2014 corresponds to outstanding financial debts owed to Wii Pte for an amount of 9.4 billion CFA francs (at the proportional consolidation rate).(5) SIPHThe decrease over the year is due to the repayments made.



Note 15 Other provisions for liabilities and chargesThe breakdown of other provisions for liabilities and charges, which totalled approximately 7 billion CFA francs at 31 December 2014, is as follows:

Note 16 Deferred tax liabilitiesThe breakdown of deferred tax liabilities is as follows:

Note 17 Provisions relating to negative goodwillThere were no such provisions at 31 December 2014.

Financial Report


SIFCA 307 72 PALMCI 2 091 2 091 SANIA 239 202 SUCRIVOIRE 31 3 SIPH 161 161 GREL 12 12 SAPH 610 610 Cosmo Shipping LTD 1 1 THSP 1 1 Sendiso 3 0 Total deferred tax liabilities 3 456 3 152


Retirement benefit

Other Total Total

SIFCA 231 403 633 479PALMCI 0 846 846 364SANIA 0 8 8 8SUCRIVOIRE 1 085 31 1 116 1 041SIPH 242 117 359 227CRC 321 0 321 0GREL 774 678 1 452 1 605RENL 1 612 130 1 742 1 679SAPH 0 467 467 367BOPP 0 17 17 0MARY PALM 5 0 5 0THSP 30 0 30 25Total other provisions for liabilities and charges 4 298 2 698 6 996 5 795

31.12.2013 for comparison 3 953 1 842 5 795

Note 18 InventoriesInventories break down as follows:

18.1 Raw materials and other supplies (in millions of CFA Francs)

(1) SANIAThe inventory of crude palm oil at 31 December 2014 was 13,447 tonnes compared to 11,018 tonnes at 31 December 2013, representing a 22% increase. This inventory was restated on consolidation to eliminate the internal markups with PALMCI. The inventory of raw palm oil at the end of the 2014 financial year was valued at 17 billion CFA francs (before proportional consolidation). Other inventories comprise spare parts and packaging. The percentage included in SIFCA’s consolidated financial statements in respect of these amounts is 49.49% (at the proportional consolidation rate).

(2) PALMCIThe inventory mainly consists of workshop and factory parts and supplies (17 billion CFA francs), fuel (0.7 billion CFA francs) and agricultural consumables and fertilizers (2.1 billion CFA francs). The inventory change for the year was 4.5 billion CFA francs, mainly due to an increase in workshop and factory parts and supplies.

(3) SAPHThe majority of this category of inventory is made up of non-machined rubber. It is valued at 8.3 billion CFA francs at 31 December 2014 compared to 14.2 billion CFA francs at 31 December 2013. The inventory decreased by 4 million tonnes during the year.

(4) SUCRIVOIREThe inventory is mainly made up of spare parts for a value of 6.3 billion CFA francs at 31 December 2014 compared to 7.4 billion CFA francs at 31 December 2013.

18.2 Intermediate and finished goods (in millions of CFA Francs)

SAPHThe finished goods inventory is valued at 6.5 billion CFA francs at 31 December 2014 compared to 8.6 billion CFA francs at 31 December 2013.


SIFCA 13 14PALMCI (2) 21 610 17 090SANIA (1) 10 788 5 220SUCRIVOIRE (4) 10 093 9 681CRC 1 533 772GREL 3 816 5 950RENL 617 498SAPH (3) 10 560 16 505BOPP 235 342MARY PALM 1 092 604THSP 7 7WAL 6 898 9 358Gross inventory 67 263 66 040

- Impairment -1 835 -1 239Net raw materials and other supplies inventory 65 428 64 802


PALMCI 5 376 2 617 SANIA 3 858 6 814 SUCRIVOIRE 12 787 14 932 SIPH 0 0 CRC 716 933 GREL 675 1 082 RENL 793 404 SAPH 6 542 8 651 BOPP 7 0Gross inventory 30 754 35 434

- Impairment -1 095 0 Net intermediate and finished goods 26 659 35 434



Note 20 Trade debtors (in millions of CFA Francs)

(1) PALMCITrade debtors were relatively stable compared to 31 December 2013. (2) SANIAThe balance for the year was practically the same.(3) SIPHTrade debtors showed a decrease of 2.7 billion CFA francs compared to the previous year, and totalled 11.7 billion CFA francs at 31 December 2014.

Note 21 Other receivables (in millions of CFA Francs)

The overall increase recorded for the year is mainly due to an increase in VAT credits.

Financial Report

SUCRIVOIREThe breakdown of this category of inventory is as follows:

In terms of quantity, sugar inventories totalled 16,164 tonnes at 31 December 2014 (consisting of 6,152 tonnes in Zuénoula and 10,012 tonnes in Borotou).

PALMCIThe inventory of crude palm oil increased by 2.7 billion CFA francs compared to last year and totalled 5.3 billion CFA francs at 31 December 2014.

18.3. Goods

The inventory of goods increased in 2014 by 2.4 billion CFA francs.

It is mainly comprised of agricultural equipment used to operate the Group’s plantations.

Note 19 PrepaymentsThe breakdown of prepayments at 31 decembre 2014 is as follows (in millions of CFA Francs):

31 dec 2014 31 dec 2013

Products manufactured in Zuénoula 6 152 8 759 Products manufactured in Borotou 10 012 9 294Total Products manufactured 16 164 18 053

Sugar imported 0 171Work in progress (sugar cane crops) 670 367 703 873


SANIA 716 0SUCRIVOIRE 0 81 SIPH 167 398 CRC 2 648 2 057 GREL 1 551 1 569 REN 1 619 1 244 SAPH 4 605 4 085 MARY PALM 1 955 1 266 SENDISO 669 0Gross inventory 13 930 10 699

- Impairment -3 152 -2 366Net goods inventory 10 778 8 333


Brut Depreciation Total Total

SIFCA 549 - 549 407PALMCI (1) 9 991 (1 604) 8 386 9 134SANIA (2) 9 847 (2 858) 6 989 6 982SUCRIVOIRE 2 653 (153) 2 500 1 292SIPH (3) 11 763 (1) 11 761 14 522CRC 0 - 0 25GREL 21 (9) 12 (9)RENL 45 (24) 22 (8)SAPH 4 072 (3 628) 444 2 685BOPP - - - 0COSMO SHIPPING Ltd - - - -MARY PALM - - - -THSP 94 - 94 34SENDISO 76 - 76 -WAL 509 - 509 -TOTAL Trade debtors 39 619 (8 277) 31 342 35 06531.12.2013 for comparison 41 051 (5 986) 35 065


Gross - Impairment Net Net

SIFCA 4 970 (1 830) 3 139 2 650PALMCI 11 530 (4 040) 7 491 5 461SANIA 7 146 - 7 146 3 793SUCRIVOIRE 192 - 192 178SIPH 334 (3) 331 1 156CRC 164 (109) 54 194GREL 4 179 - 4 179 3 231RENL 6 - 6 11SAPH 8 698 (1 004) 7 695 6 433BOPP 307 - 307 100COSMO SHIPPING Ltd 0 - 0 0MARY PALM 2 748 - 2 748 1 830THSP 56 - 56 16SENDISO 69 - 69 36WAL 808 - 808 3 741BIOKALA 538 - 538 -TOTAL Other receivables 41 745 (6 986) 34 758 28 83131.12.2011 for comparison 34 503 (5 672) 28 831


SIFCA 141 98PALMCI 5 911 4 292SANIA 1 446 707SUCRIVOIRE 1 939 1 779SIPH 541 1 543CRC 312 1 261GREL 110 597REN 141 316SAPH 608 640MARY PALM 0 634THSP 88 0SENDISO 1 1WAL 100 0BIOKALA 13 0 Gross prepayments 11 350 11 869

- Impairment -744 -744Net prepayments 10 606 11 125



Note 25 Tax liabilities (in millions of CFA Francs)

Note 26 Other liabilities (in millions of CFA Francs)

(1) PALMCIOther liabilities mainly consist of shareholders’ accounts (3.6 billion CFA francs), liabilities relating to road maintenance (1.2 billion CFA francs), fees paid to growers’ associations (1.7 billion CFA francs) and various creditors (1.5 billion CFA francs).

(2) WALOther liabilities decreased substantially by 28.1 billion CFA francs in Wilmar Africa Ltd’s accounts further to the capitalisation of Wilmar shareholders’ accounts. Within the scope of consolidation of SIFCA’s accounts, the proportional consolidation rate is used.

Financial Report

Note 22 Cash and cash equivalent (in millions of CFA Francs)

Note 23 Advances and deposits received (in millions of CFA Francs)

Note 24 Trade creditors (in millions of CFA Francs)


Cash equivalents Cash Total Cash equivalents Cash Total

SIFCA 9 554 2 721 12 276 12 620 2 776 15 396 PALMCI 0 2 025 2 025 0 1 129 1 129 SANIA 0 2 795 2 795 0 4 227 4 227 SUCRIVOIRE 0 6 761 6 761 0 5 854 5 854 SIPH 7 606 1 481 9 088 5 509 2 923 8 432 CRC 0 1 803 1 803 0 1 810 1 810 GREL 0 393 393 0 782 782 REN 0 490 490 0 7 239 7 239 SAPH 0 1 396 1 396 0 4 455 4 455 BOPP 0 366 366 0 566 566Cosmo Shipping LTD 0 0 0 0 0 0Mary Palm 0 23 23 0 58 58 THSP 0 11 11 0 53 53 Sendiso 0 68 68 0 107 107WAL 0 2 472 2 472 0 2 142 2 142BIOKALA 0 7 7 0 0 0Total cash & cash equivalents 17 160 22 813 39 973 18 129 34 122 52 251


SIFCA - - PALMCI 1 3 SANIA 744 2 359 SUCRIVOIRE 34 355 SIPH - 133 CRC - - SAPH 23 65 BIOKALA 40 -Total advances and deposits received 841 2 915


SIFCA 868 1 298 PALMCI 8 584 6 616 SANIA 6 463 3 612 SUCRIVOIRE 7 109 7 503 SIPH 1 751 3 458 CRC 698 1 103 GREL 1 193 2 224 REN 584 500 SAPH 8 722 5 928 Cosmo Shipping LTD 22 77 Mary Palm 543 514 THSP 140 40 Sendiso 19 0WAL 3 036 0BIOKALA 90 0Total trade creditors 39 820 32 875


SIFCA 778 1 050 PALMCI 3 086 4 230 SANIA 1 328 869 SUCRIVOIRE 1 787 1 322 SIPH 672 442 CRC 412 294 GREL 0 193 REN 2 063 4 125 SAPH 560 5 812 BOPP 11 50Mary Palm 920 1 523 THSP 83 27 Sendiso 9 0WAL 342 0BIOKALA 5 0Total tax and social security liabilities 12 055 19 938


SIFCA 947 935 PALMCI (1) 8 067 7 880 SANIA 1 706 835 SUCRIVOIRE 986 898 SIPH 635 489 CRC 570 268 GREL 1 318 865 REN 494 383 SAPH 2 235 2 522 BOPP 98 111 Cosmo Shipping LTD 16 27 Mary Palm 448 52 THSP 4 132 SENDISO 241 247 Wilmar Africa Ltd (2) 2 529 15 758 Biokala 1 016 0Total Other liabilities 21 308 31 401



(3) SAPH: Profit decreased significantly compared to 2013, mainly due to the price decrease (SICOM).(4) WAL: The amount of profit booked by SIFCA in the consolidated accounts is 4.7 billion CFA francs, after adjustments for foreign exchange losses relating to shareholders’ loans.

28.2. Allocation of Sales by division

Financial Report

Note 27 Short-term borrowings (in millions of CFA Francs)

(1) SANIA CieShort-term borrowings increased by 5.3 billion CFA francs (after adjusting for proportional consolidation) to 13 billion CFA francs at 31 December 2014.(2) PALMCIThe company took out a spot credit of approximately 11.1 billion CFA francs over the year.(3) SAPH Short-term loans at 31 December 2014 represent a relatively significant amount.

Note 28 Income statement (in millions of CFA Francs)

28.1. Summary income statementThe main contributors to profits for 2014 were:

(1) SIFCA SA and SIPH: The transition from the company’s results to the contribution to consolidated profit is mainly explained by the elimination of internal dividends received and technical assistance. (2) PALMCI: Net profit was relatively stable compared to the previous year.


SIFCA 2 0 PALMCI (2) 16 178 5 030 SANIA (1) 13 019 7 716 SUCRIVOIRE 0 0 SIPH 180 6 772 CRC 1 430 0 GREL 0 1 265 REN 0 0 SAPH (3) 14 098 17 330 Cosmo Shipping LTD 0 0 Mary Palm 142 21 THSP 2 0SENDISO 1 1BIOKALA 10 0Total Short-term borrowings 45 069 38 135

COMPANY

31 dec 2014 31 dec 2013

Operating(A)

Common transactions

(B)Financial

(C)

Ordinary activities

(D)=(A)+(B)+(C)

ExceptionnalItems

(E)

Corporationtax(F)

Goodwillamortisation

(G)

Share of profit of associates

(H)

Profit/(loss)(D)+(E)+(F)+(G)+(H)

Profit/(loss)

SIFCA 172 - (1 171) (999) 5 (924) - (1 917) (5 411)PALMCI 13 728 - (2 837) 10 891 363 (1 042) (661) 9 551 10 301SANIA 3 236 - (1 494) 1 742 (6) (449) - 1 287 3 093SUCRIVOIRE 8 637 - (1 555) 7 082 (44) (65) (113) 6 860 4 665SIPH 2 777 - 851 3 628 16 (1 814) - 1 830 (135)CRC (3 942) (61) (173) (4 176) 155 - (240) (4 262) (6 663)GREL 2 260 - (20) 2 240 (435) (84) - 1 721 4 036REN (317) - 98 (219) (34) 283 (300) (270) 5 678SAPH (2 703) - (784) (3 487) (150) 1 792 (653) (2 498) 13 061BOPP 614 - 29 643 (31) (7) - 604 (0)Cosmo Shipping Ltd 60 - (60) 0 - - - 0 1Mary Palm (1 964) - (3) (1 967) - - - (1 967) (1 678)THSP 96 - (0) 96 5 (27) (10) 63 3Sendiso (107) - - (107) - (3) - (109) (43)WAL 4 933 - (8 791) (3 858) (117) (0) (810) (4 785) (3 251)BIOKALA (292) - (0) (292) - 41 (123) (374) -Total full consolidated companies

27 188 (61) (15 910) 11 217 (275) (2 298) (2 912) - 5 733 23 657

Alize Voyages 34 34 65Sifcom Assure 73 73 121Filivoire 139 139 6Total associates 247 247 192

Total profit/(loss) Dec 2014

27 188 (61) (15 910) 11 217 (275) (2 298) (2 912) 247 5 980 23 848

Total profit/(loss) Dec 2013

44 993 - (3 471) 41 522 (405) (15 192) (2 267) 192 23 848

COMPANY Social Net Result Contributory Result % Contributory

SIFCA (1) 8 323 (1 917) -32.07%PALMCI (2) 10 005 9 551 159.72%SANIA 2 170 1 287 21.52%SUCRIVOIRE 5 876 6 860 114.72%SIPH (1) (7 531) 1 830 30.60%CRC (3 981) (4 262) -71.27%GREL 2 143 1 721 28.77%REN 30 (270) -4.52%SAPH (3) (3 799) (2 498) -41.78%BOPP 1 689 604 10.11%Cosmo Shipping Ltd - 0 0.00%Mary Palm (1 967) (1 967) -32.89%THSP 73 63 1.05%SENDISO (559) (109) -1.83%WAL (4) (12 750) (4 785) -80.02%BIOKALA (126) (374) -6.25%Alizé Voyages 86 34 0.57%Filivoire 847 139 2.33%Sifcom Assur 217 73 1.23%Total 746 5 980 100.00%

Turnover by division (In millions of CFA francs) Oil Rubber Sugar Holding TOTAL

31 December 2014 242 901 155 703 49 245 1 104 448 95231 December 2013 227 076 229 326 53 144 1 420 510 965Share in turnover 54,10% 34,68% 10,97% 0,25% 100,00%



Oil54%

Rubber35%

Sugar11%Other

0%

Oil45%

Rubber45%

Sugar10%Other

0%



Group staff numbers at 31 December 2014 were as follows:

28.6. Financial result

The financial loss amounted to 16 billion CFA francs in 2014, up by 13 billion CFA francs compared to 2013. Wilmar Africa Ltd booked significant foreign exchange losses of approximately 9.0 billion CFA francs over the year (consolidated proportionally) corresponding to import operations, mainly due to a strong decrease in the Ghanaian currency compared to the US Dollar.

Note 29 Current and deferred taxes (in millions of CFA Francs)

The decrease in tax charges is mainly due to the decrease in profit. Deferred tax income mainly results from entitlement to benefit from Article 110 (investment support).

Note 30 Translation of foreign subsidiary accounts

Financial Report

28.3. External services 28.4. Corporation and other taxes

External services break down as follows: Corporation and other taxes by company are as follows:

28.5. Staff costs

Staff costs by company are as follows:

Consolidated staff costs amounted to approximately 69 billion CFA francs, representing an increase of approximately 5 billion CFA francs (7.6%) compared to 2013.


SIFCA (4 374) (6 166) PALMCI (23 258) (22 304) SANIA (8 747) (7 311) SUCRIVOIRE (7 071) (8 338) SIPH (4 906) (5 328) CRC (2 470) (2 309) GREL (8 346) (8 866) REN (4 426) (5 593) SAPH (13 936) (14 840) BOPP (205) (166) Cosmo Shipping Ltd (466) (189) Mary Palm (1 250) (827) THSP (109) (117) SENDISO (26) (56) WAL (1 084) (9 730) BIOKALA (242) -Total External services (80 916) (92 139)


SIFCA (411) (411) PALMCI (2 938) (2 452) SANIA (1 081) (447) SUCRIVOIRE (1 128) (834) SIPH (199) (235) CRC (99) (167) GREL - - REN (339) (405) SAPH (1) (1 998) (9 060) BOPP - - Cosmo Shipping LTD (4) (3) Mary Palm (80) (57) THSP (57) (62) Sendiso (3) (14) Wilmar Africa - - Biokala (1) -Total corporation and other taxes (8 338) (14 148)

(1) SAPHA decree modifying the tax rate on sales of rubber, previously 5%, introduced thresholds of between 2.5% to 5% depending on prices. In 2014, this tax had very little impact on SAPH, as prices were below the threshold (which remained unchanged) as from February 2014. At the end of the financial year, it totalled approximately 0.5 billion CFA francs compared to 7.5 billion CFA francs at the end of December 2013.


Amount % Amount %

SIFCA (4 015) 5,9% (4 236) 6,6%PALMCI (20 261) 29,5% (17 767) 27,9%SANIA (3 539) 5,2% (3 050) 4,8%SUCRIVOIRE (10 325) 15,1% (9 622) 15,1%SIPH (1 350) 2,0% (1 391) 2,2%CRC (2 916) 4,3% (2 871) 4,5%GREL (2 336) 3,4% (2 330) 3,7%REN (5 934) 8,7% (4 831) 7,1%SAPH (15 033) 21,9% (15 095) 23,7%BOPP (55) 0,1% (552) 0,9%Cosmo Shipping LTD (199) 0,3% (213) 0,3%Mary Palm (2 307) 3,4% (1 676) 2,6%THSP (102) 0,1% (87) 0,1%Sendiso (28) 0,0% - 0,0%WAL (139) 0,2% - 0,0%BIOKALA (46) 0,1% - 0,0%Total Staff cost (68 583) 100% (63 720) 100%

COMPANY Management Supervisors W/E Total

PermanentTotal

TemporyCombined

TotalSIFCA SA 76 46 61 180 33 213SUCRIVOIRE 62 178 404 644 6 779 7 423SANIA 74 216 110 400 1 174 1 574SAPH 307 31 4 326 4 664 1 762 6 426RENL 77 462 1 809 2 348 0 2 348CRC/MOPP 15 1 233 0 1 248 0 1 248GREL 105 206 253 564 3 256 3 820SIPH 19 0 0 19 1 20PALMCI 222 485 5 796 6 503 1 375 7 878Total staff at 31 dec 2014 957 2 857 12 759 16 570 14 380 30 950Total staff at 31 dec 2013 749 3 533 14 796 19 078 11 491 30 569


Deferredtaxes

Currenttaxes

Income taxexpenses

Deferredtaxes

Currenttaxes

Income taxexpenses

BOPP - (7) (7) (9) (30) (39)CRC - - - (1 311) - (1 311)GREL 118 (201) (84) - (281) (281)PALMCI 1 022 (2 064) (1 042) - (2 555) (2 555)RENL 340 (56) 283 (404) (2 084) (2 488)SANIA (38) (412) (449) (146) (668) (814)SAPH 893 899 1 792 8 (4 286) (4 278)SIFCA - (924) (924) - (1 060) (1 060)SIPH 34 (1 848) (1 814) (6) (2 236) (2 242)SUCRIVOIRE 937 (1 002) (65) 469 (576) (107)THSP - (27) (27) - (18) (18)BIOKALA 41 - 41 - - -SENDISO (3) - (3) - - -TOTAL 3 345 (5 642) (2 298) (1 398) (13 794) (15 192)

Opening rate Previous yearaverage rate

Closingrate

Current yearaverage rate

Francs CFA BCEAO 1,00000 1,00000 1,00000 1,00000 Euro 655,957 655,957 655,957 655,957 Naira 2,98680 3,13200 2,98189 3,02024 Cedi (GHS) 201,95285 240,63868 169,71194 163,47023 Dollar US 476,50516 493,94352 539,66910 493,57186



Financial Report

Note 31 Significant events after the reporting periodThe West African Economic and Monetary Union (Union Economique et Monétaire Ouest Africaine UEMOA) adopted a law to reform the SYSCOA chart of accounts, as proposed by the UEMOA’s Commission and the West African Accounting Council (Conseil Comptable Ouest Africain CCOA). New valuation and accounting rules are to come into force as from 1 January 2015. The Group will need to prepare a financial memorandum to meet these new standards.

Note 32 Significant off-balance sheet commitments at 31 December 2014

Bond loan launched by SIFCA BOND LOAN: SIFCA raises 36.6 billion CFA francs

From 10 to 31 July 2013, SIFCA launched its first bond loan via an initial public offering named SIFCA 6.90% 2013-2021, to partially finance four new projects in Liberia, Ghana, Nigeria and Côte d’Ivoire.

The objective was to raise 35 billion CFA francs, with a price per bond of 10,000 CFA francs bearing interest at a rate of 6.90% per annum over a term of eight years. The loan allowed the group to raise 36.6 billion CFA francs of funds, i.e. 1.6 billion CFA francs more than the amount initially anticipated.

1. Maintain the ratio of term loans to shareholders’ equity plus shareholder current accounts at a level lower than or equal to 1.8 as required by the loan agreement. If this ratio is not maintained, advances or contributions into the current accounts from shareholders are automatically carried out. These advances or contributions will be such that the entirety of the current account contributions will be apportioned between SIFCA and Nauvu, prorated in relation to their respective share of the capital of PALMCI; 2. The repayment of shareholder current accounts and the payment of dividends can only be made at the same rate, and only after bank loan repayments;

3. Discharge of all potential future losses by SIFCA and Nauvu, prorated by their respective share of the capital of PALMCI, up to the amount of cash necessary to maintain the short-term lines of credit (overdraft and commercial loans) at their level as at 31 December 2001;

4. Obligation of SIFCA and Nauvu to allocate 30% of disposable cash flow (after bank loan repayments and payments of interest, and financing of the working capital requirement) to advance repayment of the aforementioned loans and, if necessary, at the individual request of one of the members of the banking pool, Standard and SIB, after prior notice to the other members of the banking pool, Standard and SIB.

Other guarantees given by SIFCA:

PALMCIObligation to the banking pool in accordance with article 3 of amendment 2 to the Agreement of 30 July 2004, which provides for a third party guarantee according to the following terms:”In the event that, because of losses shown in the consolidated financial statements, the shareholders’ equity of PALMCI becomes lower than half of the share capital, Nauvu and SIFCA guarantee the implementation of the necessary measures to allow, strictly respecting the regulations of articles 664 and 665 of the Uniform Act of Company Law and the GIE, the continuation of the activities of PALMCI, and the reduction of its capital by the amount of the aforementioned losses, where it is not possible to increase shareholders’ equity to at least the value of the share capital“.

Obligation to the banking pool in accordance with the second letter of engagement, which provides for the following obligations:

Obligation to DFI in accordance with the letters of engagement of 27 November 2008. In substance, these letters provide for (i) an obligation to maintain an ownership interest of 51% in PALMCI, and of 67% together with Nauvu, (ii) maintenance of an asset/equity ratio in PALMCI, (iii) repayments of DFI’s receivables subordinated to repayments of SIFCA’s receivables (iv) better efforts in respect of sustainable development.

PALMCI’s 7% 2009-2016 bond loan of 15 billion CFA francs.The loan benefits from guarantees of payment on first demand from SIFCA (46.67%), BIDC (33.33%) and Fonds Gari (20%) which cover the principal and accrued interest on the bonds. As a counter guarantee for their commitments, SIFCA granted to the guarantors (BIDC and Fonds Gari) a guarantee of payment on first demand of 100% of the principal and interest, i.e.:

Essentially, PALMCI’s bond loan of 15 billion CFA francs is directly or indirectly 100% guaranteed by SIFCA (principal and interest).

BOAD loan to PALMCI of 7 billion CFA francs. The guarantee of payment on first demand (which is unconditional and irrevocable), was granted on 24 February 2010 and guarantees BOAD payment of all sums due from PALMCI, up to a maximum of 7 billion CFA francs.

36.6billion CFA Francs

S IFCA 2014Bond Loan

BIDC6,662,500,000 francs (of which 5,000,000,000 CFA francs relates to the principal and 1,662,500,000 CFA francs relates to interest);Fonds GARI3,997,500,000 francs (of which 3,000,000,000 CFA francs relates to the principal and 997,500,000 CFA francs relates to interest).


FILIVOIREPromise to buy the remaining 49% of the share capital in three parts, on 31 December 2008, 2009 and 2010, respectively, at an agreed price of 588 million CFA francs for the 49%.

The options to buy the first two tranches, totalling 32.66%, were exercised on 31 December 2008 and on 31 December 2009 for a total value of 393.5 million CFA francs. The option to buy the final tranche has been deferred by mutual agreement of the parties. lllllllllllllll

Guarantees of assets and liabilities granted during sales or acquisitions.


Financial Report

SUCRIVOIREBOAD (WABD) loan to Sucrivoire of 7 billion CFA francs.The guarantee of payment on first demand (which is unconditional and irrevocable) was granted on 28 December 2010 and guarantees BOAD payment of all sums due from Sucrivoire, up to a maximum of 7 billion CFA francs.

Proparco loan to Sucrivoire of €8,250,000.Obligation of SIFCA to give a guarantee of payment on first demand in the amount of €8.25 million under the terms of an agreement entered into on 7 December 2011 by which Proparco provides finance to Sucrivoire. This guarantee will have to be regularised in 2012 when the funds are made available. lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

SAPHIn respect of the loan of 20 billion CFA francs entered into in 2014 between SAPH and Ecobank Côte d’Ivoire for a term of five years (scheduled due date: May 2018), the following commitments were made:

Upon signature of the Agreement (December 2014): First ranking pledge on trade receivables for an amount of 5 billion CFA francs First ranking pledge on the collection account for an amount of 2 billion CFA francs First ranking pledge on the settlement account for an amount of 2 billion CFA francs

Within 12 months of signature at the latest (i.e. before December 2015) first lien on the assets financed.

As from the end of the grace period, based on the annual accounts for 2016: Net Debt / EBITDA ratio multiplied by 4.0 or less Debt Service Coverage Ratio: the EBITDA less (if positive) and plus (if negative) (i) changes in working capital requirements, (ii) capital expenditure and (iii) company income tax/debt service, multiplied by at least 1.25

Crediting of the collection account with: 20% of sales revenue during the two-year grace period For the third year, 30 billion CFA francs over 12 months As from the fourth year, an annual amount equivalent to the outstanding amount of the loan at 1 January of the year concerned. lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

lll

SIPHUnder the terms of the shareholder agreement of 29 October 2006 signed with Michelin, there is an obligation to maintain ownership of a minimum of 34% of the capital of SIPH.

A comfort letter was issued by SIPH for the loan of 7.5 million Euros (i.e. approximately 4.9 billion CFA francs) entered into by GREL with Société Générale Ghana in 2014, for a term of ten years. GREL will be required to deposit part of its export sales revenue, including but not limited to transactions completed with companies in the SIPH group, for an amount equal to SG Ghana’s share in the overall financing of GREL.

By the end of March 2015, a mortgage of at least 7.5 million Euros on the land and buildings will be granted to SG. lllllllllllllllll

UNILEVER-CIA non-compete agreement in respect of its soap activities in favour of UCI for a term of ten years beginning on 8 December 2008.

An agreement not to dissolve Sania Cie in accordance with article 9.5 of the supply agreement for stearin.

A non-compete agreement in respect of its palm oil activities in accordance with article 4D of the shareholders’ agreement relating to Sania Cie. lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

CASH MANAGEMENT AGREEMENTENTERED INTO ON 16 FEBRUARY 2011 BY SIFCA, SAPH, PALMCI AND SUCRIVOIRE

SIFCA’s joint and several guarantee clause contains the following stipulations In its capacity as the holding company of Sucrivoire, SAPH and PALMCI and in order to guarantee the cash advances likely to be granted between them under the terms of this agreement, SIFCA stands as joint and several guarantor for the company receiving the cash advance in favour of the company that granted said advance, for the purpose of guaranteeing payment to the latter of all amounts that could be due to it in respect of said advance. This guarantee involves the waiver by SIFCA of the benefits of division and discussion provided by Articles 2021 and 2026 of the Civil Code.

This joint and several guarantee is capped at an overall amount of 6,000,000,000 CFA francs, including all cash advances; it is authorised for a period of one year as from the date it is signed.

Abidjan harbour (PAA) Guarantee of 6,395,150 CFA francs in favour of PAA for the use of lot nos. 119 and 372 (37bis) by BIAO. Guarantee of 3,972,600 CFA francs in favour of PAA for the use of lot no. 40 by SGBCI.

Wilmar Africa Ltd and MOPP Due to these two companies’ negative shareholders’ equity, SIFCA issued comfort letters in respect of the accounts closed on 31 December 2014. Where WAL is concerned, the comfort letter was issued jointly with Wilmar International. lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

>>

>>

>>

>>>>

>>>>>>

>>

>>

>>

>>>>

>>



Auditors’ reporton consolitated financial statements

Financial Report

Global Credit Rating (GCR)

We have audited the accompanying financial statements of SIFCA and its subsidiaries, which comprise the balance sheet as at 31 December 2014, the statements of changes in equity and the income statement for the year the ended, and a summary of significant accounting policies and other explanatory notes.

Management is responsible of the preparation and fair presentation of these financial statements in accordance with the OHADA. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the professional standards applicable in Côte d'Ivoire. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements presentation.

We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements are properly drawn up in accordance with the OHADA Standards so as to give a true and fair view of the financial position of SIFCA Group as at 31 December 2014 and the results of its operations for the year then ended.

The Statutory Auditors

Mazars Côte d’IvoireArmand Fandohan

Chartered Accountant

Ernst & YoungJean-François Albrecht

Partner

Rating Statutory Auditors Report


WARAWest Africa Rating Agency

Financial Report

Rating

AGRI-CULTURE, le monde agricole au musée.

Dans le cadre des activités marquant son cinquantenaire, le Groupe SIFCA a organisé une exposition au Musée des Civilisations de Côte d’Ivoire, de novembre 2014 à mars 2015.Cette exposition inédite offerte gracieusement au public comprend, outre les 200 outils agricoles collectés à travers la Côte d’Ivoire, des photographies qui documentent le quotidien des femmes dans la tradition africaine, en général, et sur les unités agricoles en particulier.

/////////////////////////////////////////////////////////////////


Filières

Cultivons nos Valeurs


Key Data per Division

Holding SIFCA SA

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverCFA millions 11 219 11 146 9 066USD thousand 22 730 22 566 17 770

Net resultCFA millions 8 323 10 741 12 806USD thousand 16 862 21 746 25 102

EquityCFA millions 96 050 91 727 86 986USD thousand 177 980 192 500 175 241

Financial DebtCFA millions 35 966 36 765 2 304USD thousand 66 645 77 155 4 642

Total Balance sheetCFA millions 136 405 133 277 98 497USD thousand 252 757 279 697 198 430

Vegetable oilSANIA

31 Dec 14 31 Dec 13 31 Dec 12






Filières

Palm (plantation)PALMCI

31 Dec 14 31 Dec 13 31 Dec 12






Vegetable oilWILMAR AFRICA Ltd

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverGHS thousand 670 783 368 880 0USD thousand 222 162 179 711 0

Net resultGHS thousand -77 998 -68 982 0USD thousand -25 833 -33 607 0

EquityGHS thousand 66 417 -105 555 0USD thousand 20 886 -44 736 0

Financial DebtGHS thousand 145 160 224 733 0USD thousand 45 649 95 247 0

Total Balance sheetGHS thousand 302 988 278 540 0USD thousand 95 282 118 051 0

Palm (Plantation)BOPP

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverGHS thousand 52 164 35 438 0USD thousand 17 277 17 265 0

Net resultGHS thousand 10 335 4 671 0USD thousand 3 423 2 275 0

EquityGHS thousand 52 861 42 526 0USD thousand 16 623 18 023 0

Financial DebtGHS thousand 0 0 0USD thousand 0 0 0

Total Balance sheetGHS thousand 55 313 44 691 0USD thousand 17 395 18 941 0

Palm (plantation)MOPP

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverUSD thousand 0 0 0USD thousand 0 0 0

Net resultUSD thousand -3 985 -3 398 -2 116USD thousand -3 985 -3 398 -2 116

EquityUSD thousand -11 300 -7 315 -3 917USD thousand -11 300 -7 315 -3 917

Financial DebtUSD thousand 47 908 37 582 0USD thousand 47 908 37 582 0

Total Balance sheetUSD thousand 41 040 34 882 24 816USD thousand 41 040 34 882 24 816

Vegetable oilTHSP

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverCFA millions 616 498 521USD thousand 1 247 1 009 1 021

Net resultCFA millions 73 13 19USD thousand 149 27 37

EquityCFA millions 525 451 438USD thousand 973 947 883

Financial DebtCFA millions 0 0 0USD thousand 0 0 0

Total Balance sheetCFA millions 868 675 714USD thousand 1 609 1 416 1 438

Vegetable oilSENDISO

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverCFA millions 1 785 0 0USD thousand 3 617 0 0

Net resultCFA millions -559 -104 0USD thousand -1 132 -211 0

EquityCFA millions 386 896 10USD thousand 716 1 880 20

Financial DebtCFA millions 0 0 0USD thousand 0 0 0

Total Balance sheetCFA millions 5 177 2 049 10USD thousand 9 593 4 300 20

Chiffres Clés par Filière


Filières

RubberGREL

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverEURO thousand 40 132 39 652 48 074USD thousand 53 335 52 657 61 813

Net resultEURO thousand 3 267 6 154 13 582USD thousand 4 342 8 172 17 464

EquityEURO thousand 49 056 45 789 44 636USD thousand 59 627 63 034 58 985

Financial DebtEURO thousand 10 716 4 036 11 922USD thousand 13 025 5 556 15 754

Total Balance sheetEURO thousand 74 824 73 212 61 911USD thousand 90 947 100 784 81 814

RubberSAPH

31 Dec 14 31 Dec 13 31 Dec 12


Net resultCFA millions -3 799 13 707 21 071USD thousand -7 698 27 750 41 304


Financial DebtCFA millions 20 090 0 0USD thousand 37 227 1 0


SugarSUCRIVOIRE

31 Dec 14 31 Dec 13 31 Dec 12






RubberRENL

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverNGN millions 5 375 8 120 9 431USD thousand 32 892 51 485 59 877

Net resultNGN millions 10 1 922 2 562USD thousand 61 12 186 16 266

EquityNGN millions 7 247 7 963 7 158USD thousand 40 045 49 913 45 854

Financial DebtNGN millions 1 467 1 867 2 000USD thousand 8 104 11 701 12 812

Total Balance sheetNGN millions 10 750 12 159 11 835USD thousand 59 401 76 217 75 816

RubberSIPH Holding

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverEURO thousand 253 259 360 531 404 456USD thousand 336 581 478 785 520 050

Net resultEURO thousand -11 482 -15 884 54 749USD thousand -15 259 -21 094 70 396

EquityEURO thousand 55 386 71 810 107 915USD thousand 67 320 98 853 142 608

Financial DebtEURO thousand 9 440 12 811 16 181USD thousand 11 474 17 635 21 383

Total Balance sheetEURO thousand 99 874 126 853 161 363USD thousand 121 395 174 625 213 238

RubberCRC

31 Dec 14 31 Dec 13 31 Dec 12

TurnoverUSD thousand 10 383 13 689 10 061USD thousand 10 383 13 689 10 061

Net resultUSD thousand -8 066 -10 694 -6 502USD thousand -8 066 -10 694 -6 502

EquityUSD thousand 25 040 -11 890 -1 196USD thousand 25 040 -11 890 -1 196

Financial DebtUSD thousand 10 291 46 036 28 559USD thousand 10 291 46 036 28 559

Total Balance sheetUSD thousand 40 450 38 925 37 769USD thousand 40 450 38 925 37 769

Chiffres Clés par Filière


//////////////////////////

Cultivons notre croissance ! Let’s grow !///////////////////////////

SIFCA 2014 Annual Report 95SIFCA Rapport Annuel 201494

Cultivons notre croissance - SIFCA

Documents

Transcript of Cultivons notre croissance - SIFCA