ANNUAL REPORT 2022

Our mission
We aspire to partner with leading
entrepreneurs and families, backing them
with patient capital and supportive advice
to foster sustainable growth
of their businesses.
Our heritage
and culture make
us unique
Relationships and alignment are
at the heart of what we do. Our
investments are stories of shared
values, friendships, ambitious projects
and healthy incentives gathering
partners, entrepreneurs and their
teams. By being faithful to our
human-centric approach, we aspire
to be the preferred investment partner
of all like-minded stakeholders.
We believe successful
entrepreneurs need long-
term, knowledgeable and
well-connected partners to be
competitive and responsible
in a globalised market
We provide patient capital, global networks
and strong expertise and advice to support
growing entrepreneurial and innovative
companies as a reliable long-term partner.
Few other equity providers can match our
depth of connections and experience.
Our goal is to create
sustainable economic
value by supporting
owner-led and innovative
growing businesses
We believe the entrepreneurial spirit
that characterises owners of many
family businesses and growing
companies is a source of economic
and social progress. We intend
to support these entrepreneurs
and innovators in their quest for
outstanding governance, sustainable
growth and inclusive development.
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

The Boël family enters
the share capital
1950’s
Initial Public Offering
1910
Foundation of Sofina
(“Société Financière de
Transport et d’Entreprises
Industrielles”), an
engineering conglomerate,
active in the energy and
transportation sectors
1898
The Luxembourg
office opens
1938
First investments in
venture and growth capital
funds in India and China
2005
First investments in
venture and growth capital
funds in the United States
1978
Strategic move towards
growth and more
international exposure
Creation of the SofinaBoël
Fund for Education
and Talent, Sofina’s
philanthropic project
2011
Reinforcement of the
Boël family shareholding
following the acquisition
of Société Générale de
Belgique’s stake
1988
First investment in
e-commerce
2012
Singapore office opens
and Sofina Growth is
reinforced, mainly in India,
China and the United
States
2015
Sofina becomes an
investment company
1965-
1970
More than half of Sofina’s
portfolio is invested
outside Europe
2017
Sofina adheres to the UN
Principles for Responsible
Investment
2019
Issuance of
EUR 700 million
senior bonds
2021
First investment in a
B Corp certified company
2022
Launch of the Sofina
Covid Solidarity Fund
2020
More than 120 years
of experience & expertise
Founded more than 120 years ago as an engineering conglomerate,
Sofina is an investment company listed on Euronext Brussels,
investing patient capital in growing companies managed
by like-minded entrepreneurs and partners, with equity
holdings in Europe, Asia and the United States.
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ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

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SOFINA
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SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Table of contents
4 Message to Shareholders
6 Key Indicators
1
12 Strategy
18 Key Events
1
24 Investments Overview
48 ESG
1
66 Teams
70 Corporate Governance
1
94 Accounts and Notes
142 Glossary
1. Sections of the Management report.
2. www.sofinagroup.com/investor-relations/financial-reporting/annual-reports/
Responsible person
In accordance with Article 12, §2, 3° of the Royal Decree of 14 November 2007, Harold
Boël, Chief Executive Officer, certifies in the name and on behalf of the Board of
Directors that, to the best of his knowledge:
• the financial statements, prepared in accordance with applicable accounting stand-
ards, give a true and fair view of the assets, liabilities, financial position and profit or
loss of the Company and of the fair value of its investment subsidiaries;
• the Management report contains a fair review of the development of the business,
the results and the position of the Company and its investment subsidiaries, as well
as a description of the principal risks and uncertainties they face.
The official ESEF version of the Annual report in French is available on Sofina’s web-
site. The ESEF version of the Annual report in English and Dutch will be available on
Sofina’s website at the latest on 15 April 2023.
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ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY
ANNUAL REPORT 2022
3

Dear Shareholders,
If one thing is predictable in today’s world, it’s that it’s unpre-
dictable. The past few years have been difficult and turbu-
lent, marked by Covid-19, the war in Ukraine and the end of
“free money”. As I write these lines, news of Silicon Valley
Bank’s failure has hit the wires, showing that 2023 is likely to
be unpredictable as well.
As explained during last year’s Annual General Meeting,
excessive volatility driven by uncertainty is disturbing, and
this has been true for Sofina. Our shareholders have seen a
major swing in share price from a 28% premium to Net Asset
Value (probably driven by the belief that the benign environ-
ment in which we operated would last longer) to the current
discount of 26% to NAV (driven by fear of uncertainties).
Yet, we firmly believe that our diversified model, supported
by a family shareholder, focused on value creation through
the cycle will enable us to continue to outperform in the
long run.
At the close of 2022, Sofina’s NAV, the true measure of our
performance, continued to prove robust, despite the tur-
bulent times. We believe our scaled diversification across
vintages, sectors and investment styles provides access to
opportunities that are not readily available to our sharehold-
ers, potentially providing outsized returns whilst protecting
from downside and exposure to single events. Furthermore,
alignment between investors, our teams, founders and GPs -
at the core of our operating model - combined with our focus
on disruptors position us well on themes that benefit from
tailwinds. Never have our two guiding principles, Purpose &
Patience, been more relevant.
Our track record of regularly outperforming the MSCI ACWI
on four of the last six 4-year cohorts and delivering growing
dividends demonstrates the resilience of our model. We are
confident it can adapt well to different economic environ-
ments. This is Sofina’s DNA.
Crisis are opportunities to learn, and much as we continue
to trust our investment model and execute our strategy with
our core values as a compass, we have adapted our disclo-
sure and communication to the growing expectations of our
stakeholders, among others, by publishing our Half-year and
Annual report in English for the first time or disclosing the
weight of our most important holdings to ensure we improve
accountability and address questions coming from a wider
base of stakeholders.
We firmly believe
that our diversified
model, supported by
a family shareholder,
focused on value
creation through the
cycle will enable us to
continue to outperform
in the long run.
Dominique Lancksweert, Chairman
Harold Boël, Chief Executive Officer
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SOFINA
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
Message to
Shareholders
MESSAGE TO
SHAREHOLDERS

Holding firm to our values
Among the long-term values we have remain steadfastly
committed to, are the ESG principles that start to permeate
all aspects of our business. The ESG Board Committee, estab-
lished in November 2021, oversees our ongoing projects and
ensures that we “walk the talk”. Many topics were covered
by the Committee and the organisation (CSRD future imple-
mentation, improvement of our UNPRI reporting, applying
our ESG framework to our three investment styles). Our
growing ESG expertise is proving to be added value to our
portfolio companies, helping them as they create their sus-
tainability roadmaps.
Incorporating ESG considerations into sourcing and selec-
tion on where we deploy our capital will build trust with our
stakeholders and make our portfolio more resilient, more
sustainable, and thus more valuable in the long run.
Let me end this message by thanking my Board colleagues:
their experience, diversity and commitment has been an
active support to management during a complicated 2022.
I also thank our reference shareholder, investors and other
stakeholders for their continued support and constructive
engagement.
There are still challenges ahead but we also see opportunity.
It is our belief that we will emerge stronger, ready to seize
those opportunities as they arise to create long-term value
for all our stakeholders.
Thank you.
Dominique Lancksweert,
Chairman
Focusing on long-
term outcomes
Given the events of 2022, our investment activity in the
second half of the financial year centred largely on selectivity,
supporting and re-investing in existing portfolio companies
whose business model and management have shown resil-
ience, while seizing certain exit opportunities as part of the
capital rotation of our portfolio, as illustrated by the sale in
the summer of parts of our LBO funds portfolio.
Indeed, our diversified investment styles enable us to rotate
capital in a manner that generates liquidity for the next
phase. Past crises have shown that the upturn which follows
creates sizeable investment opportunities.
Agility and resilience
As we enter 2023, we continue to face a volatile macroeco-
nomic and geopolitical environment, with an uncomfortably
high inflation that remains.
As in 2022, we will be a long-term partner to our portfolio
companies. In the past year, we have allocated resources to
help them with contingency planning, sustainable develop-
ment and capital efficiency. This support may take the form
of additional capital, relevant insights, and engagement
between our Investment team and corresponding founders
and entrepreneurs has never been higher. Those efforts have
demonstrated our enduring relevance to our partners.
We are also proud of the grit and adaptability shown by our
teams, swiftly adapting to the new realities in the market,
whilst remaining committed to our long-term goals. “Normal
business” did not resume post pandemic; to the contrary,
new issues have arisen, such as the war in Ukraine, inflation,
an energy crisis and a severe market correction in the valu-
ation of growth stocks, and the teams have taken all these
challenges in their strides. I would like to publicly express my
gratitude to them.
Our growing
ESG expertise is
proving to be added
value to our portfolio
companies, helping
them as they create
their sustainability
roadmaps.
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ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY
ANNUAL REPORT 2022

Key Indicators
Sofina SA adopted the Investment Entity status in application of IFRS 10, §27,
which provides that a company, as long as it meets the definition of an Investment
Entity, does not consolidate its subsidiaries
1
. In the present Annual report, the
financial statements as an Investment Entity give the fair value of Sofina SA’s
direct investments (in portfolio investments or in investment subsidiaries). The
Net Asset Value (“NAV”) reported below under the Investment Entity status or in
transparency (i.e. considering all portfolio investments whether held by Sofina
SA directly or indirectly through its investment subsidiaries) is the same.
1. For a definition of the different terms, see the Glossary.
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SOFINA
MESSAGE TO
SHAREHOLDERS
STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
KEY INDICATORS

FINANCIAL FIGURES IN TRANSPARENCY
5
(IN MILLION EUR)
KEY FIGURES IN TRANSPARENCY 31/12/2022 31/12/2021
Net debt / (Net cash) -233 -319
Investment portfolio 9,062 11,063
Loan-to-value (in %) -2.6% -2.9%
KEY COMPREHENSIVE INCOME FIGURES IN TRANSPARENCY 2022 2021
Dividends 53 59
Net result of the investment portfolio -1,828 2,621
Total comprehensive income
6
-1,869 2,596
KEY CASH FLOW STATEMENT FIGURES IN TRANSPARENCY 2022 2021
Investments in portfolio -1,013 -1,284
Divestments from portfolio 1,174 1,161
BALANCE SHEET IN TRANSPARENCY 31/12/2022 31/12/2021
Investment portfolio
9,062 11,063
Sofina Direct
4,760 5,811
Long-term minority investments 2,797 3,884
Sofina Growth 1,962 1,927
Sofina Private Funds 4,302 5,252
Net cash 233 319
Gross cash 929 1,049
Financial liabilities -696 -730
Other
18 -28
NAV 9,313 11,354
2. The consolidated financial statements are presented under the Investment Entity status, in application of which direct subsidiaries of Sofina SA are
stated at fair value, including the fair value of their equity investments and other assets and liabilities (mainly intra-group debts and receivables),
through profit and loss. For further explanation, see the Glossary.
3. Calculation based on the number of outstanding shares at closing date (33,332,072 shares at 31 December 2022 and 33,607,072 at 31 December
2021).
4. Calculation based on the weighted average number of outstanding shares (33,510,733 shares at 31 December 2022 and 33,683,906 shares at
31 December 2021).
5. Based on the portfolio in transparency (see point 2.1 of the Notes to the consolidated financial statements). For a definition of the different terms,
see the Glossary.
6. The small difference between the net result and the total comprehensive income comes from income and expenses recognised directly in the
shareholders’ equity and subsequently reclassified in the net result.
Key financial figures
FINANCIAL STATEMENTS – OVERVIEW OF THE YEAR
2
31/12/2022 31/12/2021
Total assets (in million EUR) 10,198 12,085
Net Asset Value (in million EUR) 9,313 11,354
Net Asset Value per share
(in EUR)
3
279.41 337.86
2022 2021
Net result (share of the group)
(in million EUR)
-1,872 2,593
Net result (share of the group)
per share (in EUR)
4
-55.85 76.99
The Annual General Meeting of 5 May 2022 decided to pay a gross dividend of EUR 3.128571 per share.
7
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

EVOLUTION OF THE SHARE PRICE AND THE NAV PER SHARE OVER THE LAST 20 YEARS
8
(IN EUR)
450
400
350
300
250
200
150
100
50
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
7. The financial data at 31 December have been prepared under IFRS standards since the financial year ending 31 December 2004. The Net Asset
Value for financial years prior to 2004 corresponds to the estimated value of the assets at 31 December. Figures relating to 2016 and 2017 have been
restated in accordance with IAS 28, §18 to ensure that the Net Asset Value for 2016 and 2017 can be compared with that of the following years as
prepared under the Investment Entity status.
8. Data at 31 December.
NAV NAV per share
12,000
10,000
8,000
6,000
4,000
2,000
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
5
2017
5
2018
2019
2020
2021
2022
350
300
250
200
150
100
50
0
EUR
M EUR
EVOLUTION OF THE NET ASSET VALUE OVER THE LAST 20 YEARS
7
279.4
9,313.3
61.2
279.4
38.2
205.6
Share price NAV per share
-26%
+28%
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SOFINA
MESSAGE TO
SHAREHOLDERS
STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
KEY INDICATORS

Net dividend per share Gross dividend per share
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0
2018 2019 2020 2021 2022
GROSS AND NET DIVIDEND PER SHARE (IN EUR)
AVERAGE ANNUAL RETURN
9
(IN %)
Sofina MSCI ACWI (EUR) EuroStoxx 50
3 years 4 years 7 years 10 years
9. For a definition of the different terms, see the Glossary.
15%
10%
5%
0%
-5%
-10%
-15%
-20%
1 year
-16.5%
8.3%
10.2%
11.5%
10.8%
-13.0%
-9.5%
2.6%
4.7%
6.4%
8.5%
5.8%
8.4%
10.3%
11.1%
1.95
2.03
2.11
2.19
2.27
2.79
2.90
3.01
3.13
3.24
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ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

TOP 10 OF SOFINA DIRECT
12
1 GROUPE PETIT FORESTIER
2 SC CHINA CO-INVESTMENT 2016-A (BYTEDANCE)
3 COGNITA
4 BYJU’S
5 CAMBRIDGE ASSOCIATES
6 BIOMÉRIEUX
7 DRYLOCK TECHNOLOGIES
8 NUXE
9 VERSE INNOVATION
10 MÉRIEUX NUTRISCIENCES
The 10 largest investments of Sofina Direct represent 27% of
the fair value of the portfolio in transparency.
TOP 10 OF SOFINA PRIVATE FUNDS
14
1 SEQUOIA CAPITAL (US, CHINA & INDIA)
2 LIGHTSPEED
3 INSIGHT PARTNERS
4 BATTERY VENTURES
5 ICONIQ CAPITAL
6 THOMA BRAVO
7 TA ASSOCIATES
8 SPARK CAPITAL
9 VENROCK
10 ANDREESSEN HOROWITZ
The 10 largest General Partners of Sofina Private Funds rep-
resent 25% of the fair value of the portfolio in transparency.
The 6 largest investments of Sofina Direct represent more
than 15% but less than 20% of the portfolio in transparency,
whereas the 7 largest investments represent more than 20%
of the portfolio in transparency.
12
Out of the above-listed investments taken individually, when
taking into account our combined holdings through Sofina
Direct and Sofina Private Funds when applicable, ByteDance
is the sole asset representing more than 5% of the fair value
of the portfolio in transparency.
13
10. Based on the portfolio in transparency considering the country of the main or historical headquarters of the investments as used in the
management information (see point 2.6 of the Notes to the consolidated financial statements as well as in the Investments Overview section).
11. Based on the portfolio in transparency.
12. Largest investments in terms of representation in the fair value of the portfolio in transparency and following the valuation principles set in point
2.5 of the Notes to the consolidated financial statements. Listed in decreasing order of fair value at 31 December 2022. The ranking of our Sofina
Direct investments does not take into consideration indirect holdings in these entities through certain partnerships of Sofina Private Funds.
13. Based on latest reports obtained from the General Partners until mid-March 2023. The valuation of such investments through Sofina Private Funds
is therefore based either on a report as at 31 December 2022 or on a report as at 30 September 2022.
14. Largest General Partners in terms of estimated representation of their funds in the fair value of Sofina’s portfolio in transparency. Listed in
decreasing order of fair value at 31 December 2022.
Key portfolio indicators
Breakdown of the total portfolio in transparency
BY GEOGRAPHIC REGION
10
BETWEEN LISTED AND UNLISTED INVESTMENTS
11
13% Listed
87% Unlisted
31% Asia
36% North America
33% Western Europe
10
SOFINA
MESSAGE TO
SHAREHOLDERS
STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
KEY INDICATORS

47%
women
46%
women
53%
men
54%
men
10.01 tCO
2
e
greenhouse gas emissions of
Sofina’s operations per FTE
100%
of new investment opportunities
subject to the ESG framework
(Sofina Direct and
Sofina Private Funds)
94%
of renewable energy used
29%
of Sofina Direct invested
in SDG contributors
16
16
nationalities
Key ESG indicators
15
100%
attendance to the annual
compliance training
79
employees
Employees
54%
of independent Directors
Gender diversity at the Board
15. As at 31 December 2022.
16. Based on the portfolio in transparency.
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ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Investment company
with +120 years history
Across sectors, geographies
and investment styles
Longstanding relationships with
like-minded entrepreneurs and
investors
Reliable partner through
economic cycles
Helping companies build sustainable
businesses and embedding ESG in
operations & investment decisions
Diverse talents with shared
values and sector expertise
Family-run
Diversification
Strong partnerships
Patient capital
Purpose-driven
Teamwork
RELIABILITY ...
What makes us unique
Strategy
12
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS
KEY EVENTS
INVESTMENTS OVERVIEW
STRATEGY

Investments at all stages of the
lifecycle to foster further growth
Delivering competitive
long-term return
To top-tier private businesses
Supportive advice for
porfolio companies
We believe innovation drives
economic and societal progress
Fast decision-making
process
Growth investor
Value creation
Liquid exposure
Active ownership
Innovation
Agility
... & DYNAMISM
1313
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY
ANNUAL REPORT 2022

A diversified strategy ...
3
regions
ESG
3
complementary
investment styles
US EUROPE ASIA
4
sectors of focus
Consumer
and retail
Digital
transformation
SOFINA PRIVATE
FUNDS
SOFINA DIRECT
Education
Sofina Growth
Healthcare and
life sciences
Long-term minority
investments
SOFINA IS STRIVING TOWARDS MOVING
FROM AN ESG RISK MITIGATOR TO AN
SDG CONTRIBUTOR AS
AN INVESTOR AND OWNER
TRADITIONAL
INVESTOR
SDG
CONTRIBUTOR
ESG RISK
MITIGATOR
14
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS
KEY EVENTS
INVESTMENTS OVERVIEW
STRATEGY

... across stages of a business lifecycle
Sofina Private Funds
Sofina Direct
IDEA LAUNCH VALIDATION GROWTH EXPANSION
REVENUE
Testing the grounds
to design
a product
A founding
team with
a mission
Generate revenue
& take on new
customers
Iterations to
find product
market fit
Explore other markets
and new challenges
LONG-TERM MINORITY
INVESTMENTS
SOFINA GROWTH
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ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Value creation model
Resources
LONG TERM FINANCIAL RESOURCES
Stable shareholding:
54.60% held by the reference shareholder
45.40% free float
EUR 700m 7y senior unsecured bonds
EUR 925m of undrawn credit facilities
-2.6% loan-to-value
DIVERSIFIED TEAM OF EXPERTS
79 employees across our 3 offices in
Brussels, Luxembourg and Singapore working
as One Team
16 nationalities
34 investment professionals
(incl. 35% of women)
4 SECTORS OF FOCUS
Sector groups building expertise on
GLOBAL NETWORK
Global network of General Partners,
business partners, entrepreneurs
and advisors
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SOFINA
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SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
STRATEGY
Activities
SOURCING OF INVESTMENT
OPPORTUNITIES
Careful screening and selection of investment
opportunities, in accordance with our
investment criteria, incl. sectors of focus and
ESG factors
INVESTMENT
Investing patient capital in innovative and
growing businesses and supporting further
growth of our portfolio companies
SUPPORTIVE ADVICE
• Ongoing and active support to portfolio
companies, including on ESG matters to foster
sustainable growth
• 63 representatives in the governance bodies
of our portfolio companies
PORTFOLIO ROTATION
Exiting investments and transitioning
stewardship to ensure sustainable growth
EMPLOYEE DEVELOPMENT AND
SUPPORT
• Frequent performance assessments and
feedback sessions
• Trainings and development programmes to
assist our employees in their growth
• Fulfilling workplace with flexible working
arrangements
Consumer
and retail
Digital
transformation
Education
Healthcare and
life sciences

* UN Sustainable Development Goals - set of 17 Sustainable Development Goals set out by the United Nations.
1717
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY
ANNUAL REPORT 2022
Diversified
investment
portfolio
SOFINA DIRECT
78
portfolio companies
31%
of portfolio in transparency
Long-term minority
investments
22%
of portfolio in transparency
Sofina Growth – Investments
in fast-growing businesses
SOFINA PRIVATE
FUNDS
491
funds
47%
of portfolio in transparency
Investments in venture and
growth capital funds
Outcomes
VALUE CREATION FOR SOFINA AND
ITS SHAREHOLDERS
EUR 9.3 bn NAV
Annual average return: -16.5 %
EUR 7.0 bn market capitalisation
EUR 3.24 gros dividend per share - increasing year-on-year
GROWTH OF PORTFOLIO COMPANIES
Increased development and innovation of sectors of focus:
Consumer and retail, Digital transformation, Education,
Healthcare and life sciences.
CONTINUOUS EMPLOYEE DEVELOPMENT
AND WELL BEING
17 promotions between 2020-2022
1,569 hours of training
26 employees following a coaching/personal development
programme
GHG EMISSIONS
122.50 tonnes of CO e (scope 1 & 2)
533.91 tonnes of CO e (travels)
10.01 tonnes of CO e/FTE (scope 1, 2 and travel)
PROGRESSIVE INTEGRATION OF ESG IN
PORTFOLIO COMPANIES
40% of Sofina Direct with a sustainability roadmap in discussion
31 portfolio companies contributing to the SDGs
29% of Sofina Direct contributing to the SDGs
*
INVOLVEMENT IN SOFINA’S COMMUNITIES
899 hours of volunteering
EUR 20m Sofina Covid Solidarity Fund fully deployed

Key Events
New investments
Sofina invested in Biobest, a global
leader in biological crop protection
and natural pollination. It reinforced
its shareholding through a secondary
acquisition a few months later.
Everdrop is a purpose-driven, eco-
friendly household product and per-
sonal care brand enabling people to
live a more sustainable lifestyle.
Rohlik is a technology leader in e-gro-
cery with a focus on convenience,
assortment and local sourcing.
CONSUMER AND RETAIL
Sofina Direct
Sofina Direct combines Long-term minority investments and Sofina
Growth, the two investment styles in which the Sofina group directly owns
shares in portfolio companies or is involved through a syndication vehicle.
Cleo is a UK company that developed an app that super-
charges the financial health of young generations.
Typeform develops a cloud-based web application designed
to offer engaging and conversational online forms.
DIGITAL TRANSFORMATION
18
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
INVESTMENTS OVERVIEW
KEY EVENTS

Established in Denmark, Labster is a
company that developed the world’s
leading platform for virtual labs and
science simulations.
CoachHub is a German B2B online
platform designed to provide per-
sonalised business coaching globally
for large enterprises and mid-market
companies.
Skillmatics is an Indian company
building a global direct-to-consumer
education brand for affordably priced
physical and digital learning games
that help kids aged 1-12 years to develop
various skills through play.
EDUCATION
Birdie is a B Corp certified company established in the UK
that operates an all-in-one homecare software which con-
nects health practitioners, care communities and patients
to ensure the best care outcomes.
Vizgen is a US life science company dedicated to improving
human health by mapping spatial genomics information at
single-cell resolution.
HEALTHCARE AND LIFE SCIENCES
19
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Follow-on investments
ESG
The Investment team engaged with the management teams of certain Sofina Direct portfolio companies on their
ESG priorities and sustainability roadmaps throughout the year 2022. This will allow Sofina to closely monitor the ESG
performance of its portfolio companies based on agreed milestones.
Divestments
Sofina closed the sale of its stake in
Hillebrand, a global leading service
provider in the shipping, transportation
and logistics of beverages and prod-
ucts that require special care, which
had been in its Long-term minority
investments since 2016.
Sofina closed the second tranche of
the partial sale of its stake in Pine Labs,
a provider of innovative IT solutions for
the payments ecosystem.
We fully divested our holding in
Missfresh, an e-commerce platform
offering fresh groceries in China, in
which Sofina had been an investor
since 2018.
We sold our shareholding in
HealthKart, a manufacturer and
distributor of sports nutrition and
health supplements in India, which
was in our Sofina Growth portfolio
since 2019.
Sofina signed an agreement with Henry
Schein, the world’s largest provider of
healthcare solutions to office-based
dental and medical practitioners, for
the sale of its stake in Biotech Dental,
a European dentistry leader, offering
exclusive digital products and services.
The sale is subject to customary closing
conditions and is expected to close in
the first half of 2023. Sofina has been
an investor in Biotech Dental since 2018.
CONSUMER AND RETAIL
DIGITAL TRANSFORMATION
EDUCATION
HEALTHCARE AND LIFE SCIENCES
20
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
INVESTMENTS OVERVIEW
KEY EVENTS

POST CLOSING EVENTS
Since year-end, Sofina increased its existing holdings in Biobest, a global leader in biological crop protection and natural
pollination and Dott, a micromobility company operating a fleet of shared e-scooters and e-bikes.
Sofina is also pleased to announce a first investment in Too Good To Go, a pioneering company dedicated to reduc-
ing food waste. Our partnership aims to empower communities and drive sustainable change within the global food
industry. This investment was made through a syndication vehicle managed by Blisce.
The impact of the Silicon Valley Bank’s failure on Sofina’s portfolio is minimal, further to the announcement from the
US authorities of various measures to strengthen the US banking system, including the protection of deposits with
Silicon Valley Bank and HSBC’s takeover of its UK subsidiary. Sofina itself has no direct exposure to Silicon Valley Bank.
Sofina Private Funds
Sofina Private Funds is complementary to Sofina Direct. Our involvement in this
investment style relies on building long-term partnerships with carefully selected
external General Partners managing mainly venture and growth capital funds.
Market update
As regards Sofina Private Funds, private markets have been
in a transition period to adapt to the volatile market envi-
ronment. Macroeconomic worries, high inflation, and rising
interest rates have caused contractions of multiples. The cost
of capital has increased, affecting the appetite for risk and
valuations of high-growth assets. The pricing adjustment
for technology companies in the public markets seems to
have stabilised over the last months of 2022. Sofina Private
Funds are exposed to private technology companies at differ-
ent stages of maturity. Early-stage investing has been more
shielded from public market volatility than late-stage as
companies are farther away from liquidity events. The under-
lying portfolio companies’ quality and the secular themes’
strength supporting their performance over an extended
horizon should mitigate the trend.
Divestments
In line with its strategic objectives, Sofina Private Funds
sold a portion of non-core investments in funds through
a secondary sale to focus its exposure on core venture and
growth General Partners and crystallise performance.
ESG
The Investment team developed and started to implement its own ESG framework to assess the ESG performance of
our existing and future General Partners.
21
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Team activities
All employees from our three offices could enjoy a com-
pany-wide team building event in October during which
they spent time together and re-connected. This was the
first full team offsite since Covid-19.
In line with our commitment to improve the diversity
within our teams and pursue our efforts on inclusiveness,
we held an interactive diversity and inclusion workshop
to raise awareness on these themes.
In the framework of our efforts to create a supportive work
culture, we also held a well-being week in November.
Our people
Sofina welcomed seven new team members in 2022 and 13 trainees in the Investment team, Finance team and ESG
team. More information about the new team members is provided in the Teams section of this Annual report.
Internal activities
Engaging with our
shareholders and investors
We were pleased to welcome our shareholders in person
during our Annual General Meeting that took place phys-
ically (with a webcasting) at our headquarters.
We organised analyst meetings after the issuance of our
annual and half-year results and published voice-over pres-
entations on these results on our website.
We had several meetings with bondholders and other
investors throughout the year and participated to investor
presentations
1
.
We also issued our ESG brochure, a document that cen-
tralises and sets out our commitment to responsibly create
lasting value as a long-term investor and details how our
ESG approach is translated in our daily operations.
1. Relevant materials are available on www.sofinagroup.com/investor-relations/ir-presentations/
22
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Engaging with our communities
We participated in many volunteering activities through-
out the year. A group of colleagues participated to the
Brussels Marathon to run and support Farming For Cli-
mate, an organisation that helps to accelerate the agroe-
cological transition of farmers in Belgium.
Sofina employees also spent time at the Environmental
Observatory in Arlon to help preserve nature, Les Arbres
du Souvenir, a Belgian non-profit organisation which pri-
mary mission is to soothe the bereaved through reconnec-
tion with the forest and its sacredness, Cuistots solidaires,
which aims at feeding daily more than 350 refugees, and
KidSTART in Singapore by delivering dry food packages
to families in need.
Finally, Sofina hosted WAPA
(War-Affected People’s
Association) in its Brussels
office during a two-days
campaign.
As regards the conflict in Ukraine, Sofina supported H.U.K.,
a Luxembourgish non-profit association and BEforUkraine,
a Belgian non-profit organisation. Four employees par -
ticipated in the convoy that drove the ambulances to the
Ukrainian border. Two refrigerated trucks were also sent
to Ukraine after having been refurbished with the spon-
sorship of Sofina, its family shareholders and Groupe Petit
Forestier, a portfolio company.
The Sofina Covid Solidarity Fund, a EUR 20+ million fund
launched to address the adverse consequences of the
global Covid-19 pandemic in Healthcare and Education,
initiated an independent impact analysis to assess the
concrete actions carried out by those projects.
23
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Sofina Direct
BREAKDOWN OF THE PORTFOLIO
1
BY GEOGRAPHIC REGION
BREAKDOWN OF THE PORTFOLIO
1
BY SECTOR
BREAKDOWN OF THE PORTFOLIO
1
BETWEEN LISTED AND UNLISTED
INVESTMENTS
14% Listed
86% Unlisted
PORTFOLIO EVOLUTION
2022 ACTIVITY IN M EUR # COMPANIES
Investments
(new and follow-on)
53 3
Divestments
(partial and full)
305 1
Portfolio at 31/12/2022 2,797 26
1. Based on the fair value of the Sofina group’s investments as at 31 December 2022 (portfolio in transparency).
Long-term minority investments
Minority stakes in private
and listed companies
Patient capital and
reference shareholder with
a long-term horizon to
create sustainable value
31%
of the portfolio
in transparency
1
Investment size between
EUR 100 million and
EUR 300 million
Taking account of
Environmental, Social and
Governance criteria in our
investment decisions
Flexible approach seeking
alignment with trusted
partners
Companies mainly in
Europe with global
exposure
In partnership with
entrepreneurs and families
for 60 years
11% North America
34% Asia
55% Western Europe
17% Healthcare and
life sciences
6% Digital transformation
35% Other
20% Education
22% Consumer and retail
24
SOFINA
24
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Sofina Growth
Minority stakes in private
and listed companies
Patient capital and
reference shareholder with
a long-term horizon to
create sustainable value
22%
of the portfolio
in transparency
1
Investment size between
EUR 20 million and
EUR 100 million
Taking account of
Environmental, Social and
Governance criteria in our
investment decisions
Flexible approach seeking
alignment with trusted
partners
High-growth sectors with a
global approach
First investment
in 2010
BREAKDOWN OF THE PORTFOLIO
1
BY SECTOR
PORTFOLIO EVOLUTION
2022 ACTIVITY IN M EUR # COMPANIES
Investments
(new and follow-on)
519 22
Divestments
(partial and full)
104 5
Portfolio at 31/12/2022 1,962 52
8% Education
14% Healthcare and
life sciences
1% Other
36% Consumer and retail
41% Digital transformation
At Everdrop, we are tremendously grateful
to have Sofina as our trustworthy partner. With
their invaluable experience and long-term
focus, they are a most supportive companion on
our mission to bring sustainable living to even
more people in more international markets.
Chris Becker and David Löwe, co-founders, Everdrop
2525
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY
ANNUAL REPORT 2022

Sofina Private Funds
BREAKDOWN OF THE PORTFOLIO
2
BY STRATEGY
72% Venture
23% Growth
5% LBO
0% Other
BREAKDOWN OF THE PORTFOLIO
2
BY GEOGRAPHIC REGION
Mainly venture and
growth capital funds
First investments
in 1978
47%
of the portfolio
in transparency
2
Equity commitment
between EUR 5 million and
EUR 50 million
Taking account of
Environmental, Social and
Governance criteria in our
investment decisions
~80 core
General Partners
Active in the US,
Asia and Europe
Long-term partner
across cycles
2. Based on the fair value of the Sofina group’s investments as at 31 December 2022 (portfolio in transparency).
3. Estimated based on available information provided by the General Partners.
Investments in venture and
growth capital funds
BREAKDOWN OF THE PORTFOLIO
2
BETWEEN LISTED AND UNLISTED
INVESTMENTS
3
11% Listed
89% Unlisted
28% Asia
9% Western Europe
63% North America
26
SOFINA
26
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Selected portfolio
companies in our
sectors of focus
Sector knowledge is paramount. We have teams focusing
on our four preferred sectors with the belief, in line with our
mission, that these sectors are well positioned to contribute
to global growth, development and innovation.
We have gathered significant industry expertise and invest-
ment experience in those areas across our investment styles.
This knowledge, alongside our partners’ industry experience,
enables us to support the growth of our portfolio companies.
EDUCATIONCONSUMER
AND RETAIL
HEALTHCARE AND
LIFE SCIENCES
DIGITAL
TRANSFORMATION
27
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Investments Overview
28
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEWINVESTMENTS OVERVIEW

1. In general, companies in which Sofina holds, directly or indirectly, a participating interest whose fair value exceeds EUR 5 million are subject to a
notice. The classification of the notices follows the chronological order of the date of the initial investment made by Sofina (from the most recent
to the oldest). The country of the main or historical headquarters of each investment is indicated in the respective notice. The sector of focus in
which each investment is classified is also mentioned in the notice.
* Sofina is represented in the decision-making bodies of the company.
Sofina Direct –
Long-term minority investments
1
CONSUMER AND RETAIL
• Belgium
• 2022
• www.biobestgroup.com
Biobest * is a global leader in
biological crop protection and
natural pollination.
DIGITAL
TRANSFORMATION
• Spain
• 2020
• www.saltosystems.com
SALTO Systems * is a global
leader in the development
and production of leading-
edge electronic access control
solutions, particularly in sectors
where security is critical.
CONSUMER AND RETAIL
• France
• 2019
• www.nuxe.com
In 30 years, pioneering French
brand NUXE * became the
reference player in natural
cosmetology in France.
DIGITAL
TRANSFORMATION
• Belgium
• 2022
• www.collibra.com
Collibra *, “the” data
intelligence company, helps
organisations to unlock the
value of their data and turn it
into a strategic, competitive
asset.
CONSUMER AND RETAIL
• Belgium
• 2019
• www.drylocktechnologies.com
Drylock Technologies * is a
family-owned manufacturer of
personal hygiene products.
EDUCATION
• United Kingdom
• 2019
• www.cognita.com
Cognita * is a global
K-12 schools platform (from
kindergarten to high school).
29
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

OTHER
• United States
• 2018
• www.cambridgeassociates.com
Cambridge Associates * is an
investment firm helping its
clients build custom portfolios.
HEALTHCARE AND
LIFE SCIENCES
• France
• 2018
• www.biotech-dental.com
Biotech Dental * is a European
dentistry leader offering
exclusive digital products and
services.
OTHER
• United States
• 2016
• www.firsteagle.com
First Eagle Investment
Management ° acts as an
independent investment
management firm, providing
investment advisory services.
CONSUMER AND RETAIL
• France
• 2016
• www.veepee.fr
Veepee * is the European
leader in online event sales
and the expert in clearance
sales for major brands.
CONSUMER AND RETAIL
• United Kingdom
• 2016
• www.thg.com
THG * is an international
technology company focused
on digital retail in the beauty
and well-being sectors.
EDUCATION
• India
• 2016
• www.byjus.com
Byju’s ° is a leading provider
of online educational content
and an operator of tuition and
test preparation centers.
* Sofina is represented in the decision-making bodies of the company.
° Sofina has an observer seat in the decision-making bodies of the company.
∆
Listed company.
30
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

OTHER
• United States
• 2014
• www.merieuxnutrisciences.com
Mérieux NutriSciences * °
offers analysis and support
services for the development of
new products with the aim of
preventing health risks related
to food.
OTHER
• France
• 2012
• www.gl-events.com
GL events * is a key player
in the three major events
markets: congresses and
conventions; cultural, sporting,
institutional or political events;
trade shows and exhibitions.
HEALTHCARE AND
LIFE SCIENCES
• France
• 2009
• www.biomerieux.com
bioMérieux * is a global
leader in in vitro diagnostics
and provides diagnostics
solutions that improve patient
health and ensure consumer
safety.
OTHER
• France
• 2007
• www.petitforestier.com
Groupe Petit Forestier *
is the European leader in
refrigeration rentals, including
vehicles, cabinets, and
containers.
CONSUMER AND RETAIL
• France
• 2007
• www.chapoutier.com
Chapoutier * is one of the
leading wine producers in the
Rhône Valley with presence
in other regions. The Maison
Chapoutier is a leader in
biodynamic viticulture.
OTHER
• Luxembourg
• 1992
• www.luxempart.lu
Luxempart * is an investment
company listed on the
Luxembourg Stock Exchange
managing a portfolio of listed
and non-listed holdings.
31
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

Sofina Growth
2
DIGITAL
TRANSFORMATION
• China
• 2016
• www.bytedance.com
ByteDance
3
is a global
internet and technology
company with leading
products in areas such as
social networking, content
distribution, enterprise
software and gaming.
Founded in 2012 and headquartered in Beijing, ByteDance
is a global internet and technology company active in more
than 150 countries. The company offers a portfolio of leading
consumer apps including Douyin (short video platform in
China), Toutiao (news aggregator and content discovery
platform in China), Xigua Video (live streaming and video
sharing platform in China), Lark (global digital collaboration
product), and TikTok (short video platform outside of China).
Initially focused on the Chinese market, its international
expansion was accelerated from 2018 after merging its
nascent product TikTok with Musical.ly (acquired in 2017).
ByteDance currently also operates a diverse set of products
across six business units in areas such as enterprise software,
gaming and education.
Driven by the success of Douyin and TikTok, ByteDance has
grown at a rapid pace in recent years. According to public
sources, 2021 and Q1 2022 revenue reached USD 61.7 billion
(up 80% year-over-year) and USD 18.3 billion (up 54% year-
over-year) respectively. At the same time, the company’s
revenue base has diversified away from its traditional strong-
hold in digital advertising to e-commerce, live streaming
and other new initiatives. Although ByteDance continues to
enjoy attractive prospects, it also faces the impact of global
macroeconomic conditions which have slowed the recent
growth of other internet players.
Today, ByteDance operates globally with a growing inter-
national presence while China remains its largest market. It
also continues to navigate the complex regulatory landscape
in major markets including the United States and China.
Valuation method
Sofina values its holding in SC China Co-Investment 2016-A
on the basis of the market multiples valuation method with
an illiquidity discount.
Investment history
In 2016, Sofina took a minority stake in ByteDance through
a special purpose vehicle (SC China Co-Investment 2016-A,
L.P.) alongside other investors. It is also exposed to the asset
through several partnerships at Sofina Private Funds level.
2. In general, companies in which Sofina holds, directly or indirectly, a participating interest whose fair value exceeds EUR 5 million are subject to a notice.
The classification of the notices follows the chronological order of the date of the initial investment made by Sofina (from the most recent to the oldest).
The country of the main or historical headquarters of each investment is indicated in the respective notice. The sector of focus in which each investment is
classified is also mentioned in the notice.
3. ByteDance represents more than 5% of the fair value of the portfolio in transparency as at 31 December 2022 (when taking into account our combined
holdings through Sofina Direct and Sofina Private Funds). As a result, additional information is provided for this holding in this Annual report.
Source of the picture used in this notice : ByteDance.
INTERNATIONAL
PRESENCE IN
150+
COUNTRIES
1.9 bn
MONTHLY ACTIVE USERS
GLOBALLY
32
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEWINVESTMENTS OVERVIEW

* Sofina is represented in the decision-making bodies of the company.
° Sofina has an observer seat in the decision-making bodies of the company.
HEALTHCARE AND
LIFE SCIENCES
• United Kingdom
• 2022
• www.birdie.care
Birdie * is a home healthcare
technology company that
aims to reinvent care at home
and radically improve the lives
of millions of older adults.
CONSUMER AND RETAIL
• Germany
• 2022
• www.everdrop.de
Everdrop * is a purpose-
driven, eco-friendly household
product and personal care
brand enabling people to live a
more sustainable lifestyle.
CONSUMER AND RETAIL
• Czech Republic
• 2022
• www.rohlik.group
Rohlik * is a leading online
grocery business with the
vision to elevate food quality
and service standards in the
grocery industry.
EDUCATION
• Germany
• 2022
• www.coachhub.com
CoachHub * ° is a B2B online
platform designed to provide
personalised business
coaching globally for large
enterprises and mid-market
companies.
EDUCATION
• India
• 2022
• www.skillmaticsworld.com
Skillmatics * is a global brand
dedicated to developing
learning and play experiences
for children of all ages.
HEALTHCARE AND
LIFE SCIENCES
• United States
• 2022
• www.vizgen.com
Vizgen ° is a life science
company that develops
technologies able of mapping
spatial genomic information at
single-cell resolution to better
understand diseases and
develop novel therapies.
33
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

CONSUMER AND RETAIL
• China
• 2021
• www.moodylenses.com
Moody ° is a leading coloured
contact lenses brand in China.
* Sofina is represented in the decision-making bodies of the company.
° Sofina has an observer seat in the decision-making bodies of the company.
EDUCATION
• Denmark
• 2022
• www.labster.com
Labster ° is the world’s leading
platform for virtual labs and
science simulations.
DIGITAL
TRANSFORMATION
• United Kingdom
• 2022
• www.meetcleo.com
Cleo * is the AI that is fighting
for the world’s financial health.
DIGITAL
TRANSFORMATION
• Spain
• 2022
• www.typeform.com
Typeform * develops a
cloud-based web application
designed to offer engaging
and conversational online
forms.
HEALTHCARE AND
LIFE SCIENCES
• China
• 2021
• www.zgbiotech.com
ZhenGe Biotech ° is a biologics
contract development and
manufacturing organisation
supporting the development and
manufacturing of drugs from the
pre-clinical stage to commercial-
stage manufacturing.
CONSUMER AND RETAIL
• France
• 2021
• www.ankorstore.com
Ankorstore is a leading
marketplace that connects
brands and creators with
shops all over Europe.
34
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

HEALTHCARE AND
LIFE SCIENCES
• Switzerland
• 2021
• www.oviva.com
Oviva ° offers personalised,
app-based diet and lifestyle
coaching to help people lead
healthier and happier lives.
CONSUMER AND RETAIL
• China
• 2021
• www.petkit.com
PETKIT * is a fast-growing pet
care company in China.
CONSUMER AND RETAIL
• Germany
• 2021
• www.sellerx.com
SellerX * is building a portfolio
of next generation brands that
touch people’s everyday lives.
CONSUMER AND RETAIL
• Indonesia
• 2021
• www.lemonilo.com
Lemonilo * ° is a brand focused
on providing healthier food
alternatives to Indonesian
consumers.
CONSUMER AND RETAIL
• India
• 2021
• www.agrevolution.in
DeHaat * ° is an AgTech player
offering end-to-end solutions
and services to the farming
community in India.
DIGITAL
TRANSFORMATION
• United Kingdom
• 2021
• www.tessian.com
Tessian's mission is to secure
the human layer.
35
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

* Sofina is represented in the decision-making bodies of the company.
° Sofina has an observer seat in the decision-making bodies of the company.
HEALTHCARE AND
LIFE SCIENCES
• United States
• 2021
• www.twinhealth.com
Twin Health ° is the developer and
provider of the AI-powered Whole
Body Digital Twin™ which provides
individualised nutrition, sleep,
activity and breathing guidance
for the reversal and prevention of
chronic metabolic diseases.
HEALTHCARE AND
LIFE SCIENCES
• China
• 2021
• www.reetoo.com
ReeToo is an innovative China-
based in vitro diagnostics
company.
CONSUMER AND RETAIL
• The Netherlands
• 2021
• www.ridedott.com
Dott * is a micromobility
company operating a fleet of
shared e-scooters and e-bikes.
CONSUMER AND RETAIL
• Turkey
• 2021
• www.getir.com
Getir is an on-demand
inventory led online grocer.
CONSUMER AND RETAIL
• India
• 2021
• www.mamaearth.in
Mamaearth ° is an online-first
certified toxin-free baby and
personal care brand in India.
DIGITAL
TRANSFORMATION
• India
• 2021
• www.cred.club
CRED is a credit card bill
payment platform.
36
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

EDUCATION
• India
• 2020
• www.k12technoservices.com
K12 Techno Services ° is an
educational services platform
which provides a suite of
services including academic
support, administration, and
technology solutions.
CONSUMER AND RETAIL
• Indonesia
• 2020
• www.kopikenangan.com
Kopi Kenangan is a fast-
growing Indonesian grab-
and-go coffee chain which
offers fresh affordable coffee to
consumers.
CONSUMER AND RETAIL
• China
• 2020
• www.qinghotel.com
Qingzhu ° is an asset-light,
tech-enabled economy hotel
chain in China.
CONSUMER AND RETAIL
• India
• 2019
• www.lenskart.com
Lenskart is a leading eyewear
manufacturer and retailer in
India.
CONSUMER AND RETAIL
• Lithuania
• 2019
• www.vinted.com
Vinted is Europe’s largest
online marketplace dedicated
to second-hand fashion.
DIGITAL
TRANSFORMATION
• India
• 2019
• www.verse.in
VerSe Innovation * is a
technology platform that
delivers personalised content
to users based on their
preferences.
37
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARY

HEALTHCARE AND
LIFE SCIENCES
• India
• 2017
• www.medgenome.com
MedGenome ° is a genomic-
driven diagnostics and
research company.
* Sofina is represented in the decision-making bodies of the company.
° Sofina has an observer seat in the decision-making bodies of the company.
∆
Listed company.
DIGITAL
TRANSFORMATION
• United Kingdom
• 2018
• www.graphcore.ai
Graphcore ° designs
microprocessors for artificial
intelligence applications.
HEALTHCARE AND
LIFE SCIENCES
• United States
• 2018
• www.grandrounds.com
Included Health is a
diversified healthcare platform
which partners with employers
across the US to provide
care to employees and their
families.
HEALTHCARE AND
LIFE SCIENCES
• China
• 2018
• www.aohua.com
Aohua is one of the
leading Chinese endoscopy
equipment and consumables
manufacturers.
CONSUMER AND RETAIL
• India
• 2018
• www.bira91.com
Bira 91 ° is an Indian beer
brand.
CONSUMER AND RETAIL
• China
• 2018
• www.censh.com
Xinyu is the largest watch
retailer and wholesaler in
China.
38
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

DIGITAL
TRANSFORMATION
• India
• 2015
• www.pinelabs.com
Pine Labs ° is a provider of
innovative IT solutions for the
payments ecosystem.
HEALTHCARE AND
LIFE SCIENCES
• Germany
• 2016
• www.opseo-intensivpflege.de
opseo Intensivpflege is
a company active in the
ambulatory healthcare sector.
DIGITAL
TRANSFORMATION
• India
• 2016
• www.actcorp.in
ACT is a broadband internet
and cable TV provider in India.
DIGITAL
TRANSFORMATION
• United States
• 2017
• www.thoughtspot.com
ThoughtSpot is the Modern
Analytics Cloud company.
CONSUMER AND RETAIL
• India
• 2016
• www.wforwoman.com
TCNS Clothing Company
is India’s leading women’s
apparel company.
HEALTHCARE AND
LIFE SCIENCES
• China
• 2016
• www.jiahui.com
Carebridge ° is an integrated
healthcare services network
which differentiated itself
by the quality of its services
and its impact in clinical
care, clinical research, and
professional training.
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° Sofina has an observer seat in the decision-making bodies of the company.
∆
Listed company.
HEALTHCARE AND
LIFE SCIENCES
• India
• 2015
• www.practo.com
Practo ° is a technology
company for the healthcare
industry.
CONSUMER AND RETAIL
• India
• 2015
• www.paperboatdrinks.com
Hector Beverages ° is a
producer of traditional Indian
beverages and foods.
DIGITAL
TRANSFORMATION
• Nigeria
• 2014
• www.ihstowers.com
IHS Towers is an owner,
manager and independent
operator of shared
telecommunications
infrastructure.
CONSUMER AND RETAIL
• United States
• 2015
• www.1stdibs.com
1stdibs operates an online
marketplace for luxury items.
40
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

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Sofina Private Funds
INVESTMENTS IN VENTURE AND
GROWTH CAPITAL FUNDS
Selected GPs based in the US or with global footprint
42
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Selected GPs based in Asia
Selected GPs based in Europe
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History and description
Since the late 70’s, Sofina has supported private funds man-
agers, focusing on venture capital and growth equity.
The investment activity of this type of funds can be summa-
rised as follows: in most cases, investments take the form of
fixed-term partnerships of 10 to 12 years that are managed
by specialised teams (the "Managers", or “GPs”). The latter
raise funds from professional investors such as Sofina, who
undertake to fund them in capital for an amount defined at
the time of subscription.
Managers generally have a period of five or six years to find
investments corresponding to their preferred strategy and
progressively call the committed capital made available to
them. Each time an investment is completed, the proceeds
are distributed to investors and the Managers receive an
incentive (“carried interest”) when a capital gain is realised.
In practice
Over the past fifteen years, Sofina Private Funds has become
a formalised investment activity, representing 47% of the
group’s portfolio in transparency. Each year, new commit-
ments are made in the funds raised by different Managers.
The amount of the annual commitment has increased grad-
ually to ensure vintages diversification through cycles and
reflect the global markets growing activity.
The activity is managed by an Investment team with experi-
ence in the field, with members in all of Sofina’s offices and
reinforced by support teams. The team seeks to build a bal-
anced portfolio by developing a proactive business approach
to access the most exclusive funds. Like Long-term minority
investments and Sofina Growth strategies, Environmental,
Social and Governance criteria are taken into account in the
decision-making process of Sofina Private Funds.
GGV’s vision is to fuel the
dream of entrepreneurs and our
mission is to be their partner of
choice globally. Since 2000, we
have been fortunate to work with
long-term partners who hold
deep synergies with our global
thesis to capture the profound
impact of digitisation across
tech sectors. We are proud to call
Sofina not only a strong partner
of our funds since 2016, but
also a meaningful collaborator
on an increasing number of
investments first in China, and
now with a widened geographic
scope across the US, Europe, and
Asia – a truly global partnership.
Over the years, our partners
and CEOs have appreciated
the quality, consistency, and
depth of our interactions
with the knowledgeable
and thoughtful Sofina team,
and we look forward to
deepening our collaboration
in the years to come.
Jenny Lee, managing partner, GGV Capital
44
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Breakdown
by strategy
Sofina Private Funds portfolio has always favoured venture
capital and growth equity funds, mostly because of the
risk-return profile of their strategy and their resonance with
Sofina’s DNA. These funds are generally invested in com-
panies where founders are still shareholders and present
in management, unlike acquisition targets where finan-
cial investors take control of the company ("LBO"). This bias
explains the current exposure of the Sofina Private Funds
portfolio to those strategies.
Strategy
at 31/12/2022
(in m EUR)
Portfolio
fair value
1
Residual
commitments
Venture capital 3,075 72% 830 62%
Growth equity 1,002 23% 422 32%
LBO 216 5% 72 5%
Other strategies 9 0% 12 1%
TOTAL 4,302 100% 1,336 100%
Breakdown by
geographic region
The United States remain the most developed market for
venture capital and growth equity funds, as reflected in
Sofina Private Funds portfolio with a relatively high exposure
to this region (63% in 2022).
To further diversify its geographic footprint and capitalise
on high-growth sectors and regions, Sofina Private Funds'
exposure to Asia has gradually increased. Sofina can thus
benefit from the trends identified by its Managers in this
region: growth of the middle class, rapid urbanisation, and
younger population.
The Sofina Private Funds portfolio continued to strengthen
in European venture capital and growth equity funds, thus
aligning with the group’s strategy.
In addition, by focusing on venture capital and growth equity
funds as well as the geographical footprint of its portfolio,
Sofina benefits from global exposure to its sectors of focus:
Consumer and retail, Digital transformation, Education and
Healthcare and life sciences.
Geographic
region
at 31/12/2022
(in m EUR)
Portfolio
fair value
1
Residual
commitments
North America 2,711 63% 778 58%
Western Europe 407 9% 191 14%
Asia 1,184 28% 367 28%
TOTAL 4,302 100% 1,336 100%
Since we met Sofina and began to work together in
2018, we have been struck by their approach to long-term
partnerships and alignment of values. It is rare in building any
business, nevermind a venture capital business from Europe,
to find a partner who brings high-quality entrepreneurial
insights and constructive operational feedback to the table
while supporting the long-term evolution of your business.
We are thrilled to be working with such a high-quality, high-
integrity team that shares our mission of backing founders
from the seed stage at LocalGlobe to IPO and beyond.
Saul Klein, co-founder, Phoenix Court Group
1. Based on the fair value of the Sofina group’s investments as of 31 December 2022 (portfolio in transparency).
45
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Concentration by Manager
Over the last decade, Sofina Private Funds portfolio concen-
tration has decreased, even though the top 20 Managers still
represent more than 50% of this portfolio. Moreover, while
Sofina rigorously monitors the performance of its Managers,
its policy is to maintain long-term relationships with them.
Currently, the main Managers are Andreessen Horowitz,
Atomico, Bain, Battery, DST, General Atlantic, GGV, Iconiq
Capital, Insight Partners, IVP, Lightspeed, NEA, Sequoia Cap-
ital, Source Code, Spark, TA Associates, Thoma Bravo, Thrive,
Tiger Global, and Venrock.
PORTFOLIO EVOLUTION
2
(in m EUR) 2022 2021
Fair value at 1 January
5,253 3,458
Investments (called capital) 445 629
Distributions
3
-788 -815
Other fair value variation -608 1,981
Fair value as at 31 December 4,302 5,253
Key success factors
The rational of launching and developping the Sofina Private
Funds activity is now proven by the performance of the port-
folio. These performances are mainly driven by the growth
of the portfolio companies.
Access to the best performing Managers is one of the key
portfolio success factors. These Managers are courted and
the funds they raise are generally oversubscribed. Sofina’s
profile and long-term vision, the stability of its team and its
commitment program, its experience in the sector, its net-
work, and the credibility of its performance, are the key suc-
cess factors in getting access to these renowned Managers.
However, Sofina is constantly reassessing these relationships.
This applies both to the best who might face challenges such
as changes in the team, and to promising Managers grad-
ually becoming references in their sectors. The team is also
regularly in contact with emerging Managers to identify early
those who will be able to outperform their peers in the future.
2022 market environment
UNITED STATES
While favourable economic conditions characterised the
year 2021, the 2022 industry dynamics have been different
for US venture capital and growth equity funds. The dry
powder has reached an all-time high this year due to a strong
2021 fundraising activity, but capital deployment has been
slower. Market confidence was challenged by the public
market downturn, mainly impacting the technology sector,
soaring inflation cutting into consumption, higher interest
rates contracting valuations, geopolitical uncertainties, and
global supply chain disruptions.
The new narrative also caused the retreat of crossover and
large non-traditional investors that have flooded the venture
capital market in recent years. The largest deals in the market
had been mostly reliant on capital from these investors. With
now less capital available, the number of new unicorns has
dropped in 2022. While the pressure on seed and venture
capital has been limited, the financing of late-stage compa-
nies is being further impacted by fewer exit opportunities.
In those conditions, the best performing Managers stand
out with resilience, leveraging their ability to select quality
assets and being disciplined in capital efficiency rather than
growth at all costs.
2. Based on the fair value of the Sofina group’s investments as at 31 December 2022 (portfolio in transparency).
3. Includes the proceeds from the secondary sale of a portion of non-core investments.
The Sofina team has been
a great limited partner and
syndication partner for ARCH in
life science investing. The team
has deep sector knowledge, gets
up to speed quickly and has
a solid understanding of the
entrepreneurial management
processes that drive value
creation. The Sofina team also
has a great network which has
added value in recruiting top
talent, partners and customers
to portfolio companies.
Keith Crandell, co-founder and managing director,
ARCH Venture Partners
46
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

ASIA
Just as with developed markets, the global growth slowdown
and elevated inflation were similarly experienced in Asia
albeit to a smaller extent. This has also led to the decrease in
investment activity, with investors expecting private market
valuations to further correct in 2023. In the big picture, this
represents a return to normality after investment value in
2021 almost doubled from the annual average from 2019-
20. However, the dynamics underpinning each region differ
significantly.
In China, the unpredictable macroeconomic, geopolitical
and regulatory environment continued to deter private fund
activity. This was exacerbated by reduced exit activity off-
shore due to subpar capital market conditions as well as
ongoing discussions between the US and China on Public
Company Accounting Oversight Board (PCAOB) issues.
Onshore capital markets stepped in partially to fill the gap,
and show promise to become a viable exit channel for inter-
national investors going forward. Towards the end of the year,
there have been positive signs that the Chinese government
was prepared to exit its strict zero Covid-19 policy, what even-
tually materialised early 2023.
Southeast Asia continues to be a bright spot attracting cap-
ital inflows from international investors. While fundraising
and valuation levels have dipped as compared to 2021 levels,
wider macroeconomic indicators and digital penetration
growth remain resilient.
The negative impact of the challenging macro-economic
climate in Europe and the US should not blind us to the
fact that certain geographies, in particular India, enjoyed a
happy convergence of having emerged from the worst of the
pandemic while facing less exposure to the global economy.
They continued on an accelerated path of internally driven
economic growth, while seizing the opportunity of supply
chain relocations to offer alternative global manufacturing
hubs.
EUROPE
Despite markets tribulations across economies and global
corrections, the European market has been resilient with
capital invested remaining broadly on pace with 2021.
Non-traditional investors have continued to participate in
European venture capital rounds, as well as US investors
pursuing deals at lower valuations. However, bullish forecasts
from the Covid-19 pandemic have been recalibrated and
securing capital has become challenging across the financial
spectrum with valuation haircuts and down rounds reported
in 2022. In general, the UK, France, Germany, and the Nordics
remain the most dynamic regions. Several sectors have been
slowing down, especially technology and consumer, while
healthcare has remained strong.
Outlook
Private markets are in a period of transition to adapt to the
volatile market environment. Macroeconomic worries, high
inflation, and rising interest rates have caused contractions
of multiples. The cost of capital has increased, affecting appe-
tite for risk and valuations of high growth assets. Seed and
early-stage investing has remained active, while late-stage
and technology-growth investing slowed down as it is more
correlated to public markets.
The value of Sofina Private Funds’ exposure to technology
companies might be affected in the short term by the sector
pricing adjustment in the public markets. The trend should
however be mitigated by the quality of the underlying port-
folio companies and the strength of the secular themes
supporting their performance over an extended horizon.
Our Managers are guiding their portfolio companies to
weather the cycle. Venture capital valuations and investment
terms have begun to reflect the public markets, opening
opportunities for patient market participants in the inno-
vation economy.
Access to top performing firms will likely remain difficult and
Sofina can rely on its privileged position to continue building
long-term partnerships with the most successful Managers.
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ESG
1. UN Sustainable Development Goals - set of 17 Sustainable Development Goals set out by the United Nations - sdgs.un.org/goals
Purpose & Patience, our two guiding principles in our investments, also apply
to Sofina’s approach towards Environmental, Social and Governance (“ESG”)
matters. As a long-term minority investor, Sofina builds relationships with
partners who share our values and seek to ensure the sustainability of their
businesses through sound governance principles, attention to human capital and
its environmental footprint, and an emphasis on ensuring their business has a
positive impact on the UN Sustainable Development Goals (the “UN SDGs”)
1
.
The commitment to
responsibly create enduring
value lies at the heart of
Sofina’s culture. Our role as
a long-term shareholder
and investor is to foster
sustainable growth.
Anja Langenbucher,
Chair of the ESG Committee
As a signatory of the
United Nations Principles
of Responsible Investment,
we want to contribute to a
more sustainable economy.
Our commitment is for
our portfolio as a whole to
show constant progress
on ESG performance
and our conviction is that
sustainability is a lever for
long-term value creation.
Harold Boël,
Chief Executive Officer
48
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

The principles underpinning ESG have long been at the heart of Sofina’s
strategy. Sofina formalised them through six principles and beliefs
(set out below) which constitute the compass of its ESG journey.
Our principles and beliefs
SUSTAINABLE GROWTH
The commitment to create enduring value lies at the heart of Sofina’s culture. Our role as a long-term share-
holder and investor is to foster sustainable growth. We believe that assessing the effect of our actions and
those of our portfolio companies on all dimensions of society and environment, as well as positively impacting
our communities, is the foundation of any sustainable value creation.
RISK REDUCTION AND VALUE CREATION
ESG issues are and will continue to be one of the defining challenges of this decade. This challenge, much
like those before it, presents risks and opportunities. We aim to mitigate the former and embrace the latter as
we believe that giving attention to ESG issues reduces risk and creates value, while having a positive impact
on society.
FOR ALL STAKEHOLDERS
We believe there is no trade-off between investment returns and responsible investment. We are also
convinced that to achieve sustainable returns, we need to grow the value our activities bring to all our
stakeholders.
A PROCESS AND A PATH
Maximisation of the impact of our business for our stakeholders is a continuous process and a path, more
than a destination to be reached. Our commitment is to follow the path and to progress. We will therefore
report our achievements on a yearly basis and commit to positive change.
RECOGNITION AND RESPECT OF DIFFERENCES
As a global investor, we recognise that ESG issues though relevant globally, will not find the same expression
in the regions and sectors in which we are active. Our approach will recognise and respect these differences,
whilst our commitment to progress will remain the same.
INSPIRATION FOR OUR PORTFOLIO
Our ESG commitments are also a commitment made by each and every one working at Sofina. We believe
that Sofina must act on ESG matters and be an inspiration for our portfolio companies active in sectors in
which incorporating ESG considerations in decision-making is more challenging.
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Approach
Stakeholder engagement
At Sofina, we recognise the importance of considering the interests, needs, and concerns of our stakeholders and strive to
find a balance between the different groups presented below.
Employees
Analysts
Communities
Portfolio
companies
General Partners
Investment
Partners
Share- &
bondholders
Engaging with our stakeholders on a regular basis allows us to understand their perspectives, answer their questions, gather
their feedback, share information on our activities and strategy and take all necessary actions accordingly to build long-term
relationships and create long-term value for them and the Company. Sofina’s approach towards stakeholders’ engagement
is based on transparency, open communication and listening, bearing in mind that the manner we interact with our various
stakeholders depends on the group they belong to:
• Employees: the limited size of the headcount allows
an engagement made in the framework of day-to-day
relationships, dialogues, meetings and team events (in
wider or smaller groups);
• Reference Shareholder: meetings of the Board of
Directors and its Committees and interactions with the
CEO and the Chair of the Board;
• Shareholders, bondholders and investors: shareholders’
meetings, investor presentations (incl. on the annual
and half-year results) including a Q&A session;
• Analysts: meetings held after the issuance of the Annual
report and Half-year report and ad hoc interactions;
• Portfolio companies: meetings of their decision-making
organs, shareholders’ meetings and interactions with
their management;
• Investment partners and General Partners: business
meetings, attendance at shareholders’ meetings and ad
hoc interactions;
• Communities: direct engagement through active
participation in volunteering activities.
50
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Two-fold approach towards ESG matters
As an investment company, Sofina has adopted a two-fold approach towards ESG matters: as an investor and as a company
(i.e. considering its operations).
SOFINA AS AN INVESTOR
We intend to continuously make progress on our path to
move from a position of only tackling ESG considerations
from a risk management perspective to becoming a con-
tributor to the SDGs.
TRADITIONAL
INVESTOR
Little or no
attention
to ESG issues
SDG
CONTRIBUTOR
Focus on ESG
opportunities
through investment
selections
and portfolio
management
ESG RISK
MITIGATOR
Implementing a
wide range of ESG
considerations
and screening of
products
SOFINA IS STRIVING TOWARDS MOVING
TO AN SDG CONTRIBUTOR POSITION
This translates into our investment decision-making and
strategy as follows:
• As an investor, we target investments in companies
active in Sofina’s four sectors of focus and which have
a positive impact on the SDGs, either (i) on the “What”
dimension, i.e. through their products or services they
offer and/or (ii) on the “How” dimension, i.e. through the
way they operate. At the level of Sofina Private Funds,
Sofina targets General Partners that incorporate ESG
into their investment strategy and operations.
• As an owner, we engage with our portfolio companies
to encourage and support them in their journey to
improve ESG performance and contribution to the
SDGs. This can include providing ESG expertise and
guidance, as well as advocating for the adoption of the
best business ethics and governance practices. This
engagement is further illustrated in the sustainability
roadmaps that certain of our portfolio companies are
developing.
SOFINA AS A COMPANY
Sofina tackles ESG considerations as a company with an
equal focus on the environmental, social and governance
aspects. In this respect, we take many initiatives to be sus-
tainable, to minimise as far as possible our environment
footprint and to have a positive impact on our communities
and stakeholders.
To frame this ambition, we focus on:
ENVIRONMENT
Striving to reduce our environmental
footprint
Raising awareness on environmental issues
SOCIAL
Promoting diversity and inclusion in the
workplace
Being a responsible employer
Supporting initiatives that foster cultural and
social development
GOVERNANCE
Applying the best governance practices
Maintaining high standards of compliance,
ethics, and integrity
BEL ESG index
Sofina is member of the BEL ESG index launched by Euron-
ext Brussels on 15 February 2023 with the aim at identifying
and tracking the companies within the BEL 20 and the BEL
Mid indices that have demonstrated the best ESG practices.
The BEL ESG index is according to Euronext "designed to
facilitate the adoption of mainstream ESG investment solu-
tions by investors". For the index market data, Euronext has
partnered with Sustainalytics, a leading global provider of
ESG research, ratings and data that provides the ESG assess-
ment of the selected companies.
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ESG governance and team
Sofina’s governance relating to ESG matters has evolved over the years. At management level,
it evolved from working groups dedicated to specific topics such as the reduction of our carbon
footprint, electricity, gas and paper consumption, employee well-being and volunteering activi-
ties to the creation of an ESG Core Team. At Board level, the Board oversight started with periodic
presentations, with some topics being discussed more in-depth by an ESG Board workshop
and has moved towards an ESG Committee created in November 2021.
BOARD OF DIRECTORS
• Review of Sofina’s strategic direction, including ESG;
• Oversight on the implementation of the ESG strategy and reporting in this area.
ESG COMMITTEE
• Established by the Board of Directors in November 2021;
• Chaired by Anja Langenbucher, composed of five Board members, including the CEO and
three independent Directors;
• Responsible for making recommendations on the ESG strategy to the Board and ensuring
its integration into the overall strategy of the Sofina group;
• Supervises the identification, assessment, and management of ESG risks and opportunities;
• Monitors the ESG performance;
• Discusses Sofina’s approach towards ESG reporting to our stakeholders.
EXECUTIVE COMMITTEE
• Supervises and monitors the ESG Core Team, including its recommendations on the
ESG strategy;
• Ensures ESG matters are reflected in investment memorandums and incorporates ESG in
Sofina’s decision-making process.
ESG CORE TEAM
• Composed of members of management and lead by a member of the Executive
Committee;
• Proposes the overarching ESG strategy of the Sofina group;
• Responsible for identifying, coordinating and monitoring the ESG initiatives carried out by
working groups composed of members of the personnel;
• Supervises the implementation of the ESG frameworks and the sustainability roadmaps;
• Oversees the ESG communication and reporting.
GREEN COMMITTEE
• Composed of members of the personnel;
• Coordinates and monitors initiatives related to Sofina’s involvement in communities,
philanthropic activities, building effective teams and well-being of our employees;
• Monitors Sofina’s carbon footprint (for our operations).
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Environment
2. Portfolio companies are excluded from the offsetting.
3. Using the location and market based approach.
4. This comprises the following elements:
- scope 1: direct greenhouse gas emissions from heating (natural gas), company cars and refrigerants,
- scope 2: indirect greenhouse gas emissions related to electricity consumption,
- scope 3: indirect greenhouse gas emissions related to upstream emissions from scopes 1 and 2, business travel (air, rail and car), IT services and
equipment, paper and waste. Portfolio companies are excluded.
General
At Sofina, we attach great importance to our impact on the
environment as a company and at the level of our portfolio
companies. Firstly, climate change and degradation of the
environment can lead to a range of negative impacts on
society and the economy, including global warming, scarce
resources and increased health risks. As an investment com-
pany, we feel Sofina has a responsibility to consider these
impacts and to support efforts to address environmental
challenges. In addition, it is important for portfolio com-
panies to address environmental issues as this can affect
their reputation, overall performance and access to capital.
Finally, addressing environmental challenges can also create
business opportunities which can be attractive for Sofina’s
portfolio companies. Overall, considering the impact of the
environment is important for Sofina from both a risk man-
agement and investment perspective, and supports our
efforts to reduce Sofina’s environmental impact.
We perform a review of the carbon footprint of our opera-
tions with the aim to reducing it over the years.
Implementation
We have adopted an environmental policy for our opera-
tions which aims to:
• reduce electricity and gas consumption in our operations;
• use green electricity in our operations where available;
• ensure any renovation work in our buildings is undertaken
in a sustainable manner and with the aim to improve
energy efficiency;
• reduce our carbon emissions linked to travels by favouring
videoconferencing or soft mobility such as travel by train
for business trips of less than 800 km;
• reduce our carbon emissions linked to the mobility of our
employees through our low carbon car policy, offering and
promoting greener mobility solutions to our employees
such as soft mobility, mobility passports and charging
points for electric cars. This results in a fleet of 24 hybrid
or electrical cars on a fleet of 44 vehicles. Based on an
employee survey, 34% of our employees also commute
by bike or public transport on a regular basis.
In addition to our efforts to reduce carbon footprint and
consumption, Sofina offsets the CO
2
e emissions generated
by the Sofina group’s operations and travel
2
. The group holds
the CO
2
neutral label since 2020.
All employees are further expected to be mindful of Sofina’s
environmental impact and to comply with the commit-
ments made in this area. Within this framework, Sofina takes
initiatives to raise awareness on environmental issues within
the organisation, especially on climate change through
workshops, internal conferences and sharing knowledge. We
also implement ecological initiatives at the office such as the
use of water fountains, recycling bins and printing reduction.
2022 2021
Greenhouse gas emissions
(scope 1)
190.94 tCO
2
e 192.7 tCO
2
e
Greenhouse gas emissions
(scope 2)
3
12.56 tCO
2
e 8.2 tCO
2
e
Greenhouse gas emissions
(travel)
533.91 tCO
2
e 87.8 tCO
2
e
Greenhouse gas emissions
(scope 1, 2 & travel) per FTE
4
10.01 tCO
2
e 6.38 tCO
2
e
% of CO
2
e emissions offset 100% 100%
% of renewable energy used
in operations
94% 96%
The increase of our greenhouse gas emissions relating to
travel is mainly due to the lifting of travel restrictions in
2022 after being limited by the Covid-19 pandemic.
As an investor and owner, we act on environmental issues
by incorporating these considerations in our decision-mak-
ing process (including through an ESG due diligence) in
accordance with Sofina’s Responsible investment policy. We
also engage with our portfolio companies on these issues
through interactions at board level, at management level
and in the framework of the development of their sustaina-
bility roadmap. Please refer to page 60 of this Annual report
for more information on the sustainability roadmaps.
10.01 tCO
2
e
GHG OF SOFINA’S OPERATIONS
PER FTE
94%
RENEWABLE ENERGY
USED IN OPERATIONS
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Social
5. See point Governance on page 56 of this Annual report.
6. Based on an employee survey.
Own workforce
GENERAL
At Sofina, we have 79 employees spread over our three
offices. Employees have an employment relationship with
the respective local subsidiaries of Sofina (Sofina SA in Bel-
gium, Sofina Partners SA and Sofina Capital SA in Luxem-
bourg, and Sofina Asia Private Ltd. in Singapore).
Sofina’s mission is to partner with leading entrepreneurs
and families, backing them with patient capital and support-
ive advice to foster sustainable growth of their businesses.
Human relationships are central to Sofina’s mission and our
employees are key to the organisation. Sofina’s preferred
access to attractive investment opportunities also relies con-
siderably on our diverse teams representing the world in
which we invest, key people and their business relationships.
Our human approach and extensive business network is
therefore at the core of our track record and success. As such,
it is important for Sofina to ensure we are able to attract and
retain sufficiently qualified and diversified talents.
GROWTH MINDSET AND PERSONAL
DEVELOPMENT
Sofina employs agile and motivated people who are eager
to learn and to evolve. Regular check-ins with our employees
are held to understand their development needs, career
aspirations and provide constructive feedback.
We also offer trainings and coaching sessions to our employ-
ees for their professional development and promote their
employability, both within and outside Sofina.
A DIVERSE WORKING ENVIRONMENT
Sofina strives to create a diverse and inclusive working
environment in terms of nationality, cultural background,
age and gender, as well as regarding skills and professional
experience. As stated in Sofina’s Code of Conduct
5
, Sofina
also ensures an inclusive workplace and does not tolerate
discrimination on the grounds of personal characteristics
e.g. age, disability, race, religion, gender or sexual orientation.
Strengthening diversity and inclusion within the teams is
enabled and improved through the recruitment and pro-
motion process and by raising awareness on these topics.
This is a focus area for Sofina in the long term. An interactive
diversity and inclusion workshop took place in 2022 at group
level to raise awareness on these themes.
2022 2021
# of employees (FTE) 79 75
% of women at the Executive
Committee (by FTE)
13% 13%
% of women among the
employees (by FTE)
47% 49%
Employee turnover (by FTE but
excluding retirements)
8% 9%
# of nationalities 16 16
% of FTEs below 30 years old 23% 21%
% FTEs between 30 and 50 years
old
54% 55%
% of FTEs older than 50 years 23% 24%
1,569 hours
OF TRAINING
6
47%
women
53%
men
79
TOTAL
NUMBER OF
EMPLOYEES
26
EMPLOYEES
FOLLOWED
COACHING
SESSIONS
% of women/men
54
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

FULFILLING WORKPLACE AND FAVOURABLE
WORKING ENVIRONMENT
Well-being and team-building at work
Sofina encourages employees to take well-being and team
building initiatives. Several actions have been undertaken,
such as a small gym area in Brussels and healthy snacks.
Sofina also organised a well-being week during which
employees had the opportunity to follow workshops on
ergonomics, mindfulness and healthy habits at work.
Various team-building events have been organised to pro-
mote Sofina’s One Team spirit, such as team lunches, team
building through local volunteering and yearly team offsites.
Sofina also organised a ”Get Away” event in October during
which employees from the three offices re-connected and
celebrated in style the waning of the pandemic.
We encourage our personnel to lead healthy and active lives,
by incentivising involvement in sports and other physical
activities via our group collective challenge and by organ-
ising collective sporting activities, such as a participation at
the Brussels marathon in October 2022.
Work-life balance
Sofina strives for balanced lives, promotes autonomy and
adopts a flexible working organisation. Employees have flex-
ible work schedules and can choose to work from home
two to three days a week. 40 days of additional leave were
granted to employees in 2020 to thank them for the efforts
made during the pandemic. Around 54% of our employees
have taken all or part of their 40 days to spend time with
their family, accomplish an important personal project or
to go on a trip.
Healthcare insurance
Sofina’s personnel benefit from extensive healthcare cover-
age, both for hospitalisation and for outpatient care.
Affected communities
Sofina’s business activities as such do not negatively affect
the communities in which we operate. Actions are under-
taken by Sofina to have a positive impact on communities
through many volunteering initiatives and donations to
charities. More information on this can be found in the Key
Events and Our involvement in our communities sections
of this Annual report.
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Governance
General
Applying the best governance practices and maintaining
high standards of compliance, ethics and integrity is impor-
tant for us, both in our capacity as responsible investor and
in our capacity as responsible employer. It allows Sofina to
operate in an ethical and transparent manner, to build trust
with our stakeholders and to increase accountability within
the organisation. Compliance with ethical standards and
good governance practices can enhance Sofina and our
portfolio companies’ brand and reputation and help us to
attract investors and talents. In addition, compliance with
applicable laws and regulations is of utmost importance
for us also knowing that breaches by Sofina or our portfolio
companies could lead to important fines and to reputational
damage.
GOVERNANCE STRUCTURE
As indicated in our Corporate governance statement con-
tained in the Corporate Governance section of this Annual
report, Sofina has opted for a one-tier governance structure
and uses the 2020 Belgian Code on Corporate Governance
(the “2020 Code”) as its benchmark in accordance with the
“comply or explain” principle.
The governance structure of our Company and the role of
Sofina’s governance bodies is set out in in the Corporate
Governance section of this Annual report and in our Corpo-
rate Governance Charter which is available on the Compa-
ny’s website. It includes Internal rules of procedure setting
out the rules of operation of the Board of Directors and of
its four specialised Committees. In addition, the Corporate
governance statement describes how corporate governance
was implemented over the past year pursuant to the require -
ments of the Belgian Companies and Associations Code (the
“BCAC”) and of the 2020 Code.
ESG GOVERNANCE
At management level, ESG matters are coordinated and
supervised by an ESG Core Team composed of senior mem-
bers from the Management Group and which reports to the
ESG Committee.
At Board level, ESG matters are discussed at the level of the
ESG Committee which formulates recommendations to the
Board of Directors.
Sofina’s ESG governance is described in more details on
page 52 of this Annual report.
Corporate culture and
business conduct policies
We conduct our activities in accordance with ethical rules
and applicable laws and regulations. To this end, Sofina has
adopted several instruments setting out the rules of conduct:
• Code of Conduct: Sofina has adopted a Code of Conduct
based on Sofina’s core values. This document defines the
way in which the Directors and employees of the Sofina
group must behave in the performance of their duties
within the group. It is presented to employees during an
annual compliance training. The Compliance Officer is
responsible for ensuring full compliance with the Code of
Conduct.
As indicated in our Code of Conduct, Sofina supports inter-
national conventions on human rights and labour. Hence,
all employment relationships with the Sofina group are
conducted in compliance with the applicable laws and
collective labour agreements in which human rights are
embedded.
• Dealing Code: Sofina’s Dealing Code aims at preventing
insider trading, unlawful disclosure of inside information
and market manipulation both at Sofina level and at the
level of the target listed companies and listed companies
in our portfolio.
• Privacy Policy and Privacy Charter: Sofina has drawn up
a Privacy Policy and a Privacy Charter to ensure compli-
ance with the data protection laws. The Privacy Policy is a
publicly available document informing data subjects on
how Sofina collects, handles and processes their personal
data as well as about their rights in this respect. The Privacy
Charter is an internal document detailing practical meas-
ures and instructions to employees on the collection and
use of personal data.
We ensure that the applicable rules of conduct are embed-
ded in our corporate culture and business conduct, through
several concrete actions such as messages from the CEO
reminding the importance of compliance and business
ethics, internal processes such as proceeding to anti-money
laundering (“AML”) reviews for all investments, compliance
trainings to all newcomers and mandatory annual trainings
to all employees followed by a questionnaire, the presence of
a legal team in each office and availability of the compliance
materials on the intranet.
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

7. After the Annual General Meeting of the relevant year.
Prevention and detection
of corruption or bribery
Sofina requires all employees to ensure that transactions,
business relations and agreements are concluded at arm’s
length terms in line with our ethical principles. To ensure the
prevention and detection of corruption or bribery, Sofina has
adopted internal processes requiring employees to seek the
approval of the Compliance Officer to accept gifts of a value
exceeding EUR 200 and to notify any potential conflict of
interest. A whistleblowing procedure is in place for reporting
and detecting possible violations of the Code of Conduct
provisions regarding among others the prevention of bribery
and corruption.
Political influence and
lobbying activities
Sofina does not engage in political influence or lobbying
activities. Hence, no one within the Company has been des-
ignated to oversee that type of activities. During the report-
ing period, Sofina did not make any financial or in-kind
political contributions and none of the group entities are
registered in the transparency register.
DIVERSITY AT THE BOARD OF DIRECTORS 2022 2021
% of women on the Board of Directors 46% 43%
% of independent Directors 54% 57%
Average age of the Directors 62 61
% of Directors between 30 and 50 years old - 7%
% of Directors over 50 years old 100% 93%
# of nationalities on the Board of Directors
7
6 7
CORPORATE GOVERNANCE 2022 2021
% of independent Directors on the Audit Committee 80% 80%
The Audit Committee is chaired by an independent Director Yes Yes
% of independent Directors on the Nomination Committee 40% 40%
% of independent Directors on the Remuneration Committee 75% 75%
ESG Committee in place at Board level Yes Yes
ETHICS AND COMPLIANCE 2022 2021
Implementation of a Code of Conduct for employees Yes Yes
Annual training session organised for all employees Yes Yes
Participation rate in the annual training session 100% 96%
# of notifications received under the conflict of interest and corruption prevention policy 26 21
% of new investments subject to AML review 100% 100%
# of personal data breach incidents 0 0
# of reports received through the whistleblowing process 0 0
Prevention policy in the field of cyber security Yes Yes
Personal data protection policy Yes Yes
100%
ATTENDANCE TO THE ANNUAL
COMPLIANCE TRAINING
54%
OF INDEPENDENT DIRECTORS
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Company specific:
Responsible investor
As an investor, Sofina is striving towards moving from an ESG risk mitigator to an
SDG contributor position. To this end, we favour investments in companies having
a direct positive impact to the SDGs alongside like-minded investors aligned with
our values. Once invested, we support our portfolio company in our ESG journey.
Responsible investment policy
As a UNPRI signatory since 2019, we incorporate ESG into our decision-making process, formalised in a Responsible invest-
ment policy covering Sofina Direct and Sofina Private Funds.
The below table provides an overview of this policy regarding the investment, ownership and exit phases.
SOFINA DIRECT – INVESTMENT LIFECYCLE: POLICY BY KEY STAGE
INVESTMENT PHASE
Assessment of investment opportunities using the “ESG framework”, our internal assessment tool designed to measure a
company’s ESG performance on two dimensions:
■ “What”
assessment of the contribution of the company’s products and services and its net contribution to the 17 SDGs
■ “How”
• assessment of the positive and negative externalities resulting from the company’s operations
• assessment of the possible impact of Sofina as a shareholder on improved management of externalities
The degree of granularity of this ESG assessment depends on the investment stage and type of investment:
■ It is applied both in the pre-due diligence phase (preliminary assessment) and the due diligence one (focus on the “How”
and interactions with the company and its stakeholders);
■ The ESG assessment (including the outcome of the ESG due diligence) is considered in the deal team’s recommendation
and in the decision-making body’s final investment decision;
■ When relevant, a post-investment action plan is drawn up with the management to make the most of opportunities,
address issues or manage ESG risks highlighted in Sofina’s ESG assessment. Depending on the target company, our
decision to invest is subject to agreeing on such plan with the management.
OWNERSHIP PHASE
■ Continuous monitoring of the portfolio company’s ESG performance, in some cases following an agreed action plan or
roadmap;
■ As a minority investor, Sofina has no direct control over ESG initiatives, but we commit to exerting our influence
(depending on our governance rights) through the governing bodies of the company to put them on the agenda as a
permanent strategic priority.
For some holdings (mainly holdings from the Sofina Growth portfolio), our limited governance rights may reduce our ability to
use our influence on ESG matters. Our role is then to monitor the progress of these companies and act as key sponsor on ESG
issues, through discussions with shareholders, company reports, etc.
EXIT PHASE
■ Sofina tries to take ESG considerations into account during the exit phase, which will mainly depend on our ownership
and the influence we could have on the process as minority shareholder.
58
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Since 2021, all decisions related to new investments or follow-on decisions are analysed based on our Responsible investment
policy. For additional investments in existing portfolio companies, we consider the progress made by these companies on
ESG aspects. In some cases, this analysis prompts us to reject the investment opportunity or put in place a post-investment
action plan that includes ESG commitments.
SOFINA PRIVATE FUNDS – INVESTMENT LIFECYCLE: POLICY BY KEY STAGE
The ESG assessment differs for the Sofina Private Funds investment style, as Sofina has no decision-making power
over the direct operations of the portfolio companies managed by its General Partners. For this investment style, our
ESG analysis focuses on assessing the General Partner’s commitment to responsible investment and on the degree to
which the General Partner integrates ESG considerations into its investment process and practice. The General Partner
is also assessed on internal criteria such as diversity, employee engagement or communication.
INVESTMENT PHASE
■ ESG due diligence using a dedicated framework assessing internal (ESG mindset, diversity and inclusion, ESG policy,
communication, employees’ engagement, and ESG governance) and portfolio (investment process, portfolio construction,
ESG value-add, and LP base) characteristics. Our assessment is based on discussions with the General Partner, its track
record, documentation from the fund’s data room (including its disclosures as per the Sustainable Finance Disclosure
Regulation (SFDR), if applicable), external ESG assessments, references, or other available information;
■ The decision-making body takes account of ESG considerations included in the investment memorandum for each new
investment opportunity.
OWNERSHIP PHASE
■ Emphasis placed on ESG aspects when examining the fund’s performance through quarterly reports from the fund,
annual general meetings, investors’ days and meetings with the General Partners;
■ Encouraging the General Partners to adopt ESG best practices;
■ If need be, concerns are forwarded to the fund’s relevant governance bodies (general meeting, advisory committee, etc.).
EXIT PHASE
■ Sofina tries to take ESG considerations into account during the exit phase, which will mainly depend on our ownership
and the influence we could have on the process as limited partner.
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ESG performance of
portfolio companies
We undertook a review of 46 of our portfolio companies
within Sofina Direct in 2021 (9 companies were subject to
a simplified review and 37 companies were subject to a full
review). This represents 80% of Sofina Direct at 31 December
2021 (portfolio in transparency). This exercise was received
positively by our portfolio companies, raised awareness on
ESG across our portfolio and allowed our Investment team
to engage with the portfolio companies on these topics
and to develop their competences in this field. This exercise
also allowed us to have a clear view of the ESG performance
of our Sofina Direct portfolio and to take this into account
when deciding to proceed to additional investments in our
portfolio companies and when monitoring our portfolio
companies. There were no reviews of this exercise in 2022 but
instead, the Investment team started working on the sus-
tainability roadmaps.
SUSTAINABILITY ROADMAPS
Against the backdrop of the ESG performance assessment
carried out in 2021, the Investment team engaged with the
management teams of 14 European companies within the
Long-term minority investments portfolio to build a sus-
tainability roadmap. This represents 40% of Sofina Direct
(portfolio in transparency) as at 31 December 2022. The
aim of this roadmap is to define the portfolio company’s
long-term ambitions regarding specific ESG matters (such
as the CO
2
emissions, the impact on climate and biodiversity,
diversity and inclusion, people well-being, etc.), KPIs to track
progress and action plans to ensure the objectives can be
achieved. Our approach is company-specific with a focus on
a limited number of ESG matters which are considered to be
material considering the company, its business model and
stakeholders. We want to avoid a one-size-fits-all process
and praise the fact that final decisions regarding these issues
should come from the portfolio companies instead of being
imposed by Sofina.
The goal of these sustainability roadmaps is to have a
common vision about the ESG priorities with our portfolio
companies. The tracking of progress and potential deviation
compared to the initial plan will be facilitated allowing our
team to identify areas where we can help portfolio compa-
nies. Considering their maturity level, regular reviews will be
carried out with portfolio companies to assess the progress
and potentially adjust objectives if needed.
SDG CONTRIBUTOR MAPPING
The review of the ESG performance of our portfolio com-
panies within Sofina Direct also enabled us to perform a
mapping of our portfolio companies having products and
services that directly positively contribute to the SDGs, as set
out below. We were also pleased to welcome our first B Corp
company, Birdie, in our portfolio.
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

ZERO HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
CLEAN WATER
AND SANITATION
SUSTAINABLE CITIES
AND COMMUNITIES
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
RESPONSIBLE CONSUMPTION
AND PRODUCTION
REDUCED
INEQUALITIES
2 3 4 6
11
9
12
10
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2022 INVESTMENTS CONTRIBUTING TO THE SDGs
The investments made in 2022 contributed as follows to the SDGs:
Target 2.4
By 2030, ensure sustainable food production systems and implement resilient
agricultural practices that increase productivity and production, that help maintain
ecosystems, that strengthen capacity for adaptation to climate change, extreme
weather, drought, flooding and other disasters and that progressively improve
land and soil quality.
Company’s contribution to SDG
Through its sustainable crop management, Biobest participates in safekeeping
soil and food quality.
Target 3.b
Support the research and development of vaccines and medicines for the com-
municable and non-communicable diseases that primarily affect developing
countries.
Company’s contribution to SDG
Vizgen generates new insights into biological systems and diseases through spatial
transcriptomics.
Target 4.2
By 2030, ensure that all girls and boys have access to quality early childhood
development, care and pre-primary education so that they are ready for primary
education.
Company’s contribution to SDG
Skillmatics supports early childhood development and pre-primary education by
building core skills through systematic play.
Target 4.3
By 2030, ensure equal access for all women and men to affordable and quality
technical, vocational and tertiary education, including university.
Company’s contribution to SDG
Labster’s virtual labs increase access to affordable scientific education from high
school to university.
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Target 10.2
By 2030, empower and promote the social, economic and political inclusion of
all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic
or other status.
Company’s contribution to SDG
Birdie empowers and promotes the inclusion of the elderly by supporting them
in staying longer in the comfort of their homes.
Target 12.3
By 2030, halve per capita global food waste at the retail and consumer levels and
reduce food losses along production and supply chains, including post-harvest losses.
Company’s contribution to SDG
Rohlik is committed to reducing food waste, and has four times less food waste
than regular supermarket chains.
Target 12.5
By 2030, substantially reduce waste generation through prevention, reduction,
recycling and reuse.
Company’s contribution to SDG
Through its mix-at-home dry soaps, Everdrop reduces waste generation.
By extending the lifetime of clothing, Vinted promotes responsible consumption.
Key performance indicators – Responsible investor
2022 2021
% of investment opportunities having been subject to the ESG framework
(Sofina Direct and Sofina Private Funds)
100% 100%
% of Sofina Direct invested in SDG contributors (portfolio in transparency) 29% 21%
% of Sofina Direct working on a sustainability roadmap (portfolio in transparency) 40% 0%
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Our involvement in
our communities
Sofina believes that it is important to contribute to our
communities.
Matching gift programme
We support initiatives and charities personally endorsed by
our personnel by matching their donations (up to a maxi-
mum of EUR 500 per year, increased to EUR 1,000 per year
in 2022 after the outbreak of war in Ukraine). This initiative
resulted in donations to 17 charities, representing a total
amount donated by Sofina in 2022 of EUR 12,910.
Volunteering and
donation drives
As part of our commitment to the community, Sofina has
set up various programmes enabling employees to devote
part of their time to charitable organisations. Employees
can spend half a day per week for volunteering and are
encouraged to organise volunteering as part of their team
building activities. The teams collectively spent 899 hours
volunteering for various charitable organisations in 2022.
SofinaBoël Fund for
Education and Talent
The SofinaBoël Fund for Education and Talent, created by
the descendants of Gustave Boël and Sofina, celebrated
its tenth anniversary on 3 May 2022 with an exceptional
evening that brought together the entire fund community.
Supported by the King Baudouin Foundation, managed
by representatives of the founders and having disbursed
around EUR 8.5 million since its creation, the SofinaBoël
Fund aims to “support education and training of talent in
Belgium through individual grants and the provision of sup-
port to other organisations sharing similar objectives”.
The fund has identified the following three areas of
intervention:
• Universities: Students from Belgian universities receive
a grant to continue and complete their education at
renowned foreign universities. Since its creation, the
SofinaBoël Fund has supported over 145 students of
whom 19 fellows have been selected in 2022.
• Heritage craftsmanship: The SofinaBoël Fund provides
financial support to talented young Belgian craftsmen
working in heritage sectors. In total, the fund supported
more than 260 craftsmen since its inception. In 2022,
21 craftsmen benefited from the fund’s financial
assistance.
• Boost for Talents: The SofinaBoël Fund supports the
successful transition from secondary school to higher
or university education for talented young pupils from
disadvantaged backgrounds. About 25 to 35 third grade
students are selected each year and are supported for
four years by the fund. In 2022, the SofinaBoël Fund
selected 33 pupils.
Boost made me mature
and gain confidence. The
workshops helped me to better
understand my difficulties and
to better deal with my emotions.
Boost is a hand outstretched
to brave the challenges of
life! I want to show the world,
and especially my loved ones,
that nothing is impossible.
Kyra Spineux, Boost Liège
899 hours
VOLUNTEERING COLLECTIVELY SPENT
BY SOFINA PERSONNEL
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KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Temple Garden Foundation
Active mainly in Cambodia, this non-governmental organ-
isation aims to reduce the dependence of remote villages
on foreign aid and government subsidies by undertaking
inclusive health, infrastructure and education projects with
local communities. For example, it helps build schools and
train teachers from the local communities. In addition to
financial contribution, Sofina actively supports the strate -
gic decisions of the organisation’s governing bodies and
provides the organisation with access to our network in Asia.
Sofina Covid Solidarity Fund
At the initiative of our management team, Sofina set up
in 2020 a charitable fund managed by the King Baudouin
Foundation to address the adverse consequences of the
global Covid-19 pandemic: the Sofina Covid Solidarity Fund.
Through this fund, Sofina is committed to support non-profit
initiatives, organisations and projects that fight the negative
consequences of the Covid-19 pandemic, focusing on two
key issues directly related to Sofina’s target sectors: specific
challenges in healthcare systems and services and the digital
gap in education.
The Sofina Covid Solidarity Fund has been allocated a budget
of EUR 20 million, topped up with additional contributions
from members of the management team and of the Board
of Directors of Sofina.
Since the launch of the fund, Sofina’s teams analysed
requests for support from nearly 200 charitable projects.
The management committee of the Sofina Covid Solidar -
ity Fund selected 15 projects in Western Europe, India and
Singapore. For information on the projects selected by the
fund, please refer to the webpage dedicated to the Sofina
Covid Solidarity Fund.
CANSEARCH
The CANSEARCH Foundation finances research projects as
part of the Child and Adolescent Onco-Hematology Unit of
the Pediatric Department of the Geneva University Hospital.
Sofina provided financial aid to CANSEARCH.
Heuvelheem
Heuvelheem ASBL/VZW is licensed as a care provider by the
Flemish Agency for Persons with Disabilities. Since 1974, it
has been active in supporting people with (suspected) dis-
abilities. Sofina donated IT equipment to the organisation.
BEforUkraine
The mission of BEforUkraine ASBL/VZW is to help Ukraine
in the most effective way possible: it purchases, locates
and transports essential provisions in sizable quantities to
their trusted contacts in Poland who then forward these
provisions to Ukraine. One of BEforUkraine’s initiatives is
to procure ambulances, refurbish and equip them with
medicines and medical equipment and then send them
to Ukraine where they are used as mobile mini-hospitals.
Sofina employees, with partial matching from the Company,
financed the purchase of two ambulances and their equip-
ment. Four employees participated in the convoy that drove
the ambulances to the Ukrainian border. Following this first
delivery, two refrigerated trucks were also sent to Ukraine
after having been refurbished with the sponsorship of Sofina,
our Reference Shareholder and Groupe Petit Forestier, a
Sofina portfolio company.
Capital
Capital ASBL/VZW intends to set up an ecosystem between
young people, the various non-profit organisations providing
training and guidance and the working world with the aim
of helping young people to develop their talents and put
them on the path towards financial independence. Sofina
supports the organisation by providing a building located on
the Boulevard d’Anvers in Brussels free of charge.
Blood donation
In partnership with Degroof Petercam, a blood drive for the
benefit of the Belgian Red Cross was organised in October
2022 in our Brussels office. Together with the blood drive
organised in our Singapore office at the same period, it
resulted in the collection of 19.9 litres of blood from 40 donors.
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Teams
Create value with a human touch
As an investment firm with global
exposure, we aspire to create a diverse
work environment where talented
professionals work together to achieve
high-quality results and where the
values that have guided us in the past
carry us into the future. Fostering an
entrepreneurial spirit of growth, agility
and innovation is part of our DNA
and allows our talents to thrive in a
constantly changing environment.
United around strong values
Our heritage, our culture and placing human relationships
at the heart of our activities are what sets us apart. All our
investments are stories of shared values, friendships and
ambitious projects with talented entrepreneurs and their
management teams. Our talents are the guardians of Sofi-
na’s reputation and are essential to achieving our mission:
“to partner with leading entrepreneurs and families, backing
them with patient capital and supportive advice to foster
sustainable growth of their businesses”.
We are agile
in the face of change
We are committed
to delivering high-
quality results
We foster a spirit
of growth
We are one team with
a common goal
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

We adopt a principled
approach in delivering
high-quality results while
fostering sustainable growth
Our colleagues are ambassadors of Sofina and exercise dis-
cretion and their best judgment when interacting with our
stakeholders, counterparts and portfolio companies. We
work hard to achieve our financial goals but are uncom-
promising when it comes to our values and believe that
meaningful returns should come along with a positive con-
tribution to society.
We are one team with
a common goal, acting
with integrity and respect
in our collaboration
with our partners
We need our people to be authentic, driven by a strong
professional conscience, to take responsibility for Sofina in
a respectful and collaborative manner with our business
partners.
Resilience
We seek out individuals with resilience and grit, who are
not daunted by adversity and challenge. Turbulent times
are a good opportunity to hone the resilience of our talents;
this resilience keeps us moving forward, reinventing our-
selves, exploring new ideas and adapting to a fast-changing
environment.
We nurture a growth mindset,
encouraging and supporting
continuous development
Sofina fosters continuous learning and development
amongst our colleagues to prepare for new trends and
ensure that our business partners continue to turn to us for
knowledge and support. Our talents see themselves as the
architects of their career and are in the driver’s seat when
it comes to taking responsibility for their career and their
education.
We are agile in the face
of change and promote
diversity and inclusion
We seek diversity of thought, experience and perspective in
each of our recruitments. We believe that this ensures we
are better prepared for uncertainty and more agile in the
face of change, as we have a deeper resource of knowledge,
skills and expertise to uncover new ideas and inspiration.
We create an open and inclusive environment where dif-
ferent views are exchanged in a respectful and constructive
manner.
67
ANNUAL REPORT 2022
ESG
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARYTEAMS

Kaylee Lawcock
INVESTMENT MANAGER  LUXEMBOURG
Jörg Friedl
INVESTMENT ASSOCIATE  BRUSSELS
Iason Bance
INVESTMENT ASSOCIATE  SINGAPORE
Kim Naly
ADMINISTRATIVE AND OPERATIONS
OFFICER  SINGAPORE
Sofina has been around
for over 100 years and we are
working to continue flourishing
for the next 100. Patience is a
true luxury: Sofina can ignore
short-term noise to focus on
long-term fundamentals,
backing entrepreneurs to
build enduring businesses that
will stand the test of time.
Sofina invests in companies
that are shaping the future
through socially responsible
innovation. It is a pleasure to be
part of a dynamic global team that
can have such a profound impact.
Sofina brings humanity to
investing, for the companies
we support but also for how we
operate as a team. It has been
a pleasure to be part of this
profoundly human journey of
global societal advancement.
At Sofina, everyone’s
aspirations are truly
respected. This fosters a
shared mindset among team
members and encourages
us to take on challenges.
New talents to carry our values
We were pleased to welcome seven new talents in 2022.
Hereunder, they explain how they consider Sofina makes a difference.
68
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

Alvin Yong
INVESTMENT ASSOCIATE  SINGAPORE
Charlie Keij
FINANCIAL ANALYST  BRUSSELS
Robin Herion
MEMBER OF THE FINANCE TEAM
 LUXEMBOURG
Sofina is deeply committed
in partnering with entrepreneurs
and stakeholders in an authentic
and purposeful manner. I am
excited to be part of such a team
that upholds these commitments
consistently across different
market cycles and geographies.
In an investment world focusing
more and more on short-term
results, Sofina stands like a rock and
sticks to its core value of deploying
patient capital today with the
purpose of supporting entrepreneurs
not only tomorrow but more
importantly in the distant future.
Sofina is more than a
company, it’s like being part of
a family. I am glad and proud of
being part of this great adventure.
69
ANNUAL REPORT 2022
ESG
CORPORATE
GOVERNANCE ACCOUNTS AND NOTES GLOSSARYTEAMS

Corporate governance
Corporate governance statement
1 https://corporategovernancecommittee.be/en/
2 www.sofinagroup.com/governance/corporate-governance
This Corporate governance statement contains the infor-
mation required by the Belgian Companies and Associa-
tions Code (the “BCAC”) that came into force on 1 January
2020 and the 2020 Belgian Code on Corporate Governance
(the “2020 Code”), available on the website of the Corporate
Governance Commission
1
.
Sofina has been using the 2020 Code as its benchmark since
its entry into force and applies the 2020 Code in accord-
ance with the "comply or explain" principle. The Corporate
Governance Charter of the Company and the Internal rules
of procedure of the Board, its Committees, the Executive
Committee, the Operating Committee, as well as the Com-
pany’s Dealing Code and Code of Conduct are available for
reference on its website
2
.
1. Capital, shares and
shareholding
1.1 SHARES AND CAPITAL
The shares issued by the Company are in the registered or
dematerialised form. As at 31 December 2022, the Company’s
share capital amounted to EUR 79,734,940 and was repre-
sented by 34,250,000 shares without indication of nominal
value.
Each share gives the right to one vote, except for shares held
by Sofina SA, for which the voting rights are suspended.
Moreover, the articles of association of the Company do not
contain any different share categories or special controlling
rights or a shareholding system for members of the person-
nel. There are no specific rules linked to the appointment
or replacement of Directors which are not included in the
Corporate Governance Charter of the Company. The shares
issued by Sofina are listed on Euronext Brussels and the
Company is part of the BEL20 and BEL ESG indices.
1.2 SHAREHOLDERS
Communication by shareholders pursuant to Article
74 of the Law of 1 April 2007 on public takeover bids
The reference shareholder of the Company is a consortium
within the meaning of Article 1:19 of the BCAC, formed by
Union Financière Boël SA, Société de Participations Indus-
trielles SA and Mobilière et Immobilière du Centre SA, which
together own 54.6% of the shares of the Company (the "Ref-
erence Shareholder"). For purposes of the takeover bids legis-
lation, each consortium company is, taking into account the
shares in the Company owned by the other two consortium
companies, considered to own 54.60% of the shares of the
Company (excluding treasury shares owned by the Com-
pany). Furthermore, Union Financière Boël SA (acting on
its own behalf and as agent for the other two consortium
companies) continues to notify to the Company each year
changes in the number of Company shares that the con-
sortium companies own as part of the concert relationship
it formed on 31 August 2007 with Société de Participations
Industrielles SA (and which Mobilière et Immobilière du
Centre SA joined on 1 July 2013).
Based on the latest communication by the Reference
Shareholder to the Company dated 23 August 2022, made
in accordance with Article 74 of the Law of 1 April 2007 on
public takeover bids, the consortium companies forming the
Reference Shareholder held on 23 August 2022 shares in the
Company as set out in the table below:
Number of
shares
*
Holding
percentage
Union Financière Boël SA 7,676,729 22.41%
Société de Participations
Industrielles SA
8,486,320 24.78%
Mobilière et Immobilière du
Centre SA
2,535,968 7.40%
Sub-total of the Reference
Shareholder
18,699,017 54.60%
Sofina SA (own shares)
**
770,028 2.25%
TOTAL 19,469,045 56.84%
* As at 31 December 2022, the Company’s share capital was
represented by 34,250,000 shares.
** Presumption of concerted action (Article 3, §2 of the Law of 1 April
2007 on public takeover bids). Own shares held by Sofina SA at 23
August 2022.
Transparency declarations by shareholders in accord-
ance with the Law of 2 May 2007 on the disclosure of
major shareholdings
Pursuant to the Law of 2 May 2007 on the disclosure of major
shareholdings, a notification to the Company and to the
FSMA is required by all natural persons and legal entities in
the event certain thresholds are crossed. A notification will
among others be required in each case where the percent-
age of voting rights attached to the shares held by a share-
holder exceeds or falls below the legal threshold, set at 5% of
the total voting rights, and in increments of 5% or, as the case
may be, the additional thresholds provided in the company’s
70
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

articles of association. The Company’s articles of association
provide for a lower initial disclosure threshold of 3%.
The Reference Shareholder made transparency declarations
each time it crossed one of the disclosure thresholds. Aside
from the Reference Shareholder, no shareholder, either
alone or in concert, reached the initial holding threshold of
3% requiring a transparency declaration in accordance with
Article 42 of the Company’s articles of association. The most
recent transparency declarations are available on the website
of the Company
3
.
Restrictions on the transfer of shares or the exercise
ofvoting rights
Sofina has no knowledge of any agreement between the
companies forming the Reference Shareholder or any other
shareholders which could lead to restrictions on the transfer
of shares or the exercise of voting rights. Furthermore, nei-
ther the law nor the articles of association provide for any
more general restrictions on the exercise of voting rights.
1.3 RELATIONS WITH THE SHAREHOLDERS
ANDOTHER STAKEHOLDERS
In accordance with Principle 8.7 of the 2020 Code, the Board
has discussed whether the Company should enter into a
relationship agreement with the Reference Shareholder.
Further to this discussion and having consulted the Ref-
erence Shareholder, the Board considered that it was not
necessary to conclude such a relationship agreement.
In accordance with its communication policy, the Company
answers questions raised by its shareholders. The Company
further follows up on specific concerns raised in the frame-
work of questions received or votes cast at general meetings
of shareholders.
The Company hosted an analyst meeting after the issuance
of the Annual report 2021 and the Half-year report 2022.
4
Finally, Sofina further participated to a number of events
and presentations in the course of the past year in the frame-
work of its continuing efforts to enhance external reporting
and communication and to engage more intensely with its
stakeholders and other market participants.
1.4 CHANGE OF CONTROL CLAUSES
Sofina SA did not enter into any major commitment that
may contain clauses linked to its own change of control,
with the exception of a provision of the terms and conditions
3 www.sofinagroup.com/governance/shareholding-structure
4 The slides presented by the Company during these meetings are available on the Company’s website www.sofinagroup.com/investor-relations/ir-
presentations
5 www.sofinagroup.com/investor-relations/share-buy-back/
included in the information memorandum of 21 Septem-
ber 2021 relating to the issuance on 23 September2021 of
EUR700,000,000 senior unsecured bonds with a 7-year
maturity and 1.000% coupon. Moreover, there are also clauses
linked to Sofina’s change of control in the terms and condi-
tions of the Performance Share Units (“PSU”) in force since
1 January 2017 and in its credit agreements.
1.5 SHARE BUYBACKS AND DISPOSALS
OFOWN SHARES
In accordance with the BCAC, the articles of association
permit the Company to acquire, on or outside the stock
market, its own shares by resolution approved by the general
meeting of shareholders by at least 75% of the votes validly
cast where at least 50% of the share capital is present or rep-
resented. Prior approval by the shareholders is not required
if the Company purchases the shares in order to offer them
to the Company’s employees. The Annual General Meeting
of 2 May 2019 authorised the Board of Directors to acquire
or dispose of own shares with a maximum of 20% of the
outstanding shares for a minimum price of EUR 1 and a max-
imum price of 15% above the average price of the Company’s
stock on Euronext Brussels during the ten days preceding
the acquisition. This authorisation has been granted for a
period of five years, starting from 2 May 2019.
During the financial year 2022, Sofina bought back
296,550 own shares (it had bought back 150,000 own shares
in 2021) and disposed of 21,550 own shares (it had disposed
of 118,600 own shares in 2021). The 150,000 own shares pur-
chased during the second semester of 2022 were acquired in
the framework of the 2022 share buyback programme con-
ducted in accordance with the safe harbour regime provided
for in the European Market Abuse Regulation. The share
buybacks are carried out to cover the stock option plans
issued for the benefit of some members of the personnel
of the Sofina group and the disposals of own shares relate
to the exercise of stock options, as further described in the
Remuneration report. Further information relating to the
share buybacks is available on the website of the Company
5
.
As at 31 December 2022, Sofina held 917,928 own shares
representing 2.68% of its share capital.
71
ANNUAL REPORT 2022
ESG TEAMS ACCOUNTS AND NOTES GLOSSARY
CORPORATE
GOVERNANCE

2. Board of Directors
and its Committees
2.1 BOARD OF DIRECTORS
The Company has opted for a one-tier governance structure.
Therefore, the Board of Directors is responsible for the gen-
eral running of the Company’s business and is accountable
for its management in accordance with Articles 7:93 and
7:94 of the BCAC.
The Board of Directors determines the Company’s busi-
ness direction and ensures that it is implemented. It has the
power to perform all acts necessary or useful to achieving the
Company’s corporate purpose, except for those reserved by
law to the general meeting of shareholders.
2.2 COMPOSITION OF THE BOARD OF
DIRECTORS
As at 31 December 2022, the Board of Directors comprises
13 members. Its composition is further detailed hereinaf
-
ter. All members of the Board are non-executive, with the
exception of the Chief Executive Officer (the “CEO”). The
Board members are appointed by the general meeting of
shareholders upon nomination by the Board of Directors
and recommendation of the Nomination Committee for
a renewable period of maximum six years. Seven Board
members qualify as independent directors in accordance
with the definition laid down in Article 7:87, §1 of the BCAC
and the independence criteria provided by Principle 3.5 of
the 2020 Code. The non-independent Directors are either
executives, linked to the Reference Shareholders or have
been Directors for more than twelve years. The Chair and
the CEO are two separate individuals.
The Annual General Meeting of 5 May 2022 approved the
reappointment of Harold Boël as Director for a term of three
years up to and including the Annual General Meeting to be
held in 2025 and of Michèle Sioen as independent Director
for a term of four years up to and including the Annual Gen-
eral Meeting to be held in 2026.
The term of office of the Directors Jacques Emsens and
Robert Peugeot and independent Director Guy Verhofstadt
will expire at the Annual General Meeting to be held on
4 May 2023.
They all decided to retire and do not seek reappointment.
The Board of Directors is grateful to Jacques Emsens, Robert
Peugeot and Guy Verhofstadt for their substantial contribu-
tions as Board members.
The Board of Directors will propose new appointments at
the Annual General Meeting to be held on 4 May 2023. Their
names and biographies will be made available on the web-
site of the Company on the date of publication of the con-
vening notice to the Annual General Meeting.
72
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

2.3 MEMBERS OF THE BOARD OF DIRECTORS
6
6 As at 31 December 2022.
DOMINIQUE LANCKSWEERT
Chair of the Board
Committees: Nomination Committee
Belgian, born in 1956
First appointed: September 1997
Expiry of current mandate: Annual
General Meeting of 2026
Education & experience
• Senior Advisor at Morgan Stanley,
Institutional Securities Group and
chair of the Fondation Saint-Luc
• Previous positions at First Chicago
and Schroders
• Graduated from the University
of Dallas (MBA Finance and
Management)
CHARLOTTE STRÖMBERG *
Vice-Chair of the Board
Committees: Audit Committee and ESG
Committee
Swedish, born in 1959
First appointed: May 2017
Expiry of current mandate: Annual
General Meeting of 2024
Education & experience
• Member of the board of Kinnevik AB,
Clas Ohlson AB, Lindengruppen AB
and Höganäs AB
• CEO of Accretiv AB and founding
partner of DHS Ventures
• Member of the Swedish Securities
Council and the Nasdaq Stockholm
Listing Committee
• Formerly CEO of Jones Lang LaSalle
(Nordic section)
• Graduated from the Stockholm
School of Economics (MBA)
HAROLD BOËL
Chief Executive Officer
Committees : ESG Committee
Belgian, born in 1964
First appointed: May 2004
Expiry of current mandate: Annual
General Meeting of 2025
Education & experience
• Member of the board of bioMérieux,
Mérieux NutriSciences, Cognita,
Domanoy and Société de
Participations Industrielles
• Previous positions at Usines Gustave
Boël and at Corus
• Graduated from Brown University
(Chemistry), the École Polytechnique
de Lausanne (Sciences Mat.) and
INSEAD (IDP-C)
NICOLAS BOËL
Member of the Board
Committees: ESG Committee and
Nomination Committee
Belgian, born in 1962
First appointed: August 2007
Expiry of current mandate: Annual
General Meeting of 2024
Education & experience
• Chair of Solvay and of Samic,
member of the board of Guberna,
BMF Participation, Fondation
Saint-Luc, Cliniques universitaires
Saint-Luc, Fondation Francqui, the
Solvay Institutes and the Cercle
royal des Amis de Mariemont and
representative of BMF Participation on
the board of Ubidata
• Previous positions at Corus,
Hoogovens and Usines Gustave Boël
• Graduated from the Université
catholique de Louvain and the College
of William and Mary, Virginia (MBA)
LAURA CIOLI *
Member of the Board
Committees: ESG Committee and
Remuneration Committee
Italian, born in 1963
First appointed: May 2018
Expiry of current mandate: Annual
General Meeting of 2024
Education & experience
• Member of the board of Mediobanca
• CEO of Sirti S.p.A.
• Previous management positions at
GEDI Gruppo Editoriale, Pirelli, RCS
MediaGroup, CartaSi (Nexi), Sky Italia,
ENI Gas & Power, Vodafone Italia and
Bain & Company
• Graduated from the University
of Bocconi, Milan (MBA) and the
University of Bologna (Engineering)
LAURENT DE MEEÛS
D’ARGENTEUIL
Member of the Board
Committees: Remuneration Committee
Belgian, born in 1964
First appointed: May 2015
Expiry of current mandate: Annual
General Meeting of 2024
Education & experience
• Member of the board of Union
Financière Boël and Franquenies
• Previous management positions
at Egon Zehnder International,
Booz-Allen & Hamilton, McKinsey &
Company, Coopers & Lybrand and
Société Générale de Belgique
• Graduated from the Université
catholique de Louvain and the
University of Chicago (MBA)
* Independent Director.
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ANNUAL REPORT 2022
ESG TEAMS ACCOUNTS AND NOTES GLOSSARY
CORPORATE
GOVERNANCE

JACQUES EMSENS
Member of the Board
Committees: Audit Committee
Belgian, born in 1963
First appointed: April 2011
Expiry of current mandate: Annual
General Meeting of 2023
Education & experience
• Member of the board of Le Pain
Quotidien Brésil, Union Financière
Boël, Administratiekantoor Sibelco,
Eurinvest Partners, Afriwise and
SigmaRoc plc (member of the audit
committee)
• Executive chair of JPSeven and
founder and CEO of Stalusa
• Graduated from the Université libre
de Bruxelles, the European University
Antwerp (Business Administration)
and the Chamber of Commerce
and Industry of London (Financial
Economics)
ANJA LANGENBUCHER *
Member of the Board
Committees: ESG Committee (Chair)
and Nomination Committee
German, born in 1972
First appointed: May 2018
Expiry of current mandate: Annual
General Meeting of 2025
Education & experience
• European Director of the Bill &
Melinda Gates Foundation
• Member of the Advisory Council of the
German Council on Foreign Relations
and of the International Advisory
Council of the European School of
Management and Technology (ESMT)
• Previous management positions at
the European Bank for Reconstruction
and Development (EBRD) and the
International Finance Corporation
(IFC), previously guest lecturer at
Sciences Po Paris
• Graduated from Ludwig Maximilans
University, Munich and Ruprecht-
Karls University, Heidelberg (master’s
degree and doctorate in economics)
ROBERT PEUGEOT
Member of the Board
Committees: Nomination Committee
(Chair)
French, born in 1950
First appointed: May 2008
Expiry of current mandate: Annual
General Meeting of 2023
Education & experience
• Chair of the board of Peugeot Invest,
vice-chair of Stellantis, member of
the board of Signa Prime, Signa
Development, Financière Guiraud,
Peugeot Invest UK Ltd, Asia
Emergency Assistance Holdings Pte
Ltd, permanent representative of
Peugeot 1810 on the board of Faurecia,
permanent representative of F&P on
the board of directors of Safran, chair
of F&P and manager of SC Rodom.
• Graduated from the École centrale
and from INSEAD (MBA)
MICHÈLE SIOEN *
Member of the Board
Committees: Audit Committee (Chair)
Belgian, born in 1965
First appointed: November 2016
Expiry of current mandate: Annual
General Meeting of 2026
Education & experience
• CEO of Sioen Industries
• Member of the board of D’Ieteren,
Immobel, Fedustria, Avieta, Vlerick
Business School and the Concours
Reine Elisabeth
• Honorary chair of the FEB
• Chair of the Fondation Kanal
• Graduated from the University of
Antwerp (Economics) and took several
management training courses,
including at the Vlerick Management
School
CATHERINE SOUBIE *
Member of the Board
Committees: Remuneration Committee
(Chair) and Nomination Committee
French, born in 1965
First appointed: May 2018
Expiry of current mandate: Annual
General Meeting of 2025
Education & experience
• Chair of Financière Verbateam and
member of the board of Covivio and
Korian
• CEO of Arfilia
• Previous management positions at
Alixio, Taddeo, Barclays, Rallye and
Morgan Stanley
• Graduated from the École
Supérieure de Commerce de Paris
GUY VERHOFSTADT *
Member of the Board
Committees: Audit Committee and
Remuneration Committee
Belgian, born in 1953
First appointed: May 2012
Expiry of current mandate: Annual
General Meeting of 2023
Education & experience
• Member of the Renew Europe
group in the European Parliament
• Former Belgian Prime Minister,
has held various positions in the
Flemish Liberals and Democrats
Party, former lawyer at the bar in
Ghent, former municipal councillor
of the City of Ghent
• Graduated from the University of
Ghent (Law)
* Independent Director.
74
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

GWILL YORK *
Member of the Board
Committees: Audit Committee
American, born in 1957
First appointed: May 2018
Expiry of current mandate: Annual
General Meeting of 2024
Education & experience
• Co-founder and managing director of
Lighthouse Capital Partners
• Chair of the Isabella Stewart Gardner
Museum and vice-chair of Brigham
Health, member of the board of Alto
NeuroSciences, One Mind and Mass
General Brigham
• Graduated from Harvard University
(Economics) and Harvard Business
School (MBA)
2.4 HONORARY DIRECTORS
The Board of Directors may grant to a former Director the
title of honorary Director, honorary Chair or honorary Vice-
Chair. This title is restricted to Directors who have provided
the Company with important services. Their mandate is not
remunerated. The honorary Directors do not have any term
of mandate. Comte Goblet d’Alviella is the honorary Chair-
man and Vicomte Etienne Davignon is an honorary Director.
2.5 DIVERSITY AT THE LEVEL OF THE BOARD
In line with its ESG commitments, Sofina takes care to
ensure diversity at the level of its Board of Directors. The
Board includes representatives of many different nation-
alities and is composed of six women and seven men. This
composition complies with the provisions of Article 7:86 of
the BCAC. The Company also strives to ensure that the pro-
files of its Board members are varied and complementary
in terms of professional and sectoral experience in line with
its diversified portfolio.
2.6 ROLE OF THE CHAIR OF THE BOARD
The tasks of the Chair of the Board are laid down in the Cor-
porate Governance Charter of the Company.
The Charter also stipulates that the CEO is responsible for
the management of the Company’s resources, its personnel
and the day-to-day follow-up of the portfolio, while tasks
relating to the organisation of the Board of Directors and
general meetings, contacts with the Board members and
communication on all matters likely to affect the brand and
the reputation of the Company fall within the competence of
the Chair. Notwithstanding the foregoing, there is in-depth
and constant dialogue between the Chair and the CEO on
all subject matters.
This same dialogue between the CEO and the Chair will
prevail for decisions to be proposed to the Board or which
concern important matters, such as the investment or
divestment process as a whole, modifications to the portfo-
lio, the main relations between the Company and its invest-
ment partners, or matters affecting its Executive Committee
(appointment, remuneration and role).
2.7 ATTENDANCE, MODE OF OPERATION AND
COMPETENCIES OF THE BOARD OF DIRECTORS
The Board of Directors meets at least four times a year,
convened by its Chair who sets the agenda together with
the CEO and the Company Secretary. The agenda of Board
meetings indicates whether matters are presented for infor-
mation purposes, for deliberation or for decision.
The Board of Directors met seven times in 2022. Four of the
Board meetings were held physically (these are so-called
statutory Board meetings) and three Board meetings were
held by videocall (these are so-called ad hoc Board meet-
ings). Ad hoc Board meetings are held to enable the Board
members to follow and participate in discussions on specific
topics related to market trends, the sectors of focus or on
general business updates. Such meetings are for information
purposes. The average attendance rate of the seven Board
meetings held in 2022 was 98% (same as last year).
In addition to its competencies relating to the supervision of
the tasks performed by the Committees, the Board of Direc-
tors approves the annual and half-year accounts and the
Management report, decides on the proposal for the appro-
priation of the result, the publication of financial information,
the strategy (including the ESG strategy), the investment
policy and matters relating to investments and divestments
by the Sofina group. It monitors the holdings of the Sofina
group to assess the extent to which they are in line with the
strategy it has adopted.
The decisions taken by the Board in 2022 primarily concerned
the tasks listed above and those taken further to recommen -
dations from the Committees described in point 2.7 below.
In 2022, the Board also considered more specifically:
• the impact of the war in Ukraine and the economic
environment on Sofina and its portfolio and the
initiatives to be taken in this respect;
• the flow of investment and divestment opportunities;
• the implementation of the strategy of Sofina Private
Funds and updates on the funds activity;
• the monitoring of portfolio companies and the media
attention given to certain portfolio companies;
• the secondary sale process of a portion of non-core
investments in funds belonging to Sofina Private Funds;
• the share price evolution and Sofina’s external
communication; and
• capital allocation, cash planning and direction of travel.
75
ANNUAL REPORT 2022
ESG TEAMS ACCOUNTS AND NOTES GLOSSARY
CORPORATE
GOVERNANCE

The Directors did not have to deal with any conflicts of inter-
est during the past financial year. Consequently, Articles
7:96 and 7:97 of the BCAC did not have to be applied in 2022.
2.8 BOARD COMMITTEES
The Board of Directors has set up four specialised commit-
tees which consist of members selected from its ranks: an
Audit Committee, an ESG Committee, a Nomination Com-
mittee and a Remuneration Committee.
Each of these four Committees fulfilled its tasks in accord-
ance with its Internal rules of procedure, which govern its
missions and mode of operation. The Committees reported
systematically to the Board of Directors on their meetings
and submitted recommendations for approval. They were
assisted by external consultants to fulfil certain of their tasks.
Audit Committee
In accordance with the requirements of Article 7:99 of the
BCAC and of the 2020 Code, all the members of the Audit
Committee are non-executive Directors. Moreover, the
majority of them are independent Directors. The Audit Com-
mittee as a whole has the competencies required in terms of
accounting, auditing and IFRS as well as investment thanks
in particular to the experience of its members in financial
and industrial companies.
The CEO is not a member of the Committee but is invited to
attend its meetings. This allows essential interaction between
the Board of Directors and the Executive Committee.
The composition of the Audit Committee in 2022 is set out
below:
Name
Expiry of current
board mandate
Michèle Sioen
* (Chair) 2026
Jacques Emsens 2023
Charlotte Strömberg
* 2024
Guy Verhofstadt
* 2023
Gwill York
* 2024
* Independent Director.
The Audit Committee met four times in 2022 with an aver-
age attendance rate of 85%. The Statutory Auditor attended
three meetings. In accordance with its statutory powers and
its powers under the Corporate Governance Charter, the
Committee discussed and/or reviewed the following main
topics in 2022:
• the preparation of the annual and half-year accounts,
the drafting of the financial information, management
reports and the external financial communication;
• the valuation of the unlisted portfolio carried out for
the Annual and Half -year reports by the management,
based on the review of the latter by Kroll, under the
supervision of the Statutory Auditor;
• the reports of the Statutory Auditor, the approval of
its non-audit missions, and considered its proposal for
extending its mandate for a new mandate of three years;
• the approval of the 2023 audit plan together with the
review of the 2022 internal audit missions’ outcomes,
which were mainly a review of the general expenses
process, of the treasury management and of the control
environment in finance, and an evaluation of the
efficiency of some internal processes, the follow-up of
previous years audits, and finally the follow-up of the
IT audit, and the status of the ongoing cyber security
projects; and
• the compliance report and the implementation of a
number of internal restructuring projects.
ESG Committee
The ESG Committee is made up of five Directors. With the
exception of the CEO, all members of the ESG Committee
are non-executive Directors. Three of them are independent
Directors.
The composition of the ESG Committee in 2022 is set out
below:
Name
Expiry of current
board mandate
Anja Langenbucher
* (Chair) 2025
Harold Boël 2025
Nicolas Boël 2024
Laura Cioli
* 2024
Charlotte Strömberg
* 2024
* Independent Director.
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INVESTMENTS OVERVIEW

The ESG Committee met four times in 2022 with an average
attendance rate of 90% and discussed the following main
items:
• ambitions for 2022 and resources;
• report on the review of the ESG performance of the
Sofina Direct portfolio companies, SDG
7
mapping of the
portfolio companies and ESG in the investment activity;
• sustainability roadmap to be set up for the portfolio
companies within Sofina Direct;
• update on ESG regulations and their impact on Sofina;
• ESG certifications (incl. the Company's assessment of
the Principles for Responsible Investment of the United
Nations) and monitoring of our ESG ratings;
• ESG framework for assessing investments within Sofina
Private Funds;
• update on the ongoing ESG initiatives; and
• ESG communication (incl. Annual report and ESG
brochure).
Nomination Committee
The Nomination Committee is made up of five non-execu-
tive Directors, two of whom are independent.
The composition of the Nomination Committee in 2022 is
set out below:
Name
Expiry of current
board mandate
Robert Peugeot (Chair) 2023
Nicolas Boël 2024
Dominique Lancksweert 2026
Anja Langenbucher
* 2025
Catherine Soubie
* 2025
* Independent Director.
7 United Nations Sustainable Development Goals - sdgs.un.org/goals
8 The Management Group refers to the members of the Investment, Tax & Legal, Human Resources and Corporate Services teams, who qualify as
managers in the Sofina group.
The Nomination Committee met three times in 2022 with an
average attendance rate of 87% and discussed the following
main topics:
• composition of the Board and its Committees;
• renewal of the mandate of certain Directors and
assessment of the contribution of such Directors;
• definition of the profile of a new independent non-
executive Director, monitoring of the search and
recommendation to the Board on the nomination of a
new Director; and
• scope of the Board effectiveness review, appointment
of a consultant to complete this assignment and
monitoring of the assignment.
Remuneration Committee
In accordance with the requirements of Article 7:100 of the
BCAC, all members of the Remuneration Committee are
non-executive Directors and three members are independ-
ent Directors.
The composition of the Remuneration Committee in
2022 is set out below:
Directors
Expiry of current
board mandate
Catherine Soubie
* (Chair) 2025
Laura Cioli
* 2024
Laurent de Meeûs d’Argenteuil 2024
Guy Verhofstadt
* 2023
* Independent Director.
The Remuneration Committee met two times in 2022 with
an average attendance rate of 100% and discussed the fol-
lowing main items:
• updated Remuneration policy which was submitted
to the Annual General Meeting held on 5 May 2022 for
approval and the Remuneration report 2021;
• review of the remuneration assessment for members of
the Executive Committee;
• mechanism of the long-term incentive plan (“LTIP”)
in view of evolutions in size and seniority within the
organisation and recommendation on the allocation of
the PSUs for the 2021-2024 cohort; and
• recommendations concerning the number of options to
be granted under the Sofina stock options plans to the
CEO, the other members of the Executive Committee,
the Management Group
8
and other members of the
personnel for the 2022 financial year.
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2.9 DEROGATIONS FROM THE 2020 CODE
CONCERNING THE BOARD OF DIRECTORS,
ITS COMMITTEES AND THE NON EXECUTIVE
DIRECTORS
The Company complied with the principles of the 2020 Code,
except for those referred to below and in point 3.3.
Sofina has opted to provide an average attendance rate of
Directors at Board and Committee meetings rather than
an individual attendance rate. It takes the view that the
functioning of a Board of Directors and its Committees is
governed by the principle of collegiality and that conse -
quently, the attendance rate should not be individualised.
Furthermore, the contribution of its members is assessed
on the quality of the contributions. The number of meetings
attended therefore does not reflect all the contributions
of the Board members. The availability of the Directors for
meetings with the Chair, the CEO or management and the
proposals that they regularly put forward are equally impor-
tant. In the event of repeated absences, the Chair will take
the necessary measures, but this has never been the case
(Principle 3.9 of Code 2020).
Contrary to what is recommended by the 2020 Code, the
Nomination Committee is not composed of a majority of
independent non-executive Directors. Sofina complies with
the legal requirements which do not provide for these cri-
teria. In Sofina’s view, the Nomination Committee is the
standard agora where the Reference Shareholder intends
to be represented and where the experience of Directors
having served for more than twelve years provides important
added value in line with the long-term vision of the Company
(Principle 4.19 of the 2020 Code).
Contrary to what is recommended by Principle 7.6 of the
2020 Code, the Company has opted not to pay all or part
of the remuneration of the non-executive Directors in the
form of shares in the Company. However, upon the recom-
mendation of the Remuneration Committee, the Board has
invited the non-executive Directors to acquire, as of 2021, a
number of Sofina shares representing the gross equivalent
of one year of Board fees. These shares should be kept for at
least one year after the non-executive Director has left the
Board and for at least three years after their acquisition. The
Company believes that the introduction of this mechanism
for acquiring Sofina shares on a voluntary basis meets the
objective sought by the 2020 Code to align the financial
interests of non-executive Directors with those of share-
holders without, however, forcing them to do so. Moreover,
it makes it possible to avoid tax inequalities between the
different Directors owing to their country of residence should
the Company have followed the recommendation of the
2020 Code on a voluntary basis. As at 31 December 2022, six
of the twelve non-executive Directors therefore held Sofina
shares. The members of the Board of Directors who did not
respond positively to the invitation to acquire these shares
indicated that this was justified either because they are
linked to the Reference Shareholder or for reasons of internal
compliance with their (other) professional occupation(s).
A Board assessment was launched in 2022 with the help of
an external consultant. Contrary to what is recommended
by Principle 9.1 of the 2020 Code, this review has not been
completed within the three years of the last Board assess-
ment that took place in 2018-2019, as it was discussed in
the first quarter of 2023. This is mainly due to the scope of
the assessment which has been broadened to unlock the
maximum effectiveness of the Board.
2.10 BOARD EVALUATION
The Corporate Governance Charter defines the informal
evaluation processes of the Board of Directors, the Board
Committees and the Board members. These assessments
are carried out at regular intervals. They concern the size,
composition and performances of the Board of Directors
and its Committees. The last Board assessment took place
in February 2023.
Similarly, periodically or when a mandate is renewed, the
contribution of each Director is assessed with a view, if nec-
essary, to adapt the composition of the Board of Directors
taking account of changes in circumstances. This assess-
ment is undertaken in particular on the basis of the following
criteria, which are also those adopted when appointing new
Directors:
• professional competence and knowledge of the
Company’s market and sectors of focus in line with the
current and future needs and activities of the Company;
• willingness and ability to be highly engaged, proactive
and supportive;
• integrity, probity and good reputation;
• independent judgement;
• collegial spirit; and
• interest in the Company and its development.
Moreover, the Board continuously monitors the perfor-
mances of the Executive Committee and, at regular inter-
vals, the implementation of the strategy in line with its risk
appetite.
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INVESTMENTS OVERVIEW

3. Executive Committee
3.1 COMPOSITION, FUNCTIONING AND
COMPETENCIES OF THE EXECUTIVE
COMMITTEE
The Executive Committee is composed of eight members,
including the CEO.
As it is the case at the level of the Board of Directors, Sofina
is willing to ensure diversity at the level of its Executive Com-
mittee. This diversity is reflected in the appointment of a
woman in 2021 and the introduction of the Switch stock
option plan, described in the Remuneration report. This
plan ensures a dynamic rotation among the members of
the Executive Committee (also considering the fact that the
term of office of the members of the Executive Committee
benefiting from the Switch stock option plan is fixed).
The members of the Executive Committee qualify as other
managers within the meaning of the BCAC and individuals
discharging managerial responsibilities within the meaning
of the European Market Abuse Regulation.
The Executive Committee is an advisory committee headed
by the CEO whose role is to assist the latter in the exercise of
his tasks. The final decisions therefore remain the exclusive
prerogative of the CEO. Consequently, the members of the
Executive Committee other than the CEO have no legal or
statutory liability.
The Board of Directors has entrusted the following main
tasks to the CEO, with the assistance of members of the
Executive Committee:
• the operational management of the Company and its
day-to-day management;
• deciding upon and formulating recommendations on
investment opportunities;
• overseeing the implementation of the Company’s
overall strategy and business plan;
• proposing changes to the Company’s overall strategy
and business plan;
• putting in place internal controls;
• preparing and presenting the financial statements of
the Company;
• balanced and intelligible assessment of the financial
situation of the Company; and
• providing the Board of Directors in a timely manner with
all the information necessary for it to fulfil his duties.
The CEO reports to the Board of Directors on the fulfilment
of his duties.
In 2022, taking into consideration the scaling up of the Com-
pany’s operations and to ensure efficiency and coordination
across the group, the Executive Committee constituted an
Operating Committee to assist the CEO with the day-to-day
management of the Company. The Operating Committee
currently comprises five senior members of the Manage-
ment Group (with representatives from each office and
across various functions) in consultation with two mem-
bers of the Executive Committee. The Operating Committee
meets weekly to make decisions and give directions on cor-
porate, administrative and operational matters; issues vary
in scope from finance, tax, legal, IT and human resources.
Matters of strategic importance, concerning reputational
risk, with structural impact, or of material interest to Sofina,
including all investment decisions and talent management,
remain with the CEO and the Executive Committee. The
Operating Committee is empowered by the CEO and the
CEO will evaluate its performance from time to time.
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3.2 MEMBERS OF THE EXECUTIVE COMMITTEE
9
9 As at 31 December 2022.
10 I nternational Directors Programme - Certificate in Corporate Governance.
HAROLD BOËL
Chief Executive Officer
Belgian, born in 1964
Joined Sofina in 2004, CEO since 2008
Education & experience
• Member of the board of bioMérieux, Mérieux NutriSciences
and Cognita
• Previous positions at Usines Gustave Boël and at Corus
• Graduated from Brown University (Chemistry), the École
Polytechnique de Lausanne (Sciences Mat.) and INSEAD
(IDP-C
10
)
WAUTHIER DE BASSOMPIERRE
Member of the Executive Committee
Belgian, born in 1970
Joined Sofina in 1999
Education & experience
• Formerly lawyer at CMS DeBacker
• Graduated from the Université Catholique de Louvain
(Law), ICHEC (Taxation), Vlekho (Business Communications),
INSEAD (IDP-C
10
) and the Harvard Business School
(Program in Leadership Development)
VICTOR CASIER
Member of the Executive Committee
Belgian, born in 1974
Joined Sofina in 2006
Education & experience
• Member of the board of Veepee and Drylock
• Formerly strategy consultant at Roland Berger, Transwide
Ltd and Banco Urquijo
• Graduated from the Louvain School of Management, the
University of Chicago (MBA) and INSEAD (IDP-C
10
)
FRANÇOIS GILLET
Member of the Executive Committee
Belgian, born in 1960
Joined Sofina in 1988
Education & experience
• Member of the board of Luxempart and Groupe Petit
Forestier
• Member of the committee of the Fonds SofinaBoël
• Previous positions at Union Minière
• Graduated from the Louvain School of Management (BS
and MSc) and INSEAD (IDP-C
10
)
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XAVIER COIRBAY
Member of the Executive Committee
Belgian, born in 1965
Joined Sofina in 1992
Education & experience
• Member of the board of Cambridge Associates and board
observer at First Eagle
• Previous positions at the Générale de Banque
• Graduated from the Solvay Brussels School of Economics
and Management (BS, MSc and Tax) and INSEAD (IDP-C
10
)
and from Harvard Business School (General Manager
Program and Corporate Director Certificate)
EDWARD KOOPMAN
Member of the Executive Committee
Dutch, born in 1962
Joined Sofina in 2015
Education & experience
• Member of the board of GL events, THG and NUXE
• Previously founding partner of Electra Partners Europe/
Cognetas, strategy consultant at Bain & Co and business
banker at BNPP and Barings
• Graduated from the EM Lyon Business School
MAXENCE TOMBEUR
Member of the Executive Committee
Belgian, born in 1982
Joined Sofina in 2008
Education & experience
• Board observer at Practo, Hector Beverages, Pine Labs,
Byju’s, Bira 91 and member of the board of Lemonilo
• Previous positions at ING
• Graduated from the Louvain School of Management
GIULIA VAN WAEYENBERGE
Member of the Executive Committee
Belgian, born in 1982
Joined Sofina in 2010
Education & experience
• Member of the board of Collibra, GL events and board
observer at Mérieux NutriSciences
• Previous positions at De Eik and Bank of America Merrill
Lynch
• Graduated from the Catholic University of Leuven (Elec.
Eng.), Singapore Management University (Econ.) and
INSEAD (IDP-C
10
)
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The Code of Conduct sets out the standards of conduct for
all employees and Board members of Sofina and clearly
highlights the importance for these addressees to act with
integrity and apply the highest compliance standards.
The Corporate Governance Charter defines the governance
structure of the Company and the role of its governance
bodies and evidences the checks and balances put in place.
The Audit Committee is responsible for monitoring the inter-
nal audit, the systems of internal control and risk manage-
ment, and for establishing an independent internal audit
function with resources and skills adapted to the Company’s
nature, size and complexity.
5.2 INTERNAL CONTROL ENVIRONMENT
The organisation of the function of internal control and risk
management is adapted to the specific features of Sofi-
na’s investment activity, intended chiefly to take long-term
minority holdings in companies located in different geo-
graphic regions (mainly in Europe, the United States and
Asia), operating in various sectors. Each of these companies
has its own internal control and risk management policy.
Sofina’s internal control environment is based mainly on
dialogue and the constant exchange of information between
members of the personnel. As such, Sofina does not have a
separate internal audit function but appoints external con-
sultants to carry out internal audit work based on the internal
audit programme established on the recommendation of
the Group Business Controller and approved by the Audit
Committee. Taken as a whole, the Board of Directors and the
Audit Committee consider this situation to be appropriate
to the nature, size of the Company and its employees, and
degree of complexity of the organisation.
5.3 RISK MANAGEMENT
Sofina has put in place a risk management process that
applies to all members of the personnel. This process,
approved by the Board of Directors on the recommendation
of the Audit Committee, aims to define the control envi-
ronment and identify the risks, i.e. events that are likely to
affect the Company’s intrinsic value immediately or in the
longer term.
This risk management process sets out the way in which
these risks are managed in order to align the risk appetite
with the Company’s objectives in terms of strategy, opera-
tions, the reliability of the financial information or compli-
ance with applicable laws and regulations, as well as the way
this process is monitored internally. This process has been
extended in the form of a risk matrix which is presented
hereinafter.
3.3 DEROGATIONS FROM THE 2020 CODE
CONCERNING THE EXECUTIVE COMMITTEE
The Board of Directors, on the recommendation of the Remu-
neration Committee, has decided not to set a minimum
amount of Company shares to be held by the CEO and the
other members of the Executive Committee (Principle 7.9 of
the 2020 Code). The Company considers they are sufficiently
exposed to fluctuations in the Company’s stock market price
through the stock options that are offered to them, especially
considering the fact that the CEO and the other members
of the Executive Committee are contractually not permitted
to exercise these stock options during the first three years
following the grant date and that, for Belgian residents, tax is
payable on these options upon acceptance. The number of
stock options held by members of the Executive Committee
at the beginning and at the end of the financial year 2022 are
set out in point 4 of the Remuneration report.
The Company does not have the right to recover variable
remuneration paid to members of the Executive Commit-
tee (Principle 7.12 of the 2020 Code). However, as indicated
in the Remuneration policy, both the terms and conditions
governing the PSUs and the Regulation relating to the stock
options provide for the loss of future economic benefits in
certain circumstances such as serious negligence or wilful
or serious misconduct.
4. Conflicts of interest
As regards conflicts of interest, the Company is subject to
Articles 7:96 and 7:97 of the BCAC. The Directors have a duty
to avoid any act which may conflict with the interests of
the Company and its shareholders. They have to inform the
Chair of the Board of Directors immediately of any possible
occurrence of such a conflict of interest. The rules on prevent-
ing conflicts of interest are described in more detail in the
Internal rules of procedure of the Board. The members of the
Executive Committee and other members of the personnel
of the Sofina group are also required to avoid any conflict
of interest and must inform the Compliance Officer of the
occurrence of such a conflict in accordance with the Code
of Conduct, further described below and in the ESG section
of this Annual report.
5. Internal control and
risk management
5.1 GENERAL APPROACH
The way Sofina deals with internal control and risk manage-
ment is defined by its corporate culture. Sofina’s corporate
culture is reflected in several documents, two of which are
particularly relevant to understand the general approach
taken towards internal control and risk management.
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Risk matrix
Sofina developed a risk matrix, in collaboration with the
management and the Audit Committee and reviewed it in
2022. The risk matrix applies to all the sectors, investment
styles and geographic regions in which Sofina operates.
It identifies the main risks to which the Sofina group is
exposed (strategic, investment, financial market, operational,
regulatory, tax and legal risks) and assesses their impact
(per sub-risk).
The outcome of the risk matrix is obtained by evaluating the
risk factors and assigning numerical values, based on the
perceived likelihood of their occurrence (probability) and the
expected magnitude of their negative impact (impact). These
values have then been classified according to their perceived
level of importance, such as very high, high, medium, and low.
One should bear in mind that such outcome is subjective and
can vary between organisations. Different organisations may
assign different values to the same risk factors depending on
their unique circumstances and priorities.
F7
F5
O3
S3 O4
O6
F3
I3
S4
F6
I2
F4
O5
F2O2
F1
S2
S1
S6
S5
I1
L1
O1
S7
L2
Probability
Impact
Low Medium High Very high
I4
Strategic risk
Refers to risk factors that are related to Sofina's strategic decisions such as its positioning in its market, the construction of its diversified
portfolio, as well as the conditions necessary to successfully implement its strategy.
RISKS LINKED TO STRATEGIC CHOICES
S1. Risk of relevance of the
strategy
Risk that the strategy is not relevant (i) with respect to flawed positioning in the market or choice
of target sectors and geographies; (ii) as a result of unsuccessful efforts to accentuate Sofina's
differentiating factors or an insufficiently diversified portfolio; or (iii) as a result of changes in the global
geopolitical, economic and climatic context undermining the premise of Sofina’s strategy.
S2. Risk of increased competition Risk of increased competition in Sofina’s core markets, leading to fewer accessible investment
opportunities and/or Sofina having to accept higher valuations to secure transactions leading to lower
returns on investment.
S3. Risk of differing strategic
visions
Risk of misalignment between the different decision-making bodies of Sofina leading to deadlock,
ineffective execution of the strategy and internal disorganisation.
RISKS LINKED TO THE CONDITIONS NECESSARY FOR THE SUCCESS OF THE STRATEGY
S4. Risk of access to long-term
capital
Risk of limited access to long-term capital, potentially instigating unplanned actions within the
portfolio including premature divestments and/or reduced investment capacity.
S5. Risk linked to talent Risk that Sofina fails to attract, hire and/or retain the necessary talent and build effective teams to
implement its strategy.
S6. Reputational risk Risk of damage to Sofina’s reputation as a result of (i) inadequate communication, (ii) investments
in controversial sectors or in businesses which are ignorant of the negative externalities they create,
or (iii) direct or indirect activities of Sofina or its portfolio companies (including with respect to ESG
matters) which impact Sofina’s ability to raise capital, win opportunities and to implement its strategy.
S7. Risk of portfolio
concentration
Risk that Sofina’s portfolio is not sufficiently diversified in terms of sectors, geographies or asset
classes. This could have a negative impact on investment returns if Sofina remains overexposed to
underperforming sectors, geographies and asset classes, or if Sofina does not successfully identify
growth opportunities and future trends.
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INVESTMENTS OVERVIEW

Investment risk
RISK FACTORS THAT HAVE AN IMPACT ON THE EVOLUTION OF THE LONG TERM VALUE OF
SOFINA’S INVESTMENTS
I1. Risk related to the selection
of an investment opportunity
Risk of flawed parameters being used to assess investment opportunities (strategic positioning,
market growth, profitability, ESG factors, leadership assessment etc.) resulting in potential mispricing
of investments or poor decision-making.
I2. Post-investment risk Risk linked to specific events (internal or external) which were not identified in due diligence or which
occurred only after Sofina’s investment, which negatively affect the business and/or operations of a
portfolio company giving rise to non-performance.
I3. Governance risk Risk linked to the governance of an investment and more specifically to Sofina’s ability to protect its
investment as a minority shareholder.
I4. Divestment risk Risk of not divesting an investment at the appropriate time resulting in Sofina failing to maximise
profits or minimise losses in a given opportunity.
Financial market risk
RISKS LINKED TO THE PREVAILING ECONOMIC AND FINANCIAL CONDITIONS HAVING AN IMPACT
ON THE PORTFOLIO OF SOFINA OR ON ITS OWN FINANCIAL POSITION
F1. Macro-economic risk Risk linked to macroeconomic factors (such as inflation, growth rates, monetary policies, energy costs)
impacting Sofina’s investments and the valuation of Sofina’s portfolio.
F2. Stock market risk Risk of stock market fluctuations impacting the valuation of Sofina’s portfolio and leading to volatility
in the cost of capital.
F3. Climate change risk Risk linked to the impact of climate change on the business model of Sofina’s portfolio companies
and their valuations.
F4. Foreign exchange risk Risk related to the fluctuations in currencies which Sofina is exposed to, which have an impact on the
value of Sofina’s investments and on Sofina’s own cash holdings.
F5. Counterparty risk Risk linked to potential defaults by Sofina’s counterparties or the counterparties of its portfolio
companies such as debt providers.
F6. Interest rate risk Risk linked to changes in interest rates generating variability in the valuation of Sofina’s portfolio or an
increase of its own financing cost.
F7. Risk of using derivative
instruments
Risk related to cash flows due to an inappropriate use by Sofina of derivative instruments to cover
certain risks.
Operational risk
RISKS THAT WOULD IMPAIR SOFINA’S ABILITY TO CARRY OUT ITS ACTIVITIES OR HAVE AN
IMPACT ON THE VALUE OF ITS PORTFOLIO
O1. Cash flow and liquidity risk Risk of insufficient liquidity and/or inadequate cash planning which may lead to insufficient cash for
investment activities, dividends distribution or day-to-day operations.
O2. Risk linked to financial and
non-financial information
Risk linked to the reporting process of financial and non-financial information (complete, reliable and
relevant) and in particular the risk related to the valuation process.
O3. Continuity risk Risk resulting from Sofina’s inability to respond to a force majeure event (e.g. pandemic, fire, climate
event, earthquake), excluding cybersecurity risk.
O4. Representation risk Risk of non-compliance with the delegations of authority and signature powers, leading to Sofina
entering into invalid or unauthorised transactions.
O5. Cybersecurity risk Risk resulting from the occurrence of a cyberattack on Sofina’s IT systems and infrastructure.
O6. Risk of fraud Risk of fraud or other actions by bad actors on Sofina.
Regulatory, tax and legal risk
RISKS RESULTING FROM THE REGULATORY, TAX AND LEGAL ENVIRONMENT AS WELL AS FROM
OUR CONTRACTUAL OBLIGATIONS
L1. Regulatory risk Risk related to the changes in the regulatory, tax and legal framework (including ESG).
L2. Risk of litigation and breach Risk related to litigation or investigation resulting from non-compliance with laws and regulations or
breach of contractual undertakings.
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Remuneration report
11 https://www.sofinagroup.com/wp-content/uploads/2021/05/sofina-remuneration-policy-en.pdf
This Remuneration report is provided in line with the pro-
visions of the 2020 Belgian Code on Corporate Governance
(the “2020 Code”) and Article 3:6, §3 of the Belgian Compa-
nies and Associations Code (the “BCAC”). It forms an integral
part of the Corporate governance statement contained in
this Annual report.
It provides an overview of the remuneration and benefits,
regardless of their form, granted in respect of the financial
year 2022 to each of the non-executive Directors, the CEO
and the other members of the Executive Committee. It sets
out the main principles of the Remuneration policy
11
and the
way in which these were applied during the financial year.
There were no deviations from the Remuneration policy as
approved by the Annual General Meeting on 5 May 2022.
All monetary amounts in this Remuneration report are gross
figures, meaning including the taxes or contributions borne
by the beneficiaries of the remuneration but not the taxes
or contributions borne by the Company (if any).
1. Year in overview
As at 31 December 2022, Sofina’s Net Asset Value, its key
performance indicator, amounts to EUR 9.3 billion. It is 18.0%
lower than on 31 December 2021. The Average annual return
over the past four years amounts to 11.0% and underperforms
the Morgan Stanley Capital International All Country World
Index (the “MSCI ACWI”) in EUR by 0.1%.
As with many investment companies, the share price suf-
fered a correction during 2022, as the 28% premium to NAV
at the end of 2021 shifted to a 26% discount at the end of
2022. We however note that over the last four years, the share
price rose by 24%.
For more information about the general performance and
activities of the Company during the financial year 2022,
please refer to the Key Indicators and Key Events sections of
this Annual report. Comparative information on the develop-
ment of remuneration and the performance of the Company
is provided in point 7 of this Remuneration report.
2. Components of the
remuneration in 2022
2.1 REMUNERATION OF BOARD MEMBERS
In accordance with Article 36, §3 of the articles of association
of Sofina, section 3 of the Internal rules of procedure of the
Board of Directors and the Remuneration policy, the statu-
tory remuneration of the non-executive Directors is deter-
mined as a lump-sum fee with reference to a percentage
of the net dividends distributed for the period, set by the
articles of association at 3% since 2011. The remuneration of
the non-executive Directors is therefore not directly linked
to the performance of the Company.
Each Director is entitled to an equal share of the directors’
fees, with the exception of the Chair and Vice-Chair who
receive, respectively, a double fee and one-and-a-half-time
fee, and the CEO who is not entitled to a share in the direc-
tors’ fees. The honorary Directors are not remunerated unless
otherwise decided by the Board of Directors on the recom-
mendation of the Remuneration Committee. No honorary
Director has been granted remuneration thus far.
The members of Committees of the Board (except the CEO)
are entitled to attendance fees amounting to EUR 3,500 per
meeting for the chair of a Committee and EUR 2,500 per
meeting for the other members of the committee. The
attendance fees allocated to the non-executive Directors
are deducted in advance from the aggregate amount of
directors’ fees allocated to the non-executive Directors.
The non-executive Directors do not receive any remunera-
tion other than the lump sum of directors’ fees provided for
in the articles of association and the fees for attending the
meetings of the Committees, with the exception of the Chair
who receives an annual fixed remuneration of EUR 150,000.
This amount has been unchanged since it was introduced in
2014. Non-executive Directors may, however, be reimbursed
for expenses incurred by their participation in the meetings
of the Board of Directors and its Committees. Non-executive
Directors are not entitled to and do not receive any Sofina
stock options.
The amounts indicated in the following table represent the
gross remuneration attributed during the financial year, in
proportion to the duration of the mandate exercised by each
Director during the financial year and their respective partic-
ipation in the Committees of the Board. Since this remunera-
tion is determined with reference to a percentage of the net
dividends distributed for the period and this amount will be
86
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

final on 11 May 2023 only, the amounts mentioned below are
subject to change (expected to be immaterial)
12
.
12. Since the treasury shares are not entitled to a dividend, the total dividends distributed depend on the number of treasury shares held by Sofina SA
on 11 May 2023 (i.e. the trading day before the ex-date). As at that date, the Board of Directors will record the final amount of dividends distributed
as well as the resulting changes to the director’s fees in the statutory financial statements. For the purposes of this Remuneration report, the table
shows the gross remuneration considering the number of treasury shares held by Sofina SA at 31 December 2022.
in EUR 2022 2021
Harold Boël (CEO) - -
Nicolas Boël 152,585 140,953
Laura Cioli 157,584 140,953
Laurent de Meeûs d’Argenteuil 147,584 140,953
Jacques Emsens 152,585 143,453
Dominique Lancksweert (Chair)
* 292,669 274,406
Anja Langenbucher 164,084 140,953
Robert Peugeot 153,084 143,953
Analjit Singh
** 48,440 133,453
Michèle Sioen 153,085 150,953
Catherine Soubie 154,584 148,953
Charlotte Strömberg (Vice-Chair) 231,377 210,180
Michel Tilmant
*** - 50,703
Guy Verhofstadt 155,084 150,953
Gwill York 152,585 145,953
TOTAL 2,115,330 2,116,772
* The amount of the directors’ fees does not include the Chair's fixed annual remuneration of EUR 150,000.
** Until the Annual General Meeting held in May 2022.
*** Until the Annual General Meeting held in May 2021.
As indicated in the Corporate governance statement, the
Board of Directors has opted not to pay all or part of the
remuneration of the non-executive Directors in Company
shares (Principle 7.6 of the 2020 Code). However, upon the
recommendation of the Remuneration Committee, the
Board has invited the non-executive Directors to acquire, as
of 2021, a number of Sofina shares representing the gross
equivalent of one year of Directors’ fees. These shares should
be kept for at least one year after the non-executive Director
has left the Board and for at least three years after their acqui-
sition. The Company believes that the introduction of this
mechanism for acquiring Sofina shares on a voluntary basis
meets the objective sought by the 2020 Code to align the
financial interests of non-executive Directors with those of
shareholders without, however, forcing them to do so. More-
over, it makes it possible to avoid tax inequalities between
the different Directors owing to their country of residence
should the Company have followed the recommendation of
the 2020 Code on a voluntary basis. As at 31 December 2022,
six of the twelve non-executive Directors had responded
positively to the invitation. As indicated in the Corporate
governance statement, the Directors who did not respond
positively to the invitation to acquire these shares indicated
that this was justified either because they are linked to the
Reference Shareholder or for reasons of internal compliance
with regard to their professional occupations or external
appointments.
2.2 REMUNERATION OF THE CEO AND
THE OTHER MEMBERS OF THE EXECUTIVE
COMMITTEE
The remuneration granted by Sofina and/or its Luxembourg
or Singapore subsidiaries to the CEO and to the other mem-
bers of the Executive Committee in relation to the financial
years 2022 and 2021 as well as a breakdown of the remuner-
ation per component, as referred to in point 2 of the Remu-
neration policy, are set out in the following table.
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ANNUAL REPORT 2022
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CORPORATE
GOVERNANCE

Amounts (in EUR) CEO (individual)
Other members of the Executive
Committee (collective)
*
2022 2021 2022 2021
Base salary and board fees 604,649 574,476 2,881,441 2,413,450
Other benefits 31,076 29,496 183,311 164,570
Total fixed gross remuneration 635,725 603,972 3,064,752 2,578,020
Long-term incentive plan (“LTIP”) 0 2,412,461 0 14,648,026
Value of the stock options 531,148 975,062 2,693,530 4,790,522
Collective bonus 0 0 24,146 23,474
Total variable gross remuneration 531,148 3,387,523 2,717,676 19,462,022
Pension commitment 107,083 101,221 463,976 385,868
TOTAL 1,273,956 4,092,716 6,246,403 22,425,909
Proportion of fixed
**
and variable
remuneration
58.31% fixed /
41.69% variable
17.23% fixed /
82.77% variable
56.49% fixed /
43.51% variable
13.20% fixed /
86.80% variable
* For the financial year 2021, the fixed gross remuneration, the total variable gross remuneration, and the pension commitments include the share
of the two members of the Executive Committee appointed on 1 July 2021. The financial year 2022 includes their gross remuneration and pension
commitment for the entire year.
** This includes the fixed gross remuneration as well as the pension commitment.
13 Subject to the application of the conditions laid down in the law, the tax value of a stock option is equal to 9% of its strike price (that is the lower of
the closing rate of the stock on the eve of the offer and the average closing price of the stock during the 30 days prior to the offer day). If need be,
this percentage is increased by 0.5% of the value per year for any stock option accepted for a period of over five years (this period may not under any
circumstances exceed ten years).
The fixed and variable gross remunerations referred to above
are subject to social security charges and income tax.
Fixed gross remuneration
The fixed gross remuneration is composed of:
• a base salary: the base salary of the CEO is indexed
annually on the basis of the consumer prices index and
the base salary of the other members of the Executive
Committee is indexed on the basis of the smoothed
health index;
• board fees received by members of the Executive
Committee in their capacity as board member of
subsidiaries of the Company; and
• other benefits which relate to the contributions
paid towards death benefit and disability insurance,
hospitalisation and health care insurance, the benefits
linked to the company car and mobility aspects,
contributions to the costs linked to communication
tools, as well as meal and gift vouchers (see point 2.2.4 of
the Remuneration policy).
The housing, education and transport allowances granted
as appropriate to members of the Executive Committee resi-
dent abroad are not included in the fixed gross remuneration.
Variable gross remuneration
The variable gross remuneration is composed of:
• the LTIP, which is further detailed in point 3 of this
Remuneration report. The LTIP line in the above table
includes the gross amount paid in cash to the CEO and
to the other members of the Executive Committee in
the framework of the cohort 2019-2022 of the LTIP in
respect of the financial year 2022 and the amount paid
in the framework of the cohort 2018-2021 in respect
of the financial year 2021, as well as the holiday bonus
on variable remuneration relating to these cohorts for
the members of the Executive Committee based in
Belgium, with the exception of the CEO.
• stock options, as further set out in point 4 of this
Remuneration report. The value of stock options line is
specified in the above table in accordance with Article
3:6, §3 of the BCAC. For each financial year only the
stock options offered during this financial year and
which were allocated as a result of their acceptance
are taken into account. These options are valued by
applying their tax value as determined by Article 43 of
the Law of 26 March 1999 on the 1998 Belgian action
plan for employment
13
. The value of the stock options
offered during the financial year 2022 is lower than the
value of the options offered during the financial year
2021 as a result of the decrease of the share price - which
determines the stock option strike price - in 2022. Details
of the number of stock options offered under the stock
option plans 2022 which were allocated to the CEO and
the other members of the Executive Committee are set
out in point 4 below.
• a collective bonus, except for the CEO who does not
benefit from this bonus under his self-employed status.
The collective bonus was introduced in application of
collective agreement 90 and 90bis and allocated to all
employees upon attaining the collective goals.
88
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MESSAGE TO
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KEY INDICATORS STRATEGY
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INVESTMENTS OVERVIEW

• a pension commitment. The pension commitment
line includes the premiums paid in the context of the
pension commitment (see point 5 below).
3. Long-term incentive plan
The LTIP as described in point 2.2.2 of the Remuneration
policy currently applies to the CEO, the other members of
the Executive Committee, the Management Group
14
and
certain other members of the Sofina group personnel. It
aims to share with its beneficiaries the creation of long-term
value above and beyond the performance of the market
indexes and thereby strengthen the alignment between its
beneficiaries and the Company’s shareholders.
Every year, PSUs are offered to the CEO and the other mem-
bers of the Executive Committee for a new four-year cohort.
Their share in the available PSUs for a given cohort remains
stable from one year to another. On a group’s basis the
number of available PSUs per cohort is determined to ensure
that the total amount, paid in cash, is approximately one
quarter of 5% of the value created at the level of the NAV as
a result of the overperformance of the NAV compared to the
benchmark index, the MSCI ACWI, over a four-year period.
Accepted PSUs fully vest provided that the performance of
the NAV per share (“NAVPS“) less an amount equal to two
years’ gross dividends (the ANAVPS, as defined in more detail
in the Glossary) over the four-year cohort exceeds the perfor-
mance of the MSCI ACWI by 4% on a yearly basis.
The amount in cash paid under the LTIP depends on the
number of PSUs accepted and vested. The number of PSUs
vesting is determined upon the expiry of the four-year period
based on the result of a performance test carried out for the
same period. The calculation method used to determine the
amount paid in cash under the LTIP is described in point
2.2.2. of the Remuneration policy.
14 The Management Group refers to the members of the Investment, Tax & Legal, Human Resources and Corporate Services teams, who qualify as
managers in the Sofina group.
3.1 PERFORMANCE TEST FOR
THE COHORT 2019 2022
The performance test for the financial year 2022 was carried
out over the previous four years, that is the cohort 2019-
2022 (period between 1 January 2019 and 31 December 2022).
The number of PSUs offered to the CEO and the other mem-
bers of the Executive Committee and accepted by them for
the 2019-2022 cohort is as follows:
Member of the Executive
Committee
Maximum
number of
PSUs *
Target
number of
PSUs **
Harold Boël 6,217 1,159
Victor Casier 5,526 1,030
Xavier Coirbay 5,526 1,030
Wauthier de Bassompierre 5,526 1,030
François Gillet 5,526 1,030
Edward Koopman 5,526 1,030
Maxence Tombeur 4,472 756
Giulia Van Waeyenberge 4,472 756
* Number of PSUs that can be vested for a beneficiary if the
performance of the ANAVPS exceeds that of the MSCI ACWI by 4% over
the four-year period.
** Approximately 20% of the Maximum Number of PSUs. If the
performance of the ANAVPS exceeds that of the MSCI ACWI over the
same period by between 0% and 4%. The number of PSUs vested for
a beneficiary will vary on a linear basis between the Target Number of
PSUs and the Maximum Number of PSUs allocated to this beneficiary.
As explained in more detail in the Remuneration policy, the
Company’s performance test for the LTIP was carried out in
relation to the development of the NAVPS, less an amount
equal to two years of gross dividends (ANAVPS) to reflect the
impact of the current policy of keeping in cash an amount
equal to two years of gross dividends in the NAV.
The performance test for the cohort 2019-2022 was carried
out at the start of the financial year 2023 on the basis of
the performance of the ANAVPS over this reference period
in relation to the performance of the MSCI ACWI over the
same period.
The result of this test is as follows:
Year
ANAVPS(t-1)
(in EUR)
Gross dividend
for the financial
year (in EUR)
ANAVPS(t)
(in EUR)
Performance of
the ANAVPS
Performance of
the MSCI ACWI
2019 188.71 2.79 221.35 +18.9% +28.9%
2020 221.12 2.90 258.79 +18.4% +6.6%
2021 258.56 3.01 331.83 +29.7% +27.5%
2022 331.60 3.13 273.15 -16.8% -13.0%
Annualised performance during the period 2019-2022 11.0% 11.1%
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CORPORATE
GOVERNANCE

As indicated in the table above, the annualised performance
of the MSCI ACWI over the 2019-2022 cohort stood at 11.1%,
whereas the performance of the ANAVPS over the same
period stood at 11.0%. The ANAVPS showed a performance
which is lower than the MSCI ACWI by 0.1%.
As a result, none of the PSUs allocated to the CEO and the
other members of the Executive Committee for the 2019-
2022 cohort vested. As indicated in the table referred to
under point 2.2, no remuneration was therefore paid to the
CEO and the other members of the Executive Committee
under the LTIP.
3.2. PERFORMANCE SHARE UNITS ALLOCATED
IN THE FRAMEWORK OF THE LONG TERM
INCENTIVE PLAN FOR THE COHORT 2022 2025
The Board of Directors, on the recommendation of the
Remuneration Committee, offered a total of 40,219 PSUs
(indicated below in the column headed “Maximum Number
of PSUs”) to the members of the Executive Committee for
the cohort 2022-2025.
15
Member of
the Executive
Committee
Maximum
number of
PSUs
Target
number
of PSUs
Vesting
date
Harold Boël (CEO) 5,569 836 31/12/2025
Victor Casier 4,950 743 31/12/2025
Xavier Coirbay 4,950 743 31/12/2025
Wauthier de
Bassompierre
4,950 743 31/12/2025
François Gillet 4,950 743 31/12/2025
Edward Koopman 4,950 743 31/12/2025
Maxence Tombeur 4,950 743 31/12/2025
Giulia Van
Waeyenberge
4,950 743 31/12/2025
The share of the CEO in the total PSUs for the 2022-
2025 cohort amounts to 7.94%, while the share of the other
members of the Executive Committee amounts to 49.42%.
The remaining PSUs were (i) offered to the Management
Group and to certain other members of personnel and (ii)
reserved for promotions and new recruitments.
These PSUs will not vest prior to 31 December 2025 and will
only give the right to payment of an amount in cash at the
start of the financial year 2026 if the performance test over
the cohort 2022-2025 is validated.
15 The Maximum Number of PSUs offered to members of the Executive Committee with respect to (i) the cohort 2020-2023 is 42,736 (these PSUs
will be vested if the performance test is validated on 31 December 2023) and (ii) the cohort 2021-2024 is 36,335 (these PSUs will be vested if the
performance test is validated on 31 December 2024).
4. Stock options
Every year, a certain number of Sofina stock options are
offered to the CEO and to the other members of the Execu-
tive Committee. Options can also be offered to the Manage-
ment Group and to certain other members of the personnel.
The number of options offered remains stable from one
year to the other. These options are allocated among all the
beneficiaries of the stock options in line with their level of
seniority in the organisation on the basis of a total theoretical
envelope recommended by the Remuneration Committee.
The aim of the stock options is to reward the beneficiaries
for their contribution to the value creation of the Company
in the long term and to strengthen the alignment between
its beneficiaries and the Company’s shareholders.
In 2021, the Board of Directors approved a new Switch stock
option plan under which a number of stock options were
offered to certain members of the Executive Committee
with a view to ensure a dynamic rotation at the level of the
Executive Committee, bearing in mind that the term of office
of such members of the Executive Committee is fixed. The
Switch stock option plan aims to provide a smooth transi-
tion for these members of the Executive Committee after
having made their contribution at the level of the Executive
Committee for a certain period of time. This plan differs from
the other stock option plans as regards the strike period, as
indicated in the table below. The number of options offered
under this plan varies depending on the year of appointment
of the relevant member of the Executive Committee.
Under these stock option plans, the stock options can be
exercised as of 1 January of the 4
th
calendar year after the
year of the offer and up until the eve of the 5
th
anniversary
of the day of the offer, with a possible extension until the eve
of the 10
th
anniversary of the day of the offer, depending on
the choice expressed by each beneficiary upon acceptance
of the options offering. There is no additional performance
criterion for these stock options to vest.
Any acceptance or exercise of stock options by a member of
the Executive Committee is reported in a declaration made
by the relevant member of the Executive Committee to the
FSMA, in application of the legal requirements regarding
managers’ transactions. The Executive Committee members
themselves are responsible for making this declaration.
90
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

STOCK OPTIONS OF THE MEMBERS OF THE EXECUTIVE COMMITTEE AT THE BEGINNING
AND AT THE END OF THE FINANCIAL YEAR 2022
Changes during the year
Situation as at
31/12/2022 **
Member of the
Executive Committee
Balance
as at
31/12/2021
SOP 2021
(granted in
2022)
*
Exercised in 2022
Expired
in 2022
Vested Unvested Total
Number Strike date
Strike price
(in EUR)
Harold Boël (CEO) 96,000 22,000 - - - - 74,000 44,000 118,000
Victor Casier 33,000 11,000 - - - - 22,000 22,000 44,000
Xavier Coirbay 33,000 11,000 - - - - 22,000 22,000 44,000
Wauthier de
Bassompierre
33,000 19,000 - - - - 22,000 30,000 52,000
François Gillet 33,000 11,000 - - - - 22,000 22,000 44,000
Edward Koopman 48,000 11,000 - - - - 37,000 22,000 59,000
Maxence Tombeur 11,500 23,500 3,000 24/01/2022 175.67 - 4,500 27,500 32,000
Giulia Van
Waeyenberge
13,500 23,500 - - - - 9,500 27,500 37,000
* This column refers to the stock options offered in November 2021 and accepted by the members of the Executive Committee by the end of the 60-
day acceptance period, i.e. by 23 January 2022. The stock options accepted by that date are deemed granted on such date.
** These columns refer to the stock options held by the members of the Executive Committee on 31 December 2022 and do not include the stock
options offered in November 2022 since these options were deemed to have been definitively granted on 21 January 2023 (i.e. 60 days after the
date of offer) that is after the end of the financial year 2022. For more details on these stock options offered in November 2022 and deemed
granted in January 2023, see below the table ‘Stock options offered to the members of the Executive Committee in 2022’.
A total of 203,500 options offered under the 2022 stock
option plans were offered to members of the Executive
Committee, other members of the Management Group
and certain other members of personnel. These options
were offered on 22 November 2022 and the 60-day period
to accept them elapsed on 21 January 2023. The options
accepted by the beneficiaries by then are hence deemed
granted on 21 January 2023.
STOCK OPTIONS OFFERED TO THE MEMBERS OF THE EXECUTIVE COMMITTEE IN 2022
Member of
the Executive
Committee
Number Offer date 1
st
strike date Maturity date
Strike price
(in EUR)
Harold Boël (CEO) 22,000 22/11/2022 01/01/2026 21/11/2032 209.94
Victor Casier 11,000* 22/11/2022 01/01/2026 21/11/2032 209.94
Xavier Coirbay 11,000 22/11/2022 01/01/2026 21/11/2032 209.94
Wauthier de
Bassompierre
11,000 22/11/2022 01/01/2026 21/11/2032 209.94
11,000* 22/11/2022 01/01/2026 21/11/2032 209.94
François Gillet 11,000 22/11/2022 01/01/2026 21/11/2032 209.94
Edward Koopman 11,000 22/11/2022 01/01/2026 21/11/2032 209.94
Maxence Tombeur
11,000 22/11/2022 01/01/2026 21/11/2032 209.94
12,500* 22/11/2022 01/01/2031 21/11/2032 209.94
Giulia Van
Waeyenberge
11,000 22/11/2022 01/01/2026 21/11/2032 209.94
12,500* 22/11/2022 01/01/2031 21/11/2032 209.94
* Stock options relating to the Switch stock option plans.
No member of the Executive Committee was offered stocks
or rights to acquire stocks other than these Sofina stock
options offered in application of the Law of 26 March 1999.
91
ANNUAL REPORT 2022
ESG TEAMS ACCOUNTS AND NOTES GLOSSARY
CORPORATE
GOVERNANCE

5. Group insurance: pension
commitment, death benefit
and disability allowance
PENSION COMMITMENT
Since 2019, the CEO, the other members of the Executive
Committee, the Management Group and the majority of the
personnel employed by the Company have benefited from a
“cash balance” pension plan, the principles of which are set
out in more detail in the Remuneration policy.
The Company has also subscribed to a defined contribution
pension plan for several years. The savings built up under this
plan are vested in the event of death or retirement.
The premiums paid for the CEO and the other members of
the Executive Committee under pension commitments for
the financial year 2022 are set out in point 1.2 of this Remu-
neration report.
DEATH BENEFIT AND DISABILITY ALLOWANCE
In the event of the death of the CEO, other members of
the Executive Committee or other members of the per-
sonnel before the maturity date of the insurance contract
or, if appropriate, before the advance or deferred maturity
date, their beneficiaries are entitled, among other things,
to capital amounting to the savings built up with, depend-
ing on the beneficiary, a minimum of three or four times
the benchmark gross fixed annual remuneration of the
deceased under the applicable plan. The group insurance
also covers the risk of disability.
6. Severance allowances,
possible departure and
right of recovery
As indicated in the Remuneration policy, no severance
allowance whatsoever, whether contractual or statutory,
is provided for upon the expiry of the term of office of the
non-executive Directors, the CEO or the other members of
the Executive Committee at the end of their employment
contract, whether this departure is voluntary, forced, pre -
mature or scheduled. The appropriate legal provisions will
therefore apply if need be.
As an exception to that which is stipulated in Principle 7.12 of
the 2020 Code and as set out in the Corporate governance
statement, the Company does not have the right to recover
the variable remuneration of the CEO and the other mem-
bers of the Executive Committee. However, both the terms
and conditions of the PSUs and the Regulation relating to
the stock options provide for the loss of future economic
profit in the event of dismissal for serious misconduct.
7. Comparative information on the development of
remuneration and the performance of the Company
2018 2019 2020 2021 2022
REMUNERATION OF THE NON-EXECUTIVE DIRECTORS
Average total remuneration (in EUR) 126,780 141,511 146,419 161,912 174,256
Annual variation vs. y-1 +11.6% +3.5% +10.6% +7.6%
REMUNERATION OF THE CEO
Total remuneration (in EUR) 2,523,575 2,134,348 3,218,878 4,092,716 1,273,956
Annual variation vs. y-1 -15.4% +50.8% +27.1% -68.9%
REMUNERATION OF THE OTHER MEMBERS OF THE EXECUTIVE COMMITTEE
Average total remuneration (in EUR) 2,196,675 1,904,907 2,778,635 3,733,756 892,343
Annual variation vs. y-1 -13.3% +45.9% +34.4% -76.1%
SOFINA’S PERFORMANCE MEASURES
NAVPS * (in EUR) 194.28 226.92 264.59 337.86 279.41
Average annual return 18.4% 18.0% 29.0% -16.5%
AVERAGE REMUNERATION OF EMPLOYEES ON A FULL-TIME EQUIVALENT BASIS
Average total remuneration
(in EUR)
211,409 240,871 296,301 330,301 172,050
Annual variation vs. y-1 +13.9% +23.0% +11.5% -47.9%
* See Glossary at the end of the Annual report.
92
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW

The total remuneration of the non-executive Directors is
described in more detail in point 2.1 of this Remuneration
report. It primarily consists of director’s fees calculated by
reference to the amount of the net dividend and of fees for
attending the meetings of the Committees. It is therefore not
directly linked to the performance of the Company.
The total remuneration of the CEO and the average total
remuneration of the other members of the Executive Com-
mittee comprises the remuneration as set out in point 2.2 of
this Remuneration report. It depends largely on the LTIP,
which applies since 2017, and on stock options valued at their
tax value as indicated in point 2.2. The most recent variation
can be explained in particular by the decrease in the share
price which determines the stock option strike price and the
lower NAV performance over the reference period.
The performance of the Sofina group is assessed against
the performance of its NAVPS and its Average annual return.
This performance measurement is used in the context of the
LTIP, ensuring that the development of the variable remu-
neration granted to the management is aligned with the
development in the performance of the Sofina group.
Finally, the ratio between the highest remuneration of the
Executive Committee on the one hand and the lowest remu-
neration among the other employees of the Company on a
full-time equivalents basis is 1:20.
The average remuneration of employees on a full-time
equivalent basis comprises the remuneration of the
employees of the Company who are not members of
the Executive Committee. It is composed of a base salary
(indexed annually), group insurance, other remuneration
components and a discretionary bonus. The variable remu-
neration of such employees also includes any amount in cash
due further to the LTIP of the reference period that expires
that year and the valuation (tax value) of the stock options
offered during this financial year and having been allocated.
A collective bonus may also be granted to all employees of
the Company in application of collective agreements 90 and
90bis, as described in point 2.2.2 of the Remuneration policy.
The average total remuneration of the employees of the
Company for a given financial year, the components of which
are described in more detail in the paragraph above, is cal-
culated on the basis of the total remuneration allocated to
these employees during this financial year.
This calculation takes account of the Company’s employees
apart from the CEO and the other members of the Executive
Committee and does not include trainees. The time credit
systems and parental leaves are considered to be a full-time
occupation, and part-time work is considered to be a part-
time occupation. The total result is expressed in full-time
equivalents.
As indicated above, the LTIP and the valuation of the stock
options impact significantly the development of this average
remuneration from year to year.
The highest remuneration of the Executive Committee is
the remuneration of the CEO as described in point 2.2 of this
Remuneration report. The lowest remuneration among the
other employees of the Company on a full-time equivalent
basis includes the remuneration elements as described in
this point 7 and is calculated using the same methodology.
The Remuneration policy and the Remuneration report on
the financial year 2021 were approved by the Annual General
Meeting held on 5 May 2022 by a majority of respectively
97.86% and 95.79% of the votes.
In accordance with Article 7:149 of the BCAC, the Annual
General Meeting to be held on 4 May 2023 will be invited to
approve this Remuneration report in a separate vote.
93
ANNUAL REPORT 2022
ESG TEAMS ACCOUNTS AND NOTES GLOSSARY
CORPORATE
GOVERNANCE

94
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
Consolidated financial
statements
as at 31 December 2022
Sofina meets the conditions for Investment Entity
status under IFRS 10, §27, which requires that investment
subsidiaries should not be consolidated and that direct
subsidiaries of a company that qualifies as an Investment
Entity should be recorded at fair value in the consolidated
financial statements, including the fair value of their equity
investments and their other assets and liabilities.

95
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
CONSOLIDATED BALANCE SHEET
IN THOUSAND EUR
ASSETS NOTES 31/12/2022 31/12/2021
Non-current assets 8,549,094 10,395,475
(In)tangible assets 9,111 9,602
Investment portfolio 3.1 8,539,983 10,385,873
Investments
8,538,603 10,385,873
Receivables
1,380 0
Deferred tax assets 3.14 0 0
Current assets 1,648,741 1,689,572
Deposits and other current financial assets 3.3 436,686 749,615
Receivables from subsidiaries 3.9 823,998 796,320
Other current receivables 97 97
Taxes 2,474 2,798
Cash and cash equivalents 3.4 385,486 140,742
TOTAL ASSETS 10,197,835 12,085,047
IN THOUSAND EUR
LIABILITIES NOTES 31/12/2022 31/12/2021
Shareholders’ equity 9,313,329 11,354,341
Share capital 3.5 79,735 79,735
Share premium 4,420 4,420
Reserves 9,229,174 11,270,186
Non-current liabilities 697,825 700,763
Provisions for pensions 3.6 2,235 4,398
Other provisions 83 289
Non-current financial liabilities 3.7 695,507 694,512
Deferred tax liabilities 3.14 0 1,564
Current liabilities 186,681 29,943
Current financial liabilities 3.8 2,010 2,112
Payables to subsidiaries 3.9 175,634 943
Trade and other current payables 3.8 9,037 26,888
Taxes 0 0
TOTAL LIABILITIES 10,197,835 12,085,047

96
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
CONSOLIDATED INCOME STATEMENT
IN THOUSAND EUR
NOTES 2022 2021
Dividend income 48,138 36,044
Interest income 3.10 9,857 5,494
Interest expenses 3.10 -8,183 -5,630
Net result of the investment portfolio 3.1 & 3.11 -1,878,051 2,599,357
Investments
-1,878,051 2,599,357
Gains 97,153 2,670,970
Losses -1,975,204 -71,613
Receivables
0 0
Gains 0 0
Losses 0 0
Other financial results 3.12 -6,246 11,039
Other income 6,669 5,206
Other expenses 3.13 -45,266 -58,925
RESULT BEFORE TAX
-1,873,082 2,592,585
Taxes 3.14 1,556 846
RESULT FOR THE YEAR
-1,871,526 2,593,431
SHARE OF THE GROUP IN THE RESULT -1,871,526 2,593,431
Net result per share (EUR)
1
-55.8485 76.9932
Diluted net result per share (EUR)
2
-55.3157 75.9183
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
IN THOUSAND EUR
NOTES 2022 2021
RESULT FOR THE YEAR -1,871,526 2,593,431
OTHER COMPREHENSIVE INCOME
3
Other items 0 -27
Income and expenses recognised directly in shareholders’ equity
and subsequently reclassified in net revenue
0 -27
Actuarial gains and losses on pension obligations 3.6 2,457 2,113
Income and expenses recognised directly in shareholders’ equity
and subsequently not reclassified to net revenue
2,457 2,113
TOTAL OTHER COMPREHENSIVE INCOME
3
2,457 2,086
TOTAL RECOGNISED INCOME AND EXPENSES
(COMPREHENSIVE INCOME)
-1,869,069 2,595,517
Attributable to non-controlling interests 0 0
Attributable to shareholders of the parent company -1,869,069 2,595,517
Calculation based on the weighted average number of outstanding shares (33,510,733 shares as at 31 December 2022 and 33,683,906 shares as at
31 December 2021, i.e. a net change in treasury shares of -173,173).
Calculation based on the weighted average number of outstanding shares diluted per share (33,833,533 shares as at 31 December 2022 and
34,160,806 shares as at 31 December 2021, i.e. a net change in treasury shares of -327,273).
These items are presented net of taxes - see point 3.14. of the Notes to the consolidated financial statements.

97
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
CHANGES IN THE CONSOLIDATED
SHAREHOLDERS’ EQUITY
IN THOUSAND EUR
NOTES SHARE
CAPITAL
SHARE
PREMIUM
RESERVES TREASURY
SHARES
GROUP’S
SHARE
NON-
CONTROLLING
INTERESTS
TOTAL
BALANCE AS AT 31/12/2020 79,735 4,420 8,994,286 -178,030 8,900,411 0 8,900,411
Result for the year 2,593,431 2,593,431 2,593,431
Other comprehensive
income
2,113 2,113 2,113
Distribution of profit -103,239 -103,239 -103,239
Changes in treasury shares 171 -41,647 -41,476 -41,476
Other 3,101 3,101 3,101
Changes in non-controlling
interests
0 0
BALANCE AS AT 31/12/2021 79,735 4,420 11,489,863 -219,677 11,354,341 0 11,354,341
Result for the year -1,871,526 -1,871,526 -1,871,526
Other comprehensive
income
2,457 2,457 2,457
Distribution of profit 3.5 -107,154 -107,154 -107,154
Changes in treasury shares 2,028 -72,719 -70,691 -70,691
Other 5,902 5,902 5,902
Changes in non-controlling
interest
0 0
BALANCE AS AT 31/12/2022 79,735 4,420 9,521,570 -292,396 9,313,329 0 9,313,329

98
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
CONSOLIDATED CASH FLOW STATEMENT
IN THOUSAND EUR
NOTES 2022 2021
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 3.4 140,742 232,354
Dividend income 37,702 38,699
Interest income 9,508 5,493
Interest expenses -7,188 -3,517
Acquisitions of current financial assets (deposits of more than 3 months) 0 -100,000
Disposals of current financial assets (deposits of more than 3 months) 225,000 0
Acquisitions of current financial assets (treasury investment portfolio) -325,000 -498,233
Disposals of current financial assets (treasury investment portfolio) 406,222 50,139
Acquisitions of other current financial assets -1,169 0
Disposals of other current financial assets 0 10,659
Other current receipts 4,144 1,512
Administrative expenses and miscellaneous -55,058 -45,918
Net taxes 0 485
Cash flow from operating activities 294,161 -540,681
Acquisitions of (in)tangible assets -129 -489
Disposals of (in)tangible assets 0 0
Disposals of consolidated companies 0 1,860
Investments in portfolio 3.1 -46,834 -131,996
Divestments from portfolio 3.1 & 3.11 15,044 211,845
Movements in other non-current assets 0 0
Cash flow from investing activities -31,919 81,220
Acquisitions of treasury shares -76,069 -56,486
Disposals of treasury shares 3,109 13,320
Distribution of profit 3.5 -104,885 -101,550
Movements in receivables from subsidiaries -14,828 -20,382
Movements in payables to subsidiaries 175,175 -161,565
Receipts from financial liabilities 0 694,512
Repayments of financial liabilities 0 0
Cash flow from financing activities -17,498 367,849
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 3.4 385,486 140,742
For Sofina, the primary revenue generator is the evolution of
the NAV (a non-monetary item that appears in the income
statement but not in the consolidated cash flow statement).
In this context, cash flows related to portfolio investments
and divestments, which are not revenue generators, are
considered to be part of investing activities and not of oper-
ating activities.
It should be remembered that the management cash flow
statement (in transparency) is available in point 2.1 of the
Notes to the consolidated financial statements.

CORPORATE
ESG TEAMS GOVERNANCE GLOSSARYACCOUNTS AND NOTES
Notes to the
consolidated financial
statements
The notes to the consolidated financial statements
are grouped in three sections, providing the following
information:
1. Statement of compliance and accounting policies –
includes the statement of compliance, accounting policies
and significant changes.
1. Statement of compliance
and accounting principles
Sofina SA is a public limited liability company incorporated
under Belgian law, with its registered office at rue de l’Indus-
trie, 31, 1040 Brussels.
The consolidated financial statements of the Sofina group as
at 31 December 2022 were approved by the Board of Direc-
tors held on 30 March 2023. They were prepared in accord-
ance with IFRS (International Financial Reporting Standards)
as adopted in the European Union.
ACCOUNTING PRINCIPLES
The standards, amendments and interpretations published
but not yet effective in 2022 have not been adopted in
advance by the Sofina group (see point 3.21 below).
The valuation and consolidation principles, methods and
techniques used in these consolidated financial statements
are identical to those applied by the Sofina group when
preparing the consolidated financial statements for the year
ended 31 December 2021.
A summary of the main accounting policies is presented in
point 3.21 below.
2. Key management information and segment reporting
– includes segment information and reconciliations to
the financial statements as well as information on the
portfolio in transparency (as if the group were applying
the consolidation principles).
3. Notes to the financial statements as an Investment
Entity – includes the notes to the consolidated financial
statements of Sofina as an Investment Entity.
2. Key management
information and
segment reporting
2.1 SEGMENT INFORMATION RECONCILIATION
WITH FINANCIAL STATEMENTS
IFRS 8 on operating segments requires Sofina to present
segments on the basis of reports presented to management
for the purpose of making decisions about resources to be
allocated to each segment and assessing the performance
of each segment.
We are now combining the two investment styles in which
the Sofina group directly owns shares in portfolio companies
or is involved through a syndication vehicle, namely Long-
term minority investments (formerly known as 1
st
pillar) and
Sofina Growth (formerly known as 3
rd
pillar), under a new
common umbrella named Sofina Direct.
This new denomination is the alter ego of Sofina Private
Funds (formerly known as 2
nd
pillar) in which our involve-
ment relies on building long-term partnerships with carefully
selected external General Partners.
Sofina SA is the parent company of the Sofina group. The
investments in portfolio managed by the group are held
by the parent company, Sofina SA, either by owning shares
directly in portfolio investments or by investing in them
through its investment subsidiaries. When preparing the
financial statements as an Investment Entity, the fair value of
the shares held directly at the parent company level (in port-
folio investments or in investment subsidiaries) is recorded as
an asset in the balance sheet. By contrast, segment manage-
ment information (based on internal reporting) is prepared
on the entire portfolio in transparency (i.e. on all portfolio
investments wherever they are held in the Sofina group
legal structure), and thus on the basis of the total fair value
of each portfolio investment ultimately held in companies or
in funds. The presentation of dividends or cash flows follows
the same logic.
ANNUAL REPORT 2022
99

100
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
To reconcile the items related to the group’s total portfolio
with the financial statements, the information is presented
as follows:
• Total – which represents the total of the investment portfolio
(the total of the three investment styles covered by Sofina
Direct and Sofina Private Funds) on the one hand and the
items not allocated to the investment styles (i.e. expenses
and income or other balance sheet items not monitored in
a segmented way per investment style), whether they are
recognised at the parent company level or in the Sofina SA
subsidiaries, on the other;
• Items for reconciliation with the financial statements –
which represent the adjustments necessary to reconcile the
details per investment style (as used internally in the day-
to-day management of the Sofina group) with the consoli-
dated financial statements under Investment Entity status.
These consist of reclassifications between both views of
the portfolio (in transparency or not), as explained in point
2.3 below;
• Financial statements – which represent the consolidated
financial statements under the Investment Entity status.
The presentation of the comprehensive income and the
balance sheet is aggregated as it appears in the reports
to management. Definitions of terms can be found in the
Glossary at the end of this Annual report.
SITUATION AS AT 31 DECEMBER 2022
IN THOUSAND EUR
COMPREHENSIVE INCOME (2022)
SOFINA
DIRECT
SOFINA
PRIVATE
FUNDS
TOTAL
RECONCILING
ITEMS
FINANCIAL
STATEMENTS
Dividends 46,549 6,149 52,698 -4,560 48,138
Long-term minority investments
46,427
Sofina Growth
122
Net result of the investment portfolio -1,214,478 -613,388 -1,827,866
-50,185 -1,878,051
Long-term minority investments
-835,315
Sofina Growth
-379,163
Management expenses -73,433
28,167 -45,266
Other
4
-20,468 26,578 6,110
Total comprehensive income -1,869,069
0 -1,869,069
IN THOUSAND EUR
BALANCE SHEET (31/12/2022)
SOFINA
DIRECT
SOFINA
PRIVATE
FUNDS
TOTAL
RECONCILING
ITEMS
FINANCIAL
STATEMENTS
Investment portfolio 4,759,857 4,302,404 9,062,261 -522,278 8,539,983
Long-term minority investments
2,797,444
Sofina Growth
1,962,413
Net cash 233,051 -109,636 123,415
Gross cash
928,558 -109,636 818,922
Financial liabilities
-695,507 0 -695,507
(In)tangible fixed assets 9,773
-662 9,111
Other assets and liabilities
4
8,244 632,576 640,820
NAV 9,313,329
0 9,313,329
4. This includes the deferred tax liabilities (of EUR 1.18 million) for the temporary tax differences recognised by some investment subsidiaries between
the carrying amount and the tax base of portfolio investments impacting their fair value recognised in Sofina SA’s investment portfolio (see
point 3.14). Moreover, there are accumulated profits within Sofina Private Funds which could become taxable at a 25% tax rate in the theoretical
scenario where the relevant investment subsidiaries holding such portfolio were to be liquidated and profit repatriated to Sofina SA, which will
however not materialise in the current going-concern context. Depending on the theoretical scenarios considered (such as a sale or a liquidation of
Sofina Private Funds), 0% to 60% of the Net Asset Value of the investment subsidiaries holding Sofina Private Funds could become taxable at 25%.
However, this hypothetical tax has not been recognised because the trigger events are under the control of Sofina SA, and moreover not probable.
Furthermore, the investment subsidiaries of Sofina SA do not recognise deferred tax assets for tax losses carried forward because their recovery is
not considered probable. Here also, since there is no deferred tax asset recognised by the investment subsidiaries in this respect, their fair value is
not impacted.

101
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
The management cash flow statement below provides cash
flow information in transparency for all group subsidiaries.
IN THOUSAND EUR
MANAGEMENT CASH FLOW STATEMENT
(2022)
SOFINA
DIRECT
SOFINA
PRIVATE
FUNDS
TOTAL
GROSS CASH
FINANCIAL
LIABILITIES
TOTAL
NET CASH
Net cash at the beginning of the year 1,048,594 -729,512 319,082
Dividends
5
46,630 6,148 52,778 52,778
Management expenses
6
-92,210 -92,210
Investments in portfolio -570,705 -442,685 -1,013,390 -1,013,390
Divestments from portfolio 399,408 774,564 1,173,972 1,173,972
Distribution of profit -104,885 -104,885
Other items -101.301 -995 -102,296
Repayment of financial liabilities -35,000 35,000 0
Net cash at the end of the year 928,558 -695,507 233,051
IN THOUSAND EUR
INVESTMENT
PORTFOLIO
BRIDGE
(2022)
FAIR VALUE
AS AT
31/12/2021
INVESTMENTS
7
DIVESTMENTS
AND
REVENUES
7
MARKET
IMPACT
FX
IMPACT
FAIR
VALUE
AS AT
31/12/2022
VALUE
CREATION
%
8
Cash
Non-
cash
9
Cash
Non-
cash
9
Sofina Direct 5,810,894 570,705 1,093 -446,038 -9,671 -1,188,487 21,361 4,759,857 -18%
Sofina Private Funds 5,252,521 442,685 2,512 -780,713 -7,362 -889,333 282,094 4,302,404 -11%
Total investment
portfolio
11,063,415 1,013,390 3,605 -1,226,751 -17,033 -2.077.820 303,455 9,062,261 -15%
SITUATION AS AT 31 DECEMBER 2021
IN THOUSAND EUR
COMPREHENSIVE INCOME (2021)
SOFINA
DIRECT
SOFINA
PRIVATE
FUNDS
TOTAL
RECONCILING
ITEMS
FINANCIAL
STATEMENTS
Dividends 52,289 6,921 59,210 -23,166 36,044
Long-term minority investments
52,289
Sofina Growth
0
Net result of the investment portfolio 647,579 1,973,383 2,620,962
-21,605 2,599,357
Long-term minority investments
153,202
Sofina Growth
494,377
Management expenses -83,017
24,092 -58,925
Other -1,638
20,679 19,041
Total comprehensive income 2,595,517
0 2,595,517
5. Difference compared with the dividends presented in the comprehensive income is mainly due to cut-offs between declaration and payment
periods or to withholding taxes.
6. Difference compared with the management expenses presented in the comprehensive income is mainly due to the payment in the current year of
the Long-Term Incentive Plan (LTIP) accrual of the previous year.
7. Net of intragroup transfers.
8. Fair value at the end of the year + Divestments and revenues of the year divided by Fair value at the beginning of the year + Investments in the year.
9. Mainly composed of escrows and cut-offs (i.e. differences when the realisation of a transaction and its cash impact occur in two different financial
years).

102
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
IN THOUSAND EUR
BALANCE SHEET (31/12/2021)
SOFINA
DIRECT
SOFINA
PRIVATE
FUNDS
TOTAL
RECONCILING
ITEMS
FINANCIAL
STATEMENTS
Investment portfolio 5,810,894 5,252,521 11,063,415 -677,542 10,385,873
Long-term minority investments
3,884,345
Sofina Growth
1,926,549
Net cash 319,082 -126,066 193,016
Gross cash
1,048,594 -161,066 887,528
Financial liabilities
-729,512 35,000 -694,512
(In)tangible fixed assets 10,692
-1,090 9,602
Other assets and liabilities -38,848
804,698 765,850
NAV 11,354,341
0 11,354,341
The management cash flow statement below provides cash
flow information in transparency for all group subsidiaries.
IN THOUSAND EUR
MANAGEMENT CASH FLOW STATEMENT
(2021)
SOFINA
DIRECT
SOFINA
PRIVATE
FUNDS
TOTAL
GROSS CASH
FINANCIAL
LIABILITIES
TOTAL
NET CASH
Net cash at the beginning of the year 586,620 0 586,620
Dividends
10
56,370 6,921 63,291 0 63,291
Management expenses
11
0 -67,563 0 -67,563
Investments in portfolio -653,693 -629,952 -1,283,645 0 -1,283,645
Divestments from portfolio 352,734 807,955 1,160,689 0 1,160,689
Distribution of profit 0 -101,550 0 -101,550
Other items 0 -38,760 0 -38,760
Receipts from financial liabilities 0 729,512 -729,512 0
Net cash at the end of the year 1,048,594 -729,512 319,082
IN THOUSAND EUR
INVESTMENT
PORTFOLIO
BRIDGE (2021)
FAIR VALUE
AS AT
31/12/2020
INVESTMENTS
12
DIVESTMENTS
AND
REVENUES
12
MARKET
IMPACT
FX
IMPACT
FAIR
VALUE
AS AT
31/12/2021
VALUE
CREATION
%
13
Cash
Non-
cash
14
Cash
Non-
cash
14
Sofina Direct 4,862,973 653,693 41,654 -409,104 -38,190 467,119 232,749 5,810,894 13%
Sofina Private Funds 3,457,990 629,952 -699 -814,876 -150 1,604,691 375,612 5,252,521 48%
Total investment
portfolio
8,320,963 1,283,645 40,955 -1,223,980 -38,339 2,071,811 608,361 11,063,415 28%
10. Difference compared with the dividends presented in the c omprehensive income is mainly due to cut-offs between declaration and payment
periods or to withholding taxes.
11. Difference compared with the management expenses presented in the comprehensive income is mainly due to the payment in the current year of
the Long-Term Incentive Plan (LTIP) accrual of the previous year.
12. Net of intragroup transfers.
13. Fair value at the end of the year + Divestments and revenues of the year divided by Fair value at the beginning of the year + Investments in the year.
14. Mainly composed of escrows, cut-offs (i.e. differences when the realisation of a transaction and its cash impact occur in two different financial years)
and roll-overs of investments.

103
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
2.2 COMMENTS ON THE EVOLUTION OF THE
PORTFOLIO IN TRANSPARENCY
The main movements in acquisitions and disposals relating
to the Sofina Direct portfolio in the year of 2022 (with a fair
value in excess of EUR 10 million) concern the following
financial assets:
CORPORATE RIGHTS
% OWNERSHIP
INVESTED
15
% OWNERSHIP
SOLD
15
Biobest Group 3.68%
Birdie Care Services 15.44%
Cleo AI 12.77%
CoachHub 9.32%
emTransit (Dott) 7.51%
Everdrop 10.79%
Grasper Global (Skillmatics) 10.24%
Green Agrevolution (DeHaat) 4.44%
IHS Holding
16
1.05%
K12 Techno Services 7.08%
Labster Group 4.47%
MxBEE (Biobest) 26.64%
Rohlik 8.73%
Typeform 6.93%
Ver Se Innovation 1.17%
Vizgen 4.24%
Bright Lifecare (HealthKart)
17
0.05%
Hillebrand Group 20.91%
Pine Labs 1.65%
The main net movements of more than EUR 10 million
relating to the Sofina Private Funds’ portfolio in the year of
2022 concern investments in Sequoia, TA Associates and
Thoma Bravo funds and partial disposals of Astorg, Bain,
Bencis, Berkshire, Charlesbank, GTCR, Guidepost, H.I.G.,
Harbourvest, Housatonic, Iconiq, KPS, Sequoia, Serent, Silver
Lake and Thoma Bravo funds.
The main Sofina Direct level 1
18
investments (with a fair value
in excess of EUR 10 million) held by the Sofina group as at
31 December 2022 are as follows:
YEAR OF THE
1
ST
INVESTMENT
CORPORATE RIGHTS
FAIR VALUE (IN
THOUSAND EUR)
NUMBER OF
SHARES
% OWNERSHIP
1stdibs.com 2015 2,613,568 6.71% 12,448
bioMérieux 2009 2,282,513 1.93% 223,504
The Hut Group (THG) 2016 115,542,400 8.29% 57,189
Luxempart 1992 1,257,500 6.07% 93,684
GL events 2012 4,768,057 15.90% 77,529
Colruyt Group 1975 2,332,064 1.74% 49,673
SCR – Sibelco 2005 6,968 1.48% 34,840
15. Changes in undiluted ownership percentage as at 31 December 2022 due to new acquisitions and disposals during the year.
16. The syndication vehicle through which shares in IHS Holding were held has been liquidated so that our exposure in IHS Holding is now direct (but
unchanged in terms of economic interest).
17. The ownership percentage on an as converted basis was 14%.
18. For the definitions of levels, see point 2.3 below.

104
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
The main Sofina Direct level 2 and level 3
19
investments (with
a fair value in excess of EUR 10 million) held by the Sofina
group as at 31 December 2022 are as follows:
YEAR OF THE
1
ST
INVESTMENT
CORPORATE RIGHTS
NUMBER OF
SHARES
% OWNERSHIP
B9 Beverages (Bira 91) 2018 3,784,140 6.93%
Biobest Group 2022 36,670 3.68%
Biotech Dental 2018 6,154,900 24.75%
Birdie Care Services 2022 3,924,379 15.44%
Cambridge Associates 2018 24,242 23.64%
Carebridge Holdings 2016 15,347,479 4.17%
Cleo AI 2022 4,237,499 12.77%
CoachHub 2022 15,089 9.32%
Collibra 2020 6,936,516 2.94%
Dreamplug Technologies (Cred) 2021 57,596 1.96%
Drylock Technologies 2019 150,000,000 25.64%
emTransit (Dott) 2021 8,612,248 17.51%
Everdrop 2022 5,669 10.79%
Graphcore 2018 11,131,375 2.70%
Grasper Global (Skillmatics) 2022 379,198 10.24%
Green Agrevolution (DeHaat) 2021 479,610 12.08%
Groupe Petit Forestier 2007 1,244,172 43.39%
Hector Beverages 2015 3,576,234 18.27%
Honasa Consumer (Mamaearth) 2021 3,304,434 9.49%
IHS Holding 2014 3,467,574 1.05%
K12 Techno Services 2020 3,463,319 19.65%
Labster Group 2022 2,870,989 4.47%
Lemonilo 2021 25,323 6.02%
M.Chapoutier 2007 3,124 14.20%
MedGenome 2017 7,842,600 16.69%
Mérieux NutriSciences 2014 43,278 15.42%
Moody E-Commerce Group 2021 95,610 3.63%
MXP Prime Platform (SellerX) 2021 6,604 7.89%
Nuxe International 2019 193,261,167 49.00%
Oviva 2021 101,207 11.44%
PETKIT Technology 2021 10,746,355 5.06%
Pine Labs 2015 147,582 1.76%
Rohlik 2022 48,776 8.73%
Salto Systems 2020 22,293 12.17%
Tessian 2021 3,637,815 4.70%
Think & Learn (Byju’s) 2016 230,902 5.14%
ThoughtSpot 2017 3,263,785 2.74%
Twin Health 2021 1,394,322 2.87%
Typeform 2022 69,208 6.93%
Veepee 2016 3,756,786 5.56%
Ver Se Innovation 2019 415,952 7.16%
Vinted 2019 2,875,747 3.00%
Vizgen 2022 1,312,818 4.79%
ZenCore (Cayman) (ZhenGe) 2021 6,438,337 3.86%
19. For the definition of levels, see point 2.3 below.

105
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
The main Sofina Direct level 2 and level 3
20
investments
(with a fair value in excess of EUR 10 million) held through
syndication vehicles gathering part of the shareholder base
as at 31 December 2022 are as follows:
YEAR OF THE
1
ST
INVESTMENT
CORPORATE RIGHTS
ESTIMATED
ECONOMIC
INTEREST IN THE
UNDERLYING
INVESTMENT
NUMBER OF
SHARES
% OWNERSHIP
IN THE
INTERMEDIARY
VEHICLE
Aevum Investments (Xinyu) 2018 - 100.00% 4.90%
Appalachian Mountains (Aohua) 2018 13,000 46.43% 4.05%
Atlantic Foods Labs Co-Invest II
(Getir)
2021 - 47.62%
0.19%
Atlantic Foods Labs Co-Invest III
(Getir)
2021 - 77.71%
Ergon opseo Long Term Value
Fund (opseo)
2016 - 8.82% 7.38%
FPCI Alven Ankorstore
(Ankorstore)
2021 20,000 97.49% 1.14%
GoldIron (First Eagle) 2016 21,721 70.68% 4.18%
Iconiq Strategic Partners III Co-
Invest (Series RV)
2018 - 7.15% 0.26%
Kedaara Norfolk Holdings
(Lenskart)
2019 158,355 50.00% 1.20%
Lernen Midco 1 (Cognita) 2019 252,517,893 15.55% 15.37%
M.M.C. (M.Chapoutier)
21
2007 15,256 19.83% 15.33%
MxBEE (Biobest Group) 2022 7,820,093 26.64% 2.17%
Polygone (GL events)
21
2012 221,076 20.96% 11.86%
SC China Co-Investment 2016-A
(ByteDance)
2016 - 41.67% 0.18%
TA Action Holdings (ACT) 2016 - 44.44% 3.65%
TA Vogue Holdings (TCNS) 2016 - 48.72% 7.62%
The General Partners that manage investment funds on our
behalf, whose individual value exceeded EUR 10 million as
at 31 December 2022 are Alantra, Alpha JWC, Archipelago,
Atlantic Labs, Atomico, Bain, Battery, Bessemer, Bling, Blos-
som, Bond, Chryscapital, Crescent Point, DST, Everstone,
Falcon House, Felix, Formation 8, Founders Fund, Foundry,
Francisco, General Atlantic, Genesis, GGV, Highland, Huaxing,
Iconiq, Insight, Institutional Venture Partners, InvAscent,
Isola, Kedaara, Kleiner Perkins, Lakestar, Lightspeed, Local
Globe, Lux Capital, Lyfe, Multiples, New Enterprise Associates,
Nexus, Northzone, OpenView, Qiming, Redpoint, Sequoia,
Social+Capital, Source Code, Spark, Summit, TA Associates,
TAEL, Thoma Bravo, Thrive, Tiger Global, Trustbridge and
Venrock.
20. For the definition of levels, see point 2.3 below.
21. The estimated economic interest in the underlying investment for M.M.C. and Polygone refer to the interest in their main underlying asset being
M.Chapoutier and GL events respectively.

106
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
2.3 INVESTMENT PORTFOLIO IN
TRANSPARENCY
Main valuation rules for the investment portfolio
The Sofina group uses a fair value hierarchy that reflects the
significance of the data used for valuation purposes:
• Level 1 – Assets valued under level 1 are valued at the market
price at the closing date;
• Level 2 – Assets valued under level 2 are valued based on
observable data such as the market price of the main asset
held by the company;
• Level 3 – Assets valued under level 3 are valued at fair value
using principles derived from the International Private
Equity and Venture Capital Valuation Guidelines (“IPEV”
Valuation Guidelines of December 2018).
Unlisted securities are valued at each reporting date using
a commonly accepted valuation method in these IPEV
Valuation Guidelines, or at net asset value.
The different valuation methods are detailed in the table on
the methods applied in accordance with IFRS 13 to deter-
mine the fair value of unlisted level 3 assets of the investment
portfolio in transparency (Long-term minority investments,
Sofina Growth and Sofina Private Funds).
Note that the IPEV Valuation Guidelines no longer consider
the recent transaction price as a default valuation technique
but rather a starting point for estimating fair value. The
recent transaction price as a valuation technique is therefore
only used when the recent transaction is sufficiently close to
the balance sheet closing date (and meets the market and
market participant criteria). It should also be noted that the
context of the transaction is analysed and could therefore
consider not only the primary components of a transaction
but also the secondary components of the same transaction
(e.g., retaining a blended price instead of the primary round
price only).
The principle of calibration, which consists of testing or cali-
brating the valuation techniques to be used at subsequent
valuation dates, using valuation parameters derived from
the initial or most recent transaction, is applied as appropri-
ate to all our valuations of unlisted investments (Long-term
minority investments and Sofina Growth), provided that the
price of the initial or most recent transaction is representative
of the fair value at the time of the transaction and can be
calibrated. The calibration makes it possible to derive from
the entry price the discount or the premium against the
group of comparable companies by comparing the rate of
return expected by Sofina with the theoretical cost of capital
for a given investment in the context of the implementation
of the discounted cash flow method. The calibration also
makes it possible to determine, directly at the transaction
date, the discount or the premium against the group of com-
parable companies in the context of the implementation of
the market multiples method. This technique explains the
wide range of discounts, costs of capital or discount factors,
as these are the result of the calibration.
This being said, Sofina may have to change the valuation
technique depending on the circumstances from one val-
uation exercise to another (e.g. due to a new type of data
available, a new recent transaction), with the objective of
maximising the use of observable data and minimising the
use of non-observable data.
In this respect, the table following provides information on
the methods applied in accordance with IFRS 13 – Fair Value
Measurement – to determine the fair value of unlisted level
3 assets.
It should also be noted that Sofina uses the option pricing
method (OPM) to allocate the estimated equity fair value to
various classes of equity shares considering their rights and
preferences (if applicable). This allocation approach may
significantly reduce the valuation of earlier equity rounds
with reduced rights and preferences compared to the latest
round.
The current health and economic crisis increases the uncer-
tainty of the future performance of the investments held
by Sofina. These uncertainties regarding the performance
of these investments lead to a higher degree of subjectiv-
ity in the determination of level 3 fair values in the IFRS 13
hierarchy. This has prompted Sofina to be more vigilant in
the application of its valuation methods. The following are
especially worth mentioning:
• Particular vigilance regarding the consistency between
the estimates of the portfolio companies and the use of
these estimates compared to the use of the multiples of
comparable companies;
• Particular vigilance regarding the validation of the most
recent transaction by ensuring that this recent transaction
takes into account the current context of the economic
crisis (while respecting the other validation criteria of the
most recent transaction such as being sufficiently close to
the closing date) as well as ensuring that the context of the
recent transaction is properly understood by considering
both primary and secondary components (if applicable);
• Particular vigilance regarding the financial situation of the
portfolio companies (e.g., cash burn estimates).
We also took into account the IPEV Board Special Valuation
Guidance of March 2020.
It should be noted that Sofina has engaged Kroll, an inde-
pendent valuation firm, to assist in the valuation of the
unlisted investments by the Sofina Direct portfolio. The
assistance provided by Kroll does not, therefore, cover
Sofina Private Funds. All these unlisted investments (the
“Investments”), covered by Kroll’s assistance, represent 46%
of the fair value of the portfolio in transparency, as illustrated
below
22. Covered: covered by Kroll’s assistance; Not covered: not covered by Kroll’s assistance; Not applicable: no value present at this level in the relevant
investment style.
22
.

107
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
FAIR VALUE HIERARCHY
LONG-TERM
MINORITY
INVESTMENTS
SOFINA
GROWTH
SOFINA
PRIVATE
FUNDS
% OF KROLL
COVERAGE ON
TOTAL LEVEL
Level 1 Not covered Not covered Not applicable 0%
Level 2 Covered Covered Not applicable 100%
Level 3 Covered Covered Not covered 49%
Total portfolio in transparency 46%
This assistance included various limited procedures that
Sofina identified and requested Kroll to perform. In con-
nection with and as a result of these limited procedures
23
,
Kroll concluded that the fair value of the “Investments”, as
determined by Sofina, was reasonable.
Sofina Private Funds’ investments in venture and growth
capital funds are valued on the basis of the latest reports
obtained from the General Partners of these investment
funds until mid-March and their valuation is therefore based
either on a report as at 31 December 2022 or on a report
as at 30 September 2022. The values of the reports as at
30 September 2022 are adjusted to take into account (i)
capital calls and distributions that have occurred since the
date of issuance of the last report, (ii) changes in the stock
market prices of the listed companies held by these funds
and (iii) significant events that have occurred since this last
valuation date and the closing date of 31 December 2022.
The values as at 31 December 2022 are not adjusted as they
reflect the fair value at the closing date. Finally, the values
retained are converted into euro using the closing exchange
rate. The funds for which a purchase and sale agreement
was signed as at the date of this Annual financial report are
valued in accordance with the terms of the purchase and
sale agreement. As at 31 December 2022, more than 67% of
the Sofina Private Funds fair value is based either on reports
as at 31 December 2022 or valuations based on market prices
or transaction prices.
23. Limited procedures are not an audit, review, compilation or other form of examination or certification in accordance with generally accepted
auditing standards. In addition, the limited procedures were not performed in anticipation of or in connection with any investment made or
contemplated by Sofina. Accordingly, any party contemplating an investment in these “Investments” or any party contemplating an investment
directly in the capital of Sofina should not consider the performance of these limited procedures by Kroll to be sufficient in light of the
aforementioned investments. The results of Kroll’s analysis should not be construed as a fairness opinion on any transaction or as a statement of
creditworthiness. The limited procedures performed by Kroll are in addition to the procedures that Sofina is required to perform to estimate the fair
value of the “Investments”. The result of the analyses conducted by Kroll was taken into account by Sofina in its assessment of the fair value of the
“Investments”.

108
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
Methods applied in accordance with IFRS 13 to determine the fair value of unlisted level 3 assets in the
investment portfolio in transparency
VALUATION
TECHNIQUE
USE OF THE TECHNIQUE
SIGNIFICANT
UNOBSERVABLE
DATA
LINKS BETWEEN
UNOBSERVABLE DATA
AND FAIR VALUE
Price of the most
recent investment
(PORI)
Whenever a recent and significant transaction
has taken place for the investment at the
balance sheet date and provided that the
transaction meets the market and market
participant criteria.
Note that the IPEV Valuation Guidelines no
longer consider the recent transaction price
to be a default valuation technique but rather
a starting point for estimating fair value.
The recent transaction price as a valuation
technique is therefore only used when the
recent transaction is sufficiently close to the
closing date (and meets the market and
market participant criteria).
Funds for which a purchase and sale
agreement was signed as at the date of
this Annual financial report are valued in
accordance with the terms of the purchase
and sale agreement and are therefore
considered to be part of this valuation
technique.
The fair value of the
most recent transaction
is considered to be
unobservable data.
As the unobservable data increases,
the fair value increases.
Discounted Cash Flow
model
Applied for mature companies or for
companies where sufficient information is
available.
This method consists of discounting future
expected cash flows.
Cost of capital from
calibration
The higher the cost of capital, the
lower the fair value.
Terminal value based on a
long-term growth rate
The higher the long-term growth
rate, the higher the fair value.
Terminal value based on
an exit multiple
The higher the exit multiple, the
higher the fair value.
Market multiples
- sales or EBITDA or
earnings multiples or
a mix of sales or EBITDA
multiples (based on
comparable listed
companies)
In the absence of a recent transaction on the
investment at the closing date and when the
Discounted Cash Flow model is not applied.
The calibration principle is used to determine
the discount to the group of comparable listed
companies.
Discount
24
resulting from
the calibration against
the group of comparable
companies
The higher the discount, the lower
the fair value.
Probability Weighted
Expected Returns
Model or Scenario
Methods (PWERM)
Start-ups or “early stage” companies or
certain companies for which significantly
different scenarios remain possible, when
other methods cannot be applied (recent
transaction, Discounted Cash Flow model,
market multiples), are valued according to
scenarios.
Such companies are valued on the basis of
different possible future scenarios (probability–
weighted fair value of future outcomes).
Discount factor from the
calibration
The higher the discount factor, the
lower the fair value.
Weights attributed to
the different scenarios
(generally 3 to 4
scenarios, from extremely
pessimistic to optimistic).
The higher the weight of the
pessimistic scenario, the lower the
fair value.
Exit value based on an
exit multiple
The higher the exit multiple, the
higher the fair value.
Milestones approach Applied to start-ups or “early-stage”
companies or companies for which important
milestones must be achieved and when other
methods (i.e. recent transaction, discounted
cash flow model, market multiples and
PWERM) are not applicable.
Such companies are valued using the
milestone approach. This method consists of
assessing whether there is an indication of
change in fair value based on a consideration
of one or more milestones. One or several
key milestones are commonly established in
accordance with the stage of development
of the company. Milestones may include,
for example, financial measures, technical
measures and marketing and sales measures.
Discount applied per
level according to the
predefined milestones.
A discount is applied per milestone.
If a milestone is achieved, the more
the unobservable data increases or
decreases, the more the fair value
increases or decreases. If the first
milestone is not achieved, the more
the unobservable data decreases,
the more the fair value decreases.
Revalued net assets
recognised at fair value
This valuation method is based on the latest
available statements from the General
Partners.
This method consists of using the reported
net assets value of a fund interest which
is adjusted for (i) the capital calls and
distributions that took place after the last
statement received and the measurement
date, (ii) the evolution of the listed companies
held by the funds and (iii) any other significant
events. The underlying investments of the
fund must be reported at fair value.
Fair value based on
General Partners’ reports
is considered to be
unobservable data.
As the unobservable data increases,
the fair value increases.
Other methods In exceptional cases, another methodology is
considered to better reflect the fair value of
the investment or a portion of the investment
(e.g. an appraisal report on the value of land or
property).
Fair value based on expert
reports is considered to
be unobservable data.
As the unobservable data increases,
the fair value increases.
24. In some cases, a premium is applied against the group of comparable companies, also based on the calibration principle. In some exceptional
cases, the discount is estimated on the basis of methods other than calibration.

109
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
Method applied to allocate the estimated equity fair value to various classes of equity shares considering their
respective rights and preferences
VALUATION
TECHNIQUE
USE OF THE TECHNIQUE
SIGNIFICANT
UNOBSERVABLE
DATA
LINKS BETWEEN
UNOBSERVABLE DATA
AND FAIR VALUE
Option pricing model
(OPM)
Applied to companies where rights and
preferences may differ significantly between
the classes of shares. Applied when applicable
and relevant (e.g. different rights and
preferences exist per class of equity shares
and market participants would consider those
rights and preferences).
Volatility An increase of the volatility can
either increase or decrease the fair
value depending on the classes of
shares held.
Time to expiration (e.g.
time of exit or liquidity
event)
An increase of the time to expiration
can either increase or decrease the
fair value depending on the classes
of shares held.
Interest rate in local
currency
An increase of the interest rate can
either increase or decrease the fair
value depending on the classes of
shares held.
2.4 FAIR VALUE OF THE TOTAL INVESTMENT
PORTFOLIO IN TRANSPARENCY
IN THOUSAND EUR
TOTAL AT
31/12/2022
LEVEL 1 LEVEL 2 LEVEL 3
Investment portfolio
25
9,062,261 559,699 84,419 8,418,144
Sofina Direct 4,759,857 559,699 84,419 4,115,739
Long-term minority investments
2,797,444 545,544 0 2,251,900
Sofina Growth
1,962,413 14,155 84,419 1,863,839
Sofina Private Funds 4,302,404 0 0 4,302,404
TOTAL AT
31/12/2021
LEVEL 1 LEVEL 2 LEVEL 3
Investment portfolio 11,063,415 962,015 117,302 9,984,098
Sofina Direct 5,810,894 962,015 117,302 4,731,577
Long-term minority investments
3,884,345 911,845 0 2,972,500
Sofina Growth
1,926,549 50,170 117,302 1,759,077
Sofina Private Funds 5,252,521 0 0 5,252,521
The underlying portfolio of the funds held in Sofina Private
Funds is composed of listed and unlisted assets. The listed
assets fair value
26
is estimated at EUR 489,644 thousand as
at 31/12/2022 and at EUR 1,230,394 thousand as at 31/12/2021.
During the year, the investment in Spartoo was transferred
from level 2 to level 1.
Sensitivity analysis of level 3
Level 3 consists of unlisted securities subject to price risk,
but this risk is mitigated by the wide variety of investments
made by the Sofina group. The objective of long-term value
creation pursued by the Sofina group contributes towards
mitigating this risk.
In the case of investments in venture and growth capital
funds of Sofina Private Funds, the General Partners may
decide more quickly to modify a negative spread. Market
risk may also have an indirect impact on unlisted securities
compared to securities listed on stock markets.
Moreover, liquidity risk has a greater impact on unlisted secu-
rities than on listed securities, which can make their value
difficult to estimate. This risk may have an impact on the
holding period of unlisted securities as well as on the exit
price. It is difficult to quantify the influence of these risks on
unlisted securities in level 3.
25 Information on the investment portfolio in the balance sheet as at 31 December 2022 can be found under point 2.1 above.
26. Estimated fair value based on available information provided by the General Partners.

110
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
Sensitivity analysis for the level 3 investment portfolio in transparency as at 31 December 2022
IN MILLION EUR
VALUATION
TECHNIQUE
FAIR
VALUE
OPM
APPLIED?
UNOBSERVABLE DATA
(WEIGHTED AVERAGE)
SENSI-
TIVITY
IMPACT
VALUE
SENSI-
TIVITY
IMPACT
VALUE
Price of the most
recent investment
(PORI)
116 No
The fair value of the most recent
transaction is considered to be
unobservable data.
+10% 12 -10% -12
Discounted Cash Flow
model
1,699 No
Cost of capital from calibration
between 6.95% and 17.7% (11.9%)
+10% -270 -10% 343
Perpetual growth rate of 2.5% and
4.0% (3.1%)
+10% 48 -10% -44
Output multiple between 6.5x
and 17.91x (13.07x)
+10% 126 -10% -126
Market multiples
1,377 No
Median peers multiple between
0.9x and 17.2x (5.1x)
+10% 118 -10% -118
Discount resulting from
calibration between 0.2% and
58%
27
(12.7%)
+10% -39 -10% 39
771 Yes
Median peers multiple between
0.5x and 22.3x (6.6x)
+10% 48 -10% -47
Discount from calibration
between 15% and 58%
28
(35.6%)
+10% -30 -10% 29
Volatility between 27% and 70%
(44.3%)
+10% -7 -10% 6
Time to expiration between 1.0
and 8.0 years (4.2 years)
+10% -7 -10% 7
Interest rate between 1.3% and
7.2% (4.5%)
+10% -4 -10% 4
Revalued net assets
recognised at fair
value
29
4,348 No
The fair value based on General
Partners’ reports is considered to
be unobservable data.
+10% 435 -10% -435
Milestone approach 9 No Discount of 20% per level (20%)
Upper
level
30
0
Lower
level
-2
Other methods 98 No
Fair value is considered to be
unobservable data.
+10% 10 -10% -10
Total level 3
(in transparency)
8,418
Reconciling items -267
Total level 3
(financial statements)
8,151
The reconciling items between the presentation in transpar-
ency and the balance sheet presentation are detailed, at all
levels, in point 2.1 above.
27. In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 1.7% to 1,043% (weighted
average of 319%). In certain exceptional cases, the discount is estimated based on methods other than calibration.
28. In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 4% to 967% (weighted
average of 282.4%). In certain exceptional cases, the discount is estimated based on methods other than calibration.
29. Mainly concerns the portfolio of Sofina Private Funds and to a limited extent investments by Sofina Growth.
30. No upper level was reached.

111
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
Sensitivity analysis for the level 3 investment portfolio in transparency as at 31 December 2021
IN MILLION EUR
VALUATION
TECHNIQUE
FAIR
VALUE
OPM
APPLIED?
UNOBSERVABLE DATA
(WEIGHTED AVERAGE)
SENSI-
TIVITY
IMPACT
VALUE
SENSI-
TIVITY
IMPACT
VALUE
Price of the most
recent investment
(PORI)
805 No
The fair value of the most recent
transaction is considered to be
unobservable data.
+10% 80 -10% -80
151 Yes
The fair value of the most
recent transaction is considered
unobservable data.
+10% 15 -10% -15
Volatility between 28% and 80%
(49.9%)
+10% -2 -10% 2
Time to expiration between 4.0
years and 10.0 years (8.2 years)
+10% -1 -10% 1
Interest rate between -0.2% and
1.5% (1.2%)
+10% -0 -10% 0
Discounted Cash Flow
model
1,641 No
Cost of capital from calibration
between 6.2% and 16.3% (10.2%)
+10% -238 -10% 300
Perpetual growth rate between
1.5% and 3.0% (2.6%)
+10% 36 -10% -34
Exit multiple between 5.0x and
15.8x (10.6x)
+10% 111 -10% -111
Market multiples
1,683 No
Discount from calibration
between 12% and 52%
31
(21.8%)
+10% -83 -10% 84
Median peers multiple between
5.8x and 11.6x (8.4x)
+10% 139 -10% -135
140 Yes
Discount resulting from
calibration between 2% and 29%
32
(21.8%)
+10% -4 -10% 4
Median peers multiple between
5.8x and 11.6x (8.4x)
+10% 11 -10% -11
Volatility between 30% and 55%
(36%)
+10% 0 -10% -0
Time to expiration between 2.5
and 5.0 years (4.0 years)
+10% -0 -10% -0
Interest rate between 0.8% and
1.3% (1%)
+10% -0 -10% 0
Revalued net assets
with assets recognised
at fair value
33
5,453 No
Fair value based on General
Partners’ reports is considered to
be unobservable.
+10% 545 -10% -545
Milestones approach 18 No Discount of 15% per level (15%)
Upper
level
34
0
Lower
level
-3
Other methods 93 No
Fair value is considered to be
unobservable data.
+10% 9 -10% -9
Total level 3
(in transparency)
9,984
Reconciling items -102
Total level 3
(financial statements)
9,882
The reconciling items between the presentation in transpar-
ency and the balance sheet presentation are detailed, at all
levels, in point 2.1 above.
31. In some cases, a premium is applied against the group of comparable companies. The premiums applied range from 7% to 361% (weighted average
of 166%). In certain exceptional cases, the discount is estimated based on methods other than calibration.
32. In some cases, a premium is applied against the group of comparable companies. The premium applied is 636% (only one premium applied). In
certain exceptional cases, the discount is estimated based on methods other than calibration.
33. Mainly concerns the portfolio of Sofina Private Funds and to a limited extent investments by Sofina Growth.
34. No upper level was reached.

112
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
2.5 FINANCIAL RISKS IN TRANSPARENCY
Foreign exchange risk
The investment portfolio is subject, among other things,
to foreign exchange risks. The main foreign exchange risk
relates to assets denominated in US dollars, British pounds
and Indian rupees. For information purposes, a 10% increase
or decrease in the exchange rate of these three currencies
as at 31 December 2022 would result in a variation in the fair
value of the portfolio as shown in the table below:
IN MILLION EUR
USD GBP INR
Exchange rate sensitivity -10% 0% +10% -10% 0% +10% -10% 0% +10%
Fair value 6,095 5,485 4,987 497 447 406 881 793 721
Impact on revenue 610 0 -498 50 0 -41 88 0 -72
Price risk
Price risk is defined as the risk that unfavourable changes
in stock prices impact Sofina’s portfolio. Sofina is exposed to
market fluctuations in its portfolio.
The risk analysis of level 1 and level 2 investments is shown
below. A variation interval of -10% and +10% has been applied
to the valuation as at 31 December 2022. This variance influ-
ences the result.
IN MILLION EUR
LEVEL 1 LEVEL 2
Stock price sensitivity -10% 0% +10% -10% 0% +10%
Fair value 504 560 616 76 84 92
Impact on revenue -56 0 56 -8 0 8
Interest rate risk and liquidity risk
The interest rate risk is the risk that the interest flow on the
financial debt and the gross cash flow may be adversely
affected by an unfavourable change in interest rates. In the
case at hand, the risk is limited as the financial liabilities are
mainly at fixed rates. Moreover, Sofina’s net cash position
is positive. However, Sofina has commitments to disburse
funds in relation to the Sofina Private Funds investments.
Considering its positive Net cash position, the existence of
bank credit lines (unused – please refer to point 3.16), the
investments in shares listed on liquid markets and therefore
easily realisable (in the Long-term minority investments and
Sofina Private Funds portfolios), and if need be the ability to
transact on the secondary market for Sofina Private Funds,
the liquidity risk faced by Sofina is extremely moderate.
IN MILLION EUR
SOFINA PRIVATE
FUNDS’ RESIDUAL
COMMITMENT BRIDGE
2022 2021
Beginning of the year 976 932
New commitments 810 542
Investments -445 -629
Other
35
-86 51
FX impact 81 80
End of the year
36
1,336 976
Credit risk
The credit risk is the counterparty risk on gross cash. It is lim-
ited a priori by the choice of reputable financial institutions.
Concentration risk
The 10 largest investments of Sofina Direct represent 27% of
the fair value of the portfolio in transparency
37
:
1 Groupe Petit Forestier
2 SC China Co-Investment 2016-A (ByteDance)
3 Lernen Midco 1 (Cognita)
4 Think & Learn (Byju's)
5 Cambridge Associates
6 bioMérieux
7 Drylock Technologies
8 Nuxe International
9 Ver Se Innovation
10 Mérieux NutriSciences
35. Other mainly comprises recallable distributions, disposals and termination of funds with residual uncalled commitments.
36. Additional residual commitments in relation to Sofina Direct investments of EUR 7 million as at 31 December 2022 and of EUR 12 million as at
31 December 2021 bring the total uncalled commitments to EUR 1,343 million and EUR 988 million respectively.
37. Listed in decreasing order of fair value as at 31 December 2022 (portfolio in transparency). The ranking of our Sofina Direct investments does not
take into consideration indirect exposures on these entities, held through certain funds of Sofina Private Funds.

113
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
It should be noted that:
• the 6 largest investments of Sofina Direct represent more
than 15% but less than 20% of the total portfolio in trans-
parency
38
.
• the 7 largest investments of Sofina Direct represent more
than 20% of the total portfolio in transparency
38
.
• ByteDance, a global internet and technology company
active in more than 150 countries, is the sole holding rep-
resenting more than 5% of the fair value of the portfolio in
transparency (when taking into account our combined
holdings through Sofina Direct and Sofina Private Funds)
39
.
Sofina values its holding in SC China Co-Investment
2016-A (i.e. the vehicle holding Sofina direct’s investment
in ByteDance) on the basis of the market multiples val-
uation method with an illiquidity discount. Its holding in
ByteDance at Sofina Private Funds level is valued on the
basis of the valuation provided by the General Partners of
the relevant funds.
There are no dominant positions. The level 3 investments
in the top 10 are valued according to the Discounted Cash
Flow model, market multiples or the most recent transaction
method as described in point 2.3 above.
The 10 largest General Partners of Sofina Private Funds rep-
resent 25% of the fair value of the portfolio in transparency
40
:
1 Sequoia Capital (US, China & India)
2 Lightspeed
3 Insight Partners
4 Battery Ventures
5 Iconiq Capital
6 Thoma Bravo
7 TA Associates
8 Spark Capital
9 Venrock
10 Andreessen Horowitz
Since the funds themselves are invested in a large number
of companies, there is no concentration risk.
38. Largest investments in terms of representation in the fair value of the portfolio in transparency. Listed in decreasing order of fair value at 31
December 2022 (portfolio in transparency). The ranking of our Sofina Direct investments does not take into consideration indirect holdings in these
entities through certain partnerships of Sofina Private Funds.
39. The holding in ByteDance through Sofina Private Funds is an estimate based on the information contained in the reports of the General Partners
made available to us at the date of this Annual report.
40. Largest General Partners in terms of estimated representation of their funds in the fair value of Sofina’s portfolio in transparency. Listed in
decreasing order of fair value at 31 December 2022.
War in Ukraine
As per ESMA’s recommendation of 14 March 2022, Public
Statement of 13 May 2022 on Implications of Russia’s inva-
sion of Ukraine on half-yearly financial reports, and Public
Statement of 28 October 2022 on the European common
enforcement priorities for 2022 annual financial reports,
Sofina can confirm that it has very limited specific exposure
to the Ukraine crisis, which has had no material direct impact
on its activities. The group is not impacted by the economic
sanctions enforced by the European Union. Sofina Direct
portfolio companies with notable operations or exposure
in Ukraine or Russia represent less than 3% of total portfolio
fair value in transparency as at 31 December 2022. Sofina
Private Funds is marginally exposed to underlying compa-
nies with some presence in Ukraine or in Russia which are
estimated to represent a small proportion of total number
of companies in the underlying portfolio. General Partners
have investigated their potential Russian ties including trac-
ing Russian money in their investors base and they have
not reported any significant issue in this respect. The main
potential economic consequences of the Ukraine crisis on
the portfolio are not specific in nature as they relate to its
impact on raw material prices including energy, potential
supply chain disruptions, concerns about an increasing risk
of cyber-attacks and more generally, the macro-economic
impact on GDP growth, inflation and interest rates. A large
number of portfolio companies and General Partners and
their employees are engaged in a variety of initiatives to
support Ukraine in line with that which Sofina has been
doing as described, in the ESG section above.

114
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
2.6 GEOGRAPHICAL, SECTORAL AND
STRATEGY BREAKDOWN OF
THE PORTFOLIO IN TRANSPARENCY
In comparison with 2021, the breakdown also shows a classi-
fication by geographic region for the entire portfolio in trans-
parency, including Sofina Direct. Although the companies
within the Sofina Direct portfolio generally operates globally,
giving an indication of the regions where they are active or
of the regions where their main or historical headquarters
is located allows better alignment of the financial reporting
with the strategy of the Sofina group.
Breakdown of the portfolio by geographic region
41
IN MILLION EUR
GEOGRAPHIC REGION
31/12/2022 31/12/2021
PORTFOLIO
FAIR VALUE
RESIDUAL
COMMITMENTS
42
PORTFOLIO
FAIR VALUE
RESIDUAL
COMMITMENTS
Sofina Direct
North America 516 11% 2 35% 608 10% 2 16%
Western Europe 2,610 55% 4 52% 3,030 52% 10 74%
Asia 1,616 34% 1 13% 2,133 37% 1 8%
Other 18 0% 0 0% 39 1% 0 2%
Total Sofina Direct 4,760 100% 7 100% 5,810 100% 13 100%
Sofina Private Funds
North America 2,711 63% 778 58% 3,618 69% 589 60%
Western Europe 407 9% 191 14% 457 9% 132 14%
Asia 1,184 28% 367 28% 1,178 22% 255 26%
Total Sofina Private Funds 4,302 100% 1,336 100% 5,253 100% 976 100%
TOTAL SOFINA DIRECT AND
SOFINA PRIVATE FUNDS
North America 3,227 36% 780 58% 4,226 38% 591 60%
Western Europe 3,017 33% 195 15% 3,487 32% 142 14%
Asia 2,800 31% 368 27% 3,311 30% 256 26%
Other 18 0% 0 0% 39 0% 0 0%
TOTAL OF THE PORTFOLIO
43
9,062 100% 1,343 100% 11,063 100% 989 100%
Breakdown of Sofina Direct by sector
In comparison with 2021, the sectoral breakdown is now
based on a classification by sector of focus, which shows
Sofina’s four sectors of investment focus, namely Consumer
and retail, Digital transformation, Education, Healthcare and
life sciences, and combines the other sectors in the category
Other. The objective is to better align the financial reporting
with the strategy of the Sofina group.
41. Based on the portfolio in transparency considering the country of the main or historical headquarters of the investments.
42. These amounts come mainly from subscriptions to investments by Sofina Private Funds amounting to EUR 1,336 million (see point 3.16 below).
These commitments are subscribed by Sofina SA or by its investment subsidiaries (seen in transparency).
43. Based on the fair value of the Sofina group’s investments as at 31 December 2022 and as at 31 December 2021 (portfolio in transparency – see point
2.4 above).

115
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
The table below shows the sectoral breakdown of Sofina Direct as at 31 December 2022 and as at 31 December 2021
43
:
IN MILLION EUR
SECTOR
31/12/2022 31/12/2021
PORTFOLIO FAIR VALUE PORTFOLIO FAIR VALUE
Consumer and retail 1,329 28% 1,618 28%
Digital transformation 987 21% 1,103 19%
Education 714 15% 1,047 18%
Healthcare and life sciences 740 15% 714 12%
Other 990 21% 1,328 23%
Total 4,760 100% 5,810 100%
Breakdown of Sofina Private Funds by strategy
IN MILLION EUR
STRATEGY
31/12/2022 31/12/2021
PORTFOLIO
FAIR VALUE
RESIDUAL
COMMITMENTS
44
PORTFOLIO
FAIR VALUE
RESIDUAL
COMMITMENTS
Venture capital 3,075 72% 830 62% 3,504 67% 420 43%
Growth equity 1,002 23% 422 32% 1,101 21% 358 37%
LBO 216 5% 72 5% 535 10% 126 13%
Other 9 0% 12 1% 113 2% 72 7%
Total
45
4,302 100% 1,336 100% 5,253 100% 976 100%
Breakdown of Sofina Private Funds by vintage
IN MILLION EUR
VINTAGE
31/12/2022 31/12/2021
PORTFOLIO
FAIR VALUE
RESIDUAL
COMMITMENTS
44
PORTFOLIO
FAIR VALUE
RESIDUAL
COMMITMENTS
Last 5 years 2,174 50% 1,230 92% 2,470 47% 853 87%
From 5 to 10 years 1,633 38% 74 6% 2,090 40% 89 9%
Older than 10 years 495 12% 32 2% 693 13% 34 4%
Total
45
4,302 100% 1,336 100% 5,253 100% 976 100%
44. Sofina is committed to responding to capital calls by certain private funds (see point 3.16 below).
45. Information on the Sofina Private Funds portfolio shown in the balance sheet as at 31 December 2022 can be found under point 2.1 above.

116
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
3. Notes to the financial statements as an Investment Entity
3.1 INVESTMENT PORTFOLIO
IN THOUSAND EUR
2022 2021
Investments
Net value at the beginning of the year 10,385,873 7,866,894
Acquisitions during the year 45,825 131,997
Disposals during the year -13,774 -169,932
Changes in unrealised gains in profit and loss 95,883 2,628,265
Changes in unrealised losses in profit and loss -1,975,204 -71,351
Net value at the end of the year = 1 8,538,603 10,385,873
Receivables
Net value at the beginning of the year 0 0
Acquisitions during the year 1,345 0
Disposals during the year 0 0
Changes in unrealised gains in profit and loss 0 0
Changes in unrealised losses in profit and loss 0 0
Changes in accrued interest not yet due 35 0
Net value at the end of the year = 2 1,380 0
Net value = 1 + 2 8,539,983 10,385,873
The difference between the amount of the disposals during
the period (EUR 13,774 thousand) and the amount of the
divestments shown in the consolidated cash flow statement
(EUR 15,044 thousand) is mainly due to the capital gains
and losses realised on these divestments amounting to
EUR 1,270 thousand. In addition, the capital gains and losses
realised (EUR 1,270 thousand) combined with the changes in
un realised capital gains and losses (EUR -1,879,321 thousand)
form the net result of the investment portfolio (see point
3.11 below).

117
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
3.2 CLASSIFICATION OF FINANCIAL INSTRUMENTS
IN THOUSAND EUR
BOOK VALUE FAIR VALUE
TOTAL AT
31/12/2022
IFRS 9 CLASSIFICATION
LEVEL 1 LEVEL 2 LEVEL 3
Investment portfolio 8,539,983 389,095 0 8,150,888
Investments
8,538,603
Fair value through profit
and loss
389,095 0 8,149,508
Receivables
1,380
Designated at fair value
through profit or loss
0 0 1,380
Receivables from subsidiaries
46
823,998
Designated at fair value
through profit and loss
0 823,998 0
Deposits and other current financial assets 436,686 0 436,686 0
Deposits
0
Designated at fair value
through profit and loss
0 0 0
Current financial investments
433,436
Fair value through profit
and loss
0 433,436 0
Other receivables
3,250
Designated at fair value
through profit and loss
0 3,250 0
Cash and cash equivalents 385,486
Designated at fair value
through profit and loss
0 385,486 0
Non-current financial liabilities 695,507 At amortised cost 0 695,507 0
Current financial liabilities 2,010 At amortised cost 0 2,010 0
Other current receivables 97 At amortised cost 0 97 0
Payables to subsidiaries
46
175,634
Designated at fair value
through profit and loss
0 175,634 0
Trade and other current payables 9,037 At amortised cost 0 9,037 0
IN THOUSAND EUR
BOOK VALUE FAIR VALUE
TOTAL AT
31/12/2021
IFRS 9 CLASSIFICATION
LEVEL 1 LEVEL 2 LEVEL 3
Investment portfolio 10,385,873 494,777 9,536 9,881,560
Investments
10,385,873
Fair value through profit
and loss
494,777 9,536 9,881,560
Receivables
0
Designated at fair value
through profit and loss
0 0 0
Receivables from subsidiaries
46
796,320
Designated at fair value
through profit and loss
0 796,320 0
Deposits and other current financial assets 749,615 0 749,615 0
Deposits
746,786
Designated at fair value
through profit and loss
0 746,786 0
Other current financial receivables
2,829
Designated at fair value
through profit and loss
0 2,829 0
Cash and cash equivalents 140,742
Designated at fair value
through profit and loss
0 140,742 0
Non-current financial liabilities 694,512
Designated at fair value
through profit and loss
0 694,512 0
Current financial liabilities 2,112
Designated at fair value
through profit and loss
0 2,112 0
Other current receivables 97 At amortised cost 0 97 0
Payables to subsidiaries
46
943
Designated at fair value
through profit and loss
0 943 0
Trade and other current payables 26,888 At amortised cost 0 26,888 0
46. Receivables from and payables to subsidiaries are designated at fair value but as they are very short-term receivables and payables, there is no
change in fair value to record.

118
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
The fair value of the items of the investment portfolio
can be prioritised as follows:
Assets valued under level 1 are valued at the stock market
price at the balance sheet closing date. Level 2 data are data
on the assets or liabilities other than listed prices included in
level 1 data which are observable either directly or indirectly.
Level 3 data are unobservable data on the assets or liabilities.
Direct shareholdings in investment subsidiaries are con-
sidered to be level 3 and are valued based on the fair value
of their own portfolio (level 1, 2 or 3) and the fair value of
their other assets and liabilities. A detailed description
of the valuation methods and the sensitivity of the fair
value is given in points 2.3 and 2.4 above. The portfolio
held in transparency is described under point 2.2 above.
The fair value of the other financial instruments has
been determined using the following methods:
• for short-term financial instruments, such as trade receiv-
ables and payables, the fair value is considered not to be
significantly different from the carrying amount at amor-
tised cost;
• for variable-rate loans and borrowings, such as deposits or
receivables from or payables to subsidiaries, the fair value
is considered not to be significantly different from the
carrying amount at amortised cost;
• for foreign exchange rate or interest rate derivatives, fair
value is determined based on models that discount future
cash flows based on future interest rate curves or foreign
exchange rates or other forward prices.
Financial risks
A description of the financial risks can be found in point 2.5
above.
Details of movements for financial investments recognised at fair value in level 3
IN THOUSAND EUR
2022 2021
Investment portfolio
Net value at the beginning of the year 9,881,560 7,232,145
Acquisitions during the year 46,868 131,997
Disposals during the year -13,774 0
Changes in unrealised gains in profit and loss 95,778 2,567,217
Changes in unrealised losses in profit and loss -1,859,544 -38,021
Changes in accrued interest not yet due 0 0
Transfer to level 3 0 0
Transfer from level 3 0 -11,778
Net value at the end of the year 8,150,888 9,881,560
3.3 DEPOSITS AND OTHER CURRENT FINANCIAL ASSETS
IN THOUSAND EUR
31/12/2022 31/12/2021
Deposits
47
0 225,000
Current financial investments 433,436 521,786
Other receivables 3,250 2,829
Deposits and other current financial assets 436,686 749,615
Current financial assets are measured at fair value through
profit and loss.
47. Deposits between three months and one year.

CORPORATE
ESG TEAMS GOVERNANCE GLOSSARYACCOUNTS AND NOTES
3.4 CASH AND CASH EQUIVALENTS
IN THOUSAND EUR
31/12/2022 31/12/2021
Bank and cash 140,304 90,742
Short-term investments and deposits 245,182 50,000
Cash and cash equivalents 385,486 140,742
Cash and cash equivalents consist of bank balances, cash
on hand and investments in money market instruments
with a maximum term of three months.
3.5 SHARE CAPITAL
IN THOUSAND EUR
SHARE CAPITAL TREASURY SHARES
NUMBER OF
SHARES
AMOUNT OF
CAPITAL
NUMBER OF
SHARES
AMOUNT OF
CAPITAL HELD
Balances at 31/12/2020 34,250,000 79,735 611,528 1,424
Changes during the year 0 0 31,400 73
Balances at 31/12/2021 34,250,000 79,735 642,928 1,497
Changes during the year 0 0 275,000 640
Balances at 31/12/2022 34,250,000 79,735 917,928 2,137
The subscribed and fully paid-up capital consists of ordi-
nary shares without nominal value. The owners of ordinary
shares are entitled to receive dividends and are entitled to
one vote per share at the Company’s general meetings of
shareholders.
The gross dividend for the financial year 2021, paid in 2022,
was EUR 3.128571 per share, i.e. a total gross amount of EUR
107,154 thousand. The difference between this amount and
the amount shown in the consolidated cash flow statement
(EUR -104,885 thousand) corresponds to the dividend on
treasury shares of EUR 2,268 thousand.
As at 31 December 2022, Sofina SA held 917,928 own shares,
compared with 642,928 own shares held as at 31 Decem-
ber 2021. During the year 2022, 296,550 own shares were
acquired, and 21,550 own shares were disposed of.
The proposed gross dividend for the year 2022 is EUR 3.24
per share.
3.6. EMPLOYEE BENEFITS
The Sofina group provides retirement and death benefits
which are financed through group insurance contracts of
the “defined benefit”, “defined contributions” and “cash
balance” types.
The benefits granted to employees in the cash balance pen-
sion plan are capitalised at a return of three percent. The
pension plan is financed through a group insurance plan
with collective capitalisation in branch 23, whose assets are
mainly invested in investment funds. The assets of the pen-
sion plans are not invested in the Sofina securities.
There are only three members continuing the “defined ben-
efit” plan.
The “cash balance” and “defined contributions” plans are
subject to a guaranteed minimum return and are therefore
considered as “defined benefit” plans under IAS 19. They
have been valued using the “Traditional Unit Credit” method
without forecasting future premiums. The “defined benefit”
plan has been valued on the basis of the “Projected Unit
Credit” method (in application of IAS 19).
The pension plan at Sofina Partners and Sofina Capital in
the Grand Duchy of Luxembourg is a “defined contributions”
plan with no minimum return guaranteed by the employer.
The related cost is not reflected directly in the result of Sofina
as an Investment Entity, but in the result of these subsidiar-
ies, which are included in the accounts of Sofina at fair value.
ANNUAL REPORT 2022
119

120
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
IN THOUSAND EUR
31/12/2022 31/12/2021
Amounts recognised in the balance sheet
“Defined benefit” plan
48
Present value of the pension obligations 9,468 9,859
Fair value of the assets -7,744 -7,912
Net present value of the pension obligations 1,724 1,947
“Defined contributions” plan
Present value of the pension obligations 4,195 4,412
Fair value of the assets -4,103 -3,719
Net present value of the pension obligations 92 693
“Cash balance” plan
Present value of the pension obligations 7,335 8,504
Fair value of the assets -6,916 -6,746
Net present value of the pension obligations 419 1,758
Total of the plans
Present value of the pension obligations 20,998 22,775
Fair value of the assets -18,763 -18,377
Net present value of the pension obligations 2,235 4,398
Fair value of the assets
Heritage collective investment fund 8,234 6,746
Assets managed by the insurer 10,529 11,631
Fair value of the assets 18,763 18,377
Movements of the liabilities during the year
Net liabilities at the beginning of the year 4,398 5,987
Amount recognised in equity -2,457 -2,112
Net income or expense recognised in the income statement 1,646 1,715
Contributions paid -1,352 -1,192
Amount recognised at the end of the year 2,235 4,398
Pension cost recognised in the income statement
Current service cost -1,603 -1,678
Net interest on pension obligations -32 -27
Administration costs -11 -10
Reversal of past service costs 0 0
Recognised actuarial gains (+) / losses (-) 0 0
Net expense -1,646 -1,715
Pension expenses are included in the Other expenses in the income statement.
48. These amounts include the obligations and assets relating to the “defined benefit” pension plans for members who have chosen to continue their
career in these plans, but also the obligations and historical assets of these same plans for all those who have chosen to move to the “cash balance”
plan.

121
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
IN THOUSAND EUR
31/12/2022 31/12/2021
Main actuarial assumptions at the end of the year
Discount rate
49
“Defined benefit” plans
Old plan 3.65% 0.60%
New plan 3.70% 1.10%
“Defined contributions” plans
Old plan 3.65% 0.60%
New plan 3.65% 0.70%
“Cash balance” plan 3.75% 1.00%
Salary increase rate 5.20% 4.80%
Inflation rate 2.20% 1.80%
Mortality table MR-5/FR-5 MR-3/FR-3
Change of the present value of pension benefits
Present value of benefits at the beginning of the year 22,775 22,191
Service cost (employer) 1,603 1,679
Service cost (employee) 97 100
Interest cost 184 101
Benefits paid during the year -622 0
Taxes on contributions paid -161 -142
Actuarial gain (-) or loss (+) for the year
50
-2,878 -1,154
Past service cost (+) and reversal (-) 0 0
Present value of promised benefits at the end of the year 20,998 22,775
Change in fair value of the assets in the plans
Fair value of the assets in the plans at the beginning of the year 18,377 16,204
Benefits paid during the year -622 0
Contributions received during the year (employer) 1,352 1,191
Contributions received during the year (employee) 97 100
Interest income 152 74
Taxes on contributions paid -161 -142
Administration costs -11 -9
Return in excess of interest income -560 840
Actuarial gain (+) / loss (-) related to experience adjustments 139 119
Present value of the assets in the plans at the end of the year 18,763 18,377
Personnel costs 21,866 35,745
Average number of employees
Employees 21 23
Management staff 26 23
47 46
49. A sensitivity analysis of + or -0.25% is applied to the discount rates, which would have an impact on the present value of EUR -267 thousand and EUR
+209 thousand.
50. Changes in demographic assumptions (EUR -168 thousand), changes in financial assumptions (EUR 5,702 thousand) and changes in experience
assumptions (EUR -2,656 thousand).

122
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
3.7 NON CURRENT FINANCIAL LIABILITIES
IN THOUSAND EUR
31/12/2022 31/12/2021
Bonds issued 695,507 694,512
Non-current financial liabilities 695,507 694,512
The non-current financial liabilities result from a bond issu-
ance amounting to EUR 700,000 thousand, maturing in
2028. The bonds bear an annual interest rate of 1.000% pay-
able annually on the coupon due date.
3.8 FINANCIAL LIABILITIES, TRADE AND OTHER CURRENT PAYABLES
IN THOUSAND EUR
31/12/2022 31/12/2021
Bank loans 0 0
Payables to subsidiaries 175,634 943
Trade payables 1,373 602
Wage and social security payables 5,328 25,033
Current financial liabilities
51
2,010 2,112
Other miscellaneous liabilities 687 223
Dividends relating to previous years 875 874
Miscellaneous taxes 774 156
Financial liabilities, trade and other current payables 186,681 29,943
3.9 RECEIVABLES FROM AND PAYABLES TO SUBSIDIARIES
IN THOUSAND EUR
31/12/2022 31/12/2021
Receivables from subsidiaries
52
823,998 796,320
Payables to subsidiaries
53
-175,634 -943
Receivables from and payables to subsidiaries 648,364 795,377
Sofina SA has signed revolving credit facilities agreements
with commitment with several of its subsidiaries. The loans
thereby granted by Sofina SA to these subsidiaries bear
interest at Euribor +3 months plus a margin.
With regard to its payables (deposits made by subsidiar -
ies), Sofina SA remunerates them at a deposit rate that is
reviewed regularly.
51. Composed of accrued interest related to the bonds (see point 3.7 above).
52. The amount for 2022 consists mainly of revolving credit facilities contracts, but also includes for 2022 a dividend receivable from a subsidiary for an
amount of EUR 10,501 thousand, as well as trade receivables from subsidiaries for an amount of EUR 5,815 thousand.
53. The amount for 2022 consists mainly of a deposit made by a subsidiary, and trade payables to subsidiaries in the amount of EUR 460 thousand.

123
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
3.10 INTEREST INCOME AND EXPENSES
IN THOUSAND EUR
2022 2021
Interest on non-current assets 35 0
Interest on receivables from subsidiaries
54
8,588 5,022
Interest on current assets 1,234 471
Interest on payables to subsidiaries -174 0
Interest to banks -226 -17
Interest on other liabilities
55
-7,783 -5,612
Interest income and expenses 1,674 -136
3.11 NET REVENUE OF THE INVESTMENT PORTFOLIO
Unrealised capital gains mainly come from our subsidiary
Sofina US and from other investments active in the fields of
dental implants, wine production and biotechnology.
Unrealised capital losses are mainly due to our subsidiary
Sofina Capital, the decrease in the share price of Colruyt and
bioMérieux, and other investments active in online educa-
tion, asset management, data management, and hygiene
products.
IN THOUSAND EUR
2022 2021
Investments
Results due to sales 1,270 42,443
Realised capital gains
1,270 42,705
Realised capital losses
0 -262
Results not due to sales -1,879,321 2,556,914
Unrealised capital gains
95,883 2,628,265
Unrealised capital losses
-1,975,204 -71,351
Total investments -1,878,051 2,599,357
Receivables
Results due to sales 0 0
Realised capital gains
0 0
Realised capital losses
0 0
Results not due to sales 0 0
Unrealised capital gains
0 0
Unrealised capital losses
0 0
Total receivables 0 0
Net result of the investment portfolio -1,878,051 2,599,357
54. For details, see point 3.9 above.
55. Composed mainly of accrued interest related to the bonds.

124
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
3.12 OTHER FINANCIAL RESULTS
IN THOUSAND EUR
2022 2021
Foreign exchange results 550
2,641
Results on other current assets -6,796
8,398
Other financial results
-6,246 11,039
3.13 OTHER EXPENSES
IN THOUSAND EUR
2022 2021
Other financial expenses -2,025
-1,846
Services and other goods -14,359
-14,625
Remuneration, social security charges and pensions -21,868
-35,745
Miscellaneous -7,014
-6,709
Other expenses
-45,266 -58,925
Services and other goods mainly comprise consultancy
services received and remuneration of the Directors.
3.14 TAXES
IN THOUSAND EUR
2022 2021
Income taxes
Current tax expense (+) / income (-)
8 -478
Deferred tax expense (+) / income (-)
-1,564 -368
-1,556 -846
Reconciliation between current tax expense (+) / income (-) and accounting profit
Accounting profit before taxes
-1,873,082 2,592,585
Taxes calculated at 25% 0 648,146
Impact of different tax rates used in other countries 0 0
Impact of tax exemption of net unrealised capital gains on the portfolio under
Investment Entity status
-59,381 -618,097
Impact of tax exemption of capital gains and reversals of impairments and non-
deductibility of capital losses and impairments on investments
64,078 -24.189
Impact of the exemption of dividends received -5,830 -6,713
Impact of tax adjustments relating to prior years 0 -486
Other tax adjustments (disallowed expenses) 1,141 861
Deferred tax expense (+) / income (-) -1,564 -368
Income tax expense (+) / income (-)
-1,556 -846
Taxes on items recognised in equity
Deferred tax expense (+) / income (-) relating to the capital gain on the sale of
the “Rue de Naples” building
-1,331 -80
As a holding company, Sofina is fully tax-exempt on most
of its income (dividends and capital gains). This tax regime
applicable to holding companies has been implemented
notably in Belgium and in Luxembourg in view of avoid-
ing double taxation, principle guided by the European Par-
ent-Subsidiary Directive. No deferred tax liability is therefore
recognised for unrealised capital gains on the investments.
There are however a few investments for which a tax on cap-
ital gain in the country of residence of the investee company
can apply in specific situations encountered by some of
Sofina’s investment subsidiaries. The impact of the deferred
tax liabilities for the temporary tax differences recognised by

125
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
such investment subsidiaries between the carrying amount
and the tax base of such portfolio investments is reflected in
their fair value. At 31 December 2022, such impact amounts
to a total of EUR 1.18 million.
The reserves of Sofina SA include temporary differences
arising from tax-exempt income prior to 1990 and tax rules
applicable at that time. No deferred tax liability is recognised
because Sofina SA is able to control the timing of the rever-
sal of such temporary differences and it is probable that
the temporary difference will not reverse in the foreseeable
future. In this respect, at 31 December 2022, the deferred tax
liabilities not recognised amount to EUR 57.63 million (EUR
63.63 million in 2021).
Sofina SA does not recognise deferred tax assets for tax
losses (and dividend-received-deduction) carried forward
for an unlimited time because their recovery is deemed
uncertain in the foreseeable future. At 31 December 2022,
these deferred tax assets not recognised amount to EUR
6.07 million (EUR 4.65 million in 2021).
As explained in point 2.1 above, there is also some accumu-
lated profit within Luxembourg investment subsidiaries
holding Sofina Private Funds which could become taxa -
ble (at a 25% tax rate) in some very unlikely scenarios (and,
moreover, scenarios over which Sofina SA has the control).
Accordingly, no deferred tax liability is recognised for these
amounts.
IN THOUSAND EUR
ASSETS LIABILITIES
31/12/2022 31/12/2021 31/12/2022 31/12/2021
Deferred tax assets and liabilities
Tangible fixed assets 0 0 0 1,331
Unrealised gains on financial fixed assets 0 0 0 233
Deferred tax assets and liabilities 0 0 0 1,564
IN THOUSAND EUR
EXPENSES INCOME
2022 2021 2022 2021
Deferred tax recognised in the income
statement
Tangible fixed assets 0 0 1,331 587
Unrealised gains on shares 0 219 233 0
Deferred tax income and expenses 0 219 1,564 587
IN THOUSAND EUR
2022 2021
Other taxes
Various taxes related to tangible assets 94 121
Non-deductible VAT 2,016 2,014
Annual tax on securities accounts 691 958
Tax on stock exchange transactions 14 37
Other taxes 141 12

126
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
3.15 PUBLIC AID
A subsidy of EUR 349,000 was granted in 2005 by the Brus-
sels-Capital Region. This is a regional contribution to the
costs of renovation work on the facades of the mansion
where Sofina has its headquarters. The amount granted has
been accounted for in the balance sheet as deferred income
and is being depreciated at the same rate as the building of
which the facades form part.
A subsidy of EUR 56,000 was granted in 2013 by the Brus-
sels-Capital Region. This is a regional contribution to the
costs of renovation work on the facade of our building
on Boulevard d’Anvers. The amount granted has been
accounted for the balance sheet as deferred income and is
being depreciated at the same rate as the building of which
the facades form part.
A subsidy of EUR 60,000 was granted in 2016 by the Brus-
sels-Capital Region. This is a regional contribution to the
costs of renovation work on the facades of the mansion
where Sofina has its headquarters. The amount granted has
been accounted for in the balance sheet as deferred income
and is being depreciated at the same rate as the building of
which the facades form part.
3.16 OFF BALANCE SHEET RIGHTS AND COMMITMENTS
IN THOUSAND EUR
31/12/2022 31/12/2021
FOREIGN
CURRENCY
EUR
FOREIGN
CURRENCY
EUR
Investment portfolio,
uncalled committed amounts
56
EUR 91,499 83,143
CAD 190 132 329 228
USD 1,315,795 1,233,635 1,014,168 895,434
GBP 15,300 17,250 8,159 9,710
1,342,516 988,515
Obtained credit lines 925,000 785,000
Used amount
0 35,000
Unused amount
925,000 750,000
Credit lines granted to the investment
subsidiaries
765,000 765,000
Used amount
420,537 686,584
Unused amount
344,463 78,416
As a reminder, Sofina has pre-emptive or preferential sub-
scription rights in certain investments of its portfolio (con-
sidered in transparency) and these are conditional to an
increase in the capital of the portfolio company concerned
or to the sale by a shareholder of its shares in the company.
The other rights obtained relate essentially to the possi-
bility for Sofina and its investment subsidiaries to follow a
shareholder who sells all or part of its investment (tag-along
right). The commitments given by Sofina and its investment
subsidiaries are related to follow-on obligations (transfer of
shares) in the event of the disposal by certain shareholders
of their shares (drag-along right). The total fair value of the
investments concerned by these commitments amounts to
EUR 3,541,439 thousand.
56. These amounts come mainly from subscriptions to investments by Sofina Private Funds amounting to EUR 1,336 million (see point 2.6 above). These
commitments are subscribed by Sofina SA or by its investment subsidiaries (seen in transparency).

127
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
3.17 RELATED PARTY TRANSACTIONS
IN THOUSAND EUR
31/12/2022 31/12/2021
Assets and liabilities
Long-term receivables from non-consolidated related companies 0 0
Short-term receivables from non-consolidated related companies 823,998 796,320
Payables to non-consolidated related companies -175,634 -943
Results from related/associated party transactions
Dividends received from non-consolidated related companies 30,242 17,062
Dividends received from associated companies 6,621 1,105
Interest received from non-consolidated related companies 8,588 5,022
Interest paid to non-consolidated related companies -175 0
Services provided to non-consolidated related companies 5,416 3,971
Services received from non-consolidated related companies -845 -1,425
Compensation of key executives
57
Gross fixed compensation 2,908 2,559
Gross variable compensation 24 14,843
Director’s fees 2,115 2,117
Group insurance, hospitalisation and healthcare 709 603
Share-based payment expenses 3,797 2,043
Data related to significant off-market transactions between related parties Nihil Nihil
The receivables from and payables to non-consolidated
related companies consist mainly of loans and deposits
between Sofina and its subsidiaries. Their remuneration
methods are detailed in point 3.9 above.
The services provided mainly include investment services
and investment advisory services relating to investment
opportunities and investments held by the service recipient.
The services received consist mainly of cash management
services.
Sofina is the guarantor of the commitments of its non-con-
solidated related companies (i.e. its subsidiaries).
Shareholding structure
Union Financière Boël SA, Société de Participations Indus-
trielles SA and Mobilière et Immobilière du Centre SA form
a consortium within the meaning of Article 1:19 of the BCAC
(together the “Reference Shareholder”).
Based on the latest communication by the Reference
Shareholder to the Company dated 23 August 2022, made
in accordance with Article 74 of the Law of 1 April 2007 on
public takeover bids, the companies forming the Reference
Shareholder held on 23 August 2022 shares in the Company
as set out in the table below:
NUMBER OF
SHARES
% OWNERSHIP
Union Financière Boël SA 7,676,729 22.41%
Société de Participations Industrielles SA 8,486,320 24.78%
Mobilière et Immobilière du Centre SA 2,535,968 7.40%
Sub-total of the Reference Shareholder 18,699,017 54.60%
Sofina SA (treasury shares) 770,028 2.25%
Total 19,469,045 56.84%
As at 31 December 2022 Sofina held 917,928 treasury shares
representing 2.68% of its share capital.
57. These are members of the Executive Committee (including the CEO) and non-Executive Directors.

128
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
Auditors fee
IN THOUSAND EUR
2022 2021
Audit services performed by the Auditors 91 81
Other audit services performed by the Auditors 39 62
Other non-audit services performed by the Auditors’ network 125 96
Audit services performed by the Auditors’ network 319 204
Tax advisory services 0 0
3.18 EMPLOYEE STOCK OPTION PLANS
Nature and scope of the agreements
The Sofina group offers its executives
58
stock option plans
on Sofina shares. These options are exercisable at the earliest
on 1
st
January of the fourth calendar year following the year
in which the offer was made, and at the latest until the end
of the tenth calendar year following the year in which the
offer was made.
The option plans are settled exclusively in existing Sofina
shares.
The Company ensures that it holds the necessary number
of own shares at all times to cover the various option plans.
OPTIONS GRANTED NUMBER WEIGHTED AVERAGE
EXERCISE PRICE (IN EUR)
Exercisable as at 31/12/2021
104,100 116.72
Outstanding as at 01/01/2022 476,900 186.84
Granted
59
during the year 196,550 385.40
Exercised during the year -21,550 144.30
Renounced during the year 0 0.00
Expired during the year 0 0.00
Outstanding as at 31/12/2022 651,900 248.11
Exercisable as at 31/12/2022
198,050 147.89
The range of exercise prices of the 651,900 options outstand-
ing as at 31 December 2022 is EUR 82.99 to EUR 385.40
(see table below) and the weighted average remaining
contractual life is seven years with a range of zero to nine
years to exercise the options.
RANGE OF EXERCICE PRICE OF
THE OPTIONS GRANTED
NUMBER WEIGHTED AVERAGE
EXERCICE PRICE (IN EUR)
50 EUR to 100 EUR 19,100 82.99
101 EUR to 150 EUR 74,950 125.87
151 EUR to 200 EUR 228,750 187.19
200 EUR to 250 EUR 132,550 242.57
350 EUR to 400 EUR 196,550 385.40
Options outstanding as at 31/12/2022 651,900
Calculation of the value
Weighted average value of options granted
59
in 2022: EUR
52.88. The valuation model used is the Black-Scholes model.
The weighted averages of the main parameters used for the
calculations are:
YEAR UNDERLYING
SHARE PRICE
(IN EUR)
DIVIDEND YIELD
RISK-FREE
INTEREST RATE
EXPECTED
VOLATILITY
2022 365.20 0.86% -0.12% 20.25%
Volatility has been calculated on the basis of historical movements in the Sofina share price.
58. Employees and Chief Executive Officer.
59 Grant date on the last day of the sixty-days acceptance period.

CORPORATE
ESG TEAMS GOVERNANCE GLOSSARYACCOUNTS AND NOTES
ANNUAL REPORT 2022
129
Effect on the result
The 2022 expense related to the stock option plans amounts
to EUR 5,902 thousand (EUR 3,128 thousand in 2021).
3.19 POST CLOSING DATE EVENTS
Events after the end of the financial year are listed in the Key
events section, which forms an integral part of the Manage-
ment report.
3.20 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES
NAME AND HEADQUARTERS CORPORATE RIGHTS HELD CORPORATE RIGHTS HELD
LINK NUMBER OF
SHARES
% OWNERSHIP
AS AT
31/12/2022
NUMBER OF
SHARES
% OWNERSHIP
AS AT
31/12/2021
A. INVESTMENT SUBSIDIARIES AT FAIR VALUE
Sofina Ventures SA
29, rue de l’Industrie - 1040 Brussels
Company number 0423 386 786
Indirect 11,709 100 11,709 100
Sofina Capital SA
12, rue Léon Laval - LU-3372 Leudelange
Direct 5,872,576 100 5,872,576 100
Sofina Partners SA
12, rue Léon Laval - LU-3372 Leudelange
Indirect 46,668,777 100 46,668,777 100
Sofina Private Equity SA SICAR
12, rue Léon Laval - LU-3372 Leudelange
Indirect 5,910,000 100 5,910,000 100
Sofina Global SA SIF
12, rue Léon Laval - LU-3372 Leudelange
Indirect 17,500,000 100 0 0.00
Global Education Holding SA
12, rue Léon Laval - LU-3372 Leudelange
Indirect 277,262 82.01 277,262 82.01
Global Beauty Holding SA
12, rue Léon Laval - LU-3372 Leudelange
Indirect 300,000 100 300,000 100
Sofina US, LLC
160 Federal Street, 9th floor -
MA 02110 Boston - USA
Direct 802,000 100 802,000 100
Sofina Asia Private Ltd.
108 Amoy Street # 03-01 -
SG-069928 Singapore
Indirect 375,000 100 375,000 100
B. ASSOCIATED COMPANIES AT FAIR VALUE
Sofindev III
Lambroekstraat, 5D - 1831 Machelen
Company number 0885 543 088
Indirect 0 0.00 54,790 27.40
Groupe Petit Forestier
11, route de Tremblay - 93420 Villepinte -
France
Direct 1,244,172 43.39 1,244,172 43.16
Hillebrand Group
6, Carl-Zeiss-Straße - 55129 Mainz-
Hechtsheim - Germany
Indirect 0 0.00 998,595 20.91
Biotech Dental
305, Allées de Craponne - 13300 Salon-de-
Provence - France
Direct 6,154,900 24.75 6,154,900 24.75
Cambridge Associates
125 High Street - MA 02110 Boston - USA
Indirect 24,242 23.64 24,242 22.19
Drylock Technologies
Spinnerijstraat 12 - 9240 Zele
Company number 0479 766 057
Direct 150,000,000 25.64 150,000,000 25.64
Polygone
59, Quai Rambaud - 69002 Lyon - France
Direct 221,076 20.96 221,076 20.96
Nuxe International
127, rue d’Aguesseau - 92100 Boulogne-
Billancourt - France
Indirect 193,261,167 49.00 193,261,167 49.00
Considering Sofina’s compliance with the conditions laid
down in Article 70 of the Luxembourg law of 19 December
2002, Luxembourg subsidiaries (except Sofina Private Equity
SA SICAR and Sofina Global SA SIF) may be exempted from
certain provisions relating to the publication of their statu-
tory annual accounts.

MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
130
SOFINA
KEY EVENTS
INVESTMENTS OVERVIEW
3.21 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
The following new standards and interpretations became
effective in 2022:
• Amendments to IAS 16 - Property, plant and equipment:
proceeds before intended use (applicable for annual peri-
ods beginning on or after 1
st
January 2022);
• Amendment to IFRS 16 - Leases: Covid-19 related rent con-
cessions beyond 30 June 2021 (applicable for annual periods
beginning on or after 1
st
April 2021);
• Amendments to IFRS 3 - Business combinations: reference
to the conceptual framework (applicable for annual periods
beginning on or after 1
st
January 2022);
• Annual improvements 2018-2020 to IFRS (applicable for
annual periods beginning on or after 1
st
January 2022); and
• Amendments to IAS 37 - Provisions, contingent liabilities
and contingent assets: onerous contracts - cost of fulfilling
a contract (applicable for annual periods beginning on or
after 1
st
January 2022).
The application of these standards and interpretations does
not, however, have any material impact on the financial
statements of Sofina.
Sofina has not anticipated the application of the new and
amended standards and interpretations not yet applicable
for the annual period beginning on or after 1
st
January 2022:
• IFRS 17 - Insurance contracts (applicable for annual periods
beginning on or after 1
st
January 2023, but not yet adopted
at European level);
• Amendments to IFRS 17 - Insurance contracts: initial appli-
cation of IFRS 17 and IFRS 9 – comparative information
(applicable for annual periods beginning on or after 1
st
Jan-
uary 2023, but not yet adopted at European level);
• Amendments to IAS 1 - Presentation of financial state-
ments: classification of liabilities as current or non-current
(applicable for accounting years beginning on or after 1
st
January 2023, but not yet adopted at European level);
• Amendments to IAS 1 - Presentation of financial statements
and to the statement of Practice in IFRS 2: disclosure of
accounting policies (effective for annual periods beginning
on or after 1
st
January 2023, but not yet adopted at European
level);
• Amendments to IAS 8 - Accounting policies, changes in
accounting estimates and errors: definition of accounting
estimates (effective for annual periods beginning on or after
1
st
January 2023, but not yet adopted at European level);
• Amendments to IAS 12 - Income taxes: deferred taxes on
assets and liabilities arising from the same transaction
(applicable for accounting years beginning on or after 1
st
January 2023, but not yet adopted at European level); and
• Amendments to IAS 16 - Leases: lease liability in a Sale and
Leaseback (applicable for accounting years beginning on
or after 1
st
January 2024, but not yet adopted at European
level).
The future application of these new standards and interpre-
tations is not expected to have a significant impact on the
consolidated financial statements.
Basis of evaluation
The IFRS consolidated financial statements are prepared
on the basis of fair value through profit and loss except for
trade and employee receivables and payables, which are
measured at amortised cost.
In order to reflect the significance of the data used in fair
value measurements, the Sofina group classifies these
measurements into a hierarchy consisting of the following
levels:
• Level 1: listed prices (unadjusted) in active markets for iden-
tical assets or liabilities;
• Level 2: data other than listed prices included in level 1 that
are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices);
• Level 3: data for the asset or liability that are not based on
observable market data (unobservable data).
Consolidation principles
In accordance with its status as an Investment Entity, Sofina
does not consolidate its subsidiaries and does not apply
IFRS 3 when it acquires control of another entity.
An exception to this is made for subsidiaries that only pro-
vide services related to Sofina’s investment activities. These
subsidiaries are fully consolidated.
Investments in other subsidiaries, which do not exclusively
provide services related to Sofina’s investment activities,
are also measured at fair value through profit and loss in
accordance with IFRS 9.
Investments in which Sofina exercises significant influence
are also measured at fair value through profit and loss in
accordance with IAS 28, §18 and IFRS 9.
The list of subsidiaries and associated companies is pre-
sented above under point 3.20. This list does not include
companies in which Sofina holds more than 20% of the
capital without exercising significant influence, because,
for example, it has neither a representative mandate on
the board of directors nor veto rights (other than the usual
protective rights, for reorganisations, capital increases, etc.).
Transactions in foreign currencies
Transactions in foreign currencies are accounted for at the
exchange rate in force on the date of the transaction.
The impact of foreign exchange is recognised in the income
statement under Other financial income and expenses.
Monetary assets and liabilities denominated in foreign cur-
rencies are translated at closing rates. Exchange differences
arising from these transactions, as well as exchange differ-
ences arising from the translation of monetary assets and
liabilities denominated in foreign currencies, are recognised
in the income statement. Non-monetary assets and liabili-
ties denominated in foreign currencies are translated at the
exchange rate in force on the transaction date.

CORPORATE
ESG TEAMS GOVERNANCE GLOSSARYACCOUNTS AND NOTES
ANNUAL REPORT 2022
131
The financial statements of foreign companies included in
the consolidation are translated into euros at the closing rate
for balance sheet accounts and at the average exchange rate
for the year for income statement accounts. The difference
resulting from the use of these two different rates is recorded
in the consolidated balance sheet under Reserves.
Main foreign exchange rates
31/12/2022 31/12/2021
Closing rate 1 EUR = 1 EUR =
USD 1.0666 1.1326
GBP 0.8869 0.8403
CHF 0.9847 1.0331
SGD 1.4300 1.5279
CAD 1.4440 1.4393
INR 88.1710 84.2292
2022 2021
Average rate 1 EUR =
SGD n/a 1.5860
(In)tangible fixed assets
(In)tangible fixed assets are recorded on the assets side of
the balance sheet at their acquisition or production cost,
less accumulated depreciation and any impairment losses.
(In)tangible fixed assets are depreciated over their estimated
useful life using the straight-line method.
• Buildings: 30 years
• Equipment and furniture: 3 to 10 years
• Rolling stock: 5 years
• Licenses: 5 years
Investments and receivables
Investments at fair value are recorded at the transaction date
and are measured at fair value.
Equity investments at fair value consist of securities that are
acquired with the aim of obtaining returns in the form of
capital gains and/or investment income. They are measured
at fair value at each balance sheet date. Unrealised gains
and losses are recognised directly in the income statement.
In the event of disposal, the difference between the net sale
proceeds and the carrying amount is charged or credited to
the income statement.
Deposits and other current financial assets
Trade receivables are measured at amortised cost. IFRS 9
requires the recognition of credit losses on all debt instru-
ments, loans and trade receivables on the basis of their useful
life. This impairment model under IFRS 9 is based on the
anticipation of losses and does not have a significant impact
on the measurement of impairment of financial assets.
Deposits are designated at fair value through the income
statement.
Receivables from subsidiaries are designated at fair value
through the income statement.
Cash and cash equivalents comprise cash and term deposits
with a maturity of less than three months.
Treasury shares
Purchases and sales of treasury shares are deducted from
and added to equity respectively. Changes during the period
are explained in the statement of changes in equity. No result
is recorded on these changes.
Employee benefits
The Sofina group’s employees benefit from “defined bene-
fit”, “defined contribution” and “cash balance” pension plans.
These pension plans are financed by contributions from
Sofina group companies and subsidiaries employing staff
and by contributions from the staff.
For pension plans, the cost of pension obligations is deter-
mined using the “Projected Unit Credit” actuarial method
for “defined benefit” plans and the “Traditional Unit Credit”
method for “defined contribution” and “cash balance” plans
in accordance with the principles of IAS 19. The present value
of the promised benefits is calculated. This calculated pres-
ent value is then compared with the existing funding and,
if necessary, generates an accounting provision. The costs
established by the actuaries are themselves compared with
the premiums or contributions paid by the employer to the
funding organisation and, if necessary, generate an addi-
tional expense in the consolidated income statement.
The amount recognised in the balance sheet corresponds
to the present value of the pension obligations less the fair
value of pension plan assets, in accordance with the princi-
ples of IAS 19. Actuarial differences, differences between the
actual return on assets and the normative return on assets,
as well as the effect of the asset ceiling (excluding the interest
effect) are recognised in full in equity, without subsequent
reclassification to the income statement.
Incentive plans granted are accounted for in accordance
with IFRS 2. Under this standard, the fair value of the options
at the grant date is recognised in the income statement
over the vesting period. Options are valued using a gener-
ally accepted valuation model based on market conditions
prevailing at the time of granting.
Financial liabilities
Derivative financial instruments are initially recorded at fair
value and revalued at each balance sheet date. Changes in
fair value are recognised in the income statement.
Trade payables, loans and bank overdrafts are initially meas-
ured at fair value less transaction costs directly attributable
to their acquisition or issue and subsequently measured at
amortised cost.
Payables to subsidiaries are designated at fair value through
the income statement.
IFRS 16 – Leases: when a lease is entered into (unless it is a
short-term lease or concerns a low-value asset), a liability is
recognised for the related commitment, valued at amortised

MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
132
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KEY EVENTS
INVESTMENTS OVERVIEW
cost, and the related asset is recognised as property, plant
and equipment.
Provisions
A provision is recognised when a legal or constructive obli-
gation exists at the balance sheet date as a result of a past
event and it is probable that an outflow of resources will be
required to settle the obligation, the amount of which can
be reliably estimated.
Taxes
Taxes include income taxes and deferred taxes. Deferred
taxes are recognised in the income statement except when
they relate to items that have been recognised directly in
equity, in which case they are also recognised directly in
this item.
Income taxes consist of taxes payable on taxable income for
the year, together with any adjustments relating to previous
years.
Deferred taxes consist of income taxes payable or recoverable
in future years in respect of temporary differences between
the carrying amount of assets and liabilities and their tax
base and in respect of unused tax loss carry forwards.
Deferred tax is not recognised on temporary differences
arising from goodwill that is not deductible for tax purposes,
from the initial recognition of assets or liabilities in a transac-
tion that is not a business combination and affects neither
accounting nor taxable profit at the time of the transaction,
or from investments in subsidiaries, provided it is probable
that the temporary difference will not be reversed in the
foreseeable future.
Deferred taxes on unused tax losses are recognised only
to the extent that taxable profits are likely to be realised,
thereby enabling the losses to be utilised.
Taxes are calculated at the tax rates that have been enacted.
Income and expenses
Income and expenses are recognised as follows:
• Dividends and other income are recognised in the income
statement at the date of allocation;
• Interest income is recognised when earned;
• Interest expense is recorded as incurred;
• Gains and losses on non-current assets and gains and losses
on current assets are recognised at the date of the transac-
tion that generated them;
• Other income and expenses are recognised at the time of
the transaction;
• Sofina SA provides investment management services to
non-consolidated subsidiaries. Each resulting service obli-
gation is covered by a service contract and the related rev-
enue is recognised as the service obligation is fulfilled (over
the term of the contract). Services provided by non-consoli-
dated subsidiaries to Sofina SA are treated in the same way;
• Income and capital gains of non-consolidated foreign
investments are recognised net of foreign taxes.
Significant accounting judgments and sources of
uncertainty in accounting estimates
The main accounting estimates relate to the valuation of
the investment portfolio: the significant assumptions and
judgments are discussed in the notes on the fair value of the
portfolio under point 2.4 above.
The significant judgments made by Sofina when determin-
ing its status as an Investment Entity relate to the assess-
ment of the existence of a divestment strategy on portfolio
investments, as well as the assessment of this divestment
strategy on investments held by subsidiaries rather than on
direct investments in these subsidiaries.
The current health and economic crisis caused by the
Covid-19 pandemic increases the uncertainty of the future
performance of the investments made by Sofina. These
uncertainties regarding the performance of our investments
lead to a higher degree of subjectivity in the determination
of the fair values of level 3 in the IFRS 13 hierarchy (see point
2.3 and 3.11 above).

133
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
Free translation of the French original
Independent auditor’s
report to the general
meeting of Sofina SA
for the year ended
31 December 2022
In the context of the statutory audit of the Consolidated Financial Statements) of
Sofina SA (the “Company”) and its subsidiaries (together the “Group”), we report
to you as statutory auditor. This report includes our opinion on consolidated
balance sheet as at 31 December 2022, the consolidated income statement, the
consolidated statement of comprehensive income, the changes in consolidated
shareholders' equity and the consolidated cash flow statement for the year ended
31 December 2022 and the disclosures (all elements together the “Consolidated
Financial Statements”) as well as our report on other legal and regulatory
requirements. These two reports are considered one report and are inseparable.
We have been appointed as statutory auditor by the shareholders’ meeting
of 7 May 2020, in accordance with the proposition by the Board of Directors
following recommendation of the Audit Committee. Our mandate expires at
the shareholders’ meeting that will deliberate on the Consolidated Financial
Statements for the year ending 31 December 2022. We performed the audit of
the Consolidated Financial Statements of the Group during 3 consecutive years.
Report on the audit of the Consolidated Financial Statements
UNQUALIFIED OPINION
We have audited the Consolidated Financial Statements of
Sofina SA, that comprise of consolidated balance sheet on
31 December 2022, the consolidated income statement,
the consolidated statement of comprehensive income, the
changes in consolidated shareholders' equity and the consol-
idated cash flow statement of the year and the disclosures,
which show a consolidated balance sheet total of €10,197,835
thousand and of which the consolidated income statement
shows a loss for the year of € 1,871,526 thousand.
In our opinion, the Consolidated Financial Statements give a
true and fair view of the consolidated net equity and finan-
cial position as at 31 December 2022, and of its consolidated
results for the year then ended, prepared in accordance with
the International Financial Reporting Standards as adopted
by the European Union (“IFRS”) and with applicable legal and
regulatory requirements in Belgium.
BASIS FOR THE UNQUALIFIED OPINION
We conducted our audit in accordance with International
Standards on Auditing (“ISA’s”) applicable in Belgium. In
addition, we have applied the ISA's approved by the Inter-
national Auditing and Assurance Standards Board (“IAASB”)
that apply at the current year-end date and have not yet
been approved at national level. Our responsibilities under
those standards are further described in the “Our responsibil-
ities for the audit of the Consolidated Financial Statements”
section of our report.
We have complied with all ethical requirements that are rel-
evant to our audit of the Consolidated Financial Statements
in Belgium, including those with respect to independence.
We have obtained from the Board of Directors and the
officials of the Company the explanations and information
necessary for the performance of our audit and we believe

134
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our profes-
sional judgment, were of most significance in our audit
of the Consolidated Financial Statements of the current
reporting period.
These matters were addressed in the context of our audit
of the Consolidated Financial Statements as a whole and
in forming our opinion thereon, and consequently we do
not provide a separate opinion on these matters.
VALUATION OF UNLISTED INVESTMENTS
Description of the key audit matter
As described in note 2.4 (Fair Value of the total investment
portfolio in transparency) of the Consolidated Financial State-
ments, the Group holds, in its portfolios « Sofina Direct »,
investments in unlisted companies for a total of €4,115,739
thousand, which represents 40% of the total assets.
These investments are classified as « financial assets » within
the definition of IFRS 9 – Financial Instruments, which should
be measured at fair value. The Group applies the « Interna-
tional Private Equity and Venture Capital Valuation » (« IPEV »)
guidelines in the valuation of these assets.
The determination of the fair value of these unlisted « finan-
cial assets », for which limited public data is available, is a key
audit matter as it depends on significant estimates and/or
judgements from the management, such as the choice of
the valuation method used and the underlying assump-
tions used. This fair value therefore falls under the level 3
of the fair value hierarchy according to IFRS 13 - Fair Value
Measurement.
Summary of the procedures performed
We have analyzed the valuation process of unlisted « finan-
cial assets » as well as the internal controls related hereon,
in particular the use of an independent specialist to con-
firm the fair values estimated internally and management’s
review controls of these fair values.
We have verified the design and the operational effective-
ness of these internal controls.
We have tested, on the basis of a sampling, the valuation
of these assets focusing on the choice of methods used as
well as on the underlying assumptions. In particular, for
this sample:
• We have reconciled the data used in the valuation models
with relevant and available external sources. These data
used, include the transaction multiples used, the published
results or information coming directly from the manage-
ment of the companies in which a participation is held;
• We verified the mathematical accuracy of the valuation
models;
We have verified the retrospective review of the assumptions
used in the past valuation exercises to validate their accuracy.
We have verified that the impact of the fair value of the
investments on the Consolidated Financial Statements has
been appropriately recognised in the income statement.
Lastly, we have verified that the content of the note 2.4 of
the Consolidated Financial Statements complied with the
requirements of the relevant IFRS standards.
RESPONSIBILITIES OF THE BOARD OF
DIRECTORS FOR THE PREPARATION OF THE
CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation of
the Consolidated Financial Statements that give a true and
fair view in accordance with IFRS and with applicable legal
and regulatory requirements in Belgium and for such inter-
nal controls relevant to the preparation of the Consolidated
Financial Statements that are free from material misstate-
ment, whether due to fraud or error.
As part of the preparation of Consolidated Financial State-
ments, the Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, and pro-
vide, if applicable, information on matters impacting going
concern, The Board of Directors should prepare the financial
statements using the going concern basis of accounting,
unless the Board of Directors either intends to liquidate the
Company or to cease business operations, or has no realistic
alternative but to do so.
OUR RESPONSIBILITIES FOR THE AUDIT OF
THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance whether
the Consolidated Financial Statements are free from mate-
rial misstatement, whether due to fraud or error, and to
express an opinion on these Consolidated Financial State-
ments based on our audit. Reasonable assurance is a high
level of assurance, but not a guarantee that an audit con-
ducted in accordance with the ISA’s will always detect a
material misstatement when it exists. Misstatements can
arise from fraud or error and considered material if, individ-
ually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the
basis of these Consolidated Financial Statements.
In performing our audit, we comply with the legal, regulatory
and normative framework that applies to the audit of the
Consolidated Financial Statements in Belgium. However, a
statutory audit does not provide assurance about the future
viability of the Company and the Group, nor about the effi-
ciency or effectiveness with which the board of directors
has taken or will undertake the Company's and the Group’s
business operations. Our responsibilities with regards to the
going concern assumption used by the board of directors
are described below.

135
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GOVERNANCE GLOSSARYACCOUNTS AND NOTES
As part of an audit in accordance with ISA’s, we exercise pro-
fessional judgment and we maintain professional skepticism
throughout the audit. We also perform the following tasks:
• identification and assessment of the risks of material
misstatement of the Consolidated Financial Statements,
whether due to fraud or error, the planning and execution
of audit procedures to respond to these risks and obtain
audit evidence which is sufficient and appropriate to pro-
vide a basis for our opinion. The risk of not detecting mate-
rial misstatements resulting from fraud is higher than when
such misstatements result from errors, since fraud may
involve collusion, forgery, intentional omissions, misrep-
resentations, or the override of internal control;
• obtaining insight in the system of internal controls that are
relevant for the audit and with the objective to design audit
procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effec-
tiveness of the Company’s internal control;
• evaluating the selected and applied accounting policies,
and evaluating the reasonability of the accounting esti-
mates and related disclosures made by the Board of Direc-
tors as well as the underlying information given by the
Board of Directors;
• conclude on the appropriateness of the Board of Directors’
use of the going-concern basis of accounting, and based
on the audit evidence obtained, whether or not a material
uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s or Group’s abil-
ity to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw atten-
tion in our auditor’s report to the related disclosures in the
Consolidated Financial Statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions
are based on audit evidence obtained up to the date of
the auditor’s report. However, future events or condi-
tions may cause the Company to cease to continue as a
going-concern;
• evaluating the overall presentation, structure and content
of the Consolidated Financial Statements, and evaluating
whether the Consolidated Financial Statements reflect a
true and fair view of the underlying transactions and events.
We communicate with the Audit Committee within the
Board of Directors regarding, among other matters, the
planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal
control that we identify during our audit.
Because we are ultimately responsible for the opinion, we are
also responsible for directing, supervising and performing
the audits of the subsidiaries. In this respect we have deter-
mined the nature and extent of the audit procedures to be
carried out for group entities.
We provide the Audit Committee within the Board of Direc-
tors with a statement that we have complied with relevant
ethical requirements regarding independence, and to com-
municate with them all relationships and other matters that
may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with the Audit Committee
within the Board of Directors, we determine those matters
that were of most significance in the audit of the Consoli-
dated Financial Statements of the current period and are
therefore the key audit matters. We describe these matters
in our report, unless the law or regulations prohibit this.
Report on other legal and regulatory requirements
RESPONSIBILITIES OF THE BOARD OF
DIRECTORS
The Board of Directors is responsible for the preparation and
the content of the Board of Directors’ report on the Consoli-
dated Financial Statements, and other information included
in the annual report.
RESPONSIBILITIES OF THE AUDITOR
In the context of our mandate and in accordance with the
additional standard to the ISA’s applicable in Belgium, it
is our responsibility to verify, in all material respects, the
Board of Directors’ report on the Consolidated Financial
Statements, and other information included in the annual
report, as well as to report on these matters.
ASPECTS RELATING TO BOARD OF DIRECTORS’
REPORT AND OTHER INFORMATION
INCLUDED IN THE ANNUAL REPORT
In our opinion, after carrying out specific procedures on the
Board of Directors’ report, the Board of Directors’ report is
consistent with the Consolidated Financial Statements and
has been prepared in accordance with article 3:32 of the
Code of companies and associations.
In the context of our audit of the Consolidated Financial
Statements, we are also responsible to consider whether,
based on the information that we became aware of during
the performance of our audit, the Board of Directors’ report
and other information included in the annual report, being
the key figures (on page 6 of the annual report), contain
any material inconsistencies or contains information that is
inaccurate or otherwise misleading. In light of the work per-
formed, there are no material inconsistencies to be reported.

136
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
INDEPENDENCE MATTERS
Our audit firm and our network have not performed any
services that are not compatible with the audit of the Con-
solidated Financial Statements and have remained inde -
pendent of the Company during the course of our mandate.
The fees related to additional services which are compatible
with the audit of the Consolidated Financial Statements
as referred to in article 3:65 of the Code of companies and
associations were duly itemized and valued in the notes to
the Consolidated Financial Statements.
EUROPEAN SINGLE ELECTRONIC FORMAT
“ESEF”
In accordance with the standard on the audit of the con-
formity of the financial statements with the European single
electronic format (hereinafter "ESEF"), we have carried out
the audit of the compliance of the ESEF format with the reg-
ulatory technical standards set by the European Delegated
Regulation No 2019/815 of 17 December 2018 (hereinafter:
"Delegated Regulation").
The board of directors is responsible for the preparation, in
accordance with the ESEF requirements, of the consolidated
financial statements in the form of an electronic file in ESEF
format in the official French language (hereinafter 'the digital
consolidated financial statements') included in the annual
financial report available on the portal of the FSMA (https://
www.fsma.be/en/data-portal) in the official French language.
1. Acting on behalf of a BV/SRL
It is our responsibility to obtain sufficient and appropri-
ate supporting evidence to conclude that the format and
markup language of the digital consolidated financial state-
ments comply in all material respects with the ESEF require-
ments under the Delegated Regulation.
Based on the work performed by us, we conclude that the
format and tagging of information in the digital consoli-
dated financial statements of Sofina SA per 31 December
2022 included in the annual financial report available on the
portal of the FSMA (https://www.fsma.be/en/data-portal) in
the official French language are, in all material respects, in
accordance with the ESEF requirements under the Dele-
gated Regulation.
OTHER COMMUNICATIONS
• This report is consistent with our supplementary declara-
tion to the Audit Committee as specified in article 11 of the
regulation (EU) nr. 537/2014.
Brussels, 30 March 2023
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Jean-François Hubin
1
Partner
23JFH0133

137
ANNUAL REPORT 2022
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GOVERNANCE GLOSSARYACCOUNTS AND NOTES

138
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
Statutory financial
statements of Sofina SA
and appropriation of
result
In accordance with Article 3:17 of the BCAC, the
accounts presented below are an abridged version of the
annual accounts. The full version, including the balance
sheet, will be filed with the National Bank of Belgium and is
also available at Sofina’s registered office and on its website.
The auditor’s opinion on the financial statements is unqualified.

139
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
ACCOUNTS AS AT 31 DECEMBER 2022
/AFTER APPROPRIATION OF RESULT
IN MILLION EUR
ASSETS 31/12/2022 31/12/2021
Fixed assets 1,649 1,869
(In)Tangible fixed assets 9 10
Financial fixed assets 1,640 1,859
Related companies 475 490
Other companies linked with participating interest 637 631
Other financial fixed assets 528 738
Current assets 1,811 1,824
Amounts receivable within one year 829 801
Cash investments 841 931
Cash and cash equivalents 140 91
Deferred charges and accrued income 1 1
TOTAL ASSETS 3,460 3,693
IN MILLION EUR
LIABILITIES 31/12/2022 31/12/2021
Shareholders’ equity 2,461 2,849
Share capital 80 80
Share premium 4 4
Reserves 1,712 1,736
Retained earnings 665 1,029
Provisions and deferred taxes 4 6
Debts 995 838
Amounts payable after one year 695 695
Amounts payable within one year 297 141
Accrued charges and deferred income 3 2
TOTAL LIABILITIES 3,460 3,693

140
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MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
INCOME STATEMENT
IN MILLION EUR
2022 2021
Sales and services 16 11
Turnover 6 3
Other operating income 10 6
Non-recurring operating income 0 2
Cost of sales and services 42 54
Services and other goods 14 14
Remuneration, social security and pensions 24 36
Provisions for liabilities and charges -2 -1
Other operating charges 6 5
Operating profit (+) / loss (-) -26 -42
Financial income 101 185
Recurring financial income 78 54
Income from financial assets 48 36
Income from current assets 9 5
Other financial income 21 13
Non-recurring financial income 23 131
Financial charges 356 44
Recurring financial charges 83 11
Debt charges 8 6
Other financial charges 75 5
Non-recurring financial charges 273 33
Profit (+) / Loss (-) of the year before taxes -281 99
Taxes 0 1
Profit (+) / Loss (-) of the year -281 100
Transfers from (+) / Transfers to (-) untaxed reserves 24 18
Profit (+) / Loss (-) of the year available for appropriation -257 118

141
ANNUAL REPORT 2022
ESG TEAMS
CORPORATE
GOVERNANCE GLOSSARYACCOUNTS AND NOTES
APPROPRIATION ACCOUNT
IN MILLION EUR
2022 2021
Profit (+) / Loss (-) to be appropriated 778 1,280
Profit (+) / Loss (-) of the year to be appropriated -257 118
Profit (+) / Loss (-) brought forward from the preceding period 1,035 1,162
Transfers from shareholders’ equity 0
From reserves 0
Appropriation to shareholders’ equity 0 142
To other reserves 0 142
Profit (+) / Loss (-) to be carried forward 665 1,029
Profit (+) / Loss (-) to be carried forward 665 1,029
Profit to be distributed 113 109
Return on capital 111 107
Directors 2 2
RESULT APPROPRIATION
1 The beneficiaries referred to in Art. 264, para. 1, 1° and 264/1 of the ITC, as well as foreign pension funds and approved pension savings funds and
holders of a qualifying individual savings account referred to in Art. 106, para. 2, Art. 115, para. 1 and para. 2, Art. 117, para. 2 of the RD/ITC and Art. 266,
para. 4 of the ITC may receive the gross amount of coupon nr. 25, i.e. EUR 3.24, provided that they submit the required certificates no later than 25
May 2023. Beneficiaries of double tax treaties may benefit from a withholding tax reduction under the conditions set in said treaties.
It is proposed to the Annual General Meeting of Sofina SA
which will be held on 4 May 2023 to proceed with the appro-
priation of the result of EUR 778,557 thousand as follows:
IN THOUSAND EUR
Net dividend of EUR 2.268 77,679
Withholding tax on the dividend 33,291
Directors 2,330
Available reserves 0
Profit carried forward 665,257
778,557
The appropriation of the result proposed by the Board of
Directors includes the distribution to 34,250,000 shares of
a gross dividend of EUR 3.24 per share, representing a net
dividend of EUR 2.268, an increase of EUR 0.08 compared
with the previous year.
Since the treasury shares are not entitled to a dividend in
accordance with Article 7:217, §3 of the BCAC, the total div-
idend amount depends on the number of treasury shares
held by Sofina SA on 11 May 2023 at 11.59 pm Belgian time (i.e.
the trading day before the ex-date). Accordingly, the Board
of Directors proposes to authorise the CEO to record the
final total dividend amount (and the resulting changes to
the director's fees and result appropriation) in the statutory
financial statements.
The maximum total amount of gross dividend proposed is
EUR 110,970 thousand (34,250,000 x EUR 3.24), including a
withholding tax of EUR 33,291 thousand.
If the Annual General Meeting approves this proposal, a divi-
dend of EUR 2.268
1
net of withholding tax will be paid to each
share as from 16 May 2023 (ex-date: 12 May 2023 and record
date: 15 May 2023) upon detachment of coupon nr. 25.
Payments will be made in Belgium by Euroclear Belgium.

142
SOFINA
MESSAGE TO
SHAREHOLDERS
KEY INDICATORS STRATEGY
KEY EVENTS
INVESTMENTS OVERVIEW
• 2020 Code: 2020 Belgian Code on Corporate Governance.
• ANAVPS: A concept used in the calculation of the LTIP
performance test. This is the adjusted NAVPS. The ANAVPS
at the beginning of each year of the cohort (four-year ref-
erence period) is based on Sofina’s audited NAVPS as at 31
December of the previous year, minus an amount equal to
twice the gross dividend distributed in the year in question.
The ANAVPS at the end of each year of the cohort must be
based on the audited NAVPS as at 31 December of that year,
reduced by an amount equal to twice the dividend distrib-
uted in that year, multiplied by a rate equal to a maximum
of (x) 0% and (y) the 12-month Euribor rate as published on
31 December of the previous year.
• Average annual return: Average annual growth rate cal-
culated on the basis of the change in equity per share
(NAVPS) during the period ending on 31 December 2022,
taking into account the gross dividend(s) per share of
Sofina. It is expressed on an annualised basis. As an exam-
ple, the average annual return over one year is calculated
as follows and is based on the “XIRR” formula in Excel:
YEAR NAVPS
T1
GROSS
DIVIDEND PAID
IN EUR
NAVPS
T
PERFOR
MANCE
IN%
2022 337.86 3.13 279.4 -16.5%
It should be noted that the comparison of Sofina’s average
annual return against a benchmark index is made on the
basis of identical periods.
Since 2016, the Company measured its long-term perfor-
mance by comparing the evolution of its equity per share
against a benchmark, the MSCI ACWI Net Total Return EUR
Index. Sofina’s NAVPS is used instead of its share price in
order to better reflect management performance and to
better align with LTIP concepts.
• BCAC: Belgian Companies and Associations Code.
• Cash – Non-cash: Defines whether a portfolio transaction
generated a cash inflow or outflow (Cash) or not (Non-cash).
• Company: Sofina SA.
• ESG: Refers to Environmental, Social and Governance fac-
tors, as set out in Sofina’s Responsible investment policy.
• Euro Stoxx 50 Net Return Index EUR (“EUR Stoxx 50”):
Ticker used by Bloomberg (SX5T Index). This index is also
presented because of its wide use in the financial markets.
• General Partners (“GPs” or “Managers”): Specialised teams
managing investment funds in unlisted companies, focus-
ing on venture and growth capital funds.
• Gross cash: Net cash plus financial debts, in transparency.
• Investment Entity: Status adopted by Sofina SA since
1
st
January 2018 in application of IFRS 10, §27, which provides
that, as long as it meets the definition of an Investment
Entity, a company does not consolidate its subsidiaries
(except for subsidiaries exclusively providing services
related to investment activities). Direct subsidiaries are
recorded at fair value in the consolidated financial state-
ments, including the fair value of their equity investments
and other assets and liabilities (mainly intra-group debts
and receivables).
The direct subsidiaries of Sofina SA are stated at fair value
through profit and loss in accordance with IFRS 9.
As required by IFRS 10, §B101, Sofina applied this accounting
treatment as of 1
st
January 2018, when it met all the criteria
of an Investment Entity, Sofina has determined that it is an
Investment Entity within the meaning of IFRS 10 because it
meets the three criteria set by the standard. In fact, Sofina:
– uses the funds of its investors (who are shareholders of
the listed company) to provide them with investment
management services;
Glossary

143
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GOVERNANCE ACCOUNTS AND NOTES GLOSSARY
– makes investments with the aim of obtaining returns in
the form of capital gains and/or investment income;
– monitors the performance of its investments by measur-
ing them at fair value.
In addition, Sofina has all the typical characteristics of an
Investment Entity as defined by IFRS 10:
– it has more than one investment;
– it has more than one investor;
– it has investors who are not related parties;
– it has ownership rights in the form of equity securities or
similar interests.
As mentioned above, Sofina SA does not consolidate its
subsidiaries (IFRS 10, §27).
• Listed: Level 1 and 2 investments as per the fair value hier-
archy defined in point 2.3 of the Notes to the consolidated
financial statements.
• Loan-to-value (%): Ratio between (i) Net debt (or if nega-
tive, corresponds to Net cash) and (ii) the total value of the
portfolio in transparency.
• LTIP: Long-term incentive plan organised within Sofina.
• MSCI ACWI Net Total Return EUR Index (“MSCI ACWI”):
Ticker used by Bloomberg (NDEEWNR Index). This index
is the benchmark used by Sofina. This benchmark is con-
sidered to be the most appropriate because of (i) Sofina’s
global investment strategy (which called for a reference
to a World Index (“WI”) for developed markets) and (ii) the
Sofina group’s investments in Asia and the rest of the world
(which justified the choice of the All Countries (“AC”) index
for emerging markets). The Company’s essentially Euro-
pean shareholder base and its listing on Euronext Brussels
ultimately guided the choice of the euro-denominated
index.
• Net Asset Value (“NAV”): Net assets or shareholder’s equity.
NAV per share (“NAVPS”) corresponds to the net assets
per share or equity per share (calculation based on the
number of outstanding shares at the end of the period). It
should be remembered that since 1st January 2018, Sofina
has adopted the status of Investment Entity according
to IFRS 10. Since then, its equity, or NAV in the context
of this Annual report, corresponds to the fair value of its
investments as well as of its direct subsidiaries and their
investments and other assets and liabilities.
• Net cash (or Net debt if negative): Sum, in transparency, of
“Cash and cash equivalents”, “Deposits” and “Cash invest-
ments”, less “Financial debts” of current and non-current
liabilities. “Receivables from subsidiaries” and “Debts to
subsidiaries” are not included in Net cash. The term is used
in the key management information (see point 2.1 of the
Notes to the consolidated financial statements).
• Other assets and liabilities: Sum of “Deferred taxes” (on the
assets side), “Other current financial assets”, “Receivables
from subsidiaries”, “Other current debtors” and “Taxes” (on
the assets side), less “Non-current provisions”, “Non-cur-
rent financial liabilities”, “Deferred taxes” (on the liabilities
side), “Payables to subsidiaries”, “Current trade and other
payables” and “Taxes” (on the liabilities side). These are
not shown as separate lines in the internal information
used for the management of the Sofina group and have
therefore been grouped together to reflect this information
(see point 2.1 of the Notes to the consolidated financial
statements).
• Portfolio in transparency: Sofina SA manages its portfolio
on the basis of the total investments held either directly
or through investment subsidiaries. When preparing the
financial statements as an Investment Entity, the fair value
of its direct investments (in portfolio investments or in
investment subsidiaries) is recognised as an asset in the
balance sheet. By contrast, segment management infor-
mation (based on internal reporting) is prepared on the
entire portfolio in transparency (i.e. on all portfolio invest-
ments whether held by Sofina SA directly or indirectly
through its investment subsidiaries), and thus on the basis
of the total fair value of each investment ultimately held.
The presentation of dividends or cash follows the same
logic.
• PSU: Performance Share Units offered to beneficiaries
under the LTIP.
• Shareholders’ equity: Net Asset Value (as defined herein).
• Sofina Direct: Denomination combining Long-term minor-
ity investments and Sofina Growth as a result of some of
their similar features, as opposed to Sofina Private Funds.
• Total Shareholder Return (“TSR”): Average annual return
(as defined above).
• Unlisted: Level 3 investments as per the fair value hierar-
chy defined in point 2.3 of the Notes to the consolidated
financial statements.
• UNPRI: Principles for Responsible Investment developed
by the United Nations (www.unpri.org).

Concept and realisation: ChrisCom (www.chriscom.eu)
Printing: Toner de Presse
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SOFINA SA
Registered office
Rue de l’Industrie, 31 | B-1040 Brussels
Tel.: +32 (0)2 551 06 11
Fax: +32 (0)2 513 96 45
Company number
0403 219 397
info@sofinagroup.com | www.sofinagroup.com