Annual report
For the year ended 31 December 2024

Annual report 2024
2
CONTENTS
Consolidated management report
Group overview
3
Financial and operational results
7
Alternative performance measures
14
Selected Financial Data
15
Risk management report
16
Sustainability report
General disclosures
21
Business conduct
29
Own Workforce
32
Environment
40
Affected Communities
52
Corporate governance statement
56
Consolidated financial statements
Management responsibility statement
61
Report of the réviseur d’entreprises agréé
62
Consolidated statement of comprehensive income
68
Consolidated statement of financial position
69
Consolidated statement of changes in equity
70
Consolidated statement of cash flows
71
Notes to the Consolidated financial statements
73

Annual report 2024
Consolidated management report
Group overview
3
CONSOLIDATED MANAGEMENT REPORT
Group overview
Who we are
IMC is an integrated agricultural business operating in Ukraine. In May 2011 IMC conducted IPO on Warsaw Stock Exchange.
The main areas of IMC’s activities are:
 cultivation of grain & oilseeds crops
 storage of grain & oilseeds crops
IMC is among Ukraine’s top-10 agricultural companies.
Land bank location and infrastructure
 116 ths hectares in prime fertile farming regions of Ukraine.
 High concentration of land plots within the clusters (average distance between fields up to 20 km).
 Developed and self-sufficient farming infrastructure:
- own storage capacities for grain and oilseeds
- logistic infrastructure
- own machinery park

Annual report 2024
Consolidated management report
Group overview
4
IMC’s
Key facts 2024

Annual report 2024
Consolidated management report
Group overview
5
Business model
Strong export orientation in sales
EXPORTED CROPS
Corn Wheat
EXPORT DESTINATIONS
Asia EU Northern Africa Middle East
SHARE OF EXPORT REVENUE

Annual report 2024
Consolidated management report
Group overview
6
Key performance indicators
Key Ratios
2020
2021
2022
2023
2024
Current ratio
2,3
2,8
2,7
2,5
3,9
Net Borrowings/Equity
0,1
0,0
0,1
0,2
(0,1)
Net Borrowings/EBITDA
0,2
0,0
0,4
9,2
(0,2)
Interest coverage
24,1
108,8
25,4
(12,2)
54,9
Equity/Assets
0,5
0,5
0,5
0,5
0,6
161,4
181,7
114,0
139,5
211,3
2020 2021 2022 2023 2024
Revenue, mln. USD
31,7
75,9
-1,1
-21,0
54,5
2020 2021 2022 2023 2024
Net profit, mln. USD
71,8
107,5
36,2
3,2
86,1
2020 2021 2022 2023 2024
EBITDA, mln. USD
33,2
32,8
38,4
45,7
23,3
2020 2021 2022 2023 2024
Debt, mln. USD

Annual report 2024
Consolidated management report
Group overview / Financial and operational results
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Strategic and forward-looking
Group strategy
IMC SMART GREEN STRATEGY 2023-2033
Strategic directions:
 Operational efficiency improvement
 Fossil fuel consumption decrease
 Greenhouse Gas emission reduction
 Preservation of Soil fertility & health
 Investments in the acquisition of agricultural land in Ukraine
 Personnel development
 Local communities support
Further likely development
Further likely development of the Group in 2025 will depend on the dynamics and scale of the war against Ukraine.
As of the time of issuing this report, we focus on the following tasks:
- Focusing on three crops - corn, sunflower and wheat. Area under these crops is planned as 56%, 21% and 18% of the
total crop mix in 2025 (55%, 20% and 17% in 2024 respectively);
- Focusing on business efficiency - we expect that implementation of our Research & Development department results
will optimize production efficiency in 2025;
- Debt maintenance at the level of USD 15,2 million at the end of 2025 (USD 23,3 million at the end of 2024);
- Compliance with safety rules and retention of IMC personnel;
- Focusing on export sales throught sea ports and maintaining a constant share of shipments by rail;
- Using certified seeds, crop protection products and fertilizers from leading world manufacturers.
Financial and operational results
World economy
WHEAT
According to USDA report “Grain: World Markets and Trade”, January 2025, in 2024/2025 MY:
 World wheat ending stocks are forecast to be the lowest in 5 consecutive years
 Ukraine ranks # 6 in the ranking of the world's largest wheat exporters with a share of 7.5% of global wheat exports
Wheat
2023/24
2024/25
Y-o-Y,%
World Production
791 021
793 238
0,3%
World Consumption
797 827
801 890
0,5%
World Trade (export/import)
224 122
212 313
-5,3%
World Ending Stocks
267 467
258 815
-3,2%
Source: USDA report “Grain: World Markets and Trade”, January 2025

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Consolidated management report
Financial and operational results
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Wheat prices
CORN
According to USDA report “Grain: World Markets and Trade”, January 2025, in 2024/2025 MY:
 Ukraine ranks #4 in the ranking of the world's largest corn exporters with a share of 12% in global corn exports
Corn
2023/24
2024/25
Y-o-Y,%
World Production
1 230 007
1 214 345
-1,3%
World Consumption
1 217 218
1 238 469
1,7%
World Trade (export/import)
197 852
189 722
-4,1%
World Ending Stocks
317 462
293 338
-7,6%
Source: USDA report “Grain: World Markets and Trade”, January 2025

Annual report 2024
Consolidated management report
Financial and operational results
9
Ukrainian economy
2024 GDP and Inflation
According to preliminary estimates of the Ministry of Economy of Ukraine in 2024 Ukraine's GDP increased by 3.6%.
In 2024, inflation in Ukraine increased to 12% compared to 5.1% in 2023, reported State Statistics Service of Ukraine.
2024 Grain, Leguminous and Oilseeds harvest in Ukraine
According to the Ministry of Agrarian Policy and Food of Ukraine, as of November 22, 2024, Ukrainian agrarians harvested 98%
of the projected areas for the 2024 harvest. 72.9 mln tonnes of grains and oilseeds were harvested (53.4 million tonnes of grains
and almost 19.5 million tonnes of oilseeds) from an area of 19.5 mln hectares.
In particular:
- wheat - 4.9 million hectares (or 100%) were harvested, crop - 22.4 million tonnes
- barley - 1.4 million hectares (or 100%) were harvested, crop - 5.6 million tonnes;
- peas - 212.3 ths hectares (or 100%) were harvested, crop - 469 ths tonnes;
- corn - 3.7 million hectares (or 94%) were harvested, crop - 23.6 million tonnes;
- millet - 88.2 ths hectares (or 97%) were harvested, crop - 161.3 ths tonnes;
- buckwheat - 88.1 ths hectares (or 99%) were harvested, crop - 131.7 ths tonnes;
- sunflower - 4.9 million hectares (or 97%) were harvested, crop - 10.1 million tonnes;
- soybeans - 2.6 million hectares (or 99%) were harvested, crop - 6 million tonnes;
- rapeseed - 1.2 million hectares (or 100%) were harvested, crop - 3.5 million tonnes.
2024 Grain export from Ukraine
In 2024, the agricultural sector generated 59,3% ($24,7 bln) of foreign exchange earnings from the export of goods from Ukraine,
reported the Ministry of Agrarian Policy and Food of Ukraine. Agricultural export in 2024 grew by 8.9% compared to 2023.
In particular, the exports amounted to:
 grain crops - $9.4 billion (13.4% more than in 2023);
 oilseeds - $3.4 billion (20.4% more than in 2023);
 vegetable oil - $5.7 billion (1.9% more than in 2023);
 natural honey - $167 million (37.5% more than in 2023).
In 2024, Ukraine exported 53.9 million tonnes of grain, up 20% from 2023, according to the State Customs Service of Ukraine.

Annual report 2024
Consolidated management report
Financial and operational results
10
Financial and operational results
The following table sets forth the Company’s results of operations derived from the Consolidated financial statements:
(in thousand USD)
For the year ended
31 December 2024
For the year ended
31 December 2023
Changes, %
CONTINUING OPERATIONS
Revenue
211 288
139 453
52%
Gain from changes in fair value of biological assets and
agricultural produce, net
75 777
15 242
397%
Cost of sales
(177 970)
(132 710)
34%
GROSS PROFIT
109 095
21 985
396%
Administrative expenses
(10 334)
(9 666)
7%
Selling and distribution expenses
(31 435)
(23 994)
31%
Other operating income
2 926
1 444
103%
Other operating expenses
(2 417)
(3 323)
-27%
Write-offs of property, plant and equipment
(25)
(41)
-44%
Reversal of impairment of property, plant and equipment
-
390
-100%
Impairment of property, plant and equipment
-
(184)
-100%
OPERATING PROFIT/(LOSS)
67 810
(13 389)
-606%
Financial expenses, net
(1 235)
(1 110)
11%
Financial effect of lease of right-of-use assets
(6 747)
(5 396)
25%
Foreign currency exchange (loss)/gain, net
(4 501)
(1 185)
280%
PROFIT/(LOSS) BEFORE TAX FROM
CONTINUING OPERATIONS
55 327
(21 080)
-362%
Income tax expenses, net
(789)
50
-1678%
NET PROFIT/(LOSS) FOR THE PERIOD FROM
CONTINUING OPERATIONS
54 538
(21 030)
-359%
Normalised EBITDA
86 111
3 422
2416%
The increase in normalised EBITDA in Y2024, as well as the increase in net profit for the period, is due to increase in sales
volumes and grain and oilseeds prices during the period.
Revenue
The Company’s revenue from sales of finished products increased by 52% in Y2024 in comparison with previous period.
The following table sets forth the Company’s sales revenue by products indicated:
(in thousand USD)
For the year ended
31 December 2024
For the year ended
31 December 2023
Changes, %
Corn
107 854
99 522
8%
Sunflower
46 454
17 062
172%
Wheat
56 005
22 059
154%
Other
847
590
44%
211 160
139 233
52%
The most significant portion of the Company’s revenue comes from selling corn, which represented 51,1% in Y2024 and 71,4%
in Y2023 of total revenue.

Annual report 2024
Consolidated management report
Financial and operational results
11
The following table sets forth the volume of the Company’s main crops and revenues generated from the sales of such crops:
For the year ended
31 December 2024
For the year ended
31 December 2023
Corn
Sales of produced corn (in tonnes)
669 121
593 946
Realization price (U.S. $ per ton)
161
168
Revenue from produced corn (U.S. $ in thousands)
107 854
99 522
Sunflower
Sales of produced sunflower (in tonnes)
116 267
47 018
Realization price (U.S. $ per ton)
400
363
Revenue from produced sunflower (U.S. $ in thousands)
46 454
17 062
Wheat
Sales of produced wheat (in tonnes)
307 166
132 681
Realization price (U.S. $ per ton)
182
166
Revenue from produced wheat (U.S. $ in thousands)
56 005
22 059
Other (produced only)
Total sales volume (in tonnes)
18 882
14 890
Total revenues (U.S. $ in thousands)
847
590
Total sales volume (in tonnes)
1 111 436
788 535
Total revenue from sale of crops (U.S. $ in thousands)
211 160
139 233
Cost of sales
The Company’s cost of sales changed to USD 178,0 million in current period from USD 132,7 million in previous period. The
following table sets forth the principal components of the Company’s cost of sales for the periods indicated:
(in thousand USD)
For the year ended
31 December 2024
For the year ended
31 December 2023
Changes, %
Raw materials
(98 602)
(94 877)
4%
Change in inventories and work-in-progress
(26 101)
23 064
-213%
Depreciation and amortization
(17 104)
(16 003)
7%
Wages and salaries of operating personnel and related
charges
(13 889)
(13 546)
3%
Fuel and energy supply
(13 150)
(19 487)
-33%
Third parties' services
(5 540)
(7 689)
-28%
Rent
(1 897)
(2 767)
-31%
Repairs and maintenance
(789)
(521)
51%
Taxes and other statutory charges
(758)
(802)
-5%
Other expenses
(140)
(82)
71%
(177 970)
(132 710)
34%
A 34% increase in cost of sales in Y2024 is consistent with an increase in sales by 52%, taking into consideration the significant
increase in sale prices.
Foreign currency exchange, net
As at 31 December 2024 Ukrainian Hryvnia devaluated against the USD compared 31 December 2023 by 9,6% (3,7% of
devaluation as at 31 December 2023 compared 31 December 2022), 8,9% of devaluation for the average rate 2024/2023 in
comparison with 11,5% of devaluation for the average rate 2023/2022. During the 2024 the Group recognised net foreign
exchange loss in the amount of USD 4 501 thousand and USD 1 185 thousand of net loss for the 2023 (relates mostly to the
revaluation of loans) in the Consolidated statement of comprehensive income.

Annual report 2024
Consolidated management report
Financial and operational results
12
Cash flows
The following table sets out a summary of the Company’s cash flows for the periods indicated:
(in thousand USD)
For the year ended
31 December 2024
For the year ended
31 December 2023
Changes, %
Net cash flows from operating activities
91 570
17 069
437%
Net cash flows from investing activities
(22 497)
(16 561)
36%
Net cash flows from financing activities
(37 409)
(8 652)
332%
Net increase in cash and cash equivalents
31 664
(8 144)
-489%
The Company’s net cash inflow from operating activities increased to USD 91,6 million in current year from USD 17,1 million
in previous year. The increase in Y2024 was primarily attributable to increase in sales volume.
The Company’s net cash outflow from investing activities increased to USD 22,5 million in Y2024 from USD 16,6 million in
Y2023 which is in line with the Group's CAPEX program.
Net cash outflow from financing activities increase to USD 37,4 million in current year from USD 8,7 million in previous year,
reflecting the balance between funds raised and paid out.
Innovative technologies and R&D
Precision Farming department and Research and development department implemented the following technologies in operating
activities:
 Autopiloting systems with RTK accuracy - allows to increase the efficiency of any field operations by 6-8% and the
corresponding fuel economy. Currently, IMC has 100+ autopilots.
 Section control systems on sowing and spraying - a technology that allows to switch off sections at overlaps and save
significantly on chemicals, seed and fertilizers.
 Row Sense system and Row Vision system on spraying machines - technology that avoids trampling plants when spraying
industrial crops.
 The Raven VSN&RADAR system on the Tecnoma sprayer is a technology that avoids trampling on industrial crops
during spraying.
 Use of Amazone ZG-TS 10001 smart fertilizer spreaders with load cell system, hydraulic drive, sectional control,
automatic online calibration and VRA technology.
 Equipping the fertilizer spreader with the Argus Twin system - the system constantly measures and adjusts the spreading
direction to optimize lateral distribution and Constant Flow Control - is a constant monitoring and correction of the
application rate proportional to speed (kg/ha). CFC fixes the torques of the spreading disc drives and uses them to
calculate the metering slide position regardless of the spreading direction.
 Monitoring the quality of field operations - each seeder and sprayer machine has a controller, which records the actual
work done.
 JD Operations Center integration for receiving, transmitting, accumulating and analyzing big data from field equipment.
 Integration of Crop Wise Operation to conduct high-quality field agronomic scouting.
 Wialon GPS monitoring system - a software product that is used to organize the traffic control of machines, control
fuel and record of work done.
 Satellite monitoring - periodically, during the year, satellite monitoring of all crops in the fields of the IMC is carried out
to identify deviations in the growing of crops.
 Carrying aerial photography by drones - each of our enterprises is equipped with drones, which provides detailed aerial
survey of fields, allowing quick identification of the nature of heterogeneity and react to any deviations in the vegetation
of plants.
 Yield sensors systems on each combine for yield mapping of each field.
 Implementation of Precision Planting equipment into sowing process – extremely increases quality of sowing.
 NFC field data transmission between trucks & weighing system on each grain cart – to control grain movement from
field to storage.

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Financial and operational results
13
 Agrogeoportal - PreAgri - it acts as the only platform for collecting, storing, processing and visualizing all geospatial data
from fields.
 Meteo stations network within our fields.
 Permanent field rout optimization and boundaries actualization with digital GIS tools.
 Implementation of systematic control of soil compaction, control of the depth of basic tillage, and annual control of the
tillage line. High soil hardness impedes the normal growth of the plant root system, moisture accumulation, air exchange,
nutrient absorption, etc. Using a handheld penetrometer, you can identify problem areas at different depths with
reference to GPS coordinates.
 Implementation of ultra-low-volume application of desiccant and insecticide by agro-drones for our crops in the
outsourcing format.
 We bought mounted sprayers with controllers and sectional control for qualitative testing of plant protection products
and herbicides on our trial fields (Agropolygons).
 Installation of mobile weather stations on self-propelled sprayers to track and control the performance of technological
operations within the recommended and permissible values of temperature, wind and humidity.
 Wireless data transfer integration for Trimble equipment for fast data synchronization between the office and the
equipment. Exclusively for mineral fertilizer spreaders.
The elements of precision farming are tested and introduced by the R&D department: systems for GPS-monitoring of the
machinery, auto-piloting, satellite monitoring, variable rate for seeding and fertilization. Main types of experiments are connected
with hybrids and varieties (seeding materials), plant protection products, plant fertilizer systems, precision farming systems, soil
tillage systems, testing of agricultural equipment (drillers, planters, sprayers etc.).
The results of the work of the R&D department:
- Testing of optimal seeding rate (different from the recommendations of the seed manufacturer) and selecting of optimal
protection products was carried out. The results of the experiments were applied in practice, which allows saving materials
while maintaining the qualitative and quantitative characteristics of the future crop.
- Precision planting equipment was tested and introduced to large-scale production.
- R&D department created separate trial fields (Agropolygons) with small plots in all clusters of IMC. This approach helps us
to concentrate a large amount of trials in one location and to analyze the results of trials in equal conditions in a more
scientific way than previously.
- R&D department has successfully implemented the new approach to accounting trials using GIS technologies (joint project
with OneSoil and ClimateFieldview), as a result—creation of small plot trials.
There were no development costs capitalized in the accounts, the research is done internally and is consequently captured mainly
in the costs of personnel and amounted USD 172 thousand for Y2024 (USD 164 thousand for Y2023).

Annual report 2024
Consolidated management report
Alternative performance measures
14
Alternative performance measures
Certain measures were included in this report but they are not measures of performance under IFRS - Alternative performance
measures (APM). Management believe that these APMs assist in providing additional useful information on the underlying trends,
performance and position of the Group. APMs are used for performance analysis, planning, reporting.
Alternative performance measures are:
 Normalised EBITDA
 Debt
 Net Borrowings
 Current ratio
 Interest coverage
 Segment’s results
Normalised EBITDA
Earnings before interest, taxes, depreciation and amortisation (EBITDA) is calculated as revenue less expenses, the latter
excluding tax, interest, depreciation and amortisation. Being a proxy to the operating cash flow before working capital changes,
EBITDA is widely used as an indicator of a company's ability to generate cash flows, as well as its ability to service debt.
Consequently, the management EBITDA serves as a measure to estimate financial stability of the Company. Besides, excluding
the effect of depreciation and amortisation along with cost of capital and taxation provides to external users another measures
comparable to similar companies regardless of varying tax environments, capital structures or accounting policies regarding
depreciation and amortization.
The Company calculates Normalised EBITDA by adjusting Net profit for the expense items that are deemed to be substantially
beyond the control of management, as well as items believed to be non-recurring. The Normalised EBITDA for the periods
presented is calculated based on historical information derived from the Consolidated financial statements.
The reconciliation to Normalised EBITDA for the period (from continuing operations) is presented as follows:
(in thousand USD)
For the year ended
31 December 2024
For the year ended
31 December 2023
Changes, %
CONTINUING OPERATIONS
Net profit/(loss) for the period
54 538
(21 030)
Financial expenses, net
1 235
1 110
Income tax expenses, net
789
(50)
Depreciation and amortization
18 276
16 770
Write-offs of property, plant and equipment
25
41
Financial effect of lease of right-of-use assets
6 747
5 396
Foreign currency exchange (loss)/gain, net
4 501
1 185
Normalised EBITDA
86 111
3 422
2416%
The Group believes that these measures better reflect the Group core operating activities and provide both management and
investors with information regarding operating performance, which is more useful for evaluating the financial position of the
Group than traditional measures, to the exclusion of external factors unrelated to their performance.
Debt
Debt is defined as bank borrowings. The Group believes that Debt is commonly used by securities analysts, investors and other
interested parties in the evaluation of a company’s leverage.

Annual report 2024
Consolidated management report
Alternative performance measures / Selected financial data
15
Net Borrowings
Net borrowings is defined as bank borrowings (Debt) less cash and cash equivalents. The Group believes that Net borrowings is
usually used in conjunction with Debt when assessing a company's leverage.
Current ratio
The current ratio is a liquidity ratio that measures a company’s ability to pay short-term obligations. The ratio considers the
weight of total current assets versus total current liabilities. It indicates the financial health of a company and how it can maximize
the liquidity of its current assets to settle debt and payables.
Interest coverage
The interest coverage ratio measures the ability of a company to pay the interest on its outstanding debt. This measurement is
used by creditors, lenders, and investors to determine the risk of lending funds to a company. The interest coverage ratio is
calculated by dividing a company's earnings before interest and taxes (EBIT) by its interest expense during a given period.
Segment’s results
The Group uses as a key measures of segment operating performance Gross income of the segment. Expenses and incomes that
are not included in gross income are not allocated to each segment and are presented separately as unallocated. Actually indicators
Operating income, Profit before tax and Net profit of a segment are Gross income of the segment.
Selected Financial Data
(in thousand USD, unless otherwise stated)
For the year ended
31 December 2024
For the year ended
31 December 2023
I.
Revenue
211 288
139 453
II.
Operating profit/(loss)
67 810
(13 389)
III.
Profit/(loss) before income tax
55 327
(21 080)
IV.
Net profit/(loss)
54 538
(21 030)
V.
Net cash flow from operating activity
91 570
17 069
VI.
Net cash flow from investing activity
(22 497)
(16 561)
VII.
Net cash flow from financing activity
(37 409)
(8 652)
VIII.
Total net cash flow
31 664
(8 144)
IX.
Total assets
322 317
312 204
X.
Share capital
62
62
XI.
Total equity
181 399
141 694
XII.
Non-current liabilities
105 074
102 524
XIII.
Current liabilities
35 844
67 986
XIV.
Weighted average number of shares
35 500 464
35 500 464
XV.
Profit/(loss) per ordinary share (in USD)
1,55
(0,59)
XVI.
Total equity per share (in USD)
5,11
3,99

Annual report 2024
Consolidated management report
Risk management report
16
Risk management report
Risk management at IMC
Risk management is the process of reducing the possibility of adverse consequences either by reducing the likelihood of an event
or its impact or taking advantage of the upside risk. The goal of the risk management at IMC is to provide a reasonable assurance
that Group’s business objectives will be achieved. This process encompasses such stages as risk identification, risk assessment,
risk respond and risk mitigation, monitoring.
Risk identification. Managers of every department are responsible for tracking of potential risks concerning theirs functions.
Risks must obviously be identified before they can be managed.
Risk assessment. List of risks should be prioritised according to the likelihood of occurrence and impact on the organization
(department) goals. The most essential risks need urgent attention.
Risk response and risk mitigation. Management has to construct effective plan to deal with each significant risk identified.
Tools aiming to mitigate risks are established at internal documents (instructions, rules, methods, etc.).
Monitoring. Risks are monitored on an ongoing basis. Where risks change or new risks are identified then those risks are added
to the risk assessment for appropriate categorisation and action. Internal audit process is the main tool for risk monitoring.
IMC’s management is responsible for day-to-day monitoring, identification, assessment and planning mitigation activities
concerning operational risks in the course of its ordinary performance. Internal controls at IMC are the main tools of operational
risks mitigation process. Established internal policies and internal regulatory documents are the primary mediums of internal
controls implementation.
The Board of Directors currently maintains responsibility for overseeing enterprise risk management process and strategic risks.
Major risk exposures are regularly discussed at the board meetings.
IMC's accounting-related risk management system
IMC’s control system relies on daily resource planning analyses which are detailed by cost center and cost article, department,
thus providing all the necessary information for controlling inventories and products.
IMC established internal controlling instruments to secure proper accounting in compliance with legal requirements.
IMC's accounting procedures are governed by standardized guidelines and rules as well as a clearly defined course of action in
different situation. Therefore, standard account parameters and booking directions for various production operations were
established. Another control tool is the clear allocation of functions regarding various accounting processes. For Group
consolidation and accounting purposes all bookkeeping data of the consolidated companies may be accessed automatically.
The internal control system of IMC is based on the accounting database thus integrating all controlling processes. Accounting
processes are carried out on a high-level basis and are monitored and adjusted by specialists.
IMC's accounting-related risk management system is set up in a way that the risk of misrepresentation could mainly ensue from
new business processes or amendments to legal provisions. Risks are contained by transferring decisions on accounting-relevant
data resulting from new business processes to the management level. Ongoing continuation training regarding the applicable
accounting provisions from time to time is provided to the management.
The Group’s internal control and risk management system in relation to the process for preparing consolidated financial
statements is closely related to control mechanisms of accounting procedures. Consolidated financial statements are prepared on
the basis of verified and approved accounting system data. Consolidated financial statements are carried out by specialists, the
level of which is maintained annually by training. Consolidated financial statements are verified by the management by comparing
of control points with management reports.
The Internal Control and Risk Management Department
The Internal Control and Risk Management Department was established as the separate unit in a corporate governance structure
of the Group.
The Department is created with the aim of the regular independent monitoring and estimation of effectiveness of the IMC
corporate governance, efficiency of separate business processes at the level of group and separate structural subdivisions, assessing

Annual report 2024
Consolidated management report
Risk management report
17
of adequacy of the risk management process, providing with recommendations and participation during an improvement process.
The Department participates in improvement of internal control, risk management and governance processes.
The Department regularly provides the management of IMC and the Audit Committee with independent and objective valuations
and consultations. This involves an objective analysis of actual data with the aim of estimation and expression of an opinion on
reliability of systems, processes, operations.
IMC Corporate Misconduct Hotline
Corporate hotline was launched at IMC to prevent and inform possible breaches of internal regulations, such as cases of
discrimination, dishonest conduct, harassment, thefts, any type of corruption and bribery, etc. The hotline encompasses several
anonymous channels for whistleblowers – call-center, email box, web-interface. IMC guarantees anonymity and protection for all
informants, if this does not contradict the current legislation. All reasonable masseges via hotline are processed and feedback is
sent to whistleblowers. More information concerning the hotline for stakeholders is available via web-link
https://imc.ethicontrol.com/web/en/pages/about.
Anti-corruption and bribery matters
It is the policy of the Group not to engage in bribery or corruption and comply with applicable anti-corruption laws.
We adhere to the UN Global Compact principles of bribery and anti-corruption:
- We shall work against corruption in all its forms, including extortion and bribery.
- Making, promising or offering any payments, gifts or inducements with the purpose of influencing someone (incl.
government officials, suppliers, clients, etc.) to act improperly is strictly forbidden; the same applies to accepting
payments, gifts or inducements.
- All payments should be reasonable and fall within the acceptable commercial practice.
- All such expenses have to be properly recorded in the accounts.
- We do not tolerate so-called facilitating payments (for example small unofficial payments to officials in order to speed
up processes).
- The Group does not make political contributions.
- When engaging in business relationships the Group chooses its partners with the same zero tolerance approach to
corruption and bribery.
- The Group appreciates the risk of corruption and bribery in the countries it operates and continues to take measures to
minimize this risk.
- All funds received and paid by the Group and its subsidiaries during the course of business are strictly accounted and
handled via bank transfers exclusively to minimize the possibilities of cash being taken in or out for the purposes of
bribery. In 2024, the Group continued to ensure its adherence to such cash management.
Key risks faced by the Group
Risks relating to the Industry
 Grains prices volatility
Changes in market prices for grains can adversely influence on IMC’s earnings and financial results.
To decrease an influence of this risk the Group, on permanent basis, researches the international and Ukrainian agricultural
markets, monitoring price fluctuations and factors affecting these fluctuations (stocks, production, consumption, export,
import, forecasts). Based on an analysis of the above-mentioned information, the management of the Group makes decisions
regarding crop rotation structure and production plans.
Sound control over the grains production costs at IMC allows the Group to ensure sufficient level of marginality regardless
of price fluctuations. The Group cooperates with large grain traders, which allows to sell large quantities of grain at the most
favorable prices of the export market.

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18
Operational risks
 Adverse weather conditions
Poor and unexpected weather conditions may disrupt the Group’s production of crops.
The land cultivated by the Group is spread between different climate zones of Ukraine. This allows to reduce the possible
negative impact of adverse weather conditions. Additionally, to mitigate an influence of this risk IMC uses the following
practices:
- On the fields of IMC the system of different depth soil cultivation is applied: deep ripping, ploughing, disking, and
cultivation. Rotation of these cultivation methods allows creating the optimal conditions for growth and
development of agricultural crops;
- Cultivation of share of winter crops up to 20% in the general crop rotation structure enables to decrease the risk
of disruption of a general production of crops during unfavorable winter conditions.
 Increase of input costs
The Group’s operating costs could increase and adversely affect IMC’s financial performance. The risk of the Group’s
operating costs increase is basically connected to a possible price growth for fuel, seeds, fertilizers and crop protection
materials.
To reduce the risks mentioned above the Group:
- has implemented the fuel consumption and machinery usage controlling systems using GPS-trackers;
- follows the land bank development strategy based on principle of fields’ close proximity to each other that allows
to reduce fuel consumption;
- is focused on limited number of crops that allows to use and purchase seeds, fertilizers and crop protection
materials more efficiently;
- has built long-term and mutually benefitted relationships with suppliers of seeds, fertilizers and crop protection
materials.
 Customer concentration risk
Focusing on large wholesale world traders, the Group has a small pool of customers and could be influenced by customer
concentration risk. But the work of the Group with a small number of customers is not due to the lack of other customers
or the impossibility of entering new markets, but to the selected sales strategy - the best conditions for selling are ensured
by relations with large traders. To control the risk before each sale, a tender is held among buyers to determine the best
conditions of the transaction. Making a choice in the direction of the buyer, management understand the level of supply and
demand for the products on the market with other participants and Group’s capabilities in the event of a change of buyer.
 Credit risk
Counterparties involved in transactions with IMC may fail to make scheduled payments, resulting in financial losses to IMC.
To decrease an influence of this risk the Group has implemented credit policy and monitoring practices. Policies and
operating guidelines include limits in respect of counterparties to ensure that there is no significant concentration of credit
risk. Credit risks are managed by legal activities which include security paragraphs into agreements with customers. Also the
financial department of the Group constantly carries out monitoring over payment terms deadlines according to goods
selling contracts.
 Risk of key personnel shortage
A lack of key personnel can threaten the overall performance of IMC.
The Group conducts series of activities to mitigate this risk. IMC offers competitive working conditions for potential
employees. Performance related remuneration scheme exists to motivate and retain key staff. IMC cooperates with a number
of Ukrainian educational institutions for selection and hiring talented students. Educational and professional trainings are
regularly held for personnel at IMC.
 Risk of land loss
Land is a key resourse in agricultural production and termination of essential number of land lease agreements can cause
significant damage for the Group.
To mitigate this risk, the Group holds a number of social events for the local communities to make IMC’s presence beneficial
for Company’s land lessors. The terms of land lease agreements have been revised and re-signed in the best interest of

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counterparties. As at 31 December 2024, 94% of land lease agreement are valid for a period over 5 years and 81% of
contracts are valid for a period of more than 10 years (as at 31 December 2023 - 93% and 78% correspondingly).
 Risk of cybersecurity incidents
IMC's corporate information system can be corrupted by virus attack or external intrusion.
Operations of the Group are highly dependent on corporate IT system in all aspects. In 2017, companies of the Group have
experienced a cybersecurity attack which has not had a material impact on our business. To prevent and mitigate this risk a
series of actions has been done. The infrastructure of IMC’s intranet has been improved in order to mitigate the risk of
unauthorized external intrusion. A backup process was reconstructed to ensure a maximum possible safety of corporate
business data. The riskiest points of unauthorized external intrusion have been isolated outside IMC’s intranet.
Financial risks
 Risk of capital deficiency
Failure to generate or raise sufficient capital may restrict the Group’s development strategy
To decrease an influence of this risk the Group works on several sources of financing: bank crediting, financing by
international financial organizations.
 Risk of liquidity
It exists the risk of inability to meet financial obligations of the Group in due time.
To minimize such risk IMC maintains efficient budgeting and cash management processes to ensure that adequate funds
are available to meet business requirements. IMC adopts a flexible CAPEX program enabling capital projects to be deferred
if necessary.
 Risk of interest rate volatility
Fluctuations of interest rates influence on the cost of IMC’s borrowings.
The Group utilizes balancing strategy to mitigate interest rate risk and, whenever possible, always strives to obtain loans
with a fix interest rate. The portfolio of IMC’s borrowings consists of 38% of variable rate debt and 62% of fixed rate debt
as at 31 December 2024 (22% of variable rate debt and 78% of fixed rate debt as at 31 December 2023).
IMC’s creditors are well-known banks with a foreign capital or international financial institutions. As result, the cost of
IMC’s financial resources is lower than the market average.
 Fluctuation in currency exchange rates
Unfavorable movements of currency exchange rates can lead to deteriorating of company’s financial results.
The main functional currencies for IMC are Ukrainian hryvnia and US dollar. Since the Group is export oriented, most of
regular financial planning cash inflows are matched in US dollar, when outflows are matched both in US dollar and Ukrainian
hryvnia. Stable revenue in US dollar limits the risk resulting from national currency devaluation. In 2024, the Ukrainian
hryvnia devaluated against the US dollar from the beginning to the end of the year, which was reflected in a decrease in the
Group’s net assets at the end of the year in US dollar terms.
Legal and regulatory risks
 Risk of non-compliance
The Group’s business is influenced by regulatory rules of each country where IMC operates. A breach of these rules can
cause legal proceedings and additional costs for the Company.
The monitoring of legislation changes is constantly conducted by the Legal Department at IMC. Employees regularly visit
specialized events on legal issues. Group’s business operations are conducted in accordance with current legislation taking
into account possible future regulatory development.

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War-related risks
 Logistics risk
Blocking seaports or not extending the Grain agreement will lead to a decrease in sales volume.
To reduce the impact of this risk, the Group is developing additional shipping routes - there are contracts for shipment by
rail across the western borders of Ukraine, as well as across the Danube. A project is being worked out to attract trucks to
further increase sales across the western borders.
 Infrastructure missile attack risk
In order to minimize possible loss of assets from the destruction of infrastructure, the group's assets are distributed and
diversified in different regions and locations. Additional fire and medical assistance measures have been organized on the
ground.
 Risk of electricity shortage
Reduction of electricity consumption across the entire IMC supply chain. Diesel generators were purchased both for
domestic use (to ensure the operation of offices and warehouses) and industrial use (to maintain the operation of elevators).
A project to re-equip the elevator for alternative energy sources has been developed. To meet the demand for natural gas
for grain drying, contracts for its purchase are concluded before the start of the drying season.
 Loss of inventory risk
To reduce the risk of loss of stocks from destruction due to missile attacks, stocks are placed in different regions and
different locations. To reduce the risk of damage of stocks from long-term storage, alternative shipping routes are being
developed to prevent the accumulation of stocks in warehouses, and plastic sleeves are used for storing crops in order to
ensure the most correct storage conditions outside the elevator.
 Disruption in the supply chain
The company continues to work with the largest suppliers of certified agricultural materials, which ensures the availability
of the necessary materials, the possibility of their purchase in advance, and reduces logistics costs due to large quantities.
The company has enough storage facilities to provide itself with the necessary stocks of agricultural materials.
 Employee-related risks
Mitigations to ensure that employee welfare is protected and strengthened include: evacuating employees deemed most at
risk from dangerous areas; ensuring no concentration of critical employees in one location, with back-up critical functions
organised; training employees on defensive measures on how to behave and to protect themselves in the War.
 Risk of insufficient funding
Negotiations with banks in case of necessary short-term financing to cover the cash gap. Working with large buyers to
ensure the timeliness and completeness of payments, as well as asking of deferred payments from suppliers.
 Counterparty risk
To reduce the risk of non-payment, the Group works with large grain traders and buyers. To minimize disruption of the
supply chain, large suppliers are selected.
 IT risk
To minimize the risk of possible attacks by Russian hackers, the data storage was moved to a more secure server. Regular
training and testing of employees for knowledge and compliance with information security rules.
On behalf of the Board of Directors:
Chief Executive Officer Oleksandr Verzhykhovskyi ______signed________
Chief Financial Officer Dmytro Martyniuk ______signed________

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21
SUSTAINABILITY REPORT
About this report
ESRS-2 BP-1
In selecting the content of the IMC Sustainability Report, IMC was guided by the general principles of sustainability reporting of
completeness, materiality and stakeholder engagement.
This Sustainability Statement provides non-financial information for IMC for the fiscal year ending on 31 December 2024. The
data presented in this section is consolidated with IMC’s financial statements for the same period. The scope of the report covers
IMC with the sustainability policies, procedures, and governance structures applicable across all operational units, upstream and
downstream value chain unless specified otherwise in chapters of this report.
IMC has conducted a materiality assessment to identify key sustainability topics that are critical to its business and stakeholders.
This assessment focused on areas that could have a significant economic, environmental, or social impact or influence on
stakeholder decision-making. While priority topics have been addressed in detail, lower-priority issues are continuously monitored
and periodically reviewed.
All production activities and operations of IMC are based in Ukraine, and the governing bodies, policies, and procedures
mentioned in this report primarily pertain to Ukrainian operations.
In the fiscal year 2024, IMC collaborated with external consultant to conduct a comprehensive greenhouse gas (GHG) inventory
covering Scope 1, Scope 2, Scope 3, and FLAG (Forest, Land, and Agriculture) emissions. This project reflects the Company's
commitment to improving its environmental footprint, including the identification of critical areas within its supply chain and
upstream/downstream operations.
IMC's sustainability reporting for 2024 has been prepared in accordance with the European Sustainability Reporting Standards
(ESRS), reflecting our commitment to transparency and responsible business practices. This report shares insights into how we
conduct our business responsibly, showing our impact on society and the environment.
You can find additional information about our key business objectives and activities, as well as our recent business development
highlights and financial performance on our corporate website: www.imcagro.com.ua
Governance
GOV-1
IMC is incorporated as a société anonyme in Luxembourg and listed on the Warsaw Stock Exchange (WSE). It operates with a
one-tier board system consisting of both executive and non-executive directors.
IMC has six executive directors on its Board:
 Oleksandr Petrov, Executive Director, Founder
 Alex Lissitsa, Executive Director, Chairman
 Oleksandr Verzhykhovskyi, Executive Director, CEO
 Dmytro Martyniuk, Executive Director, CFO
 Olena Krysenko, Executive Director, Commercial Director
 Sergii Klimishyn, Executive Director, Legal Director
Non-executive Members of the Board:
 Andrzej Szurek, Non-executive Director, Head of Remuneration Committee
In 2024, Andrzej Szurek was assigned the role of Sustainability Board Champion, overseeing sustainability
responsibilities on the Board.
 Alfons Balman, Non-executive Director, Head of Audit Committee
General disclosures

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IMC is working to enhance diversity, especially in terms of gender and skills related to sustainability, in line with best practices in
corporate governance.
IMC has opted for a Sustainability Board Champion model, with Andrzej Szurek, Board member, Non-executive Director taking
on the role of ensuring sustainability oversight. His responsibilities are integrated into IMC’s Corporate Governance Charter.
Future plans of the company include the establishment of a Dedicated Sustainability Committee chaired by a non-executive
director with expertise in ESG matters within a two-year horizon.
IMC formed a Management Sustainability Committee chaired by the CEO. This committee includes senior managers and board
executive directors to oversee the implementation of sustainability strategies, monitoring ESG impacts. Departments such as
R&D, Investor Relations, Land Relations & Social Policy Development, as well as the EHS Department participates in assessing
and managing sustainability impacts.
At the department level, sustainability responsibilities are distributed across various functions. The Commercial Department
handles sustainability elements in supplier contracts, while the HR Department ensures fair work conditions and diversity. The
Production Department focuses on reducing GHG emissions in agricultural operations.
Overview of the relevant responsibilities is provided in table 1 below:
Table 1 Overview of roles and responsibilities related to ESG within IMC departments
Department
Relevant responsibilities
Health Safety Environment (HSE) Department
- Environmental policy development and implementation regarding
environmental, health and safety matters
- Compliance control with national environmental protection requirements
- GHG emissions calculation
Production Department
- GHG Emission reduction production technologies and projects
implementation
- Implementation of policies ensuring production with minimal negative
impacts on the environment
Commercial Department
- Guiding the certification process under ISCC EU
- Procurement of production inputs meeting high technological demands
while ensuring environmental and health protection
Land Relations and Social Policy Department
- Handling relations with landowners
- Implementation of social programs
- Processing of complaints and requests from landowners and local
communities
HR Department
- Checking and improving work conditions
- Ensuring equal treatment and opportunities for all
Economic and Financial Service
- Preparation of feasibility studies and budgeting for all ESG initiatives and
projects
Legal Department
- Legal support for litigation and any ESG-related issues (if any)
Department for Economic Security
- Participation in the review of complaints from stakeholders
While the current Board does not have a dedicated sustainability committee, the Sustainability Board Champion and external
experts ensure that the board is equipped to manage sustainability issues.
Since October 2024, Yuliia Logvynenko has joined the company as Chief Sustainability Officer, reporting to the Sustainability
Board Champion and the Chief Executive Officer. The Chief Sustainability Officer serves as the CEO's deputy in the Management
Sustainability Committee and acts as a key subject matter expert on sustainability related to IMC's operations and value chain
where together with a Committee team responsible for development, coordination and implementation of the Company’s
sustainability strategy, targets, plans and programs.

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GOV-2
The administrative, management, and supervisory bodies of IMC actively engage in sustainability matters. The key departments,
as outlined in Table 1, were directly involved in material topics risk assessment, climate risk evaluation, GHG inventory
preparation, and addressing environmental, social, and governance (ESG) challenges across the value chain. Their collaborative
efforts support IMC’s sustainability objectives and compliance with the EU’s ESG reporting requirements.
As per the sustainability governance structure, the following departments play a crucial role in identifying and managing
sustainability-related risks and opportunities:
 Health, Safety, and Environment (HSE) Department: Responsible for GHG emissions calculation, environmental policy
development, and ensuring compliance with national environmental regulations.
 Production Department: Focuses on implementing sustainable production technologies and processes
 Commercial Department: Ensures procurement aligns with sustainability standards, especially related to environmental
and health protection, while overseeing the certification process under ISCC EU.
 Land Relations and Social Policy Development Department: Manages social programs, addresses the needs of local
communities, and handles relations with landowners, mitigating potential social risks.
 HR Department: Addresses working conditions, equal treatment, and workplace safety, ensuring that human capital
management aligns with sustainability goals.
 Economic and Financial Service: Prepares feasibility studies and manages budgeting for ESG-related initiatives and
projects.
The involvement of these departments ensures that the following sustainability matters are systematically addressed and overseen
by the administrative, management, and supervisory bodies:
 Climate Risk Assessment and Opportunities: Evaluation of the physical and transitional risks related to climate change
and the identification of opportunities to reduce the company’s carbon footprint and enhance resilience.
 Negative Impact Assessments: Regular assessments of the company’s operations to minimize environmental and social
risks, particularly concerning agricultural practices and land use.
 GHG Inventory Preparation: Multiple departments, particularly the HSE and Production Departments, participated in
the preparation of the GHG inventory for Scope 1, 2, and 3 emissions, including FLAG emissions. This comprehensive
GHG inventory allows for the identification of emission reduction opportunities.
Each department reports sustainability risks and opportunities to the Deputy CEO for Sustainability, who in turn reports to the
Sustainability Board Champion and the CEO. The administrative and supervisory bodies regularly review sustainability
performance indicators, ensuring alignment with IMC’s long-term strategic goals.
To ensure adequate expertise, IMC’s administrative and management bodies have access to external sustainability experts and
internal specialists from key departments. These resources allow them to effectively address and integrate sustainability matters
into the Company’s broader business strategy.
This structure facilitates the Company's ability to manage its sustainability impacts, risks, and opportunities, and ensures that the
supervisory bodies are equipped with relevant insights for decision-making.
GOV-3
Currently, IMC has not fully integrated sustainability-related performance indicators into its incentive schemes for executive
directors or management teams. However, recognizing the increasing importance of sustainability in corporate governance and
business performance, IMC plans to revise its Remuneration Policy in the near future.
In line with best practices in the industry, IMC aims to incorporate dedicated sustainability-related Key Performance Indicators
(KPIs) into its incentive frameworks. These KPIs will align with IMC’s broader sustainability strategy and ESG commitments,
focusing on material issues such as greenhouse gas (GHG) emission reductions, climate resilience, and social responsibility in the
communities where the Company operates.
As part of this process, IMC’s Board of Directors Sustainability Champion and Deputy CEO for Sustainability will work with the
Remuneration Committee to identify appropriate performance metrics that reflect both short-term sustainability goals and long-
term value creation for stakeholders. The updated Remuneration Policy will apply to both executive directors and senior
management and is expected to encourage the achievement of sustainability objectives, enhancing the company’s overall ESG
performance.

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GOV-4
IMC recognizes the importance of sustainability due diligence as part of its commitment to responsible corporate governance and
adherence to ESG principles. As there is currently no legal requirement in Luxembourg to obtain external assurance on ESG
reports, this report has not been externally audited. IMC will consider assurance in the future in line with evolving regulatory
requirements or internal decisions.
GOV-5
IMC places a strong emphasis on the quality and accuracy of its sustainability reporting, continuously enhancing its internal
controls and accounting processes for non-financial data.
The company has automated system for grievances reporting and analyses https://imc.ethicontrol.com/web/uk.
IMC has implemented several advanced digital systems to enhance operational efficiency, improve data accessibility, and
streamline management processes across its agricultural operations:
 IMC e-Portal: Digitizes all internal documents for quick approvals and responses, reducing resolution time by 40% and
allowing access from any device.
 MAg – Mobile Agronomist: Provides real-time e-mapping of field operations, crop quality control, and reporting on
agronomists’ activities. In 2024 IMC has transited to external program CropWise to fulfil field scouting by agronomists
and production teams.
 PreAgri – IMC Geoportal: Centralized geodata access with NDVI maps, weather station data, drone imagery, and
operational data like seeding rates and soil analyses.
 Wialon – GPS Monitoring: Tracks all machinery and vehicles for speed control, accurate field work calculations, and
enhanced logistics planning.
 Panorama – Land Bank Control: Digitalizes over 30,000 land plots, consolidates land ownership data, and maintains a
unified register of land lease agreements.
In 2024, IMC entered into a partnership with an external consultancy firm to enhance its climate corporate governance framework.
As part of this initiative, the Company is developing a dedicated model for calculating GHG emissions, adhering to the
methodologies established by the IPCC. This initiative aims to bolster IMC’s capacity for accurate GHG emissions reporting and
support the company's sustainability objectives.
Market position, strategy, business model and value chain
SBM-1
IMC operates within the agricultural sector of Ukraine (among top-10 agricultural companies), focusing on sustainable and
efficient farming practices. The Company is committed to enhancing its market position through innovative strategies that
prioritize environmental responsibility while ensuring operational excellence.
Business segments’ contribution and value chain
The company's value chain encompasses crop cultivation, production logistics and grain storage. This integrated approach ensures
efficient management from production to market delivery.
IMC's value chain encompasses a comprehensive sequence of activities that ensure efficient agricultural production and market
access while integrating sustainability and innovation. The upstream segment begins with input supply, involving the procurement
of essential agro-inputs such as seeds, fertilizers, and pesticides, alongside machinery acquisition and supplier contracting. Moving
to on-farm activities, the land preparation and cultivation phase focuses on soil preparation, planting strategies, plant protection,
and crop monitoring using agri-tech solutions. As crops mature, the harvesting and primary processing stage involves mechanized
harvesting, post-harvest handling (such as sorting and drying), and initial storage in on-farm silos.
The sales and market access phase targets both domestic and international markets.

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Strategic Directions
IMC's Smart Green Strategy outlines a comprehensive approach to achieving sustainability across its operations. The strategic
directions include:
1. Operational Efficiency Improvement: IMC continuously seeks to optimize its farming practices and resource
management, aiming to enhance productivity while minimizing waste and energy consumption.
2. Fossil Fuel Consumption Decrease: The Company is actively working to reduce its reliance on fossil fuels by exploring
alternative energy sources and more efficient machinery.
3. Greenhouse Gas Emission Reduction: IMC is committed to decreasing its GHG emissions through various initiatives,
including the implementation of precision agriculture technologies and sustainable farming practices.
4. Preservation of Soil Fertility & Health: The Company recognizes the importance of maintaining soil health for long-
term agricultural productivity. IMC implements practices that promote soil conservation and fertility, ensuring
sustainable yields.
5. Investments in the Acquisition of Agricultural Land in Ukraine: IMC aims to strengthen its landholdings in Ukraine to
enhance its operational capacity and support sustainable agricultural practices.
6. Personnel Development: The company invests in training and development programs for its employees, ensuring that
they are equipped with the necessary skills and knowledge to implement sustainable practices effectively.
7. Local Communities Support: IMC is dedicated to supporting the communities in which it operates. This includes
initiatives aimed at fostering local economic development and improving the quality of life for community members.
IMC's business model revolves around integrating sustainability into its core operations. This model includes:
 Sustainable Agriculture Practices: Emphasizing environmentally friendly methods to enhance productivity while
preserving natural resources.
 Innovation and Technology: Leveraging modern technologies, such as precision agriculture, to optimize resource use
and minimize environmental impact.
 Collaborative Partnerships: Engaging with local communities, stakeholders, and industry partners to foster sustainable
development and address shared challenges.
IMC's value chain reflects its commitment to sustainability at every stage, from land acquisition and crop production to grain
storage and sales. Key components of the value chain include strategic acquisition of agricultural land with a focus on sustainability
and responsible management practices; implementation of efficient and sustainable farming techniques, including the use of
precision agriculture technologies to reduce inputs use and minimize environmental impact; ensuring that sustainability principles
guide the production and distribution of agricultural products, enhancing overall efficiency and reducing waste and actively
supporting development of local communities, reinforcing IMC's commitment to responsible growth.
Interests and views of stakeholders
IMC monitors stakeholders’ attitudes and expectations, continuously improving communication channels. All stakeholders are
encouraged to submit feedback or complaints through dedicated channels.
Identified Stakeholder Groups and engagement methods
Stakeholder Group
Engagement method
Residents of
municipalities, villages,
and communities
IMC prioritizes maintaining open and transparent communication with local residents who may
be directly or indirectly affected by its operations. The Company ensures consistent engagement
through various channels to address their concerns and share relevant updates.
Form of engagement: Annual community meetings, information in regional media, social media
updates (e.g., Facebook pages like "IMC Aid to People") onsite information boards, and
complaint/suggestion boxes in rural offices.
Landowners
IMC values its relationship with landowners, ensuring open communication during lease
negotiations and providing regular updates on relevant developments. The Company maintains a
corporate hotline for landowner inquiries.
Form of engagement: Regular updates during lease negotiations, placement of information in
regional media, landlord meetings, and a corporate hotline.

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Residents along transport
routes
The Company is committed to addressing concerns of residents affected by transportation
impacts, ensuring timely consultations and transparent communication.
Form of engagement: Community consultations, announcements in local newspapers.
Farmers and agricultural
businesses
IMC collaborates with farmers and agricultural businesses to share best practices, resolve potential
conflicts, and support local agriculture.
Form of engagement: Collaborative meetings, local agricultural events, and workshops.
Local infrastructure
operators
IMC works closely with infrastructure operators to ensure proper communication about planned
activities and emergency responses.
Form of engagement: Direct communication about infrastructure use and emergency phone calls
during blackouts.
Neighboring industrial
enterprises
The Company engages with neighboring industrial enterprises to address shared risks and
coordinate mitigation plans.
Form of engagement: Formal stakeholder meetings and coordination via local business
associations.
Personnel living near IMC
sites
IMC fosters communication with its employees living near operational sites, ensuring they are
well-informed about local activities and company updates.
Form of engagement: Emails, calls, corporate Viber/Telegram groups, and onsite noticeboards.
Customers
IMC is committed to maintaining transparency and open dialogue with its customers, ensuring
high-quality service and regular updates on products.
Form of engagement: Regular updates through e-mail; transparent communication on product
quality and delivery timelines
Investors
IMC maintains a consistent and transparent dialogue with its investors throughout the year,
providing regular updates on performance and sustainability initiatives.
Form of engagement: Financial reports, annual sustainability reports, investor meetings,
roadshows, and updates on the corporate website.
Creditors
The Company commits to maintaining transparency in financial reporting and regular updates to
creditors to ensure long-term trust and stable relationships.
Form of engagement: Updates on loan agreements and project milestones, transparency in
financial reporting.
Board of Directors and
Shareholders
IMC ensures active engagement with its Board of Directors and shareholders, sharing regular
updates on corporate strategy and operational performance.
Form of engagement: Regular meetings, board presentations, and email communication.
Employees
IMC values its employees and fosters an inclusive workplace with frequent updates and training
opportunities to enhance skills and align with company goals.
Form of engagement: Internal portal, training sessions, corporate events, and regular team
meetings.
Contractors
The Company maintains clear communication with contractors to ensure successful project
delivery and alignment with corporate standards.
Form of engagement: Onsite inspections, project updates via emails and meetings, and contract-
specific communication plans.
Supply chain participants
IMC collaborates with its supply chain participants to promote transparency, sustainability, and
shared success.
Form of engagement: Tender procedure, vendor meetings, procurement policy updates via emails,
and collaboration on sustainability initiatives.
Media
IMC engages with media representatives to share updates on its operations and sustainability
initiatives while fostering transparent communication.
Form of engagement: Press releases, media briefings, social media campaigns, and interviews with
IMC representatives.

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Government bodies
IMC maintains consistent communication with government bodies to ensure compliance and
alignment with national priorities.
Form of engagement: Regulatory compliance document submissions and meetings with ministry
representatives.
State institutions
The Company ensures compliance with state regulations and regularly collaborates on audits and
reporting requirements.
Form of engagement: Compliance reports, audit reviews, and regulatory updates.
Local authorities
IMC engages with local authorities to address community concerns and participate in local
decision-making processes.
Form of engagement: Consultations with municipal representatives and attendance at public
hearings.
NGOs, Associations, and
Unions
The Company collaborates with non-governmental organizations and industry associations to
promote joint initiatives and sustainability efforts.
Form of engagement: Partnership meetings, participation in forums, and sustainability platforms.
General public
IMC prioritizes transparent communication with the general public, ensuring access to operational
updates and grievance mechanisms.
Form of engagement: Community forums, social media engagement, and accessible public
grievance mechanisms.
International bodies
The Company regularly updates international stakeholders on ESG compliance and participates
in global sustainability initiatives.
Form of engagement: Updates on ESG compliance, donor workshops, and project assessments.
IMC engages with its stakeholders through various channels to ensure transparent communication and maintain strong
relationships. The annual report serves as a comprehensive resource for shareholders, investors, and creditors, offering detailed
insights into the Company's performance and strategy. The corporate website provides up-to-date information and serves as a
primary platform for communicating with clients, consumers, and the public. Additionally, IMC has established a grievance
mechanism to allow stakeholders, including employees, local communities, and suppliers, to submit feedback, complaints, or
suggestions, ensuring these concerns are addressed promptly and transparently. This multi-channel approach fosters an open
dialogue and builds trust with all key stakeholder groups
Material impacts, risks and opportunities and their interaction with strategy and business model
SBM-3
The Company acknowledges that ESG-related risks, including climate-related physical and transition risks, may significantly
influence its operations and long-term sustainability. The risk assessment process involved close engagement with key stakeholders
to ensure that IMC’s business strategy aligns with evolving sustainability challenges and opportunities.
IMC conducted a risk assessment for environmental, social, and governance (ESG) risks using the double materiality principle.
This assessment focused on identifying material impacts, risks, and opportunities that affect IMC’s strategy and business model.
Impact, risk and opportunity management
IRO-1
IMC has adopted a structured Impact Materiality Scoring Methodology to identify and assess material impacts, risks, and
opportunities, particularly in the environmental, social, and governance (ESG) domains. The process evaluates potential events
and their severity across several dimensions:
 Environment: IMC evaluates environmental risks based on the scale of impact (from local to global), the scope (how
widespread the effect is), and the potential for irreversibility. Strategic-level risks involve irreversible damage, while more
moderate risks may be reparable.

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 Social: Social risks are assessed for their effect on the community and employees, particularly health and safety incidents
or reputational damage. Similar to environmental assessments, social risks are graded based on the scale, scope, and
irremediability of the impacts.
 Governance: IMC evaluates governance-related risks, particularly those involving reputation and business conduct.
Strategic governance risks include irreversible reputational damage, while lower-level risks may be confined to local or
short-term impacts.
For each of these categories, risks are assessed using a severity grading scale (ranging from strategic to limited) and are
complemented by a financial materiality scoring methodology. This financial assessment focuses on how the risks affect financial
health (including EBITDA, CAPEX) and reputation, with the latter evaluated based on media exposure and stakeholder reactions.
Finally, the frequency of each risk is evaluated, ensuring that risks expected to occur frequently are categorized and managed with
higher priority.
Management Sustainability committee conducted final review and topics ranking.
IRO-2
Based on the IRO (Impact, Risk, and Opportunity) assessment, IMC has identified key material topics that are critical to its
sustainability strategy and stakeholder engagement. These topics reflect the company’s commitment to responsible business
practices, environmental stewardship, and social responsibility. The following matrix outlines IMC’s material topics and
corresponding content areas:
1. Own Workforce
2. Supplier and Customer Engagement
3. Affected Communities Support
4. Health and Safety
5. Soil Pollution and Degradation
6. Climate Change
7. Substances of High Concern
8. Business Conduct
Business conduct
Business conduct policies and corporate Culture
ESRS G 1-1
IMC adheres to a framework of ethical values and standards, which are communicated and implemented through company-wide
policies. The foundation of these practices is built upon the 10 Rules of IMC, which guide behavior and foster a corporate culture
that emphasizes respect, responsibility, and ethical conduct in all aspects of the company’s operations (could be found on:
https://imc.ethicontrol.com/web/uk/pages/10-rules).
IMC's 10 Rules of Business Conduct:
1. People First: The most important value at IMC is its people—their lives and health are the top priority.
2. Teamwork: At IMC, we work as a team, supporting each other.
3. Diversity and Inclusion: IMC does not tolerate discrimination based on gender, age, nationality, or any other factors.
4. Planning and Execution: At IMC, everything can be achieved with proper planning and execution.
5. Efficiency: Efficiency is a key priority. Everything we do at IMC is done efficiently.
6. Clear Goals: Every task at IMC has clear parameters. Achieving 100% of these parameters means the task is successfully
completed.
7. Career Promotion: IMC guarantees career promotion for responsible and proactive professionals.
8. No Theft: IMC does not tolerate theft.
9. No Dishonesty: There is no room for lying at IMC.
10. Alcohol Prohibition: IMC strictly prohibits the consumption of alcohol at the workplace.

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IMC’s corporate culture is built upon the rejection of unethical behavior, which includes any form of discrimination, dishonesty,
corruption, harassment, or negligence. The company promotes an environment of respect, integrity, and accountability for all
employees. Violations of the company’s principles, such as theft, dishonesty, or misuse of resources, are strictly prohibited and
are subject to disciplinary action.
Since 2019, IMC has implemented the IMC Corporate Misconduct Hotline, operated through the Ethicontrol platform. This
platform allows for the anonymous and confidential reporting of any corporate misconduct, including unethical behavior, fraud,
and violations of internal company rules. Key features include:
- Anonymous Reporting Channels: Individuals, including employees, partners, and other stakeholders, can report
incidents through an anonymous web portal or via a free telephone hotline.
- Incident Management System: All reported cases are documented, investigated, and acted upon by a dedicated team to
ensure compliance with the company’s ethical standards.
- Confidentiality and Independent Oversight: Reports are managed by an independent third party to ensure objectivity
and confidentiality.
The IMC Corporate Misconduct Hotline allows individuals to report a variety of concerns, including but not limited to:
 Discrimination or harassment
 Fraud, corruption, and misappropriation of company resources
 Violations of internal policies and regulatory compliance
 Health and safety violations
IMC offers several ways for employees and other stakeholders to report unethical behavior:
- Via the secure portal at imc.ethicontrol.com
- By phone at 0 800 211 524, with free calls during business hours.
- By email to imc@ethicontrol.com.ua.
After a report is submitted, the following steps are taken:
1. The report is registered and analyzed by authorized personnel.
2. An investigation team is formed to address the issue.
3. The whistleblower is contacted within 30 days with updates and potential further inquiries.
4. A confidential feedback system ensures anonymous communication with investigators.
IMC’s governance structure ensures continuous monitoring and improvement of its business conduct documentation. Ethical
compliance is overseen by CEO. All employees are aware of 10 Rules of IMC.
IMC currently does not have a formal whistleblower protection mechanism. We recognize the importance of safeguarding
employees who report unethical behavior, and therefore, a whistleblower policy will be established as part of IMC's Code of
Conduct, which is also scheduled for implementation in 2025. These initiatives will strengthen IMC's commitment to
transparency, ethical practices, and a safe environment for all employees.
Prevention and detection of corruption and bribery. Incidents reporting
G 1-3,4
IMC is committed to preventing corruption and bribery by fostering a transparent and ethical workplace culture. While we do
not quantify the specific percentage of functions covered by targeted training programs, our approach focuses on promoting
awareness of core anti-corruption principles among employees and integrating robust risk management practices into key
operational processes.
IMC actively cultivates an environment of open communication with employees, ensuring that they are well-informed of company
policies through regular updates shared via corporate email and our intranet platform. Additionally, IMC’s management prioritizes
transparency and risk management across the organization, continuously reinforcing our commitment to ethical standards and
governance.
These practices are foundational to our efforts in maintaining integrity and safeguarding against corruption and bribery risks.
In 2024, IMC encountered three incidents involving corruption and bribery within its operations. These cases were identified
through internal investigations and whistleblower reports (hotline). Two cases have been resolved following IMC’s established
protocols, which included investigations by the security team and disciplinary actions. The third case, reported anonymously, is
currently under review. No legal convictions or fines were imposed, as these cases were resolved internally within IMC Group.

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In two cases, employees were dismissed and forfeited bonuses due to confirmed misconduct. No contracts with business partners
were terminated or impacted due to these incidents. IMC acknowledges opportunities to strengthen anti-corruption and anti-
bribery protocols to mitigate future risks. In 2025, the company will implement a formal anti-corruption policy and reinforce
awareness measures among employees, as well as improve whistleblower protections as part of an updated Code of Conduct.
IMC remains committed to upholding ethical standards and has implemented measures to prevent similar incidents, including
compliance training, enhanced oversight, and strict enforcement of anti-bribery policies. These actions are in line with IMC’s
commitment to transparency and ethical business practices, as outlined in our corporate governance framework.
As of the current reporting period, IMC does not yet have formal policies in place on anti-corruption or anti-bribery that are fully
aligned with the United Nations Convention against Corruption. However, the company is committed to developing and
implementing comprehensive policies in these areas in 2025, ensuring adherence to international standards and ethical guidelines.
Management of relationships with suppliers
G 1-2,6
IMC prioritizes transparency, fairness, and accountability within its procurement processes. To ensure ethical management of
supplier relationships, IMC adheres to its established procurement guidelines that emphasize competitive, transparent, and fair
practices. These are implemented through a detailed procurement management documents: Instruction on the Organization of
Procurement at IMC Group Enterprises and Key Rules for the Formation of Electronic Memos and Invoices in Corporate
Procurement.
IMC adheres to a transparent and structured tender procedure for the procurement of key goods, including fertilizers and seeds,
to ensure that quality, price, and payment terms meet the organization's standards and requirements. This process includes an
objective evaluation of suppliers based on quality and price criteria. IMC requires suppliers to meet specific quality criteria tailored
to each category of goods. For example, fertilizers must conform to a predetermined chemical formula, and seeds must match
the specified types and standards. For fertilizers and seeds, IMC operates on a 100% prepayment basis. All other categories of
goods and services are payed within 10 working days. Pricing is carefully reviewed and compared among suppliers to ensure
competitive value in line with IMC's budgeting and cost-efficiency goals. The internal customer within IMC holds the
responsibility for preparing a comprehensive technical task for each tendered item, specifying the precise requirements and
standards for the goods to be purchased.
All business units and regional entities must follow procurement principles, ensuring a standardized approach across the
organization.
Key Aspects of Supplier Relationship Management
1. Strategy and Risk Management
IMC’s approach to supplier relationships is grounded on risk management and compliance principles. The company
places significant emphasis on sourcing from reputable, reliable suppliers who are not included on international or
national sanctions lists. IMC actively assesses suppliers based on both price and non-price factors, including product
quality, delivery timelines, and the reliability of the supplier. This approach supports IMC’s goal of mitigating supply
chain risks and aligning with its sustainability objectives.
2. Late Payment Prevention Practices
Standard payment terms in IMC are 3-5 working days. IMC acknowledges the importance of supporting small and
medium enterprises (SMEs) within its supply chain. While IMC does not track a specific percentage of transactions
involving SMEs, it follows practices designed to prevent late payments, thereby fostering positive relationships with
these vendors. Internal controls and compliance checks help ensure that payments are made according to agreed-upon
terms, respecting cash flow needs for smaller suppliers.
3. Social and Environmental Criteria in Supplier Selection
IMC will continue integrating social and environmental criteria when selecting suppliers during 2025-2027. The
organization’s procurement guidelines will be developed to include a mandate for due diligence in evaluating suppliers'
environmental and social practices, aligning with IMC’s commitment to sustainability.
IMC’s procurement and supplier relationship practices reflect a commitment to sustainable growth and risk mitigation, fostering
a supply chain that upholds IMC’s core values of transparency, integrity, and operational efficiency. Looking forward, IMC intends
to continue strengthening its supplier engagement efforts, particularly by further developing sustainability criteria and support
mechanisms for its suppliers in next 2 years.

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31
Political influence and lobbying activities
G 1-5
IMC Group is committed to maintaining a politically neutral stance and does not engage in political influence or lobbying activities.
IMC does not make financial or in-kind political contributions, either directly or indirectly, to any political parties, candidates, or
campaigns.
Own workforce
At IMC, employees are the backbone of our mission to provide the world with quality and safe food. Guided by our core values—
professionalism, responsibility, teamwork, and effectiveness—our people play a critical role in maintaining the Company’s
stability, profitability, and efficiency. Their initiative, commitment, and respect for others create a culture of trust and reliability,
essential for building strong relationships with stakeholders. IMC is committed to fostering an environment of honesty, tolerance,
and continuous development, ensuring that each employee has the opportunity to grow and contribute to our vision of being a
responsible and trusted partner in the agricultural sector.
ESRS S1-1
IMC has implemented a range of key policies aimed at ensuring a safe, equitable, and supportive working environment for all
employees. These policies include the prohibition of alcohol, narcotic, or toxic substance consumption at work, anti-
discrimination policy based on sexual orientation and gender identity, ethnic and social origin, civil or family status, language,
religious or other beliefs, political or other opinions, national or social origin, citizenship, economic status, association with a
national minority, age, disability, health status, genetic characteristics, and other grounds. The company guarantees freedom of
association and human rights principles compliance. Policies also cover employment of minors, working hours, overtime
regulations, and labor relations with pregnant women and employees who have children, ensuring support for work-life balance.
In 2023, IMC introduced the Gender-Based Violence and Harassment (GBVH) Policy to prevent and combat gender-based
violence and harassment in the workplace. This policy establishes clear responsibilities for all staff and management to prevent
prohibited conduct, outlines reporting mechanisms, and details the process for handling complaints.
IMC also adheres to the “10 Rules of IMC,” which prohibit discrimination, dishonesty, negligence, harassment, and corruption,
fostering a culture of respect and integrity. To support these principles, IMC operates a Corporate Misconduct Hotline, established
in 2019 via the Ethicontrol platform, providing both internal and external stakeholders a confidential mechanism to report
violations and raise concerns.
The development and communication of these policies follow legislative guidelines, and employees are informed of updates
through electronic mailings and the corporate portal.
Processes for engaging with own workers and workers’ representatives and channels to raise concerns
ESRS S1-2;3; 18; 21
IMC recognizes the importance of engaging with our workers and their representatives to foster a positive workplace
environment. To facilitate this engagement, we have established an automated system for grievance reporting and analysis,
accessible at imc.ethicontrol.com
Our corporate hotline plays a crucial role in this engagement process, allowing employees to report potential breaches of internal
regulations, such as discrimination, dishonest conduct, harassment, theft, and any form of corruption or bribery.
IMC is committed to protecting the anonymity of all informants and ensuring their protection, as long as it aligns with current
legislation. All reasonable reports made through the hotline are processed diligently, and feedback is provided to whistleblowers,
fostering a culture of transparency and trust.
No discrimination incidents were recorded during the reporting period.
In addition to the hotline, IMC actively engages with employees through regular updates via email and our corporate portal,
ensuring that workers are informed about policies, procedures, and opportunities for engagement. We encourage open
communication and collaboration with our workers and their representatives to enhance our workplace culture and address any
concerns effectively.

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Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities, taking action and approach to mitigate material risks related to own workforce
ESRS S-4, 5, 12,13
IMC is committed to fostering strong relationships with its workforce based on the principles of social dialogue, mutual respect,
equality, and compliance with obligations and agreements. We believe in mutual responsibility and actively promote direct and
open negotiations to resolve any conflicts or disagreements, in accordance with the current legislation of Ukraine.
Our approach to labor and social-economic relations is based on applicable Ukrainian regulation. IMC strictly prohibits any direct
or indirect restrictions on rights, as well as the introduction of advantages or disadvantages when entering, amending, or
terminating employment contracts based on factors such as origin, social status, race, nationality, gender, language, political views,
religious beliefs, or membership in trade unions or other associations.
Additionally, IMC complies with the working time standards set forth by Ukrainian law. Our primary working schedule consists
of a five-day work week, with standard working hours not exceeding 40 hours per week. This framework ensures that our
workforce is treated fairly and equitably while promoting a healthy work-life balance. All employees are earning a fair wage.
As of December 31, 2024, 116 IMC employees are actively serving in the Armed Forces of Ukraine. All of our enterprises have
been designated as critically important for the functioning of the economy and ensuring the livelihood of the population during
this special period. Throughout 2024, approximately 50% of employees were granted official deferments from military service to
continue fulfilling their professional responsibilities. Despite the challenges, the Group has managed to maintain a stable
workforce without experiencing labor shortages, with all employees having returned to their roles in offices or production
facilities.
Our 2025-2030 Employee Development Targets are aligned with the Personnel Development direction of the Smart Green
Strategy approved in IMC since 2023.
 Develop a Code of Business Conduct for the company's employees by 2026 based on the 10 Rules of IMC.
 Develop an HR policy or integrate HR principles into the Code.
 Implement an evaluation and career development process by 2027.
Overall 2025 -2030 strategy in HR:
 Annual training program for personnel on the latest developments/technologies in Sustainable Agriculture and Precision
Agriculture
 Motivational program for personnel “Smart Green Company” focused on the formation of a Sustainable Development
Culture in the company and the involvement of employees in the implementation of relevant projects
 Formation of personnel reserve through cooperation with educational institutions and programs
 Reintegration of employees after service in the Armed Forces of Ukraine
Characteristics of the own employees
S 1-7
The average number of employees in 2024 was 1749. All employees are based in Ukraine and are hired through employment
contracts, іn accordance with the labor legislation of Ukraine.
Information on employees by contract type, broken down by gender:
Female
Male
Other*
Not Disclosed
Total
Number of employees (average head count)
485
1264
1749
Number of permanent employees (average head count)
477
1260
1737
Number of temporary employees (average head count)
8
4
12
Number of non-guaranteed hours employees (average head count)
Number of full-time employees (average head count)
442
1215
1657
Number of part-time employees (average head count)
43
49
92
*Not specified gender

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Training and Skills Development indicators
S 1-9
Average number of training hours* by gender by employee in 2024
Male
Female
Average number of training hours on average by employee
29,7
20,6
* total number of training hours offered to and completed by employees divided by the total number of employees.
Performance and career development reviews are not yet started in the Company and are a part of our strategy for the next 2
years.
Pay gap between woman and men
S 1-17
In 2024, the gender pay gap at IMC, calculated as the percentage difference in average pay levels between female and male
employees relative to the average pay level of male employees, was approximately 25%.
It is important to note that the basic salary for the same positions is equal for both genders. However, due to the nature of
agricultural jobs, roles traditionally held by men tend to have higher pay levels, which contributes to the observed pay gap.
Employment of persons with disabilities
S 1-19
IMC complies with Ukrainian legislation regarding the employment of persons with disabilities. As of the reporting date, persons
with disabilities represent 7,1% of our total workforce.
Category
Total Workforce
Number of Workers
with Disabilities
Percentage from Total
Workforce
Male Employees
1264
98
5,6
Female Employees
485
26
1,5
Total Employees
1749
124
7,1
Health and Safety
ESRS S1-10,11
The activities of IMC enterprises strictly comply with the requirements of Ukrainian legislation in the field of Health, Safety, and
Environment (HSE). In addition, 11 corporate standards and regulations on Health and Safety, along with 9 procedures on
Environment, have been implemented at IMC. All IMC employees are covered by the company's HSE management system.
List of IMC HSE Corporate Standards:
H&S Corporate standards
Environmental Procedures
1
Critical HSE rules at IMC
1
Procedure for the use and protection of water resources
2
HSE management committee
2
Procedure for the collection, temporary storage, and transfer for
disposal (processing) of used petroleum products (lubricants, oil
sludge, etc.).
3
PPE and safety clothes requirements
3
Procedure for the collection, temporary storage, and transfer for
disposal (processing, removal) of used batteries.
4
Norms for PPE for employees
4
Procedure for the collection, temporary storage, and transfer for
disposal (neutralization) of used containers from pesticides and
agrochemicals.
5
PPE and Safety clothes handling after
expire period
5
Procedure for the collection, temporary storage, and transfer for
disposal (neutralization) of used fluorescent lamps.

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6
Regulation on the CEO's Award in the
field of Occupational Safety, Industrial
Security, Environmental Protection, and
Health Protection
6
Procedure for the collection, temporary storage, and transfer for
disposal (neutralization) of waste contaminated with petroleum
products (oil-soaked sand and rags, fuel and oil filters).
7
Road Safety Standard
7
Procedure for the collection, temporary storage, and transfer for
recycling of waste as secondary raw materials (paper, glass,
polyethylene, etc.).
8
Procedure for transmitting operational
messages at IMC company.
8
Procedure for the collection, temporary storage, and transfer for
recycling (disposal) of used automotive tires.
9
Standard JSA (Job Safety Analysis)
9
Procedure for organizing work to obtain permit documentation
in the field of environmental protection.
10
Safety Audits Standard
11
Root cause analyses Standard
IMC's corporate standards provide a unified approach to health, safety, and environmental (HSE) management across both its
enterprises and contractors. All internal standards and regulations are developed in alignment with IMC's HSE Policy and
Principles (available on IMC’s website: www.imcagro.com.ua). These standards aim to foster a positive culture of safety,
emphasizing the responsibility of managers for the safety of their teams, and encouraging employees to take ownership of their
own safety as well as the safety of those around them.
Characteristics of the IMC safety management system
ESRS 2 GOV 2
IMC ensures that its administrative, management, and supervisory bodies are well-informed about the overall health and safety
management performance. This responsibility is operationalized at the management level through the following measures:
- All new employees receive induction Health, Safety, and Environment (HSE) training and sign to comply with Critical
HSE rules as per IMC standards.
- The Head of HSE is present during IMC’s weekly operational meetings to report on accidents and corrective action
plans.
- Site directors are accountable and responsible for HSE at their respective sites, with dedicated HSE engineers
coordinating HSE activities and performance.
AG 106: Workers’ and Workers’ Representatives Participation
IMC actively involves workers and their representatives in the health and safety management process. This participation is aimed
to improve HSE system effectiveness. Specific measures include:
 Regular consultations with workers and their representatives to receive feedback and suggestions on health and safety
practices.
 Inclusion of workers’ representatives in health and safety committees to ensure their voices are heard in decision-making
processes.
AG 107: Additional Disclosures
Health and safety topics are reported internally on a weekly basis during operational meetings. HSE manager is a part of weekly
senior management team meeting. The company has established a process for setting and monitoring health and safety targets.
This includes regular safety audits (both technical and behavioral), which are key performance monitoring indicators described
further in subsequent sections of this report.
Performance measures include the frequency and outcomes of safety audits, accident rates, and the effectiveness of corrective
action plans. These measures are monitored and reviewed regularly to ensure continuous improvement in health and safety
standards.
The Chief Sustainability Officer is responsible for the development and rollout of the HSE strategy at the company level, ensuring
alignment with IMC’s overall sustainability goals.

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Our Principles of HSE management success:
- Leading role of managers of any level in safety management
- Consistent and systematic work performed to identify sources of the hazard, to assess and mitigate risks
- Thorough analysis of incidents in order to make conclusions and prevent the recurrence
- Interaction with all the stakeholders, including contractors, in order to achieve the best results.
IMC Health & Safety Investments, thousands UAH (2015-2024)
Year
Thousands, UAH
2015
1061
2016
1908
2017
3927
2018
4732
2019
5609
2020
5835
2021
4647
2022
1466
2023
2084
2024
5306
S 1-11
In order to improve the ability to respond to emergencies and take timely necessary management decisions, IMC introduced the
procedure for transferring prompt information on events, which governs the prompt transfer of information on events from the
enterprises to the HSE Department of IMC. The Company has introduced the new format to collect the statistical information,
which enables calculating the performance indicators to be compared with indicators of companies all over the world. In
particular, the Lost Time Injury Frequency (LTIF) ratio, which is calculated per millions of man-hours worked, has been
introduced.
Total number of employees’ LTIs (including fatalities and natural deaths) is shown since 2015 in the table below:
Year
LTIF
FFR
2015
1.195
0
2016
0.806
0.201
2017
0.724
0
2018
0.216
0
2019
0.763
0
2020
1.385
0.277
2021
0.561
0
2022
0.534
0
2023
1,56
0,933
2024
0,897
0
The following table presents a comprehensive overview of our injury indicators from 2015 to 2024. This data reflects our ongoing
efforts to monitor and improve workplace safety. and help us identify trends, assess the effectiveness of our safety programs, and
implement necessary improvements to achieve our goal of zero harm.
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Injury
3
2
3
3
1
1
1
2
Severe injury
3
1
1
4
1
4
1
Natural deaths
3
1
0
1
0
-
1
LTIF
1.195
0.806
0.724
0.216
0.763
1.385
0.561
0.534
1.56
0.897
2
FFR
0
0.201
0
0
0
0.277
0
0
0.933
0
Days lost from work-related
accidents
155
83
100
96
102
348
139
86
42
148
1
LTIF – Lost Time Injury Frequency – a universal international indicator. The LTIF shows the rate of Lost Time Injuries per 1 million of workhours.
Calculated as the number of LTIs (including fatalities) divided by the number of workhours and multiplied by 1 000 000. (LTIF = LTI * 1 000 000 / WH).
2
FFR – a Fatality Frequency Rate. Universal international indicators adopted in the industry. The FFR shows the rate of fatal incidents (FI) per a million of
workhours. (FFR = FI * 1 000 000 / WH)

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Total number of recordable accidents in 2024 is 3, there were no cases of recordable work-related ill health.
Incident root causes analysis
Incident Root Cause Analysis Procedure has been adopted to conduct corporate investigations of safety accidents and other
incidents. According to its methodology, we conduct a thorough investigation into all accidents and incidents, identify the causes
of the events, and take proper actions to prevent the recurrence thereof. The managers of any level at IMC are trained on the
fundamentals of this methodology, and some of them study it thoroughly and act as experts - methodologists. The important
condition for efficient work to prevent incidents at IMC enterprises is to disseminate primary information on the incidents that
is obtained directly after the event. Primary information on the incident is disseminated by means of the special document made
as News Flash or Bulletin. The dissemination procedure and format of the document depends on the level of severity or degree
of implications of the incident.
Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions
S 2-4
IMC is committed to ensuring safe working conditions at all its enterprises, the safety of technological processes, machinery,
equipment, and employees. The company provides personal protective equipment (PPE) in quantities exceeding the requirements
of Ukrainian legislation, ensuring enhanced protection for employees. IMC also ensures compliance with sanitary conditions in
line with labor protection regulations. In cases of serious accidents, IMC conducts an analysis to assess their potential occurrence
at other sites and develops corrective actions to be implemented across all facilities, fostering continuous improvement in safety
standards.
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
S 2-5
IMC is committed to ensuring the safety and well-being of all employees, contractors, and stakeholders involved in our operations.
We continuously strive to manage and mitigate health and safety risks, and we aim to enhance our positive impact on occupational
safety through defined targets and programs.
Zero Fatalities Target: In alignment with our commitment to safety in production processes, IMC has set a zero fatalities target
for all production-related activities. This goal reflects our dedication to preventing severe accidents. We are focused on
implementing rigorous safety measures, conducting regular safety inspections, periodical medical examination of employees and
ensuring that all employees are trained to maintain a safe working environment.
Our H&S 2025-2027 targets and objectives
1. Zero fatalities.
2. By 2030, reduce the level of workplace injuries (LTIFR value) by 40% from the 2023 baseline year among company
employees and contractors. Continue efforts to increase transparency in the IMC group’s reporting system in the areas
of Health, Safety, and Environmental Protection.
3. Increase the frequency of safety audits with the involvement of IMC senior management at all IMC’s sites (50 audits per
site per year).
4. In 2025, develop a phased plan for preparing IMC sites for certification in line with the international ISO 45001 standard.
5. Continue the implementation of existing and new corporate Standards in Health, Safety, and Environmental Protection,
and develop and implement a standard on Contractor management during 2025-2027.
6. Achieve compliance with legal requirements in the fields of Occupational Health and Safety (OHS), industrial safety,
and fire safety training. Organize training on internal corporate Standards for line managers with the support of internal
trainers.
7. Continue implementation of safety culture across IMC sites.
8. Develop and Implement Road Safety Management system compatible with the requirements of ISO 39001 standards
till Q4 2025
IMC monitors progress toward these targets through tracking incident rates, safety behavioral and technical audit results, action
plans implementation. These indicators are reported regularly to the management team and stakeholders to ensure transparency
and accountability.

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Trainings for the employees on health and safety
The training of employees on Health and Safety at IMC enterprises is carried out in two directions:
- Mandatory training in accordance with the requirements of the current legislation of Ukraine
- Training on the requirements of internal Corporate Standards and Regulations
Training on the application of specific Corporate Standards follows the cascade principle. This process begins with a meeting
between the enterprise manager and their immediate subordinates, during which a presentation prepared by the IMC HSE
Department is delivered. Subsequently, managers at each level conduct similar meetings with their direct reports, ensuring that
the information is effectively communicated throughout the organization. Mandatory trainings are provided in accordance with
the requirements of the current legislation of Ukraine Training on the requirements of internal Corporate Standards and
Regulations
The number of IMC employees, who have undergone training in
accordance with the regulatory legal acts on Health and Safety
2021
2022
2023
2024
In educational and production centers
372
140
280
320
Training conducted by internal commissions
of IMC enterprises
1 411
1 280
1 304
1 323
Budget spent for external HSE trainings,
UAH
223 910
119 039
242 948
280 020
Starting from 2022, due to the full-scale invasion of Russia into Ukraine and hostilities that took place in most of the regions
where IMC enterprises operate, the HSE Department of IMC conducted:
- Measures to inform and explain the IMC employees’ actions during an emergency or war.
- Information about the location of shelters and the order of behavior in shelters was provided. Training on providing
pre-medical assistance was conducted.
- Training with the participation of local emergency services representatives regarding actions in case of detection of
suspicious objects (explosives, mines, etc.).
- The Association of Sappers of Ukraine conducted training for IMC employees on mine danger and handling of
suspicious objects.
Safety audits
IMC has adopted the Regulations on Safety Audits, pursuant to which managers of any level, including the senior executives from
IMC head office and managers of regional enterprises, regularly visit production sites in order to supervise operations and working
conditions. During an audit, managers adjust the hazardous actions of their employees and appreciate safe working practices. The
Regulations on Safety Audits provides 2 types of audits:
 Behavioural Safety Audits - focused on the actions of employees
 Technical Safety Audits - focused on hazardous conditions (on the state of equipment, compliance with the rules during
performing certain types of work, etc.)
In 2022, given that hostilities and frequent air alarms pose a direct threat to the company’s employees, the number of Safety
Audits was significantly reduced. However, we have not abandoned this practice altogether, considering the importance of
conducting safety audits in the company’s production activities.
2021
2022
2023
2024
Behavioural
Safety
Audits
Technical
Safety
Audits
Behavioural
Safety
Audits
Technical
Safety
Audits
Behavioural
Safety
Audits
Technical
Safety
Audits
Behavioural
Safety
Audits
Technical
Safety
Audits
The number of
conducted Safety
Audits
399
434
132
109
377
352
264
290
The number of
conversations
held on safe
situations
542
-
159
-
458
-
451
-

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The number of
eliminated
hazardous
situations
234
-
54
-
211
-
149
-
The number of
violations/
inconsistencies
detected during
the Technical
Safety Audits
-
315
-
109
-
367
-
348
At IMC, we are committed to the highest health and safety standards, applying additional measures that go beyond compliance
to ensure the well-being of all employees and stakeholders across our operations. These enhanced practices are detailed below:
1. Cardinal Health & Safety Rules
IMC has implemented the "Cardinal Rules of Occupational Safety and Industrial Security," commonly referred to as the Life-
Saving Rules, across all enterprises. These rules are essential to preventing incidents that could lead to serious or fatal injuries,
fires, and other severe workplace accidents. Five of the ten cardinal rules apply universally across all IMC enterprises, while the
remaining five are adapted to the unique needs of elevator operations and agricultural activities.
The Cardinal Rules apply to all personnel without exception, including IMC employees, contractors, visitors, and temporary
workers. Violating these rules is considered a serious breach of workplace discipline, with disciplinary actions up to and including
dismissal. All employees are formally introduced to these rules and sign an acknowledgment. Communication campaigns,
including corporate media and posters in common areas, reinforce awareness. Training is based on a cascading approach,
beginning with the General Director and filtering down through each level of management to individual workers.
2. Work Safety Analysis Standard (WSA)
The implementation of the Work Safety Analysis (WSA) Standard is aimed at
protecting employee health and safety during operations. This corporate standard
outlines specific steps to ensure consistent safety measures and encourages
employees to evaluate potential hazards before and during work. Key goals of the
WSA system include:
- Standardizing actions for individual and group work before and during
operations.
- Developing skills for regular hazard risk assessment and effective protective
measures development.
- Promoting a disciplined approach to workplace safety.
- Ability to detect potential hazards.
Training in WSA follows the cascading information-sharing method, starting from
senior leadership and reaching all personnel. This training is regularly repeated
during onboarding, annual training, and refresher courses to maintain high
awareness levels.
3. Collaboration with Local Emergency Services
In cooperation with local emergency services, IMC has organized safety trainings
for employees on actions to take in the presence of suspicious objects, such as
explosives. Training emphasizes the “Three Golden Safety Rules” to effectively guide employees in such situations.
4. Safety Guidelines during harvest season
To ensure a safe harvest season, IMC prepares informational materials for employees, such as the "Harvest 2024 Guide." The
guide describes the importance of fire safety measures in grain collection, processing, and storage areas. It addresses common fire
risks, including careless handling of fire, straw burning, and improper equipment operation. Recognizing the additional risk of
explosive objects in agricultural areas, IMC conducts preventive and informational campaigns to promote fire safety and
preparedness throughout the harvest season.

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Environment
Climate change
Transition plan for climate change mitigation
E 1-1
IMCs Smart Green Strategy is an integral part of its commitment to responsible environmental stewardship and sustainable
development. This strategy focuses on enhancing operational efficiency, minimizing fossil fuel consumption, and reducing
greenhouse gas (GHG) emissions, all aimed at addressing climate change while preserving natural resources. By investing in soil
fertility and health, IMC ensures that agricultural practices contribute to long-term sustainability.
IMC has implemented a corporate-wide Decarbonization Action Plan to achieve targeted reductions in greenhouse gas (GHG)
emissions by 2030. The plan integrates specific measures for both FLAG (Forest, Land, and Agriculture) and Non-FLAG
activities, reflecting the Company’s commitment to sustainable agriculture and alignment with international climate goals.
IMC aims to achieve a total reduction of 10 000 tons GHG emissions by 2030 relative to the 2020 baseline, including sequestration
and removals. This includes:
- Reduction of FLAG emissions: Focused on crop management practices adjusted for 2020 yield levels and crop areas.
- Reduction of Non-FLAG emissions: Addressing emissions in processing, transportation, and energy use.
The Company has outlined a progressive implementation schedule (2024–2030) for agro-related activities, including:
 Deep Loosening: Expanding from 14,000 ha in 2024 to 35,000 ha by 2030.
 Cover Crops: Scaling from 100 ha in 2024 to 2,000 ha by 2030.
 Strip-Tillage: Introducing 100 ha in 2025, increasing to 2,000 ha by 2030.
 Nitrification Inhibitors: Growing from 100 ha in 2025 to 10,000 ha by 2030.
 Green Ammonia Use: Starting at 100 ha in 2025 and expanding to 10,000 ha by 2030.
IMC’s measures are strategically allocated to reduce emissions across its major crop activities, ensuring optimization of FLAG
and non-FLAG sectors.
The governance structure ensures alignment of decarbonization efforts with long-term business strategies and compliance with
global sustainability standards.
This transition plan highlights IMC’s dedication to implementing practical and scalable solutions to mitigate climate impacts while
improving agricultural resilience and operational efficiency.
Policies related to climate change mitigation and adaptation
E 1-2
IMC’s Policy on Occupational Health, Safety, and Environmental Protection outlines the Company’s approach to managing
material impacts, risks, and opportunities related to climate change mitigation and adaptation. These policies are central to IMC’s
commitment to sustainable and socially responsible business practices.
Key Areas Addressed in the Policy are:
- Climate Change Mitigation: Reducing greenhouse gas emissions through energy efficiency, adopting renewable energy,
and implementing sustainable agricultural practices.
- Climate Change Adaptation: Enhancing resilience via improved land and water management, addressing soil health risks,
and collaborating with stakeholders to manage climate impacts.
- Energy Efficiency and Renewable Energy: Modernizing operations to optimize energy use and increasing the share of
renewables in the energy mix.
- Environmental Protection: Minimizing pollution, phasing out hazardous substances per the EU Chemicals Strategy, and
prioritizing emergency preparedness.

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IMC ensures these policies are integrated into daily operations and strategic planning through regular risk assessments, stakeholder
engagement, and continuous improvement. This framework reflects the Company’s dedication to global climate goals and
sustainable development.
Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 SBM-3; ESRS 2 IRO-1
IMC conducted an evaluation of both physical and transition risks and opportunities, assessing their financial implications and
strategic importance. The analysis focused on acute and chronic physical risks under climate scenarios based on Representative
Concentration Pathways (RCPs), specifically RCP 1.9 (1.5°C scenario) and RCP 8.5 (>3°C scenario), and transition risks related
to regulatory, technological, and market changes.
IMC has conducted a comprehensive resilience analysis of its strategy and business model to assess exposure to climate-related
material impacts, risks, and opportunities. The assessment focuses on:
 Physical risks including changing temperature patterns, extreme weather events, and soil degradation.
 Transition risks related to carbon pricing, regulatory changes, and shifts in consumer preferences towards sustainable
products.
 Opportunities stemming from carbon farming, resource efficiency improvements, and sustainable financing
mechanisms.
This analysis covers the entire value chain, including upstream suppliers, own operations, and downstream markets, ensuring a
holistic understanding of climate resilience.
IMC’s resilience analysis is aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) framework and
integrates climate scenario analysis as per the Disclosure Requirement ESRS 2 IRO-1. The key steps include:
 Climate Risk and Opportunity Identification:
- A detailed risk mapping exercise was conducted to identify physical and transition risks across IMC’s business
segments.
- A materiality assessment was performed to prioritize the most significant risks and opportunities.
 Scenario-Based Stress Testing:
- IMC utilized two primary climate scenarios based on NGFS (Network for Greening the Financial System)
models:
o NDC Scenario (Nationally Determined Contributions): Assumes moderate climate action with
incremental policy changes.
o Net Zero 2050 Scenario: Assumes aggressive decarbonization pathways with high carbon pricing and
strict regulatory measures.
 Financial Impact Assessment:
- The company modeled the impact of carbon pricing, extreme weather conditions, and regulatory shifts on
revenue, costs, and EBITDA projections.
- Estimated costs associated with carbon pricing mechanisms, including participation in the EU ETS (Emissions
Trading System).
The results of the resilience analysis indicate:
Physical Risk Findings:
 Rising temperatures could impact crop yields, necessitating investment in adaptive agricultural techniques.
 Extreme weather events pose a risk to infrastructure and logistics, requiring improved climate adaptation strategies.
 Soil degradation and moisture loss can be mitigated through carbon farming, reduced tillage, and cover cropping.

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Transition Risk Findings:
 Higher carbon pricing under a Net Zero 2050 scenario could increase operational costs by a significant margin, requiring
low-carbon solutions.
 Regulatory compliance costs could rise due to EU sustainability policies, reinforcing the need for taxonomy-aligned
investments.
 Sustainable financing mechanisms (e.g., green bonds, carbon credit markets) could provide new revenue opportunities.
Opportunities and Business Model Adaptation:
 Carbon Farming Integration:
- Adoption of carbon sequestration techniques and participation in voluntary carbon markets can generate
additional revenue.
- IMC estimates a GHG emissions reduction potential through reduced tillage and improved soil management.
 Energy Transition:
- Increasing reliance on renewable energy sources (biomethane, biofuels, and solar energy) to reduce exposure
to fossil fuel volatility.
- Deployment of energy-efficient machinery to lower fuel consumption and emissions.
 Market Differentiation:
- Potential for premium pricing on low-carbon commodities.
- Diversification into alternative protein markets (e.g., soy, peas) due to shifting consumer demand.
IMC remains committed to enhancing its resilience to climate risks while leveraging opportunities for sustainable growth and
financial stability.
Material Physical Risks, Impact and Opportunities
IMC recognizes that climate change, environmental degradation, and socio-economic challenges pose material impacts, risks, and
opportunities that directly interact with our strategy and business model. To address these challenges and opportunities, IMC
applies a robust Impact and Double Materiality Scoring Methodology that ensures a systematic and data-driven approach to
identifying, prioritizing, and managing sustainability-related topics.
The IRO methodology used to identify risks, impacts, and opportunities involves three key scoring frameworks:
1. Impact Materiality Scoring evaluates the severity, scale, scope, and irremediability of events affecting the environment
or society. Impacts are categorized into four levels: Strategic (irreversible, widespread, and hard to compensate), Major
(severe but partially repairable), Moderate (localized and reparable), and Limited (minor, easily repaired).
2. Financial Materiality Scoring assesses how risks or opportunities affect IMC's financial health (e.g., EBITDA, CAPEX)
and reputation. Financial impact severity is linked to thresholds, while reputational impact is gauged by media and
stakeholder attention, from local to international.
3. Frequency Scoring measures the likelihood of events, ranging from Rare (<20% probability) to Strategic (>70%
probability), determining how often risks or opportunities may arise.
These methodologies combine severity and frequency to prioritize actions effectively.
The results of IRO assessment are presented in Table summary below.

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Type of
IRO
Description
Stage of the
value chain
Time horizon
(risks,
opportunities)
Scale
Scope
Irremediability
Rationale
Rationale
Risk
Crops losses during acute events
(e.g. considerations of the relevant
historical events like stormy
winds, drought, heatwaves etc.)
Operations
Short-term
Loss of revenue due to acute
events
Risk
Increased vulnerability of winter
crops from reduced snow cover
Operations
Short-term
Decrease of winter crops yeild,
resulting in the loss of revenue
Negative
impact
Decline in groundwater storage
and recharge
Operations
2
2
1
The impact is considered to be
repairable. While its probability
is low, we consider the severity
and scale of the impact to be
moderate
Negative
impact
Reduced capacity of the soil to
retain moisture as a result of
erosion from extreme wind or
water events
Operations
2
1
3
The scope is low because the
impact is localized. The results
are assessed as moderate
damage (scale). However, the
irreversibility of the erosion
impact is considered high. The
likelihood is considered low
Negative
impact
Increased moisture evaporation
from the soil surface
Operations
4
4
4
Negative
impact
Intensified decomposition of
humus resulting in decreased soil
fertility
Operations
4
4
4
Opportunity
Water resource savings thanks to
water conservations practices,
allowing to be less dependent on
irrigation and reduce water supply
costs (water savings practices
application)
Upstream
When spraying the fields, we
use the working solution
pouring rate of 50-100 l/ha.
Generally accepted standards
in Ukraine are 150-200 l/ha.
With an average application on
380-400 thousand hectares,
water saving is 38-40 thousand
m3 every year

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Opportunity
Increased revenues resulting from
increased production capacity due
to more suitable climate condition
for crops
Operations
Increase of revenue due to
rising yeilds
Opportunity
Ability to diversify business
activities thanks to new cultivable
crops due to rising warmer climate
(e.g. soybean for EU protein
autonomy, peas etc for alternative
protein market, etc.) and other
biobased industries ( technical
hemp for construction, textile
sector etc.)
Operations
Midterm
New revenue streams due to
formation of alternative
product portfolios
Risk
Yield volatility due to climatic
conditions and CO2
concentrations
Operations
Revenue volatility due to
fluctuations in annual crop
yields
Negative
impact
Impact of working
conditions/layoffs if company
assets are subject to extreme
events
Upstream +
Operations
2
3
2
Risk
Increase of fertilizers & CPP and
supply cost due to carbon cost
increase (tax, quotas, CBAM …)
Upstream
Increased OPEX because of
higher costs for fertilizers and
crop protection products
Risk
Increase of technology related
costs due to technology changes/
improvements (such as biofuel
price, higher service price for new
generation of equipment etc.)
Upstream
Higher CAPEX and OPEX,
reducing net profit and
potentially requiring additional
financing
Risk
Fines in case of non compliance
with environmental regulations
Operations
Short-term
Expenses due to fines and
penalties
Risk
Increase in Capex due to
mandatory equipment changes
(green vehicles, energy efficiency
equipment…)
Operations
Short-term
Significant CAPEX reduces
short-term profitability
Risk
Reduced yield due to greener
technology
Operations
Long-term
Decreased revenue due to
lower crop yields

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Risk
Increase in Capex related to
investments in carbon
sequestration solutions for the
agricultural sector to increase soil
carbon level (like tillage, cover
cropping, soil restauration etc.)
due to ambitious emission target
Operations
Higher expenses for
decarbonization strategy
realization
Risk
Increase in internal railway freight
costs due to carbon cost increase
(tax, quotas, CBAM…)
Downstream
Short-term
Increased OPEX, reducing
overall profitability
Opportunity
Potential further partnerships
with suppliers and offtakes to
standardize sustainable
commodity pricing.
Upstream
Increased revenue and
improved pricing stability,
enhancing long-term financial
planning
Opportunity
Putting into operation new
agricultural practices, such as
regenerative farming practices,
could increase carbon and
nitrogen storage into the soil, with
environmental end economic
benefits and reduced need for
agricultural inputs.
Operations
Long-term
Reduced OPEX and potential
revenue growth through
improved crop yields
Positive
impact
Reduced dependance on energy
supply thanks to self-production
of green electricity, gas and fuels.
Operations
2
2
Opportunity
Additional incomes as measures
taken to reduce GHG emissions
can create possibility to sell
carbon credits.
Operations
New revenue stream from
selling carbon credits,
positively impacting overall
revenue and profitability
Opportunity
Use of private-sector incentive
(opportunity to access
green/sustainable financing)
Operations
Midterm
Lower financing costs and
increased access to capital,
improving profitability
Positive
impact
Ability to diversify business
activities thanks to biofuel and/or
biomethane and/or biofuels
Operations
2
2

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45
production, to answer the growing
demand
Opportunity
New revenue stream related to the
low-carbon commodities (e.g.
price premiums, carbon offsets)
Downstream
Short-term
Increased revenue from
premium pricing and carbon
offsets
Positive
impact
Sequestration and deep ripping
Operations
1
2
Negative
impact
GHG emissions from operational
activities
Upstream +
Operations +
Downstream
2
2
2
Risk
Increase of prices and volatility of
energy
Upstream
Short-term
Higher OPEX due to
increased energy expenses
Opportunity
Reduced in energy supply costs
and volatility thanks to the
development of green energy and
the replacement of fossil fuels.
Upstream
Long-term
Lower operational costs
(OPEX) due to lower energy
prices
Positive
impact
Reduced dependance on energy
supply thanks to self-production
of green electricity, gas and fuels.
Operations
2
2
Opportunity
Decrease in operational costs
thanks to scaling up existing and
implementation of more efficient
technologies.
Operations
Decrease in OPEX due to
effective use of resources
Positive
impact
Produce the biomethane for sale
Operations +
Downstream
2
2
Positive
impact
Substitute of natural gas by the
alternative type of fuel (pellets,
waste grains) in dryers
Operations
2
3
Positive
impact
Upgrade of grain trucks, which
contributes to the reduction of
diesel consumption
Downstream
2
2
Negative
impact
GHG emissions from energy use
Upstream +
Operations +
Downstream
2
2
2

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Based on analyses, key risks include crop losses from acute weather events, yield reductions from reduced snow cover, and annual
yield volatility caused by changing climatic conditions and CO2 levels. Additionally, rising input costs (fertilizers, crop protection
products, and technology upgrades) and energy price fluctuations pose significant challenges to operational efficiency and
profitability. Regulatory non-compliance fines and increased capital expenditures for green technologies further highlight the
financial risks tied to environmental performance.
Negative impacts primarily involve soil and water resource degradation, such as reduced groundwater recharge, soil erosion, and
decreased soil fertility due to humus decomposition. These issues have varying degrees of irremediability, with some requiring
long-term recovery efforts. GHG emissions from operational activities across the value chain also contribute to environmental
concerns, demanding robust mitigation measures to align with sustainability goals.
On the opportunities side, the adoption of water conservation practices, crop diversification, and regenerative farming presents
significant potential for cost savings and revenue growth. For instance, improved spraying techniques have already led to
substantial water savings, while warmer climates enable the cultivation of alternative crops, creating new revenue streams.
Additionally, green energy initiatives, carbon credit monetization, and premium pricing for low-carbon commodities offer
financial benefits while reducing environmental impact.
By integrating these risks and opportunities into its strategy, the IMC aims to enhance resilience, maintain profitability, and adapt
its business model to evolving market and regulatory demands. This approach aligns with the company’s long-term vision of
sustainable growth and resource efficiency.
Energy consumption
E 1-5
IMC's energy mix indicates a reliance on non-renewable energy, with 90% of total energy consumption derived from non-
renewable sources, predominantly natural gas. Renewable energy sources constituted 10% of the total energy consumption, driven
solely by fuel consumption from biomas.
The current energy consumption mix reflects IMC’s operational energy requirements and dependence on natural gas as a primary
energy source. Moving forward, IMC recognizes the importance of increasing the share of renewable energy in its energy mix to
align with global climate goals and the transition to a low-carbon economy.
IMC plans to explore opportunities for enhancing its energy efficiency and increasing its use of renewable energy sources through
initiatives such as:
- Adoption of renewable energy technologies, including solar power installations.
- Implementation of energy efficiency measures across its operations.
- Collaboration with energy suppliers to increase the share of purchased renewable energy.
Table 1 information on Energy consumption and mix
Energy consumption and mix
Metric
2023
2024
Total energy consumption
MWh
168 760,14
68 172,53
Fuel consumption from coal and coal products
MWh
-
-
Fuel consumption from crude oil and petroleum products
MWh
-
-
Fuel consumption from natural gas
3
MWh
140 430,00
55 422,68
Consumption of purchased or acquired electricity, heat, steam,
and cooling from non-renewable sources
MWh
11 200,14
8 905,85
Total non-renewable energy consumption
MWh
151 630,14
64 328,53
3
Gas consumption calculated based on average quality of natural gas (coefficient 10,55 was applied)

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Energy consumption and mix
Metric
2023
2024
Share of non-renewable sources in total energy consumption
%
90
94
Fuel consumption for renewable sources (including biomass,
biogas, nonfossil fuel waste, renewable hydrogen, etc)
4
MWh
17 130
3 844
Consumption of purchased or acquired electricity, heat, steam,
and cooling from renewable sources
MWh
0
0
The consumption of self-generated non-fuel renewable energy
MWh
0
0
Total renewable energy consumption
MWh
17130
3844
Share of renewable sources in total energy consumption
%
10
6
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
IMC adheres to the GHG Protocol Standards and the IPCC Guidelines for the calculation and reporting of greenhouse gas
(GHG) emissions. The global warming potential (GWP) values used in the inventory are derived from the IPCC Sixth Assessment
Report, 2022 (AR6). This ensures alignment with the latest scientific methodologies for evaluating climate impacts.
The methodologies applied to calculate GHG emissions across Scopes 1, 2, and 3, as well as biogenic emissions, are detailed
below:
Scope of emissions
Methodology
Scope 1 and biogenic emissions
GHG Protocol «A Corporate Accounting and Reporting Standard»
GHG Protocol «Agricultural Guidance. Interpreting the Corporate Accounting and
Reporting Standard for the agricultural sector»;
2006 IPCC Guidelines for National Greenhouse Gas Inventories;
2019 Refinement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories;
US EPA (United States Environmental Protection Agency) «Greenhouse Gas Inventory
Guidance. Direct Fugitive Emissions from Refrigeration, Air Conditioning, Fire
Suppression, and Industrial Gases»;
Ministry of Environmental Protection and Natural Resources of Ukraine / UNFCCC
(United Nations Framework Convention on Climate Change) «Ukraine’s Greenhouse Gas
Inventory. Annual National Inventory Report for Submission under the United Nations
Framework Convention on Climate Change and the Kyoto Protocol»;
Ministry of Environmental Protection and Natural Resources of Ukraine. Methodological
recommendations for estimating greenhouse gas emissions by type of activity of
installations.
Scope 2
GHG Protocol. Scope 2 Guidance;
IEA (2023) Emission Factors (https://www.iea.org/terms)
Scope 3
GHG Protocol. Corporate Value Chain (Scope 3) Standard;
Scope 3 Calculation Guidance;
GHG Protocol, Scope 3 Evaluator;
Department for Environment, Food & Rural Affairs of UK, UK and England's carbon
footprint to 2019;
United Nations, IFI Default Grid Factors 2021 v3.2;
United States Environmental Protection Agency, GHG Emission Factors Hub;
Ministry of Environmental Protection and Natural Resources of Ukraine / UNFCCC
(United Nations Framework Convention on Climate Change) «Ukraine’s Greenhouse Gas
Inventory. Annual National Inventory Report for Submission under the United Nations
Framework Convention on Climate Change and the Kyoto Protocol»;
EPA Center for Corporate Climate Leadership. 2023 GHG Emissions Factors Hub
4
Converting values for biomass energy units:
Biomass Energy Units
 1 metric tonne bone dry wood fuel = 18 GJ = 5 MWh = 500 litres oil = 500 m
3
natural gas
 1 tonne air-dry wood fuel = 3 MWh = 11 GJ
 1 cubic metre of wood chip = about 1.0 MWh = 3.6 GJ
 1 barrel of oil = 6.1 GJ = 1.7 MWh, = 1.7 m
3
wood chip = 0.5 m
3
solid bone-dry wood
 1 m
3
solid bone-dry wood = 0.68 tonnes

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Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3
Retrospective
Base year (2020)
2023
2024
Gross Scope 1 GHG emissions (tCO2eq)
112 544,88
98 178,56
107 799,60
FLAG emissions
98 042,79
78 785,04
94 540,40
FLAG removals
(9 210,98)
(12 360,55)
(3 593,46)
Scope 1 non-FLAG Emissions
23 713,07
31 754,07
16 852,66
Gross location-based Scope 2 GHG emissions
(tCO2eq)
3 174,52
3 246,92
2 581,81
Total Gross indirect (Scope 3) GHG emissions
(tCO2eq)
102 110,02
73 355,29
114 248,71
FLAG emissions
88 176,80
58 619,85
83 092,66
Purchased goods and services
615,71
1 146,86
4 682,48
Purchased capital goods
1 160,27
3 989,79
6 469,94
Fuel and energy-related activities
Not calculated
354,8
374,9
Upstream transportation and distribution
Not calculated
Not calculated
153,15
Downstream transportation and distribution
867,06
1 246,87
1710,18
Employee commuting
Not calculated
1 383,14
1 383,14
Waste emissions
145,28
266,03
200,05
Leased assets
30,53
20,95
25,20
End-of-life treatment of finish product
11 114,37
6 676,56
16 525,82
Total GHG emissions (location-based) (tCO2eq)
217 829,42
174 780,77
224 630,11
Total GHG emissions (location-based) per net
revenue (tCO2eq/US $ thousand)
1,35
1,25
1,06
GHG removals and GHG mitigation projects financed through carbon credits
E 1-7
In 2024 the Company did not purchase nor intended to purchase carbon credits from the voluntary market.
Internal carbon pricing
E 1-8
IMC does not apply internal carbon pricing schemes to support decision making and incentivise the implementation of climate-
related policies and targets.
Potential financial effects from material physical and transition risks and potential climate-related opportunities
E 1-9
The Company has conducted a detailed scenario-based financial modeling to evaluate the potential financial effects of material
physical and transition risks, as well as climate-related opportunities. The assessment incorporates two climate scenarios (NDC
and Net Zero 2050) developed in line with NGFS methodology and TCFD guidance.
The model quantifies impacts on key financial indicators, such as revenue, EBITDA, EBITDA margin, and operating cash flows,
across different years. For example, under a Net Zero 2050 scenario, carbon pricing and higher input costs result in a visible
reduction of EBITDA margin from ~26% (2020) to ~18% (2028), while adaptation measures and shifts in yield performance
influence revenue volatility and investment needs.
Opportunities such as reduced OPEX through regenerative farming and green energy integration are also reflected in long-term
improvements in cash flow and cost stability.
These financial effects are embedded in IMC’s climate resilience planning and are used for strategic decision-making. A more
detailed disclosure of scenario assumptions and quantified impacts is planned for future reports to align with ESRS E1-9 in full.

Annual report 2024
Sustainability report
Environment
49
Pollution
Е 2-1
IMC has implemented a range of policies and procedures to address material impacts, risks, and opportunities related to pollution
prevention and control. These policies are integrated into the company’s Health, Safety, and Environmental (HSE) Policy and
guide the identification, assessment, management, and remediation of pollution-related issues across its operations and value
chain.
Mitigating Negative Impacts Related to Pollution of Air, Water, and Soil
IMC has established specific procedures to minimize pollution and its associated impacts on air, water, and soil within its
operations and supply chain. These include:
- Water Protection: The Procedure for the Use and Protection of Water Resources outlines measures to prevent water
contamination and optimize water usage. This includes managing agricultural runoff and implementing water
conservation practices to reduce pollution impacts on local water systems.
- Waste Management: IMC’s comprehensive waste management procedures address the responsible collection, temporary
storage, and transfer for recycling or disposal of various waste streams, including used petroleum products, batteries,
pesticide containers, fluorescent lamps, and other hazardous and non-hazardous waste. These procedures are designed
to prevent soil and water contamination and promote waste recovery and recycling.
- Air Pollution Control: The company works to minimize emissions from its operations by optimizing energy use and
transitioning to lower-carbon energy sources. Efforts include the substitution of fossil fuels with alternative energy
sources and upgrades to equipment, such as grain trucks, to reduce diesel consumption.
Minimizing and Substituting Substances of Concern
IMC is working to reduce the use of hazardous substances and phase out substances of very high concern in line with the EU
Chemicals Strategy for Sustainability. This includes:
 Phasing out hazardous substances in agricultural practices and replacing them with safer alternatives.
 Managing pesticide and agrochemical use through strict procedures for the collection and disposal of used containers,
ensuring they do not contribute to soil or water pollution.
 Exploring and implementing innovative farming practices, such as regenerative agriculture, that reduce dependency on
chemical inputs and enhance soil health.
IMC’s HSE Policy emphasizes the prevention of incidents that may lead to pollution and environmental harm. The company has
established procedures to:
- Conduct regular risk assessments to identify potential pollution-related incidents.
- Implement preventive measures to avoid incidents, such as proper handling and storage of hazardous materials (e.g., oil-
contaminated waste, fuel, and agrochemical containers).
- Respond effectively to emergencies through established protocols that aim to limit the impact of such events on the
environment and surrounding communities. IMC also ensures that employees are trained to manage emergency
situations promptly and effectively.
Actions and resources related to pollution
E 2-2
IMC implements a comprehensive approach to address pollution prevention and control with a particular emphasis on mitigating
soil pollution. The company’s actions and allocation of resources reflect the commitments outlined in its HSE Policy and related
operational procedures, ensuring effective management of pollution-related impacts, risks, and opportunities across its operations
and supply chain.
To ensure compliance with Ukrainian environmental protection legislation, IMC has established a centralized database for permit
documentation. This database facilitates regular monitoring of permit issuance, validity, and adherence to conditions specified in
the permits. Additionally, accredited laboratories at IMC's grain silos annually monitor pollutant emissions into the atmosphere,
ensuring compliance with established limit-permissible concentrations. Groundwater quality from artesian wells used by IMC
enterprises is also studied annually to assess environmental impacts and safeguard resources.

Annual report 2024
Sustainability report
Environment
50
IMC enforces Procedures for the Collection, Temporary Storage, and Disposal of hazardous and non-hazardous materials to
prevent soil contamination and evaluation practices to minimize soil erosion and protect its capacity to retain moisture. IMC
reduces the use of harmful chemicals by optimizing the application of fertilizers, pesticides, and crop protection products. The
company gradually phases out substances of high concern and substitutes safer alternatives in its farming practices, in line with
the EU Chemicals Strategy for Sustainability.Specific actions include the implementation of reduced tillage techniques on 35,000
hectares of land (29%), the adoption of cover crops on 2,000 hectares (1.7% of total landbank), and the use of nitrification
inhibitors on 10,000 hectares (8%).
IMC dedicates substantial financial and human resources to pollution prevention and soil management, conducts assessments of
soil quality and pollution risks as part of its broader environmental impact monitoring efforts. These efforts align with the
company’s commitment to reducing its environmental footprint while supporting broader ecosystem health and resilience.
Targets related to pollution
E 2-3
IMC enterprises acknowledge the environmental impacts of operations, particularly the air emission of greenhouse gases such as
carbon dioxide (CO₂) and methane (CH₄), and are committed to minimizing these emissions. The company actively reduces its
atmospheric impact through the optimization of production processes, the adoption of advanced agricultural technologies, and
the modernization of equipment. These efforts have resulted in a reduction of greenhouse gas emissions, as demonstrated by the
following achievements of IMC’s agricultural enterprises:
- A significant reduction in methane emissions from 11.3 tonnes in 2018 to 0.1 tonnes in 2024.
- A sharp decrease in carbon dioxide emissions from 1,005.6 tonnes in 2018 to 232 tonnes in 2024.
In addition to emission reductions, IMC prioritizes the reuse of spent resources in production cycles. Since 2016, the company
has implemented a program to utilize grain waste as an alternative fuel source in heating boilers. This initiative has reduced
dependence on conventional fuels while repurposing production byproducts. In 2022, 467.5 tonnes of waste grains were used as
fuel, contributing to energy efficiency and waste reduction goals.
Pollution Reduction Targets and Achievements
Year
Methane Emissions (tonnes)
Carbon Dioxide Emissions
(tonnes)
Waste Grain Used in
Heating Boilers (tonnes)
2018
11.3
1,005.6
854.9
2019
10.6
924.4
741.4
2020
2.3
898.0
928.4
2021
2.0
894.1
404.5
2022
0.6
446.4
467.5
2023
0.2
277.8
2253.8
2024
0.1
323.7
3519.82
Future Commitments
IMC is committed to further reducing its air emissions and waste production by:
- Expanding the use of biomas and other process waste as a sustainable fuel source.
- Continuing to modernize equipment and processes to enhance energy efficiency.
- Investigating and adopting innovative agricultural technologies to reduce the environmental footprint of its operations.
- Installing renewable energy generating systems.
These ongoing initiatives reflect IMC's dedication to sustainable practices, aligning with global efforts to combat climate change
and promote a circular economy.
From 2025, IMC will implement a comprehensive set of metrics to monitor and measure pollution across its operations. These
metrics will enhance the company's ability to track progress and drive targeted interventions.

Annual report 2024
Sustainability report
Environment
51
Pollution of air, water and soil
E 2-4
IMC recognizes its responsibility to minimize pollution and ensure sustainable use and protection of natural resources, including
air, water, and soil. The company has established internal procedures and implemented measures to prevent contamination and
safeguard ecosystems across its operations.
IMC’s water supply primarily relies on underground sources, complemented by water from local municipal systems for household
needs. To ensure sustainable water use, the company adopted the Regulations for the Use and Protection of Water Resources in
2019. These regulations define uniform requirements for processes related to the collection, use, and protection of water resources
for production and household purposes.
Looking ahead, in 2025, IMC plans to enhance its water management framework by performing:
 Analysis of compliance with Ukrainian water quality regulations in comparison to the EU requirements.
 Materiality assessment of water quality impacts to prioritize and address relevant pollution risks effectively.
These steps aim to align IMC’s water resource management practices with international standards and ensure their long-term
sustainability.
IMC implements stringent monitoring procedures to manage soil quality, especially within sanitary protection zones near
production facilities.
Due to differing methodologies between Ukrainian and EU soil sampling standards, IMC is not currently able to assess compliance
with thresholds set under Annex II of Regulation (EC) No 166/2006. However, the company is committed to improving its
approach and will perform a materiality assessment on the sub-topic of “Pollution of Soil” in 2025.
IMC remains dedicated to continuous improvement in pollution management through:
- Regular reviews of internal environmental regulations to integrate best practices,
- Alignment with international requirements, including EU standards, to ensure regulatory compliance, and
- Enhanced monitoring and reporting mechanisms for water and soil quality.
These initiatives reflect IMC's commitment to mitigating its environmental impacts, fostering sustainable practices, and promoting
ecosystem health across its operations.
Substances of concern and substances of very high concern
Е 2-5
IMC acknowledges the potential risks and environmental impacts associated with the use of substances of concern, particularly
pesticides and herbicides, in agricultural production. The company is transitioning to safer alternatives to align with EU regulations
and global best practices.
IMC has identified specific pesticides prohibited under EU regulations that are currently used in its operations. These include
substances such as S-Metolachlor, Flumetsulam, Prochloraz, Fenpropimorph, Epoxiconazole Alpha-Cypermethrin Imidacloprid
Diquat (inprocess of selecting alternatives). Their application rates and associated costs are tracked across key crops, including
corn, winter wheat, and sunflower.
The company has developed a structured plan to replace prohibited substances with EU-approved alternatives.
IMC’s substitution strategy will improve compliance with EU chemical safety regulations, including those outlined in REACH
(Registration, Evaluation, Authorisation, and Restriction of Chemicals).
By 2025, IMC will:
 Implement a comprehensive monitoring framework to evaluate the effectiveness of new pesticide applications.
 Expand its substitution efforts to address additional substances of very high concern.
Through these initiatives, IMC reinforces its commitment to responsible chemical use and sustainable agricultural practices,
ensuring a balance between productivity and environmental stewardship.

Annual report 2024
Sustainability report
Affected communities
52
Affected communities
Policies related to affected communities
ESRS S3-1
IMC recognizes stakeholder engagement as a fundamental element in its approach to responsible business conduct and
sustainability. Corporate Stakeholder Engagement Plan serves as a key document describing that approach. The company
proactively engages with internal and external stakeholders, ensuring their concerns, expectations, and insights are incorporated
into decision-making processes. Stakeholder groups include employees, local communities, landowners, customers, suppliers,
contractors, investors, government authorities, financial institutions, NGOs, and industry associations. This engagement is
particularly crucial given IMC’s agricultural operations in the Chernihiv, Poltava, and Sumy regions, where business activities
directly impact the environment, land use, and rural communities.
IMC’s stakeholder engagement strategy aligns with national and international regulatory frameworks, ensuring that IMC’s
interactions with stakeholders contribute to sustainable and equitable agricultural development. The company employs multiple
communication channels, such as public consultations, direct meetings, grievance mechanisms, and digital platforms, to facilitate
dialogue and address stakeholder concerns in a structured and effective manner.
A key component of IMC’s approach is its structured grievance mechanism, which allows stakeholders to raise concerns and
provide feedback confidentially. This mechanism includes a corporate misconduct hotline, physical complaint boxes in rural
offices, and digital reporting channels. IMC ensures that all grievances are addressed in a timely and transparent manner,
reinforcing trust and accountability. Additionally, the company regularly evaluates the effectiveness of its engagement strategies
to adapt to evolving stakeholder needs and regulatory developments. By fostering meaningful stakeholder participation, IMC
strengthens its social license to operate and enhances its long-term resilience in the agricultural sector.
Code of Conduct and Human Rights Policy will be developed within 2025.
In 2024 there were no severe human rights issues and incidents recorded within the Company’s upstream or downstream value
chain.
ESRS S3-2
IMC’s processes for engaging with local communities are particularly focusing on the «IMC.Aid to people» social program.
IMC's community engagement efforts are guided by a structured governance approach, ensuring that all actions are aligned with
the company's broader social responsibility goals. The process is overseen by the Deputy CEO for Land Relations and Social
Policy Development, in collaboration with IMC’s regional enterprises Directors. This governance ensures transparent decision-
making, budget allocation, and the effectiveness of community-focused initiatives.
The engagement process is regulated by the directive "Про виконання соціальної програми «ІМК допомагає» у 2024 році,"
signed by the CEO of IMC and enforced across all IMC’s regional enterprises. This directive outlines specific responsibilities,
financial commitments, and reporting obligations for all stakeholders involved in community programs. Each regional enterprise
has a designated employee responsible for implementing the social program within their area.
Any services provided, or goods purchased for local communities must be approved by IMC's CEO through official requests
submitted via the IMC portal or email. This centralized approval system ensures that all expenditures align with the goals of the
«IMC.Aid to people» program. Any changes to the pre-approved budget allocations require formal approval in accordance with
the program's governance documents.
The IMC’s regional enterprises directors are required to inform local communities and heads of the Territorial Communities
about the tax contributions made by IMC’s enterprises to community budgets in 2024. This communication fosters transparency
and builds trust between IMC and local authorities, ensuring that community members are aware of the company’s financial
contributions to local development.
Regional enterprises directors are personally accountable for implementing the program and adhering to the stipulated guidelines.
Additionally, the Deputy CEO for Land Relations and Social Policy Development oversees the execution of this directive and is
responsible for monitoring compliance and performance.
The program is subject to regular monitoring to assess the social impact of the initiatives and ensure that the funds are used
effectively. Regular updates are provided to the IMC head office to ensure transparency and accountability.

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Sustainability report
Affected communities
53
Processes to remediate negative impacts and channels for affected communities to raise concerns
ESRS S3-3
IMC's regional enterprises directors serve as the primary points of contact for Territorial Communities, ensuring that local
concerns are addressed efficiently. Each enterprise director is responsible for receiving and managing requests or concerns raised
by the communities in which IMC enterprise operates. This decentralized approach allows for prompt and localized responses to
any community-related issues, fostering strong relationships with local stakeholders.
Since 2019, IMC has operated the IMC Corporate Misconduct Hotline, based on the Ethicontrol platform. This tool provides a
confidential and efficient channel for both internal and external stakeholders, including local communities, to report any concerns
or negative impacts they may experience as a result of IMC’s activities.
The key objectives of the hotline are:
 Establishing a two-way communication channel with all IMC stakeholders.
 Facilitating the registration, documentation, and resolution of complaints.
 Ensuring a logical and transparent mechanism for handling concerns related to IMC's operations.
IMC follows a clear process for remediating any negative impacts raised by the communities or stakeholders through the hotline
or regional enterprises directors. All complaints are documented, reviewed, and addressed by a dedicated team within IMC, which
ensures timely and appropriate responses. The remediation process may involve dialogue with affected parties, internal
investigations, and corrective actions to mitigate any adverse effects.
IMC is committed to resolving issues in a fair and transparent manner, with follow-up communication to ensure that the concerns
have been adequately addressed.
Actions and Metrics
ESRS S-4;5
As part of IMC’s commitment to sustainable growth and community development, the Company actively identifies priority areas
for local development and implements dedicated projects to mitigate potential negative impacts. The «IMC.Aid to people»
program is a key element in fostering positive changes within the communities where IMC operates.
Key areas of support include:
 Aid to Landowners: Financial assistance for families of deceased landowners, payments to servicemen and their families,
and assistance in land registration and extending land lease terms.
 Infrastructure improvement: Contributions towards transportation, fuel, and general maintenance for village
infrustructure.
 Charitable Donations and Local Development Support: IMC allocates specific funds to target local needs such as school
equipment, infrastructure upgrades, and gifts for educational and childcare institutions.
Overview of 2024 Budget Allocations:
Total, UAH
Targeted assistance
to landowners, UAH
Targeted assistance to
landowners serving in
the Armed Forces of
Ukraine, UAH
Assistance to local
communities, UAH
ІМC
4 453 548
2 863 255
898 845
691 448
In 2024, IMC invested over 4 million UAH across its regional enterprises to support various community initiatives, with a specific
focus on assisting schools, kindergartens, and public institutions with necessary equipment like laptops, televisions, and projectors.
This strategic community support initiative aligns with IMC’s core values of fostering sustainable development and strengthening
local infrastructures to promote long-term positive impacts in the regions where IMC operates.

Annual report 2024
Sustainability report
Affected communities
54
EU Taxonomy
In compliance with the EU Taxonomy Regulation, IMC has evaluated its economic activities to determine their alignment with
environmentally sustainable criteria. After thorough analysis, the Company has identified that its primary operations, including
the cultivation of crops such as corn, wheat, and sunflower, do not currently meet the specific thresholds and technical screening
criteria established by the EU Taxonomy.
Consequently, for the reporting period, 100% of IMC's revenues, capital expenditures, and operational expenditures are derived
from non-eligible activities, indicating no alignment with the EU Taxonomy.
While IMC's current activities are not aligned with the EU Taxonomy, the Company is committed to exploring and integrating
environmentally sustainable practices into its operations. Future initiatives will focus on identifying opportunities that contribute
to environmental objectives, aiming for potential alignment with the EU Taxonomy in subsequent reporting periods.
ESRS Content Index
ESRS Disclosure Requirement
Name
Page
ESRS 2
General Disclosure
21, 40
ESRS 2 BP-1
General basis for preparation of the non-financial information
21
ESRS 2 GOV-1
The role of the administrative, management and supervisory bodies
21
ESRS 2 GOV-2
Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory
bodies
23, 34
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive
schemes
23
ESRS 2 GOV-5
Risk management and internal controls over sustainability
reporting
24
ESRS 2 SBM–1
Strategy, business model and value chain
24
ESRS 2 SBM-2
Interests and views of stakeholders
24
ESRS 2 SBM-3
Material impacts, risks and opportunities and the process to identify
it
27, 40
ESRS E1
Climate Change
39-49
ESRS E1 E1-2
Policies related to climate change mitigation and adaptation
39
ESRS E1 E1-1
Transition plan for climate change mitigation
38
ESRS E1 E1-4
Targets related to climate change mitigation and adaptation
38
ESRS E1 SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model
40-46
ESRS E1 E1-5
Energy consumption and mix
46
ESRS E1 E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions
47
ESRS E1 E1-7
GHG removals and GHG mitigation projects financed through
carbon credits
48
ESRS E1 E1-8
Internal carbon pricing
48
ESRS E1 E1-9
Anticipated financial effects from material physical and transition
risks and potential climate-related opportunities
48
ESRS E2
Pollution
49-51
ESRS E2 E2-1
Policies related to pollution
49
ESRS E2 E2-2
Actions and resources related to pollution
49
ESRS E2 E2-4
Pollution of air, water and soil
51
ESRS E2 E2-5
Substances of concern and substances of very high concern
51
ESRS E3
Water and Marine Resources
Not
material
ESRS E4
Biodiversity and Ecosystems
Not
material
ESRS E4
Resources and Circular Economy
Not
material

Annual report 2024
Sustainability report
Affected communities
55
ESRS S1
Own workforce
31-38
ESRS S1 S1-1
Policies related to own workforce
31
ESRS S1 S1-2
Processes for engaging with own workers and workers’
representatives about impacts
31
ESRS S1 S1-3
Processes to remediate negative impacts and channels for own
workforce to raise concerns
31
ESRS S1 S1-4
Taking action on material impacts on own workforce, and
approaches to mitigating material risks and pursuing material
opportunities related to own workforce, and effectiveness of those
actions
33
ESRS S1 S1-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
32
ESRS S1 S1-6
Characteristics of employees
32
ESRS S1 S1-8
Collective bargaining coverage and social dialogue
32
ESRS S1 S1-9
Diversity metrics
33
ESRS S1 S1-10
Adequate Wages
32
ESRS S1 S1-11
Social protection
32
ESRS S1 S1-12
Persons with disabilities
33
ESRS S1 S1-13
Training and skills development metrics
33
ESRS S1 S1-14
Health and safety metrics
33-38
ESRS S1 S1-15
Work-life balance metrics
ESRS S1 S1-16
Remuneration metrics
33
ESRS S3
Affected Communities
52-53
ESRS S3 S3-1
Policies related to affected communities
52
ESRS S3 S3-2
Processes for engaging with affected communities about impacts
52
ESRS S3 S3-3
Processes to remediate negative impacts and channels for affected
communities to raise concerns
53
ESRS S3 S3-4
Taking action on material impacts on affected communities, and
approaches to managing material risks and pursuing material
opportunities related to affected communities, and effectiveness of
those actions
53
ESRS S3 S3-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
53
ESRS G1
Business conduct
28-31
ESRS G1 G1-1
Business conduct policies and corporate culture
28
ESRS G1 G1-2
Management of relationships with suppliers
30
ESRS G1 G1-3
Prevention and detection of corruption and bribery
29-30
ESRS G1 G1-4
Incidents of corruption or bribery
29-30
ESRS G1
Animal Welfare
NA
On behalf of the Board of Directors:
Chief Executive Officer Oleksandr Verzhykhovskyi ______signed________
Chief Financial Officer Dmytro Martyniuk ______signed________

Annual report 2024
Corporate governance statement
56
CORPORATE GOVERNANCE STATEMENT
Corporate governance
Corporate governance within the Company is based on the Luxembourg law and the listing requirements of the Warsaw Stock
exchange where the trading in the Company shares takes place. The Company follows Best Practice for GPW Listed Companies
2021, which came into force from July, 01, 2021 (the “2021 WSE Code of best practice”, adopted by the Resolution No.
13/1834/2021 of 29 March 2021).
The Company's corporate governance rules are based on the Company's Articles of Association (the “Articles”), and the corporate
governance charter (the “Corporate Governance Charter”), and the Company's internal regulations.
Board of Directors
According to the Articles of Association, the Company shall be managed by the Board of Directors composed of at least five
members, their number being determined by the general meeting of shareholders. Directors need not be shareholders of the
Company. The Board of Directors is composed of executive and non-executive directors. At least two directors shall be
independent non-executive directors.
The directors shall be elected by the general meeting of shareholders for a period not exceeding six (6) years and until their
successors are elected, provided, however, that any director may be removed at any time by a resolution taken by the general
meeting of shareholders. The directors shall be eligible for reappointment.
In the event of vacancy in the office of a director because of death, resignation or otherwise, the remaining directors elected by
the general meeting of shareholders may elect a director to fill such vacancy until the next general meeting of shareholders.
Directors
Name
Initial date of appointment
End of mandate
1.Mr. Oleksandr Petrov, Executive Director, Founder and Board
member
09 March 2011
2026
2.Mr. Alex Lissitsa, Executive Director, Chairman of the Board
29 March 2012
2026
3. Mr. Oleksandr Verzhykhovskyi, Executive Director, CEO
10 January, 2020
2026
4.Mr. Dmytro Martyniuk, Executive Director, CFO
09 March 2011
2026
5. Mrs. Krysenko Olena, Executive Director, Commercial Director
10 January, 2020
2026
6. Mr. Sergii Klimishyn, Executive Director, Legal Director
10 January, 2020
2026
7. Mr. Alfons Balman, Non-executive Director
10 September 2013
2026
8. Mr. Andrzej Szurek, Non-executive Director
23 February 2023
2026
With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association and with
regards to Luxembourg Companies Law 1915. The Articles of Association may be amended from time to time by a general
meeting of the shareholders under the quorum and majority requirement provided for by the law of 10 August 1915 on
commercial companies in Luxembourg, as amended.
The present Board is composed of two independent directors and six directors who either are employed by subsidiaries of the
Company and hold over 5% of votes in the Company.
Independence is assessed taking into consideration the criterias stated in Annex II of the European Commission Recommendation
of 15 February 2005.

Annual report 2024
Corporate governance statement
57
Powers of Directors
The Board is responsible for managing the business affairs of the Company within the clauses of the Article of Association. The
directors may only act at duly convened meetings of the Board of Directors or by written consent in accordance with article 12
of Articles of Association.
The Board of Directors is vested with the broadest powers to act on behalf of the Company and to perform or authorize all acts
of administrative or disposal nature, necessary or useful for accomplishing the Company's object. All powers, not expressly
reserved by the Law to the sole shareholder or, as the case may be, to the general meeting of shareholders, fall within the
competence of the Board of Directors.
Meetings of the Board of Directors
The Board of Directors meets upon notice given by the Chairman. A meeting of the Board of Directors must be convened if any
two directors so require. The Chairman presides at all meetings of the Board of Directors. In case of chairman’s absence, the
Board of Directors may appoint another director as chairman pro tempore by vote of the majority present or represented at such
meeting. Except in cases of urgency or with the prior consent of all those entitled to attend, there should be given a written notice
of at least twenty-four hours before the meeting of the Board of Directors. Any such notice shall specify the place, the date, time
and agenda of the meeting. The notice may be waived by unanimous written consent by all the directors at the meeting or
otherwise. No separate notice is required for meetings held at times and places specified in a time schedule previously adopted by
resolution of the Board of Directors.
Every board meeting shall be held in Luxembourg or at such other place indicated in the notice.
Decisions will be taken by a majority of the votes of the directors, present or represented at the relevant meeting. Each director
has one vote. In case of a tied vote, the Chairman has a casting vote.
One or more directors may participate in a meeting by means of a conference call, by video conference or by any similar means
of communication enabling several persons participating therein to simultaneously communicate with each other. Such methods
of participation are to be considered equivalent to a physical presence at the meeting.
A written decision passed by circular means and transmitted by cable, facsimile or any other similar means of communication,
signed by all the directors, is proper and valid as though it had been adopted at a meeting of the Board of Directors, which was
duly convened and held. Such a decision can be documented in a single document or in several separate documents having the
same content and each of them signed by one or several directors. Except as far as a written decision passed by circular means is
concerned, the minutes of the meeting of the Board of Directors shall be signed by the Chairman of the relevant meeting or any
two directors or as resolved at the relevant board meeting or a subsequent board meeting. Any proxies will remain attached
thereto.
The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of
the financial reporting process. These include appointing an independent administrator (the “Administrator”) to maintain the
accounting records of the Company independent of IMC S.A. The Administrator has a duty of care to maintain proper books
and records and prepare for review and approval by the Board the annual accounts intended to give a true and fair view. The
Board has appointed Altum Luxembourg S.A. as Administrator (previously known as LGL Corporate Services Luxembourg S.A.).
Committees
Audit Committee
The Audit committee has been established by the Board to assist the Board of directors with independent verifying and safeguard
of the integrity of the company’s financial reporting; and oversee the independence of the external auditors
The Committee has responsibility for the following:
(a) Monitoring the establishment of an appropriate internal control framework;
(b) Monitoring corporate risk assessment and compliance with internal controls;
(c) Overseeing business continuity planning and risk mitigation arrangements;
(d) Reviewing reports on any material defalcations, frauds and thefts from the Group;
(e) Monitoring compliance with relevant legislative and regulatory requirements (including continuous disclosure obligations) and
declarations by the Secretary in relation to those requirements;

Annual report 2024
Corporate governance statement
58
(f) Reviewing the nomination, performance and independence of the external auditors;
(g) Liaising with the external auditors and ensuring that the annual audit is conducted in an effective manner that is consistent
with Committee members’ information and knowledge and is adequate for shareholder needs;
(h) Reviewing management processes supporting external reporting;
(i) Reviewing annual accounts and consolidated financial statements and other financial information distributed externally; and
(j) Reviewing external audit reports to ensure that, where major deficiencies or breakdowns in controls or procedures have been
identified, appropriate and prompt remedial action is taken by management.
The Committee has an advisory role, consistent with its purpose of assisting the Board in relation to the matters with which it is
charged with responsibility, and does not have any power to commit the Board to any recommendation or decision made by it
except for matters relating to the appointment, oversight, remuneration and replacement of the external auditors.
The Committee has unrestricted access to management and the external auditors as it may consider appropriate for the proper
performance of its function.
The Board of Directors shall appoint the chairman and members of the Audit Committee from among the non-executive directors
and external members which must be independent. The Audit Committee will comprise a minimum of two members. In any case
the chairman of the Audit Committee must be appointed from among non-executive directors.
As of 31 December 2024 Audit committee consisted of two members, Alfons Balmann (chairman), a non-executive director and
Andrzej Szurek (member), non-executive director. In the year 2024 the work of the Audit Committee was confined to reviewing
the interim consolidated financial statements and interim accounts, the consolidated financial statements and annual accounts and
audit reports thereon and appointment of external auditor.
Remuneration Committee
The role of the Committee is to advise on remuneration and issues relevant to remuneration policies and practices for senior
management.
The Responsibility of the Remuneration Committee includes issues regarding salaries, bonus programs and other employments
terms of the CEO and senior management in conjunction with the Board.
Notably, the Remuneration Committee is responsible for:
- submitting proposals to the Board regarding the remuneration of directors and managers, ensuring that these proposals are in
accordance with the remuneration policy adopted by the Company (not adopted yet)
- discussing with the chief executive officer the performance of executive management and of the individual executives at least
once a year based on evaluation criteria clearly defined. The chief executive officer should not be present at the discussion of his
own evaluation;
- ensuring that the remuneration of non-executive directors is proportional to their responsibilities and the time devoted to their
functions.
The Board of Directors shall appoint the chairman and members of the Remuneration Committee from among the non-executive
directors and external members which must be independent. The Remuneration Committee will comprise a minimum of two
members. In any case the chairman of the Remuneration Committee must be appointed from among non-executive directors.
Personnel
IMC employs people based on principles of equal opportunity, without distinction to race, color, gender, sexual orientation,
religion, descent or origin. IMC standards related to employees and human rights are declared in the following documents:
- Non-discrimination and equal opportunities in employment Policy
- Non-discrimination on grounds of sexual orientation and gender identity Policy
- Policy of collective bargaining
- Policy on freedom for workers to form or join trade unions
- Policy of nursing and expectant mothers
- Policy on working hours and overtime
- Employment of young person under the age of 18 Policy.

Annual report 2024
Corporate governance statement
59
Policies are freely available to all employees and guests of IMC. The company’s policy prohibits discrimination based on color,
ethnic or social origin, sex, pregnancy, civil, family status or status of a person caring for, language, religion or other opinion,
political or other opinion, national or social origin, citizenship, economic status, association with a national minority, gender
identity, age, disability, state of health, genetic characteristics of a person, and other signs or combinations of any of these
attributes, actual or imaginary, as well as prohibits discrimination on the basis of association for any of the above listed features.
Internal control and risk management
The Company’s internal control over financial reporting includes those policies and procedures that pertain to the maintenance
of financial records that, in reasonable detail, accurately and fairly reflect the transactions and disposals of the assets of the
Company; provide reasonable assurance that transactions are recorded as necessary to permit preparation of annual accounts and
consolidated financial statements. In accordance with Luxembourg legal and regulatory requirements, that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposals
of the Company’s assets that could have a material effect on the Consolidated financial statements.
External audit
In accordance with the Luxembourg law on commercial companies, an external auditor appointed by the annual general meeting
of shareholders certifies the Company’s annual and consolidated accounts.
The external audit functions for consolidated financial statements for Y2024 and Y2023 were carried by C-CLERC S.A.
Takeover bids Law statement
 The structure of the capital of the Company is represented in Note 28. The Company is a publicly listed company
whose shares are owned primarily by investors and Agrovalley Limited whose beneficial owner is Mr. Oleksandr Petrov,
chairman of the Board of Directors. As of 31 December 2024, Mr. Oleksandr Petrov held 27 031 614 shares in the
Company, what is equal to 76,14%;
 The Company has no securities which are not admitted to trading on a regulated market;
 The Company has no restrictions on the transfer of securities, such as limitations on the holding of securities or the
need to obtain the approval of the company or other holders of securities, without prejudice to article 46 of Directive
2001/34/EC;
 The details of those shareholders with an interest of 5% or more in the issued share capital of the Company, as notified
to the Company, are set out in Note 27. The Company has no other significant direct or/and indirect shareholdings
(including indirect shareholdings through pyramid structures and cross-shareholdings);
 The Company has no holders of any securities with special control rights. Transfer of shares is governed by the Articles
of Association of the Company;
 The Company has no adopted system of control of any employee share scheme where the control rights are not
exercised directly by the employees;
 The Company has no adopted restrictions on voting rights, such as limitations of the voting rights of holders of a given
percentage or number of votes, deadlines for exercising voting rights, or systems whereby, with the company’s
cooperation, the financial rights attaching to securities are separated from the holding of securities;
 All of the issued and outstanding shares in the Company have equal voting rights and there are no special control rights
attaching to the shares;
 The Company didn’t receive the information about existence of any agreements between shareholders that may result
any restrictions within the meaning of Directive 2001/34/EC;
 The Company has no any agreements to which the company is a party and which take effect, alter or terminate upon a
change of control of the company following a takeover bid, and the effects thereof, except where their nature is such
that their disclosure would be seriously prejudicial to the Company;

Annual report 2024
Corporate governance statement
60
 The Company grants non-availability of any agreements between the company and its board members or/and
employees providing for compensation if they resign or are made redundant without valid reason or if their employment
ceases because of a takeover bid.
Insider Dealing
The Company follows Luxembourg Stock Exchange, Warsaw Stock Exchange and insider trading policy rules in regards to the
disclosure of insider dealing, which require all Board Members to notify the Company with regards to all transactions in the shares
in the Company. Following the rules of the notification, the Company notifies both stock exchanges via appropriate regulatory
filings.
On behalf of the Board of Directors:
Chief Executive Officer Oleksandr Verzhykhovskyi ______signed________
Chief Financial Officer Dmytro Martyniuk ______signed________

Annual report 2024
Consolidated financial statements
Management responsibility statement
61
Management Responsibility Statement
This statement is provided to confirm that, to the best of our knowledge, the Consolidated financial statements For the year
ended 31 December 2024, and the comparable information, have been prepared in compliance with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European
Union and give a true and fair view of the Group’s assets, liabilities, financial position and profit or loss of IMC S.A. Group and
the undertakings included in the consolidation taken as a whole and that the single management report includes a fair review of
the development and performance of the business and the position of IMC S.A. Group and the undertakings included in the
consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
On behalf of the Board of Directors:
Chief Executive Officer Oleksandr Verzhykhovskyi ______signed________
Chief Financial Officer Dmytro Martyniuk ______signed________

ACrowe
c.cLERC S.A.
Cabinet
de r6vision ag166
1, rue Pletzer
- L-8080 Bertrange
B.P.
75
-
2010 Luxembourg
Tet
+352
26 38 83
Fax
+352
452203
wwwcrowe.lu
To
the Shareholders of
IMC
S.A.
Soci6t6 Anonyme
16, rue Erasme
L
-
1468 Luxembourg
REPORT
OF
THE REVISEUR D'ENTREPRISES AGREE
Report
on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of IMC S.A. and its subsidiaries
(the
"Group"),
which
comprise the consolidated statement of
financial
position
as at 31 December 2024, and lhe
consolidated statement
of
comprehensive income, the consolidated statement of cash
flows and
consolidated statement of changes in equity for the
year
then ended, and
notes
to the
consolidated
financial
statements, including a summary of significant accounting
policies.
ln our opinion, the accompanying consolidated financial statements
give
a true and
fair view
of the
financial
position
of
the
Group as
at
31 December 2024, and of its consolidated
financial
performance
and
its
consolidated cash
flows for
the
year
then ended
in accordance with lnternational Financial
Reporting Standards
(lFRSs)
as adopted by
the
European Union.
Basis
for
Opinion
We
conducted our audit
in
accordance
with
the EU
Regulation N"
53712014, the
Law of 23 July 2016
on
the audit
profession ("Law
of
23
July
2016')
and
with lnternational
Standards
on Auditing
("lSAs")
as adopted for Luxembourg by
the
"Commission
de
Surveillance
du Secteur Financier"
("CSSF").
Our responsibilities under the EU regulation No 537/2014, the Law of
23
July
2016
and
lSAs
as
adopted for Luxembourg by the CSSF are further described
in
the
< Responsibilities
of
the r6viseur
d'entreprises agr66 for
the
audit of
the
consolidated financial statements
>
section of our
report. We
are also independent of the Group in accordance
with
the
lnternational
Code
of Ethics for
Professional Accountants, ineluding lnternational lndependence Standards, issued by the
lnternational
Ethics Standards Board
for
Accountants
("lESBA
Code") as adopted
for Luxembourg
by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated
financial
statements, and
have fulfilled
our other
ethical responsibilities under those ethical
requirements.
We believe that the audit evidence
we
have obtained
is
sufficient
and appropriate to
provide
a basis for our opinion.
c-cLERc S,A,
-
Soci6t6
Anonyme
-
RCs Luxembourg
B 200724
-
TVA intracommunautaire
LU 28020028

ACrowe
Material uncertainty
related to
going
concern
We
draw
attention to the
paragraph "Operating
environment
and
going
concern"
in note 4 of the
consolidated
financial statements
which
highlights that since
24 February
2022 the
Group's
operations
are affected by the
ongoing
Russian military
invasion of Ukraine.
The magnitude
of the
further developments and the
timing of
when those actions
will cease are
uncertain.
These events
or conditions,
indicate
the existence
of a
material uncertainty
that
may
cast
significant
doubt about
the Group's
ability to continue
as a
going
concern.
Our opinion
is not
modified in
respect of this
matter.
Key Audit
Matters
Key
audit
matters are those
matters that,
in
our
professionaljudgment,
were of most
significance
in
our audit of the consolidated
financial statements of
the current
period.
These matters
were
addressed in the context
of the audit of
the consolidated
financial statements
as
a
whole, and in
forming
our opinion
thereon, and
we do not
provide
a separate
opinion on these
matters.
ln addition to the
matter described
in
the
section
"Material
uncertainty
related to
going
concern",
we
have
determined
the matters
described belowto
be the
key audit matters
to be communicated
in our
report.
Valuation of
current biological
assets
Why the matter
was
considered
to be one
of
the
most
significant
in
our
audit of the
consolidated
financial statements
of the
current
period.
The
Group
measures biological
assets at fair
value
less costs to sell
in accordance
with IAS
41
Agriculture
and IFRS
13 Fair Value Measurement.
As at 31 .12.2024, the
Group
has
current
biological
assets
comprising
mainly winter
wheat
crops
not
yet
harvested valued at
USD 10.8
million.
The Group calculates
the
fair value less cost to sell
on
the basis of the discount
cash
flow technique,
applying the
following
key
assumptions:
.
expected crops
yields;
.
estimated
future sales
prices;
.
projected productions
costs
until harvest;
.
projected
costs to sell;
.
discount rate.
Given the
significant
management
judgements
and
magnitude of the amounts
involved,
we
considered the
valuation of current
biological
assets
as a key audit
matter.
How the matter
was addressed
in our audit
Our
procedures
in relation
to the
valuation of
current
biological assets
included,
but were
not
limited to:
-
Obtaining a detailed
understanding
of
the
management's
development
of the
key
assumptions
used
in the valuation.
-
Evaluating
the appropriateness
of
management's
judgements
and
assumptions
applied
in arriving
at the
value of biological
assets by:
- Challenging
significant
assumptions
by
comparison
to historical
data,
market data or any
other
data source
as appropriate.
- Testing the accuracy
of the
valuation
model
by
performing
a
recalculation
(mathematical
accuracy) and
testing a sample
of the
underlying
inputs to supporting documentation.
-
Checking the
sensitivity
analysis
of
significant assumptions
used.
- Assessing the
adequacy of
management's
disclosures
in the
relevant
notes to the
consolidated
fi nancial
statements.

ACrowe
Other information
The Board of Directors is responsible for the other
information. The other
information comprises the
information stated in the Consolidated
Management
report, the
Sustainability
report and
the
Corporate
Governance
Statement
but does not
include
the
consolidated financial
statements and
our
report
of the
"r6viseur
d'entreprises ag166" thereon.
Our
opinion
on
the
consolidated
financial
statements
does not cover the other
information and
we
do not express any form of assurance conclusion
thereon.
ln connection
with
our audit
of
the
consolidated financial statements,
our responsibility
is
to
read the
other
information
and,
in
doing
so, consider whether the other
information is materially
inconsistent
with the consolidated financial statements or our
knowledge obtained
in
the audit
or otherwise
appears to be materially
misstated. lf,
based on the
work we have
performed,
we conclude that there
is
a
material misstatement of this other information,
we are required to report this
fact. We
have
nothing
to
report in this regard.
Responsibilities of the Board of
Directors and Those Charged
with Governance
for
the
consolidated
fi
nancial statements
The Board of Directors
is responsible for the
preparation
and
fair
presentation
of the consolidated
financial statements in accordance
with IFRSs as adopted by the European
Union, and for such
internal
control as the
Board of Directors determines
is necessary to enable the
preparation
of
consolidated
financial
statements
that are free from
material misstatement, whether due to
fraud or
error.
The Board of Directors
is responsible for
presenting
and marking up the consolidated
financial
statements in compliance with the
requirements
set
out in the Delegated
Regulation 2019/815
on
European Single Electronic
Format
("ESEF
Regulation").
ln
preparing
the consolidated
financial statements, the
Board of Directors is
responsible for
assessing the Group's ability to continue as a
going
concern, disclosing, as applicable,
matters
related
to
going
concern and
using the
going
concern basis of accounting
unless the
Board of
Directors
either
intends to liquidate the Group or to
cease operations, or
has no realistic alternative
but to do so.
Those charged with
governance
are
responsible for overseeing the Group's
financial reporting
process.

ACrowe
Responsibilities
of the
"r6viseur
d'entreprises agr66"
for
the audit
of the consolidated
financial statements
The objectives of our audit'are to obtain
reasonable
assurance
about whether the
consolidated
financial
statements as a
whole are free from material misstatement,
whether
due
to fraud or error,
and
to
issue a report of the
"r6viseur
d'entreprises agreti"
that includes our opinion.
Reasonable
assurance
is a high level of assurance but is not a
guarantee
that an audit conducted
in accordance
with
the
EU Regulation N' 53712014, the Law of
23
July
2016
and
with lSAs as adopted
for
Luxembourg
by the
CSSF will always detect a material misstatement
when it exists. Misstatements
can arise from fraud or error and are considered
material if, individually 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.
Our responsibility is to assess whether the consolidated
financial statements have been
prepared
in
all material respects with the requirements laid down
in
the
ESEF Regulation.
As
part
of an audit in accordance
with
the EU
Regulation N' 537/2014, the Law of
23 July 2016 and
with lSAs
as adopted
for
Luxembourg by the CSSF,
we exercise
professionaljudgment
and
maintain
professional
skepticism throughout the audit.
We
also:
ldentify and assess the risks of material
misstatement
of the
consolidated financial
statements, whether due to
fraud
or error, design and
perform
audit
procedures
responsive
to
those risks, and obtain audit evidence that
is
sufficient and appropriate
to
provide
a basis
for
our opinion.
The risk
of
not
detecting
a material misstatement resulting
from fraud is higher
than for one resulting from error, as
fraud may involve collusion, forgery,
intentional
omissions, misrepresentations, or the override
of internal control.
Obtain
an understanding
of internal control relevant to the audit
in order to design audit
procedures
that are appropriate
in
the circumstances,
but not for the
purpose
of expressing
an opinion on the effectiveness of the Group's
internal
control.
Evaluate the appropriateness of accounting
policies
used and the
reasonableness
of
accounting estimates and related disclosures made by the
Board
of
Directors.
Conclude on the appropriateness of
Board of Directors' use of the
going
concern
basis of
accounting and, based on the audit evidence obtained,
whether
a
material uncertainty exists
related to events or conditions that
may
cast significant doubt
on the Group's ability to
continue as a
going
concern. lf we conclude that a
material
uncertainty
exists, we are
required
to draw attention
in our report of
the
"r6viseur
d'entreprises agr66" to the
related disclosures
in the consolidated
financial
statements or,
if such disclosures are inadequate, to
modify
our
opinion. Our conclusions are based on the audit evidence obtained
up
to
the date of our
report of the
"r6viseur
d'entreprises agniti".
However, future events or conditions
may cause
the Group to cease to
continue as
a
going
concern.
o
a
o
a

ACrowe
Evaluate
the overall
presentation,
structure and content of the
consolidated
financial
statements, including the disclosures, and
whether the consolidated
financial statements
represent
the underlying
transactions and events
in
a
manner that achieves
fair
presentation.
Obtain sufficient appropriate
audit evidence regarding the
financial information of the entities
and business activities
within
the Group
to express an opinion on the consolidated
financial
statements. We are responsible
for
the direction,
supervision and
performance
of the Group
audit. We remain solely responsible for our audit
opinion.
We
communicate
with
those charged
with
governance
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.
We
also
provide
those
charged with
governance
with
a statement
that we
have
complied
with
relevant
ethical requirements
regarding independence and communicate
to them all
relationships
and other matters that may reasonably be thought
to bear on our independence,
and where
applicable,
actions
taken to eliminate threats or safeguards applied.
From
the matters communicated
with
those charged
with
governance,
we determine
those matters
that were of
most
significance
in
the
audit of the consolidated financial statements
of the current
period
and are therefore the
key audit matters.
We
describe these
matters
in
our
report unless law
or
regulation
precludes public
disclosure
about the matter.
Report
on other
legal
and
regulatory requirements
We
have been appointed as
"r6viseur
d'entreprises
agr66" by the Meeting of the
Board of Directors
on
15 August 2023
and our appointment
is subject to the
ratification of the forthcoming General
Meeting
of Shareholders.
The
duration of our
uninterrupted engagement,
including
previous
renewals and reappointments,
is
two
years.
The Consolidate
Management report is
consistent
with the consolidated
financial statements and
has been
prepared
in
accordance
with
applicable
legal requirements.
The Corporate Governance Statement
is
presented
on
pages
29 to 33.
The information required by
Article
68ter
paragraph (1)
letters c)and d) of the Law of 19 December2002
on the commercialand
companies register and on the accounting
records and annual accounts
of undertakings,
as
amended, is consistent with the consolidated
financial statements and has been
prepared
in
accordance with applicable
legal requirements.
We
confirm that the audit opinion
is consistent with the additional
report to the audit committee
or
equivalent.
We confirm
that
no
prohibited
non-audit services
referred
to
in the EU Regulation
No
53712014were
provided
and that we remained independent of the
Group in conducting the audit.
We have
checked the compliance
of
the
consolidated financial statements
of the Group as
at
31 December 2024 with relevant statutory
requirements set out
in
the
ESEF Regulation that
are
applicable
to
consolidated financial statements.
a

ACrowe
For the Group it relates to:
.
Consolidated
financial stiitements
prepared
in
a
valid xHTML format;
.
The XBRL markup
of the consolidated
financial statements using the core taxonomy and
the
common rules on markups specified in the ESEF
Regulation.
ln
our opinion, the consolidated financial statements of the Group
as at 31 December 2024
have
been
prepared,
in
all
material respects, in
compliance
with the requirements laid down
in
the
ESEF
Regulation.
Bertrange, April 30, 2025
C.CLERC S.A.
Cabinet de r6vision ag166
.-
,hz-
Mariateresa Di Martino
R6viseur
d'
Entreprises Agree

Annual report 2024
Consolidated financial statements
Consolidated statement of comprehensive income
68
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2024
(in thousand USD, unless otherwise stated)
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
CONTINUING OPERATIONS
Revenue
6
211 288
139 453
Gain from changes in fair value of biological assets and agricultural produce,
net
7
75 777
15 242
Cost of sales
8
(177 970)
(132 710)
GROSS PROFIT
109 095
21 985
Administrative expenses
9
(10 334)
(9 666)
Selling and distribution expenses
10
(31 435)
(23 994)
Other operating income
11
2 926
1 444
Other operating expenses
12
(2 417)
(3 323)
Write-offs of property, plant and equipment
(25)
(41)
Reversal of impairment of property, plant and equipment
18
-
390
Impairment of property, plant and equipment
18
-
(184)
OPERATING PROFIT/(LOSS)
67 810
(13 389)
Financial expenses, net
15
(1 235)
(1 110)
Financial effect of lease of right-of-use assets
19
(6 747)
(5 396)
Foreign currency exchange (loss)/gain, net
16
(4 501)
(1 185)
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING
OPERATIONS
55 327
(21 080)
Income tax expenses, net
17
(789)
50
NET PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING
OPERATIONS
54 538
(21 030)
Net profit/(loss) for the period attributable to:
Owners of the parent company
54 893
(20 820)
Non-controlling interests
(355)
(210)
Weighted average number of shares
35 500 464
35 500 464
Basic profit/(loss) per ordinary share (in USD)
1,55
(0,59)
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified to profit or loss:
Effect of foreign currency translation
(15 009)
(4 434)
Items that will not be reclassified to profit or loss:
Deferred tax charged directly to amortization of revaluation reserve
176
320
Revaluation of property, plant and equipment
-
17 456
Deferred tax charged directly to revaluation of property, plant and equipment
-
(933)
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS)
(14 833)
12 409
TOTAL COMPREHENSIVE PROFIT/(LOSS)
39 705
(8 621)
Comprehensive income/(loss) attributable to:
Owners of the parent company
39 969
(8 441)
Non-controlling interests
(264)
(180)
__________ signed ___________
Oleksandr Verzhykhovskyi
_________ signed_ ____________
Dmytro Martyniuk
Chief Executive Officer
Chief Financial Officer

Annual report 2024
Consolidated financial statements
Consolidated statement of financial position
69
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
(in thousand USD, unless otherwise stated)
Note
31 December 2024
31 December 2023
ASSETS
Non-current assets
Property, plant and equipment
18
78 010
72 265
Right-of-use assets
19
99 808
106 975
Intangible assets
20
234
337
Prepayments for property, plant and equipment
2 864
342
Total non-current assets
180 916
179 919
Current assets
Assets classified as held for sale
21
797
-
Inventories
22
77 191
89 508
Current biological assets
23
10 844
11 294
Trade accounts receivable, net
24
1 935
4 051
Prepayments and other current assets, net
25
5 990
11 023
Prepayments for income tax
14
211
Cash and cash equivalents
27
44 630
16 198
Total current assets
141 401
132 285
TOTAL ASSETS
322 317
312 204
LIABILITIES AND EQUITY
Equity attributable to the owners of parent company
Share capital
28
62
62
Share premium
28
37 425
37 425
Revaluation reserve
28
44 327
48 554
Retained earnings
296 956
237 660
Effect of foreign currency translation
(196 331)
(181 231)
Total equity attributable to the owners of parent company
182 439
142 470
Non-controlling interests
(1 040)
(776)
Total equity
181 399
141 694
Non-current liabilities
Deferred tax liabilities
17
2 014
2 434
Long-term loans and borrowings
29
11 654
902
Long-term lease liabilities as to right-of-use assets
20
91 406
99 188
Total non-current liabilities
105 074
102 524
Current liabilities
Current portion of long-term loans and borrowings
29
5 747
19 427
Current portion of long-term lease liabilities as to right-of-use assets
20
13 424
12 931
Short-term loans and borrowings
30
5 890
25 398
Trade accounts payable
31
1 590
2 312
Other current liabilities and accrued expenses
32
9 193
7 918
Total current liabilities
35 844
67 986
Total liabilities
140 918
170 510
TOTAL LIABILITIES AND EQUITY
322 317
312 204
__________ signed ___________
Oleksandr Verzhykhovskyi
_________ signed_ ____________
Dmytro Martyniuk
Chief Executive Officer
Chief Financial Officer

Annual report 2024
Consolidated financial statements
Consolidated statement of changes in equity
70
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
(in thousand USD, unless otherwise stated)
Share
capital
Share
premium
Revaluation
reserve
Retained
earnings
Effect of
foreign
currency
translation
Total
Non-
controlling
interests
Total
equity
31 December 2022
62
37 425
33 136
257 055
(176 767)
150 911
(596)
150 315
Сomprehensive
income/(loss) for the
period
Profit/(loss) for the
period
-
-
-
(20 820)
-
(20 820)
(210)
(21 030)
Amortization of
revaluation reserve
-
-
(1 425)
1 425
-
-
-
-
Deferred tax charged
directly to amortization
of revaluation reserve
-
-
320
-
-
320
-
320
Revaluation of property,
plant and equipment
-
-
17 456
-
-
17 456
-
17 456
Deferred tax charged
directly to revaluation of
property, plant and
equipment
-
-
(933)
-
-
(933)
-
(933)
Other comprehensive
income
-
-
-
-
(4 464)
(4 464)
30
(4 434)
Total comprehensive
profit/(loss)
-
-
15 418
(19 395)
(4 464)
(8 441)
(180)
(8 621)
31 December 2023
62
37 425
48 554
237 660
(181 231)
142 470
(776)
141 694
31 December 2023
62
37 425
48 554
237 660
(181 231)
142 470
(776)
141 694
Сomprehensive
income/(loss) for the
period
Profit/(loss) for the
period
-
-
-
54 893
-
54 893
(355)
54 538
Amortization of
revaluation reserve
-
-
(4 403)
4 403
-
-
-
-
Deferred tax charged
directly to amortization
of revaluation reserve
-
-
176
-
-
176
-
176
Other comprehensive
income
-
-
-
-
(15 100)
(15 100)
91
(15 009)
Total comprehensive
profit/(loss)
-
-
(4 227)
59 296
(15 100)
39 969
(264)
39 705
31 December 2024
62
37 425
44 327
296 956
(196 331)
182 439
(1 040)
181 399
__________ signed ___________
Oleksandr Verzhykhovskyi
_________ signed_ ____________
Dmytro Martyniuk
Chief Executive Officer
Chief Financial Officer

Annual report 2024
Consolidated financial statements
Consolidated statement of cash flows
71
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
(in thousand USD, unless otherwise stated)
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit/(loss) before tax from continuing operations
55 327
(21 080)
Adjusted to reconcile profit before tax with net cash used in operating
activities:
Gain from changes in fair value of biological assets and agricultural produce,
net
7
(75 777)
(15 242)
Disposal of revaluation of biological assets and agricultural produce in the
cost of sales, net
8
47 837
47 945
Depreciation and amortization
13
18 276
16 770
Financial effect of lease of right-of-use assets
19
6 747
5 396
Interest expenses and other financial expenses
15
2 938
2 328
Foreign currency exchange loss/(gain), net
16
4 904
2 113
Loss/(gain) on disposal of property, plant and equipment
11, 12
(427)
(204)
Write-offs of property, plant and equipment
25
41
Gain on recovery of assets previously written off
11
(14)
(20)
Interest income
15
(1 703)
(1 218)
Accruals for unused vacations
1 622
1 570
Accruals for audit services
141
120
Write-offs of VAT
12
53
31
Shortages and losses due to impairment of inventories
12
2
2 512
Income from write-offs of accounts payable
11
(101)
(153)
(Gain)/loss on disposal of inventories
11
(58)
(157)
Allowance for doubtful accounts receivable
12
59
91
Effect of modification of right-of-use assets
11
(580)
(668)
Impairment/(reversal of impairment) of property, plant and equipment, net
-
(206)
Cash flows from operating activities before changes in working capital
59 271
39 969
Changes in trade accounts receivable
1 939
4 153
Changes in prepayments and other current assets
5 664
(1 000)
Changes in inventories
23 519
(58 172)
Changes in current biological assets
7 659
37 008
Changes in trade accounts payable
(501)
(457)
Changes in other current liabilities and accrued expenses
(1 932)
(1 351)
Cash flows from operations
95 619
20 150
Interest paid on loans and borrowings
(2 690)
(2 198)
Interest paid on lease liabilities as to right-of-use assets
(737)
(620)
Income tax paid
(622)
(263)
Net cash flows from operating activities
91 570
17 069
__________ signed ___________
Oleksandr Verzhykhovskyi
_________ signed_ ____________
Dmytro Martyniuk
Chief Executive Officer
Chief Financial Officer

Annual report 2024
Consolidated financial statements
Consolidated statement of cash flows
72
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
For the year ended 31 December 2024
(in thousand USD, unless otherwise stated)
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment
(23 600)
(17 132)
Proceeds from disposal of property, plant and equipment
1 103
571
Net cash flows from investing activities
(22 497)
(16 561)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term loans and borrowings
1 681
15 710
Proceeds from short-term loans and borrowings
13 408
13 915
Repayment of long-term loans and borrowings
(4 609)
(4 925)
Repayment of short-term loans and borrowings
(32 804)
(17 385)
Repayment of long-term and short-term lease liabilities as to right-of-use
assets (land)
(13 650)
(14 554)
Repayment of long-term and short-term lease liabilities as to right-of-use
assets (other)
(1 435)
(1 413)
Net cash flows from financing activities
(37 409)
(8 652)
NET CASH FLOWS
31 664
(8 144)
Cash and cash equivalents as at the beginning of the period
27
16 198
24 864
Effect of translation into presentation currency
(3 232)
(522)
Cash and cash equivalents as at the end of the period
27
44 630
16 198
__________ signed ___________
Oleksandr Verzhykhovskyi
_________ signed_ ____________
Dmytro Martyniuk
Chief Executive Officer
Chief Financial Officer

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
73
1
Description of formation and business
IMC S.A. (the “Parent company”) is a limited liability company registered under the laws of Luxembourg on 28 December 2010
for an unlimited period of time. IMC S.A. was formed to serve as the ultimate holding company of Unigrain Holding Limited
and its subsidiaries. The registered address of IMC S.A. is L-1468, 16 rue Erasme, Luxembourg, Grand Duchy Luxembourg, its
register number within the Registre de Commerce et des Sociétés du Luxembourg is RCS B157843.
IMC S.A. and its subsidiaries (the “Group” or the “IMC”) is an integrated agricultural company in Ukraine. The main areas of
the Group’s activities are:
- cultivation of grain and oilseeds crops;
- storage of grain and oilseeds crops.
The Group is among Ukraine’s top-10 agricultural producers. The grain and oilseeds crops produced by the Group are sold in
both the Ukrainian and export markets.
All companies comprising the Group were under the control of the same beneficial owner Mr. Petrov O.L. as at all the reporting
dates and have effectively operated as an operating group under common management.
The principal activities of the companies comprising the Group are as follows:
Operating entity
Principal activity
Registered
office
Year
established/
acquired
Cumulative ownership ratio, %
31 December
2024
31 December
2023
IMC S.A.
Holding company
Luxembourg
28.12.2010
100
100
Burat-Agro Ltd.
Agricultural production
Ukraine
31.12.2007
100
100
Burat Ltd.
Grain elevator
Ukraine
31.12.2007
-
-*
Chernihiv Industrial Milk
Company Ltd.
Agricultural and farming
production
Ukraine
31.12.2007
100
100
PrJSC Mlibor
Grain elevator
Ukraine
31.05.2008
74,41
74,41
Unigrain Holding Limited
Subholding company
Cyprus
02.06.2009
100
100
Aristo Eurotrading
Limited
Trading company
British Virgin
Islands
30.08.2011
100
100
PrJSC “Vyryvske HPP”
Grain elevator
Ukraine
28.12.2011
80,61
80,61
PAC Slobozhanschina
Agro
Agricultural production
Ukraine
26.06.2012
100
100
Agroprogress PE
Agricultural production
Ukraine
28.12.2012
100
100
Bobrovitsky Hlebzavod
Ltd
Bakery production
Ukraine
28.12.2012
100
100
PrJSC “Bobrovitske HPP”
Grain elevator
Ukraine
28.12.2012
92,83
92,83
Negoce Agricole S.a r.l.
Trading company
Luxembourg
19.11.2013
100
100
AgroKIM Ltd.
Agricultural production,
grain elevator
Ukraine
30.12.2013
100
100
Aristo Eurotrading HK
Limited
Trading company
Hong Kong
21.06.2019
100
100
*In July 2023 Burat Ltd was joined to Burat-Agro Ltd.
Today IMC is the vertically integrated and high-technology group of companies operating in Sumy, Poltava and Chernihiv region
(northern and central Ukraine).
The Group controls 116,5 thousand ha (116,2 thousand ha under processing of high quality arable land). In 2024 the Group
operates in two segments - crop farming and elevators and warehouses.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
74
The financial year of the Group begins on 01 January of each year and terminates on 31 December of each year.
The Group’s Consolidated financial statements are public and available at:
http://www.imcagro.com.ua/en/investor-relations/financial-reports.
Stock information about the Company (company code name on WSE: IMCOMPANY (LU0607203980)):
https://www.gpw.pl/company-factsheet?isin=LU0607203980
Statement of compliance
These Consolidated financial statements have been prepared in accordance with International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union.
These Consolidated financial statements are based on principal accounting policies and critical accounting estimates and
judgments that are set out below. These accounting policies and assumptions have been applied consistently to all periods
presented in these Consolidated financial statements.
Companies comprising the Group which are incorporated in Ukraine maintain their accounting records in accordance with
Ukrainian regulations. Ukrainian statutory accounting principles and procedures differ from those generally accepted under IFRS.
Accordingly, the Consolidated financial statements, which have been prepared from the Ukrainian statutory accounting records
for the entities of the Group domiciled in Ukraine, reflect adjustments necessary for such financial statements to be presented in
accordance with IFRS.
These Consolidated financial statements as at 31 December 2024 prepared in compliance with IFRS as approved by the European
Union are approved on behalf of the Group’s Board of Directors on 30 April 2025.
Going concern
These Consolidated financial statements have been prepared on a going concern basis, which contemplates the disposal of assets
and the settlement of liabilities in the normal course of business. The recoverability of Group’s assets, as well as the future
operations of the Group, may be significantly affected by the current and future economic environment. Management believes
that Group has reliable access to sources of financing capable to support appropriate operating activity of Group entities. These
Consolidated financial statements do not include any adjustments should the Group be unable to continue as a going concern.
For further information, relating to the going concern, see page 88.
Basis of measurement
The Consolidated financial statements are prepared under historical cost basis except for the revalued amounts of property, plant
and equipment, fair values of biological assets and agricultural produce.
Use of estimates
The preparation of these Consolidated financial statements involves the use of reasonable accounting estimates and requires the
Management to make judgments in applying the Group's accounting policies. These estimates and assumptions are based on
Management’s best knowledge of current events, historical experience and other factors that are believed to be reasonable. Note
4 contains areas, related to a high degree of importance or complexity in decision-making, or areas where assumptions and
estimates are important for amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the
end of the reporting period.
2
Basis of preparation of the consolidated financial statements

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
75
Foreign currency translation
The Group’s management has decided to present and measure these Consolidated financial statements in United States Dollars
(“USD”) for the purposes of convenience of users of these Consolidated financial statements.
Functional and presentation currency
Items included in the financial statements of each of the Group's companies are measured using the currency of the primary
economic environment in which the company operates (“the functional currency”). For the companies of the Group operating
in Ukraine the Ukrainian Hryvna (“UAH”) is the functional currency. For the companies operating in Cyprus and Luxembourg
the functional currency is Euro (“EUR”).
These Consolidated financial statements are presented in the thousands of United States Dollars (“USD”), unless otherwise
indicated.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates
prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange
ruling at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as
at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value is determined.
The principal exchange rates used in the preparation of these Consolidated financial statements are as follows:
Translation into presentation currency
The results and financial position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that
have a functional currency different from the presentation currency are translated into the presentation currency as follows:
- assets and liabilities for each balance sheet presented are translated at the official rate at the date of the balance sheet;
- income and expenses are translated at average exchange rate for the period, unless fluctuations in exchange rates during that
period are significant, in which case income and expenses are translated at the rate on the dates of the transactions;
- all the equity and provision items are translated at the rate on the dates of the transactions;
- all resulting exchange differences are recognized as a separate component of other comprehensive income;
- in the consolidated statement of cash flows cash balances at the beginning and end of each presented period are translated at
rates prevailing at corresponding dates. All cash flows are translated at average exchange rates for the periods presented. Exchange
differences arising from the translation are presented as the effect of translation into presentation currency.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally
accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that
are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control
ceases.
The acquisition method of accounting is used to account for the acquisition of subsidiaries. The consideration transferred is
measured at the fair value of the assets given up, equity instruments issued and liabilities incurred or assumed at the date of
acquisition, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured at their fair values at the acquisition date. The excess of the consideration
Currency
31 December
2024
Average for the
2024
31 December
2023
Average for the
2023
31 December
2022
UAH/USD
42,039
40,159
37,9824
36,57504
36,5686
EUR/USD
1,04
1,08
1,11
1,08
1,07

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
76
transferred over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the
consideration transferred is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly
in the consolidated statement of comprehensive income.
Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Financial statements of parent company and its subsidiaries, which are used while preparing the Consolidated financial statements,
are prepared as at the same date on the basis of consistent application of accounting policy for all companies of the Group.
3
Summary of material accounting policies
Property, plant and equipment
Property, plant and equipment are stated at their revalued amounts that are the fair value at the date of revaluation, less any
subsequent accumulated depreciation and subsequent accumulated impairment losses. Any accumulated depreciation at the date
of revaluation is restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount
of the asset after revaluation equals its revalued amount.
If there is no data about the market value of property, plant and equipment due to the nature of highly specialized machinery and
equipment, such objects are evaluated according to acquisition expenses under present-day conditions, adjusted by an ageing
percentage.
Property, plant and equipment of acquired subsidiaries are initially recognised at their fair value which is based on valuations
performed by independent professionally appraisers.
Valuations are performed frequently enough to ensure that the fair value of a remeasured asset does not differ materially from its
carrying amount as at reporting date.
Increases in the carrying amount arising on revaluation of property, plant and equipment are recognised in other comprehensive
income and accumulated in equity under the line Revaluation reserve. Decreases in the carrying amount as a result of a revaluation
are in profit or loss. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of
the same asset previously recognised in profit or loss. Decrease related to previous increase of the same asset is recognized against
other reserves directly in equity.
The revaluation surplus included in equity in respect of an item of property, plant and equipment is transferred directly to retained
earnings as the asset is used by an entity (in the amount that is the difference between depreciation based on the revalued carrying
amount of the asset and depreciation based on the asset’s original cost) and when the asset is derecognized (in the full amount).
Subsequent major costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it
is probable that these replacements will materially extend the life of property, plant and equipment or result in future economic
benefits. The carrying amount of the replaced part is derecognized. All other day-to-day repairs and maintenance are charged to
the consolidated statement of comprehensive income during the financial period in which they are incurred.
Property, plant and equipment or their essential component are written-off in a case of their disposal or if future economic
benefits from use or disposal of such asset are not expected. Any gain or loss arising on derecognition of the asset (calculated as
the difference between the net disposal proceeds and the carrying amount of the asset) is included in the other incomes (expenses)
in the consolidated statement of comprehensive income when the asset is derecognized.
Depreciation of an asset begins when it is available for use, i.e., when it is in the location and condition necessary for it to be
capable of operating in the manner intended by Management. Depreciation of an asset ceases when the asset is derecognized.
Depreciation does not cease when the asset becomes idle or is retired from active use and held for disposal unless the asset is
fully depreciated.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
77
Depreciation on assets is calculated using the straight-line method to allocate their revalued amounts to their residual values over
their estimated useful lives, as follows:
- Buildings 15-55 years
- Machinery 5-30 years
- Motor vehicles 5-20 years
- Other assets 5-20 years
The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date.
Land is not depreciated.
Construction in progress comprises costs directly related to the construction of property, plant and equipment, as well as the
relevant variable and fixed overhead costs related to the construction. These assets are depreciated from the moment when they
are ready for operation.
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less
any accumulated amortization and any accumulated impairment losses.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the consolidated statement of comprehensive income in other income
(expenses) when the asset is derecognized.
The Group determines whether the useful life of an intangible asset is finite or indefinite.
Useful life of intangible assets is indefinite if the Group suggests that the period during which it is expected that the object of
intangible assets will generate net cash inflows to the organization has no foreseeable limit. Intangible assets with indefinite useful
lives are not amortized, but reviewed for impairment.
Amortisation of intangible assets is charged to the consolidated statement of comprehensive income on a straight-line basis over
the estimated useful lives of intangible assets from the date they are available for use. The following estimated useful lives, which
are re-assessed annually, have been determined for classes of finite-lived intangible assets:
- Land lease rights 5-15 years
- Computer software 5 years
Impairment of property, plant and equipment and intangible assets
The carrying amounts of property, plant and equipment and intangible assets are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated in order
to determine the extent of the impairment loss, if any. Where it is impossible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of a cash-generating unit to which the asset belongs.
The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. Value in use is the net
present value of expected future cash flows, discounted on a pre-tax basis, using a rate that reflects current market assessments
of the time value of money.
An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount. Impairment losses are recognized in the consolidated statement of comprehensive income.
A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the
asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of
the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated
statement of comprehensive income unless the asset is carried at a revalued amount, in which case the reversal is treated as a
revaluation increase.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
78
Non-current assets held for sale
Non-current assets are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. This condition is regarded as met only when the sale is highly probable within one year, and
the asset is available for immediate sale in its present condition. Non-current assets are measured at the lower of the previous
carrying amount or the fair value less costs to sell. Non-current assets are not depreciated or amortized while they are classified
as held for sale.
Biological assets
The biological assets are classified as non-current and current depending on the expected pattern of consumption of the economic
benefits embodied in the biological assets.
The Group distinguishes the category Current biological assets of plant-breeding.
The Group assesses a biological asset at initial recognition and at each balance sheet date at fair value less costs to sell, except for
the cases where the fair value cannot be determined with reasonable assurance.
Gains or losses from movements in the fair value of biological assets less estimated selling and distribution expenses of the Group
are recorded in the period they are incurred in the consolidated statement of comprehensive income as Gain (loss) from changes
in fair value of biological assets and agricultural produce, net.
The Group capitalizes expenses between the reporting dates into the cost of biological assets.
Biological assets of plant-breeding
The capitalized expenses include all the direct costs and overhead costs related to the farming division. Such costs may
include the following costs: raw materials (seeds, mineral fertilizers, fuel and other materials), wages and salaries expenses
of production personnel and related charges, amortization and depreciation, land lease expenses and other taxes, third
parties’ services and other expenses related to the cultivation and harvesting of biological assets of plant-breeding.
The expenses on works connected with preparation of the lands for future harvest are included into the Inventories as work-in-
progress. After works on seeding on these lands the cost of field preparation is reclassified to biological assets held at fair value.
Agricultural produce
The Group classifies the harvested product of the biological assets as agricultural produce. Agricultural produce is measured at
its fair value less costs to sell at the point of harvest. The difference between the cost and fair value less costs to sell at the point
of harvest of harvested agricultural produce is recognized in the consolidated statement of comprehensive income as Gain (loss)
from changes in fair value of biological assets and agricultural produce, net.
After the initial recognising as at the date of harvesting agricultural produce is treated as inventories. Agricultural produce
measurement as at the date of harvest becomes inventories' cost to account.
Inventories
Inventories are measured at the lower of cost and net realizable value.
The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories
to their present location and condition.
The cost of agriculture produce is its fair value less costs to sell at the point of harvesting.
The cost of work in progress and finished goods includes costs of direct materials and labor and other direct productions costs
and related production overheads (based on normal operating capacity). Costs are capitalized in work in progress for preparing
and treating land prior to seeding in the next period. Work in progress is transferred to biological assets once the land is seeded.
The cost of inventories is assigned by using FIFO method.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
estimated costs necessary to make the sale.
The Group periodically analyses inventories to determine whether they are damaged, obsolete or slow-moving or if their net
realizable value has declined, and makes an allowance for such inventories. If such situation occurred, the sum remissive the cost
of inventories should be reflected as a part of other expenses in consolidated statement of comprehensive income.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
79
Financial instruments
Financial assets and financial liabilities are regognised in the Group’s consolidated statement of financial position when the Group
becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets or financial liabilities (other than financial assets or financial liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition for the items not measured at Fair Value through Profit or Loss (FVTPL). Transaction costs that are directly
attributable to the acquisition or issue of financial assets or financial liabilities at fair value through profit or loss are recognized
immediately in profit or loss.
Financial assets
All regular way purchases or sales of financial assets are recognized on a trade date basis.
All recognized financial assets are measured subsequently in their entirety at their amortised cost or fair value, depending on the
classification of the financial assets.
The Group's financial assets include cash and cash equivalents, trade receivables and other receivables and are classified as
Financial assets at amortised cost.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income
over the relevant period. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial
recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference
between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial
asset is the amortised cost of a financial asset before adjusting for any loss allowance.
The Group recognises a loss allowance for expected credit losses on financial assets and updates the allowance at each reporting
date to reflect changes in credit risk since initial recognition of the respective financial instrument. The expected credit losses are
estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to
the debtors, general economic conditions and assessment of both the current as well as the forecast direction of conditions at the
reporting date, including time value of money where appropriate. The expected credit loss is estimated as the difference between
all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects
to receive, discounted at the original effective interest rate.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. On derecognition
of financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration
received and receivable is recognised in consolidated statement of comprehensive income.
Financial liabilities
All financial liabilities are measured subsequently at amortised cost using the effective interest method or at fair value through
profit or loss.
The Group’s financial liabilities include trade payables and other payables, loans and borrowings, which are classified as Financial
liabilities at amortised cost.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expenses
over the relevant period. The effective interest rate is the rate that exactly discount estimated future cash payments (including all
fees and points or received that form an integral part of the effective interest rate, transaction costs and other premiums or
discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a
financial liability.
The Group derecognises a financial liability only when the Group’s obligations are discharged, cancelled or have expired. The
difference between the carrying amount of the financial liability derecognized and the sum of the consideration paid and payable
is recognised in consolidated statement of comprehensive income.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability
and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in consolidated statement
of comprehensive income.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
80
Prepayments and other non-financial assets
Prepayments are reflected at nominal value less VAT and accumulated impairment losses, other non-financial assets are reflected
at nominal value less accumulated impairment losses.
Prepayments are classified as non-current assets when the goods or services relating to the prepayment are expected to be obtained
after one year, or when the prepayment relates to an asset which will itself be classified as non-current upon initial recognition.
If there is an indication that the assets, goods or services relating to a prepayment will not be received, the carrying value of the
prepayment is written down accordingly and a corresponding impairment loss is recognised as a part of other expenses in
Consolidated statement of comprehensive income.
Cash and cash equivalents
Cash and cash equivalents include cash in bank and cash in hand, call deposits.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-
value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use
the underlying assets.
 Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset.
 Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments
also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do
not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement
date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes
to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
 Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of property, plant and equipment (i.e.,
those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option).
Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the
lease term.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
81
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified
as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease
term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned.
Taxation
 Income tax
Income tax expense represents the amount of the tax currently payable and deferred tax.
Income tax expenses are recorded as expenses or income in the consolidated statement of comprehensive income,
except when they relate to items directly attributable to other comprehensive income (in which case the amount of tax
is taken to other comprehensive income), or when they arise at initial recognition of company acquisition.
i. Current income tax
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected
to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted, by the reporting date, in the countries where the Group
operates and generates taxable income.
ii. Deferred income tax
Deferred tax is provided using the liability method on temporary differences at the reporting date between the
tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
- where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss;
- in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not
reverse in the foreseeable future.
Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits
and unused tax losses, to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be
utilized except:
- where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition
of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss;
- in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets
are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax
assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same
taxation authority.
 Single tax 4
th
group (previously Fixed agricultural tax)
According to effective legislation, the Ukrainian consolidated companies of the Group involved in production,
processing and sale of agricultural products may opt for paying single tax 4
th
group in lieu of income tax, land tax and
some other local taxes if the revenues from sale of their own agricultural products constitute not less than 75% of their
total (gross) revenues. The single tax 4
th
group is assessed at 0,95% on the deemed value of the land plots owned or
leased by the entity (0,95% in 2023). As at 31 December 2024, 5 of the companies comprising the Group were elected
to pay single tax 4
th
group (2023: 5).

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
82
 Value added tax (VAT)
VAT output equals to the total amount of VAT collected within a reporting period, and arises on the earlier of the date
of shipping goods to a customer or the date of receiving payment from the customer. VAT input is the amount that a
taxpayer is entitled to offset against his VAT liability in a reporting period. Rights to VAT input arise on the earlier of
the date of payment to the supplier or the date goods are received.
Revenue, expenses and assets are recognized less VAT amount, except cases, when VAT arising on purchases of assets
or services, is not recoverable by tax authority; in this case VAT is recognized as part of purchase costs or part of item
of expenses respectively. Net amount of VAT, recoverable by tax authority or paid, is included into accounts receivable
and payable, reflected in consolidated statement of financial position.
 Other taxes payable
Other taxes payable comprise liabilities for taxes other than above, accrued in accordance with legislation enacted or
substantively enacted by the end of the reporting period.
Revenue recognition
Revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for
transferring goods or services to a customer. A five-step model is established to account for revenue from contracts with
customers.
The Group performed an analysis of five-step model as follows:
- the Group concludes contract with the customers in written form, where the parties and each party’s rights are mentioned, all
conditions relating goods or services, payments and delivery are described.
- the Group is in the business of crops cultivation, dairy farming and providing storage and processing services. Crops and
services are sold on their own in separate identified contracts with customers. So the sale of crops and dairy farming products or
providing of services is the only performance obligation in contracts with customers.
- the Group receives only short-term advances from its clients and they are presented as a part of Other current liabilities and
accrued expenses. The contracts do not contain any variable considerations or warranty obligations. The transaction price is clearly
stated in the contract.
- finished products and services transferred to customers at a point in time.
Therefore, the Group recognizes revenue as follows:
 Sales of goods
Revenue from sales of goods is recognised when a performance obligation is satisfied or when the customer obtains
control of the goods. If the Group agrees to transport goods to a specified location, revenue is recognised when the
goods are passed to the customer at the destination point. The Group uses standardised INCOTERMS which define
the point of risks and reward transfers.
 Rendering of services
Revenue from rendering services is recognized at the moment of transfer to the customer control over the product or
service.
Government grants
Governmet grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions
will be complied with. When the grant relates to an expense item, it is recognized as income on systematic basis over the periods
that the related costs, for which it is intended to compensate, are expensed. When the grant related to an asset, it is recognized as
income in equal amounts over the expected useful life of the related asset.
Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
83
Contingent assets and liabilities
Contingent liabilities are not recognized in the consolidated financial statements. The Group discloses information about
contingent liabilities in the Notes to the consolidated financial statements if any, except for the cases where fulfillment of
contingent liabilities is unlikely; because of the remoteness of the event (possible repayment period is more than 12 months).
The Group constantly analyzes contingent liabilities to determine the possibility of their repayment. If the repayment of a liability,
which was previously characterized as contingent, becomes probable, the Group records the provision for the period in which
repayment of the obligation has become probable.
Contingent assets are not recognized in the consolidated financial statements, but disclosed in the Notes where there is a
reasonable possibility of future economic benefits.
Share capital
Ordinary shares issued are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction. Any excess of the fair value of consideration received over the par value of shares issued is presented in
consolidated financial statements as Share premium.
Dividends
Dividends are recognized as a liability and deducted from shareholders’ equity at the balance sheet date only if they are declared
before or on the balance sheet date. Dividends are disclosed when they are proposed before the balance sheet date or proposed
or declared after the balance sheet date but before the Consolidated financial statements are authorized for issue.
Share based payment
Management Incentive Plan defined an option for a Management to purchase the Group’s new shares under the subscription
price. The issue of these new shares has an impact on Equity – it increases the line Share capital in the amount of subscription
and the line Share premium in the amount that quoted share price exceeds subscription price. The expenses arising from share-
based payment transactions are recognized as services received and included in Wages and salaries and related charges of
administrative personnel of the period in a full amount.
Earnings per share
Earnings per share are determined by dividing the net profit or loss attributable to the owners of Parent company by the weighted
average number of shares outstanding during the reporting period.
Income from the exchange of property certificates
When the items of property, plant and equipment are acquired in exchange for non-cash asset (property certificate), the initial
value of such assets is estimated at fair value. The difference between the price paid for property certificates and the fair value of
received items of property, plant and equipment is recognized as income in the period of the exchange operation.
Borrowing costs
Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. Investment
income resulting from temporary investment of received borrowing costs, until their expensing for the purchase of capital
construction objects, shall be deducted from the cost of raising borrowing costs that may be capitalized.
All other borrowing costs are expensed in the period they occur.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
84
4
Critical accounting estimates and judgments
The preparation of the Group’s Consolidated financial statements requires Management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and the disclosure of contingent assets and
liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
Used estimates and assumptions are reviewed by the Management of the Group on a continuous basis, by reference to past
experiences, current trends and all available information that is relevant at the time of preparation of consolidated financial
statements. Adjustments to accounting estimates are recognized in the period in which the estimate is revised if the change affects
only that period or in the period of the revision and subsequent periods, if both periods are affected.
In the process of applying the Group’s accounting policies, Management has made the following judgments, estimates and
assumptions which have the most significant effect on the amounts reflected in the consolidated financial statements.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the
asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal
market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be
accessible to the Group.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.
All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a
whole:
• Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.
• Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Fair value of property, plant and equipment
The Group engages an independent appraiser to determine the fair value of property, plant and equipment on a regular basis.
The assessment is conducted in accordance with International Valuation Standards for property. The assessment procedure is
carried out for all groups of property, plant and equipment. The fair value of items of property, plant and equipment is estimated
on the basis of comparative and cost plus approaches.
The comparative approach is based on an analysis of sales prices and offers of similar items of property, plant and equipment,
taking into account the appropriate adjustments for differences between the objects of comparison and assessment item. Based
on the application of this approach, the fair value of property, plant and equipment is determined on the basis of their market
value.
The cost approach involves the definition of present value of costs of reconstruction or replacement of the assessment item with
their further adjustment by the depreciation (impairment) amount. Based on the application of this approach, the fair value of
certain items of property, plant and equipment is determined in the amount of the replacement of these items. The cost plus
method is adjusted by the income method data, which is based on the discounted cash flow model.
This model is most sensitive to the discount rate, as well as to the expected cash flows and growth rates used for the extrapolation
purposes. Judgments of the Group in determining the indices used in the appraisers' calculations may have a significant effect on
the determination of fair value of property, plant and equipment, and hence on their carrying amount.
The fair value of property, plant and equipment of all the Group's companies has been measured as at 31 December 2023 by an
independent appraiser LLC “Asset Expertise” (ODS Certificate No.548/2022 as of 14 November 2022 issued by State Property
Fund of Ukraine).

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
85
Fair value of biological assets
Due to an absence of an active market for current biological assets of plants-breeding in Ukraine, to determine the fair value of
these biological assets, the Group used the discounted value of net cash flows expected from assets as at reporting date.
Discounted value of net cash flows is estimated at year-end based on the planted hectares and various assumptions, including
estimated market price at the time of harvest, yield, costs to complete, costs to sell and discount rate.
Fair value of agricultural produce
The Group estimates the fair value of agricultural produce at the date of harvesting using the prices observed on the market from
an independent source. Costs to sell at the point of harvest are estimated based on expected future selling costs that depend on
conditions of sales agreements. The fair value less costs to sell becomes the carrying value of inventories at the date of harvesting.
Fair value of financial instruments
The fair value of financial assets and liabilities is determined by applying various valuation methodologies. Management uses its
judgment to make assumptions based on market conditions existing at each balance sheet date. Where the fair values of financial
assets and financial liabilities recorded in the consolidated statement of financial position cannot be derived from active markets,
they are determined using valuation techniques including the discounted cash flows model. Management uses discounted cash
flow analysis for various loans and receivables as well as debt instruments that are not traded in active markets. The effective
interest rate is determined by reference to the interest rates of instruments available to the Group in active markets. In the absence
of such instruments, the effective interest rate is determined by reference to the interest rates of active market instruments available
adjusted for the Group’s specific risk premium estimated by management.
Useful lives of property, plant and equipment
Items of property, plant and equipment owned by the Group are depreciated using the straight-line method over their useful lives,
which are calculated in accordance with business plans and operating calculations of the Group's Management with respect to
those assets.
The estimated useful life and residual value of non-current assets are influenced by the rate of exploitation of assets, servicing
technologies, changes in legislation, unforeseen operational circumstances. The Group's management periodically reviews the
applicable useful lives. This analysis is based on the current technical condition of assets and the expected period in which they
will generate economic benefits to the Group.
Any of the above factors may affect the future rates of depreciation, as well as carrying and residual value of property, plant and
equipment.
There were no changes in accounting estimates of remaining useful lives of items of property, plant and equipment during Y2023.
But as at 31 December 2023 an independent valuation of the Group’s land, buildings, machinery and vehicles was performed in
accordance with International Valuation Standards by an independent appraiser LLC “Asset Expertise” (ODS Certificate
No.548/2022 as of 14 November 2022 issued by State Property Fund of Ukraine). In the process of preparing data for the
appraiser, a lot of information was collected regarding the current technical condition of assets. The engineers of each department
in each cluster of the Group collected data on repairs and upgrades carried out, about methods of using of assets, analyzed the
available information on plans for these assets. Also the analysis of existence of the facts of increased wear of structures,
malfunctions, intensive or inadequate operating conditions and storage conditions was carried out. This work was carried out
jointly with appraisers, who also expressed their opinion on the recommended remaining useful life terms for the fixed assets in
the context of each object that was included in the assessment.
As a result of this work, a large amount of new information was obtained with respect to the existing assets, that became the basis
for the revision of the fixed assets remaining useful life terms as at 31 December 2023. The Group's management believes that
the newly applied estimates to the terms of use of PPE reflect in the best way both the technical condition of the assets and the
consumption of the benefits from their use.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
86
Impairment of property, plant and equipment and intangible assets
An impairment review is conducted at the balance sheet date. To test property, plant and equipment and intangible assets for
impairment, the Group’s business is treated as two cash generating units: farming division and storage and processing. The
recoverable amount of the cash-generating unit is determined on the basis of value in use. The amount of value in use for the
cash-generating unit is determined on the basis of the most recent budget estimates prepared by management and application of
the income approach of valuation.
Inventories
As at the reporting date the Group assesses the need to reduce the carrying amount of inventories to their net realizable value.
The measurement of impairment is based on the analysis of market prices for similar inventories existing at the reporting date
and published in official sources. Such assessments can have a significant impact on the carrying amount of inventories.
Besides, at each balance sheet date, the Group assesses inventories for surplus and obsolescence and determines the allowance
for obsolete and slow moving inventories. Changes in assessment can influence the amount of required allowance for obsolete
and slow moving inventories either positively or negatively.
At the reporting date the item Work-in-progress includes expenses on works connected with preparation of the lands for the
future harvest obtained from the biological assets of plant growing. The cost of work in progress includes costs of direct materials
and labor and other direct productions costs and related production overheads (based on normal operating capacity). Costs
allocation to Work-in-progress includes a number of judgments of management based on the recommendations of scientific
sources and agronomic calculations of the internal services of the Group.
Inventories as at the year-end are an estimate resulting in a surplus/decrease in inventories when stock take is performed in
subsequent year.
Inventory balances at the reporting dates are confirmed by inventories. But the amount of grain at the elevators and the method
of its storage do not allow weighing of the whole grain at the time of the inventory. Therefore, enterprises use other methods for
determining the amount of grain at the elevator.
The method consists in the following:
- there is passport data of the volume of silo storage tanks
- the commission inventories each tank and determines the volume filled with grain
- there is an indicator "nature of grain", i.e. its weight in 1 liter
- the volume of grain is multiplied by its nature and the amount of grain in kg is obtained
But in fact, deviations are possible due to permissible errors in grain moisture, which resulting in a surplus/decrease in inventories
when stock take is performed in subsequent year during the cleaning of the elevator.
Provision for expected credit losses
The Group uses a provision matrix to calculate expected credit losses for financial assets. The provision rates are based on days
past due for groupings of various customer segments that have similar loss patterns. The provision matrix is initially based on the
Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with
forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-
looking estimates are analysed.
Impairment of non-financial assets
Management assesses whether there are any indicators of possible impairment of non-financial assets at each reporting date. If
any events or changes in circumstances indicate that the current value of the assets may not be recoverable or the assets, goods
or services relating to a prepayment will not be received, the Group estimates the recoverable amount of assets. If there is objective
evidence that the Group is not able to collect all amounts due to the original terms of the agreement, the corresponding amount
of the asset is reduced directly by the impairment loss in the consolidated statement of comprehensive income. Subsequent and
unforeseen changes in assumptions and estimates used in testing for impairment may lead to the result different from the one
presented in the consolidated financial statements.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
87
Taxation
The Group mostly operates in the Ukrainian tax jurisdiction. The Group’s management must interpret and apply existing
legislation to transactions with third parties and its own activities. Significant judgment is required in determining the provision
for direct and indirect taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during
the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether
additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded,
such differences will affect the income tax and deferred tax provisions in the period in which such determination is made.
As a result of unstable economic situation in Ukraine, tax authorities in Ukraine pay more and more attention to the business
cycles. In connection with it, tax laws in Ukraine are subject to frequent changes. Furthermore, there are cases of their inconsistent
application, interpretation and execution. Non-compliance with laws and norms may lead to serious fines and penalties accruals.
Management at every reporting period reassessed the Group’s uncertain tax positions. Liabilities are recorded for income tax
positions that are determined by management as more likely than not to result in additional taxes being levied if the positions
were to be challenged by the tax authorities. The assessment is based on the interpretation of tax laws that have been enacted or
substantively enacted by the reporting period and any known Court or other rulings on such issues. Liabilities for penalties, interest
and taxes other than on income are recognised based on management’s best estimate of the expenditure required to settle the
obligations at the reporting period.
The Group considers that it operates in compliance with tax laws of Ukraine.
The Group also operates in Luxembourg, Cyprus and British Virgin Islands tax juristactions and are in compliance with local tax
laws.
Legal proceedings
The Group's Management makes significant assumptions in estimation and reflection of the risk of exposure to contingent
liabilities related to current legal proceedings and other unliquidated claims, as well as other contingent liabilities. Management's
judgments are required in assessing the possibility of a secured claim against the Group or material obligations, as well as in
determining probable amounts of final payment or obligations. Due to the uncertainties inherent in the evaluation process, actual
expenses may differ from the initial calculations.
These preliminary estimates are subject to changes as new information becomes available from the Group's internal specialists, if
any, or from third parties, such as lawyers. Revisions of such estimates may have a significant impact on future operating results.
Operating environment and going concern
Operating environment
Russia’s invasion of Ukraine continues to cause staggering losses to people and the economy. However, Ukraine’s economy has
remained resilient. The Ministry of Economy estimates Ukraine’s GDP growth at 3.6% in 2024, supported by defence spending,
agricultural exports and recovering metallurgical production. With the continuing war and plateauing external support, growth is
projected to moderate to 2.5% in 2025 and 2.0% in 2026. Growth would be stronger if the security situation stabilises and
reconstruction and recovery accelerate.
At the end of 2022 and throughout 2023, inflation was brought under control thanks to the stabilisation of the economic situation,
the NBU’s competent actions, and the refusal to finance the budget by printing hryvnia. The deceleration in inflation was also
driven by the record-high harvest in 2023. However, in 2024, inflation began to accelerate again: the NBU cited the exhaustion
of the impact of last year’s significant harvests, electricity shortages and labour shortages, and the summer drought of 2024 as the
main reasons. Inflation at the end of 2024 increased to 12% in annual terms, while a year ago its value reached 5.1%.
As at 31 December 2024 Ukrainian Hryvnia devaluated against the USD compared 31 December 2023 by 9,6% (3,7% of
devaluation as at 31 December 2023 compared 31 December 2022), 8,9% of devaluation for the average rate 2024/2023 in
comparison with 11,5% of devaluation for the average rate 2023/2022.
Since the beginning of the full-scale invasion, all of Ukraine’s own state budget revenues have been used to finance defence,
accounting for approximately half of the state budget. All civilian expenditures of the state budget are financed by foreign financial
assistance – in 2024, the need for such external financing is $38 billion. Foreign aid covered 73% of the additional needs of the
state budget for 12 months of 2024. Foreign financing was not enough to fully cover the financial needs for this period, but this

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
88
was expected. Domestic government bonds were the main source of financing the deficit. Ukraine enters 2025 with a more stable
fiscal position than in 2024. External financing this year is expected to fully cover the state budget’s anticipated needs.
Ukraine’s labour market expiriences all the challenges of a full-scale war. The economic shock of the beginning of the Russian
invasion led to a drop in both demand and supply of labour. Later, demand for labour began to recover slowly, however, the
labour market remains less dynamic than before the full-scale invasion.
Russian forces continue to attack Ukraine’s energy system to cause maximum destruction and prolonged power outages. However,
Ukrainian energy workers persist in repairing all damage and strengthening the protection of critical infrastructure. Thanks to
these efforts, Ukraine entered 2025 with minimal or no power outages for residential and industrial consumers. The situation
even allowed for commercial electricity exports during certain hours, helping to balance the system and generating additional
revenue for energy companies.
Going concern
Ukraine continues to face the ongoing full-scale Russian invasion since 24 February 2022, with significant war operations in the
south and east of the country and drone and rocket attacks against civilian infrastructure throughout the whole territory of
Ukraine. War affected the economic and social life of the country and posed a number of operational issues for the Company. At
the time of publication of this Report the war is ongoing and the significant general uncertainties inherent to the continued war
exist.
The Group’s management has analyzed the observable impact of the War on its business as described below, but not limited to:
- As of December 31, 2024, 116 IMC employees are actively serving in the Armed Forces of Ukraine. All of our enterprises
have been designated as critically important for the functioning of the economy and ensuring the livelihood of the population
during this special period. Throughout 2024, approximately 50% of male employees were granted official deferments from
military service to continue fulfilling their professional responsibilities. Despite the challenges, the Group has managed to
maintain a stable workforce without experiencing labor shortages, with all employees having returned to their roles in offices
or production facilities.
- No critical assets preventing the Group to continue operations are damaged or located in the uncontrolled territories. All of
the Group’s inventories are in good condition and are in safe storage.
- It was sown 100% of the land bank in 2024 (100% in 2023). The structure of crops was changed in the direction of decreasing
areas under corn in favor of sunflower and wheat in 2023 (corn 40%, sunflower 28%, wheat 27%). The Group returned to
its traditional crop structure in 2024 (corn 55%, sunflower 20%, wheat 17%).
- The companies of the Group were provided with heat and power units in order to avoid downtime due to electricity outages
in Ukraine caused by Russia's attacks on Ukrainian power generation and distribution infrastructure.
- The Group successfully exports through the Black Sea corridor and also uses alternative logistics routes.
- IMC has invested in its own grain railway wagons. In 2024, the company purchased 195 wagons (another 10 wagons were
received from the USAID Economic Resilience Activity (ERA)) and plans to add another 95 wagons to its fleet in 2025.
Having own railway wagons fleet will allow IMC to significantly save on the cost of railway logistics. We estimate that
starting next year we will export up to 80% of the grain produced by the company using our own railway wagon fleet.
- Increased sales volumes and prices for grain allowed to reduce the total debt as at the end of 2024 to USD 23,3 mln (USD
45,7 mln as at the end of 2023). The debt reduction was achieved through the repayment of short-term revolving credit
lines, which remained active and, if necessary, the Group can select the credit limit at any time. The Group has committed
to comply with loans covenants. As at 31 December 2024 the Group was in compliance with all loans covenants.
In response to abovementioned impacts, the Group has taken the following actions:
o The safety and well-being of our employees have been the utmost priority amid military actions in Ukraine resulting from
russia’s invasion. IMC has been providing extensive support to its employees. The business processes have been reorganized
to adjust to the existing challenges and to provide continuity to the Group’s activities.
o It is planned to sow all 100% of the land. Area under these crops is planned as 56%, 21% and 18% of the total crop mix in
2025 (corn 55%, sunflower 20%, wheat 17% for 2024).
o To reduce the risk of loss of stocks from destruction due to missile attacks, stocks are placed in different regions and
different locations. To reduce the risk of damage of stocks from long-term storage, alternative shipping routes are being
developed to prevent accumulation of stocks in warehouses, and plastic sleeves are used for storing crops in order to ensure
the most correct storage conditions outside the elevator.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
89
o The Group successfully exports through the Black Sea corridor and also uses alternative logistics routes - by rail across the
western borders of Ukraine and river navigation through the Danube. To strengthen logistical autonomy, a fleet of grain
trucks and grain hopper cars was purchased, which will help improve operational efficiency and increase IMC's export
capabilities.
o The Group is fully provided with agricultural materials for the upcoming sowing season 2025, as well as machineries for the
field works.
o The Group has sufficient working capital and access to financing. The Group has balanced proportions between the volume
of renewable short-term credit lines and long-term investment programs.
o The Group is fully compliant with all sanction’s rules and regulations against Russia and Belarus. IMC does not cooperate
with any company, organization or bank that cooperates or has any business relations with companies, organizations or
banks in Russia and Belarus.
o The Group's companies continue to pay all taxes required by law and to comply with all business rules, regardless of martial
law.
Management prepared Groups budget for the next 12 months with the following assumptions:
 the impact of the war on business will continue for the next 12 months;
 further development of the war will not severely affect the Group's assets;
 all of the Group’s assets remain safe and in good condition;
 spring sowing and harvesting campaigns will be successful;
 repayment of the loans principal occurs according to the terms;
 availability of sea export routes via Black Sea;
 availability of railway and transport infrastructure within the country.
Based on these forecasts, Management concluded that it is appropriate to prepare the consolidated financial statements on a going
concern basis. However, due to the currently unpredictable effects of the ongoing War on the significant assumptions underlying
forecasts, Management concluded that a material uncertainty exists, which may cast significant doubt about the Group’s ability to
continue as a going concern and, therefore, the Group may be unable to realize its assets and discharge its liabilities in the normal
course of business.
5
New and amended standards and interpretations
Applying of new standards
The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or
after 1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment
that has been issued but is not yet effective.
IFRS 16 Leases (Amendment - Liability in a sale and leaseback)
The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction. The amendments
specify that, in measuring the lease liability subsequent to the sale and leaseback, the seller-lessee determines ‘lease payments’ and
‘revised lease payments’ in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to
the right of use that it retains. This could particularly impact sale and leaseback transactions where the lease payments include
variable payments that do not depend on an index or a rate.
The amendment had no impact on the Group’s consolidated financial statements.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
90
IAS 1 Presentation of Financial Statements (Amendment – Classification of liabilities as current or non-current and
non-current liabilities with covenants)
Amendment clarifies that liabilities are classified as either current or non-current, depending on the rights that exist at the end of
the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (for example, the
receipt of a waiver or a breach of covenant that an entity is required to comply with only after the reporting period).
Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting date if the
entity must only comply with the covenants after the reporting date. However, if the entity must comply with a covenant either
on or before the reporting date, this needs to be considered in the classification as current or non-current even if the covenant is
only tested for compliance after the reporting date.
The amendment had no impact on the Group’s consolidated financial statements.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments (Disclosures – Supplier finance
arrangements)
On 25 May 2023, the IASB issued amendments to IAS 7 and IFRS 7 to requirespecific disclosures about supplier finance
arrangements (SFAs). The amendments respond to the investors’ need for more information about SFAs to be able to assess how
these arrangements affect an entity's liabilities, cash flows and liquidity risk.
- The new disclosures will provide information about:
- The terms and conditions of SFAs.
- The carrying amount of financial liabilities that are part of SFAs, and the line items in which those liabilities are presented.
- The carrying amount of the financial liabilities, for which the suppliers have already received payment from the finance
providers.
- The range of payment due dates for both the financial liabilities that are part of SFAs, and comparable trade payables
that are not part of such arrangements.
- Non-cash changes in the carrying amounts of financial liabilities.
- Access to SFA facilities and concentration of liquidity risk with the finance providers.
Entities will be required to aggregate the information that they provide about SFAs. However, entities should disaggregate
information about terms and conditions that are dissimilar, disclose explanatory information where the range of payment due
dates is wide, and disclose the type and effect of non-cash changes that are needed for comparability between periods.
The amendment had no impact on the Group’s consolidated financial statements.
Issued but not yet effective standards
At the date of authorization of these Consolidated financial statements the following interpretations and amendments to the
Standards, were in issue but not yet effective:
Standards and Interpretations
Effective for annual period beginning on or after
IAS 21 The Effects of Changes in Foreign Exchange Rates (Amendment – Lack of
Exchangeability)
1 January 2025
Amendments to IFRS 9 and IFRS 7 (Amendments to the Classificatioand Measurement
of Financial Instruments)
1 January 2026
IFRS 18, ‘Presentation and Disclosure in Financial Statements’
1 January 2027
IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’
1 January 2027
The management does not expect that the adoption of the Standards listed above will have a material impact on the consolidated
financial statements of the Group in future periods.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
91
6
Revenue
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Revenue from sales of finished products
a
211 160
139 233
Revenue from services rendered
b
128
220
211 288
139 453
Disaggregation of revenue from contracts with customers
The Group presented disaggregated revenue based on the type of finished products (a) and services provided to customers (b),
the type of customers (c) and the timing of transfer of goods and services (d).
a) Revenue from sales of finished products was as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
Corn
107 854
99 522
Sunflower
46 454
17 062
Wheat
56 005
22 059
Other
847
590
211 160
139 233
b) Revenue from services rendered was as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
Transport
64
123
Storage
28
67
Other
36
30
128
220
c) Revenue by the type of customers was as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
Export
157 998
95 190
Domestic
53 290
44 263
211 288
139 453
d) All finished products and services transferred to customers at a point in time.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
92
7
Gain from changes in fair value of biological assets and agricultural produce, net
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Agricultural produce
23
69 892
15 132
Current biological assets
23
5 885
110
75 777
15 242
8
Cost of sales
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Raw materials
a
(98 602)
(94 877)
Change in inventories and work-in-progress
b
(26 101)
23 064
Depreciation and amortization
13
(17 104)
(16 003)
Wages and salaries of operating personnel and related charges
14
(13 889)
(13 546)
Fuel and energy supply
(13 150)
(19 487)
Third parties' services
(5 540)
(7 689)
Rent
(1 897)
(2 767)
Repairs and maintenance
(789)
(521)
Taxes and other statutory charges
(758)
(802)
Other expenses
(140)
(82)
(177 970)
(132 710)
a) The raw-materials expense for the year ended 31 December 2024 includes the reversal (derecognition) of earlier fair-value
gains recognised on harvested agricultural produce and biological assets, amounting to USD 47 837 thousand (2023: USD 47
945 thousand).
b) Change in inventories and work-in-progress comprises changes in work-in-progress, agricultural produce and current biological
assets.
9
Administrative expenses
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Wages and salaries of administrative personnel and related charges
14
(8 153)
(7 612)
Depreciation and amortisation
13
(519)
(500)
Professional services
a
(487)
(518)
Third parties' services
(172)
(97)
Bank services
(241)
(227)
Repairs and maintenance
(178)
(135)
Transport expenses
(248)
(271)
Other expenses
(336)
(306)
(10 334)
(9 666)

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
93
a) Professional services include the following audit and related fees:
Fees billed by approved audit firm
(Crowe network)
For the year ended
31 December 2024
For the year ended
31 December 2023
Audit fees
139
119
Audit related fees
24
20
Tax fees
-
-
163
139
10
Selling and distribution expenses
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Forwarding services
(28 682)
(20 909)
Delivery costs
(2 203)
(2 559)
Wages and salaries of sales personnel and related charges
14
(361)
(258)
Depreciation
13
(47)
(53)
Other expenses
(142)
(215)
(31 435)
(23 994)
11
Other operating income
For the year ended
31 December 2024
For the year ended
31 December 2023
Rental income
1 408
-
Income from write-offs of accounts payable
101
153
Gain on recovery of assets previously written off
14
20
Gain on disposal of PPE
427
204
Gain on disposal of inventories
58
157
Effect of modification of right-of-use assets
580
668
Other income
338
242
2 926
1 444

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
94
12
Other operating expenses
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Depreciation
13
(606)
(214)
Charity
(1 458)
(301)
Wages and salaries of non-operating personnel and related charges
14
(7)
(6)
Shortages and losses due to impairment of inventories
(2)
(2 512)
Write-offs of VAT
(53)
(31)
Allowance for doubtful accounts receivable
26
(59)
(91)
Other expenses
(232)
(168)
(2 417)
(3 323)
13
Depreciation and amortisation
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Depreciation
Cost of sales
8
(17 036)
(15 909)
Administrative expenses
10
(513)
(492)
Selling and distribution expenses
12
(47)
(53)
Other operating expenses
9
(606)
(214)
(18 202)
(16 668)
Amortisation
Cost of sales
8
(68)
(94)
Administrative expenses
10
(6)
(8)
(74)
(102)
(18 276)
(16 770)
14
Wages and salaries expenses
For the year ended
31 December 2024
For the year ended
31 December 2023
Wages and salaries
(18 826)
(17 969)
Related charges
(3 584)
(3 453)
(22 410)
(21 422)
The average number of employees, persons
1 749
1 725
Remuneration of management
1 455
1 320

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
95
The distribution of wages and salaries and related charges was as follows:
For the year ended 31
December 2024
For the year ended 31
December 2023
Note
Wages and
salaries and
related charges,
thousand USD
Average
number of
employees,
persons
Wages and
salaries and
related charges,
thousand USD
Average
number of
employees,
persons
Operating personnel
8
(13 889)
1 232
(13 546)
1 212
Administrative personnel
9
(8 153)
498
(7 612)
495
Sales personnel
10
(361)
17
(258)
16
Non-operating personnel
12
(7)
2
(6)
2
(22 410)
1 749
(21 422)
1 725
15
Financial expenses, net
For the year ended
31 December 2024
For the year ended
31 December 2023
Interest income on bank deposits
1 703
1 218
Interest expenses on loans and borrowings
(2 681)
(2 110)
Other expenses
(257)
(218)
(1 235)
(1 110)
16
Foreign currency exchange gain/(loss), net
As at 31 December 2024 Ukrainian Hryvnia devaluated against the USD compared 31 December 2023 by 9,6% (3,7% of
devaluation as at 31 December 2023 compared 31 December 2022), 8,9% of devaluation for the average rate 2024/2023 in
comparison with 11,5% of devaluation for the average rate 2023/2022. During the 2024 the Group recognised net foreign
exchange loss in the amount of USD 4 501 thousand and USD 1 185 thousand of net loss for the 2023 (relates mostly to the
revaluation of loans) in the Consolidated statement of comprehensive income.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
96
17
Income tax expenses and deferred tax liabilities
The corporate income tax rate for the year ended 31 December 2024 was: 18% in Ukraine, 12,5% in Cyprus, 24,94% in
Luxemburg.
The components of income tax expenses were as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
Current income tax
(807)
(44)
Deferred tax
18
94
(789)
50
Consolidated statement of other comprehensive income
Deferred tax related to item charged or credit directly to other
comprehensive income during year:
Net gain on revaluation of property, plant and equipment
176
(613)
The deferred tax liabilities were as follows:
Property, plant and
equipment
31 December 2022
(1 973)
Income tax benefit (expenses) for the period recognized in profit or loss
94
Income tax benefit (expenses) for the period recognized in other comprehensive income
(613)
Effect of foreign currency translation
58
31 December 2023
(2 434)
31 December 2023
(2 434)
Income tax benefit (expenses) for the period recognized in profit or loss
18
Income tax benefit (expenses) for the period recognized in other comprehensive income
176
Effect of foreign currency translation
226
31 December 2024
(2 014)
No deferred tax asset has been set up on loss carry forwards of some enetities of the Group, as there are not sufficient profits
foreseen on these entities to justify the set up of deferred tax assets.
Reconciliation between tax expenses and the accounting value multiplied by tax rate was as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
Profit before tax from continuing operations
55 327
(21 080)
Income tax expenses at Ukrainian statutory tax rate
-
-
Effect of income tax that exempt from taxation (companies non-payers of
income tax)
-
-
Effect of different tax rates of foreign jurisdictions
(4)
99
Non-taxable (expense)/income, net
(138)
(49)
Withholding tax
(647)
-
Income tax
(789)
50

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
97
18
Property, plant and equipment (PPE)
Land and
buildings
Machinery
Motor
vehicles
Other
Construction
in progress
Total
INITIAL COST
31 December 2022
43 224
32 957
16 921
243
83
93 428
Additions
79
4 051
12 582
8
83
16 803
Disposals
(777)
(1 352)
(898)
(9)
-
(3 036)
Revaluation
9 239
5 593
2 624
-
-
17 456
Reversal of impairment
237
132
21
-
-
390
Impairment
(87)
(28)
(69)
-
-
(184)
Proportional restatement following
revaluation
41 605
23 888
5 002
-
-
70 495
Effect from translation into
presentation currency
(1 589)
(1 331)
(1 061)
(9)
(6)
(3 996)
31 December 2023
91 931
63 910
35 122
233
160
191 356
31 December 2023
91 931
63 910
35 122
233
160
191 356
Additions
784
5 359
16 764
15
111
23 033
Disposals
(67)
(2 463)
(2 813)
(5)
-
(5 348)
Transfer to assets classified as held
for sale
(1 090)
(333)
-
(1)
-
(1 424)
Effect from translation into
presentation currency
(8 902)
(6 295)
(4 014)
(23)
(23)
(19 257)
31 December 2024
82 656
60 178
45 059
219
248
188 360
ACCUMULATED
DEPRECIATION
31 December 2022
(15 582)
(20 357)
(11 322)
(104)
-
(47 365)
Depreciation for the period
(1 447)
(2 471)
(1 784)
(37)
-
(5 739)
Disposals
755
1 049
819
6
-
2 629
Proportional restatement following
revaluation
(41 605)
(23 888)
(5 002)
-
-
(70 495)
Effect from translation into
presentation currency
608
809
457
5
-
1 879
31 December 2023
(57 271)
(44 858)
(16 832)
(130)
-
(119 091)
31 December 2023
(57 271)
(44 858)
(16 832)
(130)
-
(119 091)
Depreciation for the period
(1 701)
(3 604)
(2 848)
(33)
-
(8 186)
Disposals
53
2 146
2 444
4
-
4 647
Transfer to assets classified as held
for sale
394
233
-
-
-
627
Effect from translation into
presentation currency
5 603
4 393
1 643
14
-
11 653
31 December 2024
(52 922)
(41 690)
(15 593)
(145)
-
(110 350)
Net book value
31 December 2022
27 642
12 600
5 599
139
83
46 063
31 December 2023
34 660
19 052
18 290
103
160
72 265
31 December 2024
29 734
18 488
29 466
75
248
78 010

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
98
As at 31 December 2023 an independent valuation of the Group’s land, buildings, Machinery and vehicles was performed in
accordance with International Valuation Standards by an independent appraiser LLC “Asset Expertise” (ODS Certificate No.
548/2022 as of 14 November 2022 issued by State Property Fund of Ukraine).
PPE are measured within level 3 of the fair value hierarchy. Most buildings and constructions were valued using cost approach.
Other items of PPE were valued using the market approach. Market approach uses prices and other relevant information
generated by market transactions involving identical or comparable (i.e. similar) assets.
Cost approach either determines the cost to construct the assets in their present state and considers their remaining useful life or
identifies fair value as a depreciated replacement cost. Cost approach was used only in the cases where there was no possibility to
use market approach.
The following factors were considered in determining the fair values of buildings under the depreciated replacement cost
approach:
• the cost to construct the asset is based on the cost of the necessary materials and construction work as at the date of valuation;
• expected usage of the asset is assessed by reference to the asset’s expected capacity or physical output;
• technical or commercial obsolescence arising from changes or improvements in production for the product or service output
of the asset as well as physical deterioration.
Impairment test
As at 31 December 2024 and 31 December 2023 impairment tests were conducted, according to the results of the tests impairment
of PPE was not identified.
As at 31 December 2024 an impairment review was conducted by the management of the Group.
As at 31 December 2023, impairment test was performed by an independent appraiser, since impairment test is an integral part
of valuation of property, plant and equipment wherein used the depreciated replacement cost method.
Impairment testing was performed based on value in-use calculation using the DCF method. Cash flow projection is based on
the long-term budget approved by management of the Group.
The key assumptions used for impairment testing are: discount rates, selling prices, amounts of revenue, cost of production,
expenses, production and sales volumes. Discount rates were estimated based on weighted average cost of capital and comprised
25,98% (2022 – 30,46%).
Production volume was estimated based on current production level; potential increase in land and crop yields is not taken into
account. Cost of production was estimated based on current actual cost of production inflated by expected level of inflation,
taking into account higher inflation levels for costs directly or indirectly pegged to USD (such as gas). When determining selling
prices, the Group analyzed available forecasts for export and domestic markets, including forecasted supply and demand.
If PPE were measured at cost their book value would be the following:
Land and
buildings
Machinery
Motor
vehicles
Other
Construction
in progress
Total
Net book value
31 December 2022
7 895
10 579
5 044
139
83
23 740
31 December 2023
6 265
11 414
15 179
103
160
33 121
31 December 2024
4 026
11 586
26 656
74
248
42 590
Capitalized cost
There were no borrowing costs capitalized as a part of costs of property, plant and equipment during the year ended 31 December
2024 and 2023.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
99
Assets under construction
Included in property, plant and equipment as at 31 December 2024 was an amount of USD 233 thousand (USD 160 thousand as
at 31 December 2023) relating to expenditure for property, plant and equipment in the course of construction.
Capital commitments
As at 31 December 2024 the Group had capital commitments in the amount of USD 6 407 thousand (USD 5 200 thousand as at
31 December 2023).
Pledged PPE
The amount of property, plant and equipment pledged to secure bank loans was as follows:
31 December 2024
31 December 2023
Land and buildings
23 112
26 687
Machinery
5 789
7 677
Motor vehicles
4 733
5 863
Other
4
5
33 638
40 232
19
Right-of-use assets
Amounts recognised in the consolidated statements of financial position:
31 December 2024
31 December 2023
Right-of-use assets
Land
99 373
105 840
Office
233
19
Machinery
202
1 116
99 808
106 975
Lease liabilities as to right-of-use assets
Long-term
91 406
99 188
Land
91 250
98 852
Office
156
-
Machinery
-
336
Current portion
13 424
12 931
Land
12 941
11 510
Office
148
27
Machinery
335
1 394
104 830
112 119

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
100
Amounts recognised in the consolidated statements of comprehensive income:
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Depreciation of right-of-use assets
Land
8
(9 052)
(9 307)
Office
9
(119)
(115)
Machinery
8
(845)
(1 507)
(10 016)
(10 929)
Financial effect of lease of right-of-use assets
(6 747)
(5 396)
If IFRS 16 was not applied, the amount of land rent expense to be accrued according to the terms of the lease agreements for the
year ended 31 December 2024 would be USD 14 082 thousand (USD 12 459 thousand for the year ended 31 December 2023).
The following changes took place in the right-of-use assets:
Land
Office
Machinery
Total
Net book value as at 31 December 2022
116 165
135
2 668
118 968
Cost as at 31 December 2022
135 591
336
9 274
145 201
Accumulated depreciation as at 31 December 2022
(19 426)
(201)
(6 606)
(26 233)
Additions
15 041
-
-
15 041
Depreciation
(9 307)
(115)
(1 507)
(10 929)
Disposals
(11 966)
-
-
(11 966)
Cost disposals
(15 370)
-
(4 631)
(20 001)
Accumulated depreciation disposals
3 404
-
4 631
8 035
Effect from translation into presentation currency
(4 093)
(1)
(45)
(4 139)
Cost as at 31 December 2023
130 227
324
4 468
135 019
Accumulated depreciation as at 31 December 2023
(24 387)
(305)
(3 352)
(28 044)
Net book value as at 31 December 2023
105 840
19
1 116
106 975
Net book value as at 31 December 2023
105 840
19
1 116
106 975
Cost as at 31 December 2023
130 227
324
4 468
135 019
Accumulated depreciation as at 31 December 2023
(24 387)
(305)
(3 352)
(28 044)
Additions
23 194
345
-
23 539
Depreciation
(9 052)
(119)
(845)
(10 016)
Disposals
(10 220)
-
-
(10 220)
Cost disposals
(13 835)
(306)
-
(14 141)
Accumulated depreciation disposals
3 615
306
-
3 921
Effect from translation into presentation currency
(10 389)
(12)
(69)
(10 470)
Cost as at 31 December 2024
126 601
330
4 039
130 970
Accumulated depreciation as at 31 December 2024
(27 228)
(97)
(3 837)
(31 162)
Net book value as at 31 December 2024
99 373
233
202
99 808

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
101
The following changes took place in the lease liabilities as to right-to-use assets:
Land
Office
Machinery
Total
Total lease liabilities as at 31 December 2022
122 133
183
2 901
125 217
Non-current lease liabilites as at 31 December 2022
108 301
26
1 565
109 892
Current lease liabilites as at 31 December 2022
13 832
157
1 336
15 325
Additions
15 041
-
-
15 041
Interest expenses
5 254
4
138
5 396
Payment of interests
(537)
(4)
(79)
(620)
Payment of lease liabilities
(14 554)
(76)
(1 337)
(15 967)
Disposals
(12 640)
-
-
(12 640)
Other changes
(64)
(79)
-
(143)
Effect from translation into presentation currency
(4 271)
(1)
107
(4 165)
Non-current lease liabilites as at 31 December 2023
98 852
-
336
99 188
Current lease liabilites as at 31 December 2023
11 510
27
1 394
12 931
Total lease liabilities as at 31 December 2023
110 362
27
1 730
112 119
Land
Office
Machinery
Total
Total lease liabilities as at 31 December 2023
110 362
27
1 730
112 119
Non-current lease liabilites as at 31 December 2023
98 852
-
336
99 188
Current lease liabilites as at 31 December 2023
11 510
27
1 394
12 931
Additions
23 194
345
-
23 539
Interest expenses
6 671
19
57
6 747
Payment of interests
(675)
(8)
(54)
(737)
Payment of lease liabilities
(13 650)
(85)
(1 350)
(15 085)
Disposals
(10 855)
-
-
(10 855)
Other changes
-
22
61
83
Effect from translation into presentation currency
(10 856)
(16)
(109)
(10 981)
Non-current lease liabilites as at 31 December 2024
91 250
156
-
91 406
Current lease liabilites as at 31 December 2024
12 941
148
335
13 424
Total lease liabilities as at 31 December 2024
104 191
304
335
104 830

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
102
20
Intangible assets
Computer
software
Property
certificates
Land lease
rights
Total
INITIAL COST
31 December 2022
61
165
7 050
7 276
Effect from translation into presentation currency
(3)
(6)
(262)
(271)
31 December 2023
58
159
6 788
7 005
31 December 2023
58
159
6 788
7 005
Effect from translation into presentation currency
(5)
(15)
(655)
(675)
31 December 2024
53
144
6 133
6 330
ACCUMULATED AMORTISATION
31 December 2022
(37)
(4)
(6 783)
(6 824)
Amortisation for the period
(8)
(1)
(93)
(102)
Effect from translation into presentation currency
2
-
256
258
31 December 2023
(43)
(5)
(6 620)
(6 668)
31 December 2023
(43)
(5)
(6 620)
(6 668)
Amortisation for the period
(6)
(1)
(67)
(74)
Effect from translation into presentation currency
4
1
641
646
31 December 2024
(45)
(5)
(6 046)
(6 096)
NET BOOK VALUE
31 December 2022
24
161
267
452
31 December 2023
15
154
168
337
31 December 2024
8
139
87
234
Property certificates represent deeds supporting ownership right for property units of members of agricultural entity, which are
intended for exchange by the Group companies on the property objects of this agricultural entity.
21
Assets classified as held for sale
The management of the Group decided to divest complex of fixed assets comprising buildings and equipment in them. In 4Q2024
the Group committed to a plan to sell the assets and an active programme to locate a buyer and complete the plan has been
initiated. As at 31 December 2024 the buyer was found, but as not all the conditions were met, the deal was not finalized and
related PPE were classified as assests held for sale.
The carrying amount of assets held for sale was as follows:
31 December 2024
Property, plant and equipment
797

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
103
22
Inventories
Note
31 December 2024
31 December 2023
Agricultural produce
a
63 704
75 025
Work-in-progress
b
9 754
8 104
Agricultural materials
2 221
4 346
Spare parts
303
254
Fuel
866
1 327
Raw materials
200
285
Other inventories
142
167
77 191
89 508
As at 31 December 2024 cost value of inventories amounts to USD 51 386 thousand (USD 84 338 thousand as at 31 December
2023).
a) As at the reporting dates agricultural produce was presented as follows:
31 December 2024
31 December 2023
Corn
62 610
43 014
Wheat
342
20 504
Sunflower
680
11 365
Other
72
142
63 704
75 025
The fair value of agricultural produce was estimated based on market price as at date of harvest and is within level 2 of the fair
value hierarchy.
b) Work-in-progress includes expenses on works connected with preparation of the lands for the future harvest obtained from
the biological assets of plant growing. The cost of work in progress includes costs of direct materials and labor and other direct
productions costs and related production overheads (based on normal operating capacity).
As at the reporting dates loans and borrowings were secured by agricultural produce:
31 December 2024
31 December 2023
Corn
-
7 361
Wheat
-
4 941
Sunflower
-
5 229
-
17 531

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
104
23
Current biological assets
31 December 2024
31 December 2023
Plant-breeding
Area, ha
Book value
Area, ha
Book value
Wheat
20 717
10 844
20 301
2 952
Corn
-
-
7 340
8 342
20 717
10 844
27 641
11 294
Following changes took place in the current biological assets of plant-breeding:
Wheat
Corn
Sunflower
Total
31 December 2022
9 910
37 522
-
47 432
Capitalized expenses (harvest 2022, partially concluded in 2023)
-
3 307
-
3 307
Revaluation at fair value at the date of harvest (harvest 2022,
partially concluded in 2023)
-
(105)
-
(105)
Harvesting (harvest 2022, , partially concluded in 2023)
-
(40 713)
-
(40 713)
Capitalized expenses (harvest 2023)
17 884
40 017
22 455
80 356
Revaluation at fair value at the date of harvest (harvest 2023)
1 567
11 064
2 606
15 237
Harvesting (harvest 2023)
(29 359)
(45 217)
(25 061)
(99 637)
Capitalized expenses (harvest 2024)
5 750
-
-
5 750
Revalued at fair value (harvest 2024)
(2 685)
2 795
-
110
Effect from translation into presentation currency
(115)
(328)
-
(443)
31 December 2023
2 952
8 342
-
11 294
31 December 2023
2 952
8 342
-
11 294
Capitalized expenses (harvest 2023, partially concluded in 2024)
-
851
-
851
Revaluation at fair value at the date of harvest (harvest 2023,
partially concluded in 2024)
-
(950)
-
(950)
Harvesting (harvest 2023, partially concluded in 2024)
-
(7 793)
-
(7 793)
Capitalized expenses (harvest 2024)
10 172
55 163
17 497
82 832
Revaluation at fair value at the date of harvest (harvest 2024)
10 750
41 905
18 187
70 842
Harvesting (harvest 2024)
(23 714)
(97 066)
(35 684)
(156 464)
Capitalized expenses (harvest 2025)
5 468
-
-
5 468
Revalued at fair value (harvest 2025)
5 885
-
-
5 885
Effect from translation into presentation currency
(669)
(452)
-
(1 121)
31 December 2024
10 844
-
-
10 844
As at 31 December 2024 and as at 31 December 2023 there were no pledged biological assets.
Due to the absence of an active market, the fair value of biological assets is estimated by present valuing the net cash flows
expected to be generated from the assets discounted at a current market-determined rate. The fair value of biological assets is
determined by the Group’s own agricultural and IFRS experts. The forecast indicators of crop yields used in assessing crops are
determined on the basis of the current history of crop yields. The indicators of past periods are taken as a basis and are adjusted
taking into account the state of crops, climatic conditions, varietal characteristics of the crop, soil fertility and the application of
new technologies.
Biological assets of the Group are measured at fair value within Level 3 of the fair value hierarchy. There were no transfers
between any levels during the Y2024 and Y2023.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
105
Description
Fair value
as at
31 December
2024
Valuation
technique
Unobservable
inputs
Range of
unobservable
inputs
Relationship of unobservable
inputs to fair value
Crops in
fields -
Wheat
10 844
Discounted
cash flows
Crops yield - tonnes
per hectare
6
The higher the crops yield, the
higher the fair value
Crops price
USD 190 per
ton
The higher the market price, the
higher the fair value
Discount rate
27,68%
The higher the discount rate, the
lower the fair value
Future production
cost
USD 380 per ha
The higher the future production
cost, the lower the fair value
Changes in key assumptions used to estimate biological assets fair value would have the following effect on the fair value of
biological assets:
Increase/decrease
in assumption, %
Effect on fair value of
biological assets, ths.USD
Crops price
10
2 038
(10)
(2 038)
Crops yield
10
2 038
(10)
(2 038)
Discount rate
1
(18)
(1)
18
Future production cost
10
(943)
(10)
943
24
Trade accounts receivable, net
Note
31 December 2024
31 December 2023
Trade accounts receivable
1 940
4 061
Allowances for accounts receivable
26
(5)
(10)
1 935
4 051
As at 31 December 2024 an amount of USD 1 904 thousand or 98% of the total amount of trade accounts receivable is due from
the 10 most significant counterparties (as at 31 December 2023 – USD 4 003 thousand or 99%).
Distribution of trade accounts receivable on time frames is the following:
Past due, not impaired
Total
Neither past due
nor impaired
Within 90
days
From 90 to
360 days
More than 1
year
31 December 2024
1 935
1 935
-
-
-
31 December 2023
4 051
4 034
12
5
-

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
106
25
Prepayments and other current assets, net
Note
31 December 2024
31 December 2023
Prepayments and other non-financial assets:
VAT for reimbursement
3 739
9 612
Advances to suppliers
1 887
800
Allowances for advances to suppliers
26
(46)
(41)
5 580
10 371
Other financial assets:
Non-bank accommodations interest free
203
244
Allowances for non-bank accommodations interest free
26
(3)
(4)
Other accounts receivable
233
448
Allowances for other accounts receivable
26
(23)
(36)
410
652
5 990
11 023
As at 31 December 2024 an amount of USD 1 725 thousand or 91% of the total amount of advances to suppliers is due from the
10 most significant counterparties (as at 31 December 2023 – USD 632 thousand or 81%).
26
Changes in allowances made
Note
31 December 2024
31 December 2023
Allowances for trade accounts receivable
24
(5)
(10)
Allowances for advances to suppliers
25
(46)
(41)
Allowances for non-bank accommodations interest free
25
(3)
(4)
Allowances for other accounts receivable
25
(23)
(36)
Allowances for prepayments for property, plant and equipment
(32)
(119)
(109)
(210)
The movements of the allowances were as follows:
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
As at the beginning of the period
(210)
(179)
Accrual
12
(59)
(91)
Use of allowances
143
52
Effect from translation into presentation currency
17
8
As at the end of the period
(109)
(210)

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
107
27
Cash and cash equivalents
Currency
31 December 2024
31 December 2023
Cash in bank and hand
USD
21 263
6 075
Cash in bank and hand
UAH
23 210
9 890
Cash in bank and hand
EUR
118
178
Cash in bank and hand
PLN
39
55
44 630
16 198
There were no restrictions on the use of cash and cash equivalents during the reporting periods.
28
Equity
Share capital
IMC S.A. has one class of ordinary shares. The number of authorized, issued and fully paid shares as at 31 December 2024 is
35 500 464 (as at 31 December 2023 – 35 500 464). All shares have equal voting rights. Par value of one share is USD 0,00175
(EUR 0,00125).
31 December 2024
31 December 2023
%
Amount
%
Amount
AGROVALLEY LIMITED
76,14
48
76,14
48
Mr. Alex Lissitsa
5,55
3
5,55
3
Other shareholders (each one less than 5% of the share capital)
18,31
11
18,31
11
100
62
100
62
A reconciliation of the number of shares outstanding at the beginning and at the end of the period:
Number of authorized, issued and fully paid shares
For the year ended
31 December 2024
For the year ended
31 December 2023
As at the beginning of the period
35 500 464
35 500 464
Changes for the period
-
-
As at the end of the period
35 500 464
35 500 464
Share premium
In 2011 IMC S.A. completed initial public offering of own shares on Warsaw Stock Exchange. Issue of share capital of IMC S.A.
brought to the increase of share capital equaling to USD 10 thousand (EUR 8 thousand) and share premium in amount of USD
24 387 thousand (EUR 17 823 thousand).
In 2017 Management Incentive Plan was realized. Issue of new shares of IMC S.A. brought to the increase of share capital equaling
to USD 3 thousand (EUR 3 thousand) and share premium in amount of USD 5 125 thousand (EUR 4 294 thousand).
In 2022 Management Incentive Plan was realized. Issue of new shares of IMC S.A. brought to the increase of share capital equaling
to USD 3 thousand (EUR 3 thousand) and share premium in amount of USD 7 913 thousand (EUR 7 837 thousand).

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
108
Revaluation reserve
The fair value of Group’s property, plant and equipment has been measured as at 31 December 2023, 2020, 2017, 2015, 2010,
2009 by an independent appraiser. The related revaluation surplus was recognized in equity:
- as at 31 December 2009 USD 14 766 thousand (EUR 10 299 thousand) was initially recognized in equity;
- as at 31 December 2010 USD 4 326 thousand (EUR 3 258 thousand) was additionally recognized as increase in
revaluation reserve;
- as at 31 December 2015 USD 40 390 thousand (EUR 36 967 thousand) was additionally recognized as increase in
revaluation reserve;
- as at 31 December 2017 USD 22 659 thousand (EUR 18 987 thousand) was additionally recognized as increase in
revaluation reserve;
- as at 31 December 2020 USD 5 265 thousand (EUR 4 285 thousand) was additionally recognized as increase in
revaluation reserve.
- as at 31 December 2023 USD 17 456 thousand (EUR 15 708 thousand) was additionally recognized as increase in
revaluation reserve.
The revaluation surplus included in equity in respect of an item of property, plant and equipment is transferred directly to retained
earnings as the asset is used by an entity (in the amount that is the difference between depreciation based on the revalued carrying
amount of the asset and depreciation based on the asset’s original cost) and when the asset is derecognized (in the full amount).
Effect of foreign currency translation
Effect of foreign currency translation comprises all foreign exchange differences arising from the translation of the financial
statements into presentation currency.
Dividend policy
On 8 July 2016 the Board of Directors of IMC S.A. published its Dividend Policy: The Company intends to pay annual dividends
starting from FY 2016 results provided that the Company succeeds to receive dividend payment waivers from its creditors.
On 27 September 2017 the Company paid the interim dividend to the Company’s shareholders for an aggregate amount of
EUR 1 658 900 (EUR 0.05 per share).
On 14 September 2018 the Company paid the interim dividend to the Company’s shareholders for an aggregate amount of
EUR 11 280 520 (EUR 0.34 per share).
On 29 August 2019 the Company paid the interim dividend to the Company’s shareholders for an aggregate amount of
EUR 14 930 100 (EUR 0.45 per share).
On 28 August 2020 the Company paid the interim dividend to the Company’s shareholders for an aggregate amount of
EUR 5 972 040 (EUR 0.18 per share).
On 03 June 2021 the Company paid the interim dividend to the Company’s shareholders for an aggregate amount of
EUR 20 570 360 (EUR 0.62 per share).
On 30 November 2021 the Company paid the interim dividend to the Company’s shareholders for an aggregate amount of
EUR 5 308 480 (EUR 0.16 per share).
Legal reserve
From the annual net profits of the Parent company, 5% have to be allocated to the legal reserve. This allocation shall cease to be
required as soon and as long as such surplus reserve amounts to 10% of the capital. This reserve may not be distributed to the
shareholders.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
109
29
Long-term loans and borrowings
Currency
31 December 2024
31 December 2023
Secured
Long-term bank loans
USD
17 401
20 329
Current portion of long-term bank loans
USD
(5 747)
(19 427)
Total long-term loans and borrowings
11 654
902
Essential terms of credit contracts
Creditor
Year of
maturity
Currency
Nominal
interest rate
31 December 2024
Long-term
liabilities
Including
current portion
Ukrainian bank
2026
USD
3,70%
718
615
Ukrainian bank
2026
USD
2,40%
1 426
713
Ukrainian bank
2028
USD
4,80%
768
210
Ukrainian bank
2028
USD
5,70%
1 361
371
Non-resident bank
2028
USD
1,00%
2 685
800
Non-resident bank
2028
USD
4%+SOFR 3M
8 948
2 667
Ukrainian bank
2029
USD
6,15%
1 495
371
17 401
5 747
Creditor
Year of
maturity
Currency
Nominal
interest rate
31 December 2023
Long-term
liabilities
Including
current portion
Ukrainian bank
2024
USD
4,90%
131
131
Ukrainian bank
2026
USD
4,98%
1 017
834
Ukrainian bank
2026
USD
3,70%
1 333
615
Ukrainian bank
2026
USD
2,40%
2 138
2 138
Ukrainian bank
2028
USD
4,80%
978
978
Ukrainian bank
2028
USD
5,70%
1 731
1 731
Non-resident bank
2028
USD
1,00%
3 000
3 000
Non-resident bank
2028
USD
4%+SOFR 3M
10 000
10 000
20 329
19 427
Long-term loans outstanding were repayable as follows:
31 December 2024
31 December 2023
Within one year
5 747
19 427
In the second to fifth year inclusive
11 654
902
17 401
20 329

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
110
30
Short-term loans and borrowings
Currency
31 December 2024
31 December 2023
Secured
Short-term bank loans
USD
3 511
25 398
Short-term bank loans
UAH
2 379
-
5 890
25 398
Essential terms of credit contracts
Creditor
Currency
Nominal interest rate
31 December 2024
Ukrainian bank
USD
5,00%
3 511
Ukrainian bank
UAH
3,00%
2 379
5 890
Creditor
Currency
Nominal interest rate
31 December 2023
Ukrainian bank
USD
7,00%
7 898
Ukrainian bank
USD
6,50%
6 500
Ukrainian bank
USD
6,50%
5 000
Ukrainian bank
USD
6,00%
5 000
Ukrainian bank
USD
6,00%
1 000
25 398
As at 31 December 2024 loans and borrowings are secured with property, plant and equipment in the amount USD 33 638
thousand (Note 18).
The Group has committed to comply with loans covenants.
As at 31 December 2024 the Group was in compliance with all loans covenants.
As at 31 December 2023 a covenant on long-term loans in the total amount USD 4 847 thousand from Ukrainian bank was
violated by the Group. The Group received from the bank waiver of rights to require compliance with the breached covenant as
at 31 December 2023, but after the end of reporting period. The long-term part of loans was reclassified as current portion of
long-term loans in the full amount USD 3 555 thousand.
As at 31 December 2023 a covenant on long-term loans in the total amount USD 13 000 thousand from Non-resident bank was
violated by the Group. The Group received from the bank waiver of rights to require compliance with the breached covenant as
at 31 December 2023, but after the end of reporting period. The long-term part of loans was reclassified as current portion of
long-term loans in the full amount USD 12 133 thousand.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
111
31
Trade accounts payable
31 December 2024
31 December 2023
Trade accounts payable
1 590
2 312
As at 31 December 2024 an amount of USD 1 341 thousand or 84% of the total amount of trade accounts payable is due to the
10 most significant counterparties (as at 31 December 2023 – USD 1 794 thousand or 78%).
The table below summarizes the maturity profile of Group’s liabilities on contractual payments on trade accounts payable:
On
demand
Within 30
days
From 30
to 90
days
From 90
to 180 days
From 180 to
360 days
From 1 to
5 years
Total
31 December 2024
-
1 280
249
60
1
-
1 590
31 December 2023
-
1 885
286
43
98
-
2 312
32
Other current liabilities and accrued expenses
31 December 2024
31 December 2023
Other liabilities:
Advances from clients
3 750
3 759
Other accounts payable:
Wages, salaries and related charges payable
1 018
1 195
Accruals for unused vacations
1 062
1 355
Interest payable on bank loans
27
90
Accounts payable for non-current tangible assets
1 371
92
Accruals for audit services
141
122
Taxes payable
264
184
Other accounts payable
1 560
1 121
5 443
4 159
Total other current liabilities and accrued expenses
9 193
7 918
As at 31 December 2024 an amount of USD 3 746 thousand or 99% of the total amount of advances from clients is due from
the 10 most significant counterparties (as at 31 December 2023 – USD 3 755 thousand or 99%).

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
112
Distribution of other current liabilities and accrued expenses on time frames is the following:
On
demand
Within
30 days
From 30
to 90 days
From 90
to 180 days
From 180 to
360 days
From 1 to
5 years
Over 5
years
Total
31 December 2024
1 062
6 450
18
167
53
422
1 021
9 193
31 December 2023
1 355
5 345
40
161
79
159
779
7 918
33
Related party disclosures
According to existing criteria of determination of related parties, the related parties of the Group are divided into the following
categories:
a) Entities - related parties under common control with the Companies of the Group;
b) Key management personnel.
The Group performs transactions with related parties in the ordinary course of business. During the reporting period the Group
did not perform any related parties’ transactions, except with key management personnel.
Remuneration of key management personnel was as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
Wages and salaries
782
731
Directors fees
635
553
Related charges
38
36
1 455
1 320
The average number of employees, persons
6
6
34
Information on segments
A business segment is a separable component of a business entity that produces goods or provides services to individuals (or
groups of related products or services) in a particular economic environment that is subject to risks and generates revenues other
than risks and income of those components that are peculiar to other business segments.
For the purpose of Management, the Group is divided into the following business segments on the basis of produced goods and
rendered services, and consists of the following 3 operating segments:
 Crop farming - a segment, which deals with cultivation and sale of such basic agricultural crops as corn, sunflower and
wheat;
 Elevators and warehouses - a segment which deals with storage and processing of agricultural produce.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
113
Information on business segments for the year ended 31 December 2024 was as follows:
Crop
farming
Elevators and
warehouses
Unallocated
Total
Revenue
211 594
4 628
-
216 222
Intra-group elimination
(434)
(4 500)
-
(4 934)
Revenue from external buyers
211 160
128
-
211 288
Gain from changes in fair value of biological assets and
agricultural produce, net
75 777
-
-
75 777
Cost of sales
(177 210)
(760)
(177 970)
Gross income
109 727
(632)
-
109 095
Administrative expenses
-
-
(10 334)
(10 334)
Selling and distribution expenses
-
-
(31 435)
(31 435)
Other operating income
-
-
2 926
2 926
Other operating expenses
-
-
(2 417)
(2 417)
Write-offs of property, plant and equipment
-
-
(25)
(25)
Operating income of a segment
109 727
(632)
(41 285)
67 810
Financial expenses, net
-
-
(1 235)
(1 235)
Financial effect of lease of right-of-use assets
-
-
(6 747)
(6 747)
Foreign currency exchange (loss)/gain, net
-
-
(4 501)
(4 501)
Profit before tax
109 727
(632)
(53 768)
55 327
Income tax expenses, net
-
-
(789)
(789)
Net profit
109 727
(632)
(54 557)
54 538
Crop
farming
Elevators and
warehouses
Unallocated
Total
Other segment information:
Depreciation and amortisation
15 754
2 522
-
18 276
Additions to non-current assets:
Property, plant and equipment
16 731
6 302
-
23 033
Right-of-use assets
23 539
-
-
23 539
Total assets as at 31 December 2024
289 095
33 221
-
322 317
Total liabilities as at 31 December 2024
115 601
2 026
23 291
140 918
Revenues from the 10 most significant counterparties for the year ended 31 December 2024 were as follows:
Business segment
% of revenue
Non-residental buyer
Crop farming
27,7%
Non-residental buyer
Crop farming
27,0%
Ukrainian buyer
Crop farming
13,2%
Non-residental buyer
Crop farming
7,7%
Ukrainian buyer
Crop farming
7,0%
Non-residental buyer
Crop farming
5,7%
Non-residental buyer
Crop farming
3,3%
Ukrainian buyer
Crop farming
2,1%
Ukrainian buyer
Crop farming
1,8%
Non-residental buyer
Crop farming
1,7%
97,1%

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
114
Information on business segments for the year ended 31 December 2023 was as follows:
Crop
farming
Elevators and
warehouses
Unallocated
Total
Revenue
160 830
7 185
-
168 015
Intra-group elimination
(21 597)
(6 965)
-
(28 562)
Revenue from external buyers
139 233
220
-
139 453
Gain from changes in fair value of biological assets and
agricultural produce, net
15 242
-
-
15 242
Cost of sales
(132 045)
(665)
-
(132 710)
Gross income
22 430
(445)
-
21 985
Administrative expenses
-
-
(9 666)
(9 666)
Selling and distribution expenses
-
-
(23 994)
(23 994)
Other operating income
-
-
1 444
1 444
Other operating expenses
-
-
(3 323)
(3 323)
Write-offs of property, plant and equipment
-
-
(41)
(41)
Reversal of impairment of property, plant and equipment
-
-
390
390
Impairment of property, plant and equipment
-
-
(184)
(184)
Operating income of a segment
22 430
(445)
(35 374)
(13 389)
Financial expenses, net
-
-
(1 110)
(1 110)
Effect of lease of right-of-use assets
-
-
(5 396)
(5 396)
Foreign currency exchange (loss)/gain, net
-
-
(1 185)
(1 185)
Profit before tax
22 430
(445)
(43 065)
(21 080)
Income tax expenses, net
-
-
50
50
Net profit
22 430
(445)
(43 015)
(21 030)
Other segment information:
Depreciation and amortisation
15 167
1 603
-
16 770
Additions to non-current assets:
Property, plant and equipment
15 666
1 137
-
16 803
Right-of-use assets
15 041
-
-
15 041
Total assets as at 31 December 2023
279 655
32 549
-
312 204
Total liabilities as at 31 December 2023
122 378
2 405
45 727
170 510
Revenues from the 10 most significant counterparties for the year ended 31 December 2023 were as follows:
Business segment
% of revenue
Non-residental buyer
Crop farming
21,5%
Non-residental buyer
Crop farming
12,7%
Ukrainian buyer
Crop farming
10,4%
Non-residental buyer
Crop farming
9,8%
Non-residental buyer
Crop farming
5,5%
Non-residental buyer
Crop farming
4,1%
Ukrainian buyer
Crop farming
3,6%
Non-residental buyer
Crop farming
3,4%
Ukrainian buyer
Crop farming
2,9%
Non-residental buyer
Crop farming
2,6%
76,6%

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
115
35
Lease of land
The Group leases land for agricultural purposes from private individuals. Lease payments are calculated on the basis of monetary
valuation of the land considering the inflation factor.
Areas of operating leased land were as follows:
31 December 2024
31 December 2023
Hectare
Hectare
Location of land
Poltava region
Land under processing
17 852
19 824
Land for grazing, construction, other
140
140
Chernihiv region
Land under processing
75 715
76 829
Land for grazing, construction, other
130
130
Sumy region
Land under processing
22 613
23 371
Land for grazing, construction, other
7
7
116 457
120 301
According to the Group’s strategy, during Y2024 areas of fallow lands were decreased by unrenewing of land lease agreements.
36
Financial instruments
Financial instruments as at 31 December 2024 were represented by the following categories:
Financial instrument
Category
Measurement
Financial assets
Accounts receivable
Financial assets at amortised cost
Amortised cost
Other financial assets
Financial assets at amortised cost
Amortised cost
Cash and cash equivalents
Financial assets at amortised cost
Amortised cost
Financial liabilities
Loans and borrowings
Financial liabilities at amortised cost
Amortised cost
Lease liabilities as to right-of-use
assets
Financial liabilities at amortised cost
Amortised cost
Accounts payable
Financial liabilities at amortised cost
Amortised cost
Other financial liabilities
Financial liabilities at amortised cost
Amortised cost
The fair values of the Group’s financial assets and financial liabilities listed hereinbefore reflect the amounts that would be received
to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date.
The fair values are based on inputs other than quoted prices that are observable for the asset or liability. These inputs include
foreign currency exchange rates and interest rates. The financial assets and financial liabilities are primarily valued using standard
calculations/models that use as their basis readily observable market parameters. Industry standard data providers are the primary
source for forward and spot rate information for both interest rates and currency rates, with resulting valuations periodically
validated through third party or counterparty quotes.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
116
The Group’s non-derivative financial instruments included cash and cash equivalents, trade accounts receivable, other financial
assets, trade accounts payable, other accounts payable, loans and borrowings. As at 31 December 2024 and 2023, the carrying
value of these financial instruments, excluding long-term debt, approximates fair value because of the short-term maturities of
these instruments. Loans and borrowings have fixed interest rates but they are corresponded to the market rate level.
37
Management of financial risks
One of the principal responsibilities of the Financial Department of the Group is to manage the financial risks arising from the
Group’s underlying operations. On an annual basis, the Financial Department approves a strategic plan that takes into account
the opportunities and major risks of our business and mitigation factors to reduce these risks. The Financial Department also
reviews risk management policies and procedures on an annual basis and sets upper limits on the transactional exposure to be
managed and the time periods over which exposures may be managed. The objective of the policy is to reduce volatility in cash
flow and earnings. Risks managed include:
Type of risk
Affected by
Risk management policies
Credit risk
Ability of counterparties to financial instrument
to fulfill their contractual obligations
Credit approval and monitoring practices;
counterparties policies
Liquidity risk
Balance of cash flow
Preparation of detailed forecasts of cash flow
Market risk
- Market prices on products sold, materials and
services for production
- Changes in interest rates
- Fluctuation of foreign currency exchange rates
- Long-term cooperation with reliable suppliers
- Maintaining a combination of fixed and floating
interest rates
- Ensuring a sufficient level of USD revenues
Depending on the type of risks faced by the Group, it is possible to use a single or several methods of minimizing or levelling
their negative impact on Group.
The use of the following risk management methods is possible at the Group's companies:
1) risk pooling is a method aimed at reducing the risk by transferring accidental losses into the relatively small fixed expenses (this
method is a basis for insurance);
2) limitation is a method involving the development of detailed strategic documentation, which sets the boundary level of risk in
each area of the company's activities, as well as clear allocation of functions and responsibilities of personnel;
3) diversification is a method of risk control through the selection of assets, profit on which slightly correlates, if possible;
4) hedging is a balancing transaction, minimizing the negative impact of risk (e.g., selection of assets and liabilities by timing, by
currency).
Credit risk
Credit risk is a risk of financial loss to the Group, which results from failure of a buyer or a contractor under the financial
instrument to fulfill its contractual obligations. The risk is primarily related to the Group's accounts receivable, cash and cash
equivalent.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
117
Book value of financial assets reflects maximal extent that is subject to credit risk of the Group. Maximal level of credit risk is the
following:
31 December 2024
31 December 2023
Trade accounts receivable, net
1 935
4 051
Other financial assets:
Non-bank accomodations interest free
199
241
Other accounts receivable, net
210
412
Cash and cash equivalents
44 630
16 198
46 974
20 902
Fitch credit ratings of the banks with which the Group had the accounts opened as of 31 December 2024 and 31 December 2023
were as follows:
Fitch credit ratings of the banks
31 December 2024
31 December 2023
International banks with A rating
814
279
International banks with B rating
11 247
1 355
Subsidiaries of international banks with A rating
9 616
5 320
Ukrainian banks with С rating
22 952
9 244
44 630
16 198
The Group manages credit risk through rigorous credit approval and monitoring practices. Financial and Economic Department
has developed the credit policy. In accordance with it, all contractors are subjected to careful analysis on ability to pay before the
Group offers its standard terms of payment and delivery. If the Group sells goods to a contractor it has never dealt before,
transactions are performed on terms of prepayment. Deferred payment is offered only to contractors with work experience with
the Group more than 1 year without delays in payment terms established in sale contracts.
Group’s management believes that companies comprising the Group are free in their choice of the customers, have close contacts
with the leading global and Ukrainian traders, and may switch without risk to other customer offering better conditions of
collaboration.
The Financial Directorate of the Group constantly carries out monitoring over payment terms deadlines according to goods
selling contracts. In case of delay in payment, the personnel of the commercial department deals up with the customer and the
decision whether to apply penalties or slightly extend the terms (within 90 days) is taken.
The Group forms estimated provision for trade and other accounts receivable. It corresponds with estimation of amount of
already suffered credit losses. The main element of the provision is an element of certain loss, determined for assets considering
already suffered but not fixed losses. Estimated amount of losses is determined on the basis of statistical data for previous periods
for similar financial assets.
Distribution of trade accounts receivable on time-frames is the following:
Past due, not impaired
Total
Neither past due
nor impaired
Within 90
days
From 90 to
360 days
More than 1
year
31 December 2024
1 935
1 935
-
-
-
31 December 2023
4 051
4 034
12
5
-
On the basis of analysis of payments for the current period Financial Director of the Group considers that there is no need to
form provision for overdue, but not impaired trade accounts receivable.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
118
Liquidity risk
Risk of liquidity - is the risk of inability to meet financial obligations of the Group in due time.
The way the Group manages the liquidity lies in providing the Group with constant availability of liquid facilities, enough to meet
the obligation in due time, avoiding unforeseen losses and not to expose the reputation of the Group to risk.
There is system of management accounting and budgeting, which allows to plan and control covering all the expenses from
operating activity and related with its financial expenses by means of profit.
The table below summarizes the maturity profile of Group’s financial liabilities based on contractual payments as at 31 December
2024:
On
demand
Within
30 days
From 30
to 90 days
From 90
to 180 days
From 180 to
360 days
From 1 to
5 years
Over 5
years
Total
Bank loans and
interest payable on
bank loans
-
407
4 006
5 244
2 007
11 654
-
23 318
Lease liabilities as
to right-of-use
assets
-
1 224
2 431
3 281
6 488
43 622
47 784
104 831
Trade accounts
payable
-
1 280
249
60
1
-
-
1 590
Other current
liabilities and
accrued expenses
1 062
6 450
18
167
53
422
1 021
9 193
1 062
9 362
6 704
8 752
8 549
55 698
48 805
138 932
The table below summarizes the maturity profile of Group’s financial liabilities based on contractual payments as at 31 December
2023:
On
demand
Within
30 days
From 30
to 90 days
From 90
to 180 days
From 180 to
360 days
From 1
to 5 years
Over 5
years
Total
Bank loans and
interest payable on
bank loans
15 688
612
979
13 898
13 738
902
-
45 817
Lease liabilities as
to right-of-use
assets
-
1 164
2 284
3 388
6 095
42 270
56 918
112 119
Trade accounts
payable
-
1 885
286
43
98
-
-
2 312
Other current
liabilities and
accrued expenses
1 355
5 345
40
161
79
159
779
7 918
1 355
9 006
3 589
17 490
20 010
59 019
57 697
168 167
The Group’s target is to maintain its current ratio, defined as the proportion of current assets to current liabilities, at the level of
not less than 1.2. The current ratio was as follows:
31 December 2024
31 December 2023
Current assets
141 401
132 285
Current liabilities
35 844
67 986
Current ratio
3,9
1,9

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
119
Market risk
Market risk arises from fluctuations in market factors, including exchange rates, interest rates and commodity prices. Movements
in these factors may affect the Group’s income and expenses, or the value of its financial instruments. The objective of the
Group’s management of market risk is to maintain this risk within acceptable parameters, whilst optimizing returns.
Market risk is comprised of:
 Commodity price risk
Risk of changes in market prices of products for sale
The Group Sales Department makes continuous monitoring of market prices of products sold in order to manage
exposure to changes in market prices for the products. According to the results of this analysis and subsequent prediction
of prices for products, management pricing policy depending on the dynamics of market prices is formed.
 Risk of changes in prices of materials and services
The Group is exposed to changes in prices of materials and services that are used in the process of production. The
Group manages these risks by working with reliable suppliers, business relationships with whom had developed over a
long time, and the search for new, more affordable supply of resources.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in foreign exchange rates.
The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities (when
revenue or expense are denominated in a different currency from the Group’s functional currency) and the Group’s net
investments in foreign subsidiaries.
The Group's companies manage their foreign currency risk by comparing the volumes of export revenues by currencies and loan
portfolio by currencies. The Group avoids borrowing and production sales for export in any currency except for USD. The
comparison is carried out as a part of the annual planning and budgeting.
When the amount of the expected export revenue is below the level of USD borrowing for the financial year, the decrease in
foreign currency borrowings by repayment of such loans or conversion of foreign currency loans into national currency is
performed.
Group avoided realization of risk transactions that are subject to foreign currency risk.
The table below summarizes the Group’s exposure to foreign currency risk as at 31 December 2024:
Note
UAH
USD
EUR
PLN
Total
Trade accounts receivable, net
24
654
1 281
-
-
1 935
Cash and cash equivalents
27
23 210
21 263
118
39
44 630
Loans and borrowings
29, 30
2 379
20 912
-
-
23 291
Lease liabilities as to right-of-use assets
20
104 191
304
335
-
104 830
Other current liabilities and accrued
expenses
32
7 075
1 998
121
-
9 193
137 508
45 758
574
39
183 879

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
120
The Group's exposure to foreign currency risk, based on book value, as at 31 December 2024 was as follows:
31 December 2024
Increase/decrease in
USD exchange rate, %
Effect on profit
before tax
Trade accounts receivable, net
1 281
10
128
(10)
(128)
Cash and cash equivalents
9 359
10
936
(10)
(936)
Loans and borrowings
20 912
10
(2 091)
(10)
2 091
Lease liabilities as to right-of-use assets
304
10
(30)
(10)
30
Other current liabilities and accrued expenses
27
10
(3)
(10)
3
General effect
-
10
(1 060)
(10)
1 060
31 December 2024
Increase/decrease in
EUR exchange rate, %
Effect on profit
before tax
Lease liabilities as to right-of-use assets
335
10
(34)
(10)
34
The table below summarizes the Group’s exposure to foreign currency risk as at 31 December 2023:
Note
UAH
USD
EUR
PLN
Total
Trade accounts receivable, net
24
1 223
2 828
-
-
4 051
Cash and cash equivalents
27
9 890
6 075
178
55
16 198
Loans and borrowings
29, 30
-
45 727
-
-
45 727
Lease liabilities as to right-of-use assets
20
110 362
27
1 730
-
112 119
Other current liabilities and accrued
expenses
32
3 969
3 847
102
-
7 918
125 445
58 504
2 010
55
186 013
The Group's exposure to foreign currency risk, based on book value, as at 31 December 2023 was as follows:
31 December 2023
Increase/decrease in
USD exchange rate, %
Effect on profit
before tax
Trade accounts receivable, net
2 828
10
283
(10)
(283)
Cash and cash equivalents
6 059
10
606
(10)
(606)
Loans and borrowings
45 727
10
(4 573)
(10)
4 573
Lease liabilities as to right-of-use assets
27
10
(3)
(10)
3
Other current liabilities and accrued expenses
90
10
(9)
(10)
9
General effect
-
10
(3 696)
(10)
3 696

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
121
31 December 2023
Increase/decrease in
EUR exchange rate, %
Effect on profit
before tax
Cash and cash equivalents
178
10
18
(10)
(18)
Lease liabilities as to right-of-use assets
1 730
10
(173)
(10)
173
Other current liabilities and accrued expenses
102
10
(10)
(10)
10
General effect
-
10
(155)
(10)
155
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.
Change in interest rates influences the involved loans and borrowings and finance lease transactions. Management of the Group
doesn’t have formalized policy respecting proportion of interest risk’s allocation between the loans with fixed interest rate and
floating interest rate. However, when attracting new loans and borrowings, management solves the problem respecting which
interest rate, fixed or floating, will be more profitable for the Group during the expected period till the maturity date, based on
own professional judgments.
The Group's interest-bearing financial instruments were formed as follows:
31 December 2024
31 December 2023
Loans and borrowings
Fixed rate instruments
14 343
35 727
Variable rate instruments
8 948
10 000
23 291
45 727
Agro-industrial risks
Agro-industrial business is subject to risks of outbreaks of various diseases of cattle or crops. These diseases could result in losses.
Disease control measures were adopted by the Group to minimise and manage this risk. The Group’s management is satisfied
that its current existing risk management and quality control processes are effective and sufficient to prevent any diseases and
related losses.
Customer concentration risk
Focusing on large wholesale world traders, the Group has a small pool of customers and could be influenced by customer
concentration risk. But the work of the Group with a small number of customers is not due to the lack of other customers or the
impossibility of entering new markets, but to the selected sales strategy - the best conditions for selling are ensured by relations
with large traders. To control the risk before each sale, a tender is held among buyers to determine the best conditions of the
transaction. Making a choice in the direction of the buyer, management understand the level of supply and demand for the
products on the market with other participants and Group’s capabilities in the event of a change of buyer.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
122
38
Capital management
The Group’s objectives in the process of capital management are maintaining the Group’s ability to follow the going concern
principle to provide benefits to interested parties, and also maintaining the optimal structure of involved and own funds.
The management of the Group regularly analyzes the structure of its capital. On basis of results of this analysis the Group takes
measures, which are aimed at maintenance of total structure of the capital balance.
The main financial liabilities of the Group are long-term loans and borrowings, current portion of long-term borrowings, short-
term loans and borrowings, trade accounts payable, other current liabilities and accrued expenses. The main purpose of these
financial instruments is to raise funds for the activities of the Group.
The Group’s gearing ratio was as follows:
Note
31 December 2024
31 December 2023
Long-term loans and borrowings
29
(11 654)
(902)
Long-term lease liabilities as to right-of-use assets
20
(91 406)
(99 188)
Current portion of long-term borrowings
29
(5 747)
(19 427)
Current portion of long-term lease liabilities as to right-of-use assets
20
(13 424)
(12 931)
Short-term loans and borrowings
30
(5 890)
(25 398)
Trade accounts payable
31
(1 590)
(2 312)
Other current liabilities and accrued expenses
32
(9 193)
(7 918)
Cash and cash equivalents
27
44 630
16 198
Net debt
(94 274)
(151 878)
Total equity
(181 399)
(141 694)
Total net debt and equity
(275 673)
(293 572)
Gearing ratio
34%
52%
The capital structure of the Group is based on management’s judgments of the appropriate balancing of all key elements of its
financial strategy in order to meet its strategic and day-to-day needs. The Management of the Group considers the amount of
capital in proportion to risk and manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. The Group will take appropriate steps in order to maintain, or if
necessary adjust, the capital structure.
39
Earnings per Share
The earnings and weighted average number of ordinary shares used in calculation of earnings per share are as follows:
For the year ended
31 December 2024
For the year ended
31 December 2023
FROM CONTINUED OPERATIONS
Net profit for the period attributable to owners of the parent company
54 893
(20 820)
Weighted average number of shares outstanding
35 500 464
35 500 464
Basic profit per ordinary share (in USD)
1,55
(0,59)
Basic earnings per share from continuing operations are computed by dividing net income from continuing operations available
to ordinary shareholders by the weighted-average number of ordinary shares outstanding, excluding any dilutive effects of stock
options. The Group has neither potentially dilutive ordinary shares nor other dilutive instruments; therefore, the diluted earnings
per share equal basic earnings per share.

Annual report 2024
Consolidated financial statements
Notes to the Consolidated financial statements
(in thousand USD, unless otherwise stated)
123
40
Subsequent events
Conducting its normal operating activity, the Group considers important to highlight the following:
Loans and borrowings are received in the amount of USD 2 395 thousand.
Loans and borrowings and interests are repaid in the amount of USD 4 773 thousand.
VAT for reimbursement is received in the amount of USD 6 584 thousand.
The deal on sale of assets classified as held for sale was completed.
There were no other material events after the end of the reporting date, which have a bearing on the understanding of the
consolidated financial statements.

124