Mopoli – Annual Report 2024/2025 - 1
M O P O L I
Palmboomen Cultuur Maatschappij Mopoli
(Palmeraies De Mopoli) N.V.
Registered office: 10, Koningin Julianaplein-2595 AA The Hague, the Netherlands
Headquarter: 2, Place du Champ de Mars-1050 Brussels, Belgium
MOPOLI
ANNUAL REPORT
2024 / 2025
111
th
FINANCIAL YEAR 2024/2025
General Meeting of shareholders
as at 17 December 2025

Mopoli – Annual Report 2024/2025 - 2
Annual report
111
th
financial year 2024/2025
The Management Board of Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V. ("Mopoli"
or the "Company") has pleasure in submitting its report together with the financial statements for the year
ended on 30 June 2025 (the "Financial Statements").
To be presented to the annual General Meeting of shareholders of Mopoli to be held on 17 December 2025.
Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V.
Registered address: Koningin Julianaplein 10, 2595 AA The Hague, the Netherlands
Administrative office: 2, place du Champ de Mars 2/1, 1050 Brussels, Belgium
E: info.mopoli@mopoli.nl
W: www.mopoli.nl
The Hague/Brussels, 31 October 2025
The Management Board
- Hubert Fabri
- François Fabri

Mopoli – Annual Report 2024/2025 - 3
CONTENTS
1. Management Board report ......................................................................................................................... 4
1.1. Business activities .............................................................................................................................. 4
1.2. Composition of the Management Board .......................................................................................... 4
1.3. Composition of the Supervisory Board ............................................................................................ 5
1.4. Business performance ........................................................................................................................ 5
1.5. Dividend and dividend policy ........................................................................................................... 5
1.6. Outlook ................................................................................................................................................. 6
1.7. Risk management ............................................................................................................................... 6
1.8. Statements of the Management Board ........................................................................................... 8
1.9. Governance ......................................................................................................................................... 9
1.9.1. Dutch corporate governance code ........................................................................................... 9
1.9.2. Board structure ............................................................................................................................. 9
1.9.3. Diversity .......................................................................................................................................... 9
1.9.5. Takeover Directive ..................................................................................................................... 10
1.9.6. Social and environmental responsibility ............................................................................... 12
2. Supervisory Board report ......................................................................................................................... 13
2.1 Report of the Supervisory Board and its committees ................................................................ 13
2.2. Remuneration Report (article 2:135b of the Dutch Civil Code) ............................................... 15
3. Events after the balance sheet date ..................................................................................................... 16
4. Financial Statements ................................................................................................................................ 17
4.1. Statement of financial position - Assets ............................................................................................ 17
4.2. Statement of financial position – Equity and Liabilities ................................................................. 17
4.3. Statement of Comprehensive Income ................................................................................................ 18
4.4. Statement of Cash Flows ...................................................................................................................... 19
4.5. Statement of changes in Equity .......................................................................................................... 20
4.5. Notes to the Financial Statements ..................................................................................................... 21
Note 1: Accounting Principles and Methods of Appraisal ............................................................... 21
Note 2: Other receivables ...................................................................................................................... 27
Note 3: Other current assets ................................................................................................................. 27
Note 4: Cash and cash equivalents....................................................................................................... 27
Note 5: Equity ........................................................................................................................................... 28
Note 6: Trade and other payables ........................................................................................................ 30
Note 7: Financial income and expenses ............................................................................................. 30
Note 8: Income tax ................................................................................................................................... 31
Note 9: Earnings per share ..................................................................................................................... 32
Note 10: Related parties......................................................................................................................... 33
Note 11: Expected Credit Loss .............................................................................................................. 34
Note 12: Fair value .................................................................................................................................. 34
Note 13: Risk management policies ..................................................................................................... 35
Note 14: Off balance sheet rights and commitments ...................................................................... 36
Note 15: Events after the closing date ............................................................................................... 36
Note 16: Board remuneration ............................................................................................................... 36
Note 17: Personnel Expenses ................................................................................................................ 37
Note 18: Auditor fees .............................................................................................................................. 37
5. Other Information ..................................................................................................................................... 38
5.1. Voting rights ........................................................................................................................................... 38
5.2. Statutory Provisions Concerning the distribution of Profit ............................................................ 38
6. Independent auditor’s report ................................................................................................................. 39

Mopoli – Annual Report 2024/2025 - 4
1. Management Board report
1.1. Business activities
Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V. (hereafter referred to as Mopoli or the
Company) is a public limited company governed by Dutch law, subject to all legislative texts applicable to
commercial companies in the Netherlands. It is registered at the Dutch Chamber of Commerce under number
27035538.
Mopoli is a company investing in agro industry projects. The Company only grants loans to related companies.
As at 30 June 2025 cash loans were provided to each of Socfinaf S.A. ("Socfinaf") and Afico S.A. ("Afico") both
related parties of the Company.
The Company is listed on Euronext Brussels. The Company has no routine business processes and has no
employees.
The Extraordinary General Meeting of shareholders of 10 June 2008 has authorised the Company to buy back its
own shares for a maximum period of 18 months. Since then, this authorisation has been extended regularly and
is still applicable as at 30 June 2025, however the availability of shares is limited. No shares were purchased
this financial year. As at 30 June 2025, the Company holds 219 founder shares (10.8% of the founder shares) and
5,904 common shares (6.4% of the common shares) with no new acquisition until the establishment of this report.
The strategy of the Company remains to buy back its own shares in case any shares are offered to the market
with the intent to initiate a squeeze-out procedure. Whereas the Company is looking for high volumes of shares
on the market to buy back, only limited volumes are offered, which is why the Company did not buy any shares
during the financial period.
As such, the Management Board recognises that the main risk is credit risk regarding the recoverability of the
loans. For this risk, considered low, the Management Board is willing to accept the risk and does not hedge or
mitigate these factors.
The Company has no research and development activity.
1.2. Composition of the Management Board
Management Board members are appointed, dismissed or suspended by the General Meeting of shareholders.
They are appointed for a mandate of four years. They can be reappointed.
The Management Board remains unchanged during the financial year 2024/2025 compared to 2023/2024.
The Management Board is composed as follows at the end of the reporting period:
Name
First nomination
End of mandate
Hubert Fabri
AGM 1998
AGM 2028
François Fabri
AGM 2020
AGM 2028

Mopoli – Annual Report 2024/2025 - 5
1.3. Composition of the Supervisory Board
Supervisory Board members are appointed, dismissed or suspended by the General Meeting of shareholders. They
are appointed for a mandate of four years. They can be reappointed.
The Supervisory Board has been implemented by the Annual General Meeting of shareholders held on
17 December 2020.
The Supervisory Board is composed as follows at the end of the reporting period:
Name
First nomination
End of mandate
Philippe Fabri
AGM 2020
AGM 2028
Andrej Bjegovic
AGM 2020
AGM 2028
Daniel Haas
AGM 2020
AGM 2028
Karim Homsy
AGM 2020
AGM 2028
The mandates of the Supervisory Board members have been renewed during the Annual General Meeting held
on 18 December 2024.
1.4. Business performance
Profit for the period was EUR 1.6 million (EUR 1.7 million in 2023/2024), of which:
- financial income and expenses amounting to EUR 2.3 million (EUR 2.5 million in 2023/2024);
- administrative costs amounting to EUR 0.2 million (EUR 0.2 million in 2023/2024);
- income tax expense amounting to EUR 0.5 million (EUR 0.6 million in 2023/2024).
The total equity amounts to EUR 52.3 million as at 30 June 2025, compared to EUR 52.7 million as at 30 June
2024.
Administrative costs remained stable in 2024/2025 compared to 2023/2024, and correspond mainly to lawyers
and experts fees.
The negative operating cash flows amount to EUR -1.1 million (compared to negative operating cash flows for
EUR -0.8 million during the previous period). The operating cash flows have decreased during the year 2024/2025
compared to 2023/2024, due to the increase of income tax paid (EUR 0.8 million in 2024/2025 compared to
EUR 0.5 million in 2023/2024).
The investing cash flows amount to EUR -7.4 million, following the acquisition of financial assets (impact of
EUR‑14.0 million) and the net decrease in loans granted (impact of EUR+4.0 million), compared to investing cash
flows of EUR +2.5 million during the period 2023/2024.
The financing cash flows correspond to an outflow of cash amounting to EUR 2.0 million in 2024/2025 compared
to an outflow of EUR 6.0 million during the previous period, due to the dividends paid during each period.
As at 30 June 2025, the Company is highly solvent as equity exceeds by far the Company's liabilities and the
liquidity position of the Company remains high, as the negative cash flows during the period are mainly linked
to material cash deposits with a maturity over 3 months as at closing date. As such, the Company does not
expect any need to obtain external financing in the coming year.
All funds are deposits to Julius Bär and Edmond de Rothschild. The creditworthiness of the banks is verified
through the evaluations of credit rating agencies.
1.5. Dividend and dividend policy
The Company will propose to pay a dividend of EUR 10 million to the holders of common shares and founder
shares over the financial year 2024/2025, including the 7% (EUR 3,000) to the holders of preference shares on
the paid-up amount of their preference shares.
The dividend policy aims for the continuity of the distribution of dividends to the preference shares and a
dividend at least equal to EUR 2 million for the other shares.

Mopoli – Annual Report 2024/2025 - 6
1.6. Outlook
Environment and climate change
The Company considered the potential impact of the climate change, which may affect positively and negatively
the Company's financial performance.
The effects of the climate change on the Company's financial statements in future years remain uncertain. The
Management Board considered various documentation in its assessment of the impact, such as the last
Intergovernmental Panel on Climate Change (IPCC) reports.
The Management Board has considered the potential impact of climate change on its assessment of Expected
Credit Losses (ECL), mainly on loans towards Socfinaf and Afico. Given the actual level of knowledge, the
Management Board has considered the climate change would not have a material impact on ECL.
The Management Board will continue to consider the potential impacts of the climate change in its judgements,
and will integrate any new potential impact if this could lead to a material change in the Company's financial
statements.
Operational and financing activities
Cash flows of the Company will depend on the proceeds received for the loans, the total amount of which may
vary depending on advances and repayments.
Financial income should remain stable in 2025/2026 compared to financial income during the year 2024/2025,
due to stable interest rates on loans and on deposits. The profit should also remain stable in 2025/2026 compared
to the year 2024/2025.
1.7. Risk management
Line of guidance
The purpose of the Company is the exploitation of palm oil and rubber oil, either directly or indirectly. This is a
sector risk and we do not have the skills and knowledge to achieve that goal as an operating Company. The
current policy is therefore to invest indirectly in this sector.
On a long-term perspective, the Company wants to create long-term value, stable over the time, for its
shareholders, by maintaining the risk of non-reimbursement on its investments as low as possible. As a
consequence, the Company only enters into relation with companies having a strong knowledge of the
agricultural sector and of the tropical countries. Furthermore, the Company's partners maintain a strong
financial performance over the years, ensuring strong financial perspectives for the future.
Business risk
As investor in tropical agro business projects, the Company has to deal with potential high risk. That is why the
Company is not investing directly in the projects but through well-structured listed and non-listed companies
that have developed the know-how in that business and are designed to manage the risk.
Market risk
There is no direct market risk since the only activity on 30 June 2025 corresponds to the cash loans to Socfinaf
and Afico. However, the fair value of loans may fluctuate depending on the market.

Mopoli – Annual Report 2024/2025 - 7
Credit risk
In 2014, Mopoli entered into a loan agreement with the company Socfinaf. The Management Board considers this
loan agreement has a limited credit risk since Socfinaf is a listed company with a low debt ratio. Funds are
advanced in the context of new investments and a portion of the loan was already repaid as at 30 June 2025.
In 2016, a loan was granted to Afico. This loan has a limited credit risk since the Company has a low debt ratio
and a high profitability ratio.
The Company established a provision table based on its historical credit loss experience, adjusted for prospective
factors specific to the debtors and the economic environment. This leads to the estimation of the expected
credit loss as required by IFRS 9. The carrying amount of the asset is reduced through the use of a provision
account and the amount of the loss is recognised in the income statement. Due to the low debt ratio of Afico
and Socfinaf, the Management Board assessed that the credit risk is very limited and that the expected credit
loss is EUR nill for the loans granted (compared to EUR nill for the 2023/2024 period). See also Note 2 and 11 of
the financial statements.
This being said, an uncontrollable factor is the market prices of the raw materials sold by the companies. An
important and lasting drop in those prices could affect the companies' ability to service the debt, but Socfinaf's
and Afico's have a presence in different geographical markets reducing their exposure to market price risk.
Interest risk
The interest risk is monitored by concluding the loans at a fixed rate, and by a close monitoring of the evolution
of interest rate on financial markets.
Liquidity risk
Prudent liquidity risk management implies maintaining cash available for investment opportunities. Mopoli
manages cash and short-term deposits according to the needs. Mopoli had limited liquidity risk over the
2024/2025 period.
Hedging of risks
The policy of the Company is not to hedge any of the aforementioned risks.
Environmental, Social and Governance (ESG) risk
The Company invests in partners having an environment, social responsibilities and governance reporting
process. In particular, Socfinaf publishes a separate Sustainability Report that can be accessed on its website.
Most of the commitments described in this Sustainability Report have already been considered in the budgets of
Socfinaf's subsidiaries. As a consequence, the Management of Mopoli considers the ESG risks are already under
control, and will continue to monitor their assessment in the future.
The Company considered the potential impact of the climate change, which may impact financial instruments
and cash deposits.
The effects of the climate change on the Company's financial statements as in future years remain uncertain.
The Management Board will continue to consider the potential impacts of the climate change in its judgements,
and will integrate any new potential impact if this could lead to a material change in the Company's financial
statements.
Modifications
No significant changes are expected to be made to the risk management system.

Mopoli – Annual Report 2024/2025 - 8
1.8. Statements of the Management Board
In control statement
With reference to section 5:25c DFSA and best practice provision 1.4.3 of the Dutch Corporate Governance Code,
the Management Board states that, to the best of its knowledge:
- a self-assessment and monitoring is made to review and monitor compliance with Internal Control over
Financial Reporting. Therefore, the Management Board report provides sufficient insights in the
effectiveness of the internal risk management and control systems;
- such aforementioned process provides reasonable assurance that the financial reporting does not contain
any material inaccuracies;
- based on the current beneficial state of activities and Note 1.E of the Financial Statements, it is justified
that the Financial Statements have been prepared on a going concern basis;
- this Management Board report states those material risks and uncertainties that are relevant to the
expectation of the Company’s continuity for the period of 12 months after the date this Management Board
report was prepared.
Responsibility statement
The Management Board states that, to the best of its knowledge:
- the Management Board report provides a fair view of the situation on the balance sheet date and of
developments during the financial year of Mopoli whose information has been included in the Financial
Statements, together with a description of the main risks the Company faces.
- The Financial Statements which have been prepared in accordance with IFRS adopted by the European Union
and with Part 9 of Book 2 of the Dutch Civil Code give a true and fair view of the assets, liabilities, financial
position and comprehensive income of the Company.
Brussels, 31 October 2025
The Management Board
Mr Hubert FABRI, President
Mr François FABRI, Director

Mopoli – Annual Report 2024/2025 - 9
1.9. Governance
1.9.1. Dutch corporate governance code
The Dutch corporate governance code contains principles and best practice provisions on the governance of
listed companies and their accountability to their shareholders on this topic. In December 2022, a revised version
of the code was published (the "Code"). The Code was designated as the new corporate governance code by
Decree on 20 September 2023 and entered into force as from the financial year 2022.
Following the Annual General Meeting relating to the 2019/2020 financial year, new Management and Supervisory
Board members had been nominated for appointment, and new policies complying with the Code had been set
up.
Exceptions to the compliance with the code:
1.3 Internal audit function
In the absence of an internal audit department, this function is under the responsibility of the Management
Board.
Adequate control measures are implemented in relation to the operations and size of the Company without
specific written plan or report.
1.5 Role of the Supervisory Board (Audit Committee) and 2.3.5. Committee reports
Mr Andrej Bjegovic is the president and only member of the Audit Committee. There is therefore no formal
meeting and no Audit Committee report.
2.1.7. Independence of the supervisory board
The total number of supervisory board members who meet independence criteria account for less than half of
the total number of supervisory board members. The Supervisory Board does not see any indications that the
Supervisory Board role is not performed completely independently
2.2.6 Evaluation of the Supervisory Board and 2.2.7. Evaluation of the Management Board
Given the size of the Company and in the absence of significant operations during the period, no formal
evaluation took place during the financial year 2024/2025. The members of the Supervisory Board and the
Management Board carried out continuous evaluations.
2.4.4 Attendance at Supervisory Board meetings
As the members of the Supervisory Board did not formally convene in 2024/2025, the Company does not comply
with this best practice provision. However, the members collectively and individually interacted with other
members and with the members of the Management Board outside the formal Supervisory Board meetings.
1.9.2. Board structure
Mopoli has a two-tier board structure, consisting of a Management Board and a Supervisory Board.
The Management Board is the executive body, entrusted with the management of the Company’s group and is
responsible for the continuity, goals, objectives, long-term value creation strategy, policies and results of
Mopoli.
The Supervisory Board, established at the last General Meeting, supervises and advises the Management Board
on the policies, management and the general affairs of Mopoli.
The Supervisory Board has one committee, the Audit Committee.
Mr Andrej Bjegovic is the president and only member of the Audit Committee.
1.9.3. Diversity
Mopoli values diversity and inclusion in all areas of its organisation. Currently Mopoli does not meet the gender
diversity targets of one-third for either the Supervisory Board or the Management Board.
The Management Board and the Supervisory Board currently consist of only male members.
Although the Management Board and Supervisory Board mandates were renewed during the 2024/2025 period
there were no female candidates and therefore the Company did not meet its diversity targets. The mandates
of the Management and the Supervisory Board members end in 2028, the members can be reappointed at the
end of their mandates. As there were no female candidates for being representatives at the Management and
Supervisory Boards of the Company, the Company did not meet its diversity targets at the end of June 2025.

Mopoli – Annual Report 2024/2025 - 10
The Company set up quotas, explained in Article 2 of Mopoli's diversity policy in order to meet a minimum of
30% male and female representatives by 2028. The diversity quota of 30% should be met at the renewal of next
mandates, that will occur in 2028.
In the event of a new appointment in the Management Board or the Supervisory Board arises, gender diversity
will be on the list of criteria, besides other relevant criteria for the specific vacancy.
1.9.4. Related party transactions
Transactions made with shareholders, Management or Supervisory Board members of the Company are described
in Note 10 of the financial statements.
These transactions with related parties have been done at arm’s length and comply with the best practice
provisions 2.7.5. These transactions are described in Note 10 of the Company's financial statements.
1.9.5. Takeover Directive
In accordance with the Dutch Takeover Directive (Article 10) Decree (Besluit artikel 10 overnamerichtlijn) this
section provides information regarding the following matters:
a) The Company's capital structure, the types of shares and related rights and obligations, and the
percentage of the outstanding share capital represented by each type of share
The authorised capital of the Company of EUR 3,080,000.00 consists of 120,000 ordinary shares with a
nominal value of EUR 22.00 each and 1,000 preference shares with a nominal value of EUR 440.00 each.
The issued and paid-up share capital of EUR 2,244,000.00 is divided as follows:
- 100,000 ordinary shares with a nominal value of EUR 22.00 each (listed on Euronext Brussels) – 1
vote per share – 98.04% of the total issued share capital - specific dividend right (see other
information of the annual report);
- 100 preference shares with a nominal value of EUR 440.00 each (not listed on the stock exchange)
– 20 votes per share – 1.96% of the total issued share capital - specific annual dividend right of 7%
on the paid-up amount - specific rights according to points d) and h).
In addition, 2,400 founder’s shares are issued and outstanding with no nominal value (listed on Euronext
Brussels) – no voting right - specific dividend right (see Note 5. Equity and Part 5. Other information of
the annual report).
b) Each limitation imposed by the Company on the transfer of shares or depositary receipts for shares
Not applicable: Mopoli does not impose any limitation on the transfer of shares.
c) Interest held in the Company for which a disclosure obligation exists under Articles 5:34, 5:35 and 5:43
of the Dutch Financial Supervision Act (Wet op het Financieel toezicht) ("DFSA")
The following registrations were reported to the Authority for the Financial Markets (Autoriteit
Financiële Markten):
Shareholders
Number of
shares
Percentage
held
Voting
rights
Date of
notification
AFICO L-1650 Luxembourg
-
-
-
18/12/2019
Financière Privée Holding S.A. L-1650 Luxembourg
79,505*
79.43%
79.81%
18/12/2019
Hubert Fabri CH-1659 Rougemont
100
0.10%
0.10%
18/12/2019
Total Hubert Fabri
79,605
79.53%
79.91%
18/12/2019
* 79,405 ordinary shares and 100 preference shares
Regarding the shares of Mopoli owned by Financière Privée Holding SA, the last registration to the
Authority for the Financial Markets dates from 2019. Since this date, there have been several
acquisitions of shares by Financière Privée which did not require a new registration. As of June 30,
2025, Financière Privée Holding SA owns 89,741 shares representing 89.74% of ownership.

Mopoli – Annual Report 2024/2025 - 11
d) Special controlling rights attached to shares and the names of the party entitled thereto
With the exception of the resolutions to appoint a Management Board member and to adopt the annual
accounts, all resolutions of the General Meeting require the approval of the meeting of holders of
preference shares. To the extent the approval is requested in view of a proposal to resolve to dissolve
the Company, the approval should be obtained prior to the adoption of the resolution by the General
Meeting. As mentioned in point c), the preference shares are indirectly held by Hubert Fabri.
e) The mechanism of control of an arrangement, that awards rights to employees to purchase or acquire
shares in the capital of the Company or a subsidiary thereof, if such control is not exercised directly
by the employees
Not applicable: the Company does not have an employee share participation plan nor an employee share
option plan.
f) Restrictions on the exercise of voting rights, terms for exercising voting rights and the issuance, with
cooperation of the Company, of depositary receipts for shares
The founder shares have no voting rights.
There are no depositary receipts issued with the cooperation of the Company. There are no limitations
on the exercising of voting rights, the periods involved therewith and the issuance of depositary
receipts.
g) Each agreement with a shareholder, to the extent known to the Company, that may limit (i) the
transfer of shares or depositary receipts for shares or (ii) voting rights
Not applicable: the Company is not aware of any agreement with a shareholder, that may result in a
restriction in the transfer of shares or depositary receipts for shares issued with the cooperation of the
Company or in a limitation of voting rights.
h) The provisions on the appointment and dismissal of Management and Supervisory Board members and
the amendment of the Company's articles of association
The Management Board members and the Supervisory Board members shall be appointed by the General
Meeting on the recommendation of the meeting of the holders of preference shares. The General
Meeting may pass a resolution to amend the articles of association with a majority of two thirds of the
votes cast in a meeting in which at least half of the issued capital is present or represented.
i) The authorities of the Management Board, in particular in relation to the issuance of shares in the
capital of the Company and the acquisition by the Company of shares in its own capital
A decision to issue shares may only be taken by the General Meeting of shareholders. The Management
Board may only acquire shares in its own capital if the General Meeting has authorised the Management
Board to do so. Such authorisation will be valid for a period not exceeding eighteen months. The General
Meeting must determine in the authorisation the number of shares which may be acquired, the manner
in which they may be acquired and the limits within which the price must be set.
By resolution of 18 December 2024, the General Meeting of shareholders renewed the authorisation to
the Management Board to repurchase up to 10% of the issued share capital, with due observance of
article 2:98 of the Dutch Civil Code, for a period of 18 months as from 18 December 2024. As at 30 June
2025, the Company holds 5,904 ordinary shares and 219 founder's shares.
j) Important agreements to which the Company is a party and which can be executed, amended or
terminated subject to a change of control of the Company following a public bid as referred to in
Article 5:70 DFSA, including the effects of such agreements, unless the agreements or effects thereof
are such that disclosure may prejudice the Company
Not applicable: there are no agreements with Mopoli that contain change of control provisions.
k) Each agreement of the Company with a board member or employee that relates to a payment upon
the termination of employment as a result of a public bid as referred to in Article 5:70 DFSA
Not applicable: there are no agreements with board members or employees that provide for
remuneration upon termination of employment as a result of a public bid.

Mopoli – Annual Report 2024/2025 - 12
1.9.6. Social and environmental responsibility
Mopoli’s values are very much linked to that of the company Société Financière des Caoutchoucs S.A. ("Socfin")
and its subsidiaries (the "Socfin Group"). Mopoli adheres to and supports Socfin’s code of conduct as well as its
sustainability commitments. Socfin's commitments and sustainability report are available on Socfin's website
(www.socfin.com).
As Afico is a small administrative company, its activity and its code of conduct has no material impact on Mopoli's
indirect social and environmental impact.

Mopoli – Annual Report 2024/2025 - 13
2. Supervisory Board report
2.1 Report of the Supervisory Board and its committees
Monitoring and consultation with the Management Board
In 2024/2025, the Supervisory Board exercised its duties as required by law and the Statutes.
The Supervisory Board also regularly monitored the Management Board and provided advice on the Company’s
strategic development and important individual measures, about which the Supervisory Board was regularly
informed by the members of the Management Board.
Regular topics of discussion were the management of loans and the development of the Company's activity.
The members of the Supervisory Board and the members of the Management Board were in regular contact
outside of Supervisory Board meetings.
Supervisory Board meetings
In 2024/2025, the members of the Supervisory Board did not formally convene.
However, the members of the Supervisory Board collectively and individually interacted with members of the
Management Board outside the formal Supervisory Board meetings.
The members of the Supervisory Board and the members of the Management Board met regularly for discussions
about the Company’s progress.
The members of the Supervisory Board devoted sufficient time to engage in their supervisory responsibilities.
Supervisory Board composition
Name
Philippe Fabri
Daniel Haas
Andrej
Bjegovic
Karim
Homsy
Gender
male
male
male
male
Year of birth
1988
1963
1988
1988
Nationality
Belgian
Belgian
French
Belgian
Initial appointment date
2020
2020
2020
2020
End of current term
2028
2028
2028
2028
Role
Member
Member
Chairman
Vice-
chairman
Independent
no
no
yes
yes
Other positions
Director of Socfinaf,
Socfinasia, SOGB and
Safacam
Financial Director of Socfin
Managing
Director at
Kraft Heinz
None
Executive Director of
Socfin
Permanent representative of
Afico on the board of
Socapalm
Non Executive Director of
Okomu
Permanent representative of
Safa on the board of Safacam
Permanent representative
of Socfinaf on the board
of Socapalm
2 members of the Supervisory Board are not considered independent, as they are employees or members of the
Management board of Socfin, a company considered as an associated company with Mopoli.
Independence and efficiency review
An important aspect of good corporate governance is the independence of Supervisory Board members and their
freedom from conflicts of interest.
The Supervisory Board based the assessment of the independence of its members on the recommendations of
the Dutch Corporate Governance Code. The independence criteria are described in Article 4 of the Supervisory
board rules, based on best practice provision 2.1.7. and 2.1.9. of the Dutch Corporate Governance Code.

Mopoli – Annual Report 2024/2025 - 14
According to the Supervisory Board’s assessment:
- 2 of the 4 members of the Supervisory Board are considered to be independent, as the criteria of
dependence, described in article 4 of the Supervisory board rules, do not apply to them.
- 2 of the 4 members of the Supervisory Board are considered to be non independent (Mr Philippe Fabri
and Mr Daniel Haas), as the criteria of dependence of the Supervisory board rules apply to them.
The Company therefore does not comply with best practice provision 2.1.7.ii which states that the total number
of supervisory board members to whom the criteria referred to in best practice provision 2.1.8. are applicable
should account for less than half of the total number of supervisory board members.
The Supervisory Board does not see any indications that the Supervisory Board role is not performed completely
independently. In cases where Supervisory Board members hold supervisory or management positions at
companies with which Mopoli has business relations, we see no impairment of their independence.
The Supervisory Board reviews the efficiency of its activities every year in the form of a self-assessment.
The Supervisory Board conducted a discussion between its members regarding the cooperation within the
Supervisory Board and cooperation with the Management Board. Overall, its members rated the Supervisory
Board’s activity as efficient and appropriate.
Committees and Internal Audit
The Supervisory Board has one committee, the Audit Committee.
Mr Andrej Bjegovic is the president and only member of the Audit Committee, he has relevant competence in
the sector in which Mopoly is operating, also relevant competence in auditing and accounting. Mr Bjegovic being
the only member of the Audit Committee, there is therefore no formal meeting.
The Audit Committee is responsible for all the recommendations of the Dutch Corporate Governance Code.
Important tasks include providing recommendations to the Management Board on accounting issues and
monitoring the financial reporting process, the internal auditing system and its efficiency.
In application of the Audit Committee rules, the Audit Committee shall also provide the Supervisory Board with
a report of its deliberations. This report should include the methods used to assess the effectiveness of the
internal risk management system, of the internal and external audit processes, material considerations regarding
financial reporting and the way material risks and uncertainties have been analysed and discussed.
With regard to Internal Audit, adequate control measures are implemented in relation to the operations and size
of the Company. Therefore, the current internal control system is efficient.
Dutch Corporate Governance Code
The information and exceptions linked to the corporate governance statement are integrated in point 1.9.1. of
the Management Board report.
Financial Statements 2024/2025
The financial statements of the Company for 2024/2025, as presented by the Management Board, have been
audited by EY Accountants B.V., the independent external auditor appointed by the General Meeting of
shareholders.
These financial statements have been approved by the Management Board.
The Management Board recommend to shareholders that they adopt the 2024/2025 financial statements, and
that they adopt the proposal of the Management Board to make a distribution of EUR 10 million to the holders
of common shares and founder shares, against the net income during the 2025/2026 period.
Related party transactions
The Supervisory Board became aware of the transactions made with shareholders, Management or Supervisory
Board members of the Company described in Note 10 to the financial statements and has approved them.

Mopoli – Annual Report 2024/2025 - 15
2.2. Remuneration Report (article 2:135b of the Dutch Civil Code)
The remuneration of the Management Board members and the Supervisory Board members is regulated by the
Remuneration Policy.
The Remuneration Policy has been adopted by the General Meeting of 17 December, 2020 (by 100% of the vote)
and is available on the website of the Company, in line with article 2:135a of the Dutch civil code.
The Remuneration Policy was directly and fully implemented after its adoption. It supports improving the
Company’s overall performance and enhancing the long-term value of the Company by attracting and retaining
qualified talent to perform the Supervisory Board’s duties acting in accordance with the interests of the Company
and its stakeholders. The Annual General Meeting, relating to the financial year 2023/2024 approved the
remuneration report presented during the meeting.
As Mopoli has no employees, there is no internal pay ratio included in the Remuneration report.
The Supervisory Board dependent members did not receive any remuneration for the work they performed during
the financial year 2024/2025 (no remuneration during the financial year 2023/2024).
The independent Supervisory Board members (Mr Andrej Bjegovic and Mr Karim Homsy) received a remuneration
of EUR 5,000 for the work performed during the financial year 2024/2025, compared to a remuneration of
EUR 5,000 during the financial year 2023/2024.
The Audit Committee member (Mr Andrej Bjegovic) received a remuneration of EUR 5,000 for the work he
performed during the financial year 2024/2025, compared to a remuneration of EUR 5,000 during the previous
period.
EUR
2020/2021
2021/2022
2022/2023
2023/2024
2024/2025
Management Board Remuneration
-
-
-
-
-
Supervisory Board Remuneration
10
10
10
10
10
Audit Committee
5
5
5
5
5
The Remuneration Policy only allows a fixed fee to the independent members of the Supervisory Board. The non-
independent members of the Management Board and the Supervisory Board did not receive any remuneration
for the work they performed during the financial year 2024/2025, in compliance with the Remuneration Policy.
As the financial performance of the Company remains stable over the years, no scenario analyses have been
considered in the Remuneration Report.

Mopoli – Annual Report 2024/2025 - 16
3. Events after the balance sheet date
In September 2025, Socfinaf reimbursed an amount of EUR 5 million to Mopoli. Following this reimbursement,
the annual interest rate of the overall loan has been revised at 5% (previously 6%). The maturity of the loan has
also been revised: the loan can be repaid on demand with final maturity on December 2026 (previously July
2026).

Mopoli – Annual Report 2024/2025 - 17
4. Financial Statements
4.1. Statement of financial position - Assets
(before appropriation of profit/loss)
As at 30 June 2025
(EUR thousands)
Notes
30 June 2025
30 June 2024
NON-CURRENT ASSETS
5,000
9,000
Other receivables
2
5,000
9,000
CURRENT ASSETS
47,593
44,161
Other receivables
2
20,416
20,451
Other current assets
3
14,006
6
Cash and short-term deposits
4
13,171
23,704
TOTAL ASSETS
52,593
53,161
4.2. Statement of financial position – Equity and Liabilities
(before appropriation of profit/loss)
(EUR thousands)
Notes
30 June 2025
30 June 2024
EQUITY
52,318
52,739
Share capital
5
2,244
2,244
Statutory reserves
5
301
301
Available reserves
5
523
523
Result of the year
5
1,579
1,683
Retained earnings
5
51,045
51,362
Treasury Shares
5
-3,374
-3,374
CURRENT LIABILITIES
275
422
Trade and other payables
6
110
84
Other current liabilities
6
165
338
TOTAL EQUITY AND LIABILITIES
52,593
53,161

Mopoli – Annual Report 2024/2025 - 18
4.3. Statement of Comprehensive Income
For the year-ended 30 June 2025
(EUR thousands)
Notes
2024/2025
2023/2024
Administrative costs
-193
-188
Other operating expenses
-46
-44
Operating profit
-239
-232
Financial income
7
2,419
2,580
Financial expenses
7
-77
-93
Profit before tax
2,103
2,255
Income tax expense
8
-524
-572
Profit for the year
1,579
1,683
Other comprehensive income
-
-
Total comprehensive income for the year, net of tax
1,579
1,683
Earnings per share (profit for the year attributable to common shares) :
Basic earnings per share
9
9.89
10.51
Diluted earnings per share
9
9.89
10.51
Earnings per share (profit for the year attributable to founder shares) :
Basic earnings per share
9
324.86
347.88
Diluted earnings per share
9
324.86
347.88

Mopoli – Annual Report 2024/2025 - 19
4.4. Statement of Cash Flows
For the year-ended 30 June 2025
(EUR thousands)
Notes
2024/2025
2023/2024
Profit for the year
5
1,579
1,683
Adjustments for:
Interest income
7
-2,419
-2,580
Interest cost (*)
7
77
93
Income tax incurred
8
524
572
Changes in working capital
Variation trade payables
6
26
-139
Variation other current liabilities
6
-
1
Variation other receivables (excl. interest and income tax)
2
-36
-1
Income tax paid
8
-812
-452
Operating cash flows
-1,061
-823
Loans granted
2
-10,000
-
Loans repaid
2
14,000
-
Interest received
2,565
2,471
Acquisitions / disposals of financial assets
3
-14,000
-
Investing cash flows
-7,435
2,471
Dividend paid
5
-1,960
-5,876
Purchase treasury shares
-
-
Financial expenses / interest paid (*)
7
-77
-93
Financing cash flows
-2,037
-5,969
Net cash flows
-10,533
-4,321
Cash and cash equivalents at opening of period
4
23,704
28,025
Cash and cash equivalents at end of period
4
13,171
23,704
Movements for the period
-10,533
-4,321
(*) Interest costs amounting to EUR 77 K have been deducted from operating cash flows, and the interest paid
presented within financial cash flows. For consistency reasons, comparative amounts have been presented
accordingly.

Mopoli – Annual Report 2024/2025 - 20
4.5. Statement of changes in Equity
As at 30 June 2025
(EUR thousands)
Share
capital
Statutory
reserves
Available
reserves
Retained
earnings
Profit
for
the
year
Treasury
shares
Total
Balance as at 30 June 2023
2,244
301
523
56,583
779
-3,374
57,056
Profit for the year
1,683
1,683
Other comprehensive income
-
Total comprehensive income
for the year
0
0
0
0
1,683
0
1,683
Dividends
-6,000
-6,000
Transfer from previous year
779
-779
-
Balance as at 30 June 2024
2,244
301
523
51,362
1,683
-3,374
52,739
Profit for the year
1,579
1,579
Other comprehensive income
-
Total comprehensive income
for the year
0
0
0
0
1,579
0
1,579
Dividends
-2,000
-2,000
Transfer from previous year
1,683
-1,683
-
Balance as at 30 June 2025
2,244
301
523
51,045
1,579
-3,374
52,318
See Note 5 for details.

Mopoli – Annual Report 2024/2025 - 21
4.5. Notes to the Financial Statements
Note 1: Accounting Principles and Methods of Appraisal
A. Corporate information
Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V. (hereafter referred to as Mopoli or the
Company) is a public limited company governed by Dutch law, subject to all legislative texts applicable to
commercial companies in the Netherlands. It is registered at the Dutch Chamber of Commerce under number
27035538.
Its registered offices are located at 10, Koningin Julianaplein 2595 AA The Hague, the Netherlands, and its
administrative headquarters are located at 2, Place du Champ de Mars, 1050 Brussels, Belgium. The Company is
listed on Euronext Brussels.
Mopoli is a company investing in agro industry projects.
B. Accounting policies
Statement of compliance
In application of European Regulation no. 1606/2002 of 19
th
July 2002 on International Accounting Standards,
the accounts for the 2024/2025 financial period have been prepared in conformity with IFRS (International
Financial Reporting Standards) as adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil
Code. This reference system includes the International Accounting Standards and interpretations issued by the
IFRS Interpretation Committee and its predecessor, the Standard Interpretation Committee (SIC).
The financial statements have been prepared on a historical cost basis.
On 31 October 2025, the Management Board has approved the financial statements as at 30 June 2025, that need
to be validated at the Annual General Meeting.
The financial statements are presented in euros and all values are rounded to the nearest thousand (‘000) except
when otherwise indicated.
Significant judgements, estimates and assumptions
In the process of applying the Company’s accounting policies, management may have to make judgements and
assumptions, and made estimates in determining amounts recognised in the financial statements. Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. Significant accounting policies, for which the
Company has used its judgement, mainly concern the application of IFRS 9 (Note 11).
In the process of applying the Company’s accounting policies, management has made various judgements. Those
judgements that management has assessed to have the most significant impact on the amounts recognised in
the financial statements are discussed in the individual notes to the related financial statement line items. The
Company based its assumptions and estimates on parameters available when the financial statements were
prepared. However, existing circumstances and assumptions about future developments may change due to
market changes or circumstances that are beyond the Company's control. Such changes are reflected in the
assumptions when they occur.
The recoverability of other receivables is assessed by a regular control of the financial position of the parties of
the loans. Over the previous years, a substantial portion of the loan has been recovered, and no impairment has
been booked on these receivables. Consequently, no expected credit losses have been booked over these loans,
based on historical data.
A treasury agreement was signed with Socfinaf.
Since the amount paid can be claimed on demand, this transaction has been recognised as a current receivable.
Despite the fact that this loan is outstanding since 20 November 2014, the Management consider it as a current
receivable. Indeed, a substantial portion of this loan has been recovered over the previous years.

Mopoli – Annual Report 2024/2025 - 22
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will
generate cash flows to continue in the foreseeable future.
As at 30 June 2025, the current assets widely exceed current liabilities, as
- the current assets amount to EUR 47.6 million,
- the current liabilities amount to EUR 0.3 million.
The Management Board does not expect to grant any new loan in the future.
C. Summary of significant accounting policies
Conversion of foreign currency transactions
No foreign currency transactions occurred and were subject to conversion. The functional currency of the
Company is the euro.
Revenue recognition and financial income
The Company has no revenues, as the Company's activity is to invest in agro industry projects.
Financial income correspond to interest accrued on loans, calculated using the effective interest rate method.
Operating expenses
Operating expenses correspond to expenses that the Company incurs through its normal business operations.
Expenses are recognised when the related goods are received and service is provided. Foreseeable and other
obligations as well as potential losses arising before the financial year-end are recognised if they are known
before the financial statements are prepared and provided all other conditions for forming provisions are met.
Financial expenses
Period interest expense and related expenses are recognised in the year in which they fall due. The financial
expenses mainly correspond to interest expenses towards the banks and to bank fees.
Income tax
The Company calculates income tax expense in compliance with the applicable tax legislation. According to IAS
12 standard “Income Taxes”, any temporary difference between the accounting values of the assets and
liabilities and their tax bases will give rise to the computation of a deferred tax, using the tax rate adopted, or
substantively-adopted, at balance sheet date. Deferred tax assets are recognised to the extent that it is probable
that taxable profit will be available. This assessment is made annually.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. Current income tax relating to items recognised directly in equity is recognised in
equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax
returns, with respect to situations in which applicable tax regulations are subject to interpretation, and
establishes provisions where appropriate. This assessment is made annually.
A reconciliation between effective income tax rate and local tax rate is performed and disclosed annually.

Mopoli – Annual Report 2024/2025 - 23
Financial assets
The loans bearing interest are initially recorded at fair value, less direct costs of issue and subsequently stated
at amortised cost based on the effective interest method. Financial income is added to the carrying amount of
the instrument to the extent that it is not received in the period in which it occurs.
The Company's business model for financial assets management refers to the way it manages its financial assets
in order to generate cash flows: financial assets are classified and measured at amortised cost, as they are held
in a business model with the objective of holding financial assets to collect contractual cash flows.
The Company applies the low credit risk simplification: at every reporting date, the Company evaluates whether
the financial asset is considered to have low credit risk using all reasonable and supportable information that is
available without undue cost or effort. In addition, the Company considers that there will be a significant
increase in credit risk when contractual payments are more than 30 days past due.
In addition to the low credit-risk simplification explained above, if the recoverable amount of a financial asset
is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable
amount. These impairment losses are immediately recognised as expenses in the income statement. When an
impairment loss recognised in a prior period no longer exists or needs to be written down, the carrying amount
of the asset is increased to the extent of the revised estimate of its recoverable amount. However, this increased
carrying amount may not exceed the carrying amount that would have been determined if no impairment loss
had been recognised for the asset in prior years. The reversal of an impairment loss is recognised immediately
in income in the income statement.
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets)
is derecognised when:
- the rights to receive cash flow from the asset have expired;
- the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them
in full without material delay to a third party under a ‘pass through’ arrangement; or
- the Company has transferred its right to receive cash flows from the asset and either (a) has transferred
substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset and has neither transferred
substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised
to the extent of the Company’s continuing involvement in the asset. Continuing involvement that takes the form
of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Company could be required to repay.
Other receivables
Other accounts receivables are current financial assets initially recognised at fair value; this generally
corresponds to the nominal value, in the absence of a significant discounting effect. Upon each closing, the
receivables are appraised at amortised cost, using the effective interest rate method, minus any losses in value
taking account of any possible risk of expected credit losses according to IFRS 9.
Cash assets and cash-equivalents
Cash and cash-equivalents consist of cash in hand, bank balances and short-term highly liquid deposits with a
maturity of three months or less. These investments, with maturities less than three months, are easily
convertible into cash, and are subject to negligible risks of changes in value and risks of non-transferability.
Cash and cash equivalents, not expected to be at the Company’s free disposal for longer than twelve months
are classified as financial assets under the fixed assets.

Mopoli – Annual Report 2024/2025 - 24
Trade and other payables
Other financial liabilities (trade payables, other payables) represent liabilities for goods and services provided
to the Company prior to the end of the financial year that are unpaid. The amounts are unsecured and are
usually paid within 30-60 days of recognition. Trade and other payables are presented as current liabilities unless
payment is not due within twelve months after the reporting period. They are initially recognised at their fair
value and subsequently measured at amortised cost using the effective interest rate method. The fair value of
other financial liabilities is estimated to be close to the carrying amount, as these payables are due with a short-
term maturity.
Other financial liabilities are derecognised when the obligation under the liability is discharged or cancelled or
expires.
Amortised cost
Amortised cost is the amount at which a financial asset or liability is measured at initial recognition less
repayments of the principal, plus or less the cumulative amortisation using the effective interest method for
any difference between this initial amount and the maturity amount, and less any reductions (effected directly
or through a provision being recognised) for impairment and doubtful debts.
Fair value of financial instruments
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,
• 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 by the Company. 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.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the 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.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the
company determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest level.
A list of fair values of financial instruments is included in Note 12. Fair Value.
Segment reporting
No segment reporting is disclosed, since the business segment is unique, i.e., finance, and since the geographical
segment is also unique (Europe).

Mopoli – Annual Report 2024/2025 - 25
Cash flow statement
The cash flow statement is prepared by using the indirect method. The cash flow statement distinguishes
operating, investing and financing activities. Payments and receipts of corporate taxes as well as dividends and
interest received are included in cash flows from operating activities. Dividends paid and interest paid are part
of the cash flow from financing activities.
Share capital and Treasury shares
Ordinary shares are classified as share capital.
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own
equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised
in the share premium.

Mopoli – Annual Report 2024/2025 - 26
D. IFRS Standards and IFRIC Interpretations
The Company does not expect the adoption of the standards and amendments described below to have a material
impact on its consolidated financial statements, nor anticipate early adoption of new accounting standards,
amendments and interpretations.
New and amended standards and interpretations applicable as at 1 July 2025
Amendments to IAS 21 “Lack of Exchangeability”
On 25 August 2023, the IASB issued amendments to IAS 21 - Lack of Exchangeability. The amendments clarify
how an entity should assess whether a currency is exchangeable, how it should determine a spot exchange rate
when exchangeability is lacking, and specify information disclosures to enable users of financial statements to
understand the impact of a currency not being exchangeable.
Standards issued but not yet effective and not yet endorsed as at 30 June 2025
The Company is currently assessing the impacts the amendments described below will have on the primary
financial statements and notes to the financial statements, nor does it anticipate the early adoption of new
accounting standards, amendments and interpretations.
— On 9 April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS
18 introduces:
- New requirements for presentation within the statement of profit or loss, including specified totals and
subtotals.
- Entities are required to classify all income and expenses within the statement of profit or loss into one of
five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first
three are new.
- Disclosure of newly defined management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information
based on the identified ‘roles’ of the primary financial statements and the Notes.
The standard will become effective for reporting periods beginning on or after 1 January 2027, with retrospective
application and with early adoption permitted.
The Company does not expect the adoption of the standards and amendments described below to have a material
impact on its consolidated financial statements, nor does it anticipate the early adoption of new accounting
standards, amendments and interpretations.
— On 30 May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments
- Amendments to IFRS 9 and IFRS 7 (the Amendments). The Amendments provide guidance on:
- the classification of financial assets, including Environment, social and Governance (ESG) features;
- the derecognition of liabilities settled through electronic payment systems. It also clarifies the treatment
of non-recourse assets and contractually linked instruments;
- the disclosures related to investments in equity instruments at fair value through other comprehensive
income and to financial assets/liabilities with contractual terms that reference a contingent event including
those that are ESG-linked.
The amendments to IFRS 9 and IFRS 7 will be effective for annual reporting periods beginning on or after
1 January 2026, with early application permitted.
E. Geopolitical uncertainties
Due to the geopolitical tensions (war in Ukraine, in Gaza strip, …), since February 2022, there has been a
significant increase in volatility on the securities and currency markets. The conflicts have had a significant
impact on the financial markets, with many investors concerned about the potential for further escalation and
the impact on global trade and economic growth.
Although neither the Company’s performance and going concern have been significantly impacted by the above
during 2024/2025 period, the Management Board continues to monitor the evolving situation and its impact on
the financial position and results of the Company.

Mopoli – Annual Report 2024/2025 - 27
Note 2: Other receivables
(EUR thousands)
30 June 2025
30 June 2024
Loan granted
25,000
29,000
Other receivables
129
18
Interest to be received on loan granted
287
433
Total of other receivables
25,416
29,451
Other receivables whose recovery is awaited 1 year at the
most
20,416
20,451
Other receivables whose recovery is awaited between 1 and 5
years
5,000
9,000
Other receivables whose recovery is awaited at more than 5
years
0
0
The loan of Socfinaf is unchanged to EUR 20,000,000. This loan bears an interest rate of 6% (2023/2024: 6%), has
no interest rate revision date and can be repaid on demand with final maturity on July 2026.
The loan of Afico amounts to EUR 5,000,000 as at 30 June 2025 following an increase of EUR 10,000,000 and a
reimbursement of EUR 14,000,000 during the period. This loan bears an interest rate of 6% (2023/2024: 6%) and
the term is fixed as at 31 December 2027.
There is due interest on the loans to Socfinaf for the last quarter of 2025.
These 2 loans are receivables on related parties. See Note 10 for more details about these related parties loans.
Note 3: Other current assets
(EUR thousands)
30 June 2025
30 June 2024
Short-term deposits with maturity over 3 months
14,000
-
Deferred Charges
6
6
Other current assets
14,006
6
The short-term deposits presented in this table correspond to 2 deposits, each one amounting to EUR 7 million.
These short-term deposits have a term at respectively 15 December 2025 and 17 December 2025, and bearing
an interest rate of respectively 1.6% and 2.0%.
Note 4: Cash and cash equivalents
Cash and cash-equivalents consist of cash in hand, bank balances and short-term deposits.
(EUR thousands)
30 June 2025
30 June 2024
Cash at bank and in hand
1,131
1,691
Short-term deposits
12,040
22,013
Cash and cash equivalents
13,171
23,704
There is no restriction to the availability of cash and cash equivalents.
Short-term deposits have a maturity comprised between 2 weeks and 3 months, they are remunerated at market
rate. The short-term deposits can be withdrawn before the maturity date without any interest income.

Mopoli – Annual Report 2024/2025 - 28
Note 5: Equity
Share capital (in units)
Common
shares
Preferred
shares
Founder
shares
Number of shares as at 30 June 2023
100,000
100
2,400
Changes during the year
-
-
-
Number of shares as at 30 June 2024
100,000
100
2,400
Changes during the year
-
-
-
Number of shares as at 30 June 2025
100,000
100
2,400
Number of ordinary shares issued, fully paid
100,000
100
2,400
The subscribed and fully paid capital of EUR 2,244,000 is represented as follows:
- 100,000: Common shares of a nominal value of EUR 22.00 (listed on Euronext Brussels)
- 100: Preferred stock of a nominal value of EUR 440.00 (not listed)
- 2,400: Founder shares with no nominal value. (listed on Euronext Brussels)
As at 30 June 2025, the Company owned 5,904 of its own common shares (30 June 2024: 5,904), and 219 of its
founder shares (30 June 2024: 219) and deducted from the shareholder’s equity.
The extraordinary General Meeting as at 10 June 2008 authorised the Company to acquire its own shares. Since
then, this authorisation has been extended regularly and is still applicable as at 30 June 2025, however the
availability of shares is limited.
As at 1 January 2020, pursuant the provision of Dutch Conversion Act (wet omzetting aandelen aan toonder),
1,517 common shares and 148 founder shares were converted into registered shares by operation of law and
have lost their voting right and right to dividends. This leads to the following overview of shares outstanding:
Shares outstanding (in units)
Common
shares
Preferred
shares
Founder
shares
Number of shares outstanding as at 30 June 2023
92,579
100
2,033
Changes during the year
-
-
-
Number of shares outstanding as at 30 June 2024
92,579
100
2,033
Changes during the year
-
-
-
Number of shares outstanding as at 30 June 2025
92,579
100
2,033
Reserves (EUR thousands)
Statutory
reserves - Not
distributable
Available
reserves -
Distributable
30 June 2023
301
523
Changes during the year
-
-
30 June 2024
301
523
Changes during the year
-
-
30 June 2025
301
523
The statutory reserves were relative to article 36.1.b. (i) of the Company statutes. These reserves are no more
funded as they reached 10% of the capital.

Mopoli – Annual Report 2024/2025 - 29
The General Meeting of December 2020 adapted the share capital when amending the Company's articles of
association. “The issued and paid-up capital in the amount of EUR 2,314,279.10 is, in accordance with section
2:67a paragraph 1 DCC, hereby converted into EUR 2,244,000 divided into 100,000 ordinary shares, with a
nominal value of EUR 22 each and 100 preference shares, with a nominal value of EUR 440 each.” The funds
relating to this adjustment (EUR 70,279.10) are included in the statutory reserves following the decision of the
General Meeting and is not-distributable in accordance with section 2:67a paragraph 3 of the DCC.
The available reserves were build up until 1995. The profits of the year were allocated to these reserves instead
of the retained earnings. They are no more funded and can be distributed or allocated to another equity account
based on a decision of the General Meeting.
Distribution of profit (EUR thousands)
Retained
earnings
Result for the
year
30 June 2023
56,583
779
Profit of the year
-
1,683
Dividends (*)
-6,000
-
Transfer from previous year
779
-779
30 June 2024
51,362
1,683
Profit of the year
-
1,579
Dividends
-2,000
-
Transfer from previous year
1,683
-1,683
30 June 2025
51,045
1,579
(*) As a result of delays in the General Meetings related to 2020/2021 and 2021/2022 periods, the dividends of
EUR 6 million paid in 2023/2024 corresponded to:
- EUR 2 million relating to 2020/2021 period,
- EUR 2 million relating to 2021/2022 period,
- EUR 2 million relating to 2022/2023 period.
The last dividend payment has been paid in line with the dividend proposal of the General Meeting.
Proposal for distribution of profit
(in thousands of euro)
The Management Board submits the following proposal for the distribution of income and attribution of dividends
to the approval of the General Meeting for Shareholders in accordance with article 36 of the Articles of
Association. The purchased treasury shares restrict the distributable reserves.
(EUR thousands)
Net result for the period
1,579
Profit brought forward
51,045
Profit to be distributed
52,624
Restriction - Treasury shares
-3,374
Addition - Available reserves
523
Distributable profit
49,773
First:
Dividend to preferred shares
-3
Second:
Distribution to ordinary shares and founder shares (*)
-9,997
Distributed profit
-10,000
Restriction - Treasury shares
3,374
Addition - Available reserves
-523
Transferred to profit carried forward
42,624
(*) Proposed dividends on ordinary shares, described in the table above, are subject to shareholders approval
at the Annual General Meeting. As a consequence, they are not considered as a liability as at 30 June 2025.

Mopoli – Annual Report 2024/2025 - 30
Note 6: Trade and other payables
(EUR thousands)
30 June 2025
30 June 2024
Trade payables
110
83
Other payables - current taxes
-
213
Other payables – others (*)
165
126
Total of trade and other payables
275
422
Trade and other payables whose payment is awaited
1 year at the most
275
422
(*) Amount corresponds for EUR 164 K to dividends payables (previous period: EUR 124 K), in the absence of
shareholders.
Note 7: Financial income and expenses
(EUR thousands)
2024/2025
2023/2024
Interests
-64
-80
Other financial costs
-13
-13
Total of financial costs
-77
-93
Interests from receivables and cash and cash equivalents
2,419
2,580
Other financial income
2,419
2,580
Financial result
2,342
2,487
The interest received is mainly related to the loan granted to related parties, bearing a higher interest rate than
the bank deposits.
During the 2024/2025 period, the average interest rate for deposits was 2.4% compared to 3.4% during the
2023/2024 period.
Following the increase of the interest rates on the European market since 2022 year-end, the Company does not
incur financial expenses on its cash and cash equivalents anymore.

Mopoli – Annual Report 2024/2025 - 31
Note 8: Income tax
Components of income tax expense
(EUR thousands)
2024/2025
2023/2024
Current income tax
526
572
Current income tax previous year
-2
-
Income tax expense
524
572
Profit for the year
1,579
1,683
Income tax
-524
-572
Profit before tax
2,103
2,255
Effective income tax rate
25%
25%
Reconciliation of income tax expense
(EUR thousands)
2024/2025
2023/2024
Profit before tax
2,103
2,255
Applicable local rate
25%
25%
Tax calculated at domestic tax rate
526
564
Non-deductible expenses
-
-
Current tax adjustment related to prior years
-2
-
Specific tax regime
-
8
Income tax expense
524
572
Income tax expense rate
25%
25%

Mopoli – Annual Report 2024/2025 - 32
Note 9: Earnings per share
Basic earnings per share amounts are calculated:
- Earnings per common share: by dividing net profit for the year attributable to common equity holders
of the parent by the weighted average number of common shares outstanding during the year;
- Earnings per founder share: by dividing net profit for the year attributable to founder shares by the
weighted average number of founder shares outstanding during the year.
The Company did not issue any financing instrument requiring to disclose a diluted earnings per share.
(EUR thousands)
2024/2025
2023/2024
Numerator
Net profit from continuing operations
1,579
1,683
Preference dividends
-3
-3
Net profit
1,576
1,680
Net profit attributable to common shares
916
973
Net profit attributable to founder shares
660
707
Denominator
Weighted average number of common shares
92,579
92,579
Weighted average number of founder shares
2,033
2,033
Net profit attributable to common shares per common share (in euro)
9.89
10.51
Net profit attributable to founder shares per founder share (in euro)
324.86
347.88
Net profit is allocated as follows:
- At first, 7% of the value of the preference shares is distributed as a preference dividend, amounting to
EUR 3K for the 2024/2025 period (EUR 3K for the 2023/2024 period).
- Secondly, the common shares are entitled to a 5% interest distribution on the subscribed and fully paid
share capital, common shares (2025: EUR 108K, 2024: EUR 108K).
- After this allocation, 55% of the remaining Net profit is allocated to common shares (2025: EUR 808K,
2024: EUR 865K) and 45% is allocated to founder shares (2025: EUR 660K, 2024: EUR 707K).

Mopoli – Annual Report 2024/2025 - 33
Note 10: Related parties
(EUR thousands)
30 June 2025
30 June 2024
Management Board (*)
-
-
Supervisory Board (*)
15
15
(*) Amount actually paid during the financial year
According to a declaration of participation (18 December 2019), Hubert Fabri holds directly or indirectly 89% of
ordinary shares and 100% of the preferred shares of Mopoli. Hubert Fabri also holds a majority interest in Socfin
and Afico.
During the period 2024/2025, the Company paid an amount of EUR 45,375 for administrative assistance to
Centrages (2023/2024: EUR 73,810), a company indirectly held by Socfin. All administrative and accounting
services are provided by Centrages.
The Company has granted a loan of EUR 35.0 million to Socfinaf, a company affiliated to Socfin. This loan bears
an interest rate of 6% and can be repaid on demand with final maturity on July 2026. Socfinaf repaid
EUR 15.0 million during 2016-2017. The remaining balance as at 30 June 2025 is EUR 20.0 million.
The Company has granted a loan of EUR 10.0 million to Afico, a shareholder company. This loan bears an interest
rate of 6% and the term is fixed at 31 December 2027. An additional loan of EUR 10 million, and reimbursements
amounting to EUR 15 million have occurred between 2017 and June 2025.
The remaining balance as at 30 June 2025 is EUR 5.0 million.
These loans are measured at amortised cost, which is equal to the nominal value of the loan. The fair value of
the loan granted to Socfinaf equals the valuation at amortised cost, as the loan can be repaid on demand. The
fair value of the loan granted to Afico has been estimated at EUR 5.3 million as at 30 June 2025, compared to a
fair value of EUR 9.2 million as at 30 June 2024 (see also Note 12).
No guarantees have been issued on these loans. A provision for doubtful debts related to the amount of
outstanding loans granted to Socfinaf and Afico is not deemed necessary.
The transactions with related parties are done at arm’s length.

Mopoli – Annual Report 2024/2025 - 34
Note 11: Expected Credit Loss
The Company recognises an allowance for expected credit losses for financial assets carried at amortised cost.
Expected credit losses are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Company expects to receive.
All reasonable and supportable information was considered. Examples of indicators identified included the
average historical losses, the history of periods for payment of interest quarterly and the profitability of the
activity of the borrower. The financial assets were also individually assessed.
There was no material adjustment made because of the tenor of the loan.
Note 12: Fair value
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future
principal and interest cash flows, taking into consideration the non-performance risk.
The different fair value hierarchy levels have been defined as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs).
For elements recognised in the financial statements at fair value on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting
period.
There have been no transfer between levels in the fair value hierarchy during the period 2024/2025 nor
2023/2024.
(EUR thousands)
2024/2025
2023/2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets
Other receivables (loans)
25,000
25,313
29,000
29,229
Other receivables (interests)
340
340
342
342
The carrying amount does not materially differ from the estimated fair value because the loans are repayable
either on demand at the option of the borrower or within 30 months.
As there is no active market with a quoted price for these assets (level 1 inputs), nor other observable inputs
(level 2 inputs), the fair value of other receivables is assessed based on internal elements (level 3), e.g. no
difficulties to reimburse from the borrowers. The fair value of other receivables is assessed based on internal
elements (level 3).
The calculation of the fair value is based on the discounted cash flow of the loan. The fair value is calculated as
the present value of the future principal and interest cash flows. The inputs for the calculation are the interest
rate as agreed in the loan agreement and the discount factor is calculated as the difference between the interest
rate on the loan and the market interest rate.

Mopoli – Annual Report 2024/2025 - 35
Note 13: Risk management policies
Line of Guidance
The purpose of the Company is the exploitation of palm oil and rubber oil, either directly or indirectly. This is a
sector of risk given that in certain producing countries, the political system and economic stability remain fragile
and could lead to currency devaluation or hyperinflation as well as expropriation.
The current policy is therefore to invest indirectly in this sector and in different countries.
Business risk
As investor in tropical agro business projects, the Company has to deal with potential high risk (see previous
paragraph). That is why the Company is not investing directly in the projects, but through well-structured listed
and non-listed companies, that have developed the know-how in that business and are designed to manage the
risk.
Market risk
There is no direct market risk since the only activity as at 30 June 2025 is the cash loans to Afico and Socfinaf.
However, the fair value of loans may fluctuate depending on the market.
Interest risk
This risk includes an impact in cash flows relating to long-term loans, if concluded on a variable rate or including
a component linked to a variable rate, and the base interest rates on cash and cash equivalents.
The interest risk is monitored by concluding the loans at a fixed rate, and by a close monitoring of the evolution
of interest rate on financial markets.
Credit risk
In 2014, Mopoli entered into a loan agreement with the company Socfinaf. Mopoli considers there is a limited
credit risk since Socfinaf is a listed company with a low debt ratio. Funds are advanced in the context of new
investments and a portion of the loan has already been repaid over the previous years.
In 2016, a loan was granted to Afico. This loan bears a limited credit risk since the Company has a low debt ratio
and a high profitability ratio.
The Company established a provision table based on its historical credit loss experience, adjusted for prospective
factors specific to the debtors and the economic environment. This leads to the estimation of the expected
credit loss as required by IFRS 9. The carrying amount of the asset is reduced through the use of a provision
account and the amount of the loss is recognised in the income statement. Mopoli assessed the expected credit
loss to be almost 0, see also Note 2 and Note 11 of the financial statements.
This being said, an uncontrollable factor is the market prices of the raw materials sold by the companies. An
important and lasting drop in those prices could affect the companies' ability to service the debt, but Socfinaf's
and Afico's have a presence in different geographical markets reducing their exposure to market price risk.
Liquidity risk
Prudent liquidity risk management implies maintaining cash available for investment opportunities. Mopoli
manages cash and short-term deposits according to the needs. Mopoli had limited liquidity risk over the
2024/2025 period.
Hedging of risks
The policy of the Company is not to hedge any of the aforementioned risks.

Mopoli – Annual Report 2024/2025 - 36
Environmental, Social and Governance (ESG) risk
The Company invests in partners having an environment, social responsibilities and governance reporting
process. In particular, Socfinaf publishes a separate Sustainability Report that can be accessed on its website.
Most of the commitments described in this Sustainability Report have already been considered in the budgets of
Socfinaf's subsidiaries. As a consequence, the Management of Mopoli considers the ESG risks are already under
control, and will continue to monitor their assessment in the future.
The Company considered the potential impact of the climate change, which may affect the financial
performance of the Company. Climate change may impact financial instruments and cash deposits: the Company
considered the potential impact of climate effect on debtor's ability to pay.
The effects of the climate change on the Company's financial statements in future years remain uncertain. The
Management Board considered various documentation in its assessment of the impact.
The Management Board has considered the potential impact of climate change on its assessment of Expected
Credit Losses (ECL), mainly on loans towards Socfinaf and Afico. Given the actual level of knowledge, the
Management Board has considered the climate change would not have a material impact on ECL. The effects of
the climate change on the long term financial performance of Socfinaf and Afico remain uncertain.
The Management Board will continue to consider the potential impacts of the climate change in its judgements,
and will integrate any new potential impact if this could lead to a material change in the Company's financial
statements. At closing period, there is no material impact on the Company's financial statements.
Note 14: Off balance sheet rights and commitments
The Company does not have off balance sheet rights and commitments as at 30 June 2025.
Note 15: Events after the closing date
In September 2025, Socfinaf reimbursed an amount of EUR 5 million to Mopoli. Following this reimbursement,
the annual interest rate of the overall loan has been revised at 5% (previously 6%). The maturity of the loan has
also been revised: the loan can be repaid on demand with final maturity on December 2026 (previously July
2026).
Note 16: Board remuneration
No remuneration was paid to Management Board members this year (no remuneration paid in 2023/2024).
Detailed information about Audit Committee and Supervisory Board remuneration is given below:
- Supervisory Board remuneration amounts to EUR 10,000 during the 2024/2025 period (EUR 10,000 during
the 2023/2024 period),
- Audit Committee remuneration amounts to EUR 5,000 during the 2024/2025 period (EUR 5,000 during
the 2023/2024 period).

Mopoli – Annual Report 2024/2025 - 37
Note 17: Personnel Expenses
The Company has no employees and therefore has no personnel expenses (no employees and no personnel
expenses in 2023/2024).
Note 18: Auditor fees
The following table sets out the fees for the work done during the years for professional audit services provided
by EY Accountants B.V. and their network inside and outside the Netherlands, as referred to in Section 1(1) of
the Dutch Audit Firms Supervision Act (Dutch: Wta, Wet toezicht accountantsorganisaties):
(EUR thousands)
2024/2025
2023/2024
EY Accountants B.V. (Netherlands)
125
90
Audit fees for the audit of the 2024/2025 financial statements are incurred after balance sheet date and will be
paid after balance sheet date.
Brussels, 31 October 2025
The Management Board
Mr Hubert FABRI, President
Mr François FABRI, Director

Mopoli – Annual Report 2024/2025 - 38
5. Other Information
5.1. Voting rights
- The 100,000 ordinary shares with a nominal value of EUR 22.00 each have 1 vote per share – 98.04% of
the total issued share capital
- The 100 preference shares with a nominal value of EUR 400.00 each have 20 votes per share – 1.96% of
the total issued share.
- The 2,400 founder shares with no nominal value have no voting rights.
5.2. Statutory Provisions Concerning the distribution of Profit
Statutory provisions covered in articles 36 and 37, for as long as they are applicable, state that:
36.1 The General Meeting is authorised to appropriate the profits which have been determined by adopting the
annual accounts, and to determine distributions, to the extent the Company’s shareholders’ equity exceeds the
total amount of the paid-up and called-up capital plus the reserves that must be maintained pursuant to the law
or the articles of association of the Company, as follows:
a. First: seven percent (7%) will be paid to the holders of preference shares on the paid-up amount of
their preference shares, in addition to what was missing from this seven percent in any previous year. No
more than seven percent per year may be paid out as profit on these shares;
b. Subsequently: the remaining profit will be distributed as follows:
(i) first: five percent (5%) will be used to form and maintain a reserve fund. As soon and as long as
the reserve fund amounts to one-tenth of the issued capital, no profit will be added to the reserve
fund;
(ii) subsequently: five percent (5%) will be paid to the holders of ordinary shares on the paid-up
amount of their ordinary shares;
c. subsequently: the remaining profit will be distributed as follows:
(i) fifty-five percent (55%) will be distributed to the holders of ordinary shares; and
(ii) forty-five percent (45%) will be distributed to the holders of founder’s shares.
The General Meeting may, at the proposal of the Management Board and subject to the approval of the
Supervisory Board, resolve to add the amount referred to in 36.1.c(i) to the dividend reserve related to the
ordinary shares, in whole or in part.
37.1 Distributions become eligible and payable with effect from the date established by the Management Board;
the date for a distribution on ordinary shares may differ for that on preference shares.
37.2 Any shareholder’s claim to payment of dividend shall lapse five years after it first originated.
Statutory provisions covered in article 39, for as long as they are applicable, state that:
39.2 The balance of the Company’s assets after payment of all debts and the costs of the liquidation shall be
paid as follows:
a. first: to the extent possible, to the holders of preference shares an amount calculated in accordance
with article 36.1.a increased with the amount paid-up on their preference shares;
b. subsequently: to the extent possible, to the holders of ordinary shares the amount paid-up on their
ordinary shares;
c. subsequently: the remaining amount shall be paid as follows:
(i) fifty-five percent (55%) to the holders of ordinary shares;
(ii) forty-five percent (45%) to the holders of founder’s shares.

Mopoli – Annual Report 2024/2025 - 39
6. Independent auditor’s report
To: the shareholders and supervisory board of Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V.
Report on the audit of the financial statements for the year
ended 30 June 2025 included in the annual report
Our opinion
We have audited the accompanying financial statements for the financial year ended 30 June 2025 of Palmboomen Cultuur
Maatschappij Mopoli (Palmeraies De Mopoli) N.V. based in The Hague, the Netherlands.
In our opinion the financial statements give a true and fair view of the financial position of Palmboomen Cultuur Maatschappij
Mopoli (Palmeraies De Mopoli) N.V. as at 30 June 2025 and of its result and its cash flows for the year then ended in
accordance with International Financial Reporting Standards as adopted in the European Union (EU-IFRSs) and with Part 9
of Book 2 of the Dutch Civil Code.
The financial statements comprise:
• The statement of financial position as at 30 June 2025
• The following statements for the year then ended: the statements of comprehensive income, changes in equity and cash
flows
• The notes comprising material accounting policy information and other explanatory information
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing.
Our responsibilities under those standards are further described in the Our responsibilities for the audit of the financial
statements section of our report.
We are independent of Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V. in accordance with the EU
Regulation on specific requirements regarding statutory audit of public-interest entities, the Wet toezicht
accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de onafhankelijkheid van accountants bij
assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and
other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags-
en beroepsregels accountants (VGBA, Dutch Code of Ethics for professional accountants).
We believe the audit evidence we have obtained is sufficient and appropriate to provide a bas is for our opinion.
Information in support of our opinion
We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinio n
thereon. The following information in support of our opinion and any findings were addressed in this context, and we do not
provide a separate opinion or conclusion on these matters.
Our understanding of the business
Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V. (the company) is a holding company invest ing in the
exploitation of tropical palm oil and rubber plantations. Currently, the main activity is granting loans to related companies
Socfinaf S.A. (Socfinaf) a company affiliated to Société Financière des Caoutchoucs S.A. (Socfin) and Afico S.A. (Afico ). The
majority interest holder in the company also holds majority interests in Socfin and Afico. We paid specific attention in our
audit to a number of areas driven by the activities of the company and our risk assessment.
We determined materiality and identified and assessed the risks of material misstatement of the financial statements, whether
due to fraud or error in order to design audit procedures responsive to those risks and to obtain audit evidence that is suff icient
and appropriate to provide a basis for our opinion.

Mopoli – Annual Report 2024/2025 - 40
Materiality
Materiality
€520,000 (2024: €398,500)
Benchmark applied
1% of the total assets (2024: 0,75% of the total assets)
Explanation
We determined materiality based on our understanding of the company’s business
and our perception of the financial information needs of users of the financial
statements. We consider the total assets to be a suitable basis, as the company has
limited business activities.
Given the stability in the company’s activities, we increased the percentage of total
assets applied to from 0.75% to 1% for the financial year ended 30 June 2025 as a
result of the strong balance sheet.
We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users
of the financial statements for qualitative reasons.
We agreed with the supervisory board that misstatements in excess of €26 ,000, which are identified during the audit, would
be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Teaming and use of specialists
We ensured that the audit team included the appropriate skills and competences which are needed for the audit of a listed
client. We included specialists in the areas of forensics and income tax.
Our focus on fraud and non-compliance with laws and regulations
Our responsibility
Although we are not responsible for preventing fraud or non-compliance and we cannot be expected to detect non-compliance
with all laws and regulations, it is our responsibility to obtain reasonable assurance that the financial statements, taken as a
whole, are free from material misstatement, whether caused by fraud or error. The risk of not detecting a material misstateme nt
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.

Mopoli – Annual Report 2024/2025 - 41
Our audit response related to fraud risks
We identified and assessed the risks of material misstatements of the financial statements due to fraud. During our audit we
obtained an understanding of the company and its environment and the components of the system of internal control, including
the risk assessment process and the management board’s process for responding to the risks of fraud and monitoring the
system of internal control and how the supervisory board exercises over sight, as well as the outcomes.
We refer to Section 1.7 Risk Management of the management board report for the management board’s risk assessment after
consideration of potential fraud risks.
We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk assessment,
as well as the Socfin code of conduct that the company adheres to and supports and the whistle blower procedures. We
evaluated the design and the implementation of internal controls designed to mitigate fraud risks.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with respe ct to financial reporting fraud,
misappropriation of assets and bribery and corruption in close co-operation with our forensic specialists. We evaluated
whether these factors indicate that a risk of material misstatement due to fraud is present.
We incorporated elements of unpredictability in our audit. We also considered the outcome of our other audit procedures and
evaluated whether any findings were indicative of fraud or non-compliance.
We addressed the risks related to management override of controls, as this risk is present in all organizations. For these risks
we have, among other things, performed procedures to evaluate key accounting estimates for management bias that may
represent a risk of material misstatement due to fraud, in particular relating to important judgment areas and significant
accounting estimates as disclosed in section Significant judgements, estimates and assumptions in Note 1.B to the financial
statements, including the recoverability of other receivables and the application of IFRS 9. We refer to our audit response in
the key audit matter “Risk of management override on the recoverability assessment of the other receivables ”.
We have also used data analysis to identify and address high-risk journal entries and evaluated the business rationale (or the
lack thereof) of significant extraordinary transactions, including those with related parties.
We did not identify a risk of fraud in revenue recognition, other than the risks related to management override of controls.
We considered available information and made enquiries of relevant members of the management board and the supervisory
board.
The fraud risk we identified, enquiries and other available information did not lead to specific indications for fraud or sus pected
fraud potentially materially impacting the view of the financial statements.

Mopoli – Annual Report 2024/2025 - 42
Our audit response related to risks of non-compliance with laws and regulations
We performed appropriate audit procedures regarding compliance with the provisions of those laws and regulations that have
a direct effect on the determination of material amounts and disclosures in the financial statements. Furthermore, we assesse d
factors related to the risks of non-compliance with laws and regulations that could reasonably be expected to have a material
effect on the financial statements from our general industry experience, through discussions with the management board,
reading minutes and performing substantive tests of details of classes of transactions, account balances or disc losures.
We have been informed by the management board that there was no correspondence with regulatory authorities and remained
alert to any indication of (suspected) non-compliance throughout the audit. Finally, we obtained written representations that
all known instances of non-compliance with laws and regulations have been disclosed to us.
Our audit response related to going concern
As disclosed in section Going concern in Note 1.B to the financial statements, the financial statements have been prepar ed
on a going concern basis. When preparing the financial statements, the management board made a specific assessment of
the company’s ability to continue as a going concern and to continue its operations for the foreseeable future.
We discussed and evaluated the specific assessment with the management board exercising professional judgment and
maintaining professional skepticism.
We considered whether the management board’s going concern assessment, based on our knowledge and understanding
obtained through our audit of the financial statements or otherwise, contains all relevant events or conditions that may cast
significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion.
Based on our procedures performed, we did not identify material uncertainties about going concer n.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause a company to cease to continue as a going concern.
Our key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements. We have communicated the key audit matter to the supervisory board. The key audit matter is not a
comprehensive reflection of all matters discussed.
In comparison with previous financial year, the nature of our key audit matter did not change.
Risk of management override on the recoverability assessment of the other receivables
Risk
The company is exposed to the risk that Socfinaf and Afico default on meeting their obligations. As
loans issued to these related companies (non-current and current other receivables) represent a
significant portion of the company’s total assets, a default may have a material impact on the
company’s financial position and results.
We consider the valuation of the loans issued to related companies and determination of the expected
credit losses a key audit matter because this is an area that involves significant judgment about the
recoverability of the other receivables and determines the ability of the company to fulfil its obligations
and to continue as a going concern. We have also taken into account the risks related to management
override of controls, including management bias that may represent a risk of material misstatement
due to fraud.
We refer to section Significant judgements, estimates and assumptions in Note 1.B to the financial
statements, where the management board disclosed the regular assessment (control) of the financial

Mopoli – Annual Report 2024/2025 - 43
Risk of management override on the recoverability assessment of the other receivables
position of the parties of the loans to assess the recoverability of other receivables. As disclosed in
section Environmental, Social and Governance (ESG) risk in Note 13 to the financial statements, the
company considered the potential impact of climate change on its assessment of expected credit
losses.
The management board concluded that the calculated impact of expected credit loss is almost 0 as at
30 June 2025 and therefore decided not to recognize an allowance for expected credit losses in the
financial statements.
The credit risk is disclosed in Note 13 “Risk Management Policies” to the financial statements.
Our audit
approach
Our audit procedures included, amongst others, evaluating the appropriateness of the company’s
accounting policies related to recognition of expected credit losses in accordance with IFRS 9
“Financial Instruments”. We evaluated whether the accounting policies and methods applied for
making estimates have been applied consistently. We also evaluated the design of internal controls of
the processes underlying the estimation process insofar relevant to our audit of the financial
statements.
Furthermore, we have performed the following substantive audit procedures:
■ We reconciled the outstanding loan balances to the loan agreements.
■ We evaluated the financial position of Socfinaf and Afico and determined that these related
companies have met their financial obligations towards the company throughout the financial year
and up to the date of this report.
■ We confirmed our understanding of the company’s data, assumptions and method used to
determine the expected credit losses on the loans issued to the related companies, that is based
on its historical credit loss experience, adjusted for prospective factors specific to the debtors and
the economic environment, and evaluated the management board’s estimation of the recoverability
and credit risk factors applied.
■ We reviewed the estimate for expected credit losses for biases that represent a risk of material
misstatement due to fraud. In performing this review we performed a retrospective review of the
outcome of the previous accounting estimate and the subsequent re-estimation.
■ We challenged whether the management board’s conclusion that the calculated expected credit
losses is almost 0 and therefore no allowance for expected credit losses is recognized in the
financial statements, is appropriate in the circumstances and adequately disclosed.
Finally, we evaluated the accuracy and completeness of the relevant disclosures in accordance with
the relevant paragraphs and application guidance of IFRS 7 “Financial instruments: disclosures”.
Key observations
We concur with the management board’s conclusion that the calculated impact of expected credit loss
is almost 0 as at 30 June 2025 and therefore no allowance for expected credit losses is recognized in
the financial statements.

Mopoli – Annual Report 2024/2025 - 44
Report on other information included in the annual report
The annual report contains other information in addition to the financial statements and our auditor ’s report thereon.
Based on the following procedures performed, we conclude that the other information:
• Is consistent with the financial statements and does not contain material misstatements
• Contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report and the other
information as required by Part 9 of Book 2 of the Dutch Civil Code and as required by Sections 2:135b and
2:145 sub-section 2 of the Dutch Civil Code for the remuneration report
We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial
statements or otherwise, we have considered whether the other information contains material misstatements. By performing
these procedures, we comply with the requirements of Part 9 of Book 2 and Section 2:135b sub-Section 7 of the Dutch Civil
Code and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those
performed in our audit of the financial statements.
The management board is responsible for the preparation of the other information, including the management report in
accordance with Part 9 of Book 2 of the Dutch Civil Code and other information required by Part 9 of Book 2 of the Dutch Civil
Code. The management board and the supervisory board are responsible for ensuring that the remuneration report is drawn
up and published in accordance with Sections 2:135b and 2:145 sub-section 2 of the Dutch Civil Code.

Mopoli – Annual Report 2024/2025 - 45
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the general meeting as auditor of Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli)
N.V. on 12 December 2021, as of the audit for the year ended 30 June 2021 and have operated as statutory auditor ever
since that date.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements
regarding statutory audit of public-interest entities.
European Single Electronic Reporting Format (ESEF)
Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V. has prepared the annual report in ESEF. The
requirements for this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory t echnical standards on
the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in the XHTML-format, including the financial statements of Palmboomen Cultuur
Maatschappij Mopoli (Palmeraies De Mopoli) N.V., complies in all material respects with the RTS on ESEF.
The management board is responsible for preparing the annual report, including the financial statements, in accordance with
the RTS on ESEF.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report complies with the RTS on
ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N, ”Assurance -opdrachten
inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument” (assurance engagements
relating to compliance with criteria for digital reporting). Our examination included amongst others:
• Obtaining an understanding of the company’s financial reporting process, including the preparation of the annual report
in XHTML-format
• Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF
and designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion,
including obtaining the annual report in XHTML-format and performing validations to determine whether the annual report
complies with the RTS on ESEF.

Mopoli – Annual Report 2024/2025 - 46
Description of responsibilities regarding the financial statements
Responsibilities of the management board and the supervisory board for the
financial statements
The management board is responsible for the preparation and fair presentation of the financial statements in accordance with
EU-IFRSs and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the management board is responsible for such internal
control as the management board determines is necessary to enable the preparation of the financial statements that are free
from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the management board is responsible for assessing the company’s
ability to continue as a going concern. Based on the financial reporting framework mentioned, the management board sho uld
prepare the financial statements using the going concern basis of accounting unless the management board either intends to
liquidate the company or to cease operations, or has no realistic alternative but to do so. The management board should
disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going conce rn in
the financial statements.
The supervisory board is responsible for overseeing the company’s financial reporting process.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate
audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material
misstatements, whether due to fraud or error during our audit.
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 financial statements. The
materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified
misstatements on our opinion.
We have exercised professional judgment and have maintained professional skepticism throughout the audit, in accordance
with Dutch Standards on Auditing, ethical requirements and independence requirements. The Information in support of our
opinion section above includes an informative summary of our responsibilities and the work performed as the basis for our
opinion. Our audit further included among others:
• Performing audit procedures responsive to the risks identified, and obtaining audit e vidence that is sufficient and
appropriate to provide a basis for our opinion
• Obtaining 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 company’s internal
control
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management board
• Evaluating the overall presentation, structure and content of the financial statements, including the disclosures
• Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves
fair presentation
Communication
We communicate with the supervisory board regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant findings in internal control that we identify during our audit. In this respect
we also submit an additional report to the audit committee of the supervisory board in accordance with Article 11 of the EU
Regulation on specific requirements regarding statutory audit of public-interest entities. The information included in this
additional report is consistent with our audit opinion in this auditor’s report.

Mopoli – Annual Report 2024/2025 - 47
We provide the supervisory board with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
From the matters communicated with the supervisory board, we determine the key audit matters: those matters that were of
most significance in the audit of the financial statements. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the
matter is in the public interest.
Rotterdam, 31 October 2025
EY Accountants B.V.
Signed by S.C.G. Mom