ANNUAL REPORT 2024
| IN THOUSAND EUR | |||||
| COMPREHENSIVE INCOME (2024) | SOFINA DIRECT | SOFINA PRIVATE FUNDS | TOTAL | RECONCILING ITEMS | FINANCIAL STATEMENTS |
| Dividends | 57,196 | 2,526 | 59,722 | 972,324 | 1,032,046 |
| Long-term minority investments | 49,852 | ||||
| Sofina Growth | 7,34 4 | ||||
| Net result of the investment portfolio | 862,752 | 523,248 | 1,386,000 | -1,029,710 | 356,290 |
| Long-term minority investments | 537,316 | ||||
| Sofina Growth | 325,436 | ||||
| Management expenses | -84,341 | 20,822 | -63,519 | ||
| Other 1 | -2,559 | 36,564 | 34,005 | ||
| Total comprehensive income | 1,358,822 | 0 | 1,358,822 |
| IN THOUSAND EUR | |||||
| BALANCE SHEET (31/12/2024) | SOFINA DIRECT | SOFINA PRIVATE FUNDS | TOTAL | RECONCILING ITEMS | FINANCIAL STATEMENTS |
| Investment portfolio | 5,331,222 | 4,723,036 | 10,054,258 | -213,822 | 9,840,436 |
| Long-term minority investments | 3,069,332 | ||||
| Sofina Growth | 2,261,890 | ||||
| Net cash | 333,959 | -146,727 | 187,232 | ||
| Gross cash | 1,031,033 | -146,727 | 884,306 | ||
| Financial liabilities | -697,074 | 0 | -697,074 | ||
| (In)tangible fixed assets | 10,602 | -2,196 | 8,406 | ||
| Other assets and liabilities 1 | -93,781 | 362,745 | 268,964 | ||
| NAV | 10,305,038 | 0 | 10,305,038 |
| IN THOUSAND EUR | |||||
| MANAGEMENT CASH FLOW STATEMENT (2024) | SOFINA DIRECT | SOFINA PRIVATE FUNDS | TOTAL GROSS CASH | FINANCIAL LIABILITIES | TOTAL NET CASH |
| Net cash at the beginning of the year | 893,590 | -696,289 | 197,301 | ||
| Dividends 1 | 57,455 | 2,182 | 59,637 | 0 | 59,637 |
| Management expenses 2 | -61,158 | 0 | -61,158 | ||
| Investments in portfolio | -566,907 | -383,919 | -950,826 | 0 | -950,826 |
| Divestments from portfolio | 836,729 | 374,602 | 1,211,331 | 0 | 1,211,331 |
| Dividends paid | -111,236 | 0 | -111,236 | ||
| Other items | -10,305 | -785 | -11,090 | ||
| Repayment of financial liabilities | 0 | 0 | 0 | ||
| Net cash at the end of the year | 1,031,033 | -697,074 | 333,959 |
| IN THOUSAND EUR | |||||||||
| INVESTMENTS 3 | DIVESTMENTS 3 AND | ||||||||
| INVESTMENT PORTFOLIO BRIDGE (2024) | FAIR VALUE AT | REVENUES | MARKET | FX IMPACT | FAIR VALUE AT | VALUE CREATION | |||
| 31/12/2023 | IMPACT | 31/12/2024 | % 4 | ||||||
| CASH | NON-CASH 5 | CASH | NON-CASH 5 | ||||||
| Sofina Direct | 4,739,235 | 547,931 | 1,407 | -876,520 | -4,072 | 778,806 | 144,435 | 5,331,222 | 17% |
| Sofina Private Funds | 4,189,006 | 386,025 | 20,858 | -376,784 | -21,586 | 268,113 | 257, 404 | 4,723,036 | 11% |
| Total Investment portfolio | 8,928,241 | 933,956 | 22,265 | -1,253,304 | -25,658 | 1,046,919 | 401,839 | 10,054,258 | 15% |
| IN THOUSAND EUR | |||||
| COMPREHENSIVE INCOME (2023) | SOFINA DIRECT | SOFINA PRIVATE FUNDS | TOTAL | RECONCILING ITEMS | FINANCIAL STATEMENTS |
| Dividends | 43,331 | 896 | 44,227 | 333,230 | 377,457 |
| Long-term minority investments | 43,331 | ||||
| Sofina Growth | 0 | ||||
| Net result of the investment portfolio | 55,531 | -131,583 | -76,052 | -412,031 | -488,083 |
| Long-term minority investments | 159,525 | ||||
| Sofina Growth | -103,994 | ||||
| Management expenses | -52,007 | 11,397 | -40,610 | ||
| Other 1 | -19,775 | 67,404 | 47,629 | ||
| Total comprehensive income | -103,607 | 0 | -103,607 |
| IN THOUSAND EUR | |||||
| BALANCE SHEET (31/12/2023) | SOFINA DIRECT | SOFINA PRIVATE FUNDS | TOTAL | RECONCILING ITEMS | FINANCIAL STATEMENTS |
| Investment portfolio | 4,739,235 | 4,189,006 | 8,928,241 | -317,797 | 8,610,444 |
| Long-term minority investments | 2,846,919 | ||||
| Sofina Growth | 1,892,316 | ||||
| Net cash | 197,301 | -180,991 | 16,310 | ||
| Gross cash | 893,590 | -180,991 | 712,599 | ||
| Financial liabilities | -696,289 | 0 | -696,289 | ||
| (In)tangible fixed assets | 10,223 | -1,297 | 8,926 | ||
| Other assets and liabilities 1 | -52,334 | 500,085 | 4 47,751 | ||
| NAV | 9,083,431 | 0 | 9,083,431 |
| IN THOUSAND EUR | |||||
| MANAGEMENT CASH FLOW STATEMENT (2023) | SOFINA DIRECT | SOFINA PRIVATE FUNDS | TOTAL GROSS CASH | FINANCIAL LIABILITIES | TOTAL NET CASH |
| Net cash at the beginning for the year | 928,558 | -695,507 | 233,051 | ||
| Dividends 1 | 43,268 | 896 | 44,164 | 44,164 | |
| Management expenses 2 | -46,690 | -46,690 | |||
| Investments in portfolio | -223,259 | -293,539 | -516,798 | -516,798 | |
| Divestments from portfolio | 309,048 | 280,743 | 589,791 | 589,791 | |
| Dividends paid | -108,030 | -108,030 | |||
| Other items | 2,595 | -782 | 1,813 | ||
| Repayment of financial liabilities | 0 | 0 | 0 | ||
| Net cash at the end of the year | 893,590 | -696,289 | 197,301 |
| INVESTMENTS 3 | DIVESTMENTS 3 AND | ||||||||
| INVESTMENT PORTFOLIO BRIDGE (2023) | FAIR VALUE AT | REVENUES | MARKET | FX IMPACT | FAIR VALUE AT | VALUE CREATION | |||
| 31/12/2022 | IMPACT | 31/12/2023 | % 4 | ||||||
| CASH | NON-CASH 5 | CASH | NON-CASH 5 | ||||||
| Sofina Direct | 4,759,857 | 223,259 | 94,276 | -349,005 | -90,139 | 164,779 | -63,792 | 4,739,235 | 2% |
| Sofina Private Funds | 4,302,404 | 291,106 | 0 | -260,521 | -13,296 | 7,441 | -138,128 | 4,189,006 | -3% |
| Total Investment portfolio | 9,062,261 | 514,365 | 94,276 | -609,526 | -103,435 | 172,220 | -201,920 | 8,928,241 | 0% |
| CORPORATE RIGHTS | ||
| % OWNERSHIP | % OWNERSHIP | |
| INVESTED 1 | SOLD 1 | |
| Biobest Group (BioFirst) | 0.00% | |
| Cyera | 1.10% | |
| Finova Capital | 6.99% | |
| GoldIron (First Eagle) | 22.41% | |
| Green E Origin | 8.88% | |
| HSG Alliance D | 63.49% | |
| Lancelot UK HoldCo (EG Software) | 14.50% | |
| MNH (Mérieux NutriSciences) | 15.50% | |
| team.blue | 3.98% | |
| Vivobarefoot | 14.27% | |
| Colruyt Group | 0.29% | |
| Drylock Technologies | 0.00% | |
| GL events | 8.89% | |
| Graphcore | 2.67% | |
| Groupe Petit Forestier | 33.62% | |
| Honasa Consumer (Mamaearth) | 2.86% | |
| HSG Co-Investment 2016-A (ByteDance) | 0.00% | |
| K12 Techno Services | 4.47% | |
| Mérieux NutriSciences | 15.45% | |
| Polygone (GL events) | 20.96% | |
| SCR - Sibelco | 1.32% | |
| TA Vogue Holdings (TCNS) | 48.72% | |
| YEAR OF | CORPORATE RIGHTS HELD | FAIR VALUE | ||
| THE 1ST | NUMBER OF | (IN THOUSAND | ||
| INVESTMENT | SHARES | % OWNERSHIP | EUR) | |
| bioMérieux | 2009 | 2,282,513 | 1.93% | 236,240 |
| GL events | 2012 | 2,102,729 | 7.01% | 38,690 |
| Honasa Consumer | 2021 | 10,715,978 | 3.30% | 30,750 |
| (Mamaearth) | ||||
| Luxempart | 1992 | 1,257,500 | 6.07% | 88,654 |
| The Hut Group (THG) | 2016 | 127,494,951 | 7.58% | 69,161 |
| YEAR OF | CORPORATE RIGHTS HELD | ||
| THE 1ST | NUMBER OF | ||
| INVESTMENT | SHARES | % OWNERSHIP | |
| Biobest Group (BioFirst) | 2022 | 162,012 | 11.11% |
| Birdie Care Services | 2022 | 3,924,379 | 15.46% |
| Cambridge Associates | 2018 | 24,242 | 23.89% |
| Carebridge Holdings | 2016 | 16,837,016 | 4.18% |
| Cleo AI | 2022 | 4,237,499 | 13.05% |
| CoachHub | 2022 | 15,089 | 9.32% |
| Collibra | 2020 | 6,936,516 | 2.88% |
| Cyera | 2024 | 4,175,882 | 1.10% |
| Dott HoldCo | 2021 | 10,143,368 | 24.98% |
| Dreamplug Technologies (Cred) | 2021 | 57,596 | 1.93% |
| Drylock Technologies | 2019 | 169,782,750 | 25.00% |
| Everdrop | 2022 | 5,669 | 10.79% |
| Finova Capital | 2024 | 1,424,100 | 6.99% |
| Grand Rounds (Included Health) | 2018 | 11,358,956 | 1.86% |
| Grasper Global (Skillmatics) | 2022 | 379,198 | 10.34% |
| Green Agrevolution (DeHaat) | 2021 | 479,611 | 12.56% |
| Green E Origin (Green Energy Origin) | 2023 | 400,737 | 29.44% |
| Hector Beverages | 2015 | 3,576,234 | 18.10% |
| K12 Techno Services | 2020 | 3,024,360 | 15.69% |
| Labster Group | 2022 | 2,870,989 | 4.46% |
| Lancelot UK HoldCo (EG Software) | 2024 | 41,914,362 | 14.50% |
| Lillydoo | 2019 | 6,753 | 6.65% |
| M.Chapoutier | 2007 | 3,124 | 14.20% |
| MedGenome | 2017 | 8,150,293 | 16.85% |
| Mistral AI | 2023 | 1,097,282 | 0.38% |
| MNH (Mérieux NutriSciences) | 2014 | 89,467 | 15.50% |
| Moody E-Commerce Group | 2021 | 95,610 | 3.63% |
| Nuxe International | 2019 | 193,261,167 | 49.00% |
| Oviva | 2021 | 101,207 | 11.44% |
| Petkit Technology | 2021 | 10,746,355 | 5.06% |
| Pine Labs | 2015 | 147,582 | 1.89% |
| Rohlik | 2022 | 52,678 | 8.75% |
| Salto Systems | 2020 | 22,293 | 12.17% |
| Shenzhen Shuye Innovative Technology | 2023 | 403,752 | 5.11% |
| (Laifen) | |||
| team.blue | 2024 | 61,422,840 | 3.98% |
| ThoughtSpot | 2017 | 3,263,785 | 2.55% |
| Twin Health | 2021 | 2,253,562 | 4.07% |
| Typeform | 2022 | 69,208 | 6.93% |
| Veepee | 2016 | 3,756,786 | 5.64% |
| Ver Se Innovation | 2019 | 1,144,790 | 4.64% |
| Vinted | 2019 | 3,260,082 | 3.36% |
| Vivobarefoot | 2024 | 2,498,118 | 14.27% |
| CORPORATE RIGHTS HELD | ESTIMATED | |||
| YEAR OF | ECONOMIC | |||
| THE 1ST | % OWNERSHIP | INTEREST | ||
| INVESTMENT | NUMBER OF | IN THE | IN THE | |
| SHARES | INTERMEDIARY | UNDERLYING | ||
| VEHICLE | INVESTMENT | |||
| Aevum Investments (Xinyu) | 2018 | - | 100.00% | 4.90% |
| BA-K1 (Too Good To Go) | 2023 | 1,667 | 89.24% | 1.47% |
| Ergon opseo Long Term | 2019 | - | 8.82% | 7.34% |
| Value Fund (opseo) | ||||
| GoldIron (First Eagle) | 2016 | 33,921 | 62.30% | 6.26% |
| HSG Alliance D | 2024 | - | 63.49% | 1.96% |
| HSG Co-Investment 2016-A | 2016 | - | 41.67% | 0.17% |
| (ByteDance) | ||||
| Iconiq Strategic Partners III | 2018 | - | 7.15% | 0.26% |
| Co-Invest (Series RV) | ||||
| Kedaara Norfolk Holdings | 2019 | 158,355 | 50.00% | 0.72% |
| (Lenskart) | ||||
| Lernen Midco 1 (Cognita) | 2019 | 252,517,893 | 15.55% | 13.41% |
| M.M.C. (Chapoutier) | 2009 | 15,256 | 19.83% | 15.33% |
| MxBee (BioFirst) | 2022 | 7,820,093 | 26.64% | 1.48% |
| TA Action Holdings (ACT) | 2016 | 19,304,057 | 44.44% | 3.65% |
| LONG-TERM | SOFINA | SOFINA | % OF KROLL | |
| FAIR VALUE HIERARCHY | MINORITY | GROWTH | PRIVATE | COVERAGE ON |
| INVESTMENTS | FUNDS | TOTAL LEVEL | ||
| Level 1 | Not covered | Not covered | Not applicable | 0% |
| Level 2 | Covered | Covered | Not applicable | 100% |
| Level 3 | Covered | Covered | Not covered | 51% |
| Total portfolio in transparency | 48% |
| VALUATION TECHNIQUE | USE OF THE TECHNIQUE | SIGNIFICANT | LINKS BETWEEN UNOBSERVABLE |
| UNOBSERVABLE DATA | DATA AND FAIR VALUE | ||
| Whenever a recent and significant transaction has taken place for the investment at the balance sheet | |||
| date and provided that the transaction meets the market and market participant criteria. Note that the IPEV | |||
| Valuation Guidelines no longer consider the recent transaction price to be a default valuation technique | The fair value of the most | ||
| Price of the most recent | but rather a starting point for estimating fair value. The recent transaction price as a valuation technique | recent transaction is | As the unobservable data increases, |
| investment (PORI) | is therefore only used when the recent transaction is sufficiently close to the closing date (and meets the | considered unobservable | the fair value increases. |
| market and market participant criteria). | data. | ||
| As part of this investment technique, an investment for which a purchase and sale agreement was signed is | |||
| valued based on the terms of the purchase and sale agreement. Depending on the closing conditions set | |||
| out under purchase and sale agreement, closing probabilities can be taken into account in the valuation. | |||
| Cost of capital from | The higher the cost of capital, the | ||
| calibration. | lower the fair value. | ||
| Discounted Cash Flow | Applied for mature companies or for companies where sufficient information is available. | Terminal value based on a | The higher the long-term growth rate, |
| model | This method consists in discounting future expected cash flows. | long-term growth rate. | the higher the fair value. |
| Terminal value based on an | The higher the exit multiple, the | ||
| exit multiple. | higher the fair value. | ||
| Market multiples | |||
| - sales or a gross profit | Discount 1 resulting from | ||
| or EBITDA or earnings | In the absence of a recent transaction on the investment at the closing date and when the Discounted | the calibration against | The higher the discount, the lower the |
| multiples or a mix of | Cash Flow model is not applied. The calibration principle is used to determine the discount to the group of | the group of comparable | fair value. |
| these multiples (based | comparable listed companies. | companies. | |
| on comparable listed | |||
| companies) | |||
| Discount factor from the | The higher the discount factor, the | ||
| calibration. | lower the fair value. | ||
| Probability Weighted | Start-ups or "early stage" companies or certain companies for which significantly different scenarios remain | Weights attributed to | |
| Expected Returns Model | possible, when other methods cannot be applied (recent transaction, Discounted Cash Flow model, market | the different scenarios | The higher the weight of the |
| or Scenario Methods | multiples), are valued according to scenarios. | (generally 3 to 4 scenarios, | pessimistic scenario, the lower the |
| (PWERM) | Such companies are valued on the basis of different possible future scenarios (probability–weighted fair | from extremely pessimistic | fair value. |
| value of future outcomes). | to optimistic). | ||
| Exit value based on an exit | The higher the exit multiple, the | ||
| multiple. | higher the fair value. | ||
| This valuation method is applied to start-ups or “early-stage” companies or companies for which important | |||
| milestones must be achieved and when other methods (i.e. recent transaction, discounted cash flow model, | |||
| market multiples and PWERM) are not applicable. | A discount is applied per milestone. | ||
| Such companies are valued using the milestone approach. This method consists of assessing whether there | If a milestone is achieved, the more | ||
| is an indication of change in fair value based on a consideration of one or more milestones. One or several | the unobservable data increases or | ||
| key milestones are commonly established in accordance with function of the stage of development of the | Discount applied per | decreases, the more the fair value | |
| Milestones approach | company. Milestones may include, for example, financial measures, technical measures and marketing and | level according to the | increases or decreases. If the first |
| sales measures. | predefined milestones. | milestone is not achieved, the more | |
| Such companies are valued using the milestone approach. This method consists of assessing whether there | the unobservable data decreases, the | ||
| is an indication of change in fair value based on a consideration of one or more milestones. One or several | more the fair value decreases. | ||
| key milestones are commonly established in accordance with function of the stage of development of the | |||
| company. Milestones may include, for example, financial measures, technical measures and marketing and | |||
| sales measures. |
| This valuation method is based on the latest available statements from the General Partners. | Fair value based on | ||
| Revalued net assets | This method consists of using the reported net assets value of a fund interest which is adjusted for (i) | General Partners’ reports | As the unobservable data increases, |
| recognised at fair value | the capital calls and distributions that took place after the last statement received and the measurement | is considered to be | the fair value increases. |
| date, (ii) the evolution of the listed companies held by the funds and (iii) any other significant events. The | unobservable data. | ||
| underlying investments of the fund must be reported at fair value. | |||
| Fair value based on expert | |||
| In exceptional cases, another methodology is considered to better reflect the fair value of the investment | reports is considered to | As the unobservable data increases, | |
| or a portion of the investment (e.g. an appraisal report on the value of land or property). The fair value of a | be unobservable data. | the fair value increases. For the yield | |
| Other methods | debt investment, in the absence of actively traded prices, is generally derived from a yield analysis taking | For the yield approach | approach, the higher the yield, the |
| into account credit quality, coupon and term as well as applying the calibration principle (yield approach). | for a debt investment, the | lower the fair value. | |
| yield is considered to be | |||
| unobservable data. |
| VALUATION TECHNIQUE | USE OF THE TECHNIQUE | SIGNIFICANT UNOBSERVABLE DATA | LINKS BETWEEN UNOBSERVABLE DATA AND FAIR VALUE |
| An increase of the volatility can either increase or | |||
| Volatility, | decrease the fair value depending on the classes of | ||
| Applied for companies where rights and preferences may | shares held, | ||
| differ significantly between the classes of shares. Applied | Time to expiration (e.g. time of exit or | An increase of the time to expiration can either increase | |
| Option pricing model (OPM) | when applicable and relevant (e.g. different rights and | liquidity event), | or decrease the fair value depending on the classes of |
| preferences exist per class of shares and market participant | shares held, | ||
| would consider those rights and preferences). | An increase of the interest rate can either increase or | ||
| Interest rate in local currency, | decrease the fair value depending on the classes of | ||
| shares held, |
| IN THOUSAND EUR | ||||
| TOTAL AS AT | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
| 31/12/2024 | ||||
| Investment portfolio 1 | 10,054,258 | 491,443 | 0 | 9,562,815 |
| Sofina Direct | 5,331,222 | 491,443 | 0 | 4,839,779 |
| Long-term minority investments | 3,069,332 | 441,219 | 0 | 2,628,113 |
| Sofina Growth | 2,261,889 | 50,224 | 0 | 2,211,665 |
| Sofina Private Funds | 4,723,036 | 0 | 0 | 4,723,036 |
| TOTAL AS AT | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
| 31/12/2023 | ||||
| Investment portfolio | 8,928,241 | 566,192 | 155,962 | 8,206,087 |
| Sofina Direct | 4,739,235 | 566,192 | 155,962 | 4,017,081 |
| Long-term minority investments | 2,846,919 | 539,696 | 44,135 | 2,263,088 |
| Sofina Growth | 1,892,315 | 26,496 | 111,827 | 1,753,992 |
| Sofina Private Funds | 4,189,006 | 0 | 0 | 4,189,006 |
| IN MILLION EUR | ||||||||
| VALUATION TECHNIQUE | FAIR | OPM | UNOBSERVABLE DATA (WEIGHTED AVERAGE) | SENSITIVITY | IMPACT VALUE | SENSITIVITY | IMPACT VALUE | |
| VALUE | APPLIED? | |||||||
| Price of the most recent investment | 17 | No | The fair value of the most recent transaction is considered to be | +10% | 2 | -10% | -2 | |
| (PORI) | unobservable data | |||||||
| Cost of capital from calibration between 8% and 18% (13%) | +10% | -117 | -10% | 127 | ||||
| Discounted Cash Flow model | 1,694 | No | Perpetual growth rate not applied | +10% | 0 | -10% | 0 | |
| Exit multiple between 8.6x and 17.2 (12.3x) | +10% | 120 | -10% | -118 | ||||
| Median peers revenue multiple between 0.7x and 17.6x (4.1x) | +10% | 45 | -10% | -45 | ||||
| Median peers gross profit multiple (3.7x) | +10% | 0 | -10% | -1 | ||||
| 1,899 | No | Median peers EBITDA multiple between 6.4x and 28.9x (14.5x) | +10% | 116 | -10% | -126 | ||
| Median peers earnings multiple between 3.3x and 11.6x (11x) | +10% | 6 | -10% | -6 | ||||
| Discount resulting from calibration between 0% and 52% 1 (9%) | +10% | -24 | -10% | 24 | ||||
| Median peers revenue multiple between 0.5x and 10.7x (5.1x) | +10% | 55 | -10% | -66 | ||||
| Market multiples | ||||||||
| Median peers gross profit multiple between 6x and 6.6x (6.5x) | +10% | 3 | -10% | -3 | ||||
| Median peers price earnings multiple between 16,3x and 25,9x (19,7x) | +10% | 2 | -10% | -2 | ||||
| 1,080 | Yes | Discount resulting from calibration between 4% and 58% 2 (24%) | +10% | -39 | -10% | 28 | ||
| Volatility between 23% and 73% (44%) | +10% | -7 | -10% | -5 | ||||
| Time to expiration between 0.5 years and 6.6 years (3.3 years) | +10% | -9 | -10% | -2 | ||||
| Interest rate between 0% and 7% (4%) | +10% | -8 | -10% | -3 | ||||
| Revalued net assets recognised at fair | 4,761 | No | The fair value based on General Partners’ reports is considered to be | +10% | 476 | -10% | -476 | |
| value 3 | unobservable data | |||||||
| Milestone approach | 41 | No | Discount of 20% per level (20%) | Upper level 4 | 4 | Lower level | -4 | |
| Other methods | 71 | No | Fair value is considered to be unobservable data. For the yield approach, | +10% | 7 | -10% | -7 | |
| the yield is considered as unobservable data (4,9%) | ||||||||
| Total level 3 (in transparency) | 9,563 | |||||||
| Reconciling items | -72 | |||||||
| Total level 3 (financial statements) | 9,491 |
| IN MILLION EUR | ||||||||
| VALUATION TECHNIQUE | FAIR | OPM | UNOBSERVABLE DATA (WEIGHTED AVERAGE) | SENSITIVITY | IMPACT VALUE | SENSITIVITY | IMPACT | |
| VALUE | APPLIED? | VALUE | ||||||
| Price of the most recent investment (PORI) | 153 | No | The fair value of the most recent transaction is considered to be | +10% | 8 | -10% | -8 | |
| unobservable data | ||||||||
| Cost of capital from calibration between 7% and 18% (13%) | +10% | -250 | -10% | 325 | ||||
| Discounted Cash Flow model | 1,876 | No | Perpetual growth rate of 3% and 4% (3%) | +10% | 50 | -10% | -42 | |
| Output multiple between 5.4x and 17x (11.4x) | +10% | 141 | -10% | -141 | ||||
| Median peers revenue multiple between 0.9x and 6.4x (2.8x) | +10% | 57 | -10% | -57 | ||||
| Median peers gross profit multiple between 3.7x and 3.7x (3.7x) | +10% | 0 | -10% | -1 | ||||
| 1,129 | No | Median peers EBITDA multiple between 7.9x and 18.1x (16.1x) | +10% | 29 | -10% | -24 | ||
| Median peers earnings multiple between 13.3x and 20.6x (14.2x) | +10% | 9 | -10% | -9 | ||||
| Discount resulting from calibration between 0% and 89% 1 (24%) | +10% | -13 | -10% | 17 | ||||
| Market multiples | Median peers revenue multiple between 0.5x and 13.1x (5.4x) | +10% | 45 | -10% | -45 | |||
| Median peers gross profit multiple between 7.7x and 11.4x (7.7x) | +10% | 3 | -10% | -3 | ||||
| Discount resulting from calibration between 23% and 58% 2 (40%) | +10% | -8 | -10% | 8 | ||||
| 745 | Yes | |||||||
| Volatility between 23% and 88% (45%) | +10% | -5 | -10% | 4 | ||||
| Time to expiration between 0.4 years and 7 years (3.7 years) | +10% | -5 | -10% | 5 | ||||
| Interest rate between 1% and 7% (4%) | +10% | -3 | -10% | 3 | ||||
| Revalued net assets recognised at fair value 3 | 4,233 | No | The fair value based on General Partners’ reports is considered to | +10% | 423 | -10% | -423 | |
| be unobservable data | ||||||||
| Milestone approach | 0 | No | Discount of 20% per level (20%) | Upper level 4 | 0 | Lower level | 0 | |
| Other methods | 70 | No | Fair value is considered to be unobservable data. For the yield | +10% | 6 | -10% | -6 | |
| approach, the yield is considered as unobservable data (4.9%) | ||||||||
| Total level 3 (in transparency) | 8,206 | |||||||
| Reconciling items | 23 | |||||||
| Total level 3 (financial statements) | 8,229 |
| IN MILLION EUR | |||||||||||||||
| USD | GBP | INR | DKK | CNY | |||||||||||
| Exchange | |||||||||||||||
| rate | -10% | 0% | +10% | -10% | 0% | -10% | 0% | +10% | -10% | 0% | -10% | 0% | +10% | ||
| sensitivity | |||||||||||||||
| Fair value | 6,728 | 6,056 | 5,505 | 815 | 734 | 667 | 510 | 459 | 417 | 193 | 174 | 158 | 28 | 25 | 23 |
| Impact on | 672 | 0 | -551 | 81 | 0 | -67 | 51 | 0 | -42 | 19 | 0 | -16 | 3 | 0 | -2 |
| revenue | |||||||||||||||
| IN MILLION EUR | ||||||
| LEVEL 1 | LEVEL 2 | |||||
| Stock price sensitivity | -10% | 0% | +10% | -10% | 0% | +10% |
| Fair value | 442 | 491 | 541 | 0 | 0 | 0 |
| Impact on revenue | -49 | 0 | 49 | 0 | 0 | 0 |
| IN MILLION EUR | ||
| PRIVATE FUNDS RESIDUAL COMMITMENT BRIDGE | 31/12/2024 | 31/12/2023 |
| Beginning of the year | 1,300 | 1,336 |
| New commitments | 420 | 306 |
| Investments | -406 | -291 |
| Other 1 | 33 | -25 |
| FX impact | 75 | -26 |
| End of the year 2 | 1,422 | 1,300 |
| 1 | HSG Co-Investment 2016-A (ByteDance) |
| 2 | Lernen Midco 1 (Cognita) |
| 3 | Drylock Technologies |
| 4 | Nuxe International |
| 5 | Cambridge Associates |
| 6 | bioMérieux |
| 7 | MNH (Mérieux NutriSciences) |
| 8 | Biobest Group (BioFirst) |
| 9 | Lancelot UK HoldCo (EG Software) |
| 10 | Salto Systems |
| 1 | Sequoia Capital |
| 2 | HongShan |
| 3 | Lightspeed |
| 4 | Peak XV |
| 5 | Insight Partners |
| 6 | Thoma Bravo |
| 7 | Battery |
| 8 | Andreessen Horowitz |
| 9 | Iconiq Capital |
| 10 | TA Associates |
| IN MILLION EUR | ||||||||
| 31/12/2024 | 31/12/2023 | |||||||
| GEOGRAPHIC REGION | PORTFOLIO | RESIDUAL | PORTFOLIO | RESIDUAL | ||||
| FAIR VALUE | COMMITMENTS 2 | FAIR VALUE | COMMITMENTS | |||||
| Sofina Direct | ||||||||
| North America | 690 | 13% | 2 | 33% | 538 | 11% | 2 | 1% |
| Western Europe | 3,209 | 60% | 3 | 50% | 2,960 | 63% | 193 | 98% |
| Asia | 1,422 | 27% | 1 | 17% | 1,227 | 26% | 1 | 1% |
| Other | 10 | 0% | 0 | 0% | 14 | 0% | 0 | 0% |
| Total Sofina Direct | 5,331 | 100% | 6 | 100% | 4,739 | 100% | 196 | 100% |
| Sofina Private Funds | ||||||||
| North America | 3,045 | 64% | 885 | 62% | 2,608 | 62% | 785 | 60% |
| Western Europe | 467 | 10% | 191 | 14% | 419 | 10% | 181 | 14% |
| Asia | 1,211 | 26% | 367 | 24% | 1,162 | 28% | 334 | 26% |
| Total Sofina Private Funds | 4,723 | 100% | 1,422 | 100% | 4,189 | 100% | 100% | |
| TOTAL SOFINA DIRECT | ||||||||
| AND SOFINA PRIVATE | ||||||||
| FUNDS | ||||||||
| North America | 3,735 | 37% | 887 | 62% | 3,146 | 35% | 787 | 53% |
| Western Europe | 3,676 | 37% | 205 | 14% | 3,379 | 38% | 374 | 25% |
| Asia | 2,633 | 26% | 336 | 24% | 2,389 | 27% | 335 | 22% |
| Other | 10 | 0% | 0 | 0% | 14 | 0% | 0 | 0% |
| TOTAL OF THE | 10,054 | 100% | 1,428 | 100% | 8,928 | 100% | 1,496 | 100% |
| PORTFOLIO 3 | ||||||||
| IN MILLION EUR | ||||
| 31/12/2024 | 31/12/2023 | |||
| SECTOR | PORTFOLIO FAIR VALUE | PORTFOLIO FAIR VALUE | ||
| Consumer and retail | 1,431 | 27% | 1,415 | 30% |
| Digital transformation | 1,623 | 30% | 976 | 21% |
| Education | 590 | 11% | 526 | 11% |
| Healthcare and life sciences | 708 | 13% | 607 | 13% |
| Sustainable supply chain | 346 | 7% | 253 | 5% |
| Other | 633 | 12% | 962 | 20% |
| Total | 5,331 | 100% | 4,739 | 100% |
| IN MILLION EUR | ||||||||
| 31/12/2024 | 31/12/2023 | |||||||
| STRATEGY | PORTFOLIO FAIR | RESIDUAL | PORTFOLIO FAIR | RESIDUAL | ||||
| VALUE | COMMITMENTS 4 | VALUE | COMMITMENTS | |||||
| Venture capital | 3,345 | 71% | 825 | 58% | 2,913 | 70% | 769 | 59% |
| Growth equity | 1,106 | 23% | 494 | 35% | 1,042 | 25% | 465 | 36% |
| LBO | 258 | 6% | 95 | 7% | 228 | 5% | 58 | 4% |
| Other | 14 | 0% | 8 | 1% | 6 | 0% | 8 | 1% |
| Total 5 | 4,723 | 100% | 1,422 | 100% | 4,189 | 100% | 1,300 | 100% |
| IN MILLION EUR | ||||||||
| 31/12/2024 | 31/12/2023 | |||||||
| VINTAG E | PORTFOLIO | RESIDUAL | PORTFOLIO FAIR | RESIDUAL | ||||
| FAIR VALUE | COMMITMENTS 1 | VALUE | COMMITMENTS | |||||
| Sofina Direct | ||||||||
| 0-3 | 1,602 | 30% | 0 | 0% | 950 | 20% | 190 | 97% |
| 4-7 | 2,097 | 39% | 3 | 50% | 1,931 | 41% | 3 | 1% |
| 8-10 | 1,229 | 23% | 3 | 50% | 950 | 20% | 3 | 2% |
| >10 | 403 | 8% | 0 | 0% | 908 | 19% | 0 | 0% |
| Total Sofina Direct | 5,331 | 100% | 6 | 100% | 4,739 | 100% | 196 | 100% |
| Sofina Private | ||||||||
| Funds | ||||||||
| 0-3 | 1,295 | 27% | 1,204 | 85% | 768 | 18% | 1,050 | 81% |
| 4-7 | 2,008 | 43% | 151 | 11% | 1,927 | 46% | 182 | 14% |
| 8-10 | 916 | 19% | 36 | 3% | 984 | 24% | 36 | 3% |
| >10 | 504 | 11% | 31 | 2% | 510 | 12% | 32 | 2% |
| Total Sofina Private | 4,723 | 100% | 1,422 | 100% | 4,189 | 100% | 1,300 | 100% |
| Funds | ||||||||
| TOTAL SOFINA | ||||||||
| DIRECT AND | ||||||||
| SOFINA PRIVATE | ||||||||
| FUNDS | ||||||||
| 0-3 | 2,897 | 29% | 1,204 | 84% | 1,718 | 19% | 1,240 | 83% |
| 4-7 | 4,105 | 41% | 154 | 11% | 3,858 | 43% | 185 | 12% |
| 8-10 | 2,145 | 21% | 39 | 3% | 1,934 | 22% | 39 | 3% |
| >10 | 907 | 9% | 31 | 2% | 1,418 | 16% | 32 | 2% |
| TOTAL OF THE | 10,054 | 100% | 1,428 | 100% | 8,928 | 100% | 1,496 | 100% |
| PORTFOLIO 2 | ||||||||
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Investments | ||
| Net value at the beginning of the year | 8,548,378 | 8,538,603 |
| Acquisitions during the year | 1,695,170 | 774,158 |
| Disposals during the year | -616,927 | -223,245 |
| Changes in unrealised gains in profit and loss | 434,329 | 209,934 |
| Changes in unrealised losses in profit and loss | -282,365 | -751,072 |
| Net value at the end of the year = 1 | 9,778,585 | 8,548,378 |
| Receivables | ||
| Net value at the beginning of the year | 62,066 | 1,380 |
| Acquisitions during the year | 71 | 75,067 |
| Disposals during the period | -4,984 | 0 |
| Changes in unrealised gains in profit and loss | 4,723 | 0 |
| Changes in unrealised losses in profit and loss | 0 | -14,706 |
| Changes in accrued interest not yet due | -25 | 325 |
| Net value at the end of the year = 2 | 61,851 | 62,066 |
| Net value = 1 + 2 | 9,840,436 | 8,610,444 |
| IN THOUSAND EUR | |||||||||
| BOOK VALUE | FAIR VALUE | BOOK VALUE | FAIR VALUE | ||||||
| IFRS 9 CLASSIFICATION | TOTAL AS AT | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL AS AT | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
| 31/12/2024 | 31/12/2023 | ||||||||
| Investment portfolio | 9,840,436 | 349,851 | 0 | 9,490,585 | 8,610,444 | 337,441 | 44,135 | 8,228,868 | |
| Investments | Fair value through profit and loss | 9,778,585 | 349,851 | 0 | 9,428,734 | 8,548,378 | 337,441 | 44,135 | 8,166,802 |
| Receivables | Designated at fair value through profit and loss | 61,851 | 0 | 0 | 61,851 | 62,066 | 0 | 0 | 62,066 |
| Receivables from subsidiaries 1 | Designated at fair value through profit and loss | 420,957 | 0 | 420,957 | 0 | 495,153 | 0 | 495,153 | 0 |
| Deposits and other current | 530,469 | 0 | 530,469 | 0 | 527,970 | 0 | 527,970 | 0 | |
| financial assets | |||||||||
| Deposits | Designated at fair value through profit and loss | 75,000 | 0 | 75,000 | 0 | 0 | 0 | 0 | 0 |
| Current financial investments | Fair value through profit and loss | 451,925 | 0 | 451,925 | 0 | 514,257 | 0 | 514,257 | 0 |
| Other receivables | Designated at fair value through profit and loss | 3,544 | 0 | 3,544 | 0 | 13,713 | 0 | 13,713 | 0 |
| Cash and cash equivalents | Designated at fair value through profit and loss | 357,381 | 0 | 357,381 | 0 | 198,342 | 0 | 198,342 | 0 |
| Non-current financial liabilities | At amortised cost | 697,074 | 0 | 634,375 | 0 | 696,289 | 0 | 590,772 | 0 |
| Current financial liabilities | At amortised cost | 2,268 | 0 | 2,268 | 0 | 2,109 | 0 | 2,109 | 0 |
| Other current receivables | At amortised cost | 98 | 0 | 98 | 0 | 101 | 0 | 101 | 0 |
| Payables to subsidiaries 1 | Designated at fair value through profit and loss | 138,535 | 0 | 138,535 | 0 | 55,980 | 0 | 55,980 | 0 |
| Trade and other current payables | At amortised cost | 15,273 | 0 | 15,273 | 0 | 4,396 | 0 | 4,396 | 0 |
| IN THOUSAND EUR | ||
| INVESTMENT PORTFOLIO | 31/12/2024 | 31/12/2023 |
| Net value at the beginning of the year | 8,228,868 | 8,150,888 |
| Acquisitions during the year | 1,623,915 | 849,226 |
| Disposals during the year | -547,501 | -181,751 |
| Changes in unrealised gains in profit and loss | 430,738 | 174,873 |
| Changes in unrealised losses in profit and loss | -245,411 | -764,692 |
| Changes in accrued interest not yet due | -24 | 324 |
| Transfer to level 3 | 0 | 0 |
| Transfer from level 3 | 0 | 0 |
| Net value at the end of the year | 9,490,585 | 8,228,868 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Deposits 1 | 75,000 | 0 |
| Current financial investments | 451,925 | 514,257 |
| Other receivables | 3,544 | 13,713 |
| Deposits and other current financial assets | 530,469 | 527,970 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Bank and cash | 44,238 | 112,908 |
| Short-term investments and deposits | 313,143 | 85,434 |
| Cash and cash equivalents | 357,381 | 198,342 |
| SHARE CAPITALSHARES | TRE ASURY | |||
| NUMBER OF | AMOUNT OF | NUMBER OF | AMOUNT OF | |
| SHARES | CAPITAL | SHARES | CAPITAL HELD | |
| Balances as at 31/12/2022 | 34,250,000 | 79,735 | 917,928 | 2,137 |
| Changes during the year | 0 | 0 | 135,000 | 314 |
| Balances as at 31/12/2023 | 34,250,000 | 79,735 | 1,052,928 | 2,451 |
| Changes during the year | 0 | 0 | 143,245 | 334 |
| Balances as at 31/12/2024 | 34,250,000 | 79,735 | 1,196,173 | 2,785 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Amounts recognised in the balance sheet | ||
| “Defined benefit" plan 1 | ||
| Present value of the pension obligations | 6,678 | 8,639 |
| Amount not recognised as asset | 0 | 0 |
| Fair value of the assets | -6,145 | -8,075 |
| Net present value of the pension obligations | 533 | 564 |
| “Defined contributions" plan | ||
| Present value of the pension obligations | 4,348 | 4,728 |
| Amount not recognised as asset | 0 | 0 |
| Fair value of the assets | -4,270 | -4,617 |
| Net present value of the pension obligations | 78 | 111 |
| “Cash balance" plan | ||
| Present value of the pension obligations | 9,683 | 8,495 |
| Amount not recognised as asset | 1,911 | 181 |
| Fair value of the assets | -11,594 | -8,676 |
| Net present value of the pension obligations | 0 | 0 |
| Total of the plans | ||
| Present value of the pension obligations | 20,709 | 21,862 |
| Amount not recognised as asset | 1,911 | 181 |
| Fair value of the assets | -22,009 | -21,368 |
| Net present value of the pension obligations | 611 | 675 |
| Fair value of the assets | ||
| Heritage collective investment fund | 12,961 | 10,022 |
| Assets managed by the insurer | 9,048 | 11,346 |
| Fair value of the assets | 22,009 | 21,368 |
| Movements of the liabilities during the year | ||
| Net liabilities at the beginning of the year | 675 | 2,235 |
| Amount recognised in equity | 683 | -661 |
| Net income or expense recognised in the income statement | 1,420 | 1,380 |
| Contributions paid | -2,167 | -2,279 |
| Amount recognised at the end of the year | 611 | 675 |
| Pension cost recognised in the income statement | ||
| Current service cost | -1,415 | -1,314 |
| Net interest on pension obligations | 4 | -52 |
| Interest income | 0 | 0 |
| Administration costs | -9 | -14 |
| Reversal of past service costs | 0 | 0 |
| Recognised actuarial gains (-) / losses (+) | 0 | 0 |
| Net expense | -1,420 | -1,380 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Main actuarial assumptions at the end of the year | ||
| Discount rate 1 | ||
| “Defined benefit" plans | ||
| - Old plan | 3.15% | 4.10% |
| - New plan | 3.45% | 4.25% |
| “Defined contributions" plans | ||
| - Old plan | 3.15% | 4.10% |
| - New plan | 3.25% | 4.15% |
| “Cash balance" plan | 3.45% | 4.25% |
| Salary increase rate | 5.00% | 5.10% |
| Inflation rate | 2.00% | 2.10% |
| Mortality table | MR-5/FR-5 | MR-5/FR-5 |
| Change of the present value of pension benefits | ||
| Present value of benefits at the beginning of the year | 21,862 | 20,998 |
| Service cost (employer) | 1,414 | 1,314 |
| Service cost (employee) | 104 | 111 |
| Interest cost | 898 | 769 |
| Benefits paid during the year | -3,040 | 0 |
| Taxes on contributions paid | -258 | -270 |
| Actuarial gain (-) / loss (+) for the year 2 | -271 | -1,060 |
| Past services cost (+) and reversal (-) | 0 | 0 |
| Present value of promised benefits at the end of the year | 20,709 | 21,862 |
| Change in fair value of the assets in the plans | ||
| Fair value of the assets in the plans at the beginning of year | 21,368 | 18,763 |
| Benefits paid during the year | -3,040 | 0 |
| Contributions received during the year (employer) | 2,167 | 2,281 |
| Contributions received during the year (employee) | 103 | 111 |
| Interest income | 912 | 717 |
| Taxes on contributions paid | -258 | -270 |
| Administration costs | -9 | -13 |
| Return in excess of interest income | 883 | -160 |
| Actuarial gain (+) / loss (-) related to experience adjustments | -117 | -61 |
| Present value of the assets in the plans at the end of the year | 22,009 | 21,368 |
| Personnel costs | 35,908 | 21,184 |
| Average number of full-time equivalent employees, incl. the CEO | ||
| Employees | 18 | 22 |
| Management staff | 27 | 27 |
| 45 | 49 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Bonds issued | 697,074 | 696,289 |
| Non-current financial liabilities | 697,074 | 696,289 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Bank loans | 0 | 0 |
| Payables to subsidiaries | 138,535 | 55,980 |
| Trade payables | 2,768 | 1,398 |
| Wage and social security payables | 10,662 | 1,646 |
| Current financial liabilities 3 | 2,268 | 2,109 |
| Other miscellaneous liabilities | 593 | 162 |
| Dividends relating to previous years | 862 | 868 |
| Miscellaneous taxes | 388 | 322 |
| Financial liabilities, trade and other current payables | 156,076 | 62,485 |
| IN THOUSAND EUR | ||
| 31/12/2024 | 31/12/2023 | |
| Receivables from subsidiaries 1 | 420,957 | 495,153 |
| Debts to subsidiaries 2 | -138,535 | -55,980 |
| Receivables from and debts to subsidiaries | 282,422 | 439,173 |
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Dividends received from non-consolidated related companies | 1,013,276 | 360,000 |
| Dividends received from associated companies | 5,614 | 8,686 |
| Dividends received from other companies | 13,156 | 3,050 |
| Dividends 3 | 1,032,046 | 371,736 |
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Interest on non-current assets | 796 | 392 |
| Interest on receivables from subsidiaries 4 | 11,228 | 23,533 |
| Interest on current assets | 10,828 | 5,673 |
| Interest on debts to subsidiaries | -841 | -850 |
| Interest to banks | -169 | -10 |
| Interest on other liabilities 5 | -7,785 | -7,782 |
| Interest income and expenses | 14,057 | 20,956 |
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Investments | ||
| Results realised upon disposals | 198,386 | 67,761 |
| Capital gains | 240,454 | 67,891 |
| Capital losses | -42,068 | -130 |
| Unrealised results | 151,965 | -541,138 |
| Capital gains | 434,329 | 209,934 |
| Capital losses | -282,364 | -751,072 |
| Total investments | 350,351 | -473,377 |
| Receivables | ||
| Results realised upon disposals | 1,215 | 0 |
| Capital gains | 1,215 | 0 |
| Capital losses | 0 | 0 |
| Unrealised results | 4,724 | -14,706 |
| Capital gains | 4,724 | 0 |
| Capital losses | 0 | -14,706 |
| Total receivables | 5,939 | -14,706 |
| Net result of the investment portfolio | 356,290 | -488,083 |
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Foreign exchange results | -243 | 141 |
| Results on other current assets | 18,743 | 20,448 |
| Other financial results | 18,500 | 20,589 |
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Other financial expenses | -3,588 | -2,358 |
| Services and other goods | -20,497 | -11,652 |
| Remuneration, social security charges and pensions | -35,908 | -21,184 |
| Miscellaneous | -3,526 | -5,416 |
| Other expenses | -63,519 | -40,610 |
| IN THOUSAND EUR | ||
| INCOME TAXES | 2024 | 2023 |
| Current tax expense (+) / income (-) | 7 | 8 |
| Deferred tax expense (+) / income (-) | 0 | 0 |
| 7 | 8 | |
| Reconciliation between current tax expense (+) / income (-) | ||
| and accounting profit | ||
| Accounting profit before taxes | 1,359,512 | -104,259 |
| Taxes calculated at 25% | 339,878 | 0 |
| Impact of different tax rates used in other countries | 0 | 0 |
| Impact of tax exemption of net unrealised capital gains and non- | 18,655 | 79,472 |
| deductibility of net unrealised capital losses on investments | ||
| under Investment Entity status | ||
| Impact of tax exemption of capital gains and reversals of | -101,040 | 13,972 |
| impairments and non-deductibility of capital losses and | ||
| impairments on investments | ||
| Impact of the exemption of dividends received | -257,795 | -93,855 |
| Impact of tax adjustments relating to prior years | 0 | 0 |
| Other tax adjustments (disallowed expenses) | 309 | 419 |
| Deferred tax expense (+) / income (-) | 0 | 0 |
| Income tax expense (+) / income (-) | 7 | 8 |
| Taxes on items recognised in equity | 0 | 0 |
| Deferred tax expense (+) / income (-) relating to the capital | 0 | 0 |
| IN THOUSAND EUR | ||
| OTHER TAXES | 2024 | 2023 |
| Various taxes related to tangible assets | 168 | 201 |
| Non-deductible VAT | 2,587 | 1,886 |
| Annual tax on securities accounts | 90 | 378 |
| Tax on stock exchange transactions | 22 | 19 |
| Other taxes | 50 | 93 |
| IN THOUSAND EUR | |||||
| 31/12/2024 | 31/12/2023 | ||||
| FOREIGN | EUR | FOREIGN | EUR | ||
| CURRENCY | CURRENCY | ||||
| Investment portfolio, uncalled | EUR | 70,443 | 121,520 | ||
| committed amounts 1 | CAD | 93 | 62 | 154 | 105 |
| USD | 1,381,084 | 1,329,371 | 1,333,461 | 1,206,753 | |
| GBP | 23,291 | 28,089 | 15,703 | 18,069 | |
| DKK | 0 | 0 | 1,119,487 | 150,208 | |
| 1,427,965 | 1,496,655 | ||||
| Obtained credit lines | 1,185,000 | 1,125,000 | |||
| Used amount | 0 | 0 | |||
| Unused amount | 1,185,000 | 1,125,000 | |||
| Credit lines granted to the | 875,000 | 965,000 | |||
| investment subsidiaries | |||||
| Used amount | 218,410 | 266,549 | |||
| Unused amount | 656,590 | 698,451 | |||
| IN THOUSAND EUR | ||
| ASSETS AND LIABILITIES | 31/12/2024 | 31/12/2023 |
| Long-term receivables from non-consolidated related companies | 0 | 0 |
| Short-term receivables from non-consolidated related companies | 420,957 | 495,153 |
| Payables to non-consolidated related companies | -138,535 | -55,980 |
| RESULTS FROM RELATED PARTY TRANSACTIONS | 2024 | 2023 |
| Dividends received from non-consolidated related companies | 1,013,276 | 360,000 |
| Dividends received from associated companies | 5,614 | 8,686 |
| Interest received from non-consolidated related companies | 11,228 | 23,533 |
| Interest paid to non-consolidated related companies | -841 | -850 |
| Services provided to non-consolidated related companies | 1,827 | 2,792 |
| Services received from non-consolidated related companies | -1,268 | -641 |
| Compensation of key executives 1 | ||
| Gross fixed compensation | 2,585 | 3,271 |
| Gross variable compensation | 3,269 | 27 |
| Director's fees | 2,263 | 2,176 |
| Group insurance, hospitalisation and healthcare | 517 | 784 |
| Share-based payment expenses | 4,296 | 5,296 |
| Data related to significant off-market transactions between related | Nihil | Nihil |
| parties | ||
| NUMBER OF SHARES | % OWNERSHIP | |
| Union Financière Boël SA | 7,791,408 | 22.75% |
| Société de Participations Industrielles SA | 8,486,320 | 24.78% |
| Mobilière et Immobilière du Centre SA | 2,535,968 | 7.40% |
| Sub-total of the reference Shareholder | 18,813,696 | 54.93% |
| Sofina SA (treasury shares) | 1,128,295 | 3.29% |
| Total | 19,941,991 | 58.22% |
| IN THOUSAND EUR | ||
| 2024 | 2023 | |
| Audit services performed by the Auditors | 115 | 114 |
| Other audit services performed by the Auditors | 16 | 16 |
| Other non-audit services performed by the Auditors' network | 0 | 0 |
| Audit services performed by the Auditors' network | 412 | 367 |
| Tax advisory services | 0 | 0 |
| OPTIONS GRANTED | NUMBER | WEIGHTED AVERAGE |
| EXERCISE PRICE (IN EUR) | ||
| Exercisable as at 31/12/2023 | 307,800 | 168.65 |
| Outstanding as at 01/01/2024 | 840,400 | 241.00 |
| Granted 1 during the year | 198,791 | 196.14 |
| Exercised during the year | -42,850 | 142.08 |
| Renounced during the year | 0 | 0.00 |
| Expired during the year | -6,000 | 203.42 |
| Outstanding as at 31/12/2024 | 990,341 | 236.50 |
| Exercisable as at 31/12/2024 | 391,500 | 196.06 |
| RANGE OF EXERCISE PRICE OF THE OPTIONS | NUMBER | WEIGHTED AVERAGE |
| GRANTED | EXERCISE PRICE (IN EUR) | |
| 101 EUR to 150 EUR | 59,650 | 125.96 |
| 151 EUR to 200 EUR | 402,591 | 191.69 |
| 200 EUR to 250 EUR | 331,550 | 222.54 |
| 350 EUR to 400 EUR | 196,550 | 385.40 |
| Options outstanding as at 31/12/2024 | 990,341 |
| YEAR | UNDERLYING | DIVIDEND YIELD | RISK-FREE | EXPECTED | TIME TO |
| SHARE PRICE | INTEREST RATE | VOLATILITY | MATURITY | ||
| (IN EUR) | (IN YEARS) | ||||
| 2024 | 196.14 | 1.49% | 2.50% | 27.31% | 6.5 |
| CORPORATE RIGHTS HELD | CORPORATE RIGHTS HELD | ||||
| NAME AND HEADQUARTERS | LINK | NUMBER OF | % OWNERSHIP | NUMBER OF | % OWNERSHIP |
| SHARES | AS AT 31/12/2024 | SHARES | AS AT | ||
| 31/12/2023 | |||||
| A. INVESTMENT SUBSIDIARIES - AT FAIR VALUE | |||||
| Global Education Holding SA | Indirect | 277,262 | 82.01 | 277,262 | 82.01 |
| 12, rue Léon Laval - LU-3372 Leudelange | |||||
| Sofina Asia Private Ltd. | Direct | 1,995,000 | 100 | 615,000 | 100 |
| 108 Amoy Street # 03-01 - SG-069928 Singapore | |||||
| Sofina Capital SA | Direct | 5,872,576 | 100 | 5,872,576 | 100 |
| 12, rue Léon Laval - LU-3372 Leudelange | |||||
| Sofina Global SA SIF | Indirect | 17,500,000 | 100 | 17,500,000 | 100 |
| 12, rue Léon Laval - LU-3372 Leudelange | |||||
| Sofina Invest SA | Direct | 30,000 | 100 | 0 | 0 |
| 12, rue Léon Laval - LU-3372 Leudelange | |||||
| Sofina London Ltd. | Direct | 50,000 | 100 | 0 | 0 |
| 7th Floor, 50 Broadway - London SW1H 0DB - United Kingdom | |||||
| Sofina Partners SA | Indirect | 0 | 0 | 46,668,777 | 100 |
| 12, rue Léon Laval - LU-3372 Leudelange | |||||
| Sofina Private Equity SA SICAR | Indirect | 5,910,000 | 100 | 5,910,000 | 100 |
| 12, rue Léon Laval - LU-3372 Leudelange | |||||
| Sofina US, LLC | Direct | 802,000 | 100 | 802,000 | 100 |
| 160 Federal Street, 9th floor - MA 02110 Boston - USA | |||||
| Sofina Ventures SA | Direct | 11,709 | 100 | 11,709 | 100 |
| 29, rue de l’Industrie - 1040 Brussels | |||||
| Company number 0423 386 786 |
| B. ASSOCIATED COMPANIES - AT FAIR VALUE | |||||
| Cambridge Associates | Indirect | 24,242 | 23.89 | 24,242 | 23.68 |
| 125 High Street - MA 02110 Boston - USA | |||||
| Dott HoldCo (Dott) | Indirect | 10,143,368 | 24.98 | 0 | 0.00 |
| Diemenstraat 292 - 1013 CR Amsterdam - Netherlands | |||||
| Drylock Technologies | Direct | 169,782,750 | 25.00 | 169,782,750 | 25.00 |
| Spinnerijstraat 12- 9240 Zele | |||||
| Company number 0479 766 057 | |||||
| Green E Origin (Green Energy Origin) | Indirect | 400,737 | 29.44 | 279,851 | 24.51 |
| 4, rue du Fort Wallis - LU-2714 Luxembourg | |||||
| Groupe Petit Forestier | Direct | 0 | 0.00 | 976,838 | 33.62 |
| 11, route de Tremblay - 93420 Villepinte - France | |||||
| MXP Prime Platform (SellerX) | Indirect | 1,284,209 | 26.09 | 1,284,209 | 26.09 |
| Jägerstraße 41 - 10117 Berlin - Germany | |||||
| Nuxe International | Indirect | 193,261,167 | 49.00 | 193,261,167 | 49.00 |
| 127, rue d'Aguesseau - 92100 Boulogne-Billancourt - France | |||||
| Polygone (GL events) | Direct | 0 | 0.00 | 221,076 | 20.96 |
| 59, Quai Rambaud - 69002 Lyon - France |
| 31/12/2024 | 31/12/2023 | |
| Closing rate | 1 EUR = | 1 EUR = |
| USD | 1.0389 | 1.1050 |
| GBP | 0.8292 | 0.8691 |
| CHF | 0.9412 | 0.9260 |
| SGD | 1.4164 | 1.4591 |
| CAD | 1.4948 | 1.4642 |
| INR | 88.9335 | 91.9045 |
| CNY | 7.5833 | 7.8509 |
| DKK | 7.4578 | 7.4529 |
