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Key Themes

Finance

In the uncertain context of 2022, with geopolitical, climate and macroeconomic challenges adding to existing Covid-related and other disruptions, we continued to secure liquidity and strengthen our balance sheet, while taking a more centralized approach to long-term financing.

Over the past year, the Group transferred most of its syndicated long-term facilities held in operating companies to the Group holding company perimeter, thereby reducing materially bondholders’ subordination. As a result, the Group’s long-term senior bonds rating was upgraded to “BBB” (up from “BBB-“) in January 2023 by S&P Global Ratings.

We also continued to progress on our sustainable financing journey, signing credit lines with pricing mechanisms linked to performance against environmental and social KPIs, such as our sustainability-linked, 10-year term loan facility supporting the capital expenditure needs of our Juice business.

Taking environmental, social and governance (ESG) considerations into account when making investment decisions has led LDC to make more long-term investments in sustainable agri-economic activities and projects which, alongside efficient and dynamic hedging strategies, has translated into increased support from partners and investors such as the World Bank Group’s International Finance Corporation (IFC), which advances environmental, social and economic development by encouraging private sector growth in developing countries.

In line with our commitment to eliminate deforestation and the conversion of native vegetation for agricultural purposes by 2025, IFC made an investment in 2022 that will exclusively finance soy or corn purchases from Brazilian farms that comply with both LDC and IFC’s rigorous ESG requirements and can demonstrate zero deforestation and conversion of native vegetation.

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