2023 Trafigura 2023 Annual Report v2

2023
Annual Report
Trafigura Group Pte. Ltd.
Performance highlights1
Group revenue Underlying EBITDA Net profit
$244.3bn $12.7bn $7.4bn

$318.5bn in 2022 $12.1bn in 2022 $7.0bn in 2022
$231.3bn in 2021 $7.0bn in 2021 $3.1bn in 2021
Total Group equity Total assets Total non-current assets
$16.5bn $83.4bn $15.7bn

$15.1bn in 2022 $98.6bn in 2022 $19.4bn in 2022
$10.5bn in 2021 $90.2bn in 2021 $15.1bn in 2021
Average number of employees

over the year2
12,479
12,347 in 2022
9,031 in 2021
The companies in which Trafigura Group Pte. Ltd.

directly or indirectly owns investments are each
separate legal entities and should not be considered
or construed otherwise.
This report refers to: (i) certain subsidiaries over
which Trafigura Group Pte. Ltd. has direct or indirect
control; and (ii) certain joint venture entities and
arrangements where Trafigura Group Pte. Ltd. has
direct or indirect joint control; and (iii) certain other
investments where Trafigura Group Pte. Ltd. has
neither control nor joint control and may or may not
have influence. For the avoidance of doubt, references 1 Trafigura's 2023 financial year covers the period
to “Trafigura”, “Trafigura Group”, “the company”, 1 October 2022 to 30 September 2023.
“the Group”, “we”, “us”, “our” and “ourselves” may be 2 Total employee numbers are calculated as an average
used for convenience (not for legal) purposes to refer over the financial year and comprise employees of
to Trafigura Group Pte. Ltd., its subsidiaries, and/or its businesses, operations and offices consolidated in
joint ventures. Trafigura's balance sheet.
Contents
Management's review Financial statements
02 Who we are 54 Auditors Report
04 Statement from the Executive Chairman and 60 A. Consolidated statement of income
Chief Executive Officer 60 B. Supplementary statement of
06 Financial review income information
12 Marketplace review 61 C. Consolidated statement of other
comprehensive income
16 Performance review
62 D. Consolidated statement of financial position
16 Oil and Petroleum Products
20 Gas, Power and Renewables 63 E. Consolidated statement of changes in equity
64 F. Consolidated statement of cash flows
26 Metals, Minerals and Bulk Commodities
65 G. Notes to the consolidated
30 Shipping and Chartering
financial statements
32 Assets and Investments
40 Sustainability review
Corporate governance
44 Board of Directors and Committees
Risk management and funding model

46 How we manage risk
50 Financing to meet diverse business needs
2 Overview
Who we are
Trafigura is a market leader in the global commodities
industry. At the heart of global supply, we responsibly
connect vital resources to power and build the world.
Across our global network, we deploy infrastructure,
logistics and financing to connect producers and
consumers, bringing greater transparency and trust
to the management of complex supply chains.
Key regional hubs
12,000+ 150+ 50+

Employees Countries of activity Offices
30+ 30+ 2.5GW 1
Oil and Petroleum Metals and Minerals Renewable energy portfolio

product types supplied product types supplied generation capacity
1 50% owned by Trafigura.
Investments and operating companies
impalaterminals.com ↗ tfgmarine.com ↗ h2energy.ch ↗ nyrstar.com ↗ pumaenergy.com ↗ nalarenewables.com ↗

Trafigura Annual Report 2023 3
Oil and Metals Gas Renewables Carbon

petroleum products and minerals and power and hydrogen management
Supporting We provide commodity producers

global supply with access to global markets.
We operate a modern fleet of

vessels, ensuring responsible and Shipping and
reliable movement of commodities transportation
across continents.
Through an extensive network of

storage facilities, logistics assets and
Storage and infrastructure, we are able to
blending streamline and manage the movement,
storage and specification of
commodities for our customers.
We help our customers

understand their carbon footprint Adding value
and support their efforts to to supply chains
measure and reduce emissions.
We arrange every aspect of the delivery

Delivery and and distribution of commodities around
distribution the world, from loading and inspection
to their physical discharge.
Energy Mobility Electronics and Construction

manufacturing and industry
4 Statement from the Executive Chairman and Chief Executive Officer
Strong performance
in changing markets
At a divisional level, Metals and Minerals delivered a

robust performance, supported by growing demand
for energy transition metals and notwithstanding
the impact of a major fraud in our nickel business.
We continue to pursue legal action against the
perpetrators of this systematic deception involving
widespread falsification of documents and
misrepresentations. We have also made a number
of improvements to processes and controls following
an internal review.
Since the financial year-end, our Battery Metals team,
under new leadership, concluded an agreement to
invest in a new nickel refinery in South Korea.
Jeremy Weir There was also a strong result from our Bulk
Executive Chairman and Commodities business which is well positioned
Chief Executive Officer to meet growing demand from India for steel-
making ingredients coking coal and iron ore over
the next decade.
2023 was a very strong year of performance across Gas, Power and Renewables had an outstanding year,
the three core divisions of the Group – Oil and emerging as a strong third pillar for the business.
Petroleum Products; Metals, Minerals and Bulk
Commodities; and Gas, Power and Renewables. In Oil and Petroleum Products, we enjoyed another
good year, with all our teams making a strong
As anticipated in our Interim Report, profits were contribution to profits. In particular, we have
weighted to the first six months of our financial year, grown our business in the petrochemicals sector,
when demand for our services remained exceptionally increasingly an important driver of oil demand,
high. Customers continued to rely on Trafigura for and continued to expand in new markets such as
access to vital resources in a complex environment. ammonia, which we believe will be an important
Our global network and data capabilities enabled hydrogen-based low-carbon fuel for shipping
us to capture opportunities and manage risks in in future years.
fast‑moving markets.
The strong returns recorded across the Group would
Supply chain disruptions eased in the second not have been possible without close collaboration
half and these more normalised conditions have with our Shipping and Chartering business, which
continued into our 2024 financial year. had another high performing year.
In carbon trading, we were active across both
compliance and voluntary markets and we continued
to develop our flagship carbon removal projects.
Our newest project, Brújula Verde, broke ground
this year, with the objective of planting 12 million
eucalyptus trees in degraded lands in the Vichada
region of Colombia.
We also continued to work towards final investment

decisions on two renewable hydrogen production
Legal matters
projects; one in Milford Haven, South Wales; and Trafigura has been seeking to resolve investigations
the other in Esbjerg, Denmark. by regulatory authorities in the United States, Brazil
and Switzerland into payments made via third parties
To that end, we took the decision to increase approximately 10 or more years ago. We anticipate
our shareholding in the company developing resolving the US Department of Justice investigation
the projects, H2 Energy Europe, and become its into payments made in Brazil shortly and have taken
majority shareholder. a provision of USD127 million. Trafigura Beheer B.V.
Puma Energy continued to strengthen its balance will defend itself at court against charges brought
sheet, sell non-core assets and reinvigorate its core by the Office of the Attorney General in Switzerland
downstream operations. for failing to prevent alleged improper payments in
Angola between 2009 and 2011.
Nyrstar focused on implementing technologies
and processes to further increase the efficiency We have made extensive efforts over many years to
and flexibility of its operations in the face of lower instil a culture of responsible conduct at Trafigura.
commodity prices and increased power costs. Since the period in question, we have significantly
The Nyrstar team also made good progress in enhanced our compliance policies and procedures.
developing a project to construct a processing facility These historical incidents in no way represent the
at the Clarksville smelter in Tennessee that could company we are today.
produce enough germanium and gallium to meet
80 percent of annual US demand.
Outlook
Looking forward, we expect to see reduced volatility
Management changes in the year ahead, however, we face uncertain
In September 2023, we restructured our senior times and there is no room for complacency.
leadership team, replacing our Management Low inventories, geopolitical threats, elections in
Committee with a new, streamlined Executive nearly two-thirds of the democratic world in 2024
Committee. This structure has simplified our and brittle supply chains mean markets are fragile
decision-making processes and is providing and vulnerable to spikes driven by sudden changes
additional strategic focus across the business at a in supply and demand.
time of growth and change. As part of the changes, Recent experience has demonstrated that managing
we established the role of Chief Risk Officer within complex supply chains in stressed environments
the Executive Committee and appointed a new Chief requires many skills and attributes. These include a
Operating Officer. strong balance sheet, access to liquidity, agile and
experienced teams, and global reach. In that regard,
the fact that our Group equity has more than doubled
Sustainability to USD16.5 billion in the past three years provides
We made further progress in addressing greenhouse us with a strong platform for future performance.
gas emissions at our own operations and in our On a personal note, I would like to thank all our
supply chains. This included reducing the carbon staff for their hard work and dedication over the
intensity of our shipping activities in line with our past year. The fact that we have continued to grow
target of a 25 percent reduction by 2030 against the and branch out into new markets is a testament to
IMO 2019 baseline, and further progress towards their unstinting efforts and commitment as well as
reducing Scope 1 and 2 emissions by over 50 percent to the support of our stakeholders.
by 2032, compared to 2020. We also reduced the
carbon intensity of Scope 3 upstream emissions I believe we have the people, global network and
from the metals we source and supply, in line with vision to make the most of the opportunities that
our 2030 target. lie ahead as the world decarbonises but still needs
affordable energy to meet the needs of a growing
It is with sadness that I also have to report two global population. As a result, we approach 2024
fatalities at Puma Energy in separate incidents at with confidence in our prospects over the medium
African operations. This is unacceptable and we and long term.
will continue to focus on improving the safety of
workplaces across the Group through awareness
programmes, training and an update to our
management system. During the year, we appointed
a new Head of Communities, Health, Environment,
Safety and Security who is leading these initiatives.
We are also focusing on improving the quality and
consistency of data reporting and collection across
a wide range of ESG metrics and risks as we prepare
to respond to the European Union’s Corporate
Sustainability Reporting Directive (CSRD).
6 Financial review
Robust balance sheet and

access to liquidity underpinned
record results
Earnings momentum slowed in the second half-year
as supply chain disruptions eased.
Trafigura posted record profits for the financial

year ended 30 September 2023, during which
commodities markets shifted from turbulence to
less stressed conditions. Net profit for the period
increased five percent to USD7,398 million, up from
USD7,026 million a year earlier, with strong underlying
contributions recorded across all the Group.
Exceptional earnings were achieved during the
first half of the year as our teams provided
valuable services to our customers in disrupted
energy markets and captured opportunities in
a volatile environment. In the second half of the
year, we continued to benefit from high demand
Christophe Salmon for our services, despite the easing of supply chain
Chief Financial Officer disruptions and market volatility.
Over the year, revenues dropped 23 percent to
USD244,280 million, from USD318,476 million in 2022,
reflecting lower average commodity prices, while
Group revenue Total assets traded volumes remained broadly flat year‑on‑year.
$244.3bn $83.4bn
The Group’s underlying earnings before interest tax,
depreciation and amortisation (EBITDA) margin was
5.2 percent, compared to 3.8 percent in 2022, inflated
2023 244.3bn 2023 83.4bn by the aforementioned drop in revenue. We expect
2022 318.5bn 2022 98.6bn margins to return to more customary levels in 2024,
should market conditions continue to normalise.
At 298.8 million tonnes in 2023, or an average of
6.3 million barrels per day1, total traded volumes
of oil and petroleum products, including natural
Underlying EBITDA Total non-current assets
gas and LNG, declined slightly to around five
$12.7bn $15.7bn percent below previous year’s level. We have now

stabilised our oil volumes following the termination
of long‑term contracts of Russian crude oil and
2023 12.7bn 2023 15.7bn petroleum products with state-owned companies
2022 12.1bn 2022 19.4bn ahead of international sanctions which took effect in
May 2022. In non‑ferrous metals, volumes dropped to
21.0 million metric tonnes, compared with 23.3 million
metric tonnes in 2022, while bulk minerals volumes
were also a little lower at 89.9 million metric tonnes,
Net profit Group equity down from 91.3 million metric tonnes.
$7.4bn $16.5bn 1 For FY2023, natural gas and liquefied natural gas (LNG) traded
volumes are reported separately in the Gas, Power and Renewables
section on page 20. Total volumes traded per annum and average
2023 7.4bn 2023 16.5bn barrels traded per day for FY2022 have been adjusted to give a
like‑for-like comparison. Total average barrels traded per day
2022 7.0bn 2022 15.1bn including natural gas and LNG is 6.3 million.
Revenue by geography (%)
2023 2023
2022 2022
Metals and
Energy
Minerals
Energy 2023 2022 Metals and Minerals 2023 2022

Africa 6% 5% Africa 1% 3%
Asia & Australia 30% 29% Asia & Australia 70% 63%
Europe 29% 29% Europe 18% 20%
Latin America 12% 11% Latin America 2% 2%
Middle East 4% 3% Middle East 2% 6%
North America 19% 23% North America 7% 6%
Thanks to our strong profitability, Group equity rose In terms of divisional performance, our Metals
by nine percent to a record USD16,495 million, up and Minerals segment, which includes bulk
from USD15,079 million. Group equity has more commodities, had a strong year, generating revenue
than doubled since 2020, providing a solid base for of USD73,299 million and an operating profit before
further growth and the ability to weather stressed depreciation and amortisation of USD1,601 million,
market conditions. This increase in equity was one down from USD1,877 million a year earlier. However,
of the drivers that maintained our financial leverage excluding the charge related to the nickel fraud, the
substantially below our medium-term target, with the division would have reported an operating profit of
ratio of adjusted debt to Group equity at minus 0.43x. USD2,179 million, above its last three-year average
level, supported by growing energy-transition-related
In terms of financing, while average utilisation was
demand for copper, aluminium and other metals.
lower compared to 2022, total credit lines reached
a level of USD75 billion, excluding Puma Energy, Our Energy segment, which includes Oil and
provided by a network of around 150 banks Petroleum Products, as well as Gas, Power and
globally. This combination of a strong equity base, Renewables, delivered another robust performance
low leverage and ample liquidity is a point of as customers turned to us to help reconfigure their
competitive advantage, as commodity producers supply chains in light of changing global trade
and consumers look to do business with reliable flows and new regulations. Operating profit before
counterparties that have robust balance sheet and depreciation and amortisation rose 10 percent to
ready access to liquidity. USD11,143 million, on revenue of USD170,981 million.
As previously disclosed, we recorded a charge of Our balance sheet reduced by 15 percent during the
USD578 million related to a complex and systematic year to USD83,383 million from USD98,634 million,
fraud in our nickel business, which is predominantly mostly driven by the decrease in the valuation of
presented in the consolidated statement of income our long-term LNG contracts and related margin
under materials, transportation and storage. requirements from brokers and exchanges, as a
result of the drop in natural gas prices in Europe.
8 Financial review
Income statement Balance sheet

Profit for the year was USD7,398 million, an At the end of September 2023, total assets stood at
increase of five percent over USD7,026 million in USD83,383 million, down from USD98,634 million a year
2022. Underlying EBITDA also rose five percent to earlier. Non-current assets were USD15,702 million,
USD12,686 million from USD12,089 million in 2022. from USD19,433 million. This decrease was driven
Costs of materials, transportation and storage were mainly by a reduction in the valuation of our long-
25 percent lower than in 2022, at USD228,057 million, term LNG contracts.
reflecting the fall in commodity prices. Depreciation Total current assets were USD67,508 million, down
of right-of-use assets – mainly relating to shipping
from USD78,767 million, reflecting, among other
leases – increased to USD1,850 million, compared
factors, a sharp fall in trade and other receivables
to USD1,216 million in 2022.
due lower average energy prices in the final quarter of
Impairments of fixed and financial assets totalled the 2023 financial year. Cash and equivalents stood
USD539 million, down from USD639 million a at USD12,387 million, down from USD14,881 million.
year earlier. During the year, the Group recognised
Due to our continued strong profitability, Group equity
impairments totalling USD257 million in relation to
at the end of the period was USD16,495 million, a nine
Nyrstar’s operations in Australia and in the US, while
percent increase compared with USD15,079 million
an impairment of USD126 million was recognised
at the end of September 2022. Total loans and
against various assets and goodwill of Puma Energy.
borrowings decreased by 13 percent, down to
Impairments of financial assets and prepayments
USD34,367 million.
were USD129 million, reflecting provisions made for
credit exposures.
The result from equity-accounted investees and Cashflow statement
investments was a profit of USD118 million, compared
Our robust trading performance during the year
to a loss of USD42 million in 2022, mainly due to
resulted in a four percent increase in operating
the sale of our minority interest in Tendril Ventures,
cashflows before working capital charges to
while noting that the net impact of this transaction
USD12,612 million, compared to USD12,125 million in
on equity was nil.
2022. We believe operating cash flow before working
Net financing costs were USD1,622 million, slightly capital is the most reliable measure of our financial
up from USD1,541 million. The income tax charge performance, because the level of working capital is
↓ Anti-fouling silicone for the year was USD640 million compared with predominantly driven by prevailing commodity prices
paint being applied to the
Trafigura-owned Marlin USD933 million in 2022, reflecting a one-off benefit and is financed under the Group’s self‑liquidating
Luanda at Qingdao Beihai from the recognition of historic tax losses and higher financing lines.
shipyard in China to help
earnings in lower taxation jurisdictions. We expect a
reduce speed-loss and Investing activities resulted in net cash use of
increase energy efficiency. higher effective tax rate in the 2024 financial year.
USD496 million, compared to USD536 million in the
previous financial year. Our main investments in 2023
related to Nyrstar industrial facilities, Puma Energy
retail assets network, vessels and listed equity
securities including Korea Zinc and Saras. These
outflows were partly offset by the receipt of the
proceeds of the sale of Puma Energy's Infrastructure
business to Impala Terminals Group.
Net cash used in financing activities was a net
outflow of USD12,570 million. Thanks to our
exceptional cash generation while working capital
requirements remained stable year-on-year, we
were able to decrease our use of financing lines
by USD4,791 million. At the same time, we paid
dividends of USD5,916 million. In accordance with our
financial policy, we can announce and pay dividends
subject to maintaining the Group’s liquidity, equity
and financial leverage at an adequate level.
Liquidity and financing

The Group further increased its access to liquidity Also, in March 2023, we closed a USD225 million
during the 2023 financial year. Total credit lines US Private Placement (USPP) across seven- and
reached USD75 billion, excluding Puma Energy, ten-year tenors. The deal was our seventh in this
provided by a network of around 150 banks globally. market following our first issuance in 2006 and was
As at 30 September 2023, the Group had immediate timed to refinance USD110.5 million USPP maturities.
(same day) access to available cash in liquidity funds
In June 2023, we renewed our North American energy
and unutilised committed corporate credit facilities
borrowing base credit facility at USD4.54 billion,
of USD14.0 billion. Overall, our access to funding and
which positions the Group to continue growing its
liquidity position put us in a robust position should
market share in trading hydrocarbons, transition and
we face increased levels of market volatility.
renewable fuels, power and carbon credits.
The majority of our day-to-day trading activity is
During the financial year, we concluded a number
financed through uncommitted, self-liquidating
of long-term financing transactions involving
trade finance facilities, while we use corporate
Export Credit Agencies (ECAs). In October 2022, we
credit facilities to finance other short-term liquidity
closed a USD3.0 billion four-year loan agreement
requirements, such as margin calls or bridge
guaranteed by the government of Germany through
financing. This funding model gives us the necessary
the German ECA. This loan supports a commitment
flexibility to cope with periods of enhanced price
by Trafigura to deliver gas to Securing Energy for
volatility as utilisation of the trade finance facilities
Europe (SEFE) over a four-year period. In January and
increases or decreases to reflect the volumes traded
September 2023, we entered into a USD135 million
and underlying prices. We also maintain an active
two‑year facility with Abu Dhabi Exports Office and
debt capital markets presence to secure longer-term
a USD500 million three-year facility with the Saudi
finance in support of our investments.
Export-Import Bank, respectively.
During the 12 months ended 30 September 2023, the
After the financial year-end, in October 2023,
Group completed a number of important transactions.
we entered into two RCFs, for a total combined
In October 2022, we refinanced our Asian syndicated amount of USD400 million, with insurance from the
revolving credit facility (RCF) and term-loan facilities Export‑Import Bank of the United States (US EXIM).
(TLF) at USD2.4 billion equivalent, with 28 banks These facilities will exclusively be used by Trafigura to
participating, including three new lenders. purchase LNG cargoes from US exporters for supply
In March 2023, we refinanced our flagship 365‑day to customers primarily in Europe.
European multi-currency syndicated revolving Finally, in October 2023, we refinanced our Asian RCF
credit facilities totalling USD1.9 billion, while and TLFs at USD2.7 billion equivalent, with 30 banks,
extending and increasing our USD3.5 billion including four new lenders. The new facilities
three‑year RCF. The new 365-day RCF was initially comprised a 365‑day USD RCF (USD620 million),
launched at USD1.5 billion and closed substantially a one-year CNH TLF (c. USD1,177 million equivalent)
oversubscribed. We structured the facilities as and a three-year USD TLF (USD930 million).
sustainability-linked loans, with an updated set of This represented more than USD500 million
key performance indicators. in additional liquidity for the Group, thanks to
the record three-year USD TLF closing amount.
Similar to our previous European and Asian RCFs, we
implemented a sustainability-linked loan structure
in these new facilities.
Key financing milestones in FY2023:
Oct. 2022 Asian RCF refinancing USD2,370 million

Euler Hermes (ECA) guaranteed loan USD3,000 million
Jan. 2023 Abu Dhabi Exports Office (ADEX) facility USD135 million
Mar. 2023 European RCF refinancing USD5,420 million
US private placement USD225 million
Jun. 2023 North American energy borrowing base USD4,540 million
Sep. 2023 Saudi Export-Import (Saudi EXIM) Bank facility USD500 million
10 Financial review
Public ratings Leverage and adjusted debt

Trafigura does not hold a corporate public credit As a specialist in management of physical commodity
rating. However, financial discipline is inherent to the supply chains, we rely on a specific funding model.
company’s business and finance model because of As a result, it is not appropriate to apply the same
its reliance on debt markets for capital and liquidity. financial analysis framework to it as is used for
typical industrial companies. When analysing our
The significant expansion of our sources of financing
credit metrics, banks and investors have historically
over the years has been achieved on the basis of the
considered financial leverage after excluding some
Group maintaining an acceptable and sustainable
specific balance sheet items (e.g. inventories and
credit standing, consistent with an investment grade
non-recourse debt such as our securitisation
profile. The Group’s financial discipline is reinforced
programmes), resulting in the use of adjusted debt
by the financial covenants provided to unsecured
as an overall leverage metric.
lenders in the bank market and is underlined by the
strong support we receive from our banking group Adjusted debt corresponds to the company’s total
and institutional investors. non-current and current debt less cash, fully hedged
readily marketable inventories (including purchased
and pre-paid inventories which are being released),
Value at risk debt related to the Group’s receivables securitisation
programmes and the non-recourse portion of loans
The value at risk (VaR) metric is one of the various
from third parties. This metric is a better measure
risk management tools that we use to monitor and
of the Group’s financial leverage than a simple
limit our market risk exposure. We use an integrated
gross debt metric.
VaR model which captures risk, including commodity
prices, interest rates, equity prices and currency In particular, the following adjustments are made:
rates (see further details in Note 39). • The receivables securitisation programmes are
Average market risk VaR (one-day 95%) during the taken out on the basis that they are entirely
2023 financial year was USD85.1 million (0.52% of distinct legal entities from Trafigura with no
Group equity) compared to USD199.8 million (1.33% recourse to the Group and are only consolidated
of Group equity) in FY2022. Our Executive Committee into the financial statements in accordance with
has established guidance to maintain VaR (one‑day the Group’s accounting rules.
95%) below one percent of Group equity. • Cash and short-term deposits are deducted
from debt.
• Pre-sold or hedged stock, including purchased
and pre-paid inventories that are being released,
are deducted from debt. This reflects the great
liquidity of the stock and the ease at which it
could be converted to cash. As noted above, our
policy is to have 100 percent of stock hedged or
pre-sold at all times.
• Non-recourse invoice discounting or
specific portion of loans (for example,
non‑recourse portions of bank lines used to
extend prepayments to counterparties) are
deducted from debt.
As at 30 September 2023, the ratio of adjusted
debt to Group equity stood at minus 0.43x,
generally in line with the level of minus 0.47x as at
30 September 2022. This limited change results from
the 9 percent increase in Group equity, while the
adjusted debt amount remained flat year‑on‑year.
Our intention is to maintain this ratio up to a
maximum level of 1x. Any upwards fluctuation of
this ratio to 1x in the future should not be considered
as a sign of any relaxation of our disciplined efforts
to maintain a solid credit standing.
Outlook
The Group's adjusted debt to equity ratio at the The record profitability of the Group over the past
end of the reporting period is calculated as follows: two years underlines our agility, expertise and
global reach. The performance of our Gas, Power
2023 2022 and Renewables division means we now have a
USD’M USD’M strong third pillar to the business, complementing
the strengths of our activities in Oil and Petroleum
Non-current loans and borrowings 9,314.3 9,614.5
Products and Metals and Minerals.
Current loans and borrowings 25,052.8 29,663.6
Total debt 34,367.1 39,278.1 We see diversity as a strategic advantage that will
ensure the Group continues to thrive in the medium
Adjustments
and long-term as structural shifts such as the energy
Cash and cash equivalents 12,387.0 14,881.3
Deposits 208.7 642.0 transition play out. In the near-term, we are seeing
Inventories (including purchased a return to more normal market conditions as the
and pre-paid inventories) 24,617.3 23,873.6 supply chain disruptions that have characterised
Receivables securitisation debt 4,157.1 5,390.7
commodity markets linked to ease, allowing a
Non-recourse debt 118.0 1,607.1
Adjusted total debt (7,121.0) (7,116.6) smoother flow of goods around the world.
Therefore, we see the performance of the Group in
Group equity 16,495.4 15,078.6
the second half of the 2023 financial year as more
Adjusted debt to Group equity ratio representative of the result that can be expected
at the end of the year (0.43x) (0.47x) in 2024. That being said, markets and supply
chains remain fragile and prone to sudden bouts
of turbulence linked to heightened geopolitical
Taxation tensions, low stock levels and weak elasticity of
supply. Our reach, strong balance sheet and access
We operate in a multiple jurisdictions and adhere to to liquidity mean we are well positioned to serve our
applicable local and international tax law, including customers whatever conditions prevail.
legislation on transfer pricing, in the countries in
which we operate. The Group’s tax policy is to pay
appropriate tax according to work carried out in each
jurisdiction, as determined by a functional analysis
of operations using standard measures wherever
possible, underpinned by reports prepared to fulfil
local transfer pricing requirements.
Our effective tax rate – the average rate at which
consolidated pre-tax profits are taxed – varies
from year to year according to circumstances and,
in FY2023 it was eight percent (or USD640 million)
compared to 12 percent (or USD933 million) in
FY2022. The reduction in FY2023 reflects a one-off
benefit from the recognition of historic tax losses and
higher earnings in lower tax jurisdictions. We expect
a higher effective tax rate in the 2024 financial year.
12 Marketplace review
Perception and reality

Macro fears overwhelm micro fundamentals
in commodity markets.
Rarely have markets seen a gap this wide between

sentiment and reality. Consumer confidence
globally remains at multi-year lows, with some
surveys at levels even below the peak COVID-19
months. Investor sentiment has been more mixed,
depending more on the asset class and geography,
but sentiment with regard to commodity markets
has remained subdued over the course of the year.
Economic growth, however, has been more robust
than expected, leading to stronger demand for
commodities than prices suggested for most of our
financial year.
At the beginning of October 2022, expectations
Saad Rahim were for recessions in the US1 and Europe to occur
Chief Economist within 12 months. Inflation metrics were still at or
near peaks in Europe and the US respectively, and
central banks had only just started the interest rate
hike cycle. China was still in the throes of COVID-19
lockdowns, with an uncertain recovery path ahead,
particularly with regards to its property sector.
“Demand for commodities And at times over the past year, it seemed these
might have been expected to fears were justified. European industrial production
contracted sharply, with activity in Germany falling
wane. In fact, we have seen back to COVID-19-level lows, as still-elevated energy
costs took their toll on heavy industry. China’s
consumption climb to record property market was markedly worse than in 2022,
despite hopes for a post-lockdown rebound. And the
highs across several markets.” US experienced three of the four largest bank failures
in its history, while its housing sector went into stasis
due to high interest rates.
Given those headwinds, demand for commodities
might have been expected to wane. In fact, we have
seen consumption climb to record highs across
several markets. Oil demand is expected to record
growth of over 2.3 million barrels a day according
to the International Energy Agency, reaching a new
all-time high of approximately 102 million barrels a
day in 2023. Copper demand, globally, is forecast to
rise by just under four percent year-on-year, in 2023
driven by 6.5 percent growth in China.
1 Source: Bloomberg Economics, Bloomberg Economics Probability of

a Recession in the next 12 months
US construction and manufacturing US capital goods new orders, excluding

sector aircraft
Stated in billion USD Stated in billion USD
210 80
75
190
70
170
65
150
60
130 55
50
110
45
90
40
70
35
50 30
Feb. 2000
Feb. 2008
Feb. 2004
Feb. 2006
Nov. 2020
Feb. 2002
Feb. 2020
Nov. 2022
Feb. 2022
Nov. 2018
Nov. 2019
Feb. 1998
Feb. 2010
Feb. 1994
Nov. 2016
Feb. 1996
Feb. 2018
Feb. 2014
Feb. 2016
Nov. 2021
Feb. 1992
Feb. 2012
Nov. 2017
Source: US Census Bureau Source: US Census Bureau
These increases reflect the fact that economic Europe in contrast has struggled over the past year.
growth held up quite well over the year. This was Inflationary pressures remained higher for longer,
especially true in the US, which not only avoided and the European Central Bank’s rate hikes have
the widely predicted recession but recorded GDP had a greater impact on consumers and businesses,
growth of more than five percent in Q3 2023 one which have less of a cash buffer than their US
of the strongest quarters of growth since the 2008 counterparts. As a result of higher energy costs,
Financial Crisis. industrial production fell back to the lowest levels
A big part of the reason for the strength in the US (ex-COVID-19) since late 2017. Services have held
up much better, but there too there were signs of
is down to post-Financial Crisis and pre-COVID-19
weakness during the summer months, with France
periods. They significantly reduced debt and locked
the laggard in this instance.
in low rates for the remainder of their loans. So, even
where consumers have materially higher credit China’s economic health this year has been a
balances, their household financial obligations2 conundrum for markets. The year began with high
remain at the lowest levels in over 30 years. expectations that the reopening from the COVID-19
lockdowns of 2022 would result in strong demand
And while there has been significant debate on
growth across sectors, including the beleaguered
whether ‘excess savings’ from the pandemic have
property sector. That proved to be false hope,
been exhausted, other key metrics show that the
as residential sales fell a further 20 percent
US consumer is retaining significant spending
year-on-year, following the 2022 drop of 25 percent.
firepower. For example, cash holdings remain above
More developer bankruptcies resulted, ensnaring
USD4 trillion (compared to USD1 trillion average
even some of China’s biggest developers.
pre‑pandemic)3; while overall household net worth
is up USD37.5 trillion since 2019. All this explains why Property remains a key component of China’s
US retail sales alone are topping USD700 billion a economy as the primary driver of both wealth
month, close to a 40 percent increase versus 2019 generation and consumer and investor sentiment.
levels (22 percent in real terms). Therefore, for the investor community at large, such
a weak property picture could only mean that China
US corporate spending and investment have also
as a whole was experiencing very weak growth.
risen, driven by decades of under-investment and the
impacts of measures such as the Inflation Reduction But while the property sector has undeniably been a
Act and CHIPS Act. major drag on growth, viewing China solely through
this lens overlooks a profound shift underway in the
The combination of higher spending across consumer
composition of its economy.
and corporate sectors means that despite a rapid
rise in interest rates, US growth has continued to
hold up at an above-trend level.
2 Sum of all debt service payments and financial obligations (mortgage, credit cards, auto loans) relative to disposable personal income
https://www.federalreserve.gov/releases/housedebt/default.htm ↗)
(https://www.federalreserve.gov/releases/housedebt/default.htm ↗
3 Federal Reserve Financial Accounts Data, US FOF Balance Sheet of Households Checkable Deposits & Currency, June 2023
14 Marketplace review
Since accession to the World Trade Organisation Take copper for example: the weakness in Chinese
(WTO), China’s growth has been driven primarily by construction activity means copper demand from
building manufacturing facilities, infrastructure and that sector is down almost 600,000 tonnes since
property. That came at the expense of household 2021. But the growth in renewables, electric vehicles
consumption, which fell from about 48 percent of (both of which are much more copper intensive) and
GDP pre-WTO to only about 37 percent pre-pandemic electrical grid spending mean that copper demand
(compared to 68 percent in the US). from those segments has increased by 1.4 million
tonnes. In fact, copper demand in China in calendar
The government’s goal now is to boost household
year 2023 is set to grow by 6.5 percent. Aluminium
consumption, creating a more durable base for
and zinc demand were also bolstered due to demand
long‑term growth. To do so, household incomes
from new growth sectors
will have to rise; this in turn requires moving into
higher-value sectors. While technology had been one And yet the persistent market narrative has been
promising sector, the emphasis has now turned to that Chinese demand is weak.
renewable power, batteries and electric vehicles.
It was a similar story for the Chinese oil market.
The impact on those sectors globally has been While Chinese manufacturing has been generally
seismic. China’s domestic solar panel installations weak for most of the year, affecting diesel and
jumped to 250GW this year and close to 90 percent petrochemical demand, services have been relatively
of panels used to install the remaining 300GW of strong. Domestic air travel reached 120 percent of
550GW of global installations came from China. pre-pandemic peaks for most of the year, and road
traffic surpassed 2019 levels by some distance.
Chinese electric vehicle production rose 43 percent,
Consequently, gasoline and jet demand increased,
with exports of electric vehicles rising 80 percent
pushing total oil demand up by well over 1.2 million
year-on-year and taking light vehicle production
barrels a day.
of all types up by six percent and exports up by
73 percent. China is now well on its way to becoming Commodity prices did not reflect this underlying
the largest exporter of vehicles, overtaking Japan. strength. Brent crude started our fiscal year at about
In addition, China also controls close to 90 percent of USD90 per barrel and was heading toward USD100
the midstream battery supply chain, with the result before plummeting 25 percent in a month by the end
that batteries have been the export category that of December 2022. Prices then traded in a range of
has seen the largest annual dollar increase this year. USD75-USD85 per barrel before a breakout higher in
September 2023. This was despite OPEC+ production
The implications for commodity markets have been
cuts, strong Chinese crude runs, inefficiencies due
clear but underappreciated nonetheless by investors.
to the price cap, and inventories ex-China at levels
well below recent years.
Changes in metal consumption in China, 2021-2023

Stated in kmt, except steel in mmt
Copper Aluminium Zinc Steel

15,080 45,999 6,632 990
880 6,582
360
80
960
-75 15
14,250 43,279 -450
1,050 3,900
320
-580 -2,060 30
2021
Construction
Others
2023
2021
Construction
Others
2023
2021
Construction
Others
2023
2021
Construction
Others
2023
Y axis begins at 13,000 Y axis begins at 39,000 Y axis begins at 6,000 Y axis begins at 875
Source: Trafigura Research Construction Infrastructure and machinery Auto and consumer
In copper, inventories did build much more than Looking forward, we expect to see further progress
normal heading into Chinese New Year but then on the journey to a low-carbon economy.
started to draw much earlier and more sharply,
Our research indicates that renewables are being
bringing stocks below even last year’s record‑low
built at a much more rapid pace than almost any
levels. And yet prices declined, falling from
estimates; global renewable power capacity will
USD9,500 per tonne at the start of the year,
shortly be larger than thermal capacity for the first
to USD8,500-USD9,000 per tonne, and then to
time ever, albeit with lower utilisation rates and thus
USD8,000-USD8,500 per tonne as the year wore on.
output. Solar capacity alone will surpass thermal
In our view, persistent macro-headwinds, either generation within the next two years.
real or perceived, have been the critical driver for
Nonetheless, our view is that demand for natural gas
commodity prices in many markets regardless
will also continue to grow. We expect gas to remain a
of fundamentals.
key part of the energy mix for many years, as a source
Expectations of weakening demand due to an of reliable baseload power, given the lack of battery
impending recession caused by high interest rates storage and the intermittency of renewable energy.
meant that commodity prices found no support from
Electric vehicle adoption is moving much more
falling inventories, supply disruptions and changing
quickly than forecast in China and Europe. On the
demand drivers.
other hand, US auto manufacturers have recently
Foreign exchange rates and interest rates also played cut back investment plans in response to slower
a material part in commodity price dynamics over consumer uptake.
the fiscal year.
But taken together, this suggests that metals demand
As interest rates continued to rise from near-zero from renewables, electrification and electric vehicle
levels, fears of over-tightening and a so-called hard sales will rise sharply in coming years.
landing led to a deeper inversion of the yield curve,
We also expect oil demand to continue to grow
widely seen as a harbinger of a recession.
until around 2030, when we should see demand
The US Dollar did not benefit as much from higher peak and plateau, reflecting reduced demand for
rates as it did in our previous fiscal year when the mobility and energy, but continued pull from the
US Dollar Index reached a 20-year high of 114, but petrochemicals sector.
it did remain at levels that were much higher than
As such, we remain well-positioned to supply the
any seen since 2002.
commodities the world needs as it moves forward
As our fiscal year concluded, the macro narrative with this momentous transformation of the global
seems to have changed. Markets are now more energy system.
concerned about when the first-rate cuts from major
central banks will start. And with inflation metrics
materially lower, it looks like the macro headwinds
of the past few years might be reversing.
Of course, it is still possible that we will see the
delayed impacts of existing rate increases, which
normally take some time to filter through into
tightening financial conditions and reduced economic
growth. But if inflation is indeed sustainably lower,
central banks can start considering reversing the
rate hikes and loosening financial conditions, which
should boost growth.
The flip side is that unless we see unexpectedly
strong demand growth next year, prices might
struggle to absorb increased supplies in some
commodity markets. For example, oil markets should
see further non-OPEC supply growth in 2024, as
Guyana, Brazil, Canada and the US all continue to add
barrels as well as incremental supplies elsewhere.
In copper, we expect increased smelter capacity
additions, primarily from China, leaving the refined
copper market in surplus. Higher production, new
terminals, ample inventories, structurally warmer
weather and lower industrial demand mean gas
markets might also struggle.
But other markets will see the opposite: in copper
concentrates output continues to lag demand, led by
the recent closure of First Quantum’s Cobre Panama
mine, resulting in large deficits that are likely to
necessitate smelter curtailments.
Oil and Petroleum Products

Another strong performance as the market returns
to more normal conditions.
Performance overview
263.7mmt It was another strong year for the Oil and Petroleum
Products division as we continued to focus on supplying
Total volume traded our customers with cargoes as efficiently as possible in
(2022: 277.6mmt*) unpredictable markets.
What was particularly pleasing was that all of our teams,
from crude oil to gasoline, naphtha to distillates and
fuel oil to LPG, contributed positively to our results.
In particular, we grew our share of markets such as
petrochemicals, where demand for products such as
naphtha continues to increase.
5.5m Integral to our strong performance was close collaboration

with our Shipping and Chartering division. By working
closely with the Wet Freight team, we were able to
Average barrels traded
successfully navigate the challenges presented by the
per day
emergence of the ‘shadow fleet’, which transports Russian
(2022: 5.7m*)
oil and has disrupted the global shipping market.
Our volumes were broadly flat year-on-year as we replaced
the Russian crude oil we no longer lift under long-term
contracts with new sources of supply.
A highlight of the year was completing an exclusive
supply and marketing deal with ISAB, one of the largest
refineries in Europe.
Looking forward, we expect crude and product markets
to remain highly uncertain because of the conflict in the
Middle East, the ongoing war in Ukraine and the impact
of the energy transition on fuel demand.
Oil and Petroleum Products Oil continues to be an essential part of the global energy
volumes traded (mmt) 2023 2022 mix and will play an important role in the future, supporting
Biofuels 1.0 0.7 demand during the global shift to a low-carbon economy.
Bitumen 1.8 2.0 As one of the world’s largest independent commodity
companies, we will continue to play our part in moving
Condensates 2.4 2.0
crude oil and petroleum products to consumers around
Crude oil 136.4 149.0 the world – safely, reliably and efficiently.
Fuel oil 31.9 36.7
Gasoline 23.9 24.4
Ben Luckock
Head of Oil
Liquid petroleum gas (LPG) 9.4 7.8
Middle distillates 39.9 41.4
Naphtha 17.0 13.6
Total 263.7 277.6
* For FY2023, natural gas and liquefied natural gas (LNG) traded volumes are
reported separately in the Gas, Power and Renewables section on page 20.
Total volumes traded per annum and average barrels traded per day
for FY2022 have been adjusted to give a like-for-like comparison.
Total average barrels traded per day including natural gas and LNG is
6.3 million.
← In FY2023, we secured
a deal to provide crude
oil to the ISAB refinery in
Sicily, Italy and to market
its refined products via
our global customer base.
Crude oil Gasoline

Following the extreme volatility of prior financial Our Gasoline team had another strong year, expanding
year, the global crude oil market returned to more its European business and adapting to changing
normal conditions in 2023 as supply chains were market dynamics as prices returned to more normal
reconfigured and new trade flows established. levels following the volatility seen in 2022.
Active market management by OPEC and its A shortage of high-quality blending components
allies helped keep the market broadly in balance. underpinned prices over the summer months as
As a result, prices traded in a relatively narrow demand weakened following the decision by Nigeria
range, climbing briefly above USD95 a barrel after to scrap its fuel subsidy.
Saudi Arabia and Russia extended voluntary output Alongside North America and west Africa, Nigeria is
cuts at the end of the financial year.
one of the top destinations for European gasoline
Against this backdrop, our Crude Oil team recorded exports. The commissioning of the large Dangote
solid results, despite relatively flat volumes Refinery on the outskirts of Lagos will reshape trade
compared to the same period in FY2022. flows in the Atlantic basin in the year ahead. We are
well positioned to help our customers manage
During the year, we consolidated our position in
these changes.
the US export market, supporting the introduction
of US Midland West Texas Intermediate to the Volatility is expected to remain elevated with both
benchmark assessment for Brent, the global the Russia and Middle Eastern conflicts distorting
crude oil standard. relevant trade flows.
We also announced an exclusive long-term agreement With macro headlines and government policies
to supply the ISAB refinery in Italy with crude oil, in flux and continuing to provide uncertainty, our
helping its new owners to run a wider slate of strategy will be to remain nimble and to react as
feedstocks and to improve margins. This transaction, quickly as possible to any supply chain disruptions
which leverages our global marketing reach and that may arise.
shipping expertise, is a good example of the supply
In the financial year ahead, we expect a more
chain solutions we can provide for our customers.
challenging gasoline market because of the return
Looking into 2024, the market is likely to become of many of the smaller companies who were forced
unsettled because of rising geopolitical tensions and to step back from the industry because of vastly
tighter financial conditions. However, our Crude Oil increased margin funding requirements after Russia's
team is well positioned to tackle further disruptions invasion of Ukraine.
and manage any subsequent volatility that may arise.
Going forward, a key focus for our Gasoline team
will be continuing to grow our customer base and
logistics footprint.
Fuel oil and bitumen

Following the disruptions and market volatility
caused by COVID-19 and the outbreak of the war
in Ukraine, the fuel oil market showed signs of
returning to more stable conditions in the second
half of FY2023.
Notably, the pressures caused by hedging difficulties
and rising costs of finance, which forced some
companies to reduce their operations and trading
volumes, eased during this period. This created
a much more competitive marketplace. This is
particularly the case with fuel oil, where the number
of tradeable barrels declined significantly, with most
Russian volumes either sanctioned or shifted into
the control of new entrants into the market.
Margins for refiners remained high for most of the
year because of OPEC supply cuts led by Saudi
Arabia. Feedstock demand was healthy for much
of the year which we believe was a result of the
reduction in OPEC‑produced heavy sour crude oil.
This in turn led to a reduction of fuel oil production
coinciding with an increased appetite for heavy
fuels as an alternative to crude oil. We saw a strong
high‑sulphur fuel oil market throughout the summer
months of 2023, with elevated spreads between
crude oil and wholesale petroleum products, and
good utility‑led demand into the Middle East. Very
↑ A TFG Marine low sulphur fuel oil (VLSFO) was volatile as the world
fuel bunkering
operation in Singapore. Naphtha and condensates started to get used to intermittent supply from the
Al Zour Refinery in Kuwait.
Geopolitics were a primary driver of market
movements in 2023 as the EU embargoes on Russian Against this backdrop, our Fuel Oil team performed
products and other applicable sanctions caused well, expanding its bunkering footprint through
significant adjustments to global trade flows. TFG Marine, our bunkering joint venture with shipping
companies Frontline and Golden Ocean. In FY2023,
At the same time, the petrochemical industry was we continued to expand our feedstock business
weighed down by weak margins and overcapacity globally. We also further expanded our base oil
after the commissioning of new world-scale ethylene business, now trading this commodity in more than
cracking facilities in Asia and the US. This led to 25 countries around the world.
naphtha oversupply while facility operating rates
declined globally, most notably in Europe, which Looking ahead, a major focus for the Fuel Oil team
struggled with relatively high energy costs on a will be the growth of exports from new large-scale
comparative basis. processing facilities in the Middle East and west
Africa, which have the potential to reshape trade
The result was a weak market and naphtha was flows. Thanks to our global reach and relationship
repriced to a level where a lot more of it could be with TFG Marine, the Fuel Oil team is well placed to
used in gasoline blending. adapt to changing market dynamics and to deliver
Our Naphtha and Condensates team reacted quickly excellent results for our customers.
to these shifting flows to post strong results using In bitumen, our performance was good despite
our footprint, storage and shipping capacity to help significant headwinds. Demand was strong in the
balance supply and demand. Our global scale and first half of the year but much weaker in the second
network continue to give us the ability to work with as rising inflation forced governments to reduce
customers to adapt to market dynamics and source spending on infrastructure projects. However the
product at competitive levels. Bitumen team was able to react quickly to these
We expect the year ahead to remain volatile but changing market dynamics using our infrastructure
maintain a level of cautious optimism based on and fleet of bitumen carriers. In 2024, we expect
improving conditions in petrochemicals as industry prices to remain volatile. Nevertheless, we are very
overcapacity is slowly reduced. well positioned to offer our customers reliable
supply and expand our bitumen asset base in
the years ahead.
Distillates and biofuels Liquefied petroleum gas

As Russia searched for new outlets for its and ammonia
petroleum products, principally in India and China,
Our LPG and Ammonia team delivered another strong ↓ LPG collection and
and the West looked for new sources of supply,
performance in FY2023, helping to balance the global export terminal in
there was a reconfiguration of long‑established New Jersey on the
market by ensuring the efficient flow of volumes US East Coast.
trade routes. The market also witnessed the
between regions.
emergence of new participants operating outside
of sanction-compliant countries. In FY2023, we registered record LPG exports from
the US. We have built a significant presence in this
It was another volatile year and few markets were
market by connecting a large number of small-scale
more affected than European diesel, but despite
producers to export markets through the domestic
the challenges we enjoyed strong growth across
rail network and our Sawtooth Caverns storage
the region. France and Germany were key drivers
joint venture.
in northwest Europe, while our exclusive supply
and offtake agreement with the ISAB refinery in The year was also characterised by a tight freight
Italy not only highlighted our ability to offer tailored market. This was triggered to a large extent by a
solutions but also provided a platform for growth in severe drought in Panama, which led to unusually
the Mediterranean. long delays and restrictions along one of the world’s
most important trading routes. Drawing on the
Our global jet business enjoyed a strong year as we
strength of our shipping business, we were able to
continued to expand our cargo trading activity and
avoid the worst of the disruption to trade passing
integrated our aviation business into the wider Group
through the Panama Canal.
business model. Biofuels also posted strong growth
as we expanded our footprint in feedstock markets. In China, new propane dehydrogenation plants, which
produce propylene for the petrochemicals industry,
While volume growth was a key strategy in FY2023,
played a key role in increasing flows from the US to
it was also critical that we maintained our vigilance,
Asia. We see a broadly balanced LPG market in 2024,
particularly in emerging markets that were grappling
albeit one that is sensitive to changes in demand
with high interest rates and currency volatility.
from China, where margins in the petrochemicals
Looking ahead, we expect to see continued levels industry remain under pressure.
of heightened volatility in 2024 as new refinery
Elsewhere, we continued to expand our ammonia
start‑ups and macroeconomic headwinds clash
business. This came against the backdrop of a
with geopolitical risk and low global inventory levels.
volatile market as high gas prices forced the closure
of several production facilities in Europe, disrupting
inter-regional trade. We also increased our ethane
trading volumes.
A key focus for the LPG and Ammonia team going
forward will be the introduction of ammonia-fuelled
engines for maritime vessels. We see ammonia
playing a key role in the decarbonisation of the
shipping industry, as a low-emission alternative to
bunker fuel. However, we believe its full potential will
not be realised without a carbon tax to address the
price gap that exists between the two fuels.
Gas, Power and Renewables

A strong year for our newly established division
amid shifting market dynamics.
Over the year, we worked hard to achieve closer
cooperation between our Gas and Power teams as
23.9mmt the new division expanded its footprint in Europe and

North America.
Total volume natural gas traded Among the highlights of 2023 was a ground-breaking deal
(2022: 23.7mmt) to supply significant amounts of natural gas to Germany’s
national importer. When the agreement was signed in
October 2022, it was worth more than USD12 billion at
market prices.
The deal, which is backed by a government guaranteed
loan, shows how the public and private sectors can work
together to ensure security of supply and strengthen
supply chains. It is also a powerful endorsement of
Trafigura and our role as a reliable supplier of vital
natural resources.
Meanwhile, we made further progress on our new power
trading hub in Copenhagen and continued to build our
presence in the US natural gas market. We also struck
our first biomethane deal, working in close collaboration
11.2mmt with our Biofuels team.

The performance of our Power Trading division was also
Total volume LNG traded of note. From a standing start three years ago, we are
(2022: 13.0mmt) now an established participant in the physical power
market, offering a range of services from renewable power
purchase agreements to battery storage.
In carbon credits trading, we were active in both
compliance and voluntary markets, with a particular
emphasis on Europe, Australia, New Zealand and the
US. At the same time, Agora, the supply chain emissions
tracking platform we co-developed, extended its offering
to include energy supply chains, in addition to metals and
minerals. Understanding the carbon intensity of upstream
oil production enables consumers to make more informed
decisions about the barrels they are buying.
In green hydrogen, we continued to work toward final
investment decisions at our planned flagship projects in
Denmark and Wales.
Looking ahead, although 2023 brought a gradual softening
of gas and power prices in Europe on the back of a
mild winter, lower demand and increased LNG imports,
Gas volumes traded (mmt) 2023 2022 we expect markets to remain turbulent and prone to
Natural gas 23.9 23.7
spikes in 2024.
LNG 11.2 13.0 Our focus will remain on further integrating our activity in
trading new fuels in new markets around the world and
Total 35.1 36.7 on helping our clients navigate volatility.
Richard Holtum
Head of Gas, Power and Renewables
← A long-term offtake
agreement with US LNG
producer Cheniere Energy
adds an important source
of gas to our growing
supply portfolio.
Natural gas and LNG

FY2023 was characterised by fundamental changes As it became clear that Europe would avoid a winter
in the way gas flowed across Europe due to the gas crisis, prices continued to retreat and by the
lack of Russian supply and the region’s newfound spring were at the lowest level since the build up
dependence on liquefied natural gas (LNG). to the war in Ukraine.
Higher LNG imports from the US, Asia and Middle However, the market remained volatile as highlighted
East combined with increased pipeline supplies from during the summer when concerns about supply
Africa, Azerbaijan and Norway resulted in a complete disruptions in Australia triggered a surge in prices.
change of trade flows in Europe, which for the past
In LNG, our services remained in high demand
70 years have predominately flowed from east to
throughout the year. We brought cargoes to Europe
west. This led to wide differentials in prices at key
when they were needed and diverted them away
delivery points.
when storage was nearing capacity. In Asia, we
Against this backdrop, our strategy of building a continued to be a reliable supplier for traditional
pan‑European flexible portfolio with a strong focus demand centres and new locations.
on storage and pipeline capacity paid dividends with Our ability to adjust to changing market conditions
our European business reporting strong results. during the year owes much to our strong presence
We expanded into markets that have previously in shipping and the close collaboration between our
been dependent on Russian gas, including Slovakia, LNG and Natural gas teams.
Hungary, Czechia and Austria. Trafigura was one of Looking forward, we expect gas prices in Europe to
the few companies to inject gas into Ukraine storage remain unstable until a wave of new LNG projects
as EU storage approached capacity.
come on stream later in the decade. Until then,
In the US, we continued to focus on exports by using Europe will have to compete with Asia for LNG
our pipeline transportation network to carry gas from cargoes. Our strategy will be to remain agile and
the Permian and Eagle Ford Basins to the Gulf Coast respond to changing customers’ needs by drawing
and Mexico markets. In the coming years, this is a on the size and scale of our operations and our
business we expect to grow as global gas markets integrated approach.
become more interconnected.
US natural gas prices fell substantially at the start of
the year and subsequently traded in a narrow range
near USD3 per million British Thermal Units (Btu)
reflecting a mild winter, relatively robust supply and
high storage levels.
This was in marked contrast to Europe, where prices
remained volatile. After spiking to more than EUR300
per megawatt hour in the summer of 2022, prices
eased as a mild autumn delayed the start of the
heating season and storage sites filled up.
↑ A photovoltaic facility
at Nyrstar's Budel site in Power trading
the Netherlands.
European power prices started FY2023 at near-record Overall, the Power team had a successful year,
levels, at more than EUR250 per megawatt hour, as recording strong results as we successfully managed
a result of high gas prices, which in turn reflected a to navigate price movements in Europe and the US.
risk premium for possible supply disruptions.
We completed a number of transactions during the
A particularly mild winter, meant that supply year, including a tolling agreement with the developer
disruptions did not materialise and prices started of a European battery storage project and several
to slowly deflate. Lower demand from industrial offtake deals with power plants.
consumers added further downward pressure and
Trading volumes were up year-on-year as we added
prices were rangebound for most of the summer.
new products, and extended our geographic reach.
On the other side of the Atlantic, there were We expanded our origination team through a number
several weather events: a deep freeze in the Pacific of new hires. We also continued to develop intraday
Northwest, Storm Elliott on the East Coast over capabilities at our 24/7 trading desk in Denmark.
Christmas and record high summer temperatures
Moving forward, we expect power markets in Europe
in Texas. These events led to spikes in power prices
and the US to remain volatile as more renewable
in the respective regions.
energy projects come onstream and thermal power
We expect volatility of short-term prices to remain generation is retired. As such, our strategy will
a feature of power markets in Europe and the US be focused on securing flexible generation and
as both the supply and demand of electricity are infrastructure, so that we can help our clients
becoming increasingly weather dependent. We are manage volatility and the challenges associated with
positioning the Power business so that our teams intermittency, and on helping connect renewable
can quickly respond to these dynamics. generation plants to customers looking for low
carbon energy supply.
Renewable investments
In 2019, the Group established an internal venture Both of these investments highlight our commitment
capital fund to invest in start-up companies and to investing in and helping incubate businesses and
projects developing alternative and renewable technologies that complement our commercial
energy technologies. activities and energy transition strategy.
The focus of our investment strategy is threefold: to During the year, we worked hard to support our
gain access to experienced teams and intellectual existing portfolio companies and help them deal with
property in early stage companies working in the challenges presented by rising inflation and higher
sustainable energy and technologies; to support interest rates. This was highlighted by the two top-up
the conversion of their intellectual property into investments we made in 2023: in Daphne Technology,
viable development projects; and, ultimately, to help an emissions capture start-up developing technology
develop new markets and business opportunities. to measure and reduce greenhouse gas emissions
from industrial and maritime sources, and in OneH2,
Since launching the fund, we have built an extensive
a hydrogen production company supplying customers
understanding of low-carbon fuels, including
across the US.
ammonia, methanol, ethanol and sustainable
aviation fuel. In May, we published a new whitepaper on
low‑emissions fuel supply for shipping. The
To date, our Energy Transition Group has made
publication focused on the vital role that
11 investments in start-ups that are developing
hydrogen‑based fuels will play in decarbonising
technologies and business models targeting the
shipping and the enormous potential for countries
decarbonisation of large, hard-to-abate sectors.
in the Global South to produce green ammonia and
In 2023, we invested in two companies: Zero Emission green methanol to satisfy growing global demand.
Industries, a hydrogen technology company focused
on the maritime industry, and OXCCU, a climate
technology spin-out from the University of Oxford
that is working to commercialise a technology that
can produce sustainable aviation fuel from carbon
dioxide and hydrogen.
Areas of focus
Long-duration
Hydrogen and Carbon capture and
storage
H2-based fuels utilisation schemes
Exploring market gap opportunity
Exploring opportunities in early Exploring emission capture in key
in deployable, non-geologically
stage adoption of hydrogen and sectors and utilisation pathways
constrained, competitive energy
project development and monetisation for CO2
storage solutions
↑ An artist's impression of
the proposed H2 Energy H2 Energy Europe
Europe 1GW renewable
hydrogen plant in Green hydrogen is a clean-burning alternative to The Milford Haven project has already been
Esbjerg, Denmark. traditional fossil fuels which we believe has the shortlisted for funding from the UK government, as
potential to support the decarbonisation of several part of the UK’s aim to develop up to 10 gigawatts
hard-to-abate industries, including shipping, of low‑carbon hydrogen by 2030.
long‑distance trucking cement and steelmaking. At Esbjerg, the proposed production plant will use
Through H2 Energy Europe, our joint venture with renewable energy generated by offshore wind to
Zurich-based company H2 Energy, we have been produce green hydrogen for industrial use and for
developing two renewable hydrogen projects: heavy-duty transportation.
a 20-megawatt hydrogen production facility within
At full capacity, the plant will be capable of producing
the port of Milford Haven, Wales; and a one gigawatt
up to 100,000 tonnes of green hydrogen a year, which
product plant in Esbjerg, Denmark.
we envisage will be delivered to northwestern Europe
During the year we took the decision to increase our (primarily Germany) via pipeline.
shareholding in H2 Energy Europe and become the
majority owner of the company, as we move toward
final investment decisions on both projects in 2024.
We selected COWI, an engineering and architecture
consultancy, to produce the front-end engineering
design for the production plant at Esbjerg and
submitted a formal planning application for the
Milford Haven project, which will produce hydrogen
for use as a chemical feedstock and in shipping.
Carbon trading
The Carbon Trading team was active across both Overall, the share of global greenhouse gas emissions ↓ The Brújula Verde
project, located in Orinoco
compliance and voluntary carbon offset markets in covered by a carbon price is set to grow further. region, Vichada, Colombia,
2023 helping our customers meet their compliance The implementation of national carbon schemes has will see the planting of
obligations and low-carbon objectives. been proposed in Brazil, Chile, India, Japan, Malaysia, 12 million trees across
10,000 hectares in its first
Thailand, Turkey and Vietnam.
We continued to work hard on expanding our phase, with the possibility
of expanding the footprint
portfolio of carbon removal projects including our The year also witnessed further development of to 30,000 hectares.
investment in Brújula Verde, a landscape restoration Article 6 of the Paris Agreement, which allows The project has the
potential to absorb up to
project on degraded lands in Colombia. countries to trade mitigation outcomes to achieve 45 million tonnes of CO2e
their climate action goals. over its lifetime.
The planting of 12 million eucalyptus trees began at
Brújula Verde, where we have engaged best-in-class With the first transactions already occurring, the
partners to provide digital monitoring and verification mechanism is on track to be fully operational in the
and e-DNA biodiversity tracking, and to carry out a next few years, a development that will help underpin
trial of native species. and support global carbon markets.
Meanwhile, the use of Agora, the supply chain Progress on Article 6 of the Paris Agreement comes in
carbon emissions tracking and analysis platform time for the launch of the first phase of the Carbon
we developed with US technology company Palantir, Offsetting and Reduction Scheme for International
continued to grow. Its services are now available to Aviation (CORSIA), the aviation industry’s flagship
the energy sector and are already being used by oil carbon offsetting system. From 1 January 2024,
producers BP and Ecopetrol. eligible carbon credits under this scheme are
During the year, compliance markets continued to required to be aligned with Paris Agreement criteria.
grow in number and scope. Indonesia and the US It was a challenging year for voluntary carbon markets
state of Washington launched domestic schemes, where there was an increased focus on the climate
while several jurisdictions announced plans to credentials of so-called REDD+ projects, which focus
either expand the scope of existing schemes or to on reducing emissions from deforestation and forest
adopt new ones. degradation in developing countries.
In Mexico, the government is preparing to start the However, progress was made in ensuring the
operational phase of its emissions trading scheme integrity of carbon credits through the launch
in 2024. In Europe, the EU has formally adopted a of the Core Carbon Principles benchmark and
broad set of laws related to its Fit for 55 package assessment framework.
of measures to cut carbon emissions. This includes In FY2023, the EU launched a transitional phase of
the reform of the current EU emissions trading
the Carbon Border Adjustment Mechanism, which
scheme and the expansion to the scheme to the
requires importers to report the embedded emissions
maritime industry.
of certain carbon-intensive goods.
We are already working with shipowners to help them
Also during the year, two climate laws were passed in
understand and meet their obligations in Europe.
California that define a corporate climate disclosure
The EU has also agreed to launch an expanded
rule and require companies to report their carbon
emissions trading scheme (ETS2) in 2027 to cover
emissions and climate-related financial risks.
emissions from buildings and road transport.
For the year ahead, the focus for the Carbon Trading
team will be on strengthening its presence in
established markets and expanding its offerings to
the Americas.
Metals, Minerals and

Bulk Commodities
A strong underlying performance as demand
for energy transition metals grows.
The most interesting trend of the year in metals markets
21.0mmt was the strength of China’s metal consumption in

spite of the well-publicised problems in the country’s
property sector.
Total volume non-ferrous
concentrates and refined Renewable energy demand has taken up the growth mantle
metals traded in China, which is now a major exporter of solar panels,
(2022: 23.3mmt) electric vehicles and the batteries that power them.
As other countries seek to increase their renewable energy
and battery manufacturing capacity, this sets the scene
for supply-demand balances in metals to tighten – in
some cases dramatically from 2026 onwards – as years
of underinvestment in new mining projects start to take
effect. We expect to play a key role in supplying the metals
the world needs to meet this demand.
The Metals, Minerals and Bulk Commodities divisions
89.9mmt recorded a strong underlying trading performance in

FY2023, notwithstanding one-off exceptional charges in
relation to the major loss from a fraudulent nickel scheme
Total volume bulk against Trafigura as well as impairments to certain Nyrstar
minerals traded operations, currently included within this divisional result.
(2022: 91.3mmt)
In metals, a highlight of 2023 was a long-term deal to
supply up to 500,000 tonnes of non-ferrous metals
to Germany. To support this agreement, we raised
USD800 million from a consortium of banks backed by a
credit guarantee from Germany’s Export Credit Agency.
In bulk minerals, it was another strong year in both coal
and iron ore with our teams quick to respond to changing
customer requirements and trade flows. Going forward,
a key focus for our Iron ore and Coking coal teams will
be India, where steel demand is tipped to grow strongly
because of rising infrastructure investment.
Shortly after the end of our financial year, we announced
an investment in Korea Zinc with a view to developing
a new state-of-the-art nickel refinery in South Korea
to produce a range of feedstocks for the rechargeable
Volumes traded (mmt) 2023 2022
battery market.
Non-ferrous concentrates Looking forward, we expect metals and minerals prices

and refined metals 21.0 23.3 to be highly sensitive to macroeconomic factors in 2024,
in particular the outlook for US interest rates. At the
Bulk minerals 89.9 91.3
same time, we believe energy demand from the energy
Total 110.9 114.6 transition will continue to rise, helped by strong support
from policymakers around the globe.
Gonzalo de Olazaval
Head of Metals, Minerals and Bulk Commodities
← Trafigura's concession
agreement with the
Angolan government will
see the refurbishment
and operation of the
1,300km Lobito rail
corridor, offering a
western route to
market for crucial
energy transition metals
produced in the DRC.
Non-ferrous concentrates and refined metals

Copper Alumina and aluminium
For copper, FY2023 comprised two contrasting Aluminium was a bifurcated market in 2023, with
periods. In the first half, the price of copper rose strong demand growth in China compensating for
from USD7,500 per tonne in October to USD9,300 weakness in the rest of the world.
per tonne in January after China, the world’s largest
In China, demand rose to an all-time high, driven
consumer of non-ferrous metals, scrapped its
by rising production of electric vehicles and solar
sweeping COVID-19 policies.
panels. Combined with growth in infrastructure and
As re-opening elation died down and investors transport, this more than offset lower demand from
started to fret about China’s property sector, prices the property sector.
declined. By the end of May, copper was back to
In the rest of the world, higher interest rates and
below USD8,000 per tonne even though demand in
lower consumer spending on goods resulted in lower
China remained extremely healthy, driven by booming
demand. This was also reflected in the performance
production of solar panels and grid investment.
of aluminium prices on the London Metal Exchange,
However, a well-supplied concentrate market and which have fallen 15 percent since the start of the
excess smelting capacity meant China was able to 2023 calendar year. The strength of the US dollar
meet this increased demand domestically without proved to be another headwind for prices.
the need to expand imports of refined metal.
On the supply side, high energy prices continued
Prices strengthened between June and August as to limit growth. Aluminium production is highly
copper stocks held at major exchanges sunk to a energy intensive and many smelters in Europe have
15-year low and the closure of a major EU refinery been forced to curtail production to reduce losses.
raised concerns about a supply gap. In China, continued problems with hydroelectric
generation led to further smelter supply disruptions.
However, the gains were fleeting and, buffeted by
macro headwinds, including a strong US dollar and Meanwhile, the supply of alumina, a key ingredient
weak manufacturing activity in Europe, copper settled needed to make the aluminium, continued to
into a narrow trading range near USD8,000 per tonne. grow strongly.
In these conditions, our Copper team delivered a Following the decision by the government of
strong performance in both copper concentrates and Indonesia to ban bauxite ore exports, new refining
refined metal, with our supply chain services in high projects are expected to be developed in the coming
demand from our global customer base. years. China is also building more refining capacity in
coastal provinces, although it is increasingly relying
In the African Copperbelt, we worked hard to
on Guinean bauxite to produce alumina. Indeed, one
overcome logistical hurdles and ensure the efficient
of every three tonnes of aluminium produced
movement of goods to international markets.
worldwide is made using Guinean bauxite.
The region’s supply chains will be tested again in
2024 when production in the Democratic Republic Our focus in the year ahead will be on helping our
of the Congo (DRC) is forecast to increase. customers navigate difficult and constantly changing
market conditions.
We are committed to improving transport and
logistics in Africa through our involvement in the joint More widely, the drive to a low-carbon economy
venture consortium that operates the 1,300km Lobito is having a clear impact on the aluminium market,
Atlantic Railway, which runs across Angola to the with more than seven percent of global demand now
border with the DRC. The first copper concentrate to coming from products linked to the energy transition.
be exported under the new concession is intended
As China continues to produce the vast majority of
to be dispatched by the end of the 2023 calendar
solar and wind generation equipment, the outlook
year or soon thereafter.
for consumption in the world’s second largest
For concentrates, we see a relatively balanced market economy is strong.
in 2024 before new smelting projects in China and
the rest of the world drive the market into deficit.
Nickel, cobalt and lithium

Increased mining capacity, predominantly in
Indonesia and the DRC, led to oversupplied nickel
and cobalt markets in 2023.
The lithium market also fell into surplus because
of increased recycling and higher production of
low-quality lepidolite ore in China, which can be
processed into higher-grade battery material.
The market surpluses of nickel, cobalt and lithium
raw materials combined with slowing battery electric
vehicle (BEV) sales momentum led to a build-up in
stocks throughout the supply chain that will take
some time to work through.
While current prices for nickel, cobalt and lithium are
depressed, demand for these materials is expected
to grow rapidly over the long term. For example, we
expect battery electric vehicles to account for close
to 50 percent of new car sales by 2030.
As such, we see opportunity to work with the Zinc and lead
automotive industry to solve its procurement The refined zinc market was tightly correlated with ↑ Refined zinc at
challenges. One way to do this is by helping to European power prices during the first quarter of Nyrstar's zinc smelter in
Hobart, Tasmania.
develop new sources of supply. FY2023. As smelters across the region either closed
In 2022, we first announced an investment in Korea or were forced to curb production because of rising
Zinc with a view to developing an all-in-one nickel energy costs, the refined zinc price rose and went
refinery in South Korea. on to hit USD3,500 per tonne in January.
A deal was recently signed to build the plant, which The price then drifted lower as China increased
will see us supply 20,000 to 40,000 tonnes of nickel domestic production and reduced imports. This
feedstock per year. We have also secured offtake resulted in an oversupplied global market (outside
rights in relation to the feedstock agreement. of China), with zinc eventually bottoming out at
USD2,300 a tonne in August.
Looking ahead, policies such as the US Inflation
Reduction Act and the European Critical Raw It was a different story in zinc concentrates,
Materials Act will create further opportunities for where the market was in deficit because of mine
our teams in nickel, cobalt and lithium. disruptions and a recovery in smelter output in the
second half of the year.
Our focus is on building our business in the
fast‑moving battery metals market, while continuing Meanwhile, lead was the top‑performing major
to serve our traditional clients in the stainless metal on the London Metal Exchange, rising by
steel industry. more than 15 percent over FY2023, supported by
its inclusion in a commodity index widely followed
by financial institutions.
In spite of the challenges presented by the power
crisis in Europe, our Lead and Zinc teams delivered
solid results and continued to add customers.
Volumes of refined zinc were down year-on-year,
reflecting reduced output at Nyrstar sites in Belgium,
France and the Netherlands, but lead volumes
rose following the acquisition of the Stolberg
smelter in Germany.
The Stolberg deal has helped change the focus of
our lead business, which is now supported by an
advanced smelter capable of producing technical
alloys for customers.
The outlook for the year ahead is uncertain and we
will be monitoring closely how global consumption
develops, particularly for zinc. However, there is a
clear global push for renewable energy which will
be positive for both zinc (wind turbines) and lead
(battery storage) in the medium-term.
Bulk commodities
Coal Iron ore
In metallurgical coal, used in steel-making, supply In FY2023, the iron ore market saw an increase in ↓ Vessels loading iron
ore at the Porto Sudeste
increased although it was lower than forecast supply from Australia and Brazil, as well as India after export facility, Brazil.
because of adverse weather conditions and labour export tariffs were scrapped. This was balanced by
constraints in Australia. Demand also increased, strong steel production in China in spite of weak
particularly during the second half of the year in downstream margins.
India and Indonesia. Prices briefly touched USD80 per tonne in October
The upshot was a broadly balanced market, albeit before rebounding as China, the world’s largest steel
one with low inventories, which contributed to price producer and consumer of iron ore, retreated from
volatility throughout the year. its sweeping zero-Covid policy.
After trading at nearly USD400 per tonne in In the re-opening euphoria iron ore went on to
the first quarter of 2023, high-quality Australian reach USD130 per tonne before retreating as China’s
metallurgical coal dropped to USD180 per tonne as economy lost momentum.
China’s economy slowed. As demand from Indonesia
From there, prices consolidated and traded in range
and India kicked in during the second half, prices
between USD100 and USD130 per tonne.
recovered to around USD370 per tonne at the end
of the financial year. Looking forward, we see India For our Iron ore team, it was another 12 months of
as a key growth market for metallurgical coal as progress. We saw continued growth at Porto Sudeste,
their steel industry expands production and also a joint venture Brazilian iron ore terminal. Throughput
Indonesia, where the commodity is needed to feed should increase further in 2024 as our Tico-Tico
new coke plants. mine increases production following construction
and commissioning.
It was a different story for thermal coal, which
is burnt in power stations to generate electricity. Outside of Brazil, we are looking to increase
The market was oversupplied for much of the year third‑party tonnage to provide greater alternatives
because of weak demand in Europe caused by a for our global customers.
mild winter and then energy-intensive industries
curtailing production.
On the supply side, Indonesia increased production
and exports. This material and other excess supply
were absorbed in China, leading to expanding
inventory levels.
As a result, prices slumped from more than USD400
per tonne in October for high-grade material to
USD120 per tonne in June. Towards the end of
FY2023, prices started to stabilise, helped by a
recovery in industry activity, particularly in Asia
Pacific and India.
Against this volatile backdrop, our Coal team had
another active and profitable year, helping customers
adapt to new trade flows as a result of the sanctions
imposed on Russian supply.
One highlight is our South African business, which
has played an important role in supplying coal to
Europe and Japan.
Looking forward, we see India as a key growth
market for metallurgical coal as their steel industry
expands production and also Indonesia to feed
new coke plants.
Shipping and Chartering

Trafigura Maritime Logistics provides shipping and
freight services for our in-house activities and
for third‑party clients.
Dry freight shipping

In dry freight shipping, FY2023 witnessed more
normal trading conditions as the disruptions that
had unsettled the market since the global pandemic
5,324 eased and commodities started to move with greater

efficiency around the globe.
Shipping and This was reflected in the performance of the Baltic
Chartering voyages Dry Index, widely regarded as a key barometer
(2022: 5,124) of the industry’s health. It dropped sharply in
the six months to March as the unwinding of
pandemic‑related congestion and inefficiency meant
a higher availability of ships and a steep imbalance
between ships supply and cargo movement demand.
In addition, the container market eased significantly
through this period and a number of cargoes which
had been moving in bulk carriers at the height of the
pandemic moved back to containers. The result was
less cargo moving on bulk vessels.
In the second half of the year, demand for cargo
movement improved and with it freight rates on the
back of strong iron ore shipments globally, robust
coal exports from Indonesia and a bumper soybean
crop in Brazil.
Additionally, a severe drought in Panama led
to unusually long delays for dry freight vessels
transiting the Panama Canal, which forced ships
to sail alternate routes, thereby increasing vessel
2023 Wet and Dry demand. The Panama Canal is one of the world’s
Freight activity Dry Wet most important trade routes and we expect it to
remain a potential disruptive factor to the market
Number of voyages 1,317 4,007
(2022: 1,344) (2022: 3,780) in the next 12 months, with congestion being a
constant issue.
Average number of
vessels under 55-60 225-2301 In spite of the less volatile backdrop, the Dry Freight
time-charter (2022: 60-65) (2022: 210-230) team continued to record strong results, with our
work to build a broader customer base across both
1 A vessel on hire for more than three months (excludes LNG carriers). internal and third-party charterers and shipowners
paying dividends. Volumes were flat year-on-year
while fixtures were slightly down on 2022.
With shipping joining the EU Emissions Trading
Scheme from 2024 and increasing regulation around
emissions, we believe that the coming years will
see significant opportunity as the cost of ensuring
compliance and managing the complexity of these
regulations will be a source of competitive advantage
for companies such as Trafigura.
Alan Cumming
Head of Dry Freight Shipping
Wet freight shipping

2023 was another volatile year in wet freight as the In LPG shipping, our team had a strong year on the
re-routing of Russian crude and petroleum products back of booming US exports, strong demand from
and the emergence of non-western aligned ‘shadow new propylene plants in China and delays in the
fleets’ led to a much tighter market for oil tankers. Panama Canal as a result of low water levels, which
added a premium to our offerings. Similar market
Against this backdrop, our Wet Freight team
conditions are expected in 2024.
delivered a strong performance, achieving a number
of milestones. This included increased volumes It was also a high performing year for LNG carriers.
transported, number of third-party customers and However, we forecast a softer market in 2024 as
fleet size under management. new vessels come into service, outweighing new
liquefaction capacity.
During the year, the team expanded its portfolio
through a series of deals in the open market and As for oil, the global tanker market is expected to
long-term charter agreements. Our large fleet and our remain well supported by new trade routes with
access to insurance and derivative markets in order longer haulage, as well as issues associated with
to hedge risk allowed us to take on more business an ageing fleet – there are very few new vessels
and provide cover to our ship-owning partners. due for delivery over the next 24 months. If OPEC
production curbs are reversed and consolidation
A key focus in 2023 was preparing for new regulations,
continues, there is good reason to believe that freight
including the EU Emissions Trading System. To this
rates will remain high.
end, we consistently ensure that our sustainability
and technical teams have the resources needed However, increasing geopolitical risks and slowing
to comply with new rules and regulations and aim global growth present very real dangers to this
to play a leading role in the decarbonisation of the positive outlook. As such, successfully managing
shipping industry. risk has never been as important. As a result of our
size and global reach, in the years to come we are
We have also retrofitted a number of our owned
ideally positioned to help both internal and external
vessels with new technology and energy‑saving
clients, from refineries to third‑party shipowners,
innovations such as heat recovery systems
around the world.
and silicon hull paint, to improve efficiency and
reduce emissions.
Andrea Olivi
Head of Wet Freight Shipping
↓ The Bellavista Explorer,

built in 2021 and leased
by Trafigura, is one of
the largest LPG carriers
in the world.
Assets and Investments

In FY2023, strategic assets and investments continued to
further extend the scope of our activities and services
offered.
Assets and Investments

To complement our core supply chain services, In October 2023, just after our financial year end,
we also invest in assets and entities that can we took a controlling stake in H2 Energy Europe,
help facilitate the production, processing and which is developing renewable hydrogen projects
distribution of vital resources around the world. in Denmark and the UK.
Our assets and investments include Puma Energy, We are also a significant shareholder in the
a downstream fuel supplier, Impala Terminals, a Lobito Atlantic Corridor consortium that has been
terminal, warehousing and logistics joint venture awarded a 30-year concession to operate and
with IFM Investors, and Nyrstar, an international improve the 1,300km Lobito railway, which runs
producer of critical metals and minerals essential across Angola to the border with the Democratic
for a low-carbon future that has a market-leading Republic of the Congo.
position in zinc and lead.
We own three zinc mines: two in the Americas
These assets are independently run businesses and one in Canada. Production from these assets
with their own dedicated management teams was either above or in line with expectations
and resources. during 2023, although margins were squeezed
by weak zinc prices, rising costs and broader
In addition, Trafigura is the majority owner of
inflationary pressures.
TFG Marine, a provider of bunkering services to
the shipping industry. The Group also owns Galena Asset Management,
a regulated investment firm.
→ Puma Energy's first

rural service station was
opened in Chifunabuli in
Zambia in summer 2023
as part of the company's
commitment to support
energy access.
Puma Energy
Puma Energy is a downstream energy company As part of this commitment to sustainability, in March,
operating in 34 markets around the world, supplying Puma Energy launched its first Sustainability Linked
and distributing refined oil products, such as gasoline Revolving Credit Facility and Term Loan. The two
and jet fuel, lubricants and bitumen. It operates facilities were closed in May with commitments of
around 2,000 retail sites, owns a number of bitumen USD847.5 million – the highest amount secured over
terminals and offers refuelling services at over the past five years.
100 airports.
The sustainability-linked facilities will see margins
In the 2023 financial year, Puma Energy continued adjusted subject to Puma Energy achieving
to focus on strengthening its balance sheet, independently verified key performance indicators
streamlining its portfolio of assets and reinvigorating relating to greenhouse gas emissions reduction as
its core downstream operations. It has also made well as security and human rights.
progress in diversifying its activities by supplying
Looking ahead to 2024, Puma Energy will focus
lower-carbon fuels and offering solar energy
on strengthening its position in key markets
solutions to customers. In spite of macroeconomic
and segments. The company remains cautiously
headwinds, the company delivered solid results for
optimistic as it continues to navigate the market
the year to date.
volatility that characterised 2023.
In line with its strategy to focus on its core
downstream activities, Puma Energy completed
the divestment of most of its storage and terminal
infrastructure assets with the sale of an asset in Case Study
El Salvador to the Impala Terminals joint-venture, in
the second quarter of 2023. The company also sold Investing in rural service stations
its retail and LPG business in Senegal.
In line with Puma Energy’s commitment to
Going forward, Puma Energy’s focus is on prudent support energy access, the company launched
investments in its downstream business. To this its rural service station programme in Zambia
end, the company has completed a number of in 2023. The first service station was opened
transactions in high-potential growth markets, in Chifunabuli with an additional planned for
such as the acquisition of BP aviation fuel assets Zambia over the next few years. This connection of
in Mozambique and LPG supplier, OGAZ, in Zambia. services allows for innovative development, such
During the year, Puma Energy obtained consent from as facilitating the purchase of LPG and cooking
its bondholders to buy back USD410 million of its US stoves backed by micro‑finance loans from the
dollar-denominated Senior Notes due in 2024 and bank partner operating on the Chifunabuli retail
EUR30 million of its Euro-denominated Amortising station site. Each household that buys LPG and
Senior Notes due in 2024. The company intends to a stove contributes to reducing deforestation
buy back all remaining 2024 Senior Notes by the end by avoiding the use of wood and charcoal as a
of the year barring any unforeseen events. cooking fuel. In turn this has a positive impact on
public health and the environment.
In addition, Puma Energy updated its approach to
environmental, social and governance risks, setting Prior to the opening of the new station in
out its strategy in the company’s 2023 Sustainability Chifunabuli, the nearest service station was over
Report. This was underpinned by a series of 40 kilometres away. In fact, a large proportion of
commitments to reduce greenhouse gas emissions Zambia’s rural population does not have ready
and support access to energy, such as the launch of access to transportation and cleaner cooking
its rural service station roll out in Zambia. fuels due to the lack of nearby service stations.
Access to fuel and energy is a prerequisite
for prosperity and economic growth, and by
significantly expanding its rural service station
network, Puma Energy hopes to have a positive
impact on the lives of people across rural Zambia
and unlock new economic opportunities.
↑ In 2023, Trafigura
completed the Nyrstar
acquisition of the
Stolberg multi-metals Nyrstar is an international producer of critical Nyrstar Budel took significant steps to mitigate
smelter in Germany, now metals and minerals vital to the energy transition. the impact of volatile energy prices by reducing its
managed by Nyrstar.
With a market-leading position in zinc and lead, the electricity use per tonne of zinc produced.
company has mining, smelting and other operations
At all three of Nyrstar’s European zinc smelters,
located in Europe, the US and Australia and employs
work continues on the potential for investments
close to 4,000 people.
in a ‘virtual battery’ concept, which would not
Since its acquisition by Trafigura Group in 2019 only help balance the local grid and support
and the subsequent completion of its financial renewable energy use but also bring down costs
restructuring, Nyrstar has been implementing a and increase efficiencies.
transformation programme. This has included
A key focus for the year was the integration of the
significant investments to modernise and improve
Nyrstar Stolberg multi-metals facility in Germany.
the company's assets and operations, a process
Trafigura completed the acquisition of the Stolberg
which continued over the past 12 months in spite
site in February 2023, after which management of
of tough market conditions.
the business was turned over to Nyrstar and the
During the 2023 financial year, Nyrstar’s sites in plant was quickly restarted.
Europe were impacted by a range of external factors
In Australia, further maintenance work took place
which resulted in periods of planned shutdowns and
at the Port Pirie multi-metals site to improve
maintenance at its Budel (Netherlands) and Auby
performance and reduce emissions. Work also
(France) smelters, and reduced output at its Balen
progressed on a project for a new low-carbon electric
(Belgium) facility.
zinc plant to increase zinc fume recovery and reduce
Despite these challenges, the company continued to carbon emissions on site.
focus on implementing technologies and processes
However, operational challenges led to a
to further increase the efficiency and operational
USD226.9 million impairment charge against the
flexibility of its key European assets.
value of Australian assets.
At Nyrstar Auby, after a record 48 years of operation,
In June, Nyrstar and Trafigura published a whitepaper,
a new roaster was successfully installed in
titled ‘Critical metals: Australia’s opportunity in
October 2022.
the energy transition’, which focused on the role
The Nyrstar Balen and Pelt sites implemented a of processing to support the increasing demand
series of continuous improvement projects, further for critical minerals both domestically and for the
increasing efficiency and supporting employee country’s international partners.
engagement. They also added a new alloy to their
Initial studies on germanium and indium recovery in
product portfolio and completed a number of capital
Australia were also undertaken as part of Nyrstar’s
expenditure projects.
wider global focus on critical minerals.
At the Hobart site in Tasmania, a successful The project would also increase the recovery and
maintenance period was completed and refined production of zinc and will reduce waste. This would
zinc production increased throughout the year. Both enable Nyrstar to process stored by-products and
the Australian and Tasmanian governments signed increase recycling capabilities.
grant funding deeds for the new electrolysis plant
At the end of October 2023, Nyrstar announced
project at Hobart.
a temporary pause in production at Nyrstar’s
In June, Nyrstar received a five-year environmental Middle Tennessee mines. During this temporary
license from the South Australian Environment pause in production operations, Nyrstar plans to
Protection Authority for the Port Pirie site. Previously conduct drilling to explore and define additional
this had been an annual license, and this new zinc, germanium, and gallium resources to position
license reflects the work done in recent years by the company to increase the supply to Nyrstar’s
the Nyrstar team to reduce lead-in-air emissions Clarksville smelter upon completion of the planned
and continue to meet environmental standards. investment to enable on-site germanium and
Work also commenced on a new product recycling gallium recovery.
facility at Port Pirie that will further reduce lead in Production at Middle Tennessee mines will resume
air concentrations in the community.
as soon as it is economically viable or once the
Also during the year, the South Australian proposed gallium and germanium production
Government provided a grant for further studies capacity at Nyrstar Clarksville comes on line in the
into battery recycling at Nyrstar and Nyrstar’s training next few years. Nyrstar Clarksville is not expected to
programme was a finalist in the South Australian be affected by the temporary pause in production at
Training Awards for 2023. the Middle Tennessee Mines’ operations.
In the US, Nyrstar’s Clarksville Tennessee operations There is significant potential to produce additional
delivered a significant operational improvement essential minerals and metals at Nyrstar sites in
over the year and are now running at a stable Europe, Australia and the US, based on the mineral
level. The company also continued to advance the feeds the company is currently processing and
business case for a state-of-the-art germanium depending on local demand and government support.
and gallium recovery and processing facility at In order to leverage this potential, Nyrstar is exploring
Clarksville. Germanium and gallium, which are business cases for possible metals recovery facilities.
used in microchips, electric vehicles and a range
These activities underpin Nyrstar’s role as a
of other high-tech goods, are by-products of the
responsible and reliable producer of strategic and
zinc‑sulphides mined at Nyrstar's Tennessee Mines.
critical minerals and metals to further advance the
The proposed investment would include an autoclave
energy transition.
and hydrometallurgical refining equipment. ↓ Nyrstar Hobart’s
Looking ahead to 2024, Nyrstar will continue to seek new remote controlled
The facility could produce enough germanium devices enabling
to stabilise production across its operations. However, automation of the cell
and gallium to meet 80 percent of annual US
headwinds facing the business remain significant, cut-out and cut‑in
demand, enhancing security of supply and process, eliminating
particularly in the form of high energy costs, general critical safety risks and
stimulating domestic production of goods that are
inflationary pressures and depressed prices. increasing efficiency.
currently imported.
In April of this year, Impala Terminals proudly

celebrated the commissioning of a new 200,000cbm
energy import, storage and distribution terminal in
Kwinana, Australia. This state‑of‑the‑art facility will
bring fuel distributors alternatives to serve Perth
and the surrounding region, creating a more resilient
energy market and greater supply security to the
people of Western Australia.
In May, Impala Terminals opened a dry bulk storage
facility to provide export services for the emerging
mining sector in Ecuador.
Non joint-venture assets

In Colombia, Impala Terminals operates an inland
port at Barrancabermeja and a barging operation
from two ports on the Atlantic Ocean. In addition, a
new connection line has been established between
the terminal and a refinery in Barrancabermeja
to further increase the efficiency of the facility.
The company handled a number of new commodities
during the year at the Barrancabermeja port terminal,
including non-ferrous concentrates, helping to
grow its container transportation business unit.
Impala Terminals is continuing to work with a
broader customer base, including container liners,
providing greater flexibility to import and export
different products to and from Colombia by barge
instead of truck, generating an important reduction
↑ The newly-
commissioned Impala Terminals Group in CO2 emissions.
200,000cbm Impala
Impala Terminals is a 50:50 joint venture between In Bolivia and Chile, Impala Terminals continues
Terminals energy
import, storage and Trafigura and Australian pension fund management to deliver a robust performance with its assets
distribution terminal in
group IFM Investors. Impala Terminals has two pillars handling increased volumes of copper, lead and
Kwinana, Australia.
of activity: owner and operator of key infrastructure zinc concentrates, benefiting from strong demand
in 19 countries and asset manager of third-party and increased mining production. In both locations,
assets in eight countries. the Group looks to expand its offering, locations,
services and customer base.
In the former, Impala Terminals designs, develops
and operates key infrastructure and logistics assets At the Impala Terminals Burnside facility in the
across multiple modes of transport. This includes US state of Louisiana, the focus continued on
the safe, reliable handling of dry bulk and liquid diversification, including a deal to sell additional
cargoes to and from inland sites of production and land for a new energy production site. Separately,
consumption, through deep sea ports. In total, the Impala Terminals Burnside has signed a long-term
joint venture has 28 operations trading under the storage and bulk-loading contract for biomass. This
Impala Terminals brand across 19 countries. demonstrates how Burnside, historically known for its
role in the petcoke and coal business, is diversifying
In the latter, the joint venture also manages a into storing and handling more sustainable fuels.
number of Trafigura-owned port logistics, storage
and transportation assets. In this way, it plays a Impala Terminals’ assets in the DRC, Zambia and
key supporting role in Trafigura’s activities and Tanzania continued growing their services and
third‑party trade flows in the Americas, Europe, cargo‑handling volumes in particular for imports
the Middle East and Africa. destined for the mines around the terminals.
The amount of cargoes dispatched via rail to South
Africa and Tanzania has nearly doubled during
Joint venture assets this year, reducing cargoes dispatched by trucks.
After the acquisition of 19 energy infrastructure Impala Terminals’ freight-forwarding business
assets in 10 countries in 2022, Impala Terminals volumes, which oversees the movement of goods on
has been focusing on integrating these terminals behalf of importers and exporters grew by 30 percent
into its existing portfolio. The new and diversified largely from third-party volumes.
platform of assets will enable Impala Terminals to
grow in both dry bulk and liquid markets.
During FY2023, Impala Terminals continued to deliver
growth across various business lines, adding value to
its customers and their global supply chains. Health
and safety remain at the core of all its operations
and a key milestone was an updated health, safety,
environment and community framework.
Nala Renewables
Nala Renewables is a renewable energy development In Europe, Nala Renewables has secured development
and investment platform and is a 50:50 joint approval from its shareholders for the development
venture between Trafigura Group and IFM Investors of 600MWp of solar photovoltaic projects in Romania
established in September 2020 with the aim of and 200MW of battery storage (BESS) projects in
investing in onshore wind, solar PV and power storage Greece. It continues to build its presence in Spain
projects. Since inception, the joint-venture has and Poland with several acquisitions planned. As Nala
expanded its pipeline of assets under development, Renewables continues to grow in these geographies it
construction and operation. Nala Renewables has a will establish a local presence, with offices expected
portfolio of renewable energy generation and storage to open in Spain and Greece during 2024.
assets in Belgium, Chile, France, Greece, Lithuania,
One of Nala Renewables’ flagship projects, the Balen
Netherlands, Poland, Spain, and the US. To date,
battery project, involves the development of one of
the company has grown its renewable energy asset
Belgium’s largest battery energy storage systems
portfolio to approximately 2.5GW and is well on track
at Nyrstar’s zinc smelting facility. Nala Renewables
to meet its 4GW target by the end of 2025.
is overseeing the testing and commissioning of
Nala Renewables continued to strengthen its the project and expects it to enter commercial
presence in its key geographies over the last operations in the first half of 2024. The 100-megawatt
twelve months with a focus on increasing its hour battery project will be able to store 25MW
portfolio. With the acquisition of the Wayu platform, for over four hours and will provide stability and
Nala Renewables now has access to advanced balancing services for the Belgian grid, as well as
commercial and industrial solar projects in Southeast help shift renewable energy production into high
Asia, including three assets that are already energy demand periods.
under construction. The company has overseen substantial progress of
During the year Nala Renewables continued to focus its assets in construction during the last financial
on strengthening its team, acquiring late-stage year, including a 106MWp portfolio of solar PV assets
assets and securing new development partnerships in Greece, and renewable generation and battery
for greenfield projects in countries where it already storage assets in Belgium, solar photovoltaic in Chile
has a presence. and Lithuania. It is anticipated that in several of
these countries where assets are in construction,
Since 2020, Nala Renewables has identified Chile as a
all will convert into operating assets during 2024.
strategic market for expansion. From the company’s
initial portfolio acquisitions of 110MWp and 70MWp of With several of the company's assets heading into
assets in the country, it has grown its total pipeline of operations and Nala’s focus on a long-term hold
↓ Nala Renewables
Chilean assets to 282MWp over the last year, which strategy, one of Nala Renewables key objectives is photovoltaic field,
now comprises 93MWp of assets in construction to grow its asset management capabilities. Castilla, Chile.
and operation. The regional office in Santiago acts
as a hub from where it oversees its activities in Latin
America and provides local expertise to its assets in
construction and operation.
Galena Asset Management

Galena Asset Management is a wholly owned
and regulated investment subsidiary of Trafigura.
It manages internal capital in several funds that are
also available to third‑party investors. The investment
strategies run by Galena Asset Management leverage
Trafigura's insight into metals, mining, energy
and renewables.
As anticipated, FY2023 witnessed continued
market turbulence against a backdrop of
macroeconomic uncertainty.
The fight against inflation was the main focus for
global central banks (outside of China) and tighter
financial conditions meant a higher risk-premia for
commodity derivatives.
The inversion of the US Treasury yield curve –
↑ The TFG Marine-
chartered Pearl Kate TFG Marine whereby short-term borrowing costs exceed
marine fuel supply
barge in Singapore. Founded in 2020, TFG Marine is a bunker fuel supply long‑term equivalents – made it more difficult to
and procurement joint venture between Trafigura finance commodities in storage.
and two of the world’s largest shipowners, Frontline Physical commodity traders typically run lower
and Golden Ocean. inventories as short-term funding becomes more
The partnership brings together three companies expensive. Consequently, market volatility increases
that are market leaders in their respective fields, as storage buffers run down.
each with complementary strengths. This created a situation where physical commodity
The combined demand from Trafigura Marine markets functioned on a low spare capacity and
Logistics, Frontline and Golden Ocean, which disconnected from derivatives, on which the Galena
collectively boast a fleet of more than 700 owned and Multistrategy Fund focuses. In particular, its Macro
chartered vessels, have laid the foundation for TFG strategy Fund, which trades all asset classes
Marine to become a leading supplier of bunker fuel associated with commodities underperformed.
in just three years. It is now operational in around This challenging environment pushed Galena
35 key hubs along the world’s major shipping routes. Asset Management to focus on its private credit
TFG Marine delivered another strong performance strategy, the Galena Structured Credit Resources
over the financial year to the end of September 2023. Fund, launched in March 2022. The company has
Volumes increased as it added new bunkering grown the number of underlying transactions
stations, expanded its logistics footprint and grew its and diversified the portfolio to include Asia, West
customer base in the key shipping hub of Singapore. Africa and North America. It also started to expand
into base metals.
During the year, it continued to focus on innovative
technology and decarbonisation initiatives; It also improved its liquidity management by setting
in particular, its digital portal, which provides up a segregated account to hold high-quality
customers with information including quotes and corporate debt, including Trafigura commercial paper.
certificates of quality. The fund continued attracting internal and external
investors seeking more stable yields and mitigating,
The portal also uses data gathered by TFG Marine’s
to a certain extent, interest rate risk.
mass flow metering systems, which help measure
fuel supplies more accurately. In private equity, there were no new investments
during the year and the team focused on current
More widely, the company is pleased to see its
portfolio companies.
advocacy of mass flow meters delivering real results,
with the ports of Antwerp and Amsterdam mandating Galena Asset Management sees further instability
their use from 2026. and volatility in the year ahead. The focus will be
on geopolitical risk, the energy transition and the
Another highlight of the year was the decision of
performance of the Chinese economy.
Singapore’s Maritime and Port Authority to introduce
electronic bunker delivery notes (e-BDN), a move that
will boost efficiency and transparency.
In terms of decarbonisation, TFG Marine is aiming to
support its customers as they switch to lower-carbon
shipping fuel. To this end, it has already ordered six
methanol refuelling barges for delivery in 2025-26.
Lobito Atlantic Railway

Trafigura is a significant shareholder in the Lobito The importance of the rail corridor was also
Atlantic Railway, a joint venture company that has recognised by the US government at the G7 meeting
been awarded a 30-year concession to operate and in May where it was highlighted as a priority project
renovate the 1,300-kilometre Lobito railway and an for the Partnership for Global Infrastructure and
associated mineral port terminal. Investment (PGII).
Running from the port of Lobito, Angola to Katanga Towards the end of the year, the US, the EU and
in the African Copperbelt mining region in the DRC, several African nations announced their intention
the rail corridor is a strategically important project to fund a feasibility study for a potential extension
for the region. of the railway into Zambia, which has abundant
The upgraded line will provide a more efficient and reserves of copper and other strategic metals.
lower-carbon route to market for copper, cobalt and As the year draws to a close, the project is at a
other metals crucial to the energy transition. critical stage. Trial exports are intended to start
before the end of December with the shipment
At the same time, the project will also enable the
of up to 10,000 tonnes of copper concentrate
investment in other industrial and agricultural
from the Kamoa-Kakula mine in the DRC through
projects along the line which will result in further
January 2024. A financing package, which includes
social and economic development in the region.
a potential USD250 million investment by the
The project to refurbish the line represents an US International Development Finance Corporation
investment of more than USD500 million over the (DFC), is under discussion.
lifetime of the concession. The investment will
enable the renovation of sections of the railway line
and associated infrastructure, in addition to securing
more than 1,500 wagons and 35 locomotives.
The concession for rail services was formally
transferred to Lobito Atlantic Railway in July 2023
at a ceremony in Lobito attended by the Presidents
of Angola, the DRC and Zambia.
Sustainability review
Recognising the important role we play in connecting vital
resources, we place a strong focus on responsible business
practices and sustainability across our operations.
Sustainability is integral to our business. We are Over the past year, we continued to place a strong
committed to operating safely, managing our impacts focus on:
and supporting positive outcomes for society • Reducing our Scope 1 and 2 greenhouse gas
and the environment. Our governance structure (GHG) emissions
and management systems support compliance
across our operations and seek to address the • Enhancing our responsible sourcing function
environmental, social and governance risk associated • Furthering our efforts in green shipping and
with our activities. transition metals
Our business facilitates a stable supply of critical • Enhancing transparency in our supply chains, in
metals for the energy transition and enables the particular related to Scope 3 GHG emissions
efficient flow of resources around the world.
We supply vital commodities to meet current and • Investing in our venture capital and joint ventures
future energy needs, help our customers secure in renewables and low‑carbon hydrogen
critical metals and minerals, work with counterparts • Revamping our health and safety approach
to improve environmental and social standards, seek
• Enhancing our approach to our people
to bring greater transparency to commodity supply
and communities
chains and responsibly manage our own operations.
Our sustainability performance is subject to external
Climate change continues to be a key topic.
assurance by independent external provider,
Our investments in low-carbon hydrogen, solar,
ERM CVS, in relation to:
battery storage and emission-reduction technologies
create more sustainable energy options for our • Scope 1, Scope 2 and Scope 3 GHG emissions
customers. We invest in high-quality nature-based reporting conformance to the GHG Protocol.
carbon removal projects and provide companies • Alignment of our responsible sourcing
with a comprehensive range of carbon offset programme with international guidance on
products tailored to their climate strategies and sustainable procurement (ISO 20400:2017).
sustainability goals.
• Progress towards alignment with the Voluntary
In particular key areas of focus include: Principles on Security and Human Rights across
• Climate change and environment our industrial assets.
• People and communities • Lost-time injury rates (LTIR) across
the business.1
• Health, safety and security
• Governance and conduct
1 This is the first year in which we have sought external assurance
for our safety data across all Trafigura Group companies. A number
of issues with data consistency and quality were identified that we
are working to resolve in FY2024. As a result, ERM CVS is not able
to form an assurance conclusion on the FY2023 LTIR figure.
Selected associations and collaborations

Performance review
Climate change and environment
Targets and initiatives FY2023 Update Measures taken

Over 50% reduction in Scope 1 and 2 We met our initial FY2023 target of reducing • 1,260GWh of green electricity was
GHG emissions by the end of FY2032 our Scope 1 and Scope 2 GHG emissions procured, equal to 30% of total
by 30% against the FY2020 baseline, electricity consumption.
which supports our ambition to achieve a • Invested in onsite solar power.
reduction of more than 50% by 2032. For example, at our Campana Terminal,
and a number of our Puma Energy
aviation storage depots and retail
stations.
• Invested in energy efficiency and
industrial decarbonisation measures
at our Bahía Blanca and ManRef refineries
in Latin America.
10% reduction in Scope 3 upstream We made significant progress towards • Reduced the purchase of higher-carbon
emissions intensity of non‑ferrous meeting this target, in part due to the intensity metals.
metals sourced and supplied by the decrease in traded aluminium relative to • Continued to encourage suppliers to
less GHG-intensive metals. reduce their emissions.
end of FY20301
• Piloted engagements with producers
to understand their GHG footprint and
identify reduction opportunities.
25% reduction in GHG intensity Through our investment in a modern, energy • Worked towards converting six vessels,
of our shipping operations by the efficient fleet and a series of lower carbon (18 percent of our owned fleet), to use
end of FY2030 (against the 2019 modifications, we achieved a 19% reduction zero-emissions fuels by FY2030.
by the end of FY2023.2 • Continued to invest in clean technologies
IMO benchmark)
such as ammonia fuelled shipping
engines.
• Advocated for emissions reductions and
carbon pricing in the shipping sector.
• Published whitepapers to highlight
opportunities for lower‑carbon fuels.
Develop a renewable energy asset 2.5GW renewable energy portfolio at the • Supported Nala Renewables develop its
portfolio with a cumulative target end of FY2023. portfolio of projects in Latin America and
capacity of 4GW by end of FY20253 Europe.
Invest in renewable hydrogen projects We continued our strategic, targeted • Our efforts are focused on the
with a total production capacity of investments in low‑carbon hydrogen development of two large-scale projects
3GW by end of FY2030 technologies. in Denmark and the United Kingdom,
powered by wind power.
Zero severe environmental incidents We experienced 10 'level 4' and 'level 5' • Continued to apply industry good
(such as a hydrocarbon spill of hydrocarbon spills (over 50 barrels). practices and maintained robust spill
over 50 barrels) preparedness and response processes.
• Engaged with stakeholders, including
service providers, regulatory agencies
and emergency response providers,
to support rapid responses and
remediation measures.
Other highlights:
• Extended our Agora platform, which is aimed increasing transparency in supply chain carbon intensity, to cover energy in addition to
metals.
• Integrated Puma Energy's high risk sites within our environmental and social sensitivity risk assessment platform, TESSA.
• Undertook physical climate change risks assessments at our extractive sites in Peru and US and developed appropriate mitigation
and adaptation strategies.
1 Against a baseline of 6.97 tCO2e/tmetalEq.

2 Whilst we are pleased with the strong reductions to date in our shipping GHG intensity reduction, we note there are a range of market uncertainties and new policy
measures entering force in the coming years that could result in short-term swings in greenhouse gas performance.
3 This includes projects in operation, construction and under development.
People and communities

Improve workforce diversity, including We operate in over 150 countries, with 80+ • Strengthened our early career talent
at the recruitment phase, through nationalities across the Group. pipeline by building strategic alliances
targeted outreach initiatives Women represent 19% of the Group's global with leading universities, holding career
workforce (FY2022: 18%). Excluding our days and developing our trader, graduate
industrial assets, women made up 35% of and apprenticeship programmes.
the workforce and 39% of the new hires • Focused on building our pipeline of
FY2023. talent, in particular for commercial
staff where women are typically
under‑represented across the industry.
Enhance our staff development Across the Group, 309 colleagues were • Offered a range of coaching and capacity
opportunities, expanding our skills provided with career development building programmes designed to help
and career progression-focused opportunities through relocation to different our employees enhance their skills.
countries. Approximately 290,000 training
training framework
hours were provided.
Support communities through our The Trafigura Foundation donated • Trafigura Foundation shifted its focus to
Corporate Social Investments (CSI) approximately USD10m, and revamped programmatic and catalytic grant making,
and the Trafigura Foundation its strategy focusing on resilient whilst enhancing management of the
communities and ecosystems across existing philanthropic portfolio.
global supply chains. • Our CSI continues to be employee led,
Provided financial and in-kind support and focus on impactful support to our
to over 260 initiatives across our regions communities.
through our Corporate Social Investments.
Other highlights:
• Piloted a community impact assessment programme and reviewed performance at key sites globally.
Health, safety and security

Zero fatalities Two fatalities reported in FY2023. • Took onboard lessons learned from the
fatalities and reinforced systems to
minimise risks of recurrence.
• Implemented a new communities,
health, environment, safety and security
(CHESS) ambition and framework.
• Mapped our highest-risk activities by
cause across our assets and developed
12 critical risk standards.
30% reduction of our lost time injury Our LTIR performance was 1.22 in FY2023 • Strengthened our capabilities, refreshed
rate (LTIR) by the end of FY2025 (FY2022: 1.25, restated). We will be our ambition and built a plan through to
reassessing this target in FY2024. 2027, focusing on risk capacity, systems,
culture and learning.
Align our operations with the Voluntary Progress on track at the end of FY2023. • Extended the roll out of the VPSHR to our
Principles on Security and Human Nyrstar and Puma Energy facilities.
Rights (VPSHR) by the end of FY2024
Other highlights:
• Gained important knowledge from our Voluntary Principles on Security and Human Rights alignment programme.
Governance and conduct

Full alignment of our responsible Achieved full alignment with • Worked with value chain partners to
sourcing programme for metals ISO 20400:2017. promote adherence to the ISO and wider
with applicable requirements international standards.
of ISO 20400:2017 Sustainable • Provided support and capacity-building
Procurement guidelines by to key suppliers.
the end of FY2023 • Continued to engage proactively with
clients to understand and integrate their
ESG requirements.
Extend screening of counterparts 192 counterparty diligence reviews were • Strengthened our responsible sourcing
under the responsible sourcing initiated by our responsible sourcing capability, through additional resource in
due-diligence process team (FY2022: 156 diligence reviews). Latin America and Africa, and increased
Of these, 56 counterparties were active our engagement with value chain
in conflict‑affected and high-risk areas partners and clients.
(CAHRAs) (FY2022: 89). • Launched our online diligence platform,
making our diligence process more
transparent, efficient and effective.
Maintained and enhanced our We carried out 10,697 KYC checks and • Continued building out our compliance
compliance policies and procedures in 19,374 compliance training courses in systems with a particular focus on our
line with international standards FY2023. approach in key areas such as sanctions
Reconfirmed that our compliance and the assessment of high‑risk
programme meets international standards jurisdictions.
through a third-party review. • Enhanced our KYC monitoring and
assessment processes and vessel
screening.
Other highlights:
• Launched the Trafigura country risk-screening tool to help strengthen due diligence and determine high-risk and conflict-affected
countries.
• Updated our compliance training framework to include guidance on the use of communication technology and related risks and
expectations.
44 Corporate governance
Board of Directors
and Committees
Trafigura is owned by its senior employees. This ownership
model is structured to encourage a focus on long‑term
sustainable value creation.
Read our leadership

biographies: Board of Directors Executive Committee
www.trafigura.com/who- The principal oversight body for the Group is the In September 2023, the Management Committee
we-are/leadership ↗
Board of Directors, which has overall responsibility was replaced by the new eight-member Executive
for the strategic direction and management of the Committee, including new Chief Operating and Chief
Group, including commercial and financing strategy Risk Officers. This was done to further strengthen
and stakeholder relations. The Board also assumes leadership and focus across the Group's global
responsibility for matters relating to the nomination activities during a period of exceptional success
of Executive Directors, the Executive Committee and and growth and to reflect the retirement of outgoing
senior employees and succession planning. COO Mike Wainwright.
The directors with executive responsibilities are The Executive Committee sits below the Board
also members of the Executive Committee and of Directors and includes two Trafigura Executive
sub‑committees as outlined below. Management Directors. It is responsible for the execution of our
of the Group is characterised by short reporting lines, business strategy, including management of the
flat structures, clear delineation and segregation of trading, commercial and operational functions and
responsibilities, and personal accountability. the investment portfolio.
Employee remuneration is linked to Group
performance and individual contribution. Over
1,200 senior employees are shareholders of the Corporate Committees
Group. Each has a strong personal incentive for the The Executive Committee is supported by the three
Group's long‑term success, promoting management following corporate committees, illustrated on the
depth and stability and encouraging prudent opposite page:
risk management.
• Finance Committee
Board Sub-Committees • Operational HSEC Steering Committee
The ESG Committee is responsible for assisting • Commercial ESG Steering Committee
the Board of Directors with the management of From FY2024, the Operational HSEC and Commercial
the Group’s environmental, social and governance ESG Steering committees have been combined to
strategy and performance. form a new ESG Steering Committee, chaired by the
The Audit Committee is responsible for assisting Chief Operating Officer.
the Board of Directors in fulfilling its oversight
responsibilities for the financial reporting process,
the system of internal controls and the audit process.
The Risk and Compliance Committee is responsible
for assisting the Board of Directors in supervising the
Group’s risk management capabilities and policy, and
the implementation and development of the Group’s
compliance programme.
The Remuneration Committee assists and advises
the Board of Directors on matters relating to the
remuneration strategy for the Executive Committee
and other senior employees of the Group.
Corporate governance overview
Audit Committee ESG Committee

Board of Directors
Risk and
Remuneration Committee
Compliance Committee Executive Committee
Corporate Committees
Finance Committee Operational HSEC Steering Committee Commercial ESG Steering Committee
Leadership
Non-executive Directors
Board of Directors
Mark Irwin Pierre Lorinet Sipko Schat Andrew Vickerman

Director Director Director Director
Executive Directors
Jeremy Weir Jose Maria Larocca

Executive Chairman and Executive Director
Chief Executive Officer
Gonzalo De Olazaval Richard Holtum Ben Luckock

Head of Metals, Minerals Head of Gas, Power Head of Oil
and Bulk Commodities and Renewables
Executive Committee
Ignacio Moyano Christophe Salmon Emma Stroud

Chief Risk Officer Chief Financial Officer Chief Operating Officer
46 Risk management
How we manage risk

A rigorous and conservative approach to risk management
is an integral element and central focus of our business.
We have developed rigorous risk management and The Executive Committee is responsible for the
governance systems designed to address the risks management of the Group's general activities and
to which we are exposed. These systems apply implementing the business plan approved by the
Code of
multiple lines of oversight to verify compliance with Board, including the management of risks.
Business
applicable laws and regulations by all employees.
Conduct
The committees of the Board provide additional
The Group actively manages and mitigates, wherever
oversight. In particular, the Risk and Compliance
possible, identifiable and foreseeable risks inherent
Committee is responsible for supervision of the
to its activity.
Group's risk management framework and policies,
The Board of Directors, via the Risk and Compliance including in respect of market and counterparty risk,
Committee, has principal oversight responsibility, compliance, financial, legal, operational, IT and
trafigura.com/code-of-
sets the risk management framework, determines cyber security, and business continuity risks.
business-conduct ↗ the overall risk appetite of the business and creates
the appropriate structures and processes to manage
each category of risk in an appropriate manner.
trafigura.com/business-
principles-on-hsec ↗
Corporate
responsibility
policy
trafigura.com/corporate-
responsibility-policy ↗
Risk governance overview
Board and Executive Committees
Risk and Compliance Committee Audit Committee ESG Committee Remuneration Committee
Policy and oversight
The Risk and Compliance The Audit Committee is The ESG Committee is The Remuneration Committee
Committee is responsible for responsible for assisting the responsible for assisting the assists and advises the Board of
assisting the Board of Directors Board of Directors in fulfilling its Board of Directors with the Directors on matters relating to
in supervising the Group’s risk oversight responsibilities for the management of the Group’s the remuneration strategy for the
management capabilities and financial reporting process, the environmental, social and Executive Committee and other
policy, and the implementation system of internal controls and governance strategy and senior employees of the Group.
and development of the Group’s the audit process. performance.
compliance programme.
Organisational structure
Short and direct The Chief Risk Risk exposure Risk management The Finance team The Compliance
channels of Officer and internal monitoring and and trading teams is involved from the department operates
communication controls function are hedging execution are automatically earliest stages in the independently from
and control. independent from are carried out by notified whenever process and can veto but in co-operation
the trading teams. Deals Desk. a book nears its any transaction. with commercial
risk limits. teams to ensure
controls are relevant
and effective.
Rule-based procedures and limits
The Group follows a Focus on aggregate risk, Systematic flat price Our Code of Business The mandatory
comprehensive internal term structure, intra exposure hedging. Conduct and associated Compliance training
limit framework commodity spreads and policies set out the programme ensures
(e.g. market and credit). risk concentrations. high standards of employee awareness of
Market risk limits are responsible behaviour key internal and external
applied at multiple levels required of every requirements.
within the organisation: employee, individually
on individual, commodity, and collectively.
desk and Group levels.
48 Risk management
Risk management system

Key risks Mitigation and actions
• Our policy is to hedge index price exposure • Our policy is to borrow short-term working
related to physical transactions on a capital at floating rates, with any rate changes
deal‑by‑deal basis. passed through to our customers, and to fix
• Our stock is generally pre-sold or the index price rates for medium- and long-term financing via
Markets and prices is hedged. the swaps market.
Volatility in commodity • Despite such hedging, we remain exposed • Freight costs and bunker costs are hedged
prices, spreads, interest and to basis risk, i.e., the risk of changes in the by our Shipping and Chartering team via
exchange rates. difference between the price of the commodity forward‑freight agreements and bunker
being hedged and the hedging instrument. fuel swaps.
Fluctuations in the supply of The Group carefully monitors its hedging • The diversification of our business, trading a
or demand for commodities. positions on a daily basis to avoid excessive wide range of commodities with varying and
basis risk resulting from these imperfect uncorrelated market dynamics across a large
correlations (including the use of VaR metrics). number of countries and geographical regions,
• The majority of sales and purchases are is an important factor in reducing our overall
denominated in US dollars. Exposure to exposure to any individual market, price,
other currencies is hedged as appropriate geopolitical or other risk.
and financing raised in currencies other than
US dollars is generally swapped into US dollars.
• We rely on a deep pool of financing from • We take a conservative approach to managing

banks and investors to support its business. our funding liquidity, with more than one-third of
This structure has three pillars: committed facilities unutilised at all times under
(i) Transactional facilities normal market conditions, and immediately
Finance and liquidity available cash of at least USD2 billion
(ii) Securitisation always on hand.
(iii) Corporate credit facilities • Our transactional financing base allows the
• For longer-term capital needs, we raise funds underlying assets to be marked‑to‑market,
on public bond markets or through private matching liquidity needs for any related
placements with institutional investors. margin calls.
We follow a strict policy of matching the
maturity of our assets and liabilities.
• Our Compliance department oversees Group • The Department’s activities include counterparty
activities to verify that we operate appropriately due diligence (KYC); anti-money-laundering;
and that our controls are relevant and robust. sanctions and trade restrictions; anti-bribery
It focuses on promoting a sound compliance and corruption; and financial market conduct.
Compliance, internal culture across the organisation in which • The Compliance department ensures
everyone recognises their personal responsibility
controls and sanctions for meeting our compliance objectives. The team
that obligations with regard to applicable
international sanctions are respected across
adopts a risk-based approach, allocating energy all our business activities and that we fulfil the
and resources to the issues that matter most applicable undertakings on sanctions included in
to our core business and our stakeholders. our credit facilitates. This is a key focus for the
The company is fully aware of reputation risk for trading teams, which receive support from the
its business and takes a proactive approach to Compliance, Legal and Finance departments.
mitigate it.
• We are focused on managing legal, taxation and

regulatory risks across the multiple jurisdictions
in which we operate. The Group adheres to
applicable local and international tax laws,
Legal, taxation including legislation on transfer pricing.
and regulation • Moreover, we routinely engage in discussions

with regulatory bodies around sector
market developments and financial stability,
emphasising our credibility in the industry.
We are always open to sharing our knowledge of
and expertise in the commodity markets.
Key risks Mitigation and actions
• We use internal credit limits established by the • We pay particular attention to screening our
Credit department to reduce counterparty and portfolio of prepayment agreements with
credit risk. The Group prides itself on having producers for credit risk.
had an extremely low incidence of credit losses • We manage certain credit exposure through
Counterparty, throughout its history. coverage in the insurance or bank markets.
country and credit • We reduce political risk in relation to certain
countries below a certain risk rating by
purchasing political risk insurance.
• Credit limits reflect our limited appetite
for credit risk and are based on a credit
analysis of the client as well as the size of the
relevant transaction when compared to our
balance sheet.
• The Board ESG Committee sets and oversees • A particular focus has been placed on meeting
the strategic direction of the Group’s our sustainability targets, driving good practice
sustainability strategy and its corporate policies across the Group, and preparing for a range
and guidelines. of new sustainability focused standards
Operational safety, and • Our Corporate Responsibility Policy and and regulations, including the EU Corporate
Sustainability Reporting Directive.
Environmental, Social Business Principles articulate the leadership
team’s priorities and commitments across
and Governance (ESG) operational safety and ESG for the Group. At the
operational level, they outline what is expected
from everyone in the Group, its divisions and
operating companies.
• The Board ESG Committee receives regular
updates from managers across the business to
discuss HSEC performance and future targets,
and their approach to managing ESG risks
and opportunities. The Committee receives
the minutes of the Operational HSEC and
Commercial ESG Steering Committee meetings
and internal HSEC management reports.
The Board Committee and Operational HSEC
and Commercial ESG Steering Committees
also receive presentations from internal and
external subject matter experts to stay abreast
of emerging ESG expectations, policies and
leading practice.
• We have invested significantly in state-of- • To counter any cyber threat, we actively manage
the-art scalable and resilient systems residing the risk by deploying and continuously upgrading
on highly available and disaster recovery state-of-the-art cyber defences. We employ
resilient infrastructure. Our applications are multiple layers of advanced threat detection
Digital infrastructure/ designed for front-to-back processing with mechanisms, together with active automated
cyber-security integrated controls. countermeasures. We run regular exercises in
• The commodities industry is a focus for partnership with the most sophisticated industry
sophisticated cyber threat actors ranging from specialists to test our detection and response
nation states to high-tech criminal gangs. capability to cyber-attacks.
Motivations range from fraud to data theft. • Management has paid particular attention to
The impact of a breach in our corporate or promoting a culture of security awareness.
industrial digital infrastructure has the potential Cyber-security is a mandatory and on-going
to seriously disrupt our operations. component of staff training, underpinned by a
comprehensive set of defined Technology and
Security Policies.
50 Funding model
Financing to meet
diverse business needs
Access to diverse, scalable and flexible sources of funding
is essential to purchase commodities and finance their
onward distribution to our end customers.
Continued access to capital Matching funding with collateral

Our activities require substantial amounts of capital. reduces credit risk
We source, store, blend and deliver commodities We have established a three-pillar funding structure
around the globe. We invest in terminals, logistics which allows us to match the type of financing to
and physical infrastructure to improve the efficiency the business requirement.
of our trading operations.
We use short-term financing for trading. These
Our diversified funding model allows us to continue loans are secured against the underlying physical
to operate effectively and successfully in different commodities. Lines are frequently marked‑to‑market
market conditions. The scalability and structure of so the level of financing tracks the value of the
our model protects the business from market shocks underlying collateral as prices change. We raise longer-
and provides flexibility and the ability to capitalise term debt to finance fixed assets and investments.
on opportunities as they arise.
We have put in place a global programme of Transparency promotes stability
flexible, short-term secured facilities to finance As a private company relying on debt to finance its
our day‑to‑day operations and a programme of operations, our performance is closely scrutinised
longer-term corporate facilities to finance our asset by a large group of banks and investors worldwide.
investments and other corporate requirements. Members of the Finance team regularly meet with
Available funding exceeds our everyday our lenders' representatives. These meetings often
requirements. This provides headroom for unusual include operationally focused personnel (e.g. from
market conditions. We also maintain substantial Credit, Compliance, Market Risk and our commercial
cash balances to ensure that we will always teams) who provide additional insight into our
meet day-to-day capital commitments, even in business model. As an issuer of publicly listed debt,
unexpected circumstances. we also meet the transparency requirements of our
bond investors. Our interim and full-year reports
are published online. We hold regular calls and
Our approach to funding presentations to update investors and to respond
to specific queries directly.
Diversification improves
competitiveness and access to capital Public credit ratings
We diversify both the sources and the structure
We do not hold a public rating and we do not seek
of our financing to minimise risk and maximise
to obtain one. The Group focuses on strengthening
operational effectiveness.
its balance sheet through long-term value creation.
We raise funds in a variety of markets in the US,
We obtain our funding from stakeholders who
Europe, Middle East and Asia-Pacific. We have lending
understand our business model in detail and
arrangements in place with around 150 banks around
whose investment decisions are not driven by
the world. Therefore, we are not constrained by
external ratings. We have significantly expanded our
credit restrictions for specific financial institutions,
sources of financing over the years by maintaining a
sectors or regions.
sustainable credit standing that is consistent with
We raise capital with a range of repayment schedules, an investment-grade profile.
from very short-term facilities to maturities greater
Likewise, the absence of a rating means that our
than 10 years. This spreads our exposure across
business and investment decisions are not taken
the yield curve.
on the basis of maintaining a particular rating level,
We ensure that all funding arrangements are something that becomes particularly important at
in compliance with applicable sanction laws times of high market volatility.
and regulation.
Our three-pillar funding structure
Transactional Securitisation Corporate

facilities programmes credit facilities
All transaction-based lending is fully We manage two trade receivables We invest in fixed assets to support
collateralised. We fund day‑to-day trading securitisation programmes through our trading activity. We finance these
mostly through bilateral agreements with separately capitalised special with long-term debt adhering to our
individual banks and borrowing bases purpose vehicles: TSF and Argonaut. policy of matching durations of assets
with syndicates of banks. The programmes further diversify and liabilities. We issue debt securities
our funding sources by enabling and negotiate lending facilities in
Most transactions start with a bank
access to bank-sponsored conduits diverse markets.
issuing a letter of credit on behalf of
and ABS investors and, thanks to
Trafigura in favour of a commodity Funding sources include bonds, perpetual
TSF's investment‑grade ratings from
supplier to secure due payment. The bonds, revolving credit facilities, private
Moody’s and S&P, are cost‑effective
bank takes security over the physical placements and term loans. These
financing mechanisms.
commodity being purchased. instruments are also used to manage
Physical commodities are typically daily funding requirements in relation to
When payment is due, we draw on a
financed on a trade-by-trade basis with our hedging instruments, such as initial
transactional loan to pay the supplier,
secured loans granted by trade finance margin deposits and margin calls with
such loan being secured against the
banks. Once a commodity cargo is sold by hedge brokers.
commodity. The loan is frequently
us to a counterpart and risk transferred
marked‑to‑market until maturity
has occured, an invoice is raised. The
so that the amount being financed
receivable attached to such invoice,
always corresponds to the value of the
can be sold to our trade receivables
underlying commodity.
programmes (subject to their eligibility
Once the commodity is sold to the end- criteria) and the payment proceeds
buyer, a receivable is created and assigned from the sale are then used to repay
to the bank until the cash settlement is the initial secured loan. Securitising our
used to repay the secured loan. receivables accelerates the rotation of
Alternatively, the loan can be repaid existing credit lines, since transactional
earlier if the receivable is sold to one secured loans can be repaid faster with
of the trade receivables securitisation the programmes' proceeds.
programmes operated by the Group. We also operate an inventory
securitisation programme (TCF/TGCF)
that enables us to sell and repurchase
eligible inventories, together with related
hedging instruments.
52
Consolidated
financial statements
54 Auditors Report
60 A. Consolidated statement of income
60 B. Supplementary statement of income information
61 C. Consolidated statement of other comprehensive income
62 D. Consolidated statement of financial position
63 E. Consolidated statement of changes in equity
64 F. Consolidated statement of cash flows
65 G. Notes to the consolidated financial statements
54 Financial statements
Auditors Report
Report of the Auditor to
the Shareholders and the Board of Directors of
Trafigura Group Pte. Ltd.
Singapore
Report on the audit of the

Our audit approach
consolidated financial statements
Overview
Opinion
Overall Group materiality: USD 307 million
We have audited the consolidated financial
statements of Trafigura Group Pte. Ltd. and its We performed full scope audit work at
subsidiaries (collectively, the “Group”), which 6 components, audited specific balances
comprise the consolidated statement of income and at 29 components and performed specified
the consolidated statement of other comprehensive procedures at 2 components. Our audit scope
income for the year ended 30 September 2023, the addressed approximately 69% of the Group’s
consolidated statement of financial position as at revenue and 77% of the Group’s total assets.
30 September 2023, the consolidated statement of As key audit matters, the following areas of
changes in equity and the consolidated statement focus have been identified:
of cash flows for the year then ended, and notes to
the consolidated financial statements, including a • Impairment considerations for Puma Energy
summary of significant accounting policies. Holdings Pte. Ltd. (Puma Energy) and Nyrstar
Netherlands (Holdings) B.V. (Nyrstar)
In our opinion, the accompanying consolidated
financial statements give a true and fair view of the • Valuation of LNG off-take agreements
consolidated financial position of the Group as at
30 September 2023 and its consolidated financial
performance and its consolidated cash flows for the
year then ended in accordance with International
Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board (IASB).
Basis for opinion

We conducted our audit in accordance with
International Standards on Auditing (ISAs).
Our responsibilities under those provisions and
standards are further described in the “Auditor’s
responsibilities for the audit of the consolidated
financial statements” section of our report.
We are independent of the Group in accordance with
the provisions of the International Code of Ethics for
Professional Accountants (including International
Independence Standards) issued by the International
Ethics Standards Board for Accountants (IESBA Code),
and we have fulfilled our other ethical responsibilities
in accordance with these requirements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis
for our opinion.
PricewaterhouseCoopers SA, Avenue Giuseppe-Motta 50, case postale, CH-1211 Genève 2, Switzerland
Telephone: +41 58 792 91 00, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.
Materiality by another PwC network firm at one of the Group’s

global service centres located in Mumbai, India or
The scope of our audit was influenced by our Montevideo, Uruguay under the direct guidance of
application of materiality. Our audit opinion aims to the Group audit team. Additionally, we identified
provide reasonable assurance that the consolidated 31 components that, in our view, required either an
financial statements are free from material audit of specific balances or specified procedures
misstatement. Misstatements may arise due to fraud to be performed due to the significant or higher
or error. They are considered material if, individually risk areas and to achieve appropriate coverage
or in aggregate, they could reasonably be expected to over material amounts. Of these 31 components,
influence the economic decisions of users taken on there were 2 components where the work was not
the basis of the consolidated financial statements. performed directly by ourselves or through our
Based on our professional judgement, we determined direct supervision at the Group’s global services
certain quantitative thresholds for materiality, centres, including 1 component where the work
including the overall Group materiality for the was performed by a non‑PwC network audit firm.
consolidated financial statements as a whole as In addition, we instructed the same non-PwC
set out in the table below. These, together with network audit firm to report to us on the results
qualitative considerations, helped us to determine of specified procedures performed with respect to
the scope of our audit and the nature, timing and impairment testing relating to Puma Energy. As a
extent of our audit procedures and to evaluate result, our audit scope addressed approximately
the effect of misstatements, both individually 69% of the Group’s revenue and 77% of the
and in aggregate, on the consolidated financial Group’s total assets.
statements as a whole. For these 2 components as well as for the specific
procedures performed with respect to impairment
Overall Group materiality USD 307 million
testing relating to Puma Energy, we issued specified
Benchmark applied Three-year average profit procedures instructions to the component auditors
before tax
and reviewed the results of their work with them for
Rationale for the materiality In our view, the materiality our audit. We determined the level of our involvement
benchmark applied benchmark applied above is
the benchmark against which in the audit work performed by the component
the performance of the Group auditors to be able to conclude whether sufficient
is most commonly measured,
and it is a generally accepted
appropriate audit evidence had been obtained as a
benchmark. basis for our opinion on the consolidated financial
We used a three-year average to statements as a whole.
allow for the volatility in earnings
normally encountered in the
commodity trading markets.
We verified that the audit teams both at Group and at
the component levels included the appropriate skills
We agreed with the Audit Committee that we and competencies necessary for the audit of the
would report to them misstatements above Group’s consolidated financial statements, including
USD 15.3 million identified during our audit as well specialists in the areas of information technology,
as any misstatements below that amount which, in valuation and taxes. The Group audit team was in
our view, warranted reporting for qualitative reasons. regular communication during the year with the local
teams to discuss the audit approach, progress of the
Audit scope audit and observations or findings, if any. To facilitate
We tailored the scope of our audit in order to perform our direct review, local PwC teams in India and
sufficient work to enable us to provide an opinion on Uruguay documented their audit work directly in the
the consolidated financial statements as a whole, Group audit team’s files. The Group audit team also
taking into account the structure of the Group, the performed audit procedures over Group functions
accounting processes and controls, and the industry and the risk of fraud and non‑compliance with laws
in which the Group operates. and regulations.
The Group financial statements are a consolidation Key audit matters

of almost 600 legal entities. These are accounted for
in over 1,000 financial ledgers, which we have defined Key audit matters are those matters that, in our
as “components” for audit scoping purposes, other professional judgement, were of most significance in
than Puma Energy Holdings Pte. Ltd. and Nyrstar our audit of the consolidated financial statements of
Netherlands (Holdings) B.V. sub-consolidations which the current period. These matters were addressed in
are treated as a single component each for the the context of our audit of the consolidated financial
purpose of the audit of specific account balances. statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
We identified 6 components that, in our view, on these matters.
required an audit of their financial information
due to their size or risk characteristics. For these
6 components, the audit work was performed either
centrally by the Group audit team in Switzerland or
Impairment considerations for Puma Energy Holdings Pte. Ltd. (Puma Energy) and
Nyrstar Netherlands (Holdings) B.V. (Nyrstar) (Refer to Note 14)
Key audit matter How our audit addressed the key audit matter
The acquisition of Puma Energy during 2021 We obtained the valuation models and met with
resulted in the recognition of a goodwill balance management to gain an overview of the market,
of USD 1,074.1 million. This goodwill was allocated operational factors and key assumptions included
to 13 out of 25 separate Cash Generating Units within the individual impairment assessments.
(CGUs) which represent individual countries
We issued instructions to the non-PwC network
and/or businesses.
audit firm to report to us on the forecasted cash
Annual impairment test of this goodwill resulted flows used in the impairment valuation models
in the Group recognizing a USD 28.4 million relating to Puma Energy. We also issued instructions
impairment loss in the consolidated statement to PwC component auditors to report to us on an
of income. In addition, as a result of the same impairment valuation model relating to the Nyrstar
impairment assessment, the Group recognized in operations. We performed a detailed review of the
the consolidated statement of income an impairment work performed by the non-PwC network firm and
of USD 96.4 million relating to Property, plant and PwC component auditors.
equipment of Puma Energy. With the assistance of valuation specialists, where
Further, impairment triggers were identified for applicable, the following procedures were performed:
Nyrstar Australian smelting operations and Nyrstar
• Checked the appropriateness of the inputs and
United States operations with impairment tests
significant assumptions.
resulting in the Group recognising an impairment of
USD 226.9 million and USD 30.5 million, respectively, • Re-performed certain valuation calculations,
in the consolidated statement of income. benchmarked the valuation model with generally
accepted valuation techniques.
The significance of the estimates and judgments
used in making these impairment assessments is • Performed an independent sensitivity analysis
considered a key audit matter. calculation on significant assumptions including
discount rate, EBITDA (for Puma Energy) and metal
prices (for Nyrstar) to assess their relationships
and impact on the models.
• Assessed the appropriateness of disclosures
included in the financial statements.
Based on the work performed, we were able to
conclude that the significant judgements and
estimates used in the valuation models were
reasonable and appropriate.
Valuation of LNG off-take agreements (Refer to Note 40)
Key audit matter How our audit addressed the key audit matter
The Group continues to use derivative financial We evaluated the Group’s processes and controls
instruments to hedge certain transportation, for capturing and reviewing the inputs into the fair
bareboat and time charters and long-term liquefied value estimates, including the relevant IT systems.
natural gas (“LNG”) off-take agreements.
We included specialists directly in our team to
A net asset was recorded for these agreements evaluate management’s approach to estimating the
totalling USD 697.5 million as at 30 September 2023 fair values and performed the following:
which primarily relates to the LNG hedge relationship.
• Assessed the reasonableness of management’s
USD 552.1 million was fair valued using unobservable
assumption that there is no readily available LNG
inputs and categorised as Level 3 in the fair
market to classify these arrangements as financial
value hierarchy.
instruments under IFRS.
The total hedge ineffectiveness recorded in the
• Verified the consistent application of the
consolidated statement of income for the year ended
accounting treatment of LNG contracts across
30 September 2023 was a gain of USD 554.9 million.
the hedged population. Where manual calculations
The fair valuation of the hedged LNG agreements were involved, we tested the mathematical
involves significant estimates, especially when the accuracy of the models.
Group is required to use unobservable inputs, adopt
• Verified the inputs into the price curves to external
market-based assumptions or make comparisons
sources on a sample basis.
to similar instruments. These judgements become
more significant in less liquid markets or for longer • Assessed the appropriateness of disclosures
dated contracts. These fair values are calculated and included in the consolidated financial statements.
managed manually. Based on the work performed, we were able to
These cumulative factors are why this is considered conclude that the significant judgements and
a key audit matter. estimates used in the hedged item valuation were
reasonable and appropriate.
Other information in the annual report Board of Directors' responsibilities for

The Board of Directors is responsible for the the consolidated financial statements
other information in the annual report. The other The Board of Directors is responsible for the
information comprises all the information included preparation of the consolidated financial statements,
in the annual report but does not include the which give a true and fair view in accordance with
consolidated financial statements of the Group and IFRS as issued by the IASB, and for such internal
our auditor’s reports thereon. control as the Board of Directors determines is
Our opinion on the consolidated financial statements necessary to enable the preparation of consolidated
does not cover the other information in the annual financial statements that are free from material
report, and we do not express any form of assurance misstatement, whether due to fraud or error.
conclusion thereon. In preparing the consolidated financial statements,
In connection with our audit of the consolidated the Board of Directors is responsible for assessing
financial statements, our responsibility is to read the Group's ability to continue as a going concern,
the other information in the annual report and, in disclosing, as applicable, matters related to going
doing so, consider whether the other information is concern and using the going concern basis of
materially inconsistent with the consolidated financial accounting unless the Board of Directors either
statements or our knowledge obtained in the audit, intends to liquidate the Group or to cease operations,
or otherwise appears to be materially misstated. or has no realistic alternative but to do so.
If, based on the work we have performed, we
conclude that there is a material misstatement of Auditor’s responsibilities for
this other information, we are required to report the audit of the consolidated
that fact. We have nothing to report in this regard. financial statements
Our objectives are to obtain reasonable assurance
about whether the consolidated financial statements
as a whole are free from material misstatement,
whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we We communicate with the Board of Directors or its
exercise professional judgment and maintain relevant committee regarding, among other matters,
professional scepticism throughout the the planned scope and timing of the audit and
audit. We also: significant audit findings, including any significant
deficiencies in internal control that we identify
• Identify and assess the risks of material
during our audit.
misstatement of the consolidated financial
statements, whether due to fraud or error, design We also provide the Board of Directors or its relevant
and perform audit procedures responsive to those committee with a statement that we have complied
risks, and obtain audit evidence that is sufficient with relevant ethical requirements regarding
and appropriate to provide a basis for our opinion. independence, and communicate with them all
The risk of not detecting a material misstatement relationships and other matters that may reasonably
resulting from fraud is higher than for one resulting be thought to bear on our independence, and where
from error, as fraud may involve collusion, forgery, applicable, actions taken to eliminate threats or
intentional omissions, misrepresentations, or the safeguards applied.
override of internal control. From the matters communicated with the Board of
• Obtain an understanding of internal control relevant Directors or its relevant committee, we determine
to the audit in order to design audit procedures those matters that were of most significance in the
that are appropriate in the circumstances, but not audit of the consolidated financial statements of
for the purpose of expressing an opinion on the the current period and are therefore the key audit
effectiveness of the Group's internal control. matters. We describe these matters in our auditor’s
report unless law or regulation precludes public
• Evaluate the appropriateness of accounting policies
disclosure about the matter or when, in extremely
used and the reasonableness of accounting
rare circumstances, we determine that a matter
estimates and related disclosures made.
should not be communicated in our report because
• Conclude on the appropriateness of the Board the adverse consequences of doing so would
of Directors’ use of the going concern basis of reasonably be expected to outweigh the public
accounting and, based on the audit evidence interest benefits of such communication.
obtained, whether a material uncertainty exists
related to events or conditions that may cast PricewaterhouseCoopers SA
significant doubt on the Group's ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required
/s/ TRAVIS RANDOLPH /s/ EWA ANSELM-JEDLINSKA
to draw attention in our auditor’s report to the
related disclosures in the consolidated financial Travis Randolph Ewa Anselm-Jedlinska
statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date Geneva, 7 December 2023
of our auditor’s report. However, future events
or conditions may cause the Group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the consolidated financial statements,
including the disclosures, and whether the
consolidated financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
• Obtain sufficient appropriate audit evidence
regarding the financial information of the entities or
business activities within the Group to express an
opinion on the consolidated financial statements.
We are responsible for the direction, supervision
and performance of the group audit. We remain
solely responsible for our audit opinion.
A. Consolidated Statement of Income

For the financial year ended 30 September 2023
Note 2023 2022

USD’M USD’M
Revenue 9 244,280.2 318,476.4

Materials, transportation and storage 10 (228,057.1) (302,899.4)
Employee benefits 11 (1,548.5) (1,443.9)
Services and other 12 (2,076.4) (2,151.3)
Operating profit or (loss) before depreciation and amortisation 6 12,598.2 11,981.8
Depreciation (right-of-use assets) 13 (1,849.8) (1,216.3)

Depreciation and amortisation (PP&E and intangible fixed assets) 13 (667.1) (584.2)
Impairments (fixed assets) 14 (409.9) (535.9)
Impairments (financial assets and prepayments) 14 (128.9) (103.3)
Operating profit or (loss) 9,542.5 9,542.1
Share of profit/(loss) of equity-accounted investees 15 (11.8) 54.2

Disposal results and impairments of equity-accounted investees 15 127.6 (51.6)
Income/(expenses) from investments 15 1.8 (44.3)
Result from equity-accounted investees and investments 117.6 (41.7)
Finance income 16 2,198.8 739.6

Finance expense 16 (3,820.3) (2,280.5)
Result from financing activities (1,621.5) (1,540.9)
Profit before tax 8,038.6 7,959.5
Income tax 17 (640.4) (933.3)

Profit for the year 7,398.2 7,026.2
Profit attributable to
Owners of the Company 7,393.2 6,994.2
Non-controlling interests 5.0 32.0
See accompanying notes.
B. Supplementary Statement of Income Information

Note 2023 2022

USD’M USD’M
Operating profit or (loss) before depreciation and amortisation 6 12,598.2 11,981.8
Adjustments 18 87.6 106.8

Underlying EBITDA 18 12,685.8 12,088.6

C. Consolidated Statement of Other Comprehensive Income

Note 2023 2022

USD’M USD’M
Other comprehensive income

Items that are or may be reclassified to profit or loss:
Gain on cash flow hedges 40 24.9 204.2
Effect from hyperinflation adjustment 43 43.6 23.5
Tax on other comprehensive income 17 13.7 (70.7)
Exchange loss on translation of foreign operations 31 (51.2) (310.0)
Share of comprehensive loss from associates (4.1) (26.5)
Recycling of foreign currency translation reserve on disposal of equity accounted investee 15 (176.6) –
Recycling of cash flow hedge reserve on disposal of equity-accounted investee 15 55.1 –
Items that will not be reclassified to profit or loss:

Net change in fair value through other comprehensive income, net of tax 23 6.8 (45.1)
Defined benefit plan actuarial gains/(losses), net of tax 1.2 26.4
Other comprehensive loss for the year, net of tax (86.6) (198.2)
Total comprehensive income for the year 7,311.6 6,828.0
Total comprehensive income attributable to:

Owners of the Company 7,314.5 6,796.1
Non-controlling interests (2.9) 31.9
Total comprehensive income for the year 7,311.6 6,828.0

D. Consolidated Statement of Financial Position

As at 30 September 2023
Note 30 September 2023 30 September 2022

USD’M USD’M
Assets
Property, plant and equipment 19 4,375.3 4,377.1
Intangible fixed assets 20 1,544.5 2,112.7
Right-of-use assets 21 4,668.2 3,904.5
Equity-accounted investees 22 969.5 979.6
Prepayments 23 1,107.8 1,534.1
Loans receivable 23 791.6 307.5
Other investments 23 997.5 595.5
Derivatives 40 410.2 1,125.2
Deferred tax assets 17 120.3 210.4
Other non-current assets 24 716.6 4,285.9
Total non-current assets 15,701.5 19,432.5
Inventories 25 22,969.7 22,583.6

Trade and other receivables 26 23,413.8 27,630.5
Derivatives 40 4,153.3 7,179.0
Prepayments 23 2,930.6 2,117.2
Income tax receivable 17 296.1 311.4
Other current assets 28 1,148.4 3,422.3
Deposits 29 208.7 642.0
Cash and cash equivalents 29 12,387.0 14,881.3
Total current assets 67,507.6 78,767.3
Assets classified as held for sale 30 173.4 434.1
Total assets 83,382.5 98,633.9
Equity
Share capital 31 1,503.7 1,503.7
Capital securities 31 666.3 654.1
Reserves 31 (661.0) (537.5)
Retained earnings 31 14,833.9 13,288.4
Equity attributable to the owners of the Company 16,342.9 14,908.7
Non-controlling interests 152.5 169.9
Total group equity 16,495.4 15,078.6
Liabilities
Loans and borrowings 32 9,314.3 9,614.5
Long-term lease liabilities 21 3,085.9 2,817.1
Derivatives 40 283.6 2,723.7
Provisions 33 567.6 474.2
Other non-current liabilities 34 632.7 521.9
Deferred tax liabilities 17 295.7 380.4
Total non-current liabilities 14,179.8 16,531.8
Loans and borrowings 32 25,052.8 29,663.6

Short-term lease liabilities 21 1,705.4 1,170.1
Trade and other payables 35 21,734.4 25,649.5
Current tax liabilities 17 1,019.6 1,037.9
Other current liabilities 36 1,201.2 1,562.1
Derivatives 40 1,785.2 7,910.9
Total current liabilities 52,498.6 66,994.1
Liabilities classified as held for sale 30 208.7 29.4
Total group equity and liabilities 83,382.5 98,633.9

E. Consolidated Statement of Changes in Equity

Equity attributable to the owners of the Company

Currency Cash flow Non- Total
Share translation Revaluation hedge Capital Retained Profit for controlling Group
USD’M Note capital reserve reserve reserve securities earnings the year Total interest equity
Balance at 1 October 2022 1,503.7 (420.2) (79.9) (37.4) 654.1 6,294.2 6,994.2 14,908.7 169.9 15,078.6
Profit for the year – – – – – – 7,393.2 7,393.2 5.0 7,398.2

Other comprehensive income – (224.0) 6.8 93.7 – 44.8 – (78.7) (7.9) (86.6)
Total comprehensive income

for the year – (224.0) 6.8 93.7 – 44.8 7,393.2 7,314.5 (2.9) 7,311.6
Profit appropriation – – – – – 6,994.2 (6,994.2) – – –

Dividend 31 – – – – – (5,916.4) – (5,916.4) (21.2) (5,937.6)
Acquisition of non-controlling
interest in subsidiary – – – – – (1.6) – (1.6) (6.4) (8.0)
Share-based payments 11 – – – – – 87.6 – 87.6 – 87.6
Purchase of capital securities 31 – – – – (5.0) – – (5.0) – (5.0)
Capital securities
(currency translation) 31 – – – – 20.1 (20.1) – – – –
Capital securities dividend 31 – – – – – (48.5) – (48.5) – (48.5)
Divestment and deconsolidation
of subsidiary – – – – – – – – 13.0 13.0
Other – – – – (2.9) 6.5 – 3.6 0.1 3.7
Balance at 30 September 2023 1,503.7 (644.2) (73.1) 56.3 666.3 7,440.7 7,393.2 16,342.9 152.5 16,495.4
Equity attributable to the owners of the Company

Currency Cash flow Non- Total
Share translation Revaluation hedge Capital Retained Profit for controlling Group
USD’M Note capital reserve reserve reserve securities earnings the year Total interest equity
Balance at 1 October 2021 1,503.7 (79.4) (34.9) (175.2) 1,173.9 4,814.8 3,100.0 10,302.9 242.7 10,545.6
Profit for the year – – – – – – 6,994.2 6,994.2 32.0 7,026.2

Other comprehensive income – (340.8) (45.1) 137.8 – 50.0 – (198.1) (0.1) (198.2)
Total comprehensive income

for the year – (340.8) (45.1) 137.8 – 50.0 6,994.2 6,796.1 31.9 6,828.0
Profit appropriation – – – – – 3,100.0 (3,100.0) – – –

Dividend 31 – – – – – (1,721.2) – (1,721.2) (14.6) (1,735.8)
Acquisition of non-controlling
interest in subsidiary – – – – – (36.3) – (36.3) (29.0) (65.3)
Share-based payments 11 – – – – – 106.8 – 106.8 – 106.8
Repayment of capital securities 31 – – – – (479.2) – – (479.2) – (479.2)
Capital securities
(currency translation) 31 – – – – (45.1) 45.1 – – – –
Capital securities dividend 31 – – – – – (64.3) – (64.3) – (64.3)
Divestment and deconsolidation
of subsidiary – – – – – – – – (66.1) (66.1)
Capital contribution from the
minority shareholders – – – – – – – – 2.3 2.3
Other – – 0.1 – 4.5 (0.7) – 3.9 2.7 6.6
Balance at 30 September 2022 1,503.7 (420.2) (79.9) (37.4) 654.1 6,294.2 6,994.2 14,908.7 169.9 15,078.6

F. Consolidated Statement of Cash Flows

Note 2023 2022

USD’M USD’M
Cash flows from operating activities

Adjustments for:
Depreciation and amortisation 13 2,516.9 1,800.5
Impairments (included in operating profit or loss) 14 538.8 639.2
Result from equity-accounted investees and investments 15 (117.6) 41.7
Result from financing activities 16 1,621.5 1,540.9
Equity-settled share-based payment transactions 11 87.6 106.8
Provisions 33 (28.4) 66.0
(Gain)/loss on sale of fixed assets (included in services and other) (45.6) (29.6)
Operating cash flows before working capital changes 12,611.8 12,125.0
Changes in:
Inventories 25 (295.5) 7,070.1
Trade and other receivables and derivatives 26 13,761.6 (12,870.8)
Prepayments 23 (558.0) (160.2)
Trade and other payables and derivatives 35 (12,813.0) 9,791.1
Cash generated from/(used in) operating activities 12,706.9 15,955.2
Interest paid (3,784.8) (2,259.9)

Interest received 2,177.6 708.9
Dividends (paid)/received 45.5 26.1
Tax (paid)/received (636.1) (685.4)
Net cash flows from/(used in) operating activities 10,509.1 13,744.9
Cash flows from investing activities

Acquisition of property, plant and equipment 19 (799.5) (658.3)
Proceeds from sale of property, plant and equipment 19 141.9 92.4
Proceeds from disposal of assets/liabilities held for sale 30 1104.0 34.9
Acquisition of intangible assets 20 (97.4) (571.2)
Proceeds from sale of intangible assets 20 0.3 –
Acquisition of equity-accounted investees 22 (93.9) (150.9)
Proceeds from disposal of equity-accounted investees 22 0.9 714.9
Loans receivable and advances granted 23 (392.4) (57.6)
Repayment of loans receivable and advances granted 23 9.2 27.6
Acquisition of other investments 23 (355.8) (42.2)
Proceeds from disposal of other investments 23 86.0 74.7
Acquisition of subsidiaries, net of cash acquired 7 (36.8) –
Net cash flows from/(used in) investing activities (433.5) (535.7)
Cash flows from financing activities

Payment of capital securities dividend 31 (29.3) (58.8)
Dividend and payments in relation to the share redemption by the direct parent company 31 (5,916.4) (1,713.5)
Repayment of capital securities 31 (5.0) (479.2)
Proceeds from capital contributions to subsidiaries by non-controlling interests (3.9) 2.3
Dividends paid to non-controlling interest (16.4) –
Increase in long-term loans and borrowings 32 4,549.8 2,994.2
(Decrease) in long-term loans and borrowings 32 (495.5) (1,841.7)
Payment of leases 21/32 (1,808.3) (1,230.6)
Net increase/(decrease) in short-term bank financing 32 (8,844.9) (6,678.1)
Net cash flows from/(used in) financing activities (12,569.9) (9,005.4)
Net increase/(decrease) in cash and cash equivalents (2,494.3) 4,203.8
Cash and cash equivalents at 1 October 14,881.3 10,677.5

Cash and cash equivalents at 30 September 29 12,387.0 14,881.3

G. Notes to the Consolidated Financial Statements
1. Corporate information 2. Basis of preparation

The principal business activities of Trafigura Group Pte. Ltd.
(‘Trafigura’ or the ‘Company’) and its subsidiaries (the ‘Group’) 2.1 Statement of compliance
are trading in crude and petroleum products, power and The Company’s consolidated financial statements have been
renewables, non-ferrous concentrates, refined metals and bulk prepared in accordance with International Financial Reporting
commodities such as coal and iron ore. The Group also invests Standards (IFRS®) as issued by the International Accounting
in assets, including through investments in associates, which Standards Board (IASB).
have strong synergies with its core trading activities. These
include storage terminals, service stations, metal warehouses, 2.2 Basis of measurement
industrial facilities and mines.
The consolidated financial statements have been prepared
The Company is incorporated in Singapore and its principal under the historical cost convention except for inventories,
business office is at 10 Collyer Quay, Ocean Financial Centre, derivatives and certain other financial instruments that have
#29-01/05, Singapore, 049315. been measured at fair value, and assets held for sale that are
The Company’s immediate holding company is Trafigura Beheer measured at the lower of carrying amount and fair value less
B.V., a company incorporated in the Netherlands. Trafigura costs to sell. The consolidated financial statements have been
Beheer B.V. is ultimately controlled by Farringford Foundation, prepared on a going concern basis.
which is established under the laws of Panama.
The consolidated financial statements for the year ended
2.3 No change in accounting policies for
30 September 2023 were authorised for issue by the Board of financial year 2023
Directors on 7 December 2023. The accounting principles applied in the preparation of the
consolidated financial statements are consistent with those
described in the Trafigura 2022 Annual Report.
Several IFRS amendments apply for the first time in the 2023
financial year. However, these do not materially impact the
Group’s consolidated financial statements.
For an overview of the estimated effect of issued, but not yet
effective, new and amended IFRS standards and IFRICs on the
Group, refer to note 4 – Adoption of new and revised standards.
2.4 Functional and presentation currency

The Group’s presentation currency is the US dollar (USD)
and all values are rounded to the nearest tenth of a million
(USD’M 0.1) unless otherwise indicated. The US dollar is the
functional currency of most of the Group’s principal operating
subsidiaries. Most of the markets in which the Group is involved
are USD denominated.
2.5 Going concern

Trafigura assessed the going-concern assumptions during the
preparation of the Group’s consolidated financial statements.
The Group believes that no events or conditions, including
those related to the war in Ukraine, give rise to doubt about the
ability of the Group to continue operating in the next reporting
period. This conclusion is drawn based on the knowledge of
the Group, the estimated economic outlook and identified risks
and uncertainties in relation thereto.
Furthermore, this conclusion is based on review of the current
cash balance and expected developments in liquidity and
capital. The Group has sufficient cash and headroom in its
credit facilities. Therefore, it expects that it will be able to
meet contractual and expected maturities and covenants.
Consequently, it has been concluded that it is reasonable to
apply the going-concern concept as the underlying assumption
for the financial statements.
3. Significant accounting policies 3.2 Current versus non-current classification

The Group’s significant accounting policies are described in The Group presents assets and liabilities in the Consolidated
the relevant individual notes to the consolidated financial Statement of Financial Position based on current/non-current
statements or otherwise stated below. classification. An asset is current when it is:
• Expected to be realised or intended to be sold or
3.1 Basis of consolidation consumed in the normal operating cycle;
The consolidated financial statements include the assets, • Held primarily for the purpose of trading; and
liabilities and results of operations of all subsidiaries and branch
• Expected to be realised within 12 months after the
offices, which the Company, either directly or indirectly, controls.
reporting period.
Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and All other assets are classified as non-current.
has the ability to affect those returns through its power over A liability is current when:
the investee. When the Group has less than a majority of the
voting or similar rights of an investee, the Group considers all • It is expected to be settled in the normal operating cycle;
relevant facts and circumstances in assessing whether it has • It is held primarily for the purpose of trading; and
power over an investee.
• It is due to be settled within 12 months after the
Subsidiaries reporting period.
Subsidiaries are consolidated from the date on which control The terms of the liability that could, at the option of the
is obtained by the Company and cease to be consolidated from counterparty, result in its settlement by the issue of equity
the date on which control is transferred to a person or entity instruments do not affect its classification.
outside of the control of the Company. All intra-group assets The Group classifies all other liabilities as non-current. Deferred
and liabilities, equity, income, expenses and cash flows relating tax assets and liabilities are classified as non-current assets
to transactions between members of the Group are eliminated and liabilities.
in full on consolidation.
Changes in the Company’s interests in subsidiaries that do 3.3 Foreign currency
not result in a loss of control are accounted for as equity
transactions, with any difference between the amount by which 3.3.1 Foreign currency transactions
the non-controlling interests are adjusted and the fair value of Subsidiaries, joint ventures and equity-accounted investees
the consideration paid or received being recognised directly in record transactions in the functional currency of the economic
equity and attributed to equity holders of the Company. environment in which they operate. Transactions in currencies
other than the functional currency of the subsidiary, joint
Non-controlling interests ventures and equity investees are recorded at the rates of
Non-controlling interests in subsidiaries are identified separately exchange prevailing at the date of the transaction.
from the Company’s equity and are initially measured either Monetary assets and liabilities in currencies other than the
at fair value or at the non-controlling interests’ proportionate functional currency are translated at the rates of exchange
share of the fair value of the acquiree’s identifiable net prevailing at the balance sheet date and gains and losses are
assets. Subsequent to acquisition, the carrying amount of reported in the Consolidated Statement of Income.
non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests’ share of 3.3.2 Foreign operations
subsequent changes in equity. Total comprehensive income is
The assets and liabilities of foreign operations, including goodwill
attributed to non-controlling interests even if this results in the
and fair value adjustments arising on acquisition, are translated
non-controlling interests having a deficit balance.
to USD at exchange rates at the reporting date. The income and
expenses of foreign operations, excluding foreign operations
Loss of control
in hyperinflationary economies, are translated to USD at the
If the Group loses control, the Group derecognises the assets average rate for the year that is considered as the best estimate
and liabilities of the subsidiary, any non-controlling interests of transaction dates. The resulting exchange differences are
and the other components of equity related to the subsidiary. recorded in equity through other comprehensive income and
The parent’s share of components previously recognised in are included in the Consolidated Statement of Income upon
other comprehensive income is reclassified to profit and loss or sale or liquidation of the underlying foreign operation.
retained earnings, as would be required if the Group had directly
disposed of the related assets or liabilities. Any surplus or deficit 3.3.3 Reporting in hyperinflationary economies
arising on the loss of control is recognised in the Consolidated
Group entities for which the functional currency is the
Statement of Income. If the Group retains any interest in the
currency of a hyperinflationary economy first restate their
previous subsidiary, then such interest is measured at fair value
financial statements in accordance with IAS 29, Financial
at the date that control is lost. Subsequently, it is accounted
Reporting in Hyperinflationary Economies (refer to ‘Reporting
for as an equity-accounted investee or as an equity investment
in hyperinflationary economies’ below). The related income,
depending on the level of influence retained.
costs and balance sheet amounts are translated at the foreign
exchange rate at the balance sheet date.
Please refer to note 43.
4. Adoption of new and revised standards

4.1 New and amended standards or interpretations adopted
In the 2023 financial year, the Group adopted the following new and amended standards or interpretations:
Standard/interpretation Name of standard/interpretation or amendments Date of publication Effective as of
Amendments to IAS 16 Property, Plant and Equipment (Proceeds before Intended Use) 14 May 2020 1 January 2022
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets 14 May 2020 1 January 2022
(Onerous Contracts, Settlement Costs from Contracts)
Amendments to IFRS 3 Business Combinations (Amendment to References to the 14 May 2020 1 January 2022
Conceptual Framework)
Annual improvements to IFRS 2018-2020 Amendments to: 14 May 2020 1 January 2022
• IFRS 1 (Subsidiary as a First-Time Adopter)
• IFRS 9 (Fees in the “10% Test” Regarding Derecognition of
Financial Liabilities)
• IFRS 16 (Lease Incentives)
• IAS 41 (Taxation in Fair Value Measurements)
Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules Paragraphs 4A 23 May 2023 Immediately
and 88A
The amendments shown in the table had no material effect on the consolidated financial statements.
4.2 New standards, amendments and interpretations not yet adopted

Certain new accounting standards and interpretations have been published that are not mandatory for 30 September 2023
reporting periods and have not been adopted early by the Group:
Expected date of initial
Standard/interpretation Name of standard/interpretation or amendments Date of publication application (financial
years starting as of)
Amendments to IFRS 17 Insurance Contracts (including amendments to the standard) 25 June 2020 1 January 2023
Amendments to IAS 1 Presentation of Financial Statements 23 January 2020 1 January 2024
(Classification of Liabilities as Current or Noncurrent) (15 July 2020)
(including Deferral of Effective Date)
Amendments to IAS 1 and Presentation of Financial Statements and Making Materiality 12 February 2021 1 January 2023
IFRS Practice Statement 2 Judgements (Presentation of Key Accounting Policies)
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 12 February 2021 1 January 2023
(Definition of Changes in Accounting Policies and Accounting
Estimates)
Amendments to IAS 12 Income Taxes (Deferred Tax Related to Assets and Liabilities 7 May 2021 1 January 2024
Arising from a Single Transaction)
Amendments to IFRS16 Lease Liability in a Sale and Leaseback 22 September 2022 1 January 2024
Amendments to IAS 1 Non-current liabilities with Covenants 31 October 2022 1 January 2024
Amendments to IAS 7 and IFRS 7 Supplifier Finance Arrangements 25 May 2023 1 January 2024
Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules Paragraphs 23 May 2023 1 January 2023
88B–88D
Amendments to IAS 21 Lack of Exchangeability 15 August 2023 1 January 2025
Other than for amendments relating to IAS 12 Pillar Two international tax reform, the Group does not expect that these new
standards, amendments and interpretations not yet adopted will have a material effect on the consolidated financial statements
For amendments relating to IAS 12 Pillar Two international tax reform, the Group is currently assessing the impact on the
consolidated financial statements
5. Key accounting estimates

and judgements
Preparing the consolidated financial statements in compliance The Group has identified the following areas as being critical to
with IFRS requires management to make judgements, estimates understanding its financial position as they require management
and assumptions that affect the reported amounts of assets to make complex and/or subjective judgements and estimates
and liabilities and the disclosure of contingent assets and about matters that are inherently uncertain:
liabilities at the date of the consolidated financial statements
• Useful life and residual value of property, plant and
and the reported amounts of revenues and expenses during equipment (note 13 – Depreciation and amortisation);
the reporting period. Uncertainty about these assumptions
and estimates could result in outcomes that require a material • Impairment tests (note 14 – Impairments);
adjustment to the carrying amount of assets or liabilities • Taxation (note 17 – Income Tax);
affected in future periods.
• Discount rates (note 21 – Leases);
In the process of applying the Group’s accounting policies,
management has made various judgements. Those which • Determining the term of a lease contract
management has assessed to have the most significant effect (note 21 – Leases);
on the amounts recognised in the consolidated financial • Determination of control of subsidiaries and joint
statements have been discussed in the individual notes of the arrangements (note 22 – Equity-accounted investees);
related financial statement line items.
• Assets held for sale (note 30 – Assets classified as held for
The key assumptions concerning the future and other key sale and discontinued operations);
sources of estimation uncertainty at the reporting date and
• Provisions (note 33 – Provisions);
that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the • Restoration, rehabilitation and decommissioning costs
next financial year are also described in the individual notes (note 33 – Provisions); and
of the related financial statement line items below. The • Valuation of financial assets, including derivative and
Group based its assumptions and estimates on parameters level 3 instruments (note 40 – Hedging activities
available when the consolidated financial statements were and derivatives).
prepared. Existing circumstances and assumptions about future
developments, however, may change as a result of market
changes or circumstances arising that are beyond the control
of the Group. Such changes are reflected in the assumptions
when they occur.
6. Operating segments The Group’s operating businesses are organised and managed
separately according to the nature of the products, with each
segment representing a strategic unit that offers different
Accounting policy products and serves different markets. The reportable
segments comprise:
The segment reporting is in accordance with IFRS 8 Operating
Segments. The segments reported reflect the reporting lines and • The Energy segment is engaged in trading of oil and petroleum
structures used by the Group’s Chief Executive Officer, who has products and related freight activities, the Puma Energy
been identified as the chief operating decision-maker, to allocate activities, and trading and investing in power and renewable
resources and assess the performance of Trafigura. energy. Oil and Petroleum concerns the sourcing, provision and
Operating segments have been aggregated if they have similar storage of oil, at all stages from crude to finished products
economic characteristics and are similar in the nature of products such as naphtha and gasoline. This includes the blending
and services, production services, distribution methods and required to make gasoline in the various grades suitable for
customer types or classes. In addition, aggregation has been applied the different specifications relevant in different countries.
for segments that do not merit disclosure by virtue of their size, Puma Energy activities include the sale and distribution of
based on a 10 percent threshold of combined revenue, profit or petroleum products.
assets of all operating segments.
• The Metals and Minerals segment trades copper, lead, zinc,
The accounting policies of the operating segments are the same as aluminium, nickel, cobalt, iron ore and coal in all forms,
those described throughout the notes where relevant. The Group
including ores, concentrates and refined metals. The segment
accounts for inter-segment sales and transfers where applicable
is involved in all the various stages, from mining and smelting
as if the sales or transfers were to third parties. Geographical data
is presented according to the management view.
to the production of finished metals. This segment also
includes mining activities, Nyrstar and Impala activities. In
Segment assets, liabilities, income and results are measured based
addition to trading activities, the activities performed in this
on our accounting policies and include items directly attributable to
segment include the blending of metal concentrates, iron ore,
a segment, as well as those that can be allocated on a reasonable
coal and alumina; the smelting of zinc and lead concentrates;
basis. Transactions between segments are conducted on an arm’s
length basis.
and warehousing and transportation. The Metals and Minerals
segment also includes related freight activities.
• All other segments include holding companies, securitisation
programmes, group financing facilities and some smaller
operating companies.
Information regarding the results of each reportable segment
is included below. Performance is measured based on the
segment’s operating profit or loss before depreciation and
amortisation. Management believes that such information is
the most relevant in evaluating the results of certain segments
relative to other entities that operate within these industries.
Metals and Minerals was impacted by a fraud involving
misrepresentation and presentation of false documentation
perpetrated against Trafigura. The fraud is isolated to a specific
line of business. Trafigura believed it had paid for a significant
quantity of LME grade nickel but subsequent inspections have
indicated otherwise. Legal proceedings have been commenced
against the counterparties involved. The Group has recorded
a USD578 million write-off, which is predominantly presented
under Materials, transportation and storage in the consolidated
statement of income for the year ending 30 September 2023,
and primarily relates to inventory.
Reconciliations of reportable segment revenues, results, assets and liabilities, and other material items are as follows:
2023 2022
Metals and Corporate Metals and Corporate
Energy Minerals and Other Total Energy Minerals and Other Total
USD'M USD'M USD'M USD'M USD'M USD'M USD'M USD'M
Sales revenue
from external customers 167,311.2 72,684.7 – 239,995.9 211,981.2 103,526.7 – 315,507.9
Service revenue
from external customers 3,670.2 614.1 – 4,284.3 2,196.7 771.8 – 2,968.5
Revenue 170,981.4 73,298.8 – 244,280.2 214,177.9 104,298.5 – 318,476.4
Operating expenses (159,838.7) (71,697.4) (145.9) (231,682.0) (204,051.7) (102,421.7) (21.2) (306,494.6)
Operating profit or (loss) before depreciation and
amortisation 11,142.7 1,601.4 (145.9) 12,598.2 10,126.2 1,876.8 (21.2) 11,981.8
Depreciation (right-of-use assets) (1,709.9) (124.9) (15.0) (1,849.8) (1,097.1) (114.0) (5.2) (1,216.3)
Depreciation and amortisation
(PP&E and intangible fixed assets) (372.9) (282.2) (12.0) (667.1) (297.6) (287.0) 0.4 (584.2)
Impairments (PP&E and intangible fixed assets) (152.5) (257.5) 0.1 (409.9) (284.1) (251.1) (0.7) (535.9)
Impairments (financial assets and prepayments) 99.8 (223.4) (5.3) (128.9) 72.1 (175.4) – (103.3)
Operating profit or (loss) 9,007.2 713.4 (178.1) 9,542.5 8,519.5 1,049.3 (26.7) 9,542.1
Result from equity-accounted investees

and investments 131.4 (26.1) 12.3 117.6 (24.7) (16.6) (0.4) (41.7)
Result from financing activities (1,621.5) (1,540.9)
Income tax (640.4) (933.3)

As at 30 September 2023 As at 30 September 2022

Metals and Corporate Metals and Corporate
Energy Minerals and Other Total Energy Minerals and Other Total
USD'M USD'M USD'M USD'M USD'M USD'M USD'M USD'M
Segment assets and liabilities

Equity-accounted investees 236.3 709.8 23.4 969.5 215.3 742.0 22.3 979.6
Other non-current assets 9,968.3 4,108.1 655.6 14,732.0 12,917.7 4,933.5 601.7 18,452.9
Net assets classified as held for sale – (35.3) – (35.3) 404.7 – – 404.7
Total assets 44,938.5 27,647.1 10,796.9 83,382.5 57,574.1 27,634.9 13,424.9 98,633.9
Total liabilities 30,459.3 19,543.7 16,675.4 66,678.4 45,669.5 21,878.5 15,977.9 83,525.9
Other segment information

Capital expenditure 705.7 340.4 81.9 1,128.0 821.5 334.5 69.9 1,225.9
Geographical information
The following table sets out information about the geographical location of the Group’s revenue from external customers:
2023 2022
Metals and Metals and
Energy Minerals Total Energy Minerals Total
USD'M USD'M USD'M USD'M USD'M USD'M
Revenue from external customers

Europe 50,092.3 13,218.8 63,311.1 62,426.8 20,464.1 82,890.9
Asia 49,376.7 50,238.0 99,614.7 60,471.3 63,932.4 124,403.7
North America 33,377.9 5,570.1 38,948.0 48,513.4 6,111.6 54,625.0
Latin America 20,683.7 1,573.0 22,256.7 23,256.4 2,181.0 25,437.4
Africa 9,589.2 536.3 10,125.5 11,367.4 3,438.7 14,806.1
Australia 1,585.1 849.7 2,434.8 963.6 1,898.4 2,862.0
Middle East 6,276.5 1,312.9 7,589.4 7,179.0 6,272.3 13,451.3
Total 170,981.4 73,298.8 244,280.2 214,177.9 104,298.5 318,476.4
7. Business combinations and 8. Deconsolidation of subsidiaries

non-controlling interests There was no significant deconsolidations of subsidiaries
and non-controlling interests for the financial years ended
30 September 2023 and 30 September 2022.
Accounting policy
The Company accounts for its business combinations under the

acquisition method at the acquisition date, which is the date on 9. Revenue
which control is transferred to the Group. The cost of an acquisition
is measured as the aggregate of the consideration transferred, Accounting policy
which is measured at acquisition date fair value, and the amount
of any non-controlling interests in the acquiree. Transaction costs,
Revenue recognition
other than those associated with the issue of debt or equity
securities, which the Group incurs in connection with a business Revenue is derived principally from the sale of goods and in some
combination are expensed as incurred. instances the goods are sold on Cost and Freight (CFR) or Cost,
Insurance and Freight (CIF) Incoterms. When goods are sold on
If a business combination is achieved in stages, any previously a CFR or CIF basis, the Group is responsible for providing these
held equity interest is remeasured at its acquisition date fair value services (shipping and insurance) to the customer, sometimes
and any resulting gain or loss is recognised in the Consolidated after the date at which the Group has lost control of the goods.
Statement of Income, except when measured at fair value through Revenue is recognised when the performance obligations have
other comprehensive income. The remeasured stake is then been satisfied, which is once control of the goods and/or services
considered in the determination of goodwill. has transferred from the Group to the buyer.
If the consideration transferred for a business combination exceeds Revenue is measured based on consideration specified in the
the fair values attributable to the Group’s share of the identifiable contract with a customer and excludes amounts collected on behalf
net assets, the difference is treated as goodwill, which is not of third parties. The same recognition and presentation principles
amortised but is reviewed annually for impairment or when there apply to revenues arising from physical settlement of forward sale
is an indication of impairment. If a business combination results in contracts that do not meet the own use exemption. Revenue related
a negative goodwill, the Group reassesses whether it has correctly to the sale of goods is recognised when the product is delivered
identified and measured all assets acquired and all liabilities to the destination specified by the customer, which is typically the
assumed. If the negative goodwill remains after the reassessment, vessel on which it is shipped, the destination port or the customer’s
it is recognised as a gain in the Consolidated Statement of Income. premises, and the buyer has gained control through their ability to
Any contingent consideration payable is measured at fair value at direct the use of and obtain substantially all the benefits from the
the acquisition date. If the contingent consideration is classified asset. Where the sale of goods is connected with an agreement
as equity, then it is not remeasured and settlement is accounted to repurchase goods at a later date, revenue is recognised when
for within equity. Otherwise, subsequent changes in the fair value the repurchase terms are at prevailing market prices, the goods
of the contingent consideration are recognised in the Consolidated repurchased are readily available in the market, and the buyer
Statement of Income. gained control of the goods originally sold to them. Should it be
determined that control has not transferred or the buyer does
not have the ability to benefit substantially from ownership of the
asset, revenue is not recognised and any proceeds received are
7.1 Financial year 2023 accounted for as a financing arrangement.
For certain commodities, the sales price is determined on a
7.1.1 Acquisition of Ecobat Resources Stolberg GmbH provisional basis at the date of sale as the final selling price is
In February 2023, the Group completed the acquisition of the subject to movements in market prices up to the date of final
Ecobat Resources Stolberg GmbH (ERS) business following the pricing, normally ranging from 30 to 90 days after initial booking
(provisionally priced sales). Revenue on provisionally priced sales
satisfaction of customary conditions precedent including the
is recognised based on the estimated fair value of the total
receipt of regulatory approvals. ERS is a multi‑metals processing
consideration receivable. The revenue adjustment mechanism
plant and was acquired for a purchase price of EUR34 million
embedded within provisionally priced sales arrangements has the
(USD36.8 million). Neither the acquisition accounting, nor the character of a commodity derivative. Accordingly, the fair value of
subsequent consolidation of both the balance sheet and the the final sales price adjustment is re-estimated continuously. In all
statement of income of ERS, had a material impact on the cases, fair value is estimated by reference to forward market prices.
consolidated financial statements of the Group.
Revenue related to the provision of shipping and insurance-related
activities is recognised over time as the service is rendered.
7.2 Financial year 2022
7.2.1 Acquisition of additional shareholding in
2023 2022
Puma Energy USD’M USD’M
Trafigura’s share in Puma Energy increased from 93.4 percent to

Sales of goods 239,995.9 315,507.9
96.7 percent as per 30 September 2022 as Cochan Holdings LLC Rendering of services 4,284.3 2,968.5
ceased to be a shareholder in Puma Energy in December 2021. Total 244,280.2 318,476.4
10. Materials, transportation and storage 11. Employee benefits

Accounting policy Accounting policy
Materials, transportation and storage includes purchases of Short-term employment benefits

commodities and material, as well as the associated costs of Wages, salaries, social security contributions, annual leave and
purchasing, storing and transporting the products. It also includes sickness absenteeism, incentives and non-monetary benefits
the change in mark-to-market valuation of inventories, all are recognised in the year in which the associated services are
derivatives and forward contracts. rendered by employees.
Post-employment benefits
2023 2022 Pensions and other post-employment benefits are accrued in
USD’M USD’M the period in which the associated services are rendered by
employees of the Group. The cost of providing benefits under
Energy 158,163.3 202,283.0 the defined benefit plans is determined separately for each plan
Metals and Minerals 69,893.8 100,616.4 using the projected unit credit method. Unvested past service
Total 228,057.1 302,899.4
costs are recognised as an expense on a straight-line basis over
the average period until the benefits become vested. Past service
costs are recognised immediately if the benefits have already
vested immediately following the introduction of, or changes to,
a pension plan.
When a settlement (eliminating all obligations for benefits already
accrued) or a curtailment (reducing future obligations as a result
of a material reduction in the scheme membership or a reduction
in future entitlement) occurs, the obligation and related plan
assets are remeasured using current actuarial assumptions and
the resultant gain or loss is recognised in profit or loss during the
period in which the settlement or curtailment occurs.
The interest element of the defined benefit cost represents the
change in present value of scheme obligations resulting from the
passage of time, and is determined by applying the discount rate
to the opening present value of the benefit obligation, considering
material changes in the obligation during the year. The expected
return on plan assets is based on an assessment made at
the beginning of the year of long-term market returns on plan
assets, adjusted for the effect on the fair value of plan assets of
contributions received and benefits paid during the year. Actuarial
gains and losses are recognised in full within other comprehensive
income in the year in which they occur.
The defined benefit pension plan surplus or deficit in the
Consolidated Statement of Financial Position comprises the total
for each plan at the present value of the defined benefit obligation
(using a discount rate based on high-quality corporate bonds), less
the fair value of plan assets out of which the obligations are to be
settled directly. Fair value is based on market price information
and, in the case of quoted securities, is the published bid price.
Contributions to defined contribution schemes are recognised in
Consolidated Statement of Income in the period in which they
become payable.
Employee share incentive plan and employee share trust
Employees of the Group receive remuneration in the form of
shares of the immediate holding company Trafigura Beheer B.V. as
consideration for services rendered. This is considered an equity
settled share scheme as the Company neither has a present legal
nor constructive obligation to settle in cash, nor has a past practice
or stated policy of settling in cash.
The cost of the equity-settled transactions is measured at fair
value at the grant date considering the terms and conditions upon
which the shares were granted. This fair value is expensed over the
vesting period with a corresponding credit to equity. For shares
that immediately vest, the fair value is expensed in the accounting
period corresponding to the date of grant.
11.1 Employee benefits

2023 2022 During the 2023 financial year, 658,480 immediately vesting
USD’M USD’M shares were granted to employees representing a value of
USD6.6 million (FY2022: 6,384 shares representing a value
Salaries and bonuses 1,312.3 1,206.7
of USD18.4 million) and 4,005,480 shares were granted with
Social security costs 108.4 89.8
Pension costs 40.2 40.6 a vesting period of one to five years representing a value of
Subtotal 1,460.9 1,337.1 USD40.1 million (FY2022: 17,079 shares representing a value of
USD49.2 million).
Share-based payments 87.6 106.8
Employee benefits 1,548.5 1,443.9 Compensation in respect of share-based payments recognised
in staff costs for the financial year ended 30 September 2023
The average number of employees split by geography amounted to USD87.6 million (FY2022: USD106.8 million).
is as follows: Unrecognised staff costs in respect of rateably vesting shares
2023 2022
expected to be recognised from FY2024 to FY2028 amounted
FTE FTE to USD73.7 million at 30 September 2023 (30 September 2022:
USD121.9 million for the period from FY2023 to FY2027).
North, Central and South America 4,885 4,917
Europe and Africa 4,068 3,912
Asia, Middle East and Australia
Total
3,526
12,479
3,518
12,347 12. Services and other
Accounting policy
11.2 Equity participation plan
The immediate parent of the Company, Trafigura Beheer B.V., has Services and other expenses are recognised in the Consolidated
an equity participation plan (EPP) that is open to employees of Statement of Income when incurred.
the Group. Shares issued to employees are preference shares
of Trafigura Beheer B.V., which give rights to economic benefits
with limited voting rights. The Board of Directors of Trafigura 2023 2022
USD’M USD’M
Control Holdings Pte. Ltd., a parent company of Trafigura Beheer
B.V., in consultation with the Board of Directors of the Company, Energy 1,079.9 1,169.1
decide on the share awards to be issued to employees. Annual Metals and Minerals 981.2 986.5
remuneration (which includes the equity participation awards) is Corporate and Other 15.3 (4.3)
subject to review by the remuneration committee of the Group. Total 2,076.4 2,151.3
The value of the shares is based on the net asset value of

Services and other expenses include items such as energy costs,
an ordinary share as set out in the Articles of Association
IT services, legal and advisory fees, insurance, commissions,
of Trafigura Beheer B.V., which management believe is a fair
foreign exchange gains and losses, and movements in provisions.
approximation of the fair value. Shares awarded under the EPP
may vest immediately or over a period of several years.
Employees do not have the right to freely sell shares that
have vested unless Trafigura Control Holdings Pte. Ltd. has
granted approval and has refrained from its right to nominate
a prospective purchaser and make a purchase offer. Upon
termination of employment, employees must transfer all of
their shares at the direction of Trafigura Control Holdings Pte.
Ltd. or hold the shares subject to further directions of Trafigura
Control Holdings Pte. Ltd.
Neither Trafigura Beheer B.V. nor the Group have a legal or
constructive obligation to settle the shares held by employees
in cash. If employment is ceased prior to the end of the vesting
period, the shares will be forfeited unless otherwise determined
by Trafigura Control Holdings Pte. Ltd.
The Group’s EPP is classified as an equity-settled plan in
the Group’s financial statements; the fair value of the shares
granted, determined at the grant date, is recorded in the
Consolidated Statement of Income rateably over the vesting
period of the shares.
In the financial year 2023, the shares were split on a 1:1,000 basis.
13. Depreciation and amortisation

Accounting policy Key accounting estimate and judgement
Depreciation on property, plant and equipment Useful life and residual value of property, plant and equipment
Items of property, plant and equipment are depreciated on a The useful life and residual value determined by the Group based
straight-line basis over the estimated useful lives of each on estimates and assumptions have a major impact on the
component. They are depreciated from the date that they are measurement and determination of results of property, plant and
installed and are ready for use. Land and assets under construction equipment. The useful life of property, plant and equipment is
are not depreciated. partly estimated based on their useful productive lives, experiences
Depreciation of assets held under finance leases is calculated related to such assets, the maintenance history and the period
over the shorter of the lease term or the estimated useful life during which the Group has the economic benefits from the
of the asset. utilisation of the assets. Periodic reviews show whether changes
have occurred in estimates and assumptions as a result of which
Unit of production basis the useful life and/or residual value need to be adjusted. Such an
For mining properties and development assets and certain mining adjustment will be made prospectively.
equipment, the economic benefits from the asset are consumed The estimated useful lives for the current and comparative years of
in a pattern which is linked to the production level. Such assets significant items of property, plant and equipment are as follows:
are depreciated on a unit of production basis. However, assets
within mining operations for which production is not expected to • Buildings 20-50 years
fluctuate significantly from one year to another or which have a • Machinery and equipment 3-50 years
physical life shorter than the related mine are depreciated on a • Barges and vessels 10-20 years
straight-line basis as noted above.
• Other fixed assets 1-10 years
In applying the unit of production method, depreciation is normally
calculated using the quantity of material extracted from the mine
in the period as a percentage of the total quantity of material to
2023 2022
be extracted in current and future periods based on proved and
USD’M USD’M
probable reserves and, for some mines, other mineral resources.
Such non-reserve material may be included in depreciation Depreciation of right-of-use assets 1,849.8 1,216.3
calculations in circumstances where there is a high degree of Depreciation of property, plant and equipment 550.9 466.2
confidence in its economic extraction. Amortisation of intangible fixed assets 116.2 118.0
Total 2,516.9 1,800.5
Where parts of an item of property, plant and equipment have
different useful lives, they are accounted for as separate items of
property, plant and equipment. For further details on the composition of depreciation and
Critical spare parts purchased for particular items of plant are
amortisation (per category), please refer to notes 19, 20 and 21.
capitalised and depreciated on the same basis as the plant to
which they relate.
Depreciation methods, useful lives and residual values are reviewed
at each reporting date and adjusted if appropriate.
Depreciation on right-of-use assets
For the accounting policies related to the amortisation of
rights‑of‑use assets recognised in relation to the leases of the
Group, please refer to note 21.
Amortisation of intangible fixed assets
Intangible fixed assets with finite life are amortised over their useful
economic life and assessed for impairment whenever there is an
indication that the intangible fixed asset may be impaired. The
amortisation period and the amortisation method for an intangible
fixed asset with a finite useful life are reviewed at least at each
reporting date. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied
in the asset are accounted for by changing the amortisation
period or method, as appropriate, and treated as changes in the
accounting estimates.
14. Impairments
Accounting policy
Impairments on non-financial assets The Group assesses the expected credit loss of these loans and
Investments in associates and other investments, property, plant and prepayments individually based on the discounted product of
equipment and intangible fixed assets are reviewed for impairment probability of default (PD), exposure at default (EAD) and loss given
whenever events or changes in circumstances indicate that the default (LGD) as defined below:
carrying amount may not be recoverable or at least annually for • PD represents the likelihood of a borrower defaulting on its financial
goodwill. If it is determined that assets are impaired, the carrying obligation, either over the next 12 months or over the remaining
amounts of those assets are written down to their recoverable lifetime of the obligation.
amount, which is the higher of fair value less costs of disposal and
• EAD is based on the amounts the Group expects to be owed at
value in use.
the time of default. For most cases, this represents the carrying
Impairments on (non-derivative) financial assets and prepayments amount of the financial asset.
The Group assesses the expected credit losses associated with its • LGD represents the Group’s expectation of the extent of loss
debt instruments, prepayments and trade receivables carried at on a defaulted exposure. LGD varies by type of counterparty,
amortised cost and fair value through other comprehensive income. seniority of claim and available collateral or other credit support.
The impairment provisions for financial assets and prepayments LGD is expressed as a percentage loss per unit of exposure at the
(disclosed below and in note 23) are based on assumptions about time of default.
risk of default and expected loss rates.
The expected credit loss is determined by projecting PD, LGD, EAD for
Loans receivable and prepayments each future month and for each exposure. These three components
Over the term of the loans and the prepayments, the Group manages are multiplied together and discounted at the original effective interest
its credit risk by appropriately providing for expected credit losses on a rate of the loan and the prepayment. The PD and LGD are developed
timely basis. The Group classifies its loans receivable and prepayments by utilising historical default studies, forward-looking information
in categories that reflect their credit risk as follows: and publicly available data.
Basis for recognition

Trade receivables
Category Group definition of category of expected credit loss The Group applies the simplified approach to providing for expected
provision
credit losses, which permits the use of the lifetime expected loss
Performing Customers have a low 12 month expected provision for all trade receivables.
risk of default and a losses. Where the
strong capacity to meet expected lifetime of Impairment reversal
contractual cash flows an asset is less than Impairments, except those related to goodwill, are reversed as
12 months, expected
losses are measured at applicable to the extent that the events or circumstances that
its expected lifetime. triggered the original impairment have changed.
Underperforming A significant increase in Lifetime expected losses
credit risk is noted Write-off
(see definition below) The Group reduces the gross carrying amount of a financial asset
Non-performing The loan meets the Lifetime expected losses when there is no reasonable expectation of recovering a financial
definition of default
(see below) asset in its entirety or a portion thereof. A write-off constitutes a
Write-off Based on observable Asset is written off derecognition event.
data the interest and/ through profit or loss to
or principal will not be extent of expected loss
collected
A significant increase in credit risk is presumed if interest and/

or principal repayments are 30 days past due or if there are other
indicators of a significant increase in the probability of default.
A default is defined when a counterparty structurally fails to perform
under a financial contract with a Trafigura Group company and such
failure is not expected to be cured shortly.
2023 2022
Key accounting estimate and judgement USD’M USD’M
Impairments of property, plant and equipment 379.2 424.5

Impairments on non-financial assets (Reversal of) Impairments of right-of-use assets (0.3) 20.7
An asset is impaired when its carrying amount exceeds its Impairments of intangible fixed assets 31.0 90.7
recoverable amount. When performing an impairment test, the Impairments of fixed assets 409.9 535.9
Group assesses whether the cash-generating unit will be able to
(Reversal of) Impairments of financial assets (23.5) 80.1
generate positive net cash flows that are sufficient to support the
Impairments of prepayments 152.4 23.2
value of the intangible fixed assets, property, plant and equipment,
Impairments of financial assets and prepayments 128.9 103.3
and financial assets.
For value in use, future cash flow estimates are used to calculate Total impairments
– included in operating profit or loss 538.8 639.2
the asset’s fair value. These estimates are based on expectations
about future operations, primarily comprising estimates about
(Reversal of)
production and sales volumes; commodity prices; operating, Impairments of equity-accounted investees (6.1) 34.9
rehabilitation and restoration costs; and capital expenditures. (Reversal of)
Changes in such estimates could impact the recoverable values Impairments of equity-accounted investees (6.1) 34.9
of these assets. Estimates are reviewed regularly by management.
Total impairments 532.7 674.1
Value-in-use is determined as the amount of estimated risk-
adjusted discounted future cash flows. For this purpose, assets As a result of the periodic assessment, the following significant
are grouped into Cash-Generating Units (CGUs) based on separately impairment charges and fair value adjustments were recorded:
identifiable and largely independent cash flows. The most recent
approved financial budgets and (five-year) business plans are the
basis for the future cash flow estimates. The valuation model 14.1 Impairment of fixed assets
uses the most recent volume and revenue estimates, relevant
costs assumptions based on past experience and, where possible, 14.1.1 Nyrstar Australian smelting operations
market forecasts of commodity prices. This methodology inherently (property, plant and equipment)
includes elements of judgement and estimations in relation
The Australian smelting operations of the Group include a
to projected sales volumes and unit margins. Deterioration or
improvement in the volume and pricing outlook may result in
zinc smelter in Tasmania and an integrated multi-metals
additional impairments or reversals. Cash flow estimates are risk recovery plant in Port Pirie. There is a symbiosis between the
adjusted and discounted to reflect local conditions as appropriate. two industrial facilities, whereby cross-facility optimisation is
done to maximise value recovery (e.g. exchange of intermediate
These key assumptions are based on the current facts and
products for onward processing) and to minimise waste of
circumstances and information available to management. By nature,
these assumptions are subject to developments and change in later the combined operations. Given the significant operational,
periods. This could potentially lead to (the reversal of) impairments economic, and managerial integration between the sites, the
of individual assets going forward. Australian smelting operations are treated as one CGU for
impairment testing purposes.
Impairments on (non-derivative) financial assets
Loans receivable and prepayments Financial year 2023
The Group considers the probability of default upon initial
The gradual operational improvements achieved towards the end
recognition of an asset and whether there has been a significant
increase in credit risk on an ongoing basis throughout each
of the previous financial year did not continue throughout 2023
reporting period. To assess whether there is a significant increase as the Port Pirie operations faced new operational challenges
in credit risk, the Group compares the risk of a default occurring which prevented the plant to meet its operational production
on the asset as at the reporting date with the risk of default as at targets. In addition to lower production volumes, the operational
the date of initial recognition. It considers available reasonable and challenges resulted in increased maintenance and material
supportive forwarding-looking information. The following indicators handling costs which were incurred to support plant operations
in particular are incorporated: internal credit rating, external credit during the year. Paired with inflationary pressure impacting the
rating (as far as available), significant changes in the value of the cost base of both sites, and increasing maintenance and repair
collateral supporting the obligation, significant changes in the costs incurred to sustain operation of the ageing electrolysis
expected performance and behaviour of the borrower including plant in Tasmania, this resulted in financial underperformance
changes in the payment status of borrowers in the group and compared to budget levels and were considered as an indication
changes in the operating results of the borrower. for potential impairment. The recoverable amount of the CGU is
Macroeconomic information (such as market interest rates or determined based on value-in-use calculations using nominal
growth rates) is incorporated as part of the internal rating model. cash flow projections from approved financial budgets and
Trade receivables consumption/production plans covering a five-year period,
In calculating the expected credit loss rates for trade receivables, applying a pre-tax discount rate of 10.9 percent.
the Group considers historical loss rates for each category of
counterparties and adjusts for macroeconomic information (such as
market interest rates or growth rates).
Whilst management remains confident and expects to achieve 14.1.2 Nyrstar US operations
operational stability during 2024, the challenges that were faced (Goodwill and Property, plant and equipment)
during financial year 2023 resulted in a more gradual ramp-up
profile in the five-year plans as well as a downward adjustment The Group operates a zinc smelter in Clarksville, Tennessee,
to the outer year production assumptions. Furthermore, the and the Middle Tennessee (‘MTN’) and East Tennessee (‘ETN’)
cost profile assumed in the five-year plans have been updated mining complexes both consisting of underground zinc mines
to reflect the inflationary pressure, which is only partly offset and processing plants. All outputs from the ETN and MTN
by operational efficiencies following stabilisation of operations. mining complexes is processed in the Clarksville smelter, the
The current performance and renewed business outlooks only primary zinc smelter in the US. Considering the vertical
resulted in a decrease in the CGU’s recoverable amount. integration of the smelter and the mines, and the economic
As the carrying value of the underlying business exceeded the interdependencies, the US operations are considered as one
estimated recoverable amount of the CGU, the Group recognised cash generating unit (‘CGU’) for impairment testing purposes.
an impairment of USD226.9 million. This amount is allocated
to property, plant and equipment. Financial year 2023
The key assumptions used in the calculation of the value‑in‑use During financial year 2023 the performance of the US operations
calculation mostly relate to the discount rate and macro was impacted by macro-economic headwinds, operational
assumptions. The sensitivity analyses on the value-in-use challenges leading to lower production volumes for both the
calculation show that an increase/decrease in the discount rate mines and the smelter, and escalating cost levels notably on
of +/-0.5 percentage points has an impact on the recoverable maintenance and mining operations. The significantly weakened
amount of minus USD34 million/plus USD39 million. Sensitivities market conditions and inflationary impacts on input costs and
from changes in other key assumptions are as follows: operating margins led to the decision to temporarily pause the
ETN operations as from 30 November 2023. The combination
• A change in metal prices by five percent affect the recoverable of the above were considered as an indication for potential
amount by USD175 million in each case; impairment. The recoverable amount of the CGU is determined
• A change in treatment charges by five percent affect the based on value-in-use calculations using nominal cash flow
recoverable amount by USD69 million; and projections from approved financial budgets and consumption/
production plans covering a five-year period, applying a pre-tax
• An increase/decrease in the AUD/USD foreign exchange rate
discount rate of 10.6 percent.
by five percent has an impact on the recoverable amount of
minus USD296 million/plus USD293 million. Whilst the operational challenges which temporarily reduced
the production volumes at the smelter during the first half
Financial year 2022 of financial year 2023 have been resolved, and the operation
returned to normalised production levels in the second
Continuing efforts to improve the operational stability of
half of the year, it is expected that the inflationary pressure
the operations resulted in an improvement to operational
and suboptimal market conditions for the MTN operations
performance towards the end of the financial year 2022. Still,
continue into the new financial year. This resulted in a revision
the processed feedstock and production of metals remained
to the profitability forecast of the operations in their current
below planned levels which was considered as an indication for
configuration, and consequently in a decrease of the CGU’s
potential impairment. The recoverable amount based on value-
recoverable amount. As the carrying value of the underlying
in-use calculation was determined using a pre-tax discount rate
business exceeded the estimated recoverable amount of the
of 11.2 percent. The impairment test resulted in a recoverable
CGU, the Group recognised an impairment of USD30.5 million.
amount below the carrying value of the CGU, the Group
This amount is allocated to goodwill (USD2.2 million) and
consequently recognised an impairment of USD177.1 million.
property, plant and equipment (USD28.3 million).
The amount was allocated to property, plant and equipment.
The key assumptions used in the calculation of the value‑in‑use
calculation mostly relate to the discount rate and macro
assumptions. Sensitivities of the recoverable amount from
changes in key assumptions are as follows:
• An increase of the discount rate by +/-0.5 percentage points
impact the recoverable amount by minus USD27 million/plus
USD31 million respectively;
• A change in metal prices by 5 percent affect the recoverable
amount by USD105 million in each case.
Financial year 2022

No impairment triggers were identified in financial year 2022.
78
14.1.3 Puma Energy (property, plant and equipment, A decrease of the discount rate by 0.5 percentage points
and intangible fixed assets including goodwill) would result in:
The acquisition of Puma Energy as per 30 September 2021 resulted • A decrease in goodwill impairment by USD9.1 million to a total
in the recognition of a goodwill balance of USD1,074.1 million. of USD19.1 million. Such decrease would affect the same two
This goodwill was allocated to the individual countries and CGUs for which the current impairment is recognised;
businesses that, based on the integration of the activities, • A decrease in the impairment on PP&E by USD10.4 million to a
were considered separate CGUs. The total number of CGUs total of USD86.1 million. Such decrease would affect the same
identified was 25 and the goodwill acquired was allocated five CGUs for which the current impairment is recognised.
to 13 CGUs. As of 30 September 2023, 12 CGUs remain with
goodwill allocated to them. Financial year 2022
The recoverable amounts of the net assets tested are The impairment testing procedures resulted in a total
determined based on a value-in-use calculation. This method impairment of USD190.8 million, out of which USD87.8 million
uses cash flow projections based on financial budgets approved was allocated to goodwill (four CGUs), USD100.8 million to
by the Board of Directors covering a five-year period. property, plant and equipment (PP&E) and USD2.2 million
The key assumptions used in the value-in-use calculations to intangible fixed assets. The largest impairments were
relate to EBITDA, growth rates, and the discount rate. Discount recognised in relation to the operations in Papua New Guinea
rates represent the current market assessment of the risks (USD61.6 million on PP&E) and El Salvador (USD52.7 million on
specific to each CGU, regarding the time value of money and goodwill). The impairment in Papua New Guinea was mostly
individual risks of the underlying assets that have not been driven by a strategic reorientation of the country’s business
incorporated in the cash flow estimates. The discount rate model. The decrease in value in El Salvador was driven by the
calculation is based on the specific circumstances of the Group performance of the business compared to the assumptions
and its operating segments and derived from its weighted made at the time of the acquisition.
average cost of capital. Within the value-in-use calculation, the unweighted average
of the pre-tax discount rates applied for the 13 CGUs to which
Financial year 2023 goodwill was allocated is 14.1 percent per annum. The discount
The impairment testing procedures resulted in a total rates of the 13 CGUs are within a range between 8.6 percent
impairment of USD125.8 million, out of which USD28.4 million and 19.8 percent.
was allocated to goodwill (two CGUs), and USD96.4 million
to property, plant and equipment and intangible fixed assets
(three CGUs). The impairments were recognised in relation to
the operations in Botswana, Colombia, Estonia, Ghana, and
Lesotho. The decrease in value was primarily driven by the
performance of the business compared to the assumptions
made at the time of the acquisition and reduction in growth
expectations (e.g. Botswana, Colombia, Ghana and Lesotho),
while Estonia is impacted by reduced throughput.
Within the value-in-use calculation, the unweighted average
of the pre-tax discount rates applied for the 12 CGUs to which
goodwill was allocated is 12.6 percent per annum. The discount
rates of the 12 CGUs are within a range between 8.7 percent
and 17.9 percent.
Sensitivities of the recoverable amount from changes in key
assumptions are as follows:
An increase of the discount rate by 0.5 percentage points
would result in:
• An increase in goodwill impairment by USD7.8 million to a
total of USD35.9 million. Such increase would affect the same
two CGUs for which the current impairment is recognised;
• An increase in the impairment on PP&E by USD16.4 million to
a total of USD112.9 million. Under this scenario the number of
CGUs affected by the impairment will increase from five to six.
14.1.4 Magdalena River supply chain operation Financial year 2023

(property, plant and equipment) A key assumption in the value-in-use calculation is the
The Group operates a multimodal supply chain operation in commencement of the dredging activities. Based on the
Colombia, which includes an inland port at Barrancabermeja current assumptions, it is expected that the river draft will
and a barging operation providing multimodal logistics services gradually improve to 7.0 feet by 2029 onwards and the business
linking the industrial heartland to the Atlantic ports of Cartagena reaching maturity in 2031. This translates to a gradual ramp‑up
and Barranquilla via the Magdalena River. The prospects of of expected revenues as well as operating costs with no
this operation are partly dependent on the activities of the growth after 2031. Based on the projections until 2044, which
Government of Colombia to improve the longer-term navigability correspond to the current end of the port concession and do
of the Magdalena River. not include an expected extension, the estimated recoverable
amount of the CGU is USD417 million. As a result, no impairment
However, there is a delay in the dredging and diking programme was recognised in financial year 2023.
as the Colombian government decided to replace the original
construction company, which was initially awarded the The operation specific pre-tax discount rate in the valuation
concession, with another. A tender process started in 2021, but was 7.5 percent. Sensitivities of the recoverable amount from
was declared void in June 2022 when no bids were received, changes in key assumptions are as follows:
partly due to COVID-19 pandemic. Meanwhile, during 2023, • An increase of the discount rate by +/-0.5 percentage points
the government has reconfirmed the importance of dredging impact the recoverable amount by minus USD23 million/plus
the river and civil works to canalise the river and guarantee USD24 million respectively;
its navigability. Dredging activities are now expected to start
• A change in oil prices by 10 percent affect the recoverable
as from January 2024, and will continue up to 2026. The delay
amount by USD50 million in each case.
has been a trigger for impairment of the Group’s fixed assets in
Colombia that form part of the supply chain operation requiring • A change in container prices by 10 percent affect the
an impairment test to be performed. recoverable amount by USD9 million in each case.
For impairment testing purposes, the Colombian multimodal • A change in oil volumes by 10 percent affect the recoverable
supply chain business is treated as one CGU because the amount by USD49 million in each case.
specific assets that form part of this business typically do not • A change in container volumes by 10 percent affect the
generate independent cash flows. The value-in-use calculation recoverable amount by USD12 million in each case.
includes all aspects of the Colombian supply chain business.
• In the event that, as a result of a further delay of the
dredging activities, maturity is reached one or two
years later than currently assumed, this has a negative
impact on the recoverable amount of USD40 million and
USD77 million respectively.
Financial year 2022

The impairment assessment resulted in an impairment of the
Colombian assets by USD75 million in financial year 2022.
The operation specific pre-tax discount rate used in the
valuation was 7.1 percent.
14.2 Impairments of financial assets and 15.1.2 Disposal results of equity-accounted

prepayments investees
Please refer to note 23.1 for the loss provision on prepayments, In January 2023, the Group completed the sale of its
note 23.2 for the loss provision on loans receivable and note investment in Tendril Ventures Pte. Ltd. to Hara Capital Sarl
26 for the loss provision on trade receivables. for a consideration of USD168.9 million. Hara Capital is a
wholly owned subsidiary of Mareterra Group Holding, an energy
investment group with a focus on energy and carbon efficiency
15. Result from equity-accounted infrastructure. Upon the disposal of the investment, the Group
recycled the related FCTR and cashflow hedge reserve balances
investees and investments from Consolidated Statement of Other Comprehensive Income
to the Consolidated Statement of Income. Although the net
Accounting policy impact on equity is nil, this resulted in a USD121.5 million gain on
the Consolidated Statement of Income in the financial year 2023.
Gains on the sale of assets and the divestment of interests in other
entities are deemed realised at the time the benefits and the risks 15.2 Income/(expenses) from investments
of the assets are substantially borne by the buyer and there is no
uncertainty as to whether the agreed payment will be received. 15.2.1 Gain/(loss) on fair value through profit and
Gains on the sale of subsidiaries, joint ventures and associates are
realised at the time control, joint control or significant influence loss instruments
is no longer exercised. The loss on fair value through profit and loss instruments
Dividend income from investments is recognised when the includes various fair value movements on other investments,
shareholder’s right to receive payment has been established including a USD9.9 million positive fair value movement of the
(provided that it is probable that the economic benefits will flow debt securities related to the investment in Porto Sudeste
to the Group and the amount of income can be measured reliably). (FY2022: a negative fair value movement of USD44.1 million).
The listed debt securities consist of a financial instrument
related to the investment in Porto Sudeste, which is accounted
2023 2022
USD’M USD’M
for under equity-accounted investees. These instruments are
held to collect cash flows and are designated as fair value
Share of profit/(loss) of through profit and loss, since the payments are dependent
equity-accounted investees (11.8) 54.2 on the port’s throughput. Since the free float of these listed
debt instruments is extremely thin and no active market
Disposal results of equity-accounted investees 121.5 (16.7)
(Reversal of) Impairments exists (the value of the average daily traded volume was less
of equity-accounted investees 6.1 (34.9) than USD1,000), the fair value is determined using a level 3
Disposal results and valuation. The fair value of this instrument is based on the port’s
impairments of equity-accounted investees 127.6 (51.6)
discounted cash flow model in which the business plan of Porto
Income/(expenses) Sudeste is reflected. Revenue is calculated over a period ending
from equity-accounted investees 115.8 2.6 in 2064 and throughput volumes are held constant from the
end of 2029 onwards. In this calculation, management used
Gain/(loss) on fair value through
profit and loss instruments (18.7) (41.5) an annual discount rate of 16.2 percent (FY2022: 14.2 percent)
Gain/(loss) on divestment of subsidiaries – (7.5) to calculate a net present value. As a result of the limited
Gain/(loss) from disposal of other investments (8.6) – marketability of the listed securities, a further flat discount
Dividend income 29.1 4.7 factor of 25 percent is applied on the net present value amount
Income/(expenses) from investments 1.8 (44.3)
(FY2022: 33 percent).
Result from equity-accounted investees During the year, the level 3 valuation of the debt securities
and investments 117.6 (41.7)
resulted in the recognition of a gain of USD9.9 million (FY2022:
loss of USD44.1 million), increasing the valuation of the debt
15.1 Income/(expenses) from equity-accounted securities to USD212.6 million as at 30 September 2023
(30 September 2022: US202.8 million). The debt securities are
investees treated as being part of the net investment in Porto Sudeste.
In accordance with IAS28, subsequent to the equity-accounted
15.1.1 Share of profit/(loss) of equity-accounted
investee being recorded at nil value, the Group’s share in Porto
investees Sudeste’s losses has been recorded as reduction in the value
Please refer to note 22. of the debt securities.
The sensitivity analysis on this valuation shows that an increase/
decrease of the port’s throughput of five percent has an impact
of USD22 million (FY2022: USD20 million) on the valuation, and
an increase/decrease of the discount rate by 0.5 percentage
points or 50 bps has an impact of USD12 million (FY2022:
USD13 million) on the valuation. A change in the discount rate
due to lack of marketability by five percentage points or 500 bps
has an effect of USD21 million (FY2022: USD20 million) on
the valuation.
16. Result from financing activities 17. Income tax

Interest income and interest expense are recognised on a Income tax expense comprises current and deferred tax. Current
time‑proportion basis using the effective interest rate (EIR) method. and deferred tax are recognised in the Consolidated Statement
of Income except to the extent that it relates to a business
combination, or items recognised directly in equity or in other
2023 2022 comprehensive income.
USD’M USD’M
Current income tax
Finance income 2,198.8 739.6 Current income tax is the expected tax payable or receivable on
Finance expense (3,820.3) (2,280.5) the taxable income or loss for the year, using tax rates enacted or
Total (1,621.5) (1,540.9) substantively enacted at the reporting date, and any adjustment
to tax payable in respect of previous years. The charge for taxation
The increase in the result from financing activities is primarily includes Singaporean and foreign corporate income taxation. Due
because of rising base rates throughout the year. to the different statutory rates applicable and non-deductible
expenses, the Group effective tax charge differs from the statutory
tax rate applicable in Singapore.
Deferred tax
Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial
reporting purposes, and the amounts used for taxation purposes.
The measurement of deferred tax reflects the tax consequences
that would follow the manner in which the Group expects, at the
end of the reporting period, to recover or settle the carrying amount
of its assets and liabilities.
Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, using tax rates
enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and
they relate to taxes levied by the same tax authority on the same
taxable entity, or on different tax entities, but they intend to settle
current tax liabilities and assets on a net basis, or their tax assets
and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax
credits and deductible temporary differences to the extent that
it is probable that future taxable profits will be available against
which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
Tax exposure
In determining the amount of current and deferred tax the Group
takes into account the impact of uncertain tax positions and
whether additional taxes and interest may be due. The Group
believes that its accruals for tax liabilities are adequate for all
open tax years based on its assessment of many factors, including
interpretations of tax law and prior experience. This assessment
relies on estimates and assumptions and may involve a series of
judgements about future events. New information may become
available that causes the Group to change its judgement regarding
the adequacy of existing tax liabilities; such changes to tax
liabilities will impact the tax expense in the period that such a
determination is made.
17.3 Reconciliation of effective tax rate

Key accounting estimate and judgement
The Group's operations are subject to income taxes in various
Deferred tax assets are recognised only to the extent it is foreign jurisdictions. The statutory income tax rates vary
considered probable that those assets will be recoverable. between 10 percent and 35 percent, which results in a difference
This involves an assessment of when those deferred tax assets between the weighted average statutory income tax rate and
are likely to reverse, and a judgement as to whether or not there Singapore's statutory tax rate of 17 percent (FY2022: 17 percent).
will be sufficient taxable profits available to offset the tax assets
when they do reverse. These judgements are subject to risk and The change to the statutory blended tax rate is a consequence
uncertainty and hence, to the extent assumptions regarding future of a change in the mix of profits and losses generated in the
profitability change, there can be an increase or decrease in the various countries in which the Group operates. The change to
amounts recognised in the Consolidated Statement of Income the effective tax rate is a consequence of a change in the mix
in the period in which the change occurs. The recoverability of of taxable profits and losses generated in the various countries
deferred tax assets, including the estimates and assumptions in which the Group operates.
contained therein, are reviewed regularly by management.
The reconciliation between tax expense and the result of
accounting profit multiplied by the Company’s statutory income
tax rate for the years ended 30 September 2023 and 2022
17.1 Tax expense is as follows:
Income tax expense recognised in the Consolidated Statement 2023 2022

USD’M % USD’M %
of Income consists of the following:
2023 2022 Profit before tax 8,038.6 7,959.5
USD’M USD’M Income tax expense at
statutory blended tax rate 1,095.3 13.6% 1,516.5 19.1%
Current income tax expense 869.3 994.2
Tax effect of adjustments to arrive at the effective income tax rate:
Adjustments in relation to
current income tax of previous year (221.6) (73.6) Effect of unused tax losses, not
recognised as deferred tax assets 118.7 43.2
Deferred tax expense/(income) (17.7) 1.3
Non-taxable income or subject to
Withholding tax in the current year 10.4 11.4
specific tax holidays (438.9) (593.6)
Total 640.4 933.3
Non-deductible expenses 76.4 25.2
Adjustments in relation to
income tax of previous year (221.6) (73.6)
17.2 Tax recognised in other comprehensive Tax rate changes 0.1 4.0
income Withholding tax
Effective tax rate
10.4
640.4 8.0%
11.6
933.3 11.7%
The tax credit/(charge) relating to components of other
comprehensive income is as follows:
2023 2022
USD’M USD’M
Tax (expense)/income on cash flow hedges 13.7 (70.7)

Tax (expense)/income on defined benefit plan
actuarial gains/(losses) 0.4 –
Total 14.1 (70.7)
17.4 Deferred tax assets and liabilities

The breakdown of deferred tax assets and liabilities in significant components as well as the movement between 1 October 2022
and 30 September 2023 of these components is as follows:
Recognised in Other Acquired
Opening Consolidated Comprehensive in business FX and Closing Deferred Deferred Tax
Balance Statement of Income Income combination Other Balance tax assets (Liabilities)
Property, plant and equipment (143.4) 22.3 – (25.3) (51.7) (198.1) 51.3 (249.4)
Investment in subsidiaries and associates 2.5 – – – – 2.5 2.5 –
Other temporary differences
(including intangible assets) (18.8) 7.4 11.8 – 2.7 3.1 105.5 (102.4)
Provisions (25.1) (25.5) – 0.3 37.3 (13.0) 17.7 (30.7)
Derivatives (36.9) 10.8 2.2 – (0.3) (24.2) (2.7) (21.5)
Tax losses carried forward
and tax attributes 51.7 2.7 – – (0.1) 54.3 50.9 3.4
Total deferred tax position (170.0) 17.7 14.0 (25.0) (12.1) (175.4) 225.2 (400.6)
Set-off deferred tax positions (104.9) 104.9

Net deferred tax position 120.3 (295.7)
Deferred tax assets are recognised for temporary differences

and unused tax losses to the extent that realisation is probable
18. Underlying EBITDA
as sufficient taxable profit is expected in the countries where
the deferred tax assets are originated. The majority of the Accounting policy
reported deferred taxes will be settled after 12 months from
The Group believes that the supplemental presentation of
the balance sheet date.
underlying EBITDA provides useful information on the Group’s
No significant deferred tax liability has been recognised in financial performance, its ability to service debt and its ability to
respect of undistributed earnings of subsidiaries. This is because fund capital expenditures as well as providing a helpful measure for
the Group is able to control the timing of the reversal of the comparing its operating performance with that of other companies.
temporary differences and it is probable that such differences Underlying EBITDA, when used by Trafigura, means operating profit
will not reverse in the foreseeable future. or loss before depreciation and amortisation excluding share‑based
payments and other adjustments. In addition to share‑based
Unrecognised tax losses carry 2023 2022
forward and tax attributes USD’M USD’M
payments, the adjustments made to arrive at underlying EBITDA are
considered exceptional and/or non-operational from a management
Losses expiring in 2024 57.6 Losses expiring in 2023 80.2 perspective based on their size or nature. They can be either
Losses expiring in 2025 78.1 Losses expiring in 2024 78.6 favourable or unfavourable. These items include for example:
Losses expiring in 2026 315.4 Losses expiring in 2025 99.0
• Significant restructuring costs and other associated costs arising
from significant strategy changes that are not considered by the
Losses expiring in 2029 66.0 Losses expiring in 2028 15.6 Group to be part of the normal operating costs of the business;
Losses expiring in 2030 95.2 Losses expiring in 2029 26.6 • Significant acquisition and similar costs related to business
Losses expiring after 2030 765.4 Losses expiring after 2029 1,147.3 combinations such as transaction costs;
Losses that do not expire 934.1 Losses that do not expire 819.6
Total 2,397.6 Total 2,777.8 • Provisions that are considered to be exceptional and/or
non‑operational in nature and/or size to the financial performance
At 30 September 2023, the amount of deductible temporary of the business; and
differences for which no deferred tax asset has been recognised • Various legal settlements that are significant to the result
in the balance sheet is USD1,471 million (2022: USD1,123 million). of the Group.
The unrecognised deferred tax assets for losses and tax From time to time, it may be appropriate to disclose further items
as exceptional or non-operational items in order to reflect the
attributes relate to entities for which it is not probable that
underlying performance of the Group.
taxable profit will be available to offset against these losses
and attributes. Underlying EBITDA is not a defined term under IFRS and may
therefore not be comparable with similarly titled profit measures
and disclosures reported by other companies. It is not intended
17.5 Tax uncertainties to be a substitute for, or superior to, GAAP measures.
The Group operates in numerous jurisdictions worldwide
resulting in cross border intercompany transactions whereby
the transfer pricing rules applied in one country have an 2023 2022
impact on the results in another country. In order to reduce USD’M USD’M
transfer pricing uncertainties, transfer pricing studies are
Operating profit or (loss)
performed and reports are prepared to fulfil local transfer before depreciation and amortisation 12,598.2 11,981.8
pricing requirements. Because of the complexity of tax rules,
interpretation by local taxing authorities can differ from the Adjustments
Group's interpretation based on opinions provided by local tax Share-based payments 87.6 106.8
Adjustments 87.6 106.8
counsel. The Group believes that it has sufficiently provided
for financial consequences (if any). Underlying EBITDA 12,685.8 12,088.6
In countries where the Group starts new operations or alters
As percentage of revenue 5.2% 3.8%
business models, the issue of permanent establishment and
profit allocation thereto may arise. The risk is that taxing
Share-based payments have been excluded because of their
authorities in multiple jurisdictions claim taxation rights over
non-cash nature. Please refer to note 11 for more details. There
the same profit.
were no non-recurring adjustments during the financial years
ending 30 September 2023 and 2022.
19. Property, plant and equipment

Accounting policy
Recognition and measurement Acquired mineral rights comprise identifiable exploration and
Property, plant and equipment are measured at cost less accumulated evaluation assets, including mineral reserves and mineral resources,
depreciation and accumulated impairment losses. The initial cost of which are acquired as part of a business combination and are
an asset comprises its purchase price or construction cost, any costs recognised at fair value at the date of acquisition. The acquired mineral
directly attributable to bringing the asset into operation, the initial rights are reclassified as “mineral properties and mine development
estimate of any decommissioning obligation, if any, and, for qualifying costs” from commencement of development and depreciated on a
assets, borrowing costs. The purchase price or construction cost is the unit of production basis, when commercial production commences.
aggregate amount paid and the fair value of any other consideration
Subsequent costs
given to acquire the asset.
Subsequent expenditure is capitalised only when it is probable that
When parts of an item of property, plant and equipment have the future economic benefits associated with the expenditure will
different useful lives, they are accounted for as separate items flow to the Group.
(major components). The costs of major repairs and maintenance
(dry-docking or turnarounds) are capitalised and depreciated over Major cyclical maintenance expenditure
their useful life. Group entities recognise in the carrying amount of an item of plant
Gains or losses on disposal of an item of property, plant and and equipment, the incremental cost of replacing a component part
equipment are recorded in the Consolidated Statement of Income of such an item when that cost is incurred if it is probable that the
in services and other expenses. future economic benefits embodied within the item will flow to the
Group entity, the cost incurred is significant in relation to the asset
The carrying amount of property, plant and equipment is reviewed for and the cost of the item can be measured reliably. Accordingly, major
impairment whenever events or changes in circumstances indicate overhaul expenditure is capitalised and depreciated over the period
the carrying amount may not be recoverable. in which benefits are expected to arise (typically three to four years).
Assets in the course of construction are capitalised as a separate Any remaining book value of a maintenance component of property,
component of property, plant and equipment, included within other plant and equipment to which the major maintenance is applied is
fixed assets. Upon completion, the cost of construction is transferred derecognised at that point in time. All other repairs and maintenance
to the appropriate category. are charged to the Consolidated Statement of Income during the
financial period in which the costs are incurred.
Mineral properties and mine development costs
The costs of acquiring mineral reserves and mineral resources are Borrowing costs
capitalised in the Consolidated Statement of Financial Position as Borrowing costs directly attributable to the acquisition, construction
incurred. Capitalised costs representing mine development costs or production of qualifying assets (i.e. assets that necessarily take a
include costs incurred to bring the mining assets to a condition of substantial period of time to get ready for their intended use or sale)
being capable of operating as intended by management. Mineral are calculated using the EIR method and are capitalised as part of
reserves and in some instances mineral resources and capitalised the cost of those assets. The capitalisation of such borrowing costs
mine development costs are depreciated from the commencement ceases when the assets are substantially ready for their intended use
of production using, generally, the unit of production basis. They are or sale. Investment income earned on the temporary investment of
written off if the property is abandoned. specific borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs capitalised.
Exploration and evaluation assets
Exploration and evaluation expenditure relate to costs incurred in the All other borrowing costs are expensed in the period in which they
exploration and evaluation of potential mineral reserves and resources, are incurred. Borrowing costs consist of interest and other costs that
and includes costs such as exploratory drilling and sample testing an entity incurs directly in connection with the borrowing of funds.
and the costs of pre-feasibility studies. Exploration and evaluation
expenditure for each area of interest, other than that acquired from
the purchase of another mining company, is capitalised as an asset
provided that one of the following conditions is met:
• Such costs are expected to be recouped in full through successful
development and exploration of the area of interest or alternatively,
by its sale; or
• Capitalised exploration and evaluation assets are transferred to mine
development assets once the work completed to date supports
the future development of the property and such development
receives appropriate approvals.
Land and Machinery and Barges and Mine property Other fixed
USD’M buildings equipment vessels and development assets Total
Cost
Balance at 1 October 2022 2,254.8 3,140.1 703.1 113.6 1,224.2 7,435.8
Additions 152.0 111.2 112.5 13.7 520.4 909.8

Acquired in business combination/remeasurements 4.0 3.3 – – 3.4 10.7
Reclassifications 462.0 (11.4) 10.3 47.5 (347.3) 161.1
Effect of movements in exchange rates,
including hyperinflation adjustment 2.7 49.0 0.4 0.7 0.8 53.6
Disposals (21.9) (27.6) (105.6) – (4.3) (159.4)
Divestment of subsidiaries (7.9) (30.9) – – (3.2) (42.0)
Balance at 30 September 2023 2,845.7 3,233.7 720.7 175.5 1,394.0 8,369.6
Depreciation and impairment losses

Balance at 1 October 2022 781.3 1,393.7 312.8 21.5 549.4 3,058.7
Depreciation 124.8 274.8 41.1 17.6 92.6 550.9

Impairment losses 108.4 208.5 – 23.9 38.4 379.2
Reclassifications 323.8 (291.5) 4.6 31.0 11.7 79.6
including hyperinflation adjustment 3.3 (7.5) 0.4 0.1 (1.2) (4.9)
Disposals (7.9) (21.6) (15.1) – (3.3) (47.9)
Divestment of subsidiaries (3.4) (16.7) – – (1.2) (21.3)
Balance at 30 September 2023 1,330.3 1,539.7 343.8 94.1 686.4 3,994.3
Net book value at 30 September 2023 1,515.4 1,694.0 376.9 81.4 707.6 4,375.3
Land and Machinery and Barges and Mine property Other fixed
USD’M buildings equipment vessels and development assets Total
Cost
Balance at 1 October 2021 2,271.8 3,079.7 619.5 64.6 1,038.8 7,074.4
Additions 25.5 86.5 385.7 16.7 517.2 1,031.6

Reclassifications 241.4 324.1 44.9 35.5 (268.6) 377.3
including hyperinflation adjustment (117.8) (203.7) (1.1) (3.2) (38.8) (364.6)
Disposals (59.3) (73.7) (336.5) – (11.4) (480.9)
Divestment of subsidiaries (106.8) (72.8) (9.4) – (13.0) (202.0)
Balance at 30 September 2022 2,254.8 3,140.1 703.1 113.6 1,224.2 7,435.8
Depreciation and impairment losses

Balance at 1 October 2021 593.1 973.1 295.4 – 450.9 2,312.5
Depreciation 99.1 256.3 29.8 11.3 69.7 466.2

Impairment losses 132.1 231.3 0.2 – 60.9 424.5
Reclassifications 117.6 98.9 (2.3) 11.2 (6.7) 218.7
including hyperinflation adjustment (39.7) (32.4) (1.1) (1.0) (6.2) (80.4)
Disposals (40.7) (74.8) (3.3) – (10.2) (129.0)
Divestment of subsidiaries (80.2) (58.7) (5.9) – (9.0) (153.8)
Balance at 30 September 2022 781.3 1,393.7 312.8 21.5 549.4 3,058.7
Net book value at 30 September 2022 1,473.5 1,746.4 390.3 92.1 674.8 4,377.1
19.1 Financial year 2023 20. Intangible fixed assets

Total additions for the year (USD909.8 million) mainly relate to
investments in the Nyrstar industrial facilities (USD250.9 million), Accounting policy
Puma Energy retail assets network (USD130.4 million), vessels
(USD112.5 million), and various individually smaller projects. Goodwill
The investments in Nyrstar predominantly relate to sustaining Goodwill that arises on the acquisition of subsidiaries is presented
capital expenditures, with investments split across the Group’s with intangible fixed assets. For the measurement of goodwill at
global operations. initial recognition refer to note 7 – Business combinations and
Included in the Other fixed assets category are assets under non-controlling interests.
construction, which relates to assets not yet in use, and some Goodwill is measured at cost less accumulated impairment losses.
Nyrstar related assets. Net book value as at 30 September 2023 For the purpose of impairment testing, goodwill acquired in a
amounted to USD343.2 million. Once the assets under business combination is, from the acquisition date, allocated to
construction come into operation they are reclassified to each of the Group’s Cash-Generating Units (CGUs) or group of CGUs
the appropriate asset category and from that point they that are expected to benefit from the combination, irrespective
of whether other assets or liabilities of the acquiree are assigned
are depreciated.
to those units.
Certain items of property, plant and equipment are pledged as Where goodwill has been allocated to a CGU and part of the
collateral for an amount of USD195.1 million. operation within that unit is disposed of, the goodwill associated
Depreciation is included in depreciation and amortisation. with the disposed operation is included in the carrying amount
Impairment charges are separately disclosed in the Consolidated of the operation when determining the gain and loss on disposal.
Statement of Income. Please refer to note 14 for details Goodwill disposed in these circumstances is measured based on
on impairments. the relative values of the disposed operation and the portion of
the GCU retained.
During the 2023 financial year, the Group capitalised In respect of equity-accounted investees, the carrying amount
borrowing costs of a total amount of USD3.3 million under of goodwill is included in the carrying amount of the investment,
other fixed assets. and any impairment loss is allocated to the carrying amount of
the equity-accounted investee as a whole.
19.2 Financial year 2022 Brand name and customer relationships
Total additions for the year (USD1,031.6 million) mainly relate Brand name and customer relationships (acquired in business
to investments in the Nyrstar industrial facilities and mines combination) are measured at fair value at the date of acquisition.
(USD275.5 million), vessels (USD384.1 million) and various They are amortised evenly over their estimated useful economic
individual smaller projects. The investments in Nyrstar life, primarily being between 10 and 20 years.
predominantly relate to sustaining capital expenditures of
Environmental emission credits and allowances held for own
USD252.4 million, with investments split across the Group’s use (included in other intangible assets)
global operations. Environmental emission credits and allowances held for own use
The USD351.9 million disposals mainly relate to the sale of are acquired for the purpose of settling emissions in the ordinary
vessels, which were subsequently leased back for a period course of business. These credits and allowances are classified
between five and seven years. as intangible fixed assets at cost less accumulated impairment
losses. Credits and allowances that will be retired within the next
Included in the Other fixed assets category are assets 12 months are classified as current intangible fixed assets, and
under construction, which relates to assets not yet in use, are included within other current assets. The related cash flow is
and some Nyrstar related assets. Net book value as at classified as an operating cash flow.
30 September 2022 amounted to USD415.4 million. Once the An obligation to deliver environmental emission credits and
assets under construction come into operation they are allowances arises due to emissions in our operations or as per
reclassified to the appropriate asset category and from that the regulatory triggers. This obligation is reported as an expense
point they are depreciated. within Materials, transportation and storage and a liability within
Certain items of property, plant and equipment are pledged as accruals under Trade and other Payables. This liability is valued in
collateral for an amount of USD375.4 million. the amount at which it is expected to be settled.
Depreciation is included in depreciation and amortisation. Licences and other intangible fixed assets
Impairment charges are separately disclosed in the Consolidated Licences and other intangible fixed assets include software
Statement of Income. development costs and certain long-term concession rights related
to land usage. These items are stated at cost, less accumulated
During the 2022 financial year, the Group capitalised amortisation and accumulated impairment losses. Licences are
borrowing costs of a total amount of USD5.2 million under amortised over the term of the licence, generally not exceeding
other fixed assets. 10 years. The long-term concession rights have useful lives ranging
from 33 to 99 years.
An intangible fixed asset acquired as part of a business combination
is measured at fair value at the date of acquisition and is recognised
separately from goodwill if the asset is separable or arises from
contractual or other legal rights.
Gains or losses on disposal of intangible fixed assets are recorded
in the Consolidated Statement of Income in Services and other.
Brand name & customer Other intangible

USD’M Goodwill relationships assets Total
Cost
Balance at 1 October 2022 1,203.7 427.6 1,209.1 2,840.4
Additions 4.9 – 200.4 205.3

Acquired in business combination/remeasurements – – 2.2 2.2
Reclassifications (4.2) – (63.3) (67.5)
Effect of movements in exchange rates, including hyperinflation adjustment (6.9) (14.7) 1.4 (20.2)
Disposals – – (309.3) (309.3)
Divestment of subsidiaries (14.1) – (1.4) (15.5)
Balance at 30 September 2023 1,183.4 412.9 1,039.1 2,635.4
Amortisation and impairment losses

Balance at 1 October 2022 196.9 39.4 491.4 727.7
Amortisation – 36.3 79.8 116.1

Impairment losses 30.6 – 0.4 31.0
Effect of movements in exchange rates, including hyperinflation adjustment (0.4) – (1.1) (1.5)
Reclassifications 1.0 – (3.0) (2.0)
Disposals – – (2.8) (2.8)
Divestment of subsidiaries – – (0.2) (0.2)
Balance at 30 September 2023 228.1 75.7 564.5 868.3
Net book value at 30 September 2023 955.3 337.2 474.6 1,767.1
Non-current 955.3 337.2 252.0 1,544.5

Current – – 222.6 222.6
Balance at 30 September 2023 955.3 337.2 474.6 1,767.1
Brand name & customer Other intangible

USD’M Goodwill relationships assets Total
Cost
Balance at 1 October 2021 1,233.8 437.8 691.4 2,363.0
Additions – – 567.7 567.7

Reclassifications – – (2.2) (2.2)
Effect of movements in exchange rates, including hyperinflation adjustment (30.1) (10.2) (16.0) (56.3)
Disposals – – (10.8) (10.8)
Balance at 30 September 2022 1,203.7 427.6 1,209.1 2,840.4
Amortisation and impairment losses

Balance at 1 October 2021 108.4 – 439.3 547.7
Amortisation – 39.4 78.6 118.0

Impairment losses 88.5 – 2.2 90.7
Effect of movements in exchange rates, including hyperinflation adjustment – – (10.0) (10.0)
Reclassifications – – 3.2 3.2
Disposals – – (0.9) (0.9)
Balance at 30 September 2022 196.9 39.4 491.4 727.7
Net book value at 30 September 2022 1,006.8 388.2 717.7 2,112.7

Goodwill is the only intangible fixed asset with an indefinite Goodwill impairment
life. All other intangible fixed assets are amortised as follows:
Total goodwill impairment charges recognised for the
• Brand name and customer relationships (acquired in business 2023 financial year amount to USD30.6 million (FY2022:
combination) are amortised evenly over their estimated useful USD88.5 million). These impairment charges primarily relate
economic life, primarily being between 10 and 20 years. to business of Puma Energy. For further information on these
• Other intangible fixed assets are amortised evenly over goodwill impairments, refer to note 14.
their estimated useful economic life. Other intangibles
mainly consist of:
• Environmental emission credits and allowances held for own
use acquired for the purpose of settling emissions in the
ordinary course of business amounting to USD222.6 million
(30 September 2022: USD490.9 million).
• Licence fees paid are amortised evenly over their respective
periods, for which the licences have been granted, generally
not exceeding 10 years; and
• Software amounting to USD171.4 million (30 September 2022:
USD154.8 million) that is amortised over five years and
payments made under exclusivity contracts with clients
for petroleum fuels and lubricants that are amortised over
the contractual period.
Disposals of other intangible assets are predominantly made up
of the retirement of certain environmental emission credits and
allowances (USD306.2 million). These credits and allowances
are derecognised based on usage in operations or as per the
regulatory triggers.
Amortisation expenses are included in depreciation and
amortisation. Impairment charges are separately disclosed in
the Consolidated Statement of Income. Intangible fixed assets
with finite lives are tested for impairment when impairment
indicators exist. For the purpose of impairment testing, goodwill
is allocated to the CGUs or groups of CGUs.
21. Leases
Accounting policy
When the Group is the lessee The ROU asset is initially measured at cost, which comprises the initial
As a lessee, at inception of a contract the Group assesses whether a amount of the lease liability adjusted for any lease payments made
contract is, or contains, a lease. A contract is, or contains, a lease if at or before the commencement date, any initial direct costs and
the contract conveys the right to control the use of an identified asset an estimate of costs to dismantle and remove the underlying asset
for a period of time in exchange for consideration. To assess whether or to restore the underlying asset or the site on which it is located,
a contract conveys the right to control the use of an identified asset, less any lease incentives received.
the Group assesses whether: Subsequent to initial recognition, the lease liability is measured at
• The contract involves the use (explicitly or implicitly) of an amortised cost using the effective interest method, and the ROU
identified asset; asset is depreciated on a straight-line basis, from the commencement
• The Group has the right to obtain substantially all of the economic date to the earlier of the end of the useful life of the ROU asset, or
benefits throughout the period of use; and the end of the lease term.
• The Group has the right to direct the use of the asset. The lease liability is remeasured when:
This policy is applied to all lease contracts except for short-term leases • There is a change in future lease payments arising from changes
and leases of low-value assets. If a contract is, or contains a lease, in an index or rate;
the Group accounts a lease component separately from non‑lease • There is a change in the Group’s assessment of whether it will
components. As a lessee, the Group allocates the consideration in exercise an extension option; or
the contract based on the relative stand-alone price of components • There are modifications in the scope or the consideration of the
and the aggregate stand-alone price of the non-lease components lease that were not part of the original term.
(if applicable).
The lease liability is remeasured with a corresponding adjustment to
For all leases, the Group recognises a right-of-use (ROU) asset the ROU asset or is recorded in profit or loss if the carrying amount
and a corresponding liability at the date at which the leased asset of the ROU asset has been reduced to zero.
is available for use. Assets and liabilities arising from a lease are
initially measured on a present value basis. The lease payments are When the Group is the (intermediate) lessor
discounted using the interest rate implicit in the lease. If that rate Subleases
cannot be determined, the lessee’s incremental borrowing rate is used, When the Group acts as an intermediate lessor, it accounts for
being the rate of interest that the lessee would have to pay to borrow its interest in the head lease and the sub-lease separately.
over a similar term, and with a similar security, the funds necessary The classification of the sub-lease is assessed with reference to the
to obtain an asset of a similar value to the ROU asset in a similar ROU asset of the head lease and not the underlying asset. If a head
economic environment. Generally, the Group uses its incremental lease is a short-term lease and the exemption below has been applied,
borrowing rate as the discount rate. The incremental borrowing rate the sub–lease is classified as an operating lease. If the sub-lease is
is determined using recent third-party financing received adjusted classified as a finance lease, the Group derecognises the ROU asset
for both changes in financing conditions since third party financing and instead recognises a finance lease receivable at the amount of
was received and for terms specific to leases. its net investment, which is the present value of all remaining lease
In determining the lease term, management considers all facts and payments. Any difference between the ROU asset and the finance
circumstances that create an economic incentive to exercise an lease receivable is recognised in profit or loss, when the finance lease
extension option or not to exercise a termination option. Extension receivable is recognised. Lease liability relating to the head lease is
options (or periods after termination options) are only included in the retained in the Consolidated Statement of Financial Position, which
lease term if the lease is reasonably certain to be extended (or not represents the lease payments owed to the head lessor.
terminated). For any arrangements that contain lease and non-lease components,
Lease payments included in the measurement of the lease liability as an intermediate lessor, the Group allocates the consideration in
include the following: the contract based on a relative stand-alone selling basis.
• Fixed payments (including in-substance fixed payments), less any Subsequent to initial recognition, the Group, as intermediate lessor,
lease incentives receivables; accrues interest income on the net investment. The receipts under
the lease are allocated between the receivable and the finance
• Variable lease payment that are based on an index or a rate;
income to produce a constant rate of return on the net investment.
• Amounts expected to be payable by the lessee under residual
The Company, as a lessor, assesses the risk with respect to leased
value guarantees;
assets as limited and not material. Lease agreements do not impose
• The exercise price of a purchase option if the lessee is reasonably any covenants, but leased assets may not be used as security for
certain to exercise that option; and borrowing purposes. Any allowances for expected credit losses are
• Payments of penalties for terminating the lease, if the lease term recognised against finance lease receivables as required by IFRS 9,
reflects the lessee exercising that option. if applicable.
Discount rates For lease contracts, the following factors are normally the most relevant:
The Group cannot readily determine the interest rate implicit in • Remaining useful live of the assets depending on the lease term
the lease, therefore, it uses its incremental borrowing rate (IBR) of the lease contract;
to measure lease liabilities. The IBR is the rate of interest that the • Remaining duration of long-term customer contracts;
Group would have to pay to borrow over a similar term, and with a
• The amount of the penalties to terminate (or not to extend);
similar security, the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic environment. • Other factors including historical lease durations and the costs
The IBR therefore reflects what the Group ‘would have to pay’, which and business disruption that is expected to be incurred to replace
requires estimation when no observable rates are available (such as the leased asset.
for subsidiaries that do not enter into financing transactions) or The lease term is reassessed if an option is actually exercised (or
when they need to be adjusted to reflect the terms and conditions not exercised) or the Group becomes obliged to exercise (or not
of the lease (for example, when leases are not in the subsidiary’s exercise) it. The assessment of reasonable certainty is only revised
functional currency). The Group estimates the IBR using observable if a significant event or a significant change in circumstances
inputs (such as market interest rates) when available and is required occurs, which affects this assessment, and that is within the control
to make certain entity-specific estimates when applicable (such as of the lessee.
the subsidiary’s stand-alone credit rating). A single IBR may be applied
No other material estimates and judgements are applied by the Group
to a portfolio of leases, which are similar in nature and lease term.
with regard to leases.
Determining the term of a lease contract
Extension and termination options are included in most lease
contracts held by the Group. These options are used to maximise
operational flexibility in terms of managing the assets used in the
Group’s operations. The majority of extension and termination options
held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, management considers all facts and
circumstances that create an economic incentive to exercise an
extension option, or to not exercise a termination option. Extension
options (or period after termination option) are only included in the
lease term if the lease is reasonably certain to be extended (or not
terminated).
The Group leases various assets including land and buildings, and plant and equipment. Leases are negotiated on an individual
basis and contain a wide range of different terms and conditions, including termination and renewal rights. The Group, as a
lessor, only has finance leases.
The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
21.1 Right-of-use assets

USD’M Freight Storage Land and buildings Service stations Other Total
Balance at 1 October 2022 2,544.7 521.2 295.2 155.8 387.6 3,904.5
Additions/remeasurements 2,320.4 403.3 49.5 52.8 20.4 2,846.4

Reclassifications – – – – (1.5) (1.5)
Disposals (230.8) – (0.2) – (0.2) (231.2)
Impairment losses – – – – 0.3 0.3
Depreciation (1,531.7) (124.2) (40.5) (28.3) (125.1) (1,849.8)
Effect of movement in exchange rates – (0.8) (2.1) (0.9) 0.5 (3.3)
Other 3.0 0.3 1.1 – (1.6) 2.8
Balance at 30 September 2023 3,105.6 799.8 303.0 179.4 280.4 4,668.2
USD’M Freight Storage Land and buildings Service stations Other Total
Balance at 1 October 2021 1,588.1 114.3 338.6 174.9 190.3 2,406.2
Additions/remeasurements 2,239.5 458.0 15.1 17.2 314.5 3,044.3

Reclassifications (0.1) 1.3 10.3 – 17.7 29.2
Disposals (306.0) – (1.7) (0.1) – (307.8)
Impairment losses – – (0.1) 0.1 (20.7) (20.7)
Depreciation (976.1) (49.1) (51.0) (29.3) (110.8) (1,216.3)
Effect of movement in exchange rates – (4.3) (10.9) (5.1) (2.6) (22.9)
Other (0.7) 1.0 (5.1) (1.9) (0.8) (7.5)
Balance at 30 September 2022 2,544.7 521.2 295.2 155.8 387.6 3,904.5
Both additions and disposals in the Freight category primarily relate to vessels.
The Other category mainly includes assets located in Corpus Christi, Texas, that enable the transportation, storing, processing
and vessel loading of crude oil and crude oil products.
21.2 Lease liabilities 21.3 Amounts relating to leases recognised for

2023 2022 the reporting period
USD’M USD’M
The following amounts are recognised in profit and loss:
Opening balance 3,987.2 2,572.1 2023 2022
USD’M USD’M
Interest 235.5 134.7
Additions/remeasurements 2,920.9 3,067.9 Depreciation on right-of-use assets 1,849.8 1,216.3
Disposals (316.5) (314.6) Interest expense on lease liabilities 235.5 134.7
Payments (2,044.8) (1,438.9) Impairments of right-of-use assets (0.3) 20.7
Effect of movement in exchange rates 6.7 (48.3) Expenses relating to short-term leases 1,012.0 760.1
Other 2.3 14.3 Expenses related to variable lease payments not
Closing balance 4,791.3 3,987.2 included in the measurement of the lease liability 1,023.2 535.1
Gain or losses on sale and leaseback (14.5) 27.2
Current 1,705.4 1,170.1 Foreign exchange/other 10.0 (25.4)
Non-current 3,085.9 2,817.1 Net (income)/expenses related to leases 4,115.7 2,668.7
Closing balance 4,791.3 3,987.2
At 30 September 2023, the Group is committed
The following table sets out a maturity analysis of the lease to USD480.1 million of short-term lease payments
liabilities at 30 September 2023 and 2022, indicating the (30 September 2022: USD515.7 million).
undiscounted lease amounts to be paid:
Total cash out flow included in net cash from operating
2023 2022 and financing activities in the 2023 financial year was
USD’M USD’M USD4,080.0 million (FY2022: USD2,734.1 million).
Less than one year 1,986.3 1,355.3
Later than one year and less than five years 2,864.2 2,558.4
Later than five years 808.9 604.1
Total undiscounted lease payable 5,659.4 4,517.8
Future finance costs (868.1) (530.6)

Lease liabilities included in
the statement of financial position 4,791.3 3,987.2
Of which are:
Current 1,705.4 1,170.1
Non-current 3,085.9 2,817.1
22. Equity-accounted investees 2023

USD’M
2022
USD’M
Opening balance 979.6 842.2

Accounting policy
Effect of movements in exchange rates (3.0) (34.2)
Associates and joint ventures (together ‘Associates’) in which the Additions 93.9 150.9
Group exercises significant influence or joint control are accounted Disposals (8.1) (10.4)
for using the equity method. Significant influence is the power to (Impairments)/reversals 6.2 (34.9)
participate in the financial and operating policy decisions of the Share of net profit/(loss) (11.8) 54.2
investee but not control those policies. Joint control is established Dividends/Repayment of capital (86.1) (21.4)
Reclassification to assets held for sale – (9.4)
by contractual agreement and requires unanimous consent for
Other (1.2) 42.6
strategic financial and operating decisions. The considerations made
in determining significant influence or joint control are similar to Total 969.5 979.6
those necessary to determine control over subsidiaries.
Under the equity method, the investment in an Associate is initially
recognised at cost. The carrying amount of the investment is 22.1 Financial year 2023
adjusted to recognise changes in the Group’s share in the net Additions for the year consist of an investment of USD50.0 million
assets of the Associate since acquisition date. Goodwill relating to
in the Lobito corridor project in Angola, a further investment
the Associate is included in the carrying amount of the investment
in Nala Lux Holdco S.à r.l of USD35.0 million and various
and is neither amortised nor individually tested for impairment.
other investments.
The Consolidated Statement of Income reflects the Group’s share
of the results of operations of the Associate. Any change in the During the year, Nala Lux Holdco S.à r.l transferred its stake
other comprehensive income (OCI) of those investees is presented in Swift Current Energy to Trafigura which was settled via
as part of the Group’s OCI. In addition, when there has been a repayment of capital (USD69.7 million). Trafigura’s pro-rata
change recognised directly in the equity of the Associate, the share of Swift Current Energy was subsequently sold to Buckeye
Group recognises its share of any changes, when applicable, in Partners, L.P., the majority owner of Swift Current Energy.
the Consolidated Statement of Changes in Equity.
During the 2023 financial year, the Group received USD14.5 million
Unrealised gains and losses resulting from transactions between
the Group and the Associate are eliminated to the extent of the
in dividends from various equity-accounted investees.
interest in the Associate, unless the sale or contribution of assets The share of profit/(loss) from equity-accounted investees
constitute a business in which case the gains and losses are amounts to a loss of USD11.8 million. This is predominantly
recognised in full. The aggregate of the Group’s share of profit the share of losses of Empresa Minera del Caribe S.A. (a loss
or loss of equity-accounted investees is shown on the face of of USD34.0 million), ITG S.à r.l. (a loss of USD17.5 million),
the Consolidated Statement of Income and represents profit or partly offset by the share of profits from Guangxi Jinchuan
loss after tax and non-controlling interests in the subsidiaries of
(USD28.1 million).
the Associate.
The Group determines at each reporting date whether there is any 22.2 Financial year 2022
objective evidence that the investment in the Associate is impaired.
The financial statements of the Associates are prepared for the The additions to equity-accounted investees amounted
same reporting period as the Group, unless otherwise indicated. to USD150.9 million. As Nala Renewables expanded, a new
Changes in the Group’s interest in Associates are accounted for as holding company was incorporated, Nala Lux HoldCo S.à r.l.,
a gain or loss on disposal with any differences between the amount and additional investments were made (USD112.0 million). In
by which the carrying amount of the Associate is adjusted and the addition, various other investments were made during the 2022
fair value of the consideration received being recognised directly financial year.
in the Consolidated Statement of Income. The share of net profit from investments amounted to
USD54.2 million. This was predominantly the result of profits in
ITG S.à r.l. (USD25.7 million), Atalaya Mining PLC (USD23.4 million)
and Guangxi Jinchuan (USD17.1 million), and partly offset by
Key accounting estimate and judgement Porto Sudeste do Brasil (a loss of USD23.6 million).
Determination of control of subsidiaries and joint arrangements During the 2022 financial year, the Group received USD21.4 million
Judgement is required to determine whether the Group controls in dividends from various equity-accounted investees.
an entity, and consequently, whether it needs to consolidate that
entity into the consolidated financial statements. Specifically,
the Group assesses whether it has the power over the relevant
activities of the entity, exposure to its variable returns or the ability
to use power to impact returns of the entity.
The Group has certain investments in companies, which are not
consolidated and whose results are accounted for in the Group’s
consolidated financial statements based on their equity share
ownership. The most significant of the Group’s investments is
the 50 percent investment in ITG S.à r.l., parent company of
Impala Terminals Group (ITG).
22.3 Equity-accounted investee-related balances and participations

The tables below depict participations and balances related to equity-accounted investees:
Percentage
of equity Percentage of
Place of attributable to equity attributable
incorporation/ the Group to the Group
Name registration Activities 2023 2022
Atalaya Mining PLC Cyprus Mining 22.0% 22.0%

Empresa Minera del Caribe S.A. Caribbean Mining 49.0% 49.0%
Guangxi Jinchuan Non-ferrous Metals Co., Ltd China Smelter 30.0% 30.0%
ITG S.à r.l. Luxembourg Multimodal logistics, 50.0% 50.0%
warehousing and storage
Lobito Atlantic Railway, S.A. Angola Provision of rail services 49.5% –
and logistics support
Lobito Atlantic International Sàrl Switzerland Provision of rail services 50.0% –
and logistics support
Mineração Morro do Ipê S.A. Brazil Mining 50.0% 50.0%
Nala Lux HoldCo S.à. r.l. (Nala Renewables) Luxembourg Renewable energy projects 50.0% 50.0%
Porto Sudeste do Brasil S.A. Brazil Port services 49.6% 49.6%
Sawtooth Caverns LLC United States Storage of oil products 50.0% 50.0%
Trafigura Liaoning Port International trading (Liaoning) Co. Ltd. China Oil Trading 50.0% 50.0%
2023 2022
USD’M USD’M
Energy:
Nala Lux HoldCo S.à. r.l. (Nala Renewables) 68.4 98.7
Trafigura Liaoning Port International trading (Liaoning) Co. Ltd. 30.7 30.2
Sawtooth Caverns LLC 27.0 26.8
Others 60.5 59.6
Total 186.6 215.3
Metals and Minerals:

ITG S.à r.l. 296.1 314.6
Guangxi Jinchuan Non-ferrous Metals Co., Ltd 212.8 208.8
Atalaya Mining PLC* 118.8 108.0
Mineração Morro do Ipê S.A. 64.3 58.5
Lobito Atlantic Railway, S.A. 49.7 –
Empresa Minera del Caribe S.A. 5.9 39.9
Others 11.8 12.2
Total 759.4 742.0
All other segments:

Others 23.5 22.3
Total 969.5 979.6
*
Listed investments. Fair value as of 30 September:
Atalaya Mining PLC 127.9 65.5
The table below presents the key financial information The condensed information of the other associates
of ITG S.à r.l. is shown below.
2023 2022 2023 2022
ITG S.à r.l. USD’M USD’M Other associates USD’M USD’M
Non-current asset assets 1,449.2 1,392.7 Assets 4,436.0 4,031.4

Current assets 393.7 249.5 Liabilities 2,371.9 1,652.8
Non-current liabilities 1,097.9 157.7 Revenue 7,124.6 8,032.9
Current liabilities 360.9 1,061.6 Profit or (loss) for the year 69.3 18.4
Revenue 999.4 715.9
Profit/(loss) for the year (35.0) 51.6
Corporate guarantees in favour of associates and joint
Dividends paid 0.8 (1.5)
Other comprehensive income (0.7) 6.8 ventures as at 30 September 2023 amount to USD87.8 million
Total comprehensive income (35.7) 58.4 (30 September 2022: USD151.1 million).
Net assets 384.1 422.9

Trafigura's ownership interest 50.0% 50.0%
Fair value adjustment as a result of
partial sale and other adjustments 104.1 103.2
Carrying value 296.1 314.6
23. Prepayments and financial assets

Accounting policy
A financial instrument is any contract that gives rise to a financial Financial assets at fair value through other comprehensive income
asset of one entity and a financial liability or equity instrument of Where Group management has elected to present fair value gains
another entity. and losses on equity investments in other comprehensive income,
there is no subsequent reclassification of fair value gains and losses
Prepayments
to the Consolidated Statement of Income. Dividends from such
The Group enters into prepayment agreements where purchases
investments continue to be recognised in the Consolidated Statement
of commodities are prepaid. When the prepayment agreement
of Income as income/(expenses) from investments when the Group’s
can be settled in cash or another financial asset, it is classified
right to receive payments is established. There are no impairment
at amortised cost in line with IFRS 9. When settlement of the
requirements for equity investments measured at fair value through
prepayment agreement solely occurs by having the commodities
other comprehensive income.
physically delivered, these agreements are not classified as financial
instruments as they do not meet the definition of a financial asset. Financial assets at fair value through profit or loss
For the clauses in the contracts which might result in cash settlement The Group classifies the following financial assets at fair value through
instead of physical delivery, the objective of the contract and the profit or loss:
economic reality of such clauses determine the classification. Interest • Equity investments that are held for trading;
received on prepayment agreements is presented in finance income
in the Consolidated Statement of Income. • Equity investments for which the entity has not elected to recognise
fair value gains and losses through other comprehensive income;
Financial assets
• Debt investments that do not qualify for measurement at
Financial assets are classified, at initial recognition, as subsequently amortised cost;
measured at amortised cost, fair value through other comprehensive
• Debt investments that do not qualify for measurement at fair value
income, and fair value through profit or loss.
through other comprehensive income; and
The classification depends on the Group’s business model for managing
• Debt investments that have been designated at fair value through
the financial assets and the contractual terms of the cash flows. For
profit or loss.
investments in debt instruments, this will depend on the business
model in which the investment is held. For investments in equity Financial assets at fair value through profit or loss are carried in
instruments, this will depend on whether the Group has made an the Consolidated Statement of Financial Position at fair value with
irrevocable election at the time of initial recognition to account for the net changes in fair value presented as income or expenses from
equity investment at fair value through other comprehensive income. investments in the Consolidated Statement of Income. Interests,
dividends and gain or loss on foreign exchange on financial assets
Subsequent measurement of debt instruments depends on the
at fair value through profit or loss are included separately in finance
Group's business model for managing the asset and the cash flow
income or expense, or services and other expenses, respectively.
characteristics of the asset.
The Group reclassifies debt investments only when its business model Amortised cost
for managing those assets changes. Reclassification takes place on The Group classifies its financial assets as at amortised cost only if
the first day of the financial year following the financial year in which both of the following criteria are met:
the business model changes. • The asset is held within a business model with the objective of
At initial recognition, the Group measures a financial asset at its collecting the contractual cash flows; and
fair value plus, in the case of a financial asset at fair value through • The contractual terms give rise on specified dates to cash flows
profit or loss, transaction costs that are directly attributable to the that are solely payments of principal and interest on the principal
acquisition of the financial asset. Transaction costs of financial assets outstanding.
carried at fair value through profit or loss are expensed in profit or
Financial assets at amortised cost include loans receivable, trade
loss as incurred.
and other receivables, and other financial assets that are held
Purchases or sales of financial assets that require delivery of assets with the objective of collecting contractual cash flows. After initial
within a time frame established by regulation or convention in the measurement at fair value, the financial assets are measured at
market place (regular way trades) are recognised on the trade date amortised cost using the EIR method, less impairment.
(i.e. the date that the Group commits to purchase or sell the asset).
Amortised cost is calculated by taking into account any discount
The Group derecognises a financial asset when the contractual or premium on acquisition and fees or costs that are an integral
rights to the cash flows from the asset expire, or it transfers the part of the EIR. The EIR amortisation is included in finance income
rights to receive the contractual cash flows in a transaction in which in the Consolidated Statement of Income. The losses arising from
substantially all the risks and rewards of ownership of the financial impairment are recognised in the Consolidated Statement of Income
asset are transferred. Any interest in such transferred financial assets in impairments of financial assets and prepayments.
that is created or retained by the Group is recognised as a separate
asset or liability.
23.1 Prepayments
2023 2022
USD’M USD’M
Current 2,930.6 2,117.2

Non-current 1,107.8 1,534.1
Total 4,038.4 3,651.3
Prepayments relate to prepayments of commodity deliveries and are split into non-current prepayments (due > 1 year) and
current prepayments (due < 1 year). A significant portion of the non-current prepayments and current prepayments are either
financed on a non-recourse basis or insured. As at 30 September 2023, an amount of USD599.0 million (30 September 2022:
USD483.5 million) of prepayments has been discounted. This amount has been derecognised as the Group has transferred
substantially all the risks and rewards of ownership of the prepayment with non-recourse.
Out of the total current prepayments balance, an amount of USD1.6 billion (30 September 2022: USD1.3 billion) relates to
prepayments that are made for specifically identified cargos.
The contractually outstanding prepayments amount decreases in size with each cargo that is delivered, until maturity. Once the
contractually agreed total cargo has been fully delivered, the prepayment agreement falls away leaving no remaining contractual
obligations on Trafigura or the supplier.
The Group monitors the commodity prices in relation to the prepayment contracts and manages the credit risk together with
its financial assets as described in note 39. A portion of the long-term prepayments and short-term prepayments is financed
on a limited-recourse basis. Interest on the prepayments is added to the prepayment balance.
Based on the individual analysis of the prepayments, the cumulated expected credit losses on these prepayments recorded by
the Group amount to USD343.4 million (30 September 2022: USD133.3 million). The following table explains the movements
of the expected credit loss between the beginning and the end of the reporting period and the gross carrying amounts of the
prepayments by credit risk category:
2023 2022
Performing Underperforming Performing Underperforming
12-months ECL Lifetime ECL Total 12-months ECL Lifetime ECL Total
Expected credit loss (ECL) provision

Opening balance – 1 October 44.0 89.3 133.3 24.7 99.4 124.1
Transfer to underperforming – 11.0 11.0 – – –

ECL on prepayments recognised during the year 2.5 – 2.5 3.9 12.4 16.3
ECL on prepayments derecognised during the year (0.4) (24.6) (25.0) – (0.5) (0.5)
Changes in PD/LGD/EAD 5.9 215.7 221.6 15.4 (22.0) (6.6)
Closing balance at 30 September 52.0 291.4 343.4 44.0 89.3 133.3
Carrying amount at 30 September

Current 2,663.2 267.4 2,930.6 2,060.9 56.3 2,117.2
Non-current 379.7 728.1 1,107.8 385.0 1,149.1 1,534.1
Total 3,042.9 995.5 4,038.4 2,445.9 1,205.4 3,651.3
23.2 Loans and other receivables

2023 2022
USD’M USD’M
Loans to associates and related parties 52.9 43.2

Other non-current loans receivable 738.7 264.3
Total 791.6 307.5
Other non-current loans receivables include various loans that are granted to counterparties that the Group trades with.
This line also includes the debt agreement with the Ministry of Finance of Angola, which relates to compensation for iron ore
investments made by the Group following the liquidation of a consolidated Angolan subsidiary in 2016. In 2019, the original
debt agreement was renegotiated with a new redemption schedule in place. In 2020 and 2021, due to the economic situation
in Angola, with collapsing oil prices, a lack of liquidity and COVID-19, it had not been possible for the Ministry of Finance to
honour all of its obligations. In financial year 2022, the Ministry of Finance started regular payments of the debt and continued
to fulfil its repayment obligations during financial year 2023. The gross amount outstanding as at 30 September 2023 amounts
to USD198.9 million. Based upon these recent developments the effect on the ECL provision is a gain of USD84.9 million, which
has been recorded as gain in the Consolidated Statement of Income.
In addition, this line also includes a series of financial instruments provided to Wolverine Fuels LLC (Wolverine) with a carrying
value of USD460.6 million (30 September 2022: USD87.9 million). During the 2023 financial year a senior secured loan of
USD343 million was granted to Wolverine and interest over 2023 has been accrued.
Based on the individual analysis of these loans, the recorded expected credit losses on these loans amount to USD229.9 million
(30 September 2022: USD282.7 million), the difference being mostly explained by the above-mentioned reversal of impairment
on the receivable from the Ministry of Finance of Angola. The following table explains the movements of the expected credit
loss between the beginning and the end of the reporting period and the gross carrying amounts of the loan receivables by credit
risk category:
2023 2022
Performing Underperforming Performing Underperforming
12-months ECL Lifetime ECL Total 12-months ECL Lifetime ECL Total
Expected credit loss (ECL) provision

Opening balance – 1 October 3.1 279.6 282.7 2.4 134.2 136.6
Transfer to underperforming – 4.9 4.9 – – –

ECL on new loans originated during the year 11.7 20.2 31.9 – 56.6 56.6
ECL on loans derecognised during the year (1.2) – (1.2) – – –
Changes in PD/LGD/EAD 2.3 (90.7) (88.4) 0.7 88.8 89.5
Closing balance at 30 September 15.9 214.0 229.9 3.1 279.6 282.7
Carrying amount at 30 September

Current (note 26) 198.9 134.7 333.6 211.1 3.8 214.9
Non-current (note 23) 487.2 304.4 791.6 144.9 162.6 307.5
Total 686.1 439.1 1,125.2 356.0 166.4 522.4
23.3 Other investments 24. Other non-current assets

Investments included in the Consolidated Statement of Financial 2023 2022
Position as at 30 September 2023 and 2022 can be broken USD’M USD’M
down as follows:
Non-financial hedged items 275.9 3,821.6
2023 2022 Restricted deposit 34.8 94.7
USD’M USD’M Other 405.9 369.6
Total 716.6 4,285.9
Listed equity securities
– Fair value through OCI 0.5 0.9
Listed equity securities For further information on the non-financial hedged items,
– Fair value through profit or loss 361.8 63.2 refer to note 40.2. The restricted deposits mainly represent
Listed debt securities amounts placed on deposit accounts relating to Puma Energy
– Fair value through profit or loss 247.4 203.0
Unlisted equity investments
and Nyrstar mining operations.
– Fair value through profit or loss 182.0 130.1
Other primarily relates to long-term deposits.
Unlisted equity investments
– Fair value through OCI 205.8 198.3
Total 997.5 595.5
25. Inventories
The Group’s long-term investments consist of listed equity
securities, listed debt securities and unlisted equity securities.
Accounting policy
The listed equity securities have no fixed maturity or coupon
rate. The fair values of listed equity investments are based Trading-related inventories are measured at fair value less costs
on quoted market prices, while the fair value of the unlisted to sell. Fair value movements are included in the Consolidated
equity securities is determined based on a level 3 valuation as Statement of Income in materials, transportation and storage.
prepared by management. Inventories of non-trading related products, including work-in-
Additions in listed equity securities for financial year 2023 progress, are measured at the lower of cost or net realisable value.
Costs comprise all costs of purchases and other costs incurred.
primarily consist of investments in Korea Zinc Company Limited
(USD148.5 million), Saras S.p.A (USD125.7 million) and various Environmental emission allowances held for trading
other investments. Allowances held for trading are acquired to take advantage of
market fluctuations. These allowances are classified as inventory
at fair value less costs to sell. When there is an active market,
fair value is based on quoted prices (level 1), otherwise fair value
measurement is derived from an observable market price (level 2).
The change in fair value observed over the year is recorded in the
Consolidated Statement of Income.
2023 2022
USD’M USD’M
Storage inventories 12,697.7 11,477.7

Floating inventories 9,031.3 10,194.8
Work-in-progress inventories 707.2 752.9
Supplies and other 533.5 158.2
Total 22,969.7 22,583.6
Trafigura policy provides that the inventory (except the item

Supplies and other) has either been pre-sold or hedged. Part of
the inventory has been pledged for securitisation purposes.
Please refer to note 27.2.
Work-in-progress inventories predominantly relate to
intermediate inventories being processed at the Nyrstar smelters.
For information on the write-off related to the fraud within
Metals and Minerals, reference is made to note 6.
26. Trade and other receivables

The Group entered into a number of dedicated financing
Accounting policy facilities, which finance a portion of its receivables. Part of these
facilities meet the criteria of derecognition of the receivables
Trade receivables according to IFRS.
Trade receivables are amounts due from customers for services
As at 30 September 2023, an amount of USD4,987.9 million
rendered in the ordinary course of business. Trade and other
receivables are recognised initially at fair value. The Group (30 September 2022: USD8,147.3 million) of trade debtors
holds trade receivables with the primary objective to collect the was discounted. Of this amount, USD4,451.6 million
contractual cash flows, which are subsequently measured at (30 September 2022: USD6,566.0 million) was derecognised,
amortised cost using the effective interest method, except for as the Group transferred substantially all the risks and
those subject to certain dedicated financing facilities, which would rewards of ownership of the financial asset with non-recourse.
be held for collection of contractual cash flows and for selling the The remaining part of discounted receivables that does not meet
financial asset and therefore should be measured at fair value the criteria for derecognition amounting to USD536.3 million
through other comprehensive income. As trade receivables are (30 September 2022: USD1,581.2 million) continues to be
generally due for settlement within 30 days both measurement recognised as trade debtors. For the received amount of cash
methods would result in the same carrying value as the amortised of these items the Group recognised a liability under current
cost would approximate the fair value. loans and borrowings.
The Group applies the simplified approach to measuring expected
Of USD11,000.4 million trade debtors (30 September 2022:
credit losses that uses a lifetime expected loss allowance for all
USD10,472.6 million), USD3,448.9 million was sold on a
trade receivables and contract assets.
non-recourse basis under the securitisation programme
Trade receivables are written off (impaired) when objective evidence (30 September 2022: USD4,095.1 million). Of the USD214.5 million
indicates that there is no reasonable expectation of recovery. This is
receivables from related parties (30 September 2022:
based on an individual review for impairment due to an increase of
USD1,337.0 million), USD11.9 million was sold on a non-recourse
the credit risk of the customer and/or past due amounts, and taking
basis under the securitisation programme (30 September 2022:
into account any retention right on product stored for this customer.
USD30.9 million). Please refer to note 27.
The creation and release of a provision for impaired trade
receivables are recognised under Impairments of financial assets As at 30 September 2023, 10.9 percent (30 September 2022:
and prepayments in the Consolidated Statement of Income. 10.7 percent) of receivables were between 1-60 days overdue
Provisional pricing features and 5.4 percent (30 September 2022: 4.9 percent) were greater
than 60 days overdue. Trafigura applied the simplified method
Trade and other receivables and trade and other payables related
in assessing expected credit losses. The accounts receivables
to commodity contracts, including provisional pricing features,
were divided in aging buckets and based on an analysis on
are measured at fair value through profit or loss applying a level 2
valuation. The related net changes in fair value are presented under
historical defaults and recovery rates, and considering forward
material, transportation and storage. looking information, a percentage for expected credit losses
was determined. Trafigura manages to limit credit losses by
Accrued turnover renegotiating contracts in the case of a default.
Accrued turnover relates to sales made before the end of the year
that have not been invoiced at the balance sheet date. Reasons for
From the above analysis, an expected credit loss as
such delays include the need to determine final pricing, quantity at 30 September 2023 amounting to USD3.3 million
and quality analysis. All are typical of the industry in which the (30 September 2022: USD3.8 million) has been recorded.
Group operates. The loss allowance provision as at 30 September 2023 amounts
to USD125.4 million (30 September 2022: USD94.2 million). The
provision mostly relates to demurrage claims and commercial
2023 2022
disputes with our clients. Accrued turnover represents receivable
USD’M USD’M balances for sales which have not yet been invoiced. They have
similar risks and characteristics as trade debtors. Trade debtors
Trade debtors 11,000.4 10,472.6 and accrued turnover have similar cash flow characteristics
Provision for bad and doubtful debts (125.4) (94.2)
and are therefore considered to be a homogeneous group of
Accrued turnover 7,581.6 8,638.0
Broker balances 2,664.7 2,550.5
financial assets.
Other debtors 921.0 3,965.8 Total trade and other receivables related to contracts
Loans to third parties 209.4 185.9
including provisional pricing features amount to USD7.0 billion
Loans to related parties 124.2 29.0
Other taxes 823.2 545.9 (30 September 2022: USD6.5 billion).
Other balances due from related parties 214.7 1,337.0 Other debtors primarily relate to collateral for OTC derivatives.
Total 23,413.8 27,630.5
As per 30 September 2022, Other balances due from related
All financial instruments included in trade and other receivables parties included an amount receivable from ITG S.à r.l. in
are held to collect the contractual cash flows. Furthermore, relation to sale of the Puma Energy’s Infrastructure business
the cash flows that the Group receives on these instruments (USD896.6 million). Please refer to note 42.
are solely payments of principal and interest except for trade
and other receivables related to contracts including provisional
pricing features.
27. Securitisation programmes 28. Other current assets

The Group operates various securitisation programmes: Trafigura 2023 2022
Securitisation Finance plc. (TSF) and Argonaut Receivables USD’M USD’M
Company S.A. (Argonaut) enable the Group to sell eligible
receivables, and an inventory securitisation programme, through Non-financial hedged items 591.8 3,064.9
Prepaid expenses 329.2 326.7
Trafigura Commodities Funding Pte. Ltd. (TCF), and Trafigura Current intangible assets 222.6 –
Global Commodities Funding Pte. Ltd. (TGCF), enables Trafigura Other 4.8 30.7
to sell and repurchase eligible inventories. These securitisation Total 1,148.4 3,422.3
vehicles are consolidated and consequently the securitised
receivables and inventories are included within the consolidated Refer to note 40.2 for further information on the non-financial
trade debtor and inventory balances. hedged items. Prepaid expenses relate to prepayments other
than those made for physical commodities.
27.1 Receivables securitisation Refer to note 20 for further information on intangible assets.
Over time, the external funding of TSF has increased
significantly in size, mostly through Variable Funding Notes (VFN)
purchased by bank sponsored conduits, while incorporating a
longer‑term committed funding element, in the form of Medium
Term Notes (MTN).
Argonaut is funded through short-term VFN only.
The available external funding of the receivables securitisation
programmes consists of:
2023 2022
Interest rate Maturity USD'M USD'M
TSF AAA MTN SOFR + 0.53% 2024 – July 139.5 139.5

TSF AAA MTN 1.09% 2024 – July 139.5 139.5
TSF BBB MTN 1.79% 2024 – July 21.0 21.0
TSF AAA VFN Various Various throughout 3,757.9 4,798.3
the year
TSF BBB VFN Various Various throughout 282.8 361.2
the year
Argonaut Various Various throughout 300.0 300.0
Receivables the year
Securitisation
TSF senior 2026 – March 240.5 225.7
subordinated
debt
Total 4,881.2 5,985.2
The rate of interest applied to the TSF AAA and BBB VFN is
principally determined by the demand for commercial paper
issued by 10 bank-sponsored conduits and the liquidity of the
interbank market. The Group benchmarks the rate provided
against SOFR rates. The maturity of the TSF AAA and BBB VFNs
has been staggered to diversify the maturity profile of the notes.
This is aimed at mitigating the ‘liquidity wall’ risk associated
with a single maturity date for a significant funding amount.
27.2 Inventory securitisation

The available external funding of the inventory securitisation
programmes consists of:
2023 2022
Interest rate Maturity USD'M USD'M
TCF/TGCF VFN SOFR + 1.0% 2023 – November 355.0 465.0

TCF/TGCF MLF SOFR + 0.5% 2023 – November 45.0 50.0
Total 400.0 515.0
29. Cash and cash equivalents, 30. Assets classified as held for sale and
and deposits discontinued operations
Cash and short-term deposits in the Consolidated Statement of Non-current assets and disposal groups are classified as held for
Financial Position comprise cash at banks and on hand and short- sale if their carrying amounts will be recovered principally through
term highly liquid deposits with a maturity of three months or less a sales transaction rather than through continuing use. Non-current
that are readily convertible to a known amount of cash and subject assets and disposal groups classified as held for sale are measured
to an insignificant risk of changes in value. at the lower of their carrying amount and fair value less costs to
For the purpose of the Consolidated Statement of Cash Flows, cash sell. Costs to sell are the incremental costs directly attributable to
and cash equivalents consist of all cash on hand and short-term the disposal of an asset (disposal group), excluding finance costs
highly liquid investments such as deposits with original maturities and income tax expense.
of three months or less. The criteria for held-for-sale classification is regarded as met only
when the sale is highly probable and the asset or disposal group
is available for immediate sale in its present condition. Actions
2023 2022
required to complete the sale should indicate that it is unlikely that
USD’M USD’M significant changes to the sale will be made or that the decision
to sell will be withdrawn. Management must be committed to the
Cash at bank and in hand 10,351.2 11,766.6 plan to sell the asset and the sale expected to be completed within
Short-term deposits 2,035.8 3,114.7 one year from the date of the classification.
At the moment an equity-accounted investee meets the criteria
to be classified as held for sale, equity accounting is discontinued.
Cash at bank earns interest at floating rates based on daily
An equity-accounted investee held for sale is measured at the
bank deposit rates. Short-term deposits are made for varying lower of its existing carrying amount and fair value less costs to
periods between one day and three months depending on the sell. In the situation where the equity-accounted investee ceases
immediate cash requirements of the Group and earn interest to be classified as held for sale, the equity method is applied
at the respective short-term deposit rates. The fair value of retrospectively and comparative amounts disclosed for periods
cash and cash equivalents approximates the carrying value. since the classification as held for sale are restated.
An amount of USD34.5 million (30 September 2022: Property, plant and equipment and intangible fixed assets are not
USD102.4 million) of cash at bank is restricted, including depreciated or amortised once classified as held for sale.
restrictions that require the funds to be used for a specified Assets and liabilities classified as held for sale are presented
purpose and restrictions that limit the purpose for which the separately as current items in the Consolidated Statement of
funds can be used, unless fixed asset construction invoices Financial Position.
are presented to the banks. Discontinued operations are excluded from the results of continuing
As at 30 September 2023, the Group had USD15.5 billion operations and are presented as a single amount as profit or
(30 September 2022: USD12.7 billion) of committed unsecured loss after tax from discontinued operations in the Consolidated
Statement of Income.
syndicated loans, of which USD6.5 billion (30 September 2022:
USD6.3 billion) remained unutilised. The Group had USD7.5 billion All other notes to the financial statements include amounts for
(30 September 2022: USD8.6 billion) of immediately (same day) continuing operations, unless indicated otherwise.
available cash in liquidity funds. Therefore, the Group had
immediate access to available liquidity balances from liquidity
funds and corporate facilities in excess of USD14.0 billion
(30 September 2022: USD14.9 billion). Key accounting estimate and judgement
At the end of the reporting date, the Group has to assess if

29.1 Deposits the value of the assets will be recovered principally through a
Short-term deposits made for periods longer than three divestment transaction rather than through continued use, and
months are shown separately in the Consolidated Statement of what the likelihood is that an asset will be divested within a year.
Financial Position and earn interest at the respective short‑term This assessment is based on the facts and circumstances at that
deposit rates. date. These facts and circumstances may change and could result
in a situation where assets are divested, which were not classified
as held for sale at end of the year. When classifying non-current
assets as held for sale, the Group makes estimates for their fair
value (sales price and expected costs to sell). Depending on the
nature of the non-current assets, the estimated fair value may be
associated with uncertainty and possibly adjusted subsequently.
2023
USD’M
2022
USD’M
31.2 Capital securities
As part of the financing of the Company and its subsidiaries,
Assets classified as held for sale 173.4 434.1
the Company has two capital securities instruments with a total
Liabilities classified as held for sale (208.7) (29.4)
Net assets/(liabilities) classified as held for sale (35.3) 404.7
carrying value of USD666.3 million as at 30 September 2023
(30 September 2022: two capital securities instruments
The decrease in the net assets classified as held for sale with a total carrying value of USD654.1 million). These two
compared to previous year predominantly relates to the sale capital securities have a par value of EUR262.5 million
of the Group’s equity investment in Tendril Ventures (Nayara) and USD400.0 million respectively (30 September 2022:
and the sale of the remaining part of the Puma Infrastructure EUR262.5 million and USD400.0 million respectively).
division. Not all infrastructure terminals of Puma were eventually These two capital securities are perpetual in respect of which
sold. Some have been transferred back into Puma Energy’s there is no fixed redemption date. The distribution on the capital
operations, and as a result, an appropriate catch-up depreciation securities is payable semi-annually in arrears from the date of
charge of these terminals’ property, plant and equipment has issue. The Company may elect to defer (in whole but not in part
been recorded. except for the USD400.0 million capital security where partial
Puma Energy decided to divest its Infrastructure division at interest deferral is allowed) any distribution in respect of these
the end of the 2021 financial year, resulting in its classification capital securities by providing no more than 30 or less than five
as held for sale as per 30 September 2021 (USD1,189.1 million). business days’ notice, unless a compulsory interest payment
This asset held for sale was based on its fair value less cost event has occurred, including amongst others the occurrence
of disposal as part of the purchase price allocation. During the of a dividend payment in respect of subordinated obligations
2022 financial year, the Group signed a Share Sales Agreement of the Company. Any interest deferred shall constitute arrears
with ITG S.à r.l., parent company of Impala Terminals Group (ITG). of interest and shall bear interest.
Before completion, Puma’s Infrastructure business was required In the event of a winding-up, the rights and claims of the
to be carved out into a separate entity. Given the different holders in respect of the capital securities shall rank ahead of
pace of progress in the various jurisdictions, completion of claims in respect of the Company’s shareholders, but shall be
the transaction has been staggered such that the majority subordinated in right of payment to the claims of all present
of the terminals would be transferred at the so-called ‘Main and future senior obligations, except for obligations of the
Completion’ date, with the remaining terminals being transferred Company that are expressed to rank pari passu with, or junior
at a subsequent completion date. to, its obligations under the capital securities.
At 30 September 2022, all of the completion conditions for Main The EUR262.5 million capital security was issued on 31 July 2019
Completion were satisfied. As a consequence, the assets held for and is listed on the Singapore Stock Exchange. The distribution
sale related to Main Completion were derecognised. A receivable on the capital security is 7.5 percent per annum until the
from ITG totalling the net proceeds of USD896.6 million was distribution payment date in July 2024. The capital security
reported under other balances due from related parties may be redeemed at the Company’s option in whole, but not
within Trade and other receivables, and remaining expected in part, in the period starting 90 calendar days before, and
disposal costs are reported within accruals under Trade ending at, the distribution payment date in July 2024 or any
and other payables. The impact of the derecognition as per distribution date thereafter upon giving not less than 30 nor
30 September 2022 on the Group’s Consolidated Statement more than 60 days’ notice to the holders. The early redemption
of Income was nil. amount payable by the Company shall be the principal amount
Reference is made to note 15 for further information on the of the capital security, together with any interest accrued to
sale of Nayara. the date fixed for redemption, all arrears of interest and all
additional interest amounts.
The USD400.0 million capital security was issued on
31. Capital and reserves 24 September 2021 and is listed on the Singapore Stock
Exchange. The distribution on the capital security is
31.1 Share capital 5.875 percent per annum until the distribution payment date
in September 2027. The capital security may be redeemed at the
As at 30 September 2023 and 2022, the share capital of the
Company’s option in whole, but not in part, in the period starting
Company comprises 25,000,000 issued ordinary shares with a
90 calendar days before, and ending at, the distribution payment
total paid up capital of USD1,503.7 million. During the financial
date in September 2027 or any distribution date thereafter upon
year ended 30 September 2023, no changes took place in the
giving not less than 30 nor more than 60 days’ notice to the
outstanding and issued share capital.
holders. The early redemption amount payable by the Company
The holders of ordinary shares are entitled to receive dividends shall be the principal amount of the capital security, together
as and when declared by the Company. All ordinary shares carry with any interest accrued to the date fixed for redemption, all
one vote per share without restriction. The ordinary shares arrears of interest and all additional interest amounts.
have no par value.
31.3 Currency translation reserve 32. Loans and borrowings

The currency translation reserve comprises all foreign
currency differences arising from the translation of the Accounting policy
financial statements of foreign operations, as well as from the
translation of liabilities that hedge the Group’s net investments Loans and borrowings are recognised initially at fair value net of
in foreign operations. directly attributable transaction costs. After initial recognition,
these items are subsequently measured at amortised cost, applying
For the impact of hyperinflation accounting, please refer the effective interest method unless the interest rate has been
to note 43. converted in a hedge relation from fixed into floating by means of
a fair value hedge. In that case, the carrying amount is adjusted
31.4 Revaluation reserve for the fair value changes caused by the hedged risk.
The revaluation reserve comprises the movements in fair value Borrowings are removed from the Consolidated Statement of
measurements of the equity investments that are accounted for Financial Position when the obligation specified in the contract is
at fair value through other comprehensive income. On realisation discharged, cancelled or expired.
of these gains or losses (for example, the sale of an equity When an existing financial liability is replaced by another from
instrument), the cumulative amounts of this reserve are the same lender on substantially different terms, or the terms of
transferred to retained earnings. Included in the revaluation an existing liability are substantially modified, such an exchange
reserve is a loss of USD73.1 million (30 September 2022: a loss or modification is treated as the derecognition of the original
of USD79.9 million) related to the mark-to-market valuation of liability and the recognition of a new liability. The difference in
equity investments. the respective carrying amounts is recognised in the Consolidated
Statement of Income.
31.5 Cash flow hedge reserve Fees paid on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is probable
The Group has elected not to apply the cost of hedging option. that some or all of the facility will be drawn down. In this case,
A change in the fair value of derivatives designated as a cash the fee is deferred until the drawdown occurs. To the extent there
flow hedge is initially recognised as a cash flow hedge reserve is no evidence that some or all of the facility is likely to be drawn
in other comprehensive income. The deferred amount is then down, the fee is capitalised as pre-payment for liquidity services
released to the Consolidated Statement of Income in the and amortised on a straight-line basis over the period of the facility
same period during which the hedged transaction affects the to which it relates.
Consolidated Statement of Income.
Included in the cash flow hedge reserve is a gain of
This note provides information about the contractual terms of
USD56.3 million (30 September 2022: a loss of USD37.4 million)
the Group’s interest-bearing loans and borrowings, which are
related to the effective portion of the changes in fair value of cash
measured at amortised cost. For more information about the
flow hedges, net of tax. These cash flow hedges predominantly
Group’s exposure to interest rate, foreign currency and liquidity
relate to hedging of interest and currency exposure on corporate
risk, refer to note 39.
loans, currency exposure on future capital and operational
expenditures, expected electricity consumption, and price 2023 2022
exposure on highly probable future production, purchases and USD’M USD’M
sales of commodities. The cash flow hedge positions on hedging

Non-current
derivatives currently shown in the cash flow hedge reserve will Committed unsecured syndicated loans 5,204.1 3,933.7
be recycled to the Consolidated Statement of Income in the Private placements 1,223.5 1,052.2
period where the hedged item are recognised. Over time, the Listed bonds 1,100.8 1,134.2
overall net impact of the hedged items and hedging instruments Securitisation programmes 240.5 300.0
Puma Energy financing* 1,053.0 1,459.1
together to the Consolidated Statement of Income and other
Other loans 492.4 1,735.3
comprehensive income will be minimal. Total non-current 9,314.3 9,614.5
The cash flow hedge reserves as at 30 September 2023 includes
Current
a positive reserve of USD3.0 million relating to the Group’s share
Committed unsecured syndicated loans 2,408.9 1,263.0
in the cash flow hedge reserves of equity-accounted investees Private placements 107.4 118.1
(30 September 2022: USD52.2 million negative). Listed bonds 60.1 635.7
Securitisation programmes 4,101.1 5,191.5
31.6 Dividends Puma Energy financing*
Other loans
88.2
2,134.7
652.3
1,313.6
The value of the dividends declared on the ordinary shares Current bank borrowings 16,152.4 20,489.4
amount to USD5,916.4 million (FY2022: USD1,721.2 million), Total current 25,052.8 29,663.6
representing USD236.7 per share (FY2022: USD68.8 per share). Total 34,367.1 39,278.1
Dividend payments are mostly made in relation to the share
redemption by the direct parent company. * Loans and borrowings issued by Puma Energy have not been guaranteed by other
Trafigura entities.
Cash and cash Net lease liabilities

Non-current debt Current debt Lease Liabilities equivalents and debt
Net debt reconciliation USD’M USD’M USD’M USD’M USD’M
At 1 October 2022 (9,614.5) (29,663.6) (3,987.2) 14,881.3 (28,384.0)
Cashflow movements (4,054.3) 8,844.9 2,044.8 (2,494.3) 4,341.1

Additions/(reductions) – – (2,839.9) – (2,839.9)
Currency translation gains/(losses) (42.6) 20.6 (6.7) – (28.7)
Reclassifications from long term to short term 4,265.4 (4,265.4) – – –
Other movements 131.7 10.7 (2.3) – 140.1
At 30 September 2023 (9,314.3) (25,052.8) (4,791.3) 12,387.0 (26,771.4)
At 1 October 2021 (10,911.6) (34,269.5) (2,572.1) 10,677.5 (37,075.7)
Cashflow movements (1,152.5) 6,678.1 1,438.9 4,203.8 11,168.3

Additions/(reductions) – – (2,888.0) – (2,888.0)
Currency translation gains/(losses) 328.9 88.7 48.3 – 465.9
Reclassifications from long term to short term 2,159.9 (2,159.9) – – –
Other movements (39.2) (1.0) (14.3) – (54.5)
At 30 September 2022 (9,614.5) (29,663.6) (3,987.2) 14,881.3 (28,384.0)
During the financial year ended 30 September 2023, the Group completed a number of important transactions:
• Refinancing of its Asian syndicated revolving credit and term loan facilities of USD2.4 billion-equivalent in October 2022,
comprised of a 365-day USD RCF (USD685 million), a one-year CNH TLF (c. USD1,217 million equivalent) and a three-year
USD TLF (USD469 million). The facilities include a sustainability-linked loan structure, with an updated set of key performance
indicators (KPIs);
• Closing of a USD3.0 billion four-year loan agreement, guaranteed by the Government of Germany, acting through the German
Export Credit Agency in October 2022;
• Closing of a USD135 million two-year facility with Abu Dhabi Exports Office (ADEX), the export financing arm of Abu Dhabi
Fund for Development in January 2023;
• Refinancing of its 365-day European multi-currency syndicated revolving credit facility totalling USD1.9 billion as well as the
extension and increase of its USD3.5 billion three-year facility in March 2023. The facilities include a sustainability-linked loan
structure, with an updated set of KPIs;
• Closing of a USD225 million US Private Placement across seven- and ten-year tenors in March 2023;
• Refinancing of its North American energy borrowing base credit facility in June 2023, a 2-year syndicated facility of USD4.5 billion;
• Closing of a three-year credit facility of USD500 million with the Saudi Export-Import (Saudi EXIM) Bank in September 2023.
The Group was in compliance with all its corporate and financial covenants as at 30 September 2023.
32.1 Terms and debt repayment schedule

The terms and conditions of the outstanding debt (excluding short-term bank borrowings) as at 30 September 2023 are as follows:
Floating/fixed < 1 year 1-5 years > 5 years Total

Principal Interest rate Maturity rate debt USD'M USD'M USD'M USD'M
CNH 1,571.6 CNH HIBOR + 0.90% 2023 – October Floating 215.5 – – 215.5
CNH 7,261.6 3.25% 2023 – October Fixed 995.4 – – 995.4
USD 288.0 SOFR + 1.20% 2023 – October Floating 288.0 – – 288.0
USD 810.5 SOFR + 1.20% 2024 – October Floating – 810.5 – 810.5
USD 135.0 SOFR + 1.15% 2025 – January Floating – 135.0 – 135.0
JPY 84,750.0 JPY TONA + 0.85% 2025 – March Floating – 567.2 – 567.2
JPY 9,000.0 JPY TONA + 1.00% 2025 – March Floating – 60.2 – 60.2
USD 469.0 SOFR + 1.20% 2025 – October Floating – 469.0 – 469.0
USD 3,000.0 SOFR + 1.50% 2026 – October Floating 750.0 1,875.0 – 2,625.0
USD 800.0 SOFR + 1.15% 2027 – September Floating 160.0 480.0 – 640.0
USD 375.0 SOFR + 1.40% 2027 – September Floating – 375.0 – 375.0
EUR 125.0 EURIBOR + 0.90% 2027 – September Floating – 132.2 – 132.2
Committed unsecured syndicated loans 2,408.9 5,204.1 – 7,613.0
EUR 101.5 3.50% 2024 – February Fixed 107.4 – – 107.4

CNH 700.0 5.00% 2024 – December Fixed – 96.0 – 96.0
USD 35.0 4.01% 2025 – March Fixed – 35.0 – 35.0
USD 67.0 5.72% 2025 – May Fixed – 67.0 – 67.0
USD 37.5 3.87% 2026 – April Fixed – 37.5 – 37.5
EUR 8.5 4.00% 2026 – February Fixed – 9.0 – 9.0
USD 83.0 4.17% 2027 – March Fixed – 83.0 – 83.0
USD 48.5 4.41% 2028 – April Fixed – 48.5 – 48.5
USD 20.0 5.86% 2028 – May Fixed – 20.0 – 20.0
USD 400.0 6.00% 2030 – January Fixed – – 400.0 400.0
USD 85.0 4.60% 2030 – March Fixed – – 85.0 85.0
USD 81.0 7.21% 2030 – March Fixed – – 81.0 81.0
USD 117.5 4.89% 2031 – April Fixed – – 117.5 117.5
USD 144.0 7.34% 2033 – March Fixed – – 144.0 144.0
Private placements 107.4 396.0 827.5 1,330.9
CHF 55.0 3.25% 2024 – September Fixed 60.1 – – 60.1

USD 500.0 5.88% 2025 – September Fixed – 493.2 – 493.2
EUR 500.0 3.88% 2026 – February Fixed – 528.0 – 528.0
USD 130.9 – 2026 – July Fixed – 79.6 – 79.6
Listed bonds 60.1 1,100.8 – 1,160.9
USD 355.0 SOFR + 1.00% 2023 – November Floating 173.6 – – 173.6

USD 45.0 SOFR + 0.50% 2023 – November Floating 10.0 – – 10.0
USD 139.5 SOFR +0.53% 2024 – July Floating 139.5 – – 139.5
USD 139.5 1.09% 2024 – July Fixed 139.5 – – 139.5
USD 21.0 1.79% 2024 – July Fixed 21.0 – – 21.0
USD 4,581.2 Various Various Floating 3,617.5 240.5 – 3,858.0
Securitisation programmes 4,101.1 240.5 – 4,341.6
EUR 50.0 2.65% 2024 – May Fixed 2.8 – – 2.8

USD 600.0 5.13% 2024 – October Fixed – 154.7 – 154.7
USD 175.0 SOFR + 2.00% 2025 – May Floating – 175.0 – 175.0
USD 750.0 5.00% 2026 – January Fixed – 722.2 – 722.2
USD 104.1 Various Various Various 36.2 1.1 – 37.3
Other short term loans 49.2 – – 49.2
Puma Energy Financing (not guaranteed by other Trafigura entities) 88.2 1,053.0 – 1,141.2
Other Loans 2,134.7 468.1 24.3 2,627.1

Total 8,900.4 8,462.5 851.8 18,214.7
For non-current assets pledged under loans and borrowings agreements, refer to note 19.
33. Provisions
Accounting policy Key accounting estimate and judgement
The Group recognises provisions for liabilities and onerous contracts Provisions
that have been incurred as of the balance sheet date and can be
The amount recognised as a provision, including tax, legal, restoration
reliably estimated. A provision is recognised when (i) the Group
and rehabilitation, contractual and other exposures or obligations,
has a present obligation (legal or constructive) as a result of a past
is the best estimate of the consideration required to settle the
event; (ii) it is probable that an outflow of resources embodying
related liability, including any related interest charges, taking into
economic benefits will be required to settle the obligation; and
account the risks and uncertainties surrounding the obligation.
(iii) an estimate can be made of the amount of the obligation.
The Group assesses its liabilities and contingencies based upon:
Claims, disputes and legal proceedings • Best information available (for example, relating to timing and
Provisions for claims, disputes and legal proceedings are recorded scope of the obligation, future cost level, legal assessment and
if it is probable that the Group will be liable in a proceeding, for established precedents),
the estimated amount at which the liability can be settled. If no • Relevant tax laws, and
reliable estimate can be made, a disclosure will be made for claims,
disputes or legal proceedings, for which the amount to be settled • Other appropriate requirements.
is expected to be significant. Refer also to note 38 – Commitments and contingencies.
Restoration, rehabilitation and decommissioning Restoration, rehabilitation and decommissioning costs

Restoration, rehabilitation and decommissioning costs arising from A provision for future restoration, rehabilitation and decommissioning
the installation of plant and other site preparation work, discounted costs requires estimates and assumptions to be made around the
to their net present value, are provided for and capitalised at relevant regulatory framework, the magnitude of the possible
the time such an obligation arises. The costs are charged to the disturbance and the timing, extent and costs of the required
Consolidated Statement of Income over the life of the operation closure and rehabilitation activities. To the extent that the actual
through depreciation of the asset and the unwinding of the discount future costs differ from these estimates, adjustments will be
on the provision. recorded and the Consolidated Statement of Income could be
affected. The provisions, including the estimates and assumptions
Onerous contracts
contained therein, are reviewed regularly by management.
A provision for onerous contracts is recognised when the expected
benefits to be derived by the Group from a contract are lower than
the unavoidable cost of meeting its obligations under the contract.
Decommissioning,
The provision is measured at the present value of the lower of rehabilitation and Employee
the expected cost of terminating the contract and the expected restoration benefits Other Total
net cost of continuing with the contract. Before a provision is USD'M USD'M USD'M USD'M
established, the Group recognises any impairment loss on the

Balance at
assets associated with that contract. 1 October 2022 253.1 32.8 188.3 474.2
Additions 11.6 2.0 170.2 183.8
Reversals (6.1) (1.0) (47.1) (54.2)
Additions through
business combinations – 10.7 – 10.7
Amounts charged against
provisions (14.4) (2.9) (37.6) (54.9)
Unwind of discount 8.5 – 0.3 8.8
Remeasurements and
other movements 0.9 (1.0) (0.1) (0.2)
Divestment of
subsidiaries – (0.1) (0.5) (0.6)
Balance at 30 September
2023 253.6 40.5 273.5 567.6
Non-current 243.6 31.5 83.2 358.3

Current 10.0 9.0 190.3 209.3
Provisions for decommissioning, rehabilitation and restoration

costs are recognised as a result of the environmental
35. Trade and other payables
commitment the Group has made with local authorities and
its obligations to undertake site reclamation and remediation Accounting policy
in connection with its mining and downstream activities.
Trade and other payables represent liabilities for goods and services
Included in Other are provisions for litigation and disputes, and provided by suppliers to the Group prior to the end of the financial
onerous contracts. year that are unpaid. They are presented as current liabilities unless
payment is not due within 12 months after the reporting period.
Trafigura has been seeking to resolve investigations by regulatory
authorities in the U.S., Brazil and Switzerland into payments Trade and other payables are initially recognised at their fair value
made by former employees via third parties approximately 10 or and subsequently measured at amortised cost using the effective
more years ago. Trafigura anticipates resolving the investigation interest method.
by the US Department of Justice shortly and has recorded a Accrued costs and expenses
provision of USD127 million for the use by Trafigura Beheer B.V., Accrued cost and expenses relate to purchases and expenses made
the parent company during that period. before the year end that have not been invoiced at the balance
sheet date. Reasons for such delays include the need to determine
final pricing, quantity and quality analysis. All are typical of the
34. Other non-current liabilities industry in which the Group operates.
2023 2022 Provisional pricing features

USD’M USD’M Trade and other receivables and trade and other payables related
to commodity contracts, including provisional pricing features,
Non-financial hedged items 2.3 5.4
are measured at fair value through profit or loss applying a level 2
Other 630.4 516.5
valuation. The related net changes in fair value are presented under
Total 632.7 521.9
material, transportation and storage.
For further information on the non-financial hedged items,
please refer to note 40.2.
2023 2022
As per 30 September 2023 and 2022, Other includes various USD’M USD’M
non-current payables.
Trade creditors 4,413.8 5,367.9
Accrued costs and expenses 15,129.9 17,192.2
Broker balances 43.7 –
Related parties 65.5 107.9
Other creditors 2,081.5 2,981.5
Total 21,734.4 25,649.5
The Group’s exposure to currency and liquidity risk related to

trade and other payables is disclosed in note 39.3 and note 39.5.
Total trade and other payables related to contracts including

provisional pricing features amount to USD8.0 billion
(30 September 2022: USD8.7 billion).
Other creditors primarily relate to collateral for OTC derivatives.
36. Other current liabilities

2023 2022
USD’M USD’M
Non-financial hedged items 167.8 89.5

Deferred revenue 454.9 679.3
Other 578.5 793.3
Total 1,201.2 1,562.1
Please refer to note 40.2 for further information on the

non‑financial hedged items.
As per 30 September 2023 and 2022, Other includes payables
relating to the receipt of certain commodities that are due to
be repaid within one year.
37. Offsetting of financial assets and liabilities

In accordance with IAS 32, the Group reports financial assets
Accounting policy and liabilities on a net basis in the Consolidated Statement of
Financial Position only if there is a legally enforceable right to
Financial assets and liabilities are offset and the net amount
set off the recognised amounts and there is intention to settle
presented in the Consolidated Statement of Financial Position if,
on a net basis, or to realise the asset and settle the liability
and only if, the Group has a legal right to offset the amounts and
simultaneously. The financial assets and liabilities subject to
intends either to settle on a net basis or to realise the asset and
settle the liability simultaneously. offsetting, enforceable master netting and similar agreements
as at 30 September 2023 and 2022 were as follows:
Total presented in the

Amounts eligible for set off under netting agreements Amounts not subject Consolidated Statement
Gross amount Amounts offset Net amount to netting agreements of Financial Position
2023 USD'M USD'M USD'M USD'M USD'M
Related parties 361.4 (146.7) 214.7 – 214.7

Derivative assets 5,444.1 (1,848.6) 3,595.5 968.0 4,563.5
Related parties (212.2) 146.7 (65.5) – (65.5)

Derivative liabilities (3,191.4) 1,848.6 (1,342.8) (726.0) (2,068.8)
Total presented in the

Amounts eligible for set off under netting agreements Amounts not subject Consolidated Statement
Gross amount Amounts offset Net amount to netting agreements of Financial Position
2022 USD'M USD'M USD'M USD'M USD'M
Related parties 1,415.1 (78.1) 1,337.0 – 1,337.0

Derivative assets 11,358.4 (5,899.9) 5,458.5 2,845.7 8,304.2
Related parties (186.0) 78.1 (107.9) – (107.9)

Derivative liabilities (15,000.7) 5,899.9 (9,100.8) (1,533.8) (10,634.6)
For the financial assets and liabilities subject to enforceable master netting or similar arrangements above, each agreement
between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities in the ordinary
course of business. Where practical reasons may prevent net settlement, financial assets and liabilities may be settled on a
gross basis. However, each party to the master netting or similar agreement will have the option to settle all such amounts on
a net basis in the event of default of the other party.
38. Commitments and contingencies 39. Financial risk management

The Company and its subsidiaries are party to a number of legal objectives and policies
claims and proceedings arising out of their business operations.
The Group is exposed to a number of different financial risks
The Company believes that the ultimate resolution of these
arising from normal business exposures as well as its use
claims and proceedings will not, in the aggregate, have a material
of financial instruments, including market risks relating to
adverse effect on the Group’s financial position, income or cash
commodity prices, foreign currency exchange rates, interest
flows. Such legal claims and proceedings, however, are subject
rates and equity prices; credit risk; and liquidity risk.
to inherent uncertainties and the outcome of individual matters
is unpredictable. It is possible that the Group could be required Prudently managing these risks is an integral element of the
to make expenditures, in excess of established provisions, in Group's business and has been institutionalised since the
amounts that cannot be reasonably estimated. Group’s foundation. Risk management guidelines are established
at senior management level. The various risks the Group is
The total contingent liabilities related to trade finance
exposed to are managed through a combination of internal
instruments, such as letters of credit and guarantees,
procedures, such as strict control mechanisms and policies, as
as at 30 September 2023 amount to USD7,579.4 million
well as external third parties such as the derivative, insurance
(30 September 2022: USD9,980.7 million).
and bank markets. As a rule, the Group actively manages and
The Group had outstanding commitments at the end of lays off where possible a large majority of the risks inherent to
30 September 2023 and 30 September 2022 as follows: its activity. The Group's conservative risk management process
is designed to:
2023 2022
USD’M USD’M • Provide a full and accurate awareness of risks throughout
the Group;
Service arrangement contracts 1,512.6 1,880.1
Long-term lease commitments – Not yet started 394.7 476.8 • Professionally evaluate and monitor these risks through a
Short-term lease contracts 480.1 515.7 range of risk metrics;
Subtotal commitments 2,387.4 2,872.6
• Limit risks via a dynamic limit setting framework;
Assets under construction 84.5 114.4
Total commitments 2,471.9 2,987.0 • Manage risks using a wide range of hedging instruments and
strategies; and
2023 2022
• Ensure a constant dialogue between trading desks, risk
USD’M USD’M managers and senior management.
The three main reinforcing components of the Group's risk
Less than one year 1,003.5 995.1
Later than one year and less than five years 1,008.1 1,301.3 management process are the Chief Risk Officer, the Risk and
Later than five years 375.8 576.2 Compliance Committee and the trading teams.
Commitments excluding assets
under construction 2,387.4 2,872.6 The Chief Risk Officer is independent of the revenue-producing
units and is a member of the Executive Committee. The Chief
Guarantees include guarantees to trading partners in the normal Risk Officer has primary responsibility for assessing and
course of business. monitoring the Group's market risks. The Chief Risk Officer’s
team liaises directly with the trading teams to analyse new
opportunities and ensure that risk assessments adapt to
changing market conditions. The Chief Risk Officer’s team also
ensures the Group's risk management capabilities incorporate
ongoing advances in technology and risk management
modelling capabilities.
The Risk and Compliance Committee, which comprises two
Executive Directors of the Board, two Non-executive Directors,
the Chief Risk Officer, the Chief Financial Officer and the Chief
Compliance Officer, is responsible for assisting the Board of
Directors to seek assurance on the Group’s risk management
capabilities and policy, and the implementation and development
of the Group’s compliance programme. In the reporting period, the
Risk and Compliance Committee met at least weekly to discuss
and set risk and concentration limits, review changing market
conditions and analyse new market risks and opportunities.
The Group's trading teams provide deep expertise in hedging and
risk management in the specific markets each team operates
in. While the trading teams have front line responsibility
for managing the risks arising from their activities, the
Group's process ensures a strong culture of escalation and
accountability, with well-defined limits, automatic notifications
of limit overages and regular dialogue with the Chief Risk Officer
and the Risk and Compliance Committee.
39.1 Market risk

Market risk is the risk of loss in the value of the Group's The Group is aware of the inherent limitations to VaR and
positions as a result of changes in market prices. The Group therefore uses a variety of risk measures and risk management
holds positions primarily to ensure the Group's ability to meet techniques to create a robust risk management process.
physical supply commitments to the Group's customers, to Limitations of VaR include:
hedge exposures arising from these commitments and to
• VaR does not estimate potential losses over longer time
support the Group's investment activities. The Group's positions
horizons where the aggregate moves may be extreme.
change due to changing customer requirements and investment
opportunities. The value of the Group's positions is accounted • VaR does not take account of the liquidity of different risk
for at fair value and therefore fluctuates on a daily basis due to positions and therefore does not estimate the losses that
changes in market prices. Categories of market risk the Group might arise if the Group liquidated large positions over a short
is exposed to include: period of time.
• Commodity price risk, resulting from exposures to changes • VaR is based on statistical analysis of historical market data.
in spot prices, forward prices and volatilities of commodities, If this historical data is not reflective of futures market prices
such as crude oil, petroleum products, natural gas, base movements, VaR may not provide accurate predictions of
metals, coal and iron ore. future possible losses.
• Currency rate risk, resulting from exposures to changes in The Group's VaR calculation covers its trading businesses in
spot prices, forward prices and volatilities of currency rates. the crude oil, refined oil products, petrochemical, natural gas,
metals, concentrates, coal, iron ore and freight markets, and
• Interest rate risk, resulting from exposures to changes in the
assesses the open-priced positions that are those subject
level, slope and curvature of yield curves, the volatilities of
to price risk, including inventories of these commodities.
interest rates, and credit spreads.
The Group's VaR model is based on historical simulations, with
• Equity price risk, resulting from exposures to changes in prices full valuation of more than 5,000 market risk factors.
and volatilities of individual equities and equity indices.
VaR is calculated based on simultaneously shocking these
The Group hedges a large majority of price risks arising from its risk factors. More recent historical price data is more heavily
activities. When there is a difference in the characteristics of weighted in these simulations, which enables the VaR model
available hedging instruments and the corresponding commodity to adapt to more recent market conditions and improves the
price exposures, the Group remains exposed to a residual accuracy of the Group's estimates of potential losses.
price risk referred to as basis risk. Dynamically managing
The Group's VaR model utilises advanced statistical techniques
the basis risk that arises from the Group's activities requires
that incorporate the non-normal price dynamics that are an
specialist skills and is a core focus of the Group's trading and
important feature of commodity markets. The Group's VaR model
risk management teams.
is continuously and automatically calibrated and back‑tested
to ensure that its out-of-sample performance adheres to
Value at Risk well‑defined targets. In addition, the Group's VaR model is
Value at Risk (VaR) is a statistical estimate of the potential loss regularly updated to ensure it reflects the current observed
in value of the Group's positions and unsold in-transit material dynamics of the markets the Group is active in.
due to adverse market movements. The Group calculates VaR The Group has made a significant, ongoing investment in
over a one-day time horizon with a 95 percent confidence level. risk management systems, including a reporting system that
The Group uses an integrated VaR model that captures risks automatically distributes customised risk reports throughout
including commodity prices, interest rates, equity prices and the Group on a daily basis. These reports provide up‑to‑date
currency rates. The Group's integrated VaR model facilitates information on each team’s risk position using industry standard
comparison of VaR across portfolios comprised of a range of measures, including 95 percent and 99 percent VaR and
different risk exposures. The Group believes average VaR over performance indicators such as Sharpe ratios.
the year reflects the most representative understanding of the
Group’s sensitivity to such risks. All trading books have well-defined VaR risk limits. Management
and the trading teams are automatically notified whenever a
Average market risk VaR (one-day 95 percent) during the year book nears its risk limit, as well as whenever a VaR limit breach
was USD85.1 million (0.52 percent of Group equity) compared to occurs. In addition, the Group's deals desk management team is
USD199.8 million in the previous financial year (1.33 percent of automatically notified whenever statistically anomalous changes
Group equity, above target due to extreme volatility following the occur in the profit and loss of any deal.
start of the war in Ukraine). The Group's Executive Committee
has set a target of maintaining VaR (one-day 95 percent) below For senior management, the daily reports provide a
one percent of Group equity. comprehensive view of the Group's risk, classified according
to various risk factors. These reports emphasise the risk
diversification created by the Group’s varied activities and
highlight any excessive risk concentrations.
39.2 Credit risk 39.2.1 Concentration of credit risk

Credit risk is the risk of financial loss to the Group if a customer Concentrations of credit risk exist when changes in economic,
or counterparty to a financial instrument or physical contract industry or geographical factors similarly affect the Group's
fails to meet its contractual obligations, and arises principally counterparties whose aggregate credit exposure is significant
from the Group’s receivables from customers and investment in relation to the Group's total credit exposure. The carrying
in debt and equity securities. amount of financial assets represents the maximum credit
exposure. The Group determines concentrations of credit risk by
The Group has a formalised credit process with credit officers
monitoring the country profile of its third-party trade receivables
in key locations around the world. Strict credit limits are set
on an on-going basis.
up for each counterparty on the basis of detailed financial
and business analysis. These limits are constantly monitored The Group has a diverse customer base, with no customer
and revised in light of counterparty or market developments representing more than 2.2 percent of its revenues over the
and the amount of exposure relative to the size of the Group’s 2023 financial year (FY2022: 1.8 percent).
Consolidated Statement of Financial Position. The Group makes Please refer to note 26 for the aging of trade and other
extensive use of the banking and insurance markets to cover receivables at the reporting date.
any counterparty or country risks that are in excess of its
credit limits. 39.2.2 Financial assets that are not past due
The risk management monitoring and decision-making functions Trade and other receivables that are not past due are
are centralised and make extensive use of the Group’s integrated creditworthy debtors with good payment records with the
bespoke IT system. The Group conducts transactions with the Group. Cash and cash equivalents and derivatives that are
following major types of counterparties: not past due are placed with or entered into with reputable
• Physical commodity counterparties spread across the financial institutions or companies with high credit ratings
vertical chains for both oil and bulk (e.g. producers, refiners/ and no history of default. The credit quality of trade and other
smelters and end-users). Sales to investment grade and receivables is assessed based on a strict credit policy. The Group
non‑investment grade counterparties are made on open terms has monitored customer credit risk by grouping trade and other
up to internally approved credit limits. Exposures above such receivables based on their characteristics.
limits are subject to payment guarantees. Based on the Group’s monitoring of customer credit risk, the
• Payment guarantee counterparties (e.g. prime financial Group believes that, except as indicated in note 26, no material
institutions from which the Group obtains payment guarantees). expected credit loss allowance is necessary in respect of trade
receivables not past due.
• Hedge counterparties comprising a number of prime financial
institutions and physical participants in the relevant markets.
There is no significant concentration of risk with any single
39.2.3 Impairment of financial assets
counterparty or group of counterparties. Collateral is Information regarding impairment of financial assets is
obtained from counterparties when the Group’s exposure disclosed in note 14 (Impairment) and note 26 (Trade and
to them exceeds approved credit limits. It is the Group’s other receivables).
policy to have ISDA Master Agreements or ISDA‑based
Long-Form Confirmation Agreements in place with all 39.2.4 Guarantees
hedging counterparties. The Group’s policy is to provide financial guarantees only to
The Group trades in all major geographic regions. Where wholly owned subsidiaries and trading partners in the normal
appropriate, guarantees, insurance and letters of credit are course of business. As part of the Group’s ordinary physical
used to reduce payment or performance risk. The Group has commodity trading activities, Trafigura Group Pte. Ltd. may act as
gross credit exposure in locations across the world with a guarantor by way of issuing guarantees accepting responsibility
concentration in emerging markets. Most of this exposure is for subsidiaries’ contractual obligations.
transferred to third parties, while the Group retains between
10 percent and 20 percent on average of the individual exposures.
The Group’s maximum exposure to credit risk, without
considering netting agreements or without taking into account
of any collateral held or other credit enhancements, is equal
to the carrying value of its financial assets as indicated in
the Consolidated Statement of Financial Position plus the
guarantees to third parties and associates.
The Group has amounts and guarantees outstanding related to
countries that are affected by sanctions currently imposed by
the United States and the European Union. The Group analysed
the sanctions and exposures and concluded that these do not
materially impact the Group’s positions.
39.3 Liquidity risk 39.4 Interest rate risk

Liquidity risk is the risk that the Group is unable to meet Despite borrowing mostly floating rate debt, the Group is not
its payment obligations when due or that it is unable, on an exposed to significant interest rate risk because most of its debt
on‑going basis, to borrow funds in the market on an unsecured is short term (ranging from a few weeks to a few months) and
or secured basis at an acceptable price to fund actual or each new commercial transaction is priced based on current
proposed commitments. interest rate levels. Interest rate risk of the Group is mainly
applicable to the long-term debt of the Group, which is mostly
The Group’s approach to managing liquidity is to ensure, as
floating rate.
far as possible, that it will always have sufficient cash and
cash equivalents and ready sources of committed funding From time to time, the Group enters into interest rate
available to meet anticipated and unanticipated funding derivative transactions to lock in current interest rate levels.
needs. Sound financial management with a focus on liquidity For instance, interest rate swaps provide a method of reducing
has been instrumental to the Group’s success. The Group the Group’s exposure to floating interest rates. To realise the
has demonstrated the ability to raise the appropriate types desired matching of derivative results with the hedged interest
of financing to match the needs of the business and to tap rate payments, cash flow hedge accounting is applied and
various investor bases (e.g. syndicated loan markets, trade the derivatives are designated as hedging instruments. The
finance markets, bond markets, private placement markets, derivatives are carried on balance and their effectiveness is
securitisation), maturities and geographies. tested on a quarterly basis.
The Group manages its treasury and liquidity risks maintaining
a strong liquidity position through the following: 39.5 Currency risk
• Targeting immediately available cash on hand of a minimum The Group has few exposures to foreign currency risk on its
of USD2.0 billion under normal conditions (higher in the case trading activities and those that do exist are hedged out.
of extreme volatility); The Group does not use financial instruments to hedge the
translation risk related to equity and earnings of foreign
• Maintaining transactional lines which allow the Group to subsidiaries and non-consolidated companies.
mark-to-market financings to the value of the underlying
physical assets. Mark-to-market financing is performed The Group uses cross-currency swaps to hedge currency risk
weekly (or intra-weekly in the case of extreme volatility) and on the principal and related payments of foreign currency
provides an additional source of liquidity that is not available denominated loans and bonds for which cash flow hedge
to competitors, which are financed purely from revolving accounting is applied. The hedge relationship is expected
credit facilities and/or capital markets securities; to be highly effective due to the matching of critical terms
between the underlying hedged item and the associated
• Committed unsecured credit facilities; hedge instrument.
• Maintaining headroom under transactional trade finance lines The periods when the cash flows are expected to occur are
and committed revolving credit facilities; and similar to the periods when the cash flows on the foreign
• Reasonable distribution of profit (in order to generate currency denominated loans and bonds occur as indicated in
retained earnings) and subordination of repurchased, but notes 31 and 39.3. Ineffectiveness may arise (i) if the underlying
not yet paid, equity. interest reference rate is divergent to the underlying reference
rate in the Group’s debt agreements; (ii) to the extent that
The maturity analysis of the Group’s financial liabilities based
the hedging instrument is already in the money or out of the
on the contractual terms is as follows:
money at the point of designation (compared to the hypothetical
< 1 year 1-5 years > 5 years Total derivative that must be created on market); (iii) when the timing
30 September 2023 USD'M USD'M USD'M USD'M of the hedging instrument goes beyond the hedged item and it
is not considered highly probable that the hedged item will be
Financial liabilities
Current and non-current loans
refinanced beyond its current maturity date; or (iv) if the hedging
and borrowings 25,052.8 8,462.5 851.8 34,367.1 instrument is for an amount greater than the hedged item.
Trade and other payables 21,890.2 – – 21,890.2
Expected interest payments on
committed lines until maturity 782.7 751.9 105.6 1,640.2
Derivative financial liabilities 1,785.2 272.9 10.7 2,068.8
Total 49,510.9 9,487.3 968.1 59,966.3
< 1 year 1-5 years > 5 years Total

30 September 2022 USD'M USD'M USD'M USD'M
Financial liabilities
Current and non-current loans
and borrowings 29,663.6 8,802.3 812.2 39,278.1
Trade and other payables 25,649.5 – – 25,649.5
Expected interest payments on
committed lines until maturity 554.8 736.6 84.6 1,376.0
Derivative financial liabilities 7,910.9 2,710.7 13.0 10,634.6
Total 63,778.8 12,249.6 909.8 76,938.2
39.6 Capital management 40. Hedging activities and derivatives

The Group's policy is to maintain a strong capital base so as The Group utilises derivative financial instruments (shown
to maintain investor, creditor and market confidence and to separately in the Consolidated Statement of Financial Position)
sustain future development of the business. to hedge its primary market risk exposures, which are primarily
risks related to commodity price movements and, to a lesser
The Company’s immediate parent, Trafigura Beheer B.V., is
extent, exposure to foreign currency exchange rates and interest
exclusively owned by employees of the Group. This shareholding
rate movements. Commodity derivative contracts may be
arrangement leads to an alignment of the long-term interests of
utilised to hedge against commodity price risk exposures in
the Group and its management team. By virtue of having its own
relation to physical purchase and sales contracts, including
capital at risk, senior and middle management are incentivised
inventory. Commodity swaps, options and futures are used to
to take a long-term view of the Group's overall performance
manage price and timing risks in conformity with the Group’s
and to protect its capital.
risk management policies.
The Group's capital management aims to ensure that it meets
financial covenants attached to the interest-bearing loans
and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the
lenders to immediately call loans and borrowings. There have
been no breaches in the financial covenants of any loans and
borrowing in the current period.
The Group monitors its capital adequacy using an adjusted debt-
to-equity ratio, which is adjusted debt divided by the Group's
equity. For this purpose, the adjusted debt metric represents
the Group's total non-current and current debt less cash,
deposits, readily marketable inventories (including purchased
and pre-paid inventories which are being released), debt related
to the Group's receivables securitisation programme and the
non-recourse portion of loans from third parties.
The Company’s long-term average target adjusted debt‑to‑equity
ratio is 1.0x. A negative adjusted debt figure means that the
combined adjustments are larger than the debt amount. The
Company’s adjusted net debt-to-equity ratio at the end of the
reporting period was as follows:
2023 2022
USD’M USD’M
Non-current loans and borrowings 9,314.3 9,614.5

Current loans and borrowings 25,052.8 29,663.6
Total debt 34,367.1 39,278.1
Adjustments
Deposits 208.7 642.0
Inventories (including purchased
and pre-paid inventories) 24,617.3 23,873.6
Receivables securitisation debt 4,157.1 5,390.7
Non-recourse debt 118.0 1,607.1
Adjusted total debt (7,121.0) (7,116.6)
Group equity 16,495.4 15,078.6
Adjusted debt to Group equity ratio

at the end of the year (0.43x) (0.47x)
Accounting policy
Derivative financial instruments The Group uses forward currency contracts as hedges against its
Derivative instruments, such as physical contracts to sell or purchase exposure to foreign currency risk in forecast transactions and firm
commodities that do not meet the own use exemption, are initially commitments, interest rate swaps as hedges against its exposure
recognised at fair value when the Group becomes a party to the to volatility in interest rates as well as forward commodity contracts
contractual provisions of the instrument, and are subsequently for its exposure to volatility in the commodity prices. The ineffective
remeasured at fair value at the end of each reporting period. portion relating to foreign currency contracts and interest rate
Any attributable transaction costs are recognised in the Consolidated swaps is recognised in finance income and expense. The ineffective
Statement of Income as incurred. Derivatives are carried as financial portion related to commodity contracts is recognised in materials,
assets when the fair value is positive and as financial liabilities when transportation and storage costs.
the fair value is negative. The amounts accumulated in other comprehensive income are
Gains and losses on derivative instruments for which hedge accounting accounted for depending on the nature of the underlying hedged
is not applied are recognised in materials, transportation and transaction. If the hedged transaction subsequently results in the
storage costs. recognition of a non-financial item, the amount accumulated in equity
is removed from the separate component of equity and included in the
Hedge accounting initial cost or other carrying amount of the hedged asset or liability.
Generally, the Group does not apply hedge accounting, but in some This is not a reclassification adjustment and will not be recognised
instances, it may elect to apply hedge accounting. Those derivatives in other comprehensive income for the period. This also applies
qualifying and designated as hedges are either: where the hedged forecast transaction of a non-financial asset or
(i) A cash flow hedge of the change in cash flows to be received or non-financial liability subsequently becomes a firm commitment for
paid relating to a recognised asset or liability or a highly probable which fair value hedge accounting is applied.
transaction, or For any other cash flow hedges, the amount accumulated in
(ii) A
fair value hedge of the change in fair value of a recognised asset other comprehensive income is reclassified to profit or loss as a
or liability or an unrecognised firm commitment. reclassification adjustment in the same period or periods during
At the inception of a hedge relationship, the Group formally designates which the hedged cash flows affect profit or loss.
and documents the hedge relationship to which it wishes to apply If cash flow hedge accounting is discontinued, the amount that has
hedge accounting and the risk management objective and strategy been accumulated in other comprehensive income must remain
for undertaking the hedge. in accumulated other comprehensive income if the hedged future
The documentation includes identification of the hedging instrument, cash flows are still expected to occur. Otherwise, the amount will
the hedged item, the nature of the risk being hedged and how the be immediately reclassified to profit or loss as a reclassification
Group will assess whether the hedging relationship meets the hedge adjustment. After discontinuation, once the hedged cash flow occurs,
effectiveness requirements (including the analysis of sources of any amount remaining in accumulated other comprehensive income
hedge ineffectiveness and how the hedge ratio is determined). A must be accounted for depending on the nature of the underlying
hedging relationship qualifies for hedge accounting if it meets all of transaction as described above.
the following effectiveness requirements: Fair value hedge
• There is ‘an economic relationship’ between the hedged item and The Group elects to apply fair value hedge accounting to hedge certain
the hedging instrument. risk components of non-financial hedged items. When applicable,
• The effect of credit risk does not ‘dominate the value changes’ that the Group designates derivative hedging instruments as fair value
result from that economic relationship. hedges in relationship to the hedged item. The hedged item may be
individual risk components, which are separately identifiable and
• The hedge ratio of the hedging relationship is the same as that reliably measurable or maybe valued in entirety, considering all the
resulting from the quantity of the hedged item that the Group risk components of the hedged item for the designated period.
actually hedges and the quantity of the hedging instrument that
the Group actually uses to hedge that quantity of hedged item. The hedged item is accounted for at fair value through profit and loss,
and reflected in the Consolidated Statement of Financial Position
If the hedge ratio for risk management purposes is no longer optimal as either a recognised asset or liability or an unrecognised firm
but the risk management objective remains unchanged and the hedge commitment. Each identified risk component of the hedged item
continues to qualify for hedge accounting, the hedge relationship will be revalued at each period with its corresponding benchmark
will be re-calibrated by adjusting either the volume of the hedging accounted for at fair value and recognised through profit and loss.
instrument or the volume of the hedged item so that the hedge ratio Further, it is reflected on the Consolidated Statement of Financial
aligns with the ratio used for risk management purposes. Any hedge Position as either a recognised asset or liability or an unrecognised
ineffectiveness is calculated and accounted for at the time of the firm commitment.
hedge relationship re-calibration.
A change in the fair value of derivatives designated as a fair value
Cash flow hedge hedge is reflected together with the change in the fair value of the
The effective portion of the gain or loss on the hedging instrument hedged item in the Consolidated Statement of Income.
is recognised in other comprehensive income in the cash flow hedge If the hedged item is derecognised, the unamortised fair value is
reserve, while any ineffective portion is recognised immediately in the recognised immediately in profit or loss.
Consolidated Statement of Income. The cash flow hedge reserve is
adjusted to the lower of the cumulative gain or loss on the hedging Current versus non-current classification
instrument and the cumulative change in fair value of the hedged item. Derivative instruments are classified as current or non-current,
or separated into current and non-current portions based on an
assessment of the facts and circumstances (i.e. the underlying
contractual cash flows).
40.1 Cash flow hedge accounting

In some instances, the Group has applied cash flow hedge
Valuation of financial assets, including derivative and level 3 accounting to certain highly probable cash flows. These cash
instruments flows relate to the following hedged items:
Derivative instruments are carried at fair value and the Group • Purchases of electricity consumed in the smelting process
evaluates the quality and reliability of the assumptions and data and redelivery for electricity not consumed;
used to measure fair value in the three hierarchy levels (levels 1, 2
and 3) as prescribed by IFRS 13. Fair values are determined in the • Sales of mining production; and
following ways: externally verified via comparison to quoted market • Operating expenditure, interest payments, repayment of
prices in active markets (level 1); by using externally verifiable foreign currency corporate loans and other forecasted
reference prices (level 2); or by using alternative procedures such purchases and sales.
as comparison to comparable instruments and/or using models
including unobservable market inputs requiring the Group to make The designated hedge derivatives are recognised at fair value.
market-based assumptions (level 3). For more details, please refer Movements in the fair value of the hedge derivatives are being
to note 41, which includes an overview of the fair value hierarchy deferred through other comprehensive income to the extent
and applied valuation methods. that they are deemed to be entered in an effective hedge
For assets and liabilities that are recognised in the financial relationship with cash flows that are yet to be reflected in the
statements on a recurring basis, the Group determines whether Consolidated Statement of Income. Any fair value movements
transfers have occurred between levels in the hierarchy by that are not considered to be an effective hedge are recognised
re‑assessing categorisation (based on the lowest level input that directly through the Consolidated Statement of Income.
is significant to the fair value measurement as a whole) at the end
The effectiveness of the economic relationship between the
of each reporting period.
hedging instruments and the hedged item has been assessed
at the inception of the hedge accounting designation and is
reassessed at least on an annual basis. The hedge ratio is
The overview derivatives are as follows:
determined by the ratio that provides a strong relationship
2023 2022 between movements in the fair value of the hedged item and
USD’M USD’M hedging instruments at the inception of the hedge accounting
relationship and reassessed at least annually. Ineffectiveness
Physical forwards 2,803.3 5,550.3
OTC derivatives 818.0 1,052.5 will occur due to time spread between the hedged item and
Futures, cleared swaps, cleared options 85.1 66.6 the hedging instrument as well as due to the basis risk.
Interest-rate swaps 289.1 263.5
Cross-currency swaps 12.9 2.2
Foreign-exchange swaps and forwards 429.4 1,369.1
Other financial derivatives 125.7 –
Derivative assets 4,563.5 8,304.2
Non-current 410.2 1,125.2

Current 4,153.3 7,179.0
Derivative assets 4,563.5 8,304.2
2023 2022
USD’M USD’M
Physical forwards 725.7 5,899.1

OTC derivatives 565.2 3,190.6
Futures, cleared swaps, cleared options 108.6 91.8
Interest-rate swaps 4.2 39.2
Cross-currency swaps 290.4 281.2
Foreign-exchange swaps and forwards 271.8 1,132.7
Other financial derivatives 102.9 –
Derivative liabilities 2,068.8 10,634.6
Non-current 283.6 2,723.7

Current 1,785.2 7,910.9
Derivative liabilities 2,068.8 10,634.6
The overview of the cash flow hedges is as follows:

2023 2022 2023 2022
USD'M USD'M
Maturity Equivalent Notionals Fair values
Cross-currency/interest swaps hedging interest payments 0-5 years USD'M 11,307.3 4,918.5 (192.2) (177.0)
Gas and fx futures/swaps hedging future purchases and sales of LNG 0-1 year various – – – –
Fx swaps hedging future non-USD loan transaction and opex payments 0-3 years USD'M 3,364.1 2,309.6 (128.5) (273.2)
Fx swaps hedging future non-USD Capex payments 0-1 year USD'M 78.6 – (2.8) –
LME futures hedging future sales and mining production 0-2 years DMT 12,413.5 9,425.0 8.3 (17.0)
Commodity swaps hedging future sales of metals 0-3 years DMT 2,568.0 3,504.0 (28.0) (41.2)
Electricity swaps hedging future redelivery of electricity 0-1 year EUR'M – 148.1 – 24.0
Electricity swaps hedging future purchase of electricity 0-1 year EUR'M 30.9 470.7 (13.3) 55.0
Electricity swaps hedging future purchase of electricity 0-7 years AUD'M 408.8 – 20.3 –
Total (336.2) (429.4)
Ineffectiveness recognised through Gain/(loss) on cash flow hedges through

statement of income other comprehensive income
2023 2022 2023 2022
USD'M USD'M USD'M USD'M
Cross-currency/interest swaps hedging interest payments (1.8) 1.8 (57.1) 230.1

Gas and fx futures/swaps hedging future purchases and sales of LNG – – – 6.2
Fx swaps hedging future non-USD loan transaction and opex payments (4.0) (1.3) 133.2 (213.1)
Fx swaps hedging future non-USD Capex payments (0.9) – (1.9) –
LME futures hedging future sales and mining production 0.4 3.9 1.2 (2.2)
Commodity swaps hedging future sales of metals (6.7) – 19.9 (16.2)
Electricity swaps hedging future redelivery of electricity (2.5) – (18.9) –
Electricity swaps hedging future purchase of electricity (0.8) 5.6 (51.5) 199.4
Total (16.3) 10.0 24.9 204.2
Cash flow hedge reserve on equity-accounted investees 55.1 4.3

Tax on cash flow hedge reserve 13.7 (70.7)
Cash flow hedge reserve movement in statement of changes in equity 93.7 137.8
40.2 Fair value hedge accounting

In some instances, the Group elects to apply fair value hedge accounting to certain physical forward contracts described in the
table below (the hedged items) and the corresponding paper hedge positions (the hedging instruments). Under the strict rules of
hedge accounting, the Group is required to match each paper hedge position with the corresponding physical contract position.
The intention is that a movement in fair value of a physical contract is accounted against the corresponding (and opposite)
movement in fair value of the related paper hedges: both movements (increase and decrease) are recorded in the Consolidated
Statement of Income (specifically to the line materials, transportation and storage), leading to an offsetting result. It is important
to note that the fair value of the physical contracts does not include any trading margin or any form of potential profit of the
physical contracts.
The Group has elected to apply fair value hedge accounting to non-financial hedged items or certain risk components of
non‑financial hedged items. These non-financial hedged items relate to firm commitments with respect to tolling agreements,
a transportation agreement, offtake agreements and bareboat charter and time charter agreements, among others.
Transportation agreements Offtake agreements Bareboat and Time charter agreements
Nature of forward contract Transport crude from Permian Basin to Offtake LNG in the US, Middle East and Freight lease agreement
(=hedged item) Gulf Coast Asia
Main counterparty of forward Cactus II Pipeline LLC Cheniere Marketing LLC; Freeport LNG Asset classes: Very Large Crude
contract/Types of contracts Marketing LLC; Brunei Energy Services and Carriers, Suexmax, Aframax and Long
Trading SDN BHD; Oman LNG LLC; Petronas Range vessels
LNG LTD; and others
Maturity of forward contract Ranging from FY2024 to FY2025 Ranging from FY2024 to FY2033 Ranging from FY2024 to FY2035
Trading strategy Transport crude from Permian Basin to Purchase LNG, transport, transform back Freight lease agreement to generate
Gulf Coast into natural gas, and/or sell natural gas in freight income from external
Europe/Asia counterparties
Nature of paper hedge Hedging spread exposure (Permian 1) Hedging spread exposure (LNG in the US Hedging freight routes with Freight
(=hedging instrument) Basin crude vs Gulf Coast crude) with vs natural gas in Europe/Asia) with futures Forward Agreements
futures and swaps and swaps
2) Hedging Gas Slope with futures and
swaps
40.2.1 Hedged items 40.2.2 Hedging instruments

The Group previously applied fair value hedge accounting on its When applicable, the Group designates derivative hedging
tolling agreements as non-financial hedged items, which the instruments as fair value hedges in relationship to the associated
Group had entered into for fractionation services to convert hedged items. The maturity profiles of the hedging instruments
crude feedstock into various crude refined products. The are as follows:
derivative hedging instruments (hedges consisting of futures • Transportation agreement: varies from one month to two years.
and swaps) were entered into to hedge the spread exposures,
referred to as the hedged risk, between the purchase of crude • Offtake agreements: varies from one month to five years.
feedstock and the sale of crude refined products. Following • Bareboat and time charter agreements: varies from one month
the decline in volume of hedged tolling agreements due to to four years.
change in market structure, the fair value hedge accounting
The designated hedge derivatives are accounted for at fair value
was discontinued during the year.
through profit and loss.
The Group’s transportation agreement represents a non‑financial
hedged item, which the Group has entered into for the 40.2.3 Economic relationship
transportation of crude oil from the Permian Basin of Texas
to the Gulf Coast. The derivative hedging instruments (hedges IFRS 9 requires the existence of an economic relationship
consisting of futures and swaps) are entered into to hedge between the hedged item and the hedging instrument.
the spread exposures, referred to as the hedged risk, between At designation and at the start of each reporting period, critical
the purchase of inland crude oil barrels and the sale of those terms of both hedged items and hedge instruments in a hedge
barrels on the Gulf Coast. relationship are reviewed to ascertain the expectation that the
value of the hedging instrument and the value of the hedged
The Group’s offtake agreements represent a non-financial item would move in opposite directions as a result of the
hedged item, which the Group has entered into for the purchase common underlying and therefore meet the risk management
of liquefied natural gas (LNG) from the United States with a objective of the hedge relationship.
number of counterparties. The derivative hedging instruments
(hedges consisting of futures and swaps) are entered into 40.2.4 Hedge effectiveness assessment
to hedge the spread exposures, referred to as the hedged
risk, between purchasing LNG from the US and selling LNG At each reporting date or on significant changes in circumstances
to its expected destination markets. Additionally, some Asian a quantitative hedge effectiveness assessment is performed.
and Middle East LNG supply contracts that also represent a The fair values of both hedged items and hedging instruments
non‑financial hedged item are further covered in the scope of are measured and the net difference of the changes is the hedge
hedge accounting. The LNG price in these contracts is indexed ineffectiveness amount. The hedge ineffectiveness amount is
to Brent against a coefficient. The coefficient is referred to as analysed by its various sources (for example: basis differences,
the Gas Slope and is driven by the correlation between Brent location differences, timing differences, quantity or notional
and Asian LNG market. The derivative hedging instruments amount differences, currency basis and forward points, credit
(hedges consisting of futures and swaps) are entered into to risk or other risks) where applicable. Specific factors that may
hedge the Gas Slope, referred to as the hedged risk. affect ineffectiveness are a mismatch in the designated hedge
period and the maturity period of the hedging instrument and
The Group’s bareboat and time charter agreements represent a differential of the various benchmarks for the pricing of the
non-financial hedged items, which the Group has entered into hedging instruments and the hedged items.
for the purpose of transporting commodities and generating
freight revenue. The derivative hedging instruments are entered In the case of LNG specifically, a material portion of the hedge
to hedge freight exposure on the different bareboat and time ineffectiveness can be attributed to the release from the
charter contracts. realisation of positions on which large ineffectiveness was
recognised in the prior year due to fact that physical LNG was
The identified hedged items are accounted for at fair value pricing at a higher discount against the TTF price index than
and recognised in materials, transport and storage within the compared to the historic trend. This difference in pricing was
Consolidated Statement of Income. The fair value is reflected driven by the relative lower liquidity of the TTF index since the
in the Consolidated Statement of Financial Position as either a war in Ukraine, which led to significant price moves, sometimes
recognised asset or liability. The fair value is determined using decorrelated with the underlying physical market. Further in
benchmarks best representing the designated hedged item. LNG, the hedged item designated includes foreign currency
Specifically, in the case of LNG, the fair value of the hedged exposure. However, the foreign currency hedges have not been
item also considers unobservable inputs. designated into the hedge relationship, giving rise to additional
ineffectiveness. The fair value of the foreign exchange hedges
that have not been designated can be seen in the table below.
The ineffectiveness in the 2023 financial year amounted to a
gain of USD554.9 million (FY2022: loss of USD1,076.0 million).
The fair value adjustment on the non-financial hedged items is presented in the Consolidated Statement of Financial Position
under the following categories:
30 September 2023 30 September 2022
USD'M USD'M
Other non-current Other current Other non-current Other current
assets assets assets assets
(note 24) (note 28) (note 24) (note 28)
Non-financial hedged items – Tolling agreements – – – 24.4

Non-financial hedged items – Transportation agreement – – – –
Non-financial hedged items – Offtake agreements 266.8 558.6 3,795.1 2,897.4
Non-financial hedged items – Bareboat charter agreements 9.1 33.2 26.5 143.1
Non-financial hedged items – Storage agreements – – – –
Closing balance of the hedged item 275.9 591.8 3,821.6 3,064.9

USD'M USD'M USD'M USD'M
Other non-current Other current Other non-current Other current
liabilities liabilities liabilities liabilities
(note 34) (note 36) (note 34) (note 36)
Non-financial hedged items – Tolling agreements – – – –

Non-financial hedged items – Transportation agreement 0.7 5.6 3.9 77.3
Non-financial hedged items – Offtake agreements – 144.0 – –
Non-financial hedged items – Bareboat charter agreements 1.6 18.2 1.5 10.0
Non-financial hedged items – Storage agreements – – – 2.2
Closing balance of the hedged item 2.3 167.8 5.4 89.5
Net balance of the hedged item (+ = asset/ - = liability) 697.5 6,791.6
The following table summarises the movements in the non-financial hedged items and the related derivatives recognised in the
Consolidated Statement of Income:
2023 2022
USD'M USD'M
Opening balances of the derivatives marked as hedges (7,464.1) (2,397.0)
Fair value movement included in the hedge relationship 4,997.6 (8,668.4)

Hedges for which hedge relationship matured 1,868.6 3,582.8
Hedges not designated in hedge relationship 78.1 18.5
Closing balance of the derivatives marked as hedges (519.8) (7,464.1)
Opening balance of the hedged item 6,791.6 2,452.6
Fair value movement included in the hedge relationship (4,442.7) 7,592.1

Release of fair value adjustment due to matured hedge relationship (1,651.4) (3,253.1)
Closing balance of the hedged item 697.5 6,791.6
Lifetime to date net gain/(loss) 177.7 (672.5)

Year to date net gain/(loss) 850.2 (728.1)
41. Fair value

Accounting policy
The Group measures financial instruments, such as derivatives and certain non-derivative financial assets, at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest.
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 Group 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 on a recurring basis, the Group determines whether transfers have
occurred between levels in the hierarchy by reassessing 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.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the fair value hierarchy as explained above.
41.1 Fair values versus carrying amounts

The fair values of inventories, financial assets and liabilities, together with the carrying amounts shown in the Consolidated
Statement of Financial Position, are as follows:
Carrying value Fair value Carrying value Fair value
USD’M USD’M USD’M USD’M
Assets
Listed equity securities – Fair value through OCI 0.5 0.5 0.9 0.9
Listed equity securities – Fair value through profit or loss 361.8 361.8 63.2 63.2
Listed debt securities – Fair value through profit or loss 247.4 247.4 203.0 203.0
Unlisted equity investments – Fair value through profit or loss 182.0 182.0 130.1 130.1
Unlisted equity investments – Fair value through OCI 205.8 205.8 198.3 198.3
Loans receivable (*) 791.6 791.6 307.5 307.5
Inventories – Storage inventories 12,697.7 12,697.7 11,477.7 11,477.7
Inventories – Floating inventories 9,031.3 9,031.3 10,194.8 10,194.8
Trade and other receivables (*) 23,413.8 23,413.8 27,630.5 27,630.5
Non-financial hedged items 867.7 867.7 6,886.5 6,886.5
Derivatives 4,563.5 4,563.5 8,304.2 8,304.2
Deposits (*) 208.7 208.7 642.0 642.0
Cash and cash equivalents (*) 12,387.0 12,387.0 14,881.3 14,881.3
Total financial assets and inventories 64,958.8 64,958.8 80,920.0 80,920.0
Liabilities
Loans and borrowings
Floating rate borrowings (*) 29,597.9 29,597.9 33,708.4 33,708.4
Fixed rate borrowings 4,769.2 4,389.3 5,569.7 5,262.4
Trade and other payables (*) 21,890.2 21,890.2 25,649.5 25,649.5
Non-financial hedged items 170.1 170.1 94.9 94.9
Derivatives 2,068.8 2,068.8 10,634.6 10,634.6
Total financial liabilities 58,496.2 58,116.3 75,657.1 75,349.8
* Management has determined that these carrying amounts reasonably approximate their fair values because these are mostly short-term in nature and are re-priced regularly.
41.2 Fair value hierarchy

The table below analyses financial instruments and other assets and liabilities carried at fair value, by valuation method.
The different 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
(i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Regarding financial instruments: Level 1 classifications primarily include futures, cleared swaps, cleared options and natural gas
physical forwards with a maturity of less than one year. Level 2 classifications primarily include foreign-exchange, interest-rate,
cross-currency and commodity swaps and physical forward transactions which derive their fair value primarily from exchange
quotes and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions which derive
their fair value predominately from calculations that use broker quotes and applicable market-based estimates surrounding
location, quality and credit differentials. In circumstances where Trafigura cannot verify fair value with observable market inputs
(Level 3 fair values), it is possible that a different valuation model could produce a materially different estimate of fair value.
It is Trafigura’s policy to hedge significant market risk, therefore sensitivity to fair value movements is limited. Trafigura manages
its market risk using the Value at Risk (VaR) as disclosed in note 39.1.
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets and inventories USD'M USD'M USD'M USD'M USD'M USD'M USD'M USD'M
Listed equity securities – Fair value through OCI 0.5 – – 0.5 0.9 – – 0.9
Listed equity securities – Fair value through profit or loss 361.8 – – 361.8 63.2 – – 63.2
Listed debt securities – Fair value through profit or loss 34.8 – 212.6 247.4 0.3 – 202.7 203.0
Unlisted equity investments – Fair value through profit or loss – – 182.0 182.0 – – 130.1 130.1
Unlisted equity investments – Fair value through OCI – – 205.8 205.8 – – 198.3 198.3
Futures, cleared swaps, cleared options 85.1 – – 85.1 66.6 – – 66.6
OTC derivatives – 761.6 56.4 818.0 – 969.1 83.4 1,052.5
Physical forwards 1,453.4 776.5 573.4 2,803.3 2,924.6 798.2 1,827.5 5,550.3
Cross-currency swaps – 12.9 – 12.9 – 2.2 – 2.2
Interest-rate swaps – 289.1 – 289.1 – 263.5 – 263.5
Foreign-exchange swaps and forwards – 429.4 – 429.4 – 1,369.1 – 1,369.1
Non-financial hedged items – 315.5 552.2 867.7 – 3,264.3 3,622.2 6,886.5
Other financial derivatives 124.7 1.0 – 125.7 – – – –
Inventories – Storage inventories – 12,697.7 – 12,697.7 – 11,477.7 – 11,477.7
Inventories – Floating inventories – 9,031.3 – 9,031.3 – 10,194.8 – 10,194.8
Total 2,060.3 24,315.0 1,782.4 28,157.7 3,055.6 28,338.9 6,064.2 37,458.7

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial liabilities USD'M USD'M USD'M USD'M USD'M USD'M USD'M USD'M
Futures, cleared swaps, cleared options 108.6 – – 108.6 91.8 – – 91.8

OTC derivatives – 475.2 90.0 565.2 – 3,162.2 28.4 3,190.6
Physical forwards 201.5 66.3 457.9 725.7 4,206.4 1,077.1 615.6 5,899.1
Cross-currency swaps – 290.4 – 290.4 – 281.2 – 281.2
Interest-rate swaps – 4.2 – 4.2 – 39.2 – 39.2
Foreign-exchange swaps and forwards – 271.8 – 271.8 – 1,132.7 – 1,132.7
Non-financial hedged items – 100.8 69.3 170.1 – 94.9 – 94.9
Other financial derivatives 60.0 – 42.9 102.9 – – – –
Fixed-rate borrowings – 4,769.2 – 4,769.2 – 5,569.7 – 5,569.7
Total 370.1 5,977.9 660.1 7,008.1 4,298.2 11,357.0 644.0 16,299.2
Net financial assets/(liabilities) and inventories 1,690.2 18,337.1 1,122.2 21,149.5 (1,242.6) 16,981.9 5,420.2 21,159.5
The movements in the level 3 hierarchy can be summarised as follows:

Physical forwards/ Equity/Debt Firm Other
Derivatives securities commitments investments Total
USD'M USD'M USD'M USD'M USD'M
Balance at 1 October 2022 1,266.9 531.1 3,622.2 – 5,420.2
Invested – 18.9 – – 18.9

Total gain/(loss) recognised in Consolidated Statement of Income (267.6) (6.3) (2,530.3) – (2,804.2)
Total gain/(loss) recognised in OCI 2.1 7.4 – – 9.5
Disposals – (1.0) – – (1.0)
Reclassification – 50.3 – – 50.3
Total realised (962.5) – (609.0) – (1,571.5)
Balance at 30 September 2023 38.9 600.4 482.9 – 1,122.2
Physical forwards/ Equity/Debt Firm Other

Derivatives securities commitments investments Total
USD'M USD'M USD'M USD'M USD'M
Balance at 1 October 2021 106.9 622.6 2,081.3 862.3 3,673.1
Invested – 28.6 – – 28.6

Total gain/(loss) recognised in Consolidated Statement of Income 1,180.6 (37.1) 4,153.0 628.3 5,924.8
Total gain/(loss) recognised in OCI 166.7 (43.8) – – 122.9
Disposals – (36.7) – – (36.7)
Reclassification – (2.5) – 112.0 109.5
Total realised (187.3) – (2,612.1) (1,602.6) (4,402.0)
Balance at 30 September 2022 1,266.9 531.1 3,622.2 – 5,420.2
There were no transfers between fair value hierarchy levels in the financial year ended 30 September 2023 (or in the financial
year ended 30 September 2022). Materially all level 3 physical forwards are settled in the next year. See note 23.3 for equity/
debt securities and other investments.
The overview of the fair value hierarchy and applied valuation 2023 2022
OTC derivatives USD'M USD'M
methods can be specified as follows:
2023 2022 Level 2 Assets 761.6 969.1
Listed equity securities
– Fair value through OCI USD'M USD'M Liabilities 475.2 3,162.2
Valuation techniques Reference prices.
and key inputs: Inputs include observable quoted prices sourced from
Level 1 Assets 0.5 0.9 traded reference prices or recent traded price indices
Liabilities – – in an active market for identical assets or liabilities.
Valuation techniques Quoted prices in an active market. Significant None.
and key inputs: unobservable inputs:
Significant None.
unobservable inputs:
2023 2022
Physical forwards USD'M USD'M
Equity securities 2023 2022
– Fair value through profit or loss USD'M USD'M
Level 2 Assets 776.5 798.2
Liabilities 66.3 1,077.1
Level 1 Assets 361.8 63.2 Valuation techniques Reference prices.
Liabilities – – and key inputs: Inputs include observable quoted prices sourced from
Valuation techniques Quoted prices in an active market. traded reference prices or recent traded price indices
and key inputs: in an active market for identical assets or liabilities.
Significant None. Significant None.
unobservable inputs: unobservable inputs:
Listed debt securities 2023 2022 2023 2022

– Fair value through profit or loss USD'M USD'M Cross-currency swaps USD'M USD'M
Level 1 Assets 34.8 0.3 Level 2 Assets 12.9 2.2

Liabilities – – Liabilities 290.4 281.2
Valuation techniques Quoted prices in an active market. Valuation techniques Discounted cash flow model.
and key inputs: and key inputs: Inputs include observable quoted prices
Significant None. sourced from exchanges or recent traded price
unobservable inputs: indices in an active market for identical assets
or liabilities. Prices are adjusted by a discount
rate that captures the time value of money and
counterparty credit considerations.
2023 2022 Significant None.
Futures, cleared swaps, cleared options USD'M USD'M unobservable inputs:

Liabilities 108.6 91.8 2023 2022
Valuation techniques Quoted prices in an active market. Interest-rate swaps USD'M USD'M
and key inputs:
Significant None. Level 2 Assets 289.1 263.5
Liabilities 4.2 39.2
Valuation techniques Discounted cash flow model.
and key inputs: Inputs include observable quoted prices
2023 2022 sourced from exchanges or recent traded price
Physical forwards USD'M USD'M indices in an active market for identical assets
or liabilities. Prices are adjusted by a discount
Level 1 Assets 1,453.4 2,924.6 rate that captures the time value of money and
Significant None.
Valuation techniques Quoted prices in an active market. unobservable inputs:
and key inputs:
Significant None.
2023 2022
Foreign-exchange swaps and forwards USD'M USD'M
2023 2022
Other financial derivatives USD'M USD'M Level 2 Assets 429.4 1,369.1
Level 1 Assets 124.7 – Valuation techniques Reference prices.
and key inputs: Inputs include observable quoted prices sourced
Liabilities 60.0 – from traded reference prices or recent traded price
Valuation techniques Quoted prices in an active market. indices in an active market for identical assets or
and key inputs: liabilities. Valuations are adjusted by a discount
Significant None. rate that captures the time value of money and
unobservable inputs: counterparty credit considerations.
Significant None.
2023 2022 Unlisted equity investments 2023 2022

Non-financial hedged items USD'M USD'M – Fair value through OCI USD'M USD'M
Level 2 Assets 315.5 3,264.3 Level 3 Assets 205.8 198.3

Liabilities 100.8 94.9 Liabilities – –
Valuation techniques Reference prices. Valuation techniques Valuations obtained from the asset managers of the
and key inputs: Inputs include observable quoted prices sourced from and key inputs: funds.
traded reference prices or recent traded price indices Significant - Market illiquidity
in an active market for identical assets or liabilities. unobservable inputs:
Significant None.
2023 2022
OTC derivatives USD'M USD'M
2023 2022
Other financial derivatives USD'M USD'M
Liabilities 90.0 28.4
Level 2 Assets 1.0 – Valuation techniques Reference prices considered
Liabilities – – and key inputs: with adjustment to valuation for
Valuation techniques Discounted cash flow model. unobservable inputs.
and key inputs: Inputs include observable quoted prices sourced from Significant Total load consumption forecast,
exchanges or traded reference indices in an active unobservable inputs: scaling factor, transmission
market for identical assets or liabilities. losses and capacity interruptions,
Prices are adjusted by a discount rate that volatilities in case of options.
captures the time value of money and
Significant None.
unobservable inputs: 2023 2022
Physical forwards USD'M USD'M
2023 2022 Level 3 Assets 573.4 1,827.5

Inventories USD'M USD'M Liabilities 457.9 615.6
Valuation techniques Valuation model based on market assumptions and
and key inputs: reference prices.
Level 2 Assets 21,729.0 21,672.5 Key input is the definition of the observable risk
Liabilities – – position that forms the basis for the valuation of these
Valuation techniques Reference prices. physical forwards.
and key inputs: Quoted prices in an active market, adjusted with a Significant The definition of the observable risk position.
premium/discount for quality and/or location. unobservable inputs:
Significant None.
2023 2022
Non-financial hedged items USD'M USD'M
2023 2022
Fixed rate borrowings USD'M USD'M
Level 3 Assets 552.1 3,622.2
Liabilities 69.3 –
Level 2 Assets – – Valuation techniques Valuation model based on market assumptions and
Liabilities 4,769.2 5,569.7 and key inputs: reference prices.
Valuation techniques Discounted cash flow model. Key input is the market liquefaction fee curve that is
and key inputs: Cash flows discounted at current borrowing rates for defined using (1) observable quoted prices sourced
similar instruments. from traded reference prices or recent traded price
Significant None. indices in an active market for identical assets or
unobservable inputs: liabilities, (2) assumption on observable risk positions,
and (3) assumptions on ratios attributed to the
different observable risk positions.
Significant The identification of observable risk positions and
Listed debt securities 2023 2022 unobservable inputs: ratios attributed to them.
Level 3 Assets 212.6 202.7 2023 2022

Liabilities – – Other financial derivatives USD'M USD'M
Valuation techniques Discounted cash flow model
and key inputs: The resultant asset is a discounted cash flow of the
underlying throughput. Level 3 Assets – –
Significant - Forecast throughput Liabilities 42.9 –
unobservable inputs: - Discount rates using weighted average cost of Valuation techniques Valuation model based on market assumptions and
capital and key inputs: reference prices.
- Market illiquidity Key inputs are the assumptions on the observable risk
- Operating cost and capital expenditures position that forms the basis for the valuation of these
embedded derivatives.
Significant The definition of the observable risk position.
Unlisted equity investments 2023 2022

Liabilities – –
Valuation techniques Valuations obtained from the asset managers of the
and key inputs: funds.
Significant - Market illiquidity
42. Related parties 42.2 Other related party transactions

In the normal course of business, the Group enters into The table below summarises the related-party receivables
various transactions with related parties, including fixed price and payables:
commitments to sell and to purchase commodities, forward sale 2023 2022
and purchase contracts, agency agreements and management USD'M USD'M
service agreements. Outstanding balances at period end are
unsecured and settlement occurs in cash. There have been Trafigura Control Holdings Pte. Ltd. 4.7 3.2
no guarantees provided or received for any related-party Porto Sudeste do Brasil S.A. (93.8) (48.8)
Guangxi Jinchuan Non-ferrous Metals Co., Ltd 134.5 200.3
receivables or payables. Empresa Minera del Caribe S.A. (Emincar) 223.3 226.6
All transactions between the Company and its subsidiaries Trafigura Beheer B.V. 32.7 15.1
ITG S.à r.l. 190.7 1,041.2
are eliminated on consolidation along with any unrealised
Terrafame Oy 122.6 132.9
profits and losses between its subsidiaries, associates and Trafigura Liaoning Port International trading (Liaoning) Co.
joint ventures. Ltd. (30.9) (71.7)
Others 63.0 83.5
42.1 Transactions with key management Total 646.8 1,582.3

personnel
The table below summarises the impact of related parties on
42.1.1 Key management personnel compensation the Consolidated Statement of Income:
In addition to their salaries, the Group also provides non‑cash 2023 2022
benefits to directors and executive officers. Executive officers USD'M USD'M
also participate in the Group’s equity participation plan (please
Sales 3,885.8 3,218.6
refer to note 11). Compensation of key management personnel,
Purchases 3,239.1 3,682.2
including all members of the Board of Directors and the Interest income 62.2 24.4
Executive Committee, comprised the following: Cost recharge income/(expense) (20.3) (12.0)
2023 2022
USD'M USD'M Transactions between related parties are made on
commercial terms.
Short-term employee benefits 6.6 5.3
Post-employment benefits 0.7 0.6
The table below summarises the nature of relationship and
Share-based payments 20.0 16.3 nature of transactions entered with the related party:
Total 27.3 22.2 Party Nature of relationship Nature of transaction
Empresa Minera del Equity-accounted Financing and trading

Caribe S.A. (Emincar) investee agreement
42.1.2 Key management personnel and director ITG S.à r.l. Equity-accounted Multimodal logistics,
transactions Guangxi Jinchuan
investee
Equity-accounted
warehousing and storage
Trading agreement
As at 30 September 2023, loans receivable from the members Non‑ferrous Metals investee
Co., Ltd
of the Board of Directors and the Executive Committee total Terrafame Oy Associate Financing and trading
USD1.6 million (FY2022: USD15.9 million). Interest is charged on agreement
the loans at three-month term SOFR plus 0.26 percent (credit Porto Sudeste do Brasil Equity-accounted Loans and cost recharges
S.A. investee
adjustment spread) plus 1.5 percent and loans are repayable Trafigura Beheer B.V. Parent company Loans and cost recharges
within one to three years. Trafigura Liaoning Port Equity-accounted Trading agreement
International trading investee
(Liaoning) Co. Ltd.
Trafigura Control Parent company Equity participation plan
Holdings Pte. Ltd.
43. Hyperinflationary economies 44. Consolidated subsidiaries

2023 2022
Accounting policy Principal consolidated
operating subsidiaries Location
%
Owned
%
Owned
When the economy of a country in which the Group operates is C.I. Trafigura Petroleum Colombia Colombia 100.0% 100.0%
deemed hyperinflationary and the functional currency of a Group S.A.S.
entity is the currency of that hyperinflationary economy, the Catalina Huanca Sociedad Minera Peru 100.0% 100.0%
S.A.C.
financial statements of such Group entities are adjusted so that
Cortes Holding S.à r.l. Luxembourg 100.0% 100.0%
they are stated in terms of the measuring unit current at the end Cortes Investments S.à r.l. Luxembourg 100.0% 100.0%
of the reporting period. This involves restatement of income and Edenfield Procurement DMCC United Arab Emirates 100.0% 100.0%
expenses to reflect changes in the general price index from the Energy Infrastructure Investments Luxembourg 96.7% 96.7%
start of the reporting period and restatement of non-monetary S.A.R.L
items in the statement of financial position to reflect current Galena Asset Management B.V. The Netherlands 100.0% 100.0%
purchasing power as at the period end using a general price index Galena Asset Management SA Switzerland 100.0% 100.0%
Impala Holdings Limited Malta 100.0% 100.0%
from the date when they were first recognised. Comparative
Impala Middle East General United Arab Emirates 100.0% 100.0%
amounts are not adjusted. Any differences arising were recorded Warehousing L.L.C.
in equity on adoption. Impala Terminals Burnside LLC United States 100.0% 100.0%
The Group is primarily exposed to hyperinflationary economy in Impala Terminals Colombia S.A.S Colombia 100.0% 100.0%
Impala Terminals Middle East FZE United Arab Emirates 100.0% 100.0%
Argentina. The financial statements of the subsidiaries in this
Impala Terminals UK Ltd. United Kingdom 100.0% 100.0%
country are first adjusted for the effect of inflation with any gain IWL (Luxembourg) S.à r.l. Luxembourg 100.0% 100.0%
or loss on the net monetary position recorded in the related IWL Holdings (Luxembourg) S.à r.l. Luxembourg 100.0% 100.0%
functional lines in the Consolidated Statement of Income and Leeuwin Trading Sàrl Switzerland 100.0% 100.0%
then translated into USD. Lykos (China) Co., Ltd. China 100.0% 100.0%
Myra Falls Mine Ltd. Canada 100.0% 100.0%
NGL Equipments, S.A. de C.V. Mexico 100.0% 100.0%
NN2 Newco Limited United Kingdom 100.0% 100.0%
With the effect from 1 July 2018, the Argentine economy is Nyrstar Belgium NV Belgium 100.0% 100.0%
considered to be hyperinflationary in accordance with the criteria Nyrstar Budel BV The Netherlands 100.0% 100.0%
in IAS 29, Financial reporting in hyperinflationary economies. Nyrstar Canada (Holdings) Ltd Canada 100.0% 100.0%
Accordingly, the financial statements include restatements for Nyrstar Clarksville Inc United States 100.0% 100.0%
changes in the general purchasing power of the Argentine peso. Nyrstar Finance International AG Switzerland 100.0% 100.0%
Nyrstar France SAS France 100.0% 100.0%
These restatements are made for all Group entities that have
Nyrstar Hobart Pty Ltd Australia 100.0% 100.0%
the Argentine peso as the functional currency. Nyrstar Holdings PLC Malta 100.0% 100.0%
On the application of IAS 29, the Group used a conversion Nyrstar Netherlands (Holdings) BV The Netherlands 100.0% 100.0%
Nyrstar Port Pirie Pty Ltd Australia 100.0% 100.0%
coefficient derived from official wholesale price and consumer Nyrstar Sales & Marketing AG Switzerland 100.0% 100.0%
price indices published by the National Institute of Statistics and Nyrstar Tennessee Mines United States 100.0% 100.0%
Censuses (INDEC, in its Spanish acronym). The index rates and – Gordonsville LLC
corresponding conversion coefficients applied are as follows: Nyrstar Tennessee Mines United States 100.0% 100.0%
– Strawberry Plains LLC
Index,
Petromining S.A. Argentina 100.0% 100.0%
Year % (December 2010 = 100) Conversion coefficient Puma Energy (Australia) Assets Australia 96.7% 96.7%
Holdings Pty Ltd
30 September 2021 1,565.7 435.5 Puma Energy (Australia) Bitumen Australia 96.7% 96.7%
Pty Ltd
30 September 2022 2,861.5 238.3
Puma Energy B.V. The Netherlands 96.7% 96.7%
30 September 2023 6,818.5 100.0
Puma Energy Bahamas S.A. Bahamas 96.7% 96.7%
Puerto Rico Energy LLC United States 96.7% 96.7%
Monetary assets and liabilities are not restated because they are (formerly known as Puma Energy
Caribe LLC)
already expressed in terms of the monetary unit current as at
Puma Energy Holdings Luxembourg 96.7% 96.7%
30 September 2023. Non-monetary assets and liabilities (items (Luxembourg) S.à r.l
that are not already expressed in terms of the monetary unit as Puma Energy Holdings Pte Ltd Singapore 96.7% 96.7%
at 30 September 2023) are restated by applying the above index. Puma Energy Investments Singapore 96.7% 96.7%
Holdings Pte. Ltd.
Puma Energy PNG Limited Papua New Guinea 96.7% 96.7%
The impact, a gain of USD43.6 million was recorded in other Puma Energy PNG Refining Limited Papua New Guinea 96.7% 96.7%
comprehensive income (FY2022: a gain of USD23.5 million), of Puma Energy Supply & Trading Singapore 96.7% 96.7%
Pte. Ltd.
which the most significant impact is from Argentina. The pre‑tax Puma International Financing S.A. Luxembourg 96.7% 96.7%
gain for the year of USD51.5 million is included in finance income Seal Sands Gas Transportation United Kingdom 100.0% 100.0%
(FY2022: gain of USD17.1 million). Limited
Shipstern Holdings S.à r.l. Luxembourg 100.0% 100.0%
Sociedad Portuaria Impala Colombia 100.0% 100.0%
Terminals Barrancabermeja S.A.
Teesside Gasport Limited United Kingdom 100.0% 100.0%
TFG Marine ApS Denmark 75.0% 75.0%
TFG Marine Pte. Ltd. Singapore 75.0% 75.0%
TPTE Holding Limited Malta 100.0% 100.0%
Trafigura Argentina S.A. Argentina 100.0% 100.0%
Trafigura Asia Trading Pte. Ltd. Singapore 100.0% 100.0%
Trafigura Canada Limited Canada 100.0% 100.0%
Principal consolidated
2023
%
2022
% 45. Subsequent events
operating subsidiaries Location Owned Owned
Trafigura Chile Limitada Chile 100.0% 100.0%
Trafigura Commodities Sàrl Switzerland 100.0% 100.0% Accounting policy
Trafigura Energy (Zhejiang) Co., Ltd. China 100.0% 100.0%
Trafigura Environmental Solutions Switzerland 100.0% 100.0% If the Group receives information after the reporting period, but
Sàrl prior to the date of authorisation for issue, about conditions that
Trafigura Funding S.A. Luxembourg 100.0% 100.0%
existed at the end of the reporting period, the Group will assess
Trafigura Hamriyah FZE United Arab Emirates 100.0% 100.0%
Trafigura Holding Sàrl Switzerland 100.0% 100.0%
if the information affects the amounts that it recognises in the
Trafigura Holdings Limited Malta 100.0% 100.0% Group’s Consolidated Financial Statements. The Group will adjust
Trafigura Holdings Pte. Ltd. Singapore 100.0% 100.0% the amounts recognised in its financial statements to reflect
Trafigura Hydrogen (Australia) Australia 100.0% 100.0% any adjusting events after the reporting period and update the
Pty Ltd disclosures that relate to those conditions in the light of the new
Trafigura India Private Limited India 100.0% 100.0%
information. For non-adjusting events after the reporting period, the
Trafigura Investment (China) Co., China 100.0% 100.0%
Ltd. Group will not change the amounts recognised in its Consolidated
Trafigura Limited United Kingdom 100.0% 100.0% Financial Statements but, if material, will disclose the nature of
Trafigura Maritime Logistics Pte. Singapore 100.0% 100.0% the non-adjusting event and an estimate of its financial effect, or
Ltd. a statement that such an estimate cannot be made, if applicable.
Trafigura Maritime Ventures Malta 100.0% 100.0%
Limited
Trafigura Metales Basicos S.A.C. Peru 100.0% 100.0%
Trafigura Mexico, S.A. de C.V. Mexico 100.0% 100.0% Trafigura Beheer B.V. will defend itself at court against charges
Trafigura Nat Gas Limited Malta 100.0% 100.0% brought, after financial year end, by the Office of the Attorney
Trafigura PE Holding Limited Malta 100.0% 100.0% General in Switzerland for failing to prevent alleged improper
Trafigura Peru S.A.C. Peru 100.0% 100.0%
Trafigura Pte Ltd Singapore 100.0% 100.0%
payments in Angola between 2009-2011.
Trafigura Renewables S.à r.l. Luxembourg 100.0% 100.0%
Trafigura Services Australia Pty Ltd Australia 100.0% 100.0%
Trafigura Services South Africa
(Pty) Ltd
South Africa 100.0% 100.0% 46. Board of Directors
Trafigura Smelting Investments Malta 100.0% 100.0% The Board of Directors
Limited
Trafigura Storage Investments Ltd Malta 100.0% 100.0%
Mark Irwin José Larocca
Trafigura Trading (Europe) Sàrl Switzerland 100.0% 100.0%
Pierre Lorinet Sipko Schat
Trafigura Trading (Hainan) Co., Ltd. China 100.0% 100.0%
Andrew Vickerman Jeremy Weir
Trafigura Trading (UK) Limited United Kingdom 100.0% 100.0%
Trafigura Trading (Yangshan) Co., China 100.0% 100.0%
Ltd. Singapore, 7 December 2023.
Trafigura Trading LLC United States 100.0% 100.0%
Trafigura US Inc. United States 100.0% 100.0%
Trafigura Ventures Trading Ltd Mauritius 100.0% 100.0%
Trafigura Ventures V B.V. The Netherlands 100.0% 100.0%
Urion Holdings (Malta) Limited Malta 100.0% 100.0%
Designed and produced by
Anthesis Group
Geneva, Switzerland.
Photography by: AFP,
Anthesis Group, Cheniere Energy,
Edwin Koo, Fausto Renda,
HSHI, Jeremy Lee Wen Yao,
Marcus Almeidas, Tuba Films.
The companies in which Trafigura Group Pte.

Ltd. directly or indirectly owns investments
are each separate legal entities and should
not be considered or construed otherwise.
This report refers to: (i) certain subsidiaries
over which Trafigura Group Pte. Ltd. has
direct or indirect control; and (ii) certain
joint venture entities and arrangements
where Trafigura Group Pte. Ltd. has direct
or indirect joint control; and (iii) certain
other investments where Trafigura Group
Pte. Ltd. has neither control nor joint
control and may or may not have influence.
For the avoidance of doubt, references to
“Trafigura”, “Trafigura Group”, “the company”,
“the Group”, “we”, “us”, “our” and “ourselves”
may be used for convenience (not for legal)
purposes to refer to Trafigura Group Pte. Ltd.,
its subsidiaries, and/or its joint ventures.
Trafigura Pte. Ltd.
10 Collyer Quay #29-05/01
Ocean Financial Centre
Singapore 049315
Tel : +(65) 6319 2960
Fax : +(65) 6734 9448
www.trafigura.com
www.trafigura.com
TI/0253.2e
Last updated: January 2024

2023 Trafigura 2023 Annual Report v2

Uploaded by

Copyright:

Available Formats

2023 Trafigura 2023 Annual Report v2

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

2023 Trafigura 2023 Annual Report v2

Uploaded by

Copyright:

Available Formats

2023

Group revenue Underlying EBITDA Net profit

$244.3bn $12.7bn $7.4bn

Total Group equity Total assets Total non-current assets

$16.5bn $83.4bn $15.7bn

Average number of employees

The companies in which Trafigura Group Pte. Ltd.

Risk management and funding model

Key regional hubs

12,000+ 150+ 50+

30+ 30+ 2.5GW 1

Oil and Petroleum Metals and Minerals Renewable energy portfolio

1 50% owned by Trafigura.

Investments and operating companies

impalaterminals.com ↗ tfgmarine.com ↗ h2energy.ch ↗ nyrstar.com ↗ pumaenergy.com ↗ nalarenewables.com ↗

Oil and Metals Gas Renewables Carbon

Supporting We provide commodity producers

We operate a modern ﬂeet of

Through an extensive network of

We help our customers

We arrange every aspect of the delivery

Energy Mobility Electronics and Construction

At a divisional level, Metals and Minerals delivered a

We also continued to work towards final investment

Robust balance sheet and

Trafigura posted record profits for the financial

$12.7bn $15.7bn percent below previous year’s level. We have now

Revenue by geography (%)

Energy 2023 2022 Metals and Minerals 2023 2022

Income statement Balance sheet

Liquidity and financing

Key financing milestones in FY2023:

Oct. 2022 Asian RCF refinancing USD2,370 million

Public ratings Leverage and adjusted debt

Perception and reality

Rarely have markets seen a gap this wide between

1 Source: Bloomberg Economics, Bloomberg Economics Probability of

US construction and manufacturing US capital goods new orders, excluding

Source: US Census Bureau Source: US Census Bureau

Changes in metal consumption in China, 2021-2023

Copper Aluminium Zinc Steel

Oil and Petroleum Products

5.5m Integral to our strong performance was close collaboration

Crude oil Gasoline

Fuel oil and bitumen

Distillates and biofuels Liquefied petroleum gas

Gas, Power and Renewables

23.9mmt the new division expanded its footprint in Europe and

11.2mmt with our Biofuels team.

Natural gas and LNG

Metals, Minerals and

21.0mmt was the strength of China’s metal consumption in

89.9mmt recorded a strong underlying trading performance in

Non-ferrous concentrates Looking forward, we expect metals and minerals prices

Non-ferrous concentrates and refined metals

Nickel, cobalt and lithium

Shipping and Chartering

Dry freight shipping

5,324 eased and commodities started to move with greater

Wet freight shipping