Miko NV Steenweg op Mol 177 2300 Turnhout KBO nr. 0404.175.739 RPR Turnhout

Half-yearly financial report 2013

CONSOLIDATED RESULTS

Turnover rose by 3.9 % compared with the same period last year, from 73.7 million euro to 76.6 million euro. Almost three quarters of the Group's turnover was achieved abroad.

EBIT (profit from operational activities before costs and taxes) amounted to 5.8 million euro (up 1.5 % on the first half of 2012). However, substantial one-off costs were incurred by takeovers (see under "important events"), amounting to about 500,000 euro. This includes expenses for lawyers' fees, success fees and due diligence costs. Discounting these one-off costs, EBIT would have risen by 10.7 %.

EBITDA (profit from operational activities before financial costs, taxes, depreciation and amortisation) amounted to EUR 9.6 million (up 1.2 % on the same period last year). If an adjustment were made for the one-off takeover costs, EBITDA would have increased by 6.7 %.

The net profit was EUR 4.3 million, marking a rise of 0.8 % over the first six months of 2012. Making the adjustment already mentioned, the net profit would have risen by 9 %.

BALANCE SHEET AND CASH FLOWS

The various acquisitions during the first half of the year also had their impact on the balance sheet. They were financed by, among others, new loans for a total amount of about 8.5 million euro. Furthermore, a provision of 1.9 million euro was created related to the obligation which was entered into to acquire, in the future (at the earliest in five years' time), the remaining 30 % of the shares of ABC Mokka (Denmark).

The acquired companies were fully consolidated per 30 June. It should be noted that ABC Mokka does not yet contribute to the result of the group, because the take-over took place immediately before the closing date.

Investments were made for 7.9 million euro, which led to a net increase in property, plant and equipment of approximately 5 million euro.

Cash and cash equivalents decreased in the first half-year by 9 million euro, which is attributable to the acquisitions already mentioned before, which were partially paid for out of cash-at-hand, as well as to the investments in property, plant and equipment.

Cash flow from operating activities, however, grew from 1.5 million to 4.2 million euro, compared to the same period last year.

SEGMENT INFORMATION

The coffee sector generated a turnover of 36.9 million euro in the first six months. This is 2.29 % up on the previous year and accounts for 48.20 % of group turnover. Turnover was under pressure in almost every "home" market. As was already announced previously, the French market in particular suffered a decrease in turnover after a large contract came to an end. But the situation was also difficult in Belgium, the Netherlands and the UK. This is down to the

recession, which is leading to cut-backs in businesses and to a rise in the number of companies going bankrupt within both the hospitality and business sectors. But, thanks to the rise in turnover in Germany and the takeover of Kaffekompaniet in Sweden, the turnover of which is included for four months, turnover in the coffee service business still enjoyed positive growth.

The plastics sector accounted for 39.7 million euro, i.e. an increase of 5.41 % compared with last year. This sector therefore accounts for 51.80 % of the total turnover. This rise was mainly down to additional sales made to new customers. These additional sales managed to offset some of the negative trends. Due to the very mediocre spring, the ice cream season had a late start. Ice cream tubs are part of plastic packaging's core business.

The coffee service business's EBIT dropped by 18.4 %. There was a marginal rise in EBITDA of 0.6 %. As already mentioned, the coffee service business incurred one-off costs as a result of takeovers. Discounting these costs, EBIT and EBITDA for the coffee service business would have risen by 7.2 % and 14.9 % respectively. In the first half of 2013 there was a slight downward trend noticeable in raw coffee prices on the global market. This affected margins positively. Investments used to purchase coffee machines, which were then provided free-onloan or leased to customers, amounted to EUR 2.5 million in the first six months.

EBIT and EBITDA for the plastic packaging business rose by 12.5 % and 1.5 % respectively. This rise is related to the increased turnover. The sharp fall in depreciation is the reason why the growth in EBIT was relatively stronger than that in EBITDA. Investments of EUR 5 million were made in this sector. These related to the building of additional production space for the plant in Poland and to the purchase of machines, moulds and other equipment.

IMPORTANT EVENTS

The quest for a takeover opportunity in the coffee service business in Scandinavia had been ongoing for more than a year. The opportunity for two takeovers arose in the first half of 2013. All the shares were acquired in the Swedish company Kaffekompaniet, which is headquartered in Gothenburg, employs 23 staff and has a turnover of around EUR 6 million. In addition, a 70 % holding was acquired in the Danish coffee service company ABC Mokka, which is headquartered in Copenhagen, employs 20 staff and has a turnover of EUR 6.5 million. Moreover, in Australia the assets and customer portfolio of the Corporate Coffee Solutions were taken over, providing a turnover of approx. EUR 1.2 million.

In the plastics sector major work is under way at the Polish plant where a new production hall is being built to handle the rapid growth. Last year the plant already started using a new warehouse.

PRINCIPAL RISKS AND UNCERTAINTIES

On the basis of the information currently available to the company, there is no reason to assume that the risks and uncertainties which the company will face in the second half-year, would differ significantly from those which were included in the annual report over 2012.

TRANSACTIONS WITH RELATED PARTIES

In the first half-year, there were no transactions with related parties which could have material consequences on the company's financial position or results.

PROSPECTS

Notwithstanding EBIT growth of more than 10 % (excluding one-off costs), we clearly feel that the unfavourable economic climate affects our customer base on all levels, and particularly our coffee service customers, both in the office and in the hospitality markets. On top of that,

the evolution of raw material prices remains an uncertain factor as well. We are therefore cautious about making predictions for the rest of 2013.

Prepared on 30 August 2013.

On behalf of the board of directors,

Jan Michielsen Managing director Frans Van Tilborg Managing director CEO

Abbreviated financial statements January-June 2013

Consolidated income statement according to IFRS (in KEUR)

	30/06/2013 (KEUR)		30/06/2012 (KEUR)
Revenue			76.619			73.705
Revenue from the sale of goods	74.478			71.479
Revenue from leasing	2.019			1.861
Proceeds from sale of non-current assets	122			365

Other operating income		1.372			1.167
Raw materials & consumables	-40.302			-38.945
Employee benefit expense	-17.164			-15.555
Depreciation and amortisation	-3.651			-3.777
Other operating expenses	-11.038			-10.848
Total costs		-72.155			-69.125
Profit before interests and tax (EBIT)			5.836			5.747
Net financial result		-245			-315
Financial income	161			162
Financial costs	-406			-477
Profit before tax			5.591			5.432
Income tax expense		-1.306			-1.140
Profit of the year			4.285			4.292
Attributable to non-controlling interests		-6			37
Attributable to owners of Miko			4.291			4.255
Basic earnings per share, attributable to owners of Miko (in euro)			3,45			3,43
Diluted earnings per share, attributable to owners of Miko (in euro)			3,43			3,43

Consolidated statement of comprehensive income

	30/06/2013 (KEUR)		30/06/2012 (KEUR)
Profit of the year		4.285		4292
Currency translation differences	-1.041		764
Other items of comprehensive income for the year	5		4
Total comprehensive income		3.249		5.060
Attributable to shareholders of Miko	-6		5.028
Attributable to non-controlling interests	3.255		32

Consolidated balance sheet according to IFRS (in KEUR)

	30/06/2013 (KEUR)		2012 (KEUR)
ASSETS
Non-current assets
Property, plant & equipment	39.247		35.624
Intangible assets	16.956		4.928
Deferred income tax assets	423		552
Trade and other receivables	504		291
Total non-current assets		57.130		41.395

Current assets
Inventories	22.268		21.323
Trade and other receivables Cash and cash equivalents	32.902 5.552		26.738 12.090
Total current assets		60.722		60.151
Total assets		117.852		101.546
EQUITY AND LIABILITIES

Equity
Ordinary shares	5.065		5.065
Reserves and retained earnings	58.717		58.215
Currency translation differences	-665		376
Total equity attributable to equity holders of Miko		63.117	63.657
Non-controlling interests	644		439
Total equity		63.761		64.095
Non-current liabilities
Borrowings	17.753		9.148
Post-employment benefits	436		476
Deferred income tax liabilities	3.263		3.197
Trade and other payables	892		944
Provisions for other liabilities and charges	277		56
Total non-current liabilities		22.621		13.821
Current liabilities
Borrowings	11.241		6.879
Taxes and social security charges	5.261		3.325
Trade and other payables	14.968		13.426
Total current liabilities		31.470		23.630
Total equity and liabilities		117.852		101.546

Consolidated statement of changes in equity (in KEUR)

	Share capital	Reserves & retained earnings	Currency translation differences	Non controlling interests	Total
Balance as at 01/01/2011	5.065	52.877	-648	426	57.720
Profit for the year		6.419		60	6.479
Other comprehensive income			1.024	-2	1.022
Subtotal	5.065	59.296	376	484	65.221
Share-based payments		111			111
Other					0
Dividends relating to 2010		-1.192		-45	-1.237
Changes in non-controlling interests
Balance at 31/12/2011	5.065	58.215	376	439	64.095
Profit for the year		4.291		-6	4.285
Other comprehensive income		5	-1.041		-1.036
Subtotal	5.065	62.511	-665	433	67.344
Share-based payments		-352			-352
Other 1		-1.893			-1.893
Dividends relating to 2011		-1.317		-60	-1.377
Changes in non-controlling interests		-232		271	39
Balance at 31/12/2012	5.065	58.717	-665	644	63.761

¹ This item relates to the actual value of the future obligation to acquire a minority interest in one of the group companies which is currently held by third parties.

Consolidated statement of cash flows

	30/06/2013 (KEUR)		30/06/2012 (KEUR)
Cash flows from operating activities
Profit before interests and tax (EBIT)	5.836		5.747
Income tax paid	-1.306		-1.141

Non-cash transactions
Depreciations, amortisations and impairment	3.651		3.777
Other non-cash transactions	-99		26

Changes in working capital
(Increase)/decrease in non-current trade and other receivables	-214		82
(Increase)/decrease in inventories	-945		-483
(Increase)/decrease in current trade and other receivables	-6.164		-9.208
Increase/(decrease) in taxes and social charges payable	1.935		245
Increase/(decrease) in non-current trade and other payables	-52		-166
Increase/(decrease) in current trade and other payables	1.542		2.638
Net cash generated from operating activities		4.184		1.517

Cash flows from investing activities
Purchases of intangible assets	-12.376		-13
Purchases of property, plant & equipment	-7.886		-3.921
Proceeds from sale of non-current assets	338		2.071
Others	-80		-2
Net cash used in investing activities		-20.004		-1.865

Cash flows from financing activities
Purchase of treasury shares
Dividends paid	-1.377		-1.192
Other	46		3
Proceeds from borrowings	9.500		200
Repayment of borrowings	-952		-2.642
Interests	-245		-315
Net cash generated from financing activities		6.972		-3.946
Currency translation differences		-217		205
Net (decrease)/increase in cash and cash equivalents		-9.065		-4.089

Segment Information

Period ending 30/06/2013 (KEUR)	Coffee	Plastics	General 3	Total
Total sales	37.823	37.725		77.548
Sales to other segments	-916	-13		-929
Sales to external customers	36.907	39.712		76.619
Inter-segment eliminations			-15	-15
Consolidation				0
Non-allocated income and expenses			-332	-332
EBITDA 1	3.860	6.044	-297	9.607
Result of segment (EBIT 2 )	1.825	4.358	-347	5.836
Financial result			-245	-245
Income tax			-1.306	-1.306
Group profit before non-controlling interest				4.285
Non-controlling interest				-6
Net profit				4.291

¹ Profit from operating activities before interests, tax, depreciations and amortisations

² Profit from operating activities before interests and tax

³ Non-allocated elements and consolidation-entries

NB: The abbreviated financial statements have not been audited by the statutory auditor.

Responsibility statement

We hereby certify that, to the best of our knowledge, the abbreviated consolidated financial statement for the period of six months ending 30 June 2013, prepared in accordance with the IFRS-guidelines as approved by the EU,

give a fair view of the assets, liabilities, financial position and profit of Miko NV and the companies included in the scope of consolidation; and
the half-yearly financial report gives a fair overview of the most important events which have taken place in the first six months of the financial year and of any significant transactions between Miko NV and parties related to her, and that the half-yearly financial report describes the main risks which the group will face in the second half-year.

In name and on behalf of the board of directors,