SIPEF

Annual / Quarterly Financial Statement • Feb 23, 2012

Press release Regulated Information

RESULTS OF THE SIPEF GROUP 31 DECEMBER 2011

• Favourable weather conditions and more areas coming into maturity have increased the total palm oil production by 7.9% compared to the same period last year. The quantities of rubber, tea and bananas decreased marginally.
• Higher sales prices led to an increase in the operational results before IAS41 of 19.3%.
• The net IFRS result, share of the group, amounts to KUSD 95 088, an increase of 12.1% compared to last year, and is again a new record for the SIPEF group.
• The public offering for the purchase of the remaining Jabelmalux shares was successfully completed and increases our participation in oil palm, rubber and tea in Indonesia.
• The cash flow from the operating activities after taxes increased by 34.2% and was allocated to the investments in oil palm and rubber areas in Indonesia and Papua New Guinea, thereby protecting the cash position of the group.
• Distribution of a dividend of EUR 1.70 per share proposed, an increase of 13.3% compared to last year.
• Continued expansion of oil palm and rubber in Papua New Guinea and Indonesia where important new licenses have been obtained.

1. MANAGEMENT REPORT

1.1. GROUP PRODUCTION

Group production
In tonnes	Own	Third Parties	Total 2011	B.I.* 2011	Own	Third Parties	Total 2010	B.I.* 2010
Palm Oil	206 476	51 623	258 099	201 326	192 156	46 985	239 141	188 348
Rubber	8 465	1 080	9 545	8 419	9 608	1 273	10 881	9 253
Tea	2 626	15	2 641	2 491	3 097	11	3 108	2 285
Bananas	19 297	0	19 297	19 297	20 639	0	20 639	20 639

* Beneficial Interest: share of the group

The palm oil production of the group rose by 7.9% compared to the previous year, albeit that the positive trend that was seen during the first nine months weakened during the last quarter. Much better weather conditions than last year and the higher maturity of the planted areas allowed both Agro Muko in the province of Bengkulu in Indonesia (+17%) and Hargy Oil Palms in Papua New Guinea (+11.4%) to considerably increase their contribution to the group. In the more mature areas of North Sumatra the low production trend, result of the combined effect of the La Niña weather pattern, a drought in June and July and a plague of damaging insects, was reversed towards the end of the year, so that this region ended the year with a drop in production of 7.2%.

We note rising volumes in Agro Muko (+30.6%) thanks to slaughter tapping of the rubber trees that are to be replaced in 2012. The exceptionally good rubber production of last year could not be matched in the other areas of Sumatra. An irregular shedding of the leaves, together with a lack of rainfall during the third quarter in South Sumatra (-23%) and a very wet fourth quarter that saw many tapping days lost in North Sumatra (- 11.2%), have resulted in a temporary drop in production. Notwithstanding that the collection of cuplumps in Papua New Guinea remained unchanged a modification to the production process at the factory level has slowed down the output of readymade rubber (-18.2%).

The tea production at Cibuni in Java-Indonesia (-15.0%) suffered the whole year round from adverse weather conditions. After a continued lack of sunshine during the first five months of the year, the last half of the year remained exceptionally dry and resulted in a slowdown of the growth of green leaf.

The production of bananas in the Ivory Coast suffered mainly in the second quarter of the effects of the politically unstable situation that hampered both transport and export activities. The lower than normal temperatures in the third quarter brought no relief so that our production of bananas for 2011 closed 6.5% below that of the previous year.

1.2. MARKETS

Average market prices
in USD/tonne*		2011	2010
Palm oil	CIF Rotterdam	1 125	901
Rubber	RSS3 FOB Singapore	4 823	3 654
Tea	FOB origin	2 920	2 885
Bananas	FOT Europe	1 125	1 002
	* World Commodity Price Data

Prospects of good crops during the summer led to an easing of most agri-commodity prices including vegetable oils. Moreover, the lack of decisive political leadership in addressing the euro-debt crisis did nothing to bolster sentiment and this negatively affected commodities.

It's only towards the end of October that news of an unexpected return of the La Niña weather phenomenon started to have a growing influence on the market. Fundamentals slowly got the upper hand again as growing fears that lack of rain in Argentina and Brazil could curtail the expected growth in soy and corn was compounded by fears that excess rains in South-East-Asia would hamper oil palm harvesting towards the end of the year.

Palm oil prices moved up steadily and breached the USD 1 000 CIF level again by the end of the year.

Early October the rubber market was affected by the increasing interest rates, the disruption of industrial activities in Thailand following heavy floods and reports of Chinese buyers reneging on existing contracts. The high stock in China and the distressed sales that resulted from these breaches of contract put the rubber market under quite some pressure. By the end of November natural rubber prices had reached a low of around USD 3 500 per tonne.

Demand for tea was disrupted in Pakistan – our largest market – by implementation of new regulations that slowed down the transit of goods throughout the country. Tea prices remained rather mixed during the last quarter of the year.

Despite a strong start to the year the banana prices did not really move back up after the traditionally slow consumption period during summer. As a result of abundant supply from various other producing countries prices remained low during the fourth quarter.

Consolidated income statement

	31/12/2011				31/12/2010
	Before				Before
In KUSD	IAS 41	IAS41	IFRS		IAS 41	IAS41	IFRS
Revenue	367 661		367 661		279 400		279 400
Cost of sales	-230 853	4 132	-226 721		-161 718	3 442	-158 276
Gross profit	136 808	4 132	140 940		117 682	3 442	121 124
Variation biological assets		28 611	28 611			33 413	33 413
Planting cost (net)		-17 505	-17 505			-14 269	-14 269
Selling, general and administrative
expenses	-24 936		-24 936		-19 758		-19 758
Other operating income/(charges)	2 218		2 218		-2 299		-2 299
Operating result	114 090	15 238	129 328		95 625	22 586	118 211
Financial income	653		653		977		977
Financial charges	- 677		- 677		-1 131		-1 131
Exchange differences	2 583		2 583		440		440
Financial result	2 559		2 559		286		286
Profit before tax	116 649	15 238	131 887		95 911	22 586	118 497
Tax expense	-26 573	-3 951	-30 524		-23 048	-6 041	-29 089
Profit after tax	90 076	11 287	101 363		72 863	16 545	89 408
Share of results of associated companies
(insurance)	210		210		2 587		2 587
Result from continuing operations	90 286	11 287	101 573		75 450	16 545	91 995
Profit for the period	90 286	11 287	101 573		75 450	16 545	91 995
Equity holders of the parent	84 681	10 407	95 088		70 631	14 212	84 843

1.4. CONSOLIDATED GROSS PROFIT (before IAS41)

Consolidated gross profit (before IAS41)

In KUSD (condensed)	31/12/2011 %		31/12/2010	%
Palm	108 300	79.1	89 786	76.3
Rubber	22 534	16.5	19 492	16.6
Tea	1 963	1.4	3 584	3.0
Bananas and plants	1 753	1.3	2 913	2.5
Corporate and others	2 258	1.7	1 907	1.6
	136 808	100.0	117 682	100.0

Rising palm oil production, but mainly higher selling prices for palm oil and rubber are the key reasons for the sharp increase in turnover (+31.6%) compared to 2010.

The cost of production denominated in USD was negatively influenced by the effects of local inflation and the revaluation of the Indonesian rupiah (3.3%) and more importantly the kina in Papua New Guinea (14.1%) against the USD. Besides that, the cost of sales of Indonesian palm oil was driven higher as a result of the export tax. The average extra burden for the group amounted to USD 201 per tonne in 2011 as compared to USD 43 per tonne in 2010.

The gross profit rose by 16.3% in which the share of palm oil grew to 79.1%. The share of rubber in the total gross profit remains stable around 16.5%, despite the slight drop in volumes. The margins on tea came under pressure due to lower quantities and the high labour intensity of this activity. The margin on our banana activities suffered from the civil war in the Ivory Coast during the first half of the year.

The other operating charges in 2010 were affected by the non-recurrent depreciation on the CSM estate that no longer fits in our sustainability policy and by the capital gains on the sale of the Brazilian assets. In 2011 the other operating income is limited to the usual capital gains on the sales of assets in the estates.

Taking these above mentioned elements into account the operating result before IAS41 increased by 19.3%.

The financial income and charges remained largely in balance and in view of the limited influence of exchange variations, thanks to a consistent hedging policy, the financial results were rather limited.

The average tax expense, that amounts to 26.6%, was favourably influenced by deferred tax calculations on temporary timing differences in valuation of non-monetary assets in the USD consolidation and in the local accounts, whereby the effective tax expense before IAS41 arrives at 22.8%.

The participation in the insurance sector focuses on the core activities marine and general risk insurance. The recurrent results suffered from temporary lower technical results and due to the restructuring costs the net share in the associated participations closed only marginally positive. The contribution for 2010 was affected by capital gains (KUSD 2 578) on the sale of activities in The Netherlands and in Belgium.

The profit for the period, without taking into account the movements related to IAS41, amounts to KUSD 90 286 and is again a new record for SIPEF (+19.7%).

The IAS41 adjustment consists of substituting the depreciation charge in the cost of sales with variation in "fair value" of the biological assets between end 2010 and end 2011, less planting costs and associated deferred tax charges. The gross variation in biological assets amounted to KUSD 28 611 and arose mainly from the expansion of our oil palm areas of our UMW and CSM estates in Indonesia and of Hargy Oil Palms in Papua New Guinea, the increase in maturity of the newly planted areas as well as the rise in the long term averages of the palm oil, rubber and tea prices. The effect of the rising cost of production was largely compensated by the effect of a drop in the applied discount rate. Planting costs of KUSD 17 505 reduced the net impact before taxes to KUSD 15 238, which is the basis for the average deferred tax calculation of 25.9%. The net positive IAS41 impact, share of the group, amounts to KUSD 10 407.

The net IFRS result, share of the group, IAS41 adjustments included, amounts to KUSD 95 088 and is 12.1% higher than last year.

Consolidated cash flow

In KUSD (condensed)	31/12/2011	31/12/2010
Cash flow from operating activities	134 225	112 152
Change in net working capital	-8 167	-16 906
Income taxes paid	-21 785	-17 542
Cash flow from operating activities after tax	104 273	77 704
Acquisitions intangible and tangible assets	-68 031	-37 842
Acquisitions financial assets	0	-8 335
Operating free cash flow	36 242	31 527
Proceeds from sale of assets	926	2 395
Free cash flow	37 168	33 922
Equity transactions with non-controlling parties	-19 531	68
Decrease/(increase) of treasury shares	-4 603	0
Net free cash flow	13 034	33 990

31/12/2011	31/12/2010
8 946 767	8 951 740
14.46	13.21
10.63	9.48
11.65	8.68

The cash flow from operating activities rose by 19.7% compared to the same period as last year. While the increase in trade receivables and payables remained largely in balance, a larger inventory of palm oil still to be shipped led to a temporary increase in the requirement of working capital. The taxes paid are in line with the profit earned in the previous years.

The investments comprise, besides replacement investments, a development cost for the replanting and the expansion of the oil palm and rubber areas in Papua New Guinea and Indonesia as well as for the improvement of the logistics and the infrastructure of the estates. A start was made with the construction of two new oil palm mills, one in Indonesia and one in Papua New Guinea.

As a result of new planting procedures established by the Roundtable on Sustainable Palm Oil (RSPO) the formalities were not completed in time to start planting on MMAS in the Bengkulu province in 2011, and in Papua New Guinea the planned expansion was hampered by logistical problems. Despite that 1 673 additional hectares of oil palms were planted at the group level.

The equity transactions with non-controlling parties comprise mainly the acquisition of 21.9% of Jabelmalux SA, so that the group now owns 99.3% of the shares. Through this acquisition the SIPEF group now owns an additional share (2 882 ha) in the oil palm estates of the UMW project and in the rubber and tea gardens of Melania. On 24 June the company was delisted from the Luxemburg stock exchange.

Between end September and end November 59 676 own shares, or 0.67% of the share capital, were bought back as a temporary investment of the cash results and as cover for a share option plan for the management.

As a result of these important financial investments the net cash flow dropped from KUSD 33 990 in 2010 to KUSD 13 034 in 2011.

1.6. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Consolidated statement of financial position

In KUSD (condensed)	31/12/2011	31/12/2010
Biological assets (depreciated costs)	107 903	92 572
Revaluation	160 513	145 122
Biological assets (IAS41)	268 416	237 694
Other fixed assets	156 168	117 842
Net assets held for sale	0	2 113
Net current assets, net of cash	38 423	39 641
Net cash position	47 519	56 484
Total net assets	510 526	453 774
Shareholders' equity, group share	425 261	368 549
Non controlling interest	25 613	27 240
Provisions and deferred tax liabilities	59 652	57 985
Total net liabilities	510 526	453 774

The continued expansion of the estates in Indonesia and Papua New Guinea and an increase in the fair value of the existing planted areas, mainly of oil palm and rubber, has led to a further rise in the biological assets that now amount to KUSD 268 416 or USD 5 008 per ha.

The increase in the other fixed assets covers, besides the usual replacement and expansion investments, the additional compensation paid for the expansions in North and South Sumatra.

The negotiations that were started with potential buyers of the CSM oil palm estate in North Sumatra, that no longer fits in the sustainability strategy of the group, did not lead to a sale early 2011, upon which it was decided to temporarily reincorporate the project at its estimated sales value in the assets of the group. Protective operational measures have been taken to make the project saleable again.

The net current assets, net of cash, amount to 10.5% of the turnover as compared to 14.2% in 2010.

1.7. DIVIDENDS

The board of directors proposes to distribute on 4 July 2012 a gross dividend of EUR 1.70 per share, this is an increase of 13.3% compared to last year which corresponds to a pay-out of 25.2% on the profit, share of the group, before IAS41, similar to that of the two previous financial years.

1.8. PROSPECTS

The palm oil productions are largely in line with expectations, with again a slight increase of the quantities in Agro Muko in the Bengkulu province and on most estates in North Sumatra. Only at Hargy Oil Palms in Papua New Guinea do we see a momentarily small drop in production as a result of the excessive rains at this period of the year which hamper harvesting and transfer, and lead to a higher acidity in the oil produced. The rubber and banana quantities are increasing, but tea production suffers, as it did last year, of a lack of sunshine, however prospects remain positive.

The growing perception that South America's soy and corn crops will be scaled down further in the coming weeks has kept vegetable oil prices steady with that of palm oil well in excess of USD 1 000 CIF. With demand from China and India seen as not weakening in the months ahead the outlook now looks more positive than it was at the start of the fourth quarter last year. This situation will only change if the next US crop and the Indian monsoon turn out to be favourable and thus enable stocks to be built up again.

In January the Thai government announced its intention to intervene in the domestic market to buy up to 200 000 tonnes of rubber at USD 3 700 ex-mill gate whereas the market was around USD 2 800. This news boosted prices in the market and recent reports that wintering had started early in South East Asia and could possibly last longer than usual pushed the price of RSS3 back over USD 4 000.

News in January of a sudden frost in the tea growing areas of Kenya gave a jolt to the market and fears good quality teas could also be affected are giving a boost to our Melania teas that are highly appreciated. Also the European sales prices for bananas remain favourable because supplies from Central America and the Caribbean are lower than expected.

At this moment 45% of the expected production of palm oil has been sold at average prices that exceed the equivalent of USD 1 100 CIF Rotterdam. A quarter of the rubber production has been sold on a scale up basis at an average of USD 3 648 FOB and also 22% of our tea has been sold at prices that are, for the moment, 10% lower than last year. We continue our marketing strategy of selling bananas at fixed prices throughout the year. We can therefore state that an important part of the expected income for 2012 has been secured.

Realised sales, together with signs of a sustained strong market in the coming months for palm oil, rubber and tea allows to conclude that we are again on the way for a year with excellent profits for the SIPEF group. The final result will largely depend on achieving the production targets, the strength of the markets during the second half of the year, the export tax on palm oil in Indonesia and the trend in cost of production as influenced, among others, by the strength of the local currencies versus the USD.

After obtaining in July 2011 a first license for the expansion up to 10 500 hectares of our activities in South Sumatra, we received in December a license for a second zone of maximum 9 000 hectares in the same area. For both projects it is mandatory that at least 20% be developed by the local communities. There are ongoing negotiations to acquire a third license which should complete our expansion in that area. After completing all required investigations and audits to make sure that these expansions comply with the sustainability profile of the group and the principles and criteria of the RSPO, we can over the coming three years gradually start compensating the land owners for the use of the land. The ultimate size of these expansions shall depend on the success of this compensation programme as well as the readiness of the local communities to accept an agro-industrial project with job potential in their area.

Thanks to the available cash reserves and good price expectations, SIPEF is ideally positioned to bring these expansion programmes, as well as the ongoing expansion in the province of Bengkulu and in Papua New Guinea, to a good end without having to incur structural debts.

2. AGENDA 2012

Interim report Q1
Annual report online available on www.sipef.com
Annual general meeting
Dividend payment
Announcement on the half year results
Interim report Q3

3. CONSENSED FINANCIAL STATEMENTS

3.1. CONDENSED FINANCIAL STATEMENTS OF THE SIPEF GROUP

• 3.1.1. Condensed consolidated statement of financial position (see annex 1)
• 3.1.2. Condensed consolidated income statement (see annex 2)
• 3.1.3. Condensed consolidated statement of comprehensive income (see annex 2)
• 3.1.4. Condensed consolidated statement of cash flows (see annex 3)
• 3.1.5. Condensed consolidated statement of changes in equity (see annex 4)
• 3.1.6. Segment information (see annex 5)

4. REPORT OF THE STATUTORY AUDITOR

The statutory auditor has confirmed that his audit procedures, which have been substantially completed, have revealed no material adjustments that would have to be made to the accounting information included in this press release. With regard to the valuation of the biological assets, the statutory auditor draws the reader's attention to the fact that, because of the inherent uncertainty associated with the valuation of the biological assets due to the volatility of the prices of the agricultural produce and the absence of a liquid market, their carrying value may differ from their realisable value.

Deloitte Bedrijfsrevisoren - represented by Dirk Cleymans.

Schoten, 23 February, 2012.

For more information, please contact:

* F. Van Hoydonck, Managing Director (mobile +32/478.92.92.82)

* J. Nelis, Chief Financial Officer

Tel.: 0032/3.641.97.00 Fax: 0032/3.646.57.05

mail to : finance@sipef.com website www.sipef.com (section "investor relations")

SIPEF is a Belgian agro-industrial company listed on NYSE Euronext Brussels. The company mainly holds majority stakes in tropical businesses, which it manages and operates. The group is geographically diversified, and produces a number of different commodities, principally palm oil. Its investments are largely ventures in developing countries.

Consolidated statement of financial position		ANNEX 1
In KUSD	31/12/2011	31/12/2010
Non-current assets	424 831	355 565
Intangible assets	25 575	20 251
Biological assets	268 416	237 694
Property, plant & equipment	116 944	83 815
Investment property	3
Financial assets	13 540	13 628
Investments in associates	9 476	9 589
Other investments	0
Other financial assets	4 064	4 039
Receivables > 1 year	353	174
Other receivables	106	145
Deferred tax assets	247	29
Current assets	142 460	144 991
Inventories	38 332	29 846
Trade and other receivables	52 230	45 872
Trade receivables	37 473	26 439
Other receivables	14 757	19 433
Investments	20 218	15 582
Other investments and deposits	20 218	15 582
Derivatives	0
Cash and cash equivalents	29 926	49 025
Other current assets	1 754	2 085
Assets held for sale	0	2 581
Total assets	567 291 0	500 556
Total equity	450 874	395 789
Shareholders' equity	425 261	368 549
Issued capital	45 819	45 819
Share premium	21 502	21 502
Treasury shares (-)	-4 603
Reserves	377 875	316 133
Translation differences	-15 332	-14 905
Non-controlling interests	25 613	27 240
Non-current liabilities	59 899	60 614
Provisions > 1 year	48 616	47 623
Provisions	111	115
Deferred tax liabilities	48 505	47 508
Trade and other debts > 1 year	0
Financial liabilities > 1 year (incl. derivatives)	0	2 600
Pension liabilities	11 283	10 391
Current liabilities	56 518	44 153
Trade and other debts < 1 year	46 372	33 177
Trade payables	14 491	9 195
Advances received	465	286
Other payables	12 532	8 422
Income taxes	18 884	15 274
Financial liabilities < 1 year	3 629	5 691
Current portion of amounts payable after one year	2 600	5 200
Financial obligations	25	323
Derivatives	1 004	168
Other current liabilities	6 517	4 817
Liabilities associated with assets held for sale	0	468

ANNEX 2

		31/12/2011			31/12/2010
	Before			Before
	IAS 41	IAS41	IFRS	IAS 41	IAS41	IFRS
In KUSD
Revenue	367 661		367 661	279 400		279 400
Cost of sales	-230 853	4 132	-226 721	-161 718	3 442	-158 276
Gross profit	136 808	4 132	140 940	117 682	3 442	121 124
Variation biological assets		28 611	28 611	0	33 413	33 413
Planting cost (net)		-17 505	-17 505	0	-14 269	-14 269
Selling, general and administrative expenses	-24 936		-24 936	-19 758		-19 758
Other operating income/(charges)	2 218		2 218	-2 299		-2 299
Operating result	114 090	15 238	129 328	95 625	22 586	118 211
Financial income	653		653	977		977
Financial charges	- 677		- 677	-1 131		-1 131
Exchange differences	2 583		2 583	440		440
Financial result	2 559		2 559	286		286
Profit before tax	116 649	15 238	131 887	95 911	22 586	118 497
Tax expense	-26 573	-3 951	-30 524	-23 048	-6 041	-29 089
Profit after tax	90 076	11 287	101 363	72 863	16 545	89 408
Share of results of associated companies	210		210	2 587		2 587
- Insurance	210		210	2 587		2 587
Result from continuing operations	90 286	11 287	101 573	75 450	16 545	91 995
Result from discontinued operations	0	0	0	0	0	0
Profit for the period	90 286	11 287	101 573	75 450	16 545	91 995
Attributable to:
- Non-controlling interest	5 605	880	6 485	4 819	2 333	7 152
- Equity holders of the parent	84 681	10 407	95 088	70 631	14 212	84 843
Earnings per share (in USD)
From continuing and discontinued operations
Basic earnings per share / diluted earnings per share			10,63			9,48
From continuing operations Basic earnings per share / diluted earnings per share			10,63			9,48

Consolidated statement of comprehensive income

Profit for the period 90 286 11 287 101 573 75 450 16 545 91 995

Other comprehensive income:

• Other comprehensive income attributable to:

- 427	0	- 427	- 828	0	- 828
0	0	0	- 785	0	- 785
0	0	0	226	0	226
0	0	0	0	0	0
- 427	0	- 427	-1 387	0	-1 387
0	0	0	0	0	0
- 427	0	- 427	-1 387	0	-1 387
89 859	11 287	101 146	74 063	16 545	90 608
5 605	880	6 485	4 819	2 333	7 152
84 254	10 407	94 661	69 244	14 212	83 456

• Total comprehensive income attributable to:

Consolidated income statement

Consolidated statement of cash flows		ANNEX 3
In KUSD	31/12/2011	31/12/2010
Operating activities
Result before tax	131 887	118 497
Adjusted for:
Depreciation	11 962	9 698
Movement in provisions	876	998
Impairment CSM	0	3 649
Changes in fair value of biological assets	-11 106	-19 144
Other non-cash results	836	- 630
Financial income and charges	24	155
Capital loss on receivables	0	181
Capital loss on sale of investments	0	0
Result on disposal of property, plant and equipment	- 254	98
Result on disposal of financial assets	0	-1 350
Cash flow from operating activities before change in net working capital	134 225	112 152
Change in net working capital	-8 167	-16 906
Cash flow from operating activities after change in net working capital	126 058	95 246
Income taxes paid	-21 785	-17 542
Cash flow from operating activities after taxes	104 273	77 704
Investing activities
Acquisition intangible assets	-5 765	-4 344
Acquisition biological assets	-17 657	-14 541
Acquisition property, plant & equipment	-44 609	-18 957
Acquisition investment property	0	0
Acquisition financial assets	0	-8 335
Dividends received from associated companies	0	0
Proceeds from sale of property, plant & equipment	926	848
Proceeds from sale of financial assets	0	1 547
Cash flow from investing activities	-67 105	-43 782
Free cash flow	37 168	33 922
Financing activities
Equity transactions with non-controlling parties	-19 531	68
Decrease/(increase) of treasury shares	-4 603	0
Increase/(decrease) in long-term financial borrowings	-5 200	-6 692
Increase/(decrease) short-term financial borrowings	- 298	-1 514
Last year's dividend paid during this bookyear	-19 657	-11 670
Dividends paid by subsidiaries to minorities	-2 271	-1 582
Financial income and charges	- 61	- 354
Cash flow from financing activities	-51 621	-21 744
Net increase in cash and cash equivalents	-14 453	12 178
Cash and cash equivalents (opening balance)	64 608	52 437
Effect of exchange rate fluctuations on cash and cash equivalents	- 11	- 8

Consolidated statement of changes in equity

	Capital stock SIPEF	Share premium SIPEF	Treasury shares	Retained earnings	Translation differences	Share- holders' equity	Non-controlling interest	Total equity
In KUSD
January 1, 2011	45 819	21 502	0	316 133	-14 905	368 549	27 240	395 789
Total comprehensive income	0	0	0	95 088	- 427	94 661	6 485	101 146
Last year's dividend paid Equity transactions with	0	0	0	-19 657	0	-19 657	0	-19 657
non-controlling parties	0	0	0	-13 689	0	-13 689	-5 842	-19 531
Other	0	0	-4 603	0	0	-4 603	-2 271	-6 874
December 31, 2011	45 819	21 502	-4 603	377 875	-15 332	425 261	25 612	450 873
January 1, 2010	45 819	21 502	0	242 889	-13 292	296 918	21 611	318 529
Total comprehensive income	0	0	0	85 069	-1 613	83 456	7 152	90 608
Last year's dividend paid	0	0	0	-11 825	0	-11 825	0	-11 825
Change in the percentage of controlled entities	0 0	0 0	0 0	0 0	0 0	0	0	0
Other	0	0	0	0	0	0	-1 523	-1 523
December 31, 2010	45 819	21 502	0	316 133	-14 905	368 549	27 240	395 789

ANNEX 4

Segment information ANNEX 5

Segment reporting is based on two segment reporting formats. The primary reporting format represents business segments – palm products, rubber, tea, bananas & plants and insurance – which represent the management structure of the group.

The secondary reporting format represents the geographical locations where the group is active. Gross profit per geographical market shows revenue minus cost of sales based on the location where the enterprise's products are produced.

Segment result is revenue minus expense that is directly attributable to the segment and the relevant portion of income and expense that can be allocated on a reasonable basis to the segment.

The result of the companies consolidated using the equity method is immediately detailed (insurance/Europe) in the income statement.

Gross profit by product

2011 - KUSD	Revenue	Cost	Gross profit	IAS 41	Gross profit	% of
		of sales	before IAS 41		IFRS	total
Palm	287 175	-178 875	108 300	3 637	111 937	79,5
Rubber	48 362	-25 828	22 534	460	22 994	16,3
Tea	7 769	-5 806	1 963	28	1 991	1,4
Bananas and plants	22 067	-20 314	1 753	7	1 760	1,2
Corporate	2 200	0	2 200	0	2 200	1,6
Others	88	- 30	58	0	58	0,0
Total	367 661	-230 853	136 808	4 132	140 940	100,0

2010 - KUSD	Revenue	Cost of sales	Gross profit before IAS 41	IAS 41	Gross profit IFRS	% of total
Palm	207 358	-117 572	89 786	2 964	92 750	76,6
Rubber	36 411	-16 919	19 492	382	19 874	16,4
Tea	9 472	-5 888	3 584	31	3 615	3,0
Bananas and plants	24 084	-21 171	2 913	65	2 978	2,5
Corporate	1 874	0	1 874	0	1 874	1,5
Others	201	- 168	33	0	33	0,0
Total	279 400	-161 718	117 682	3 442	121 124	100,0

The segment "corporate" comprises the management fees received from non group entities. Under IFRS (IAS 41) depreciation on biological assets is not allowed.

Gross profit by geographical segment

2011 - KUSD	Revenue	Cost	Other	Gross profit	IAS 41	Gross profit	% of
		of sales	income	before IAS 41		IFRS	total
Indonesia	187 251	-98 869	652	89 034	1 783	90 817	64,5
Papua New Guinea	156 055	-111 640	0	44 415	2 342	46 757	33,2
Ivory Coast	22 047	-20 302	0	1 745	7	1 752	1,2
Europe	0	0	1 548	1 548	0	1 548	1,1
Others	108	- 42	0	66	0	66	0,0
Total	365 461	-230 853	2 200	136 808	4 132	140 940	100,0
2010 - KUSD	Revenue	Cost	Other	Gross profit	IAS 41	Gross profit	% of
		of sales	income	before IAS 41		IFRS	total
Indonesia	149 428	-71 396	427	78 459	1 419	79 878	65,9
Papua New Guinea	103 813	-68 983	0	34 830	1 958	36 788	30,4
Ivory Coast	24 084	-21 171	0	2 913	65	2 978	2,5

Europe	0	0	1 447	1 447	0	1 447	1,2
Others	201	- 168	0	33	0	33	0,0
Total	277 526	-161 718	1 874	117 682	3 442	121 124	100,0