Green Earth Group NV — Interim / Quarterly Report 2007

Aug 16, 2007

RSDB HALF-YEAR RESULTS 2007

CONSOLIDATED PROFIT AND LOSS ACCOUNT

(amounts x ! 1,000.-)	2007	2006	index
Continued operating activities Turnover	219,760	237,201	92.6
Raw materials and consumables	91,065	105,141	86.6
Third party costs and other direct costs	23,114	22,688	101.9
Value-added	105,581	109,372	96.5
Personnel expenses	58,514	58,357	100.3
Depreciations tangible fixed assets	15,261	16,465	92.7
Other operating costs	30,972	28,368	109.2
Operating result	834	6,182	13.5
Financing income	345	139	248.5
Financing costs	-1,940	-2,109	92.0
Result associated companies	3,700	–
Result before taxation	2,939	4,212	69.8
Taxation	175	-1,282	-13.6
Result from continued operating activities	3,114	2,930	106.3
Discontinued operating activities
Result discontinued operating activities	120	-297	-40.4
Net result	3,234	2,633	122.8
Attributed to:
Shareholders RSDB NV	3,248	2,648	122.7
Minority shares	-15	-15	99.4
	3,234	2,633	122.8
Key figures
Average number of outstanding ordinary shares	3,290,275	3,290,275
Earnings per share in Euro from continued
operating activities	0.95	0.89
Earnings per share in Euro from discontinued
operating activities	0.03	-0.09
Earnings per share in Euro	0.98	0.80
Added value in % of turnover	48.0%	46.1%
EBITDA in % of turnover	8.3%	8.7%

RSDB HALF-YEAR RESULTS 2007

CONSOLIDATED BALANCE SHEET

(amounts x ! 1,000)	30/6/07	31/12/06
ASSETS Fixed Assets
Tangible fixed assets	186,823	191,666
Associated companies and joint-ventures	–	–
Other receivables	2,278	1,802
	189,101	193,468
Current Assets
Stocks	22,040	21,543
Trade receivables	63,040	90,363
Other receivables and prepayments	15,011	9,487
Interest rate swaps	258	36
Cash and cash equivalents	1,622	1,794
	101,971	123,223
Assets classified as held for sale	7,117	8,826
	109,088	132,049
Total assets	298,190	325,517
EQUITY AND LIABILITIES
Shareholders' equity attributed to parent company
Capital issued	16,451	16,451
Share premium	12,833	12,833
Other reserves	103,640	106,135
	132,924	135,419
Minority interests	291	298
Total shareholders' equity	133,215	135,718
Long-term liabilities
Deferred taxation Provisions	486 24,865	386 24,649
Interest-bearing loans:
Loans	9,294	10,603
Lease liabilities	30,317	34,893
	64,962	70,532
Current liabilities
Trade debts and other liabilities Finance companies	48,589 24,363	61,599 27,424
Interst-bearing loans	9,810	10,620
Income tax payable	8,270	9,358
Provisions	8,919	9,984
Forward currency contracts	62	283
	100,013	119,268
Total liabilities	164,975	189,799
Total equity and liabilities	298,190	325,517

RSDB HALF-YEAR RESULTS 2007

CHANGES IN EQUITY

(amounts x ! 1,000.-)	2007	2006
Equity as per 1 January	135,419	133,728
Result (incl. minority shares)	3,248	2,648
Dividend over 2006 resp. 2005	-5,791	-5,791
Changes in forward currency contracts	165	-91
Effects of changes in exchange rates	-117	-63
Equity as per 30 June	132,924	130,431
CONSOLIDATED CASH FLOW STATEMENT
Cash flow from operating activities
Net result excl. sale of 2organize	-459	2,620
Depreciation	15,261	16,769
Changes in:
Working capital	4,213	3,186
Provisions	319	-2,398
Cash flow from business activities	19,334	20,177
Cash flow from investing activities
Net investments in tangible fixed assets	-9,177	-7,331
Sale 2organize	5,000	–
Change other financial fixed assets	524	290
	-3,653	-7,041
Cash flow from financing activities
Interest-bearing liabilities	-9,946	-13,856
Dividend	-5,790	–
	-15,736	-13,856
Effect of changes in exchange rate	-117	-63
Net change in cash and cash equivalents	-172	-783
Cash and cash equivalents at 1 January	1,794	2,256
Cash and cash equivalents at 30 June	1,622	1,473

These figures are unaudited. We refer to the 2006 annual accounts for the principles of valuation and accounting.