Palmboomen Cultuur Maatschappij Mopoli (Palmeraies De Mopoli) N.V.

Quarterly Report • Oct 30, 2009

FINANCIAL STATEMENTS

2 0 0 8 - 2 0 0 9

PALMBOOMEN CULTUUR MAATSCHAPPIJ MOPOLI Naamloze Vennootschap (PALMERAIES DE MOPOLI) Société Anonyme

Registred office : 13, J.W. Frisolaan-2517 JS LA HAYE Headquarter : 2, Place du Champ de Mars-1050 BRUXELLES

97th FINANCIAL YEAR 2008/2009

General meeting of shareholders as at 9th December 2009

BOARD OF DIRECTORS

Mr. Hubert FABRI-President Mr Ph. De TRAUX-Director PF Représentation, represented by Mr Robert de THEUX Mr. Daniel HAAS, Director

REVISEUR D'ENTREPRISES

Ernst & Young Accountants LLP, represented by Mr M. de Kimpe

CONTENTS

True and Fair View Statement	4
Directors' report	5
Consolidated accounts	9
Company accounts	27
Other information	35
Auditor's Report	36

TRUE AND FAIR VIEW STATEMENT

We hereby confirm to the best of our knowledge that the financial statements which has been prepared in accordance with IFRS gives a true and fair view of the assets, liabilities, financial position and profit or loss of Mopoli and that the directors' report gives a true and fair view of the important events and their impact on the financial statements, of major related parties' transactions and of the principal risks and uncertainties.

Brussels, 28-10-2009.

Director, Director,

D. Haas, P. de Traux,

DIRECTORS' REPORT

Presented to the Annual Ordinary General Meeting of Shareholders of 9 December 2009.

Directors have pleasure in submitting their report together with the audited financial statements for the year ended the 30th June 2009.

1. BUSINESS ACTIVITIES

Mopoli NV is a holding company focused on tropical agro-industry.

During the year, the main source of income was the interests on cash deposits.

The financial year ended at 30 June 2009 with a profit of EUR 1.1 million compared to a loss of EUR 0.1 million for the previous financial year. As a reminder, the previous year result take into account of a non recurrent expense of EUR 1.2 million to cancel the guarantee given to La compagnie des Glénans.

2. INVESTMENTS

SOCIÉTÉ FINANCIÈRE LUXEMBOURGEOISE "SOCFINAL" S.A. HOLDING

Socfinal, a holding company established under Luxembourg law, has a diversified share portfolio in the sector of tropical plantations.

At 30 June 2009, the net income reached EUR 19.7 million compared to EUR 8.9 million in June 2008. The accounts of Socfinal at 30 June 2009 are unaudited.

The unrealized capital gains on the portfolio were valued at EUR 190.1 million on 30 June 2009 compared to EUR 252.1 million on 30 June 2008.

Except exceptional events, the 2009 financial year is expected to end with earnings slightly higher than the previous financial year.

At 30 June 2009, the unrealized capital gain of Socfinal shares in the Mopoli NV portfolio is EUR 10.6 million (versus 15.3 million as at 30 June 2008).

MOPOLI LUXEMBOURG S.A. HOLDING

At 30 June 2009, Mopoli Luxembourg, holding company, made a net profit of EUR 0.03 million compared to a loss of EUR 0.1 million on 31 December 2008.

At 30 June 2009, the shareholder's equity reached EUR 6.0 million.

At year end, Mopoli Luxembourg unrealised capital gains in the Mopoli NV portfolio is EUR 5.5 million.

3. CONSOLIDATED STATEMENTS ON 30 JUNE 2009

The consolidated financial statements include Mopoli NV and its subsidiary Mopoli Luxembourg, fully consolidated.

During the financial year, the consolidation perimeter was not modified.

At the closing date, the consolidated profit after taxes for the group is EUR 1.1 million, and comes mainly from:

• Financial earnings (interest) for EUR 0.8 million;
• Operational expenses made up of services and various goods for 0.2 million;
• Unconsolidated companies' dividends (EUR 0.5 million);

The total consolidated equity is EUR 41.2 million against EUR 45 million a year ago.

4. CAPITAL STRUCTURE

The subscribed and fully paid capital of EUR 2,314,279 is represented as follows:

• 100,000: Common shares of a nominal value of Nlg 50 (EUR 22.69) (listed on Euronext Brussels) - 1 vote per share
• 100: Preferred stock of a nominal value of Nlg 1,000 (EUR 453.78) (not listed in the stock exchange) - 20 votes per share.
• 2,400: Founders' shares with no nominal value. (listed on Euronext Brussels) No voting right

There is no restriction on share transfer.

5. TREASURY SHARES

The Extraordinary General Meeting hold on the 10th June 2008 authorized the company to buy back its own shares with due observance of article 2:98 of the Dutch Civil code . Today, the company holds 3 354 ordinary and 194 founders shares.

6. POST BALANCE SHEET EVENT

None.

7. DIRECTORS' REGULATIONS

Directors are appointed, dismissed or suspended by the General Meeting of Shareholders. They are appointed for a mandate of six years. They can be reappointed.

Directors' remuneration is regulated by art. 12 of the articles of association standing that the Directors fee is equivalent of 10% of the distributed profit.

No director's remuneration will be paid in 2009-2010.

Nevertheless, directors receive an attendance fee of EUR 200 each per board meeting.

8. CORPORATE GOVERNANCE

The company is a small holding company without employees. The only one activity at 30 June 2009 is the participation in two available-for-sale investments. The company has no routine business processes and no Supervisory Board. The Board of Directors is aware that the company does not comply with the Dutch Corporate Governance Code. However, the

company has started a buy back of its own shares. At the end of the program, the Board will estimate how the Corporate Governance code is applicable and to what extent the Code can be implemented taking into account the size and nature of the company at that time.

9. INVESTMENT POLICY

Mopoli NV is a holding company investing in agro industry project.

10. RISK MANAGEMENT POLICIES

Business risk

As investor in tropical agro business projects, the company has to deal with potential high risk. That is why the company is not investing directly in the projects but through well structured listed companies that have developed the know-how in that business and are design to manage the risk.

Litigation None

Credit risk Credit risk is limited due to the nature of the company.

Liquidity risk

Prudent liquidity risk management implies maintaining cash available for investment opportunities. Mopoli NV manage cash and short term deposit according to the needs. Mopoli NV currently has no liquidity risk.

11. RISKS

Beyond an entrepreneurial risk, there are no special risks that the company should have to confront.

1. FORECAST FOR 2009/2010

Earnings will depend on the dividends collected from shares and remuneration of cash deposits.

13. SUGGESTION FOR DIVIDENDS

In accordance with the statutory disposition regarding the affectation of result, the Board of Directors proposes the following suggestion for dividends:

- EUR 31.76 to the 100 privileged shares

If you approve this proposal, the dividends will be payable from 15 December 2009 at the desk of ING Luxembourg, Route d'Esch, 52 – 2965 Luxembourg

Brussels, 28-10-2009 BOARD OF DIRECTORS

FINANCIAL STATEMENTS 7

CONSOLIDATED ACCOUNTS

CONSOLIDATED FINANCIAL STATEMENTS 9

CONSOLIDATED BALANCE SHEET as at 30 June 2009

ASSETS

	(in thousands of Euro)	Notes	30 June 2009	30 June 2008
	NON-CURRENT ASSETS		10.880	15.360
I.	Available for sale investments	2	10.880	15.360
	CURRENT ASSETS		33.970	38.566
II.	Trade and other receivables	4	14	0
III.	Cash and short-term deposits	12	33.909	38.470
IV.	Other current assets		47	96
	TOTAL ASSETS		44.850	53.926

EQUITY AND LIABILITIES

	(in thousands of Euro) Notes		30 June 2009	30 June 2008
	Issued capital and reserves attributable to equity holders of the parent		41.205	45.070
I.	Share capital	5	2 .314	2.314
II.	Revaluation reserves	5	7.025	9.982
III.	Other reserves	5	754	754
IV.	Retained earnings	5	33.552	32.405
V.	Treasury Shares	5	-2.440	-385
	MINORITY INTERESTS		1	1
EQUITY			41.206	45.071
	NON-CURRENT LIABILITIES		3.617	5.140
V.	Deferred tax	6	3.617	5.140
VI.	Other long-term paya bles	7	0	0
	CURRENT LIABILITIES		27	3.715
VII.	Trade and other paya bles	7	26	3.715
VIII.	Other current liabilities		1	0
	TOTAL EQUITY AND LIABILITIES		44.850	53.926

CONSOLIDATED INCOME STATEMENT

(in thousands of Euro)			Notes	30 June 2009		30 June 2008
I.	Revenue				544		362
	A. B.	Dividends Other operating revenues		544 0		362 0
II.		Other operating expenses			-190		-1.532
	A.	Other operating expenses		-190		-1.532
	Operating profit		8		354		-1.170
III.		Profit/Loss from non-current assets			0		122
IV.	Financial income		9		799		1.294
V.	Financial expenses		9		-3		-8
	Profit before tax				1.150		238
VI.		Income tax expense	10		0		-362
	Profit for the year				1.150		-124
		Attributable to : Equity holders of the parent Minority interests	11		1.150		-124
	year) :	Earnings per share equity (holders of the parent for the
		Basic earnings per share Diluted earnings per share			11.79 11.79		-1.24 -1.24

CONSOLIDATED CASH FLOW STATEMENT As at 30 June 2009

(in thousands of Euro)	Notes	30 June 2009	30 June 2008
Cash flows from operating activities		-2.504	3.623
Profit for the year		1.150	-124
Capital gain on sale of available-for-sale invest ments			-122
Variation of trade and other receivables Variation of trade and other payables		35 -3.689	306 3.563
Cash flows from investing activities		0	3.314
Purchase of available-for-sale investments		0	0
Sales of available-for-sale investments		0	3.314
Cash flows from financing activities		-2.057	-623
Dividends paid Purchase of treasury shares Other long-term payables		-3 -2.054 0	-3 -385 -235
Net increase in cash and cash equivalents		-4.561	6.314
Cash and cash equivalents as at 1st July 2008 Cash and cash equivalents as at 30th June 2009		38.470 33.909	32.156 38.470

(in thousands of Euro)

Actual cash movements during the year :

Tax paid : 15 Bank Interest received : 660 Bank Interest paid : 3

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30th June 2009

(in thousands of Euro)	Number of Share	Share capital I.	Revalua tion re serves II.	Other reserves (1) III.	Retained earnings IV.	Treasury Shares V.	Share holders' equity	Minority interest	Total
As at 30th June 2007	100.100	2.314	8.283	754	32.533	0	43.884	1	43.885
Fair value adjustment on available-for-sale investments (sales)			30				30		30
Fair value adjustment on			2.528				2.528		2.528
available-for-sale investments Deferred tax			-859				-859		-859
Total Income and expense for the year recognised directly in equity			1.699				1.699		1.699
Profit for the year					-124		-124		-124
Total Income and expense for the year			1.699		-124		1.575		1.575
Dividends Treasury Shares					-3	-385	-3 -385		-3 -385
As at 30th June 2008	100.100	2.314	9.982	754	32.406	-385	45.071	1	45.072
Fair value adjustment on available-for-sale investments			-4.480				-4.480		-4.480
Deferred tax			1.523				1.523		1.523
Total income and expense for the year recognised directly in equity			-2.957				-2.957		-2.957
Profit for the year					1.150		1.150		1.150
Total income and expense for the year			-2.957		1.150		-1.807		-1.807
Dividends					-3		-3		-3
Treasury shares						-2.055	-2.055		-2.055
As at 30th June 2009	100.100	2.314	7.025	754	33.553	-2.440	41.206	1	41.207
See Note 5 for details on re

valuation reserves, other re-

serves and retained earnings

Disclosures

Note 1: Accounting Principles and Methods of Appraisal

A. Corporate information

Palmboomen Cultuur Maatschappij NV (here after referred to as Mopoli) is a public limited company governed by Dutch law, subject to all legislative texts applicable to commercial companies in the Netherlands. Its registered offices are located at 13, J.W. Frisolaan, 2517 JS the Hague, and its administrative headquarters are located at 2, Place du Champ de Mars, 1050 Ixelles. The company is listed on Euronext Brussels.

Mopoli NV is a holding company investing in agro industry project.

B. Accounting policies

B.1 Basis of preparation

Statement of compliance

In application of European Regulation no. 1606/2002 of 19 July 2002 on International Accounting Standards, the consolidated accounts of the Group for the 2008-2009 financial period are draw up in conformity with IFRS (International Financial Reporting Standards) as adopted by the European Union. This reference system includes the International Accounting Standards and interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) and its predecessor, the Standard Interpretation Committee (SIC).

The consolidated financial statements have been prepared on a historical cost basis, except for availablefor-sale investments that have been measured at fair-value.

The board of Directors have authorised the consolidated financial statement for issue on the 28th October 2009.

In conformity with article 402, Book 2 of the Dutch Civil Code, a condensed statement of income is included in the Mopoli N.V. accounts.

B.2 Basis of consolidation

Perimeter of consolidation

The consolidated financial statements comprise the financial statements of Mopoli NV and its subsidiary as at 30 June each year.

Subsidiaries are fully consolidated from the date of acquisition being the date on which the Group obtains control and continues to be consolidated until such control ceases. The financial statements of the subsidiaries are prepared using the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions are eliminated in full.

Minority interest represent the portion of profit and loss not held by the Group and are presented separately in the income statement and within equity in the consolidated balance sheet, separately from parent shareholders' equity.

The companies over which the Group exercises a notable influence are accounted for by equity method.

Changes in accounting policy and disclosure

None

Significant judgments, estimates and assumptions

In the process of applying the group's accounting policies, management may have to use its judgements and made estimates in determining amounts recognised in the financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 15

Risk Management Policies

Business risk

As investor in tropical agro business projects, the company has to deal with potential high risk. That is why the company is not investing directly in the projects but through well structured listed companies that have developed the know-how in that business and are design to manage the risk.

Litigation None

Credit risk Credit risk is limited due to the nature of the company

Liquidity risk

Prudent liquidity risk management implies maintaining cash available for investment opportunities. Mopoli NV manage cash and short term deposit according to the needs. Mopoli NV currently has no liquidity risk

C. Summary of significant accounting policies

Conversion of the financial statements of foreign companies

The reporting currency of the financial statements is the Euro. The working currency of foreign operations is the local currency. The functioning currency is the Euro.

Revenue recognition

Interest revenue is recognised as interest accrues using the effective interest rate.

Dividends from investment are accounted upon establishment of the right of the shareholders to receive payment.

Financial charges

The cost includes the interest charged on the debt as well as the income received on cash investments, I applicable, the Group applies the IFRS standards related to borrowing costs.

Income taxes

The Group calculates current taxes on income in compliance with the applicable tax legislation. According to IAS 12 standard "Income Taxes", any temporary difference between the accounting values of the assets and liabilities and their taxes bases will give rise to the computation of a deferred tax, according to the variable carry-forward method, using the tax rate adopted, or substantively-adopted, at balance sheet date.

Available-for-sale financial investments

Available-for-sale financial investments are those which are designated as such or do not qualify to be classified as designated at fair value through profit or loss, held to maturity or loans and advances. They include shares in non-consolidated companies.

Initial value of assets is measured at cost, i.e., generally, at acquisition cost, plus transaction costs.

The fair value of shares in listed companies is the stock exchange price as at balance sheet date while the fair value of the shares of non listed companies is based in generally accepted valuation models like discounted cash flow.

Unrealised variations in fair value are recognised directly in equity. When the shares are disposed, the cumulative gains and losses are transferred from equity to the income statement.

If the fair value cannot be reliably determined, the shares are entered at their purchase price. In the event of an objective indication of durable depreciation, an irreversible loss of value is noted against the results.

Derecognition of financial assets and liabilities

Financial assets

A Financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when :

• the rights to receive cash flow the asset have expired;

• the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a 'pass through' arrangement; or

• the Group has transferred its right to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset and has neither transferred substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group's continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

Trade and other debtors

Trade and other accounts payable are current financial assets initially recognized at fair value; this generally corresponds to the nominal value, in the absence of a significant discounting effect. Upon each closing, the accounts payable are appraised at amortized cost, minus any losses in value taking account of any possible risk of non-collection.

Cash assets and cash-equivalents

Cash and cash-equivalents consist of cash in hand, bank balances and short-term deposits in money market instruments. These investments, with maturities less than three months, are easily convertible into cash, and are subject to negligible risks of changes in value and risks of nontransferability.

Segment reporting

No segment reporting is disclosed, since the business segment is the same for all the companies in the Group, i.e., finance, and since the geographical segment is identical as well (Belgian).

Deferred tax liabilities

Deferred tax liabilities reflect the net tax effect of timing differences between the carrying amounts of the customer bases for financial reporting purposes and the amounts used for income tax purposes.

Deferred income tax liabilities are measured at the tax rates that are expected to apply to the year when the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Cash flow statement

The cash flow statement is prepared by using the indirect method. The cash flow statement distinguishes operating, investing and financing activities. When applicable, cash flows in foreign currencies are converted at the average rates during the reporting period. Currency exchange differences are separately presented. Payments and receipts of corporate taxes as well as financial income (dividend, interest) and expenses are included in cash flows from operating activities. Cash flows resulting from acquisitions/divestures of financial interests in group companies and subsidiaries are included in cash flows from investments activities, net of cash acquired. Dividend paid are part of the cash flow from financing activities.

CONSOLIDATED FINANCIAL STATEMENTS 17

Treasury shares

Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group's own equity instruments.

IFRS Standards and IFRIC Interpretations

The following IFRS Standards and IFRIC Interpretations which have been issued but not yet effective have not been applied :

• IFRIC 14—The limit on a defined benefit asset, minimum funding requirements and their interaction—effective after January 1, 2009.
• IFRIC 16—Hedges of a net investment in a foreign operation—effective after June30, 2009.
• IFRS 8—Operating segments—effective after January 1, 2009.
• IAS 23—Borrowing costs—effective after January 1, 2009.
• IAS 1—Presentation of financial statement (revised) effective after January 1,2009.
• IFRS 2—Share-based payments : vesting conditions and cancellations—effective after January 1,2009.
• IAS 32—Financial instruments : Presentation and IAS 1 Presentation of financial statements— Puttable financial instruments and obligations arising on liquidation—effective after January 1, 2009.
• IFRIC 15—Agreements for the construction of real estate—effective after January 1, 2009.
• IFRS 3R—Business Combinations—effective after July 1, 2009
• IAS 27R— consolidated and separate financial statements—effective after July 1,2009.
• IAS 39—Financial instruments : recognition and measurement—Eligible hedged items effective after July 1, 2009.
• IFRS 7—Financial Instruments : Disclosures (Amendments)—effective after January 1, 2009.
• IFRS 1—First-Time adoption of IFRS (Amendments) effective after January 1, 2009.
• IAS 27—Consolidated and separate financial statements (Amendments) effective after January 1, 2009.
• IFRIC 9—Reassessment of embedded Derivatives—effective after June 30, 2009.
• IAS 39—Financial instrument: Recognition and measurement—effective after June 30, 2009.
• IFRIC 17—Distribution of non-cash assets to owners—effective after June 30, 2009.
• IFRIC 18—Transfers of assets from customers—effective after June 30, 2009.

The following IFRIC interpretations which have been issued and effective have no impact on the Group's financial statements :

• IFRIC 12—Service concession arrangements.
• IFRIC 13—Customer loyalty programs.

Other changes in IFRS.

In May 2008 and April 2009, the IASB announced a series of changes in various standards and interpretations designed to eliminate inconsistencies and clarify certain terms. These changes have no impact on the Group's financial statements.

Note 2 : Current and non-current financial assets

Financial Fixed Assets

	2009		2008
	Number of Shares	%	Number of Shares	%
Subsidiaries (included in consollidated financial statements)
MOPOLI Luxembourg S.A. HOLDING	19.997	99,99	19.997	99,99
Other Financial fixed assets
SOCFINAL S.A. HOLDING	32.000	4,49	32.000	4,49

(in thousands of Euro) Available- for-sale investments

As at 30 June 2007	15.993
Sales	-3.314
Acquisitions	0
Fair value adjustment	2.681
As at 30 June 2008	15.360
Sales	0
Acquisitions	0
Fair value adjustment	-4.480
As at 30 June 2009	10.880

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of Euro)	30 June 2009	30 June 2008	30 June 2009	30 June 2008
Available-for-sale investments
Shares	238	238	10.880	15.360
Other current financial assets
Trade and other receivables	14	0	14	0

Available-for-sale investments are invested in shares listed on regulated European markets and may be subject to large and/or sudden variation of price. In 2009, the only shares held are Socfinal shares (listed and quoted).

CONSOLIDATED FINANCIAL STATEMENTS 19

Note 3 : Subsidiary companies, associated companies

Detail of important subsidiary companies

Name	Business seg ment	Country of incorporation	Proportion of ownership interest	Proportion of voting power held	Closing date of the finan cial state ment
Mopoli Luxembourg	Finance	Luxembourg	99,99%	99.99%	31/12/2008
Note 4 : Trade and other receivables
(in thousands of Euro)				30 June 2009	30 June 2008
Trade				0	0
Other receivables				14	0
Total of trade and other receivables				14	0
Trade and other receivables whose recovery is awaited 1 year at the most				14	0
Trade and other receivables whose recovery is awaited be tween 1 and 5 years				0	0
Trade and other receivables whose recovery is awaited at more than 5 years				0	0
Note 5 : Equity (In units)					Ordinary shares
Number of shares as at 30 June 2008					100 100
Changes during the year					0
Number of shares as at 30 June 2008					100 100
Changes during the year					0
Number of shares as at 30 June 2009					100 100
Number of ordinary shares issued, fully paid, without nominal value					100 100

The subscribed and fully paid capital of EUR 2,314,279 is represented as follows:

100,000: Common shares of a nominal value of Nlg 50 (EUR 22.69) (listed on Euronext Brussels) 100: Preferred stock of a nominal value of Nlg 1,000 (EUR 453.78) (not listed on Euronext Brussels)

2,400: Founders' shares with no nominal value. (listed on Euronext Brussels)

At year end, the company owned 3.354 (2008 : 0) of its own common shares, and 194 (2008 : 50) of its founders shares.

	30 June 2009	30 June 2008
Revaluation reserves - Available-for-sale investments	7.025	9.982
Total of revaluation reserves	7.025	9.982
Statutory reserves (not distributable)	231	231
Other reserves (distributable)	523	523
Total of the other reserves	754	754

The extraordinary general meeting as at 10th June 2008 authorised the company to acquire its own shares. A the end of the year, 194 founder's shares and 3.354 have been bought back for a total of 2.44 million euros, deducted from the Shareholder's equity.

(in thousands of Euro)

Retained earnings at 30 June 2007	32.533
Profit of the year	-124
Dividends	-3
Retained earnings at 30 June 2008	32.406
Profit of the year	1.150
Dividends	-3
Retained earnings at 30 June 2009	33.553

Note 6 : Deferred tax

(in thousands of Euro)	30 June 2009	30 June 2008
As at 1 July	5.140	4.281
Revaluation of available-for-sale investments	-1.523	859
As at 30 June	3.617	5.140
The Deduction for Notional Interest unused is 98.900 Euros

(Expiry date : 31/12/2015)

CONSOLIDATED FINANCIAL STATEMENTS 21

Note 7 : Trade and other payables

nues
Direct operating expenses whose result from the rental reve	0	0
Operating profit	354	-1.170
Other operating expenses	0	0
Administrative expenses	-190	-1.532
Other operating revenues	0	0
Other operating income (Dividends)	544	362
(in thousands of Euro)	30 June 2009	30 June 2008
Note 8 : Operating profit
awaited at more than 5 years
Trade and other payables whose recovery is	0	0
Trade and other payables whose recovery is awaited between 1 and 5 years	0	0
awaited 1 year at the most	26	3.715
Trade and other payables whose recovery is
Total of Trade and other payables	26	3.715
Other payables	0	3.633
Trade	26	82
(in thousands of Euro)	30 June 2009	30 June 2008

Note 10 : Income taxes

Income tax expense		0	362
Adjustment related to previous year tax assesment		0	281
Deduction for Notional Interest		-391	0
Non-deductible expenses		0	0
Revenue exempt from tax		0	0
Tax at the applicable local rate	33,99%	391	81
Applicable local rate		33,99%	33,99%
Profit before tax		1.150	238
Income tax		0	362
Net income attributable to equity holders of the parent		1.150	-124
Reconciliation of income tax expense
Income tax expense		0	-362
Current income tax		0	-362
(in thousands of Euro)		30 June 2009	30 June 2008
Components of income tax

The Deduction for Notional Interest unused is 98.900 Euros (Expiry date : 31/12/2015)

Note 11 : Earnings per share

Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

The group did not issued any financing instrument requiring to disclose a diluted earnings per share.

Net profit per share (in Euro)	11.79	-1.24
Net profit from discontinued operations per share (in Euro)	0,00	0,00
Net profit from continuing operations per share (in Euro)	11.79	-1.24
Weighted average number of ordinary shares	97.499,76	100.100
Net profit Denominator	1.150	-124
Net profit from discontinued operations	0	0
Net profit from continuing operations	1.150	-124
(in thousands of Euro, attributable to equity holders of the parent) Numerator	30 June 2009	30 June 2008

CONSOLIDATED FINANCIAL STATEMENTS 23

Note 12 : Cash and cash equivalents

Cash and cash-equivalents consist of cash in hand, bank balances and short-term deposits in money market instruments.

(in thousands of Euro)	30 June 2009	30 June 2008
Cash at banks and in hand	494	31.386
Short-term deposits	33.415	7.084
Cash and cash equivalents	33.909	38.470

Note 13 : Related parties

(in thousands of Euro)	30 June 2009	30 June 2008
Attendance fees (1)	5	2
Other payable remunerations	0	0

(1) Amount actually paid to the Directors during the year

According to a declaration of participation (25 February 1992) Geselfina holds 76% of ordinary shares and 59% of the privilege shares of Mopoli.

The group paid an amount of € 72.600 for administrative assistance to Centrages in which it has a indirect share interest of 2.2%. All administrative and accounting services are provided by Centrages.

Note 14 : Off balance sheet rights and commitments

Total of rights and commitments received	0	0
Received warrantees	0	0
	7	7
Statutory deposits	7	7
(in thousands of Euro)	30 June 2009	30 June 2008

Note 15 : Subsequent events

None

COMPANY ACCOUNTS

DUTCH GAAP COMPANY-ONLY BALANCE SHEET AS AT 30 JUNE (BEFORE DISTRIBUTION OF RESULT)

(In thousands of Euros)

ASSETS

	Notes	2009	2008
NON-CURRENT ASSETS		16.929	21.279
Financial fixed assets	19	16.929	21.279
CURRENT ASSETS		27.919	33.051
Pre-paid taxes		14	1
Cash and short-term deposits	22	27.858	32.955
Other current assets	21	47	95
TOTAL ASSETS		44.848	54.330
(In thousands of Euros)
LIABILITIES		2009	2008
SHAREHOLDERS' EQUITY		41.205	45.071
Share capital	24	2.314	2.314
Revaluation reserves	25	7.025	9.982
Statutory reserve	25	231	231
Other reserves	25	-1.917	138
Result for the year	23	1.150	-124
Retained earnings	23	32.402	32.530
PROVISIONS		3.617	5.140
Deferred taxes	6	3.617	5.140
CURRENT LIABILITIES		26	4.119
Other debts	26	26	4.119
Dividends and shares to pay		0	0
Other current liabilities		0	0
TOTAL EQUITY AND LIABILITIES		44.848	54.330

DUTCH GAAP COMPANY-ONLY INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE

(In thousands of Euros)

	2009	2008
Income from participations in group companies after taxes	131	131
Other income after taxes	1.019	-255
Net income	1.150	-124

NOTES TO THE DUTCH GAAP COMPANY-ONLY FINANCIAL STATEMENTS

Note 17: BASIS OF PREPARATION

Unless stated otherwise, all amounts are in thousands of euro.

The company only financial statements are prepared in accordance with accounting principles generally accepted in the Netherlands (NL GAAP).

The accounting policies used, are the same as those used in the consolidated financial statements in accordance with article 362-8 of book 2 of the Dutch Civil Code. Whereby, Investments in subsidiaries are accounted for at net assets value in accordance with the equity method. Investments in other fixed assets are accounted for at fair market value.

In conformity with article 402, Book 2 of the Dutch Civil Code, a condensed statement of income is included in the Mopoli N.V. accounts.

Note 18 : CHANGES IN ACCOUNTING POLICIES

None

Note 19 : FINANCIAL FIXED ASSETS

The changes in financial fixed assets are as follows :

	Other Financial
	Subsidiaries	Fixed Assets	Totaal
Balance 30 June 2007	5.788	15.487	21.275
Result from participations		131	131
Disposal (sale)		-3.089	-3.089
Acquisition			0 0
Fair value adjustment		2.962	2.962
Balance 30 June 2008	5.919	15.360	21.279
Result from participation		131	131
Disposal (sale)			0 0
Acquisition			0 0
Fair value adjustment		-4.480	-4.480
Balance 30 June 2009	6.050	10.880	16.930

Note 20 : FINANCIAL FIXED ASSETS

Shares valued at cost are listed below:	2009		2008
	Number of shares	%	Number of shares	%
Subsidiaries (included in consolidated fi nancial statements)
MOPOLI Luxembourg S.A. HOLDING	19.997	99,99	19.997	99,99
Other financial fixed assets
SOCFINAL S.A. HOLDING	32.000	4,49	32.000	4,49

All amounts mentioned above concern the financial corporations that have a portfolio made up in large part of "Plantations", "Real estate and finance" and "holdings" sector shares.

Note 21 : OTHER CURRENT ASSETS

All other current assets are expected to be settled within one year after balance sheet date.

Note 22 : CASH AND CASH EQUIVALENTS

No restrictions exist on cash.

Note 23 : STATEMENT OF CHANGES IN EQUITY

See Note 5 for details on re valuation reserves, other re
As at 30th June 2009	100.100	2.314		7.025 -1.686	33.553	41.206
Treasury shares				-2.055		-2.055
the year Dividends					-3	-3
Total income and expense for			-2.957		1.150	-1.807
Profit for the year					1.150	1.150
Total income and expense for the year recognised directly in equity			-2.957			-2.957
Deferred tax			1.523			1.523
Fair value adjustment on available-for-sale investments			-4.480			-4.480
Fair value adjustment on available-for-sale investments (sales)
As at 30th June 2008	100.100	2.314	9.982	369	32.406	45.071
Treasury Shares				-385		-385
Dividends					-3	-3
Total Income and expense for the year			1.699		-124	1.575
Result for the year					-124	-124
Total Income and expense for the year recognised directly in equity			1.699			1.699
available-for-sale investments Deferred tax			2.528 -859			2.528 -859
Fair value adjustment on available-for-sale investments Fair value adjustment on			30			30
As at 30th June 2007	100.100	2.314	8.283	754	32.533	43.884
(in thousands of Euro)	Number of Share	Share capital I.	Revalua tion re serves II.	Other re serves (1) III.	Retained earnings IV.	Total

serves and retained earnings

Note 24 : SHARE CAPITAL

The subscribed and fully paid capital of EUR 2,314,279 is represented as follows:

100,000: Common shares of a nominal value of Nlg 50 (EUR 22.69) (listed on Euronext Brussels)

• 100: Preferred stock of a nominal value of Nlg 1,000 (EUR 453.78) (not listed in the stock exchange)
• 2,400: Founders' shares with no nominal value. (listed on Euronext Brussels)

Note 25 : RESERVES

	30 June 2009	30 June 2009
Revaluation reserves - Available-for-sale investments	7.025	9.982
Total of revaluation reserves	7.025	9.982
Statutory reserves (not distributable)	231	231
Other reserves (distributable)	-1.917	138
Total of the other reserves	1.686	369

By resolution of the extraordinary general meeting on 10 June 2008, the management board was authorised to purchase treasury shares. Altogether, 3.498 treasury shares were purchased in the financial year. Mopoli held 194 founders shares and 3.354 ordinary shares as of 30 June 2009 for a total of 2,44 million euros, deducted from the Other reserves.

Note 26 : OTHER DEBTS

(in thousands of Euro)	30 June 2009	30 June 2008
Trade	26	82
Other payables	0	4.037
Total of Trade and other payables	26	4.119
Trade and other payables whose recovery is awaited 1 year at the most	26	4.119
Trade and other payables whose recovery is awaited between 1 and 5 years	0	0
Trade and other payables whose recovery is awaited at more than 5 years	0	0

Note 27 : EMPLOYEE BENEFITS

The company does not have any employees (2008: 0). Directors get an attendance fee of 200 Euros per meeting. (Two meetings during the year) Directors' fee is regulated in the article of incorporation related to distribution of result.

Note 28 : EARINGS PER SHARE

Refer to note 11 in consolidated account

Note 29 : AUDITOR FEES

(In Euro)

	2009	2008
Ernst & Young Accountants LLP (Netherlands)	8.500	6.400

These fees solely relate to the audit of the consolidated and company financial statements.

	2009	2008
Ernst & Young Belastingadviseurs LLP (Netherlands)	0	750

These fees solely relate to support for the Dutch corporate income tax returns.

Note 30 : CONTINGENCIES

Total of rights and commitments received		0	0
Received warrantees		0	0
		7	7
Frozen assets i favour of Cie des Glénans		0	0
-Frozen assets hold by Mopoli on behalf of third par ties (Security to compagnie des Glénans)		0	0
Security on socfin's liabilities given to Compagnie des Glénans		0	0
Statutory deposits		7	7
	2009		2008

The Hague, 28/10/2009,

BOARD OF DIRECTORS

M. Hubert FABRI-President Mr Ph. De TRAUX-Director PF Représentation, represented by Mr Robert de THEUX Mr Daniel HAAS, Director,

OTHER INFORMATION

STATUTORY PROVISIONS CONCERNING THE DISTRIBUTION OF PROFIT (TRANSLATION)

Statutory provisions covered in articles 12, for as long as they are applicable, state that:

1. The Meeting, under article 14, decides what amortisations to apply.

2. After deducting amortisations, preferred shareholders will receive a first dividend corresponding to 7% of the amount cleared from their shares, overestimated by the amounts that could only have been attributed to up to 7% for a given preceding year.

The dividend attributed per year to these preferred shares will never exceed 7%.

1. Of the amount after this distribution to preferred shareholders, it will, if possible:

a) be allocated 5% for the forming and maintenance of a reserve fund. This deduction ends when the reserve funds reach one tenth of the social capital.

b) be allocated for as long as needed, some amount to be distributed up to 5% of the interest on the amounts cleared from ordinary shares.

1. The remaining profit will be allocated as follows:

10% to the Board of Directors 40% to founders' shareholders 50% to ordinary shareholders

1. However, the Ordinary Annual Meeting of Shareholders can decide upon request of the Board of Directors that the 50% intended for ordinary shareholders will be fully or partially transferred to a special account or will be allocated to a special reserve.

2. The Annual Meeting of Shareholders determines the date on which the dividends will be paid.

3. The dividends that are not claimed five years after going into payment return to the company and are credited to the income statement.

4. If it appears over several years that the income statement shows a loss and if this cannot be attributed to a reserve or written off in another way, there will be no distribution profit over the following years for as long as this loss continues.

PROPOSAL FOR DISTRIBUTION OF PROFIT (IN EUR)

The Board of Directors submits the following proposal for the distribution of income and attribution of dividends to the approval of the General Meeting for Shareholders in accordance with article 12 of the Articles of Association.

	EUR
Net result of the financial	1.150
Profit brought forward	32.406
Profit to be distributed	33.556
First :
Dividend to preferred shares	3
Transferred to profit carried forward	33.553