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

Quarterly Report • Mar 8, 2010

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

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98th FINANCIAL YEAR 2009/2010

Unaudited

TRUE AND FAIR VIEW STATEMENT

We hereby confirm to the best of our knowledge that the condensed set of 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 half-yearly directors' report gives a true and fair view of the important events and their impact on the condensed set of financial statements, of major related parties' transactions and of the principal risks and uncertainties for the remaining six months.

D. Haas, Director,

P. de Traux, Director,

PALMBOOMEN CULTUUR MAATSCHAPPIJ - MOPOLI N.V.

DIRECTORS' INTERIM REPORT

Consolidated IFRS Result as at 31/12/2009 (unaudited)

(Period from 01/07/2009 to 31/12/2009)

BUSINESS ACTIVITIES

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

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

CONSOLIDATED RESULTS

The financial half-year ended at 31 December 2009 with a loss of 8.317 Euros versus a profit of 652.151 Euros as at 31 December 2008.

The decrease of the half-year result is due to the low-level interests on cash deposit.

BALANCE SHEET

At 31 December 2009, the total of the Mopoli consolidated IFRS Balance Sheet is 45.6 million Euros against 41.9 million Euros as at 31 December 2008. The Mopoli's asset is composed mainly of a financial investment for 12.1 million Euros and a cash deposit of 33.5 million Euros. At 31 December 2009, the consolidated equity, holders of the parents, is 41.6 million Euros against 39.1 million Euros a year ago.

INVESTMENTS

Socfinal SA

Mopoli hold 4.5% of Socfinal. The net income as at 31 December 2009 reached 25.8 million Euros compared to 15.5 million Euros a year ago.

Socfinal has paid last December an interim dividend of 5,-Euros per share.

TREASURY SHARES

The Extraordinary General Meeting hold on the 10th June 2008 authorized the company to buy back its own shares pursuant article 2:98 of the Dutch Civil code. At 28 February 2010, the company holds 4.933 ordinary and 194 founders shares.

FORECAST

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

RISKS - UNCERTAINTIES

The management do not foresee any specific or noted any new uncertainties that the company should have to face for the remaining six months of the financial year.

The Directors

CONSOLIDATED BALANCE SHEET at 31 December 2009

ASSETS

(in thousands of Euro)	Notes	31 December 2009	31 December 2008
		12 160	8 3 5 2
Available for sale investments	2	12 160	8 3 5 2
		33 526	33 610
Trade and other receivables	$\overline{2}$	14	8
Cash and short-term deposits	6	33 510	33 574
		2	28
		45 686	41 962
	NON-CURRENT ASSETS CURRENT ASSETS Ш. III. IV. Other current assets TOTAL ASSETS

	EQUITY AND LIABILITIES
	(in thousands of Euro)	Notes	31 December 2009	31 December 2008
	Issued capital and reserves attributable to equity holders of the parent		41 580	39 171
Ι.	Share capital	4	2 3 1 4	2 3 1 4
Ш.	Revaluation reserves	4	7870	5 3 5 6
III.	Other reserves	4	754	754
IV.	Retained earnings	4	33 540	33 054
V.	Treasury Shares	4	$-2898$	$-2307$
	MINORITY INTERESTS
	EQUITY		41 581	39 172
	NON-CURRENT LIABILITIES		4 0 5 2	2758
V.	Deferred tax	5	4 0 5 2	2758
VI.	Other long-term payables		0	0
	CURRENT LIABILITIES		53	32
	VII. Trade and other payables		52	31
	VIII. Other current liabilities		1	1
	TOTAL EQUITY AND LIABILITIES		45 686	41 962

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CONSOLIDATED INCOME STATEMENT

	(in thousands of Euro)	Notes	31 December 2009			31 December 2008
I.	Revenue		160			128
	A. Dividends B. Other operating revenues		160 0		128 0
П.	Other operating expenses		$-216$			-89
	A. Other operating expenses		$-216$		$-89$
	Operating profit		$-56$			39
Ш.	Profit/Loss from non-current assets			0		0
	IV. Financial income		49			621
V.	Financial expenses			$-1$		$-3$
	VI. Other non operating incomes					÷.
	Profit before tax		$-8$			657
	VII. Income tax expense					-5
	Profit for the year		$-\overline{8}$			652
	Attributable to: Equity holders of the parent Minority interests			$-8$		652
	Earnings per share equity (holders of the parent for the year) : Basic earnings per share Diluted earnings per share					6.52 6.52

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CONSOLIDATED CASH FLOW STATEMENT at 31 December 2009

(in thousands of Euro)	Notes	31 December 2009	31 December 2008
Cash flows from operating activities		59	$-2975$
Profit for the year		-8	652
Capital Gain on sale of available-for-sales investments		0	0
Variation of trade and other receivables		45	60
Variation of trade and other payables		22	$-3687$
Cash flows from investing activities		0
Purchase of available-for-sale investments		0	0
Sales of available-for-sale investments		0	0
Cash flows from financing activities		$-458$	$-1921$
Dividends paid		0	0
Purchase of treasury shares		$-458$	$-1921$
Other long-term payables		0	0
Net increase in cash and cash equivalents		$-399$	$-4896$
Cash and cash equivalents as at 1st July 2009		33 909	38 470
Cash and cash equivalents as at 31th December 2009		33 510	33 574

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 December 2009

(in thousands of Euro)	Number of shares	Share capital EUR	Revaluatio n reserve EUR €	reserve (1) Other EUR	Retained earnings EUR έ	shares (1) Treasury EUR	Total EUR	Minority EUR	Total EUR
Balance as at 30 June 2008	001 00	2314	9982	754	32 402	385 ٠	45067	÷	45068
Fair value adjustment on available-for- Fair value adjustment on available-for- sale investments sale investments Deterred tax			4480 1523				4480 1523		4480 1523
Total income and expense for the year recognised directly in equity Profit/loss for the year			2957		1150		957 1150 $\sim$		2957 1151
Total income and expenses for the Balance as at 30 June 2009 Treasury Shares Dividends year	100 100	2314	7025 2957	754	1150 6 33549 $\blacksquare$	2055 2440	ø 2055 1807 41202		1806 $\frac{2055}{41203}$ ø
Fair value adjustment on available-for- Fair value adjustment on available-for- sale investments sale investments Deferred tax			1280 435 ×				1280 435 $\bullet$		435 1280 ٠
Total income and expense for the year recognised directly in equity Profit/loss for the year			845		$\infty$ ٠		845 œ		845
Balance as at 31 December 2009 Total income and expenses for the Treasury Shares Dividends rear	00100	2314	845 870	754	$\infty$ 33 541 f,	458 898 $\mathbf{\tilde{z}}$	458 837 587 4		838 458 785 도
Fair value adjustment in available-for- Fair value adjustment in available-for- sales investments (sales) sales investments Deterred tax			7008 2382				7008 2382		7008 2382
Total income and expense for the year recognised directly in equity Profit for the year			4626		652		4 626 652		4 626 652
Total income and expenses for the Treasury Shares Dividends year			4626		652 s $\blacksquare$	1922	3974 ø 1922		3974 ఌ 1922
Balance as at 31 December 2008	200 200	2314	3244	$\mathbf{r}^2$	34 190	4820	35 682		35 683

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Note 2: Current and non-current financial assets

(in thousands of Euro)	Available- for- sale investments
As at 30 June 2008	15 360
Sales	o
Acquisitions	Ω
Fair value adjustment	-4 480
As at 30 June 2009	10880
Sales
Acquisitions
Fair Value adjustment	1 280
As at 31 December 2009	12 160

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of Euro)		31 Dec 2009 30 June 2009		31 Dec 2009 30 June 2009
Available-for-sale investments
Shares	238	238	12 160	10880
Other current financial assets
Trade and other receivables	14	14	14	14

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 2008, the only shares held are Socfinal shares (listed and quoted)

Note 3 : Subsidiary companies, associated companies

Detail of important subsidiary companies

Name	Business seament	Country of incorporation	Proportion of ownership interest	Proportion of voting power held	Closing date of the financial statement
Mopoli Luxembourg	Finance	Luxembourg	99.99%	99.99%	31/12/2009

HALF-YEAR FINANCIAL STATEMENTS
UNAUDITED

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Note 4 : Equity

(In units)	Ordinary shares
Number of shares as at 30 June 2008	100 100
Changes during the year	-3 354
Number of shares as at 30 June 2009	96746
Changes during the year (Treasury shares)	-1 579
Number of shares as at 31 December 2009	95 167

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 Nig 1,000 (EUR 453.78) (not listed in the stock exchange)

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

(in thousands of Euro)	31 Dec 2009	30 June 2009
Revaluation reserves - Available-for-sale investments	5 356	9982
Total of revaluation reserves	5356	9982
Statutory reserves (not distributable)	231	231
Available reserves (distributable)	523	523
Total of the other reserves	754	754
(in thousands of Euro)	31 Dec 2009	30 June 2009
Treasury Shares	2898	2440
Total of Treasury shares	2898	2440

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 4 933 ordinary shares have been bought back for a total of 2 898 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

Retained Earnings at 30 June 2008	32 406
Profit of the year Dividends	1 150 -3
Retained Earnings at 30 June 2009	33 553
Profit of the year Dividends	-8
Retained Earnings at 31 December 2009	33 545

Note 5 : Deferred tax

(in thousands of Euro)	31 Dec 2009	30 June 2009
As at 1 July 2009	3617	5 1 4 0
Revaluation of available-for-sale investments	435	$-1.523$
As at 31 December 2009	4 0 5 2	3617

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Note 6 : 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)	31 Dec 2009	30 June 2009
Cash at banks and in hand	20	19
Short-term deposits	33 490	33890
Cash and cash equivalents	33 510	33 909

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