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

Quarterly Report • Mar 28, 2013

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

101th FINANCIAL YEAR 2012/2013

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, H. Fabri, Director, President,

PALMBOOMEN CULTUUR MAATSCHAPPIJ - MOPOLI N.V.

DIRECTORS' INTERIM REPORT

Consolidated IFRS Result as at 31/12/2012 (unaudited)

(Period from 01/07/2012 to 31/12/2012)

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 and dividends from financial assets.

CONSOLIDATED RESULTS

The financial half-year ended at 31 December 2012 with a profit of 594.503 Euros versus a profit of 571.471 Euros as at 31 December 2011.

The increase of the half-year result is mainly due to the increase of the dividends from Socfin the higher-level interests on cash deposit and.

BALANCE SHEET

At 31 December 2012, the total of the Mopoli consolidated IFRS Balance Sheet is 59.2 million Euros against 53.2 million Euros as at 31 December 2011. The Mopoli's asset is composed mainly of a financial investment for 22.4 million Euros and a cash deposit of 36.8 million Euros. At 31 December 2012, the consolidated equity, holders of the parents, is 51.6 million Euros against 47.2 million Euros a year ago.

INVESTMENTS

Socfin SA Mopoli holds 4.5% of Socfin. Socfin has paid last October an interim dividend of 1.00 Euros per share. Corporate year end result will be available by the end of March.

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. The 28 February 2013, the company holds 5.448 ordinary and 204 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

STATEMENT OF CONSOLIDATED FINANCIAL POSITION at 31st December 2012

ASSETS

(in thousands of Euro)	Notes	31 December 2012	31 December 2011
NON-CURRENT ASSETS		22 400	17 920
I. Available for sale investments	2	22 400	17 920
CURRENT ASSETS		36 834	35 330
II. Trade and other receivables	2	0	1
III. Cash and short-term deposits	6	36 834	35 329
IV. Other current assets		0	0
TOTAL ASSETS		59 234	53 250

	EQUITY AND LIABILITIES
	(in thousands of Euro)	Notes	31 December 2012	31 December 2011
	Issued capital and reserves attributable to equity holders of the parent		51 559	47 176
I.	Share capital	4	2 314	2 314
II.	Revaluation reserves	4	14 629	11 672
III.	Other reserves	4	754	754
IV.	Retained earnings	4	36 985	35 505
V.	Treasury Shares	4	-3 123	-3 069
	MINORITY INTERESTS		1	1
	EQUITY		51 560	47 177
	NON-CURRENT LIABILITIES		7 533	6 010
V.	Deferred tax	5	7 533	6 010
VI.	Other long-term payables		0	0
	CURRENT LIABILITIES		141	63
VII.	Trade and other payables		115	62
	VIII. Other current liabilities		26	1
	TOTAL EQUITY AND LIABILITIES		59 234	53 250

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

At 31st December 2012 (in thousands of Euro) Notes I. Revenue 640 480 A. Dividends 640 480 B. Other operating revenues 0 0 II. Other operating expenses -112 -119 A. Other operating expenses -112 -119 Operating profit 528 361 III. 0 0 IV. Financial income 68 212 V. Financial expenses -1 -1 Profit before tax 595 572 VI. Income tax expense -5 -14 Profit for the year 590 558 Other comprehensive income Net loss/(gain) on available-for-sale financial Assets 160 -960 Deferred taxes liabilities on unrealized gain on AFS -54 326 Other comprehensive income for the year, net of tax 106 -634 Total comprehensive income for the year, net of tax 696 -76 Profit attributable to : Equity holders of the parent 590 558 Minority interests 0 0 Total comprehensive income attribuable to Equity holders of the parent 696 -76 Non-controlling interest 0 0 Earnings per share equity (holders of the parent for the year) : Basic earnings per share 6.21 5.87 Diluted earnings per share 6.21 5.87 31 December 2012 31 December 2011 Profit/Loss from non-current assets 31 December 2012 31 December 2011

CONSOLIDATED CASH FLOW STATEMENT at 31st December 2012

(in thousands of Euro)	Notes	31 December 2012	31 December 2011
Cash flows from operating activities		689	673
Profit for the year		590	558
Capital Gain on sale of available-for-sales investments		0	0
Variation of trade and other receivables		78	100
Variation of trade and other payables		21	15
Cash flows from investing activities		0	0
Purchase of available-for-sale investments		0	0
Sales of available-for-sale investments		0	0
Cash flows from financing activities		-3	-43
Dividends paid		0	0
Purchase of treasury shares		-3	-43
Other long-term payables		0	0
Net increase in cash and cash equivalents		686	630
Cash and cash equivalents as at beginning of year		36 149	34 699
Cash and cash equivalents as at 31th December		36 835	35 329

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

As at 31st December 2012

(in thousands of Euro)	Number of shares	Share capital EUR	Revaluation reserve EUR	Other reserve EUR	Retained earnings EUR	Treasury shares EUR	Total EUR	Non controlling interest EUR	Total EUR
Balance as at 30 June 2010	100 100	2 314	8 926	754	34 006	3 002 -	42 998	1	42 999
Net income/(expenses) recognised directly in equity		-	3 380	-	-	-	3 380	-	3 380
Profit for the year					947		947		947
Total comprehensive income for the year		-	3 380	-	947	-	4 327	-	4 327
Dividends					- 3		- 3		3 -
Treasury Shares						- 24	- 24		24 -
Balance as at 30 June 2011	100 100	2 314	12 306	754	34 950	3 026 -	47 298	1	47 299
Net income/(expenses) recognised directly in equity		-	2 218	-	-	-	2 218	-	2 218
Profit for the year					1 452		1 452		1 452
Total comprehensive income for the year		-	2 218	-	1 452	-	3 670	-	3 670
Dividends					- 3		- 3		3 -
Treasury Shares						- 94	- 94		94 -
Balance as at 30 June 2012	100 100	2 314	14 524	754	36 399	3 120 -	50 871	1	50 872
Net income/(expenses) recognised
directly in equity		-	105	-	-	-	105	-	105
Profit for the year					590		590		590
Total comprehensive income for the
year		-	105	-	590	-	695	-	695
Dividends							-		-
Treasury Shares						- 3	- 3		3 -
Balance as at 31 December 2012	100 100	2 314	14 629	754	36 989	3 123 -	51 563	1	51 564

Note 2 : Current and non-current financial assets

Financial Fixed Assets

	2012		2011
	Number of	%	Number of	%
	Shares		Shares
Subsidiaries (included in
consolidated financial statements)
MOPOLI Luxembourg S.A. Holding	19 997	99.99	19 997	99.99
Other financial fixed assets
SOCFIN S.A.	32 000	4.49	32 000	4.49
	Available- for
(in thousands of Euro)	sale
	investments
As at 30 June 2011	18 880
Sales	0
Acquisitions	0
Fair value adjustment	3 360
As at 30 June 2012	22 240
Sales	0
Acquisitions	0
Fair Value adjustment	160
As at 31 December 2012	22 400

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of Euro)	31 Dec 2012	30 June 2012	31 Dec 2012	30 June 2012
Available-for-sale investments
Shares	238	238	22 400	22 240
Other current financial assets
Trade and other receivables	0	0	0	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 2012, the only shares held are Socfin shares (listed and quoted)

Note 3 : Subsidiary companies, associated companies

Detail of important subsidiary companies

Name	Business segment	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%	31/12/2012

Note 4 : Equity

(In units)	Ordinary shares
Number of shares as at 30 June 2011	100 100
Changes during the year	0
Number of shares as at 30 June 2012	100 100
Changes during the year (Treasury shares)	0
Number of shares as at 31 December 2012	100 100

Number of ordinary shares issued, fully paid, without nominal value

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)

At 31 December, the company owned 5.444 (2011 : 5.257) of its own common shares, and 204 (2011 : 204) of its founders shares.

(in thousands of Euro)	31 Dec 2012	30 June 2012
Revaluation reserves - Available-for-sale investments	14 629	14 524
Total of revaluation reserves	14 629	14 524
Statutory reserves (not distributable)	231	231
Available reserves (distributable)	523	523
Total of the other reserves	754	754
(in thousands of Euro)	31 Dec 2012	30 June 2012
Treasury Shares	3 123	3 120
Total of Treasury shares	3 123	3 120

The extraordinary general meeting as at 10th june 2008 authorised the company to acquire its own shares.

The General Meeting as at 19th December 2011 renewed the authorization for 18 months. At 31 December, 204 founder's shares and 5.444 ordinary shares have been bought back for a total of 3.123 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

Retained Earnings at 30 June 2011	34 950
Profit of the year Dividends	1 452 -3
Retained Earnings at 30 June 2012	36 399
Profit of the year Dividends	590
Retained Earnings at 31 December 2012	36 989

Note 5 : Deferred tax

(in thousands of Euro)	31 Dec 2012	30 June 2012
As at 1 July	7 478	6 336
Revaluation of available-for-sale investments	54	1 142
As at 31 December	7 532	7 478

The Deduction for Notional Interest unused is 952.678 euros for previous year (expiration 31/12/2018). These deferred tax assets on unused notional interest deductions have not been recognised as management estimates that they will not be able to use those assets before they expire.

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 2012	30 June 2012
Cash at banks and in hand	788	811
Short-term deposits	36 046	35 338
Cash and cash equivalents	36 834	36 149