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

Quarterly Report • Jul 1, 2013

FINANCIAL STATEMENTS

2011 - 2012

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

99th FINANCIAL YEAR 2011/2012

General meeting of shareholders as at 22th December 2012

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,

D. Haas, H. Fabri, Director, Director,

DIRECTORS' REPORT

Presented to the Annual Ordinary General Meeting of Shareholders of 11 December 2012.

Directors have pleasure in submitting their report together with the audited financial statements for the year ended the 30th June 2012.

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 and the dividends received from Socfin shares.

The financial year ended at 30 June 2012 with a profit of EUR 1.45 million compared to a profit of EUR 0.95 million for the previous financial year.

2. INVESTMENTS

SOCIÉTÉ FINANCIÈRE DE CAOUTCHOUCS "SOCFIN" S.A. SOPARFI

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

At 30 June 2012, the net income reached EUR 19 million compared to EUR 12 million in June 2011. The accounts of Socfin at 30 June 2012 are unaudited.

The unrealized capital gains on the portfolio were valued at EUR 423.3 million on 30 June 2012 compared to EUR 413.5 million on 30 June 2011.

Except exceptional events, the 2012 financial year is expected to end with earnings clearly higher than the previous financial year.

At 30 June 2012, the unrealized capital gain of Socfin shares in the Mopoli NV portfolio is EUR 22.2 million (versus 18.9 million as at 30 June 2011).

MOPOLI LUXEMBOURG S.A. HOLDING

At 30 June 2012, Mopoli Luxembourg, holding company, made a net profit of EUR 0.02 million compared to a profit of EUR 0.02 million on 30 June 2011.

At 30 June 2012, the shareholder's equity reached EUR 6.1 million.

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

FINANCIAL STATEMENTS 5

3. CONSOLIDATED STATEMENTS ON 30 JUNE 2012

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 1.5 million, and comes mainly from:

• Financial earnings (interest) for EUR 0.4 million;
• Operational expenses made up of services and various goods for 0.2 million;
• Unconsolidated companies' dividends (EUR 1.3 million);

The total consolidated equity is EUR 50 million against EUR 47 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 5.432 ordinary and 204 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 2012-2013.

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 2012 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.

As no Audit Committee has been instated, this is the Board of Directors which fulfils the task of this Audit Committee.

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 2012/2013

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

1. 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 31 December 2012 at the desk of ING Luxembourg, Route d'Esch, 52 – 2965 Luxembourg

Brussels, 2nd October 2012 MOPOLI BOARD OF DIRECTORS

FINANCIAL STATEMENTS 7

CONSOLIDATED ACCOUNTS

CONSOLIDATED FINANCIAL STATEMENTS 9

as at 30 June 2012 STATEMENT OF CONSOLIDATED FINANCIAL POSITION

ASSETS
(in thousands of euro)		Notes	30 June 2012	30 June 2011
	NON-CURRENT ASSETS		22.240	18.880
I.	Available for sale investments	2	22.240	18.880
	CURRENT ASSETS		36.227	34.800
II.	Trade and other receivables		0	0
III.	Cash and short-term deposits	12	36.149	34.699
IV.	Other current assets	4	78	101
	TOTAL ASSETS		58.467	53.680

EQUITY AND LIABILITIES

(in thousands of euro)		Notes	30 June 2012	30 June 2011
	Issued capital and reserves attributable to equity holders of the parent		50.871	47.298
I.	Share capital	5	2 .314	2.314
II.	Revaluation reserves	5	14.524	12.306
III.	Other reserves	5	754	754
IV.	Retained earnings	5	36.399	34.950
V.	Treasury Shares	5	-3.120	-3.026
	NON CONTROLLING INTERESTS		1	1
EQUITY			50.872	47.299
	NON-CURRENT LIABILITIES		7.478	6.336
V.	Deferred tax	6	7.478	6.336
VI.	Other long-term paya bles		0	0
	CURRENT LIABILITIES		117	45
VII.	Trade and other paya bles	7	114	42
VIII.	Other current liabilities		3	3
	TOTAL EQUITY AND LIABILITIES		58.467	53.680

CONSOLIDATED FINANCIAL STATEMENTS 11

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year-ended 30 June 2012

	(in thousands of euro)		Notes	30 June 2012			30 June 2011
I.	Revenue				1.280		768
	A. B.	Dividends Other operating revenues		1.280 0		768 0
II.		Other operating expenses			-184		-188
	A.	Other operating expenses		-184		-188
	Operating profit		8		1.096		580
III.		Profit/Loss from non-current assets			0		0
IV.	Financial income		9		377		377
V.	Financial expenses		9		-3		-2
	Profit before tax				1.470		955
VI.		Income tax expense	10		-18		-8
	Profit for the year				1.452		947
		Other comprehensive income		30 June 2012			30 June 2011
	Assets	Net(loss)/gain on available for-sale financial	2		3.360		5.120
	gain on AFS	Deferred taxes liabilities on unrealized	6		-1.142		-1.740
	year, net of tax	Other comprehensive income for the			2.218		3.380
	year, net of tax	Total comprehensive income for the			3.670		4.327
		Profit Attributable to : Equity holders of the parent Non controlling interest	11		1.452 0		947 0
		Total comprehensive income attribuable to : Equity holders of the parent Non controlling interest			3.670 0		4.327 0
	year) :	Earnings per share equity (holders of the parent for the
		Basic earnings per share Diluted earnings per share			15.32 15.32		9.97 9.97

CONSOLIDATED CASH FLOW STATEMENT For the year ended 30 June 2012

(in thousands of euro)	30 June 2012	30 June 2011
Cash flows from operating activities	1.547	949
Profit for the year	1.452	947
Capital gain on sale of available-for-sale invest ments	0	0
Variation of trade and other receivables Variation of trade and other payables	23 72	-5 7
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	-97	-27
Dividends paid Purchase of treasury shares Other long-term payables	-3 -94 0	-3 -24 0
Net increase in cash and cash equivalents	1.450	922
Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Actual Cash Movements during the year :	34.699 36.149	33.777 34.699

Tax Paid : 18 (2010/2011 : 8) Bank interest received : 377 (2010/2011 : 377) Bank interest paid : 3 (2010/2011 : 2) Dividends received : 1.280 (2010/2011 : 768)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30th June 2012

(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 2010	100.100	2.314	8.926	754	34.006	-3.002	42.998	1	42.999
Other comprehensive income			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 Treasury Shares					-3	-24	-3 -24		-3 -24
As at 30th June 2011	100.100	2.314	12.306	754	34.950	-3.026	47.298	1	47.299
Other comprehensive income			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
As at 30th June 2012	100.100	2.314	14.524	754	36.399	-3.120	50.871	1	50.872
See Note 5 for details on re

valuation reserves, other reserves and retained earnings

Disclosures

Note 1: Accounting Principles and Methods of Appraisal

A. Corporate information

Palmboomen Cultuur Maatschappij Mopoli 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 2009-2010 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 consolidated financial statements are presented in euros and all values are rounded to the nearest thousand ('000) except when otherwise indicated.

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.

Non controlling interests 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.

CONSOLIDATED FINANCIAL STATEMENTS 15

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.

The Group has accumulated net notional interest deductions at June 30, 2012 useable to offset future taxable profits in Belgium for K€ 904 expiring in 2018. The company has not recognized deferred tax assets in relation to these amounts. The valuation of this asset depends on a number of judgmental assumptions regarding the future probable taxable profits before expiration date of the unused tax deductions. These estimates are made prudently in the limit of the best current knowledge. Where circumstances should change and the final tax outcome would be different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax assets in the period in which such determination is made.

Management is of the opinion that they will not generate future taxable profits that will enable to use the unused deductions within the expiration deadline.

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 and foreign currency 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 functional 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. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available. This assessment is made annually.

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).

CONSOLIDATED FINANCIAL STATEMENTS 17

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.

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

(A) Summary of changes in accounting policies

A number of other new standards, amendment to standards and new interpretations became mandatory for the first time for the financial year beginning 1 July 2011, and have not been listed in these audited consolidated financial statements because of either their non-applicability to or their immateriality to Mopoli's consolidated financial statements.

(B) Recently issued IFRS

To the extent that new IFRS requirements are expected to be applicable in the future, they have been summarized hereafter. For the period ended 30 June 2012, they have not been applied in preparing these audited consolidated financial statements.

Standards related to the consolidation of the financial statements:

• IFRS 10 Consolidated Financial Statements , IAS 27 Separate Financial Statements
• IFRS 11 Joint Arrangements, IAS 28 Investments in Associates and Joint Ventures
• IFRS 12 Disclosure of Interests in Other Entities;
• IFRS 9 Financial Instruments;
• IFRS 13 Fair Value Measurement;
• IAS 19 Revised: Employee Benefits.
• IAS 1Presentation of Items of Other Comprehensive Income- Amendments to IAS 1
• IFRS 1Government loans-amendment to IFRS 1
• IFRS 7 Disclosures- offsetting Financial assets and Financial liabilities- Amendments to IFRS 7
• IAS 32- Ofsetting Financial assets and Financial liabilities- Amendments to IAS 32

These standards become mandatory for Mopoli's 2013 consolidated financial statements or later. Mopoli is in the process of evaluating the impact of these new standards. It is anticipated that their application will not have a material impact on Mopoli consolidated financial statements in the period of initial application.

Other Standards, Interpretations and Amendments to Standards

.

A number of other amendments to standards are effective for annual periods beginning after 1 July 2012, and have not been listed above because of either their non-applicability to or their immateriality to Mopoli consolidated financial statements.

Note 2 : Current and non-current financial assets

Financial Fixed Assets

	2012		2011
	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
SOCFIN S.A.	640.000	4,49	32.000	4,49
The Socfin shares have been split into 20 new shares.
(in thousands of euro) Available- for-sale investments
As at 30 June 2010	13.760
Sales	0
Acquisitions	0
Fair value adjustment	5.120
As at 30 June 2011	18.880
Sales	0
Acquisitions	0
Fair value adjustment	3.360
As at 30 June 2012	22.240

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of euro)	30 June 2012	30 June 2011	30 June 2012	30 June 2011
Available-for-sale investments
Shares	238	238	22.240	18.880

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 seg ment	Country of incorporation	Proportion of ownership interest	Proportion of voting power held	Closing date of the finan cial state-
Mopoli Luxembourg	Finance	Luxembourg	99,99%	99.99%	31/12/2011
Note 4 : Other current assets
(in thousands of euro)				30 June 2012	30 June 2011
Deferred charges				3	4
Accrued income				75	97
Total of other current assets				78	101
Note 5 : Equity (In units)					Ordinary shares
Number of shares as at 30 June 2010					100 100
Changes during the year					0
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

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)

CONSOLIDATED FINANCIAL STATEMENTS 21

At year end, the company owned 5.432 (2011 : 5.189) of its own common shares, and 204 (2011 : 201) of its founders shares.

Total of the other reserves	754	754
Other reserves (distributable)	523	523
Statutory reserves (not distributable)	231	231
Total of revaluation reserves	14.524	12.306
Revaluation reserves - Available-for-sale investments	14.524	12.306
	30 June 2012	30 June 2011

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 the end of the year, 204 founder's shares and 5.432 have been bought back for a total of 3.120 million euros, deducted from the Shareholder's equity.

(in thousands of euro)

Retained earnings at 30 June 2010	34.006
Profit of the year	947
Dividends	-3
Retained earnings at 30 June 2011	34.950
Profit of the year	1.452
Dividends	-3
Retained earnings at 30 June 2011	36.399
Note 6 : Deferred tax
(in thousands of euro)	30 June 2012	30 June 2011
As at 1 July	6.336	4.596
Revaluation of available-for-sale investments	1.142	1.740
As at 30 June	7.478	6.336

The Deduction for Notional Interest unused is 903.952 euros for current year (expiration date : 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 7 : Trade and other payables

Trade and other payables whose recovery is awaited 1 year at the most	114	42
Total of Trade and other payables	114	42
Other payables	42	10
Trade	72	32
(in thousands of euro)	30 June 2012	30 June 2011

Note 8 : Operating profit

Operating profit	1.096	580
Other operating expenses	0	0
Administrative expenses	-184	-188
Other operating revenues	0	0
Other operating income (Dividends)	1.280	768
(in thousands of euro)	30 June 2012	30 June 2011

Note 9 : Financial income and expense

Financial income	374	375
Other financial revenue	377	377
Interests	377	377
Total of financial costs	-3	-2
Other financial costs	-3	-2
(in thousands of euro)	30 June 2012	30 June 2011

CONSOLIDATED FINANCIAL STATEMENTS 23

Note 10 : Income taxes

Income tax expense		18	8
Adjustment related to previous year tax assesment		0	0
Deduction for Notional Interest		-482	-317
Non-deductible expenses		0	0
Revenue exempt from tax		0	0
Tax at the applicable local rate	33,99%	500	325
Applicable local rate		33,99%	33,99%
Profit before tax		1.470	955
Income tax		18	8
Net income attributable to equity holders of the parent		1.452	947
Reconciliation of income tax expense
Income tax expense		-18	-8
Current income tax		-18	-8
(in thousands of euro)		30 June 2012	30 June 2011
Components of income tax

The Deduction for Notional Interest unused is 903.952 euros for current year (expiration date : 31/12/2018)

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)	15.32	9.97
Net profit from discontinued operations per share (in euro)	0,00	0,00
Net profit from continuing operations per share (in euro)	15.32	9.97
Weighted average number of ordinary shares	94.778,67	94.995,00
Net profit Denominator	1.452	947
Net profit from discontinued operations	0	0
Net profit from continuing operations	1.452	947
(in thousands of euro, attributable to equity holders of the parent) Numerator	30 June 2012	30 June 2011

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 2012	30 June 2011
Cash at banks and in hand	811	1.204
Short-term deposits	35.338	33.495
Cash and cash equivalents	36.149	34.699

Note 13 : Related parties

(in thousands of euro)	30 June 2012	30 June 2011
Attendance fees (1)	3	3
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	7	7
Received warrantees	0	0
Statutory deposits	7	7
(in thousands of euro)	30 June 2012	30 June 2011

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	2012	2011
NON-CURRENT ASSETS		28.292	24.905
Financial fixed assets	19	28.292	24.905
CURRENT ASSETS		30.137	28.768
Pre-paid taxes		0	0
Cash and short-term deposits	22	30.070	28.685
Other current assets	21	67	83
TOTAL ASSETS		58.429	53.673
(In thousands of euros) LIABILITIES		2012	2011
SHAREHOLDERS' EQUITY		50.870	47.298
Share capital	24	2.314	2.314
Revaluation reserves	25	14.524	12.306
Statutory reserve	25	231	231
Other reserves	25	-2.597	-2.503
Result for the year	23	1.451	946
Retained earnings	23	34.947	34.004
PROVISIONS		7.478	6.336
Deferred taxes	6	7.478	6.336
CURRENT LIABILITIES		81	39
Other debts	26	81	39
Dividends and shares to pay		0	0
Other current liabilities		0	0
TOTAL EQUITY AND LIABILITIES		58.429	53.673

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

(In thousands of euros)

	2012	2011
Income from participations in group companies after taxes	28	41
Other income after taxes	1.423	906
Net income	1451	947

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	Total
Balance 30 June 2010	5.984	13.760	19.744
Result from participations	41		41
Disposal (sale)
Acquisition
Fair value adjustment		5.120	5.120
Balance 30 June 2011	6.025	18.880	24.905
Result from participation Disposal (sale)	27		27
Acquisition
Fair value adjustment		3.360	3.360
Balance 30 June 2012	6.052	22.240	28.292

Note 20 : FINANCIAL FIXED ASSETS

Shares valued at cost are listed below:	2012		2011
	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
SOCFIN S.A.	640.000	4,49	32.000	4,49

The Socfin shares have been split into 20 new shares.

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

(in thousands of euro)	Number of Share	Share capital	Revalua tion re	Other re serves	Retained earnings IV.	Total
		I.	serves II.	(1) III.
As at 30th June 2010	100.100	2.314		8.926 -2.248	34.007	42.999
Fair value adjustment on available-for-sale investments
Fair value adjustment on available-for-sale investments Deferred tax			5.120 -1.740			5.120 -1.740
Total Income and expense for the year recognised directly in equity			3.380			3.380
Result for the year					946	946
Total Income and expense for the year			3.380		946	4.326
Dividends Treasury Shares				-24	-3	-3 -24
As at 30th June 2011	100.100	2.314	12.306 -2.272		34.950	47.298
Fair value adjustment on available-for-sale investments (sales)
Fair value adjustment on available-for-sale investments			3.360			3.360
Deferred tax			-1.142			-1.142
Total income and expense for the year recognised directly in			2.218			2.218
equity Profit for the year					1.451	1.451
Total income and expense for the year			2.218		1.451	3.669
Dividends Treasury shares				-94	-3	-3 -94
As at 30th June 2012	100.100	2.314		14.524 -2.366	36.398	50.870

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

Total of the other reserves	-2.366	-2.272
Other reserves (distributable)	-2.597	-2.503
Statutory reserves (not distributable)	231	231
Total of revaluation reserves	14.524	12.306
Revaluation reserves - Available-for-sale investments	14.524	12.306
	30 June 2012	30 June 2011

By resolution of the extraordinary general meeting on 10 June 2008, the management board was authorised to purchase treasury shares. Altogether, 246 treasury shares were purchased in the financial year. Mopoli held 204 founders shares and 5.432 ordinary shares as of 30 June 2012 for a total of 3,1 million euros, deducted from the Other reserves.

Note 26 : OTHER DEBTS

Trade and other payables whose recovery is awaited 1 year at the most	81	39
Total of Trade and other payables	81	39
Other payables	0	0
Trade	81	39
(in thousands of euro)	30 June 2012	30 June 2011

Note 27 : EMPLOYEE BENEFITS

The company does not have any employees.

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)

	2012	2011
Ernst & Young Accountants LLP (Netherlands)	10.293	10.293
These fees solely relate to the audit of the consolidated and company financial statements.

	2012	2011
Ernst & Young Belastingadviseurs LLP (Netherlands)	2.720	1.783

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

Note 30 : CONTINGENCIES

Total of rights and commitments received		7		7
Received warrantees		0		0
Statutory deposits		7		7
	2012		2011

The Hague, ,

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%.

3. 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. The purchased treasury shares restrict the distributable reserves (2.597).

	EUR
Net result of the financial	1452
Profit brought forward	34.950
Profit to be distributed	36.402
First :
Dividend to preferred shares	3
Transferred to profit carried forward	36.399