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

Quarterly Report • Apr 3, 2014

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

102th FINANCIAL YEAR 2013/2014

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 31/12/2013 (unaudited)

(Period from 01/07/2013 to 31/12/2013)

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 2013 with a profit of 403.890 Euros versus a profit of 590.082 Euros as at 31 December 2012.

The decrease of the half-year result is mainly due to the decrease of the dividends from Socfin.

BALANCE SHEET

At 31 December 2013, the total of the Mopoli consolidated IFRS Balance Sheet is 60.6 million Euros against 59.2 million Euros as at 31 December 2012. The Mopoli's asset is composed mainly of a financial investment for 23.9 million Euros, hort-term receivables for 31 million Euros and a cash deposit of 5.5 million Euros. At 31 December 2013, the consolidated equity, holders of the parents, is 52.2 million Euros against 51.6 million Euros a year ago.

INVESTMENTS

Socfin SA Mopoli holds 4.9% of Socfin. Socfin has paid last November an interim dividend of 0.50 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. At the year end, the company holds 5.444 ordinary and 208 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 2013

ASSETS

(in thousands of Euro)		Notes	31 December 2013	31 December 2012
	NON-CURRENT ASSETS		23 905	22 400
I.	Available for sale investments	2	23 905	22 400
	CURRENT ASSETS		36 693	36 834
II.	Trade and other receivables	2	31 000	0
III.	Cash and short-term deposits	6	5 542	36 834
IV.	Other current assets		151	0
	TOTAL ASSETS		60 598	59 234

	EQUITY AND LIABILITIES
(in thousands of Euro)		Notes	31 December 2013	31 December 2012
	Issued capital and reserves attributable to equity holders of the parent		52 191	51 559
I.	Share capital	4	2 314	2 314
II.	Revaluation reserves	4	14 110	14 629
III.	Other reserves	4	754	754
IV.	Retained earnings	4	38 168	36 985
V.	Treasury Shares	4	-3 155	-3 123
	MINORITY INTERESTS		1	1
	EQUITY		52 192	51 560
	NON-CURRENT LIABILITIES		7 266	7 533
V.	Deferred tax	5	7 266	7 533
VI.	Other long-term payables		0	0
	CURRENT LIABILITIES		1 140	141
VII.	Trade and other payables		1 140	115
	VIII. Other current liabilities		0	26
	TOTAL EQUITY AND LIABILITIES		60 598	59 234

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

At 31st December 2013 (in thousands of Euro) Notes I. Revenue 320 640 A. Dividends 320 640 B. Other operating revenues 0 0 II. Other operating expenses -113 -112 A. Other operating expenses -113 -112 Operating profit 207 528 III. 0 0 IV. Financial income 200 68 V. Financial expenses -1 -1 Profit before tax 406 595 VI. Income tax expense -2 -5 Profit for the year 404 590 Other comprehensive income Net loss/(gain) on available-for-sale financial Assets -1 746 160 Deferred taxes liabilities on unrealized gain on AFS 594 -54 Other comprehensive income for the year, net of tax -1 152 106 Total comprehensive income for the year, net of tax -748 696 Profit attributable to : Equity holders of the parent 405 590 Minority interests 0 0 Total comprehensive income attribuable to Equity holders of the parent -748 696 Non-controlling interest 0 0 Earnings per share equity (holders of the parent for the year) : Basic earnings per share 4.25 5.87 Diluted earnings per share 4.25 5.87 31 December 2013 31 December 2012 Profit/Loss from non-current assets 31 December 2013 31 December 2012

CONSOLIDATED CASH FLOW STATEMENT at 31st December 2013

(in thousands of Euro)	Notes	31 December 2013	31 December 2012
Cash flows from operating activities		-29 700	689
Profit for the year		404	590
Capital Gain on sale of available-for-sales investments		0	0
Variation of trade and other receivables		-31 113	78
Variation of trade and other payables		1 009	21
Cash flows from investing activities		-2 291	0
Purchase of available-for-sale investments		-2 291	0
Sales of available-for-sale investments		0	0
Cash flows from financing activities		0	-3
Dividends paid		0	0
Purchase of treasury shares		0	-3
Other long-term payables		0	0
Net increase in cash and cash equivalents		-31 991	686
Cash and cash equivalents as at beginning of year		37 533	36 149
Cash and cash equivalents as at 31th December		5 542	36 835

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

As at 31st December 2013

(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 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 Balance as at 30 June 2012	100 100	2 314	14 524	754	36 399	- 94 3 120 -	- 94 50 871	1	94 - 50 872
Net income/(expenses) recognised directly in equity		-	739	-	-	-	739	-	739
Profit for the year					1 371		1 371		1 371
Total comprehensive income for the year		-	739	-	1 371	-	2 110	-	2 110
Dividends					- 3		- 3		3 -
Treasury Shares Balance as at 30 June 2013	100 100	2 314	15 263	754	37 767	- 35 3 155 -	- 35 52 943	1	35 - 52 944
Net income/(expenses) recognised directly in equity		-	- 1 153	-	-	-	1 153 -	-	1 153 -
Profit for the year					405		405		405
Total comprehensive income for the
year		-	- 1 153	-	405	-	748 -	-	748 -
Dividends Treasury Shares							- -		- -
Balance as at 31 December 2013	100 100	2 314	14 110	754	38 172	3 155 -	52 195	1	52 196

Note 2 : Current and non-current financial assets

Financial Fixed Assets

	2013		2012
	Number of	%	Number of	%
	Shares		Shares
Subsidiaries (included in consolidated financial statements)
MOPOLI Luxembourg S.A. Holding	20 000	100	19 997	99.99
Other financial fixed assets
SOCFIN S.A.	700 000	4.92	640 000	4.49
	Available- for
(in thousands of Euro)	sale
	investments
As at 30 June 2012	22 240
Sales	0
Acquisitions	0
Fair value adjustment	1 120
As at 30 June 2013	23 360
Sales	0
Acquisitions	2 291
Fair Value adjustment	-1 746
As at 31 December 2013	23 905

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of Euro)	31 Dec 2013	30 June 2013	31 Dec 2013	30 June 2013
Available-for-sale investments
Shares	238	238	23 905	23 360
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 2013, 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	100.00%	100.00%	31/12/2013

Note 4 : Equity

(In units)	Ordinary shares
Number of shares as at 30 June 2012	100 100
Changes during the year	0
Number of shares as at 30 June 2013	100 100
Changes during the year (Treasury shares)	0
Number of shares as at 31 December 2013	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 (2012 : 5.444) of its own common shares, and 208 (2012 : 204) of its founders shares.

(in thousands of Euro)	31 Dec 2013	30 June 2013
Revaluation reserves - Available-for-sale investments	14 110	15 263
Total of revaluation reserves	14 110	15 263
Statutory reserves (not distributable)	231	231
Available reserves (distributable)	523	523
Total of the other reserves	754	754
(in thousands of Euro)	31 Dec 2013	30 June 2013
Treasury Shares	3 155	3 155
Total of Treasury shares	3 155	3 155

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

The General Meeting as at 11th December 2013 renewed the authorization for 18 months. At 31 December, 208 founder's shares and 5.444 ordinary shares have been bought back for a total of 3.155 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

Retained Earnings at 30 June 2012	36 399
Profit of the year Dividends	1 371 -3
Retained Earnings at 30 June 2013	37 767
Profit of the year Dividends	404 -3
Retained Earnings at 31 December 2013	38 168

Note 5 : Deferred tax

(in thousands of Euro)	31 Dec 2013	30 June 2013
As at 1 July	7 859	7 478
Revaluation of available-for-sale investments	-593	381
As at 31 December	7 266	7 859

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. Deferred tax liabilities are related to items included in equity only.

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 2013	30 June 2013
Cash at banks and in hand	7	213
Short-term deposits	5 535	37 320
Cash and cash equivalents	5 542	37 533