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

Quarterly Report • Feb 25, 2015

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

103th FINANCIAL YEAR 2014/2015

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, P. de Traux, Director, Director,

PALMBOOMEN CULTUUR MAATSCHAPPIJ - MOPOLI N.V.

DIRECTORS' INTERIM REPORT

IFRS Result as at 31/12/2014 (unaudited)

(Period from 01/07/2014 to 31/12/2014)

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 2014 with a profit of 161.962 Euros versus a profit of 403.890 Euros as at 31 December 2013.

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

BALANCE SHEET

At 31 December 2014, the total of the Mopoli IFRS Balance Sheet is 58.8 million Euros against 60.6 million Euros as at 31 December 2013. The Mopoli's asset is composed mainly of a financial investment for 22.5 million Euros, short-term receivables for 35 million Euros and a cash deposit of 1.2 million Euros. At 31 December 2014, the consolidated equity, holders of the parents, is 58.7 million Euros against 52.2 million Euros a year ago.

INVESTMENTS

Socfin SA Mopoli holds 4.9% of Socfin. Socfin has paid last November an interim dividend of 0.20 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 212 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 2014

ASSETS

(in thousands of Euro)	Notes	31 December 2014	31 December 2013
NON-CURRENT ASSETS		22 496	23 905
I. Available for sale investments	2	22 496	23 905
CURRENT ASSETS		36 307	36 693
II. Trade and other receivables	2	35 061	31 000
III. Cash and short-term deposits	6	1 161	5 542
IV. Other current assets		85	151
TOTAL ASSETS		58 803	60 598

	EQUITY AND LIABILITIES
(in thousands of Euro)		Notes	31 December 2014	31 December 2013
	Issued capital and reserves attributable to equity holders of the parent		58 688	52 191
I.	Share capital	4	2 314	2 314
II.	Revaluation reserves	4	19 885	14 110
III.	Other reserves	4	754	754
IV.	Retained earnings	4	38 921	38 168
V.	Treasury Shares	4	-3 186	-3 155
	MINORITY INTERESTS		0	1
	EQUITY		58 688	52 192
	NON-CURRENT LIABILITIES		82	7 266
V.	Deferred tax	5	82	7 266
VI.	Other long-term payables		0	0
	CURRENT LIABILITIES		33	1 140
VII.	Trade and other payables		32	1 140
	VIII. Other current liabilities		1	0
	TOTAL EQUITY AND LIABILITIES		58 803	60 598

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

At 31st December 2013 (in thousands of Euro)	Notes	31 December 2014	31 December 2013
I. Revenue		141		320
A. Dividends B. Other operating revenues		141 0	320 0
II. Other operating expenses		-93		-113
A. Other operating expenses		-93	-113
Operating profit		48		207
III. Profit/Loss from non-current assets		0		0
IV. Financial income		115		200
Financial expenses V.		-1		-1
Profit before tax		162		406
VI. Income tax expense		0		-2
Profit for the year		162		404
Other comprehensive income		31 December 2014	31 December 2013
Net loss/(gain) on available-for-sale financial Assets		2 285		-1 746
Deferred taxes liabilities on unrealized gain on AFS		-9		594
Other comprehensive income for the year, net of tax		2 276		-1 152
Total comprehensive income for the year, net of tax		2 438		-748
Profit attributable to : Equity holders of the parent Minority interests		162 0		405 0
Total comprehensive income attribuable to Equity holders of the parent Non-controlling interest		2 438 0		-748 0

CONSOLIDATED CASH FLOW STATEMENT at 31st December 2014

(in thousands of Euro)	Notes	31 December 2014	31 December 2013
Cash flows from operating activities		-34 936	-29 700
Profit for the year		162	404
Capital Gain on sale of available-for-sales investments		0	0
Variation of trade and other receivables		-35 034	-31 113
Variation of trade and other payables		-64	1 009
Cash flows from investing activities		-31	-2 291
Purchase of available-for-sale investments		-31	-2 291
Sales of available-for-sale investments		0	0
Cash flows from financing activities		0	0
Dividends paid		0	0
Purchase of treasury shares		0	0
Other long-term payables		0	0
Net increase in cash and cash equivalents		-34 967	-31 991
Cash and cash equivalents as at beginning of year		36 128	37 533
Cash and cash equivalents as at 31th December		1 161	5 542

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

As at 31st December 2014

(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 2012	100 100	2 314	14 524	754	36 399	3 120 -	50 871	1	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		-	2 346	-	-	-	2 346	-	2 346
Profit for the year					998		998	1 -	997
Total comprehensive income for the year		-	2 346	-	998	-	3 344	1 -	3 343
Dividends					- 3		- 3		3 -
Treasury Shares Balance as at 30 June 2014	100 100	2 314	17 609	754	38 762	- 3 155 -	- 56 284	-	- 56 284
Net income/(expenses) recognised directly in equity		-	2 276	-	-	-	2 276	-	2 276
Profit for the year					162		162		162
Total comprehensive income for the
year		-	2 276	-	162	-	2 438	-	2 438
Dividends Treasury Shares					- 3	- 31	- 3 - 31		3 - 31 -
Balance as at 31 December 2014	100 100	2 314	19 885	754	38 921	3 186 -	58 688	-	58 688

Note 2 : Current and non-current financial assets

Financial Fixed Assets

	2015		2014
	Number of	%	Number of	%
	Shares		Shares
Other financial fixed assets SOCFIN S.A.	703 000	4.94	703 000	4.94
(in thousands of Euro)	Available- for sale investments
As at 30 June 2013	23 360
Sales	0
Acquisitions	2 291
Fair value adjustment	-5 440
As at 30 June 2014	20 211
Sales	0
Acquisitions	0
Fair Value adjustment	2 285
	22 496

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of Euro)	31 Dec 2014	30 June 2014	31 Dec 2014	30 June 2014
Available-for-sale investments
Shares	2 529	2 529	22 496	20 211
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 2014, the only shares held are Socfin shares (listed and quoted)

Note 4 : Equity

(In units)	Ordinary shares
Number of shares as at 30 June 2013	100 100
Changes during the year	0
Number of shares as at 30 June 2014	100 100
Changes during the year (Treasury shares)	0
Number of shares as at 31 December 2014	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 (2013 : 5.444) of its own common shares, and 212 (2013 : 208) of its founders shares.

(in thousands of Euro)	31 Dec 2014	30 June 2014
Revaluation reserves - Available-for-sale investments	19 885	17 609
Total of revaluation reserves	19 885	17 609
Statutory reserves (not distributable)	231	231
Available reserves (distributable)	523	523
Total of the other reserves	754	754
(in thousands of Euro)	31 Dec 2014	30 June 2014
Treasury Shares	3 186	3 155
Total of Treasury shares	3 186	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, 212 founder's shares and 5.444 ordinary shares have been bought back for a total of 3.186 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

Retained Earnings at 30 June 2013	37 767
Profit of the year Dividends	998 -3
Retained Earnings at 30 June 2013	38 762
Profit of the year Dividends	162 -3
Retained Earnings at 31 December 2013	38 921

Note 5 : Deferred tax

(in thousands of Euro)	31 Dec 2014	30 June 2014
As at 1 July	73	7 859
Revaluation of available-for-sale investments	9	-7 786
As at 31 December	82	73

The Deduction for Notional Interest unused is 258.480 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.

Due to the company meeting all the conditions to benefit from a reduced tax rate on the gains on sale of the AFS shares held, the deferred tax liability has been reduced from a tax rate of 33,99% to 0,412%.

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 2014
Cash at banks and in hand	853	851
Short-term deposits	308	25 277
Cash and cash equivalents	1 161	26 128