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

Quarterly Report • Oct 30, 2017

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

104th FINANCIAL YEAR 2016/2017

Unaudited

TRUE AND FAIR VIEW STATEMENT

We hereby confirm to the best of our knowledge:

• that the financial statements which have been prepared in accordance with IFRS adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code gives a true and fair view of the assets, liabilities, financial position and profit or loss of Mopoli;

• that the directors' report provides a fair review of the situation on the balance sheet date and of developments during the financial year of the issuer and of its affiliated companies whose information has been included in its financial statements, together with a description of the main risks the issuer faces.

D. Haas, P. de Traux, Director, Director,

PALMBOOMEN CULTUUR MAATSCHAPPIJ - MOPOLI N.V.

DIRECTORS' INTERIM REPORT

IFRS Result as at 31/12/2016 (unaudited)

(Period from 01/07/2016 to 31/12/2016)

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 loan, dividends from financial assets and a gain on sale of available-for-sale investments.

RESULTS

The financial half-year ended at 31 December 2016 with a profit of 12 239 70 Euros versus a profit of 679 318 Euros as at 31 December 2015.

The increase of the half-year result is mainly due to the gain on sale of available-for-sale investments.

BALANCE SHEET

At 31 December 2016, the total of the Mopoli IFRS Balance Sheet is 53.6 million Euros against 55.1 million Euros as at 31 December 2015. The Mopoli's asset is composed mainly of a financial investment for 17.1 million Euros, short-term receivables for 20.1 million Euros and a cash deposit of 23.4 million Euros. At 31 December 2016, the equity is 53.5 million Euros against 55.0 million Euros a year ago.

INVESTMENTS

Socfin SA Mopoli held 4.9% of Socfin. Socfin has paid last November an interim dividend of 0.10 Euros per share. These investments were sold on December.

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 5.727 ordinary and 218 founders shares.

FORECAST

Earnings will depend on 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 FINANCIAL POSITION at 31st December 2016

ASSETS

(in thousands of Euro)	Notes	31 December 2016	31 December 2015
NON-CURRENT ASSETS		10 000	17 090
I. Available for sale investments	2	0	17 090
I. Trade and other receivables	3	10 000	0
CURRENT ASSETS		43 554	37 963
II. Trade and other receivables	3	20 123	35 354
III. Cash and short-term deposits	6	23 427	2 609
IV. Other current assets		4	0
TOTAL ASSETS		53 554	55 053
EQUITY AND LIABILITIES (in thousands of Euro)	Notes	31 December 2016	31 December 2015
Issued capital and reserves attributable to equity holders of the parent		53 507	54 972
I. Share capital	4	2 314	2 314
II. Revaluation reserves	4	0	14 501
III. Other reserves	4	754	754
IV. Retained earnings	4	53 754	40 589
V. Treasury Shares	4	-3 315	-3 186
MINORITY INTERESTS		0	0
EQUITY		53 507	54 972
NON-CURRENT LIABILITIES		0	60
V. Deferred tax VI. Other long-term payables	5	0 0	60 0
CURRENT LIABILITIES		47	21
VII. Trade and other payables		46	20
VIII. Other current liabilities		1	1
TOTAL EQUITY AND LIABILITIES		53 554	55 053

STATEMENT OF COMPREHENSIVE INCOME

At 31st December 2015
(in thousands of Euro)	Notes	31 December 2016	31 December 2015
I. Revenue		70	70
A. Dividends	70		70
B. Other operating revenues	0		0
II. Other operating expenses		-110	-96
A. Other operating expenses	-110		-96
Operating profit		-40	-26
III. Profit/Loss from non-current assets		11 623	0
IV. Financial income		657	706
V. Financial expenses		-1	-1
Profit before tax		12 239	679
VI. Income tax expense		-45	0
Profit for the year		12 194	679
Other comprehensive income		31 December 2016	31 December 2015
Net loss/(gain) on available-for-sale financial Assets		0	-2 735
Deferred taxes liabilities on unrealized gain on AFS		0	11
Other comprehensive income for the year, net of tax		0	-2 724
Total comprehensive income for the year, net of tax		12 194	-2 045
Profit attributable to :
Equity holders of the parent Minority interests		12 194 0	679 0
Total comprehensive income attribuable to
Equity holders of the parent Non-controlling interest		12 194 0	-2 045 0
Earnings per share equity (holders of the parent for the year) : Basic earnings per share		121.82	6.78

CASH FLOW STATEMENT at 31st December 2015

(in thousands of Euro)	Notes	31 December 2016	31 December 2015
Cash flows from operating activities		27 082	707
Profit for the year		12 194	679
Capital Gain on sale of available-for-sales investments		0	0
Variation of trade and other receivables		14 877	60
Variation of trade and other payables		11	-32
Cash flows from investing activities		-7 530	0
Purchase of available-for-sale investments		-10 059	0
Sales of available-for-sale investments		2 529	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		19 552	707
Cash and cash equivalents as at beginning of year		3 875	1 902
Cash and cash equivalents as at 31th December		23 427	2 609

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

As at 31st December 2016

(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 2014	100 100	2 314	17 609	754	38 762	3 155 -	56 284	-	56 284
Net income/(expenses) recognised
directly in equity Profit for the year		-	- 385	-	- 1 154	-	385 - 1 154	-	385 - 1 154
Total comprehensive income for the
year		-	- 385	-	1 154	-	769	-	769
Dividends					- 3		- 3		3 -
Treasury Shares Balance as at 30 June 2015	100 100	2 314	17 224	754	39 913	- 32 3 187 -	- 32 57 018	-	32 - 57 018
Net income/(expenses) recognised directly in equity		-	- 3 283	-	-	-	3 283 -	-	3 283 -
Profit for the year					1 653		1 653		1 653
Total comprehensive income for the year		-	- 3 283	-	1 653	-	1 630 -	-	1 630 -
Dividends					- 3		- 3		3 -
Treasury Shares						- 69	- 69		69 -
Balance as at 30 June 2016	100 100	2 314	13 941	754	41 563	3 256 -	55 316	-	55 316
Net income/(expenses) recognised directly in equity		-	- 13 941	-	-	-	13 941 -	-	13 941 -
Profit for the year					12 194		12 194		12 194
Total comprehensive income for the
year		-	- 13 941	-	12 194	-	1 747 -	-	1 747 -
Dividends Treasury Shares					- 3	- 59	- 3 - 59		3 - 59 -
Balance as at 31 December 2016	100 100	2 314	-	754	53 754	3 315 -	53 507	-	53 507

Note 2 : Current and non-current financial assets

Financial Fixed Assets

	2017		2016
	Number of	%	Number of	%
	Shares		Shares
Other financial fixed assets
SOCFIN S.A.	0	0	703 000	4.94
	Available- for
(in thousands of Euro)	sale
	investments
As at 30 June 2015	19 825
Sales	0
Acquisitions	0
Fair value adjustment	-2 735
As at 30 June 2016	17 090
Sales	-17 090
Acquisitions	0
Fair Value adjustment	0
As at 31 December 2016	0

	Evaluation at cost (historical)		Evaluation at fair value
(in thousands of Euro)	31 Dec 2016	30 June 2016	31 Dec 2016	30 June 2016
Available-for-sale investments
Shares	0	2 529	0	17 090
Other current financial assets
Trade and other receivables	10 000	0	10 000	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 2016, the only shares held are Socfin shares (listed and quoted)

Note 3 : Other receivables

(in thousands of euro)	31 December 2016	30 June 2016
Loan granted	30 000	35 000
Other receivables	55	1
Interest to be received on loan granted	68	0
Total of Trade and other receivables	30 123	35 001
Trade and other receivables whose recovery is awaited 1 year at the most	20 123	35 001
Trade and other receivables whose recovery is awaited between 1 and 5 years	10 000	0
Trade and other receivables whose recovery is awaited at more than 5 years	0	0

The decrease of the trade and other receivables (KEUR 15 000) is explained by the fact that Socfinaf repaid part of the loan. Meanwhile, a new loan is granted to Afico for KEUR 10 000. There is due interest on the loan to SOCFINAF for the last month (as this was not paid before year-end) meanwhile last quarterly interest of previous year was paid in June 2016.

Note 4 : Equity

(In units)	Ordinary shares
Number of shares as at 30 June 2015	100 100
Changes during the year	0
Number of shares as at 30 June 2016	100 100
Changes during the year (Treasury shares)	0
Number of shares as at 31 December 2016	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 5.727 (2016 : 5.447) of its own common shares, and 218 (2016 : 218) of its founders shares.

(in thousands of Euro)	31 Dec 2016	30 June 2016
Revaluation reserves - Available-for-sale investments	14 501	17 225
Total of revaluation reserves	14 501	17 225
Statutory reserves (not distributable)	231	231
Available reserves (distributable)	523	523
Total of the other reserves	754	754
(in thousands of Euro)	31 Dec 2016	30 June 2016
Treasury Shares	3 315	3 256
Total of Treasury shares	3 315	3 256

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, 218 founder's shares and 5.727 ordinary shares have been bought back for a total of 3.187 thousands euros, deducted from the Shareholders equity.

(in thousands of Euro)

Retained Earnings at 30 June 2015	39 913
Profit of the year Dividends	679 -3
Retained Earnings at 30 June 2016	40 589
Profit of the year Dividends	12 194 -3
Retained Earnings at 31 December 2016	52 780

Note 5 : Deferred tax

(in thousands of Euro)	31 Dec 2016	30 June 2016
As at 1 July	60	71
Revaluation of available-for-sale investments	-60	-11
As at 31 December	0	60

The Deduction for Notional Interest unused is 101.185 euros (expiration date : 31/12/2018). These deferred tax assets on unused notional interrest deductions have not been recognised.

Deferred tax liabilities are related to items included in other comprehensive income 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 2016	30 June 2016
Cash at banks and in hand	20 954	136
Short-term deposits	2 473	2 473
Cash and cash equivalents	23 427	2 609