MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	SIPEF NV
Registered Office :	Kasteel Calesberg B-2900 Schoten
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	14.06.1919
Com. Reg. No.:	404491285
Legal Form :	Public Independent
Line of Business :	Growing of cereals and other crops not elsewhere classified
No. of Employees :	1,528

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Top of Form

SIPEF NV

Kasteel Calesberg B-2900 Schoten, Belgium
Tel:	32-3-6419700
Fax:	32-3-6465705
www.sipef.be

Employees:

1,528

Company Type:

Public Independent

Traded:

Euronext Brussels:

SIP

Incorporation Date:

14-Jun-1919

Auditor:

Deloitte

Financials in:	USD (mill)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	US Dollar
Annual Sales:	279.4 ^1
Net Income:	84.8
Total Assets:	500.6 ^2
Market Value:	525.3
	(09-Dec-2011)

Trading Address

Entrepotkaai 5

Antwerpen, 2000

Belgium

Business Description

SA SIPEF NV is a Belgium-based agro-industrial company. The Company mainly holds majority stakes in tropical businesses which it manages and operates. Its activities are geographically diversified and include various commodities, including palm oil and fernels with 74% of total revenues in 2010, followed by rubber, tropical fruits and plants and tea. The fruits and plants business comprise bananas and pineapple flower. Its investments are largely ventures in developing countries. SIPEF also offers consultancy services in the fields of plantation development and management. In addition, SIPEF is engaged in insurances, through Asco NV and B.D.M. NV. The Company is active in America, Indonesia, Africa, Europe and the Far East. Sipef holds controlling stakes in PT Eastern Sumatra in Indonesia, Phu Ben Tea Cy in Vietnam, Jabelmalux SA in Luxembourg, Hargy Oil Palms Ltd in Papua New Guinea and Plantations J. Eglin SA, among others. For the six months ended 30 June 2011, SIPEF NV's total revenue increased 38% to $177.1M. Net income for the period increased 77% to $58M. Total revenue reflects an increase in demand for the Company's products and services in the Palm and Rubber business segment s as well as in Indonesia and Papua New Guinea geographic segments . Net income benefited from improved operating margins as well as higher financial income and exchange result.

Industry

Industry	Crops
ANZSIC 2006:	0149 - Other Grain Growing
NACE 2002:	0111 - Growing of cereals and other crops not elsewhere classified
NAICS 2002:	11112 - Oilseed (except Soybean) Farming
UK SIC 2003:	0111 - Growing of cereals and other crops not elsewhere classified
US SIC 1987:	0119 - Cash Grains, Not Elsewhere Classified

  Key Executives

Name	Title
Francois Van Hoydonck	Member of the Executive Committee, Managing Director, Executive Director
Johan Nelis	Member of the Executive Committee, Chief Financial Officer
Thomas Hildenbrand	Member of the Executive Committee, Manager Marketing Bananas/Flowers
Theodore Bracht	Administrator
Guy Schanant	Directeur Informatique

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers / Acquisitions	1	SIPEF NV Launches Public Bid for Remaining Jabelmalux SA Shares	14-Mar-2011

News

Title	Date
Belgian Sipef extends takeover bid for Jabelmalux ADP Belgium News (95 Words)	3-Oct-2011
Sipef boosts Jabelmalux holding to 97.1% M&A Navigator (114 Words)	5-May-2011
Deal snapshot: SIPEF BOOSTS JABELMALUX HOLDING TO 97.1% M&A Navigator (61 Words)	5-May-2011
Sipef secures over 97% of Jabelmalux shares ADP Belgium News (104 Words)	2-May-2011
Leleux gives "buy" advice on Sipef ADP Belgium News (54 Words)	22-Mar-2011

Financial Summary

As of 30-Jun-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.46	2.04
Quick Ratio (MRQ)	1.79	0.90
Debt to Equity (MRQ)	0.01	0.81
Sales 5 Year Growth	13.47	9.03
Net Profit Margin (TTM) %	36.43	2.78
Return on Assets (TTM) %	23.84	3.12
Return on Equity (TTM) %	30.98	8.13

Stock Snapshot

Traded: Euronext Brussels: SIP

As of 9-Dec-2011

   Financials in: EUR

Recent Price	58.96	EPS	7.09
52 Week High	75.78	Price/Sales	2.51
52 Week Low	49.01	Dividend Rate	1.13
Avg. Volume (mil)	0.0063	Price/Earnings	8.23
Market Value (mil)	525.33	Price/Book	1.91
		Beta	0.86

	Price % Change	Rel S&P 500%
4 Week	3.66%	5.85%
13 Week	2.54%	4.48%
52 Week	-11.33%	11.96%
Year to Date	-16.96%	3.03%

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
Entrepotkaai 5
Antwerpen, 2000
Belgium

Tel:	32-3-6419700
Fax:	32-3-6465705

www.sipef.be

Quote Symbol - Exchange
SIP - Euronext Brussels
Sales USD(mil):	279.4
Assets USD(mil):	500.6
Employees:	1,528
Fiscal Year End:	31-Dec-2010

Industry:	Crops

Incorporation Date:	14-Jun-1919
Company Type:	Public Independent
Quoted Status:	Quoted
Previous Name:	Société Internationale de Plantations et de Finance NV
Registered No.(VAT):	404491285

Member of the Executive Committee, Managing Director, Executive Director:	Francois Van Hoydonck

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

Investor Relations

Products/Services

Contents · Industry Codes · Business Description · Financial Data · Market Data

Shareholders Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
0159	-	Other Crop Growing Not Elsewhere Classified
6310	-	Life Insurance
6240	-	Financial Asset Investing
0149	-	Other Grain Growing
0134	-	Apple and Pear Growing

NACE 2002 Codes:
7415	-	Management activities of holding companies
6601	-	Life insurance
0113	-	Growing of fruit, nuts, beverage and spice crops
0111	-	Growing of cereals and other crops not elsewhere classified

NAICS 2002 Codes:
11112	-	Oilseed (except Soybean) Farming
111998	-	All Other Miscellaneous Crop Farming
111339	-	Other Noncitrus Fruit Farming
551112	-	Offices of Other Holding Companies
524113	-	Direct Life Insurance Carriers

US SIC 1987:
0119	-	Cash Grains, Not Elsewhere Classified
0175	-	Deciduous Tree Fruits
6719	-	Offices of Holding Companies, Not Elsewhere Classified
6311	-	Life Insurance
0139	-	Field Crops, Except Cash Grains, Not Elsewhere Classified

UK SIC 2003:
6601	-	Life insurance
7415	-	Management activities of holding companies
01139	-	Growing of other fruit, nuts and spice crops; growing of other beverage crops
0111	-	Growing of cereals and other crops not elsewhere classified

Business Description

SA SIPEF NV is a Belgium-based agro-industrial company. The Company mainly holds majority stakes in tropical businesses which it manages and operates. Its activities are geographically diversified and include various commodities, including palm oil and fernels with 74% of total revenues in 2010, followed by rubber, tropical fruits and plants and tea. The fruits and plants business comprise bananas and pineapple flower. Its investments are largely ventures in developing countries. SIPEF also offers consultancy services in the fields of plantation development and management. In addition, SIPEF is engaged in insurances, through Asco NV and B.D.M. NV. The Company is active in America, Indonesia, Africa, Europe and the Far East. Sipef holds controlling stakes in PT Eastern Sumatra in Indonesia, Phu Ben Tea Cy in Vietnam, Jabelmalux SA in Luxembourg, Hargy Oil Palms Ltd in Papua New Guinea and Plantations J. Eglin SA, among others. For the six months ended 30 June 2011, SIPEF NV's total revenue increased 38% to $177.1M. Net income for the period increased 77% to $58M. Total revenue reflects an increase in demand for the Company's products and services in the Palm and Rubber business segment s as well as in Indonesia and Papua New Guinea geographic segments . Net income benefited from improved operating margins as well as higher financial income and exchange result.

More Business Descriptions

Financial intermediation not elsewhere classified

Manufacture and wholesale distribution of natural rubber, palm oil, tropical fruits and tea

Coffee and Tea Manufacturing

Financial Data

Financials in:	USD(mil)
Revenue:	279.4
Net Income:	84.8
Assets:	500.6
Long Term Debt:	2.6
Total Liabilities:	132.0
Working Capital:	0.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

17.5%

41.0%

18.1%

Market Data

Quote Symbol:	SIP
Exchange:	Euronext Brussels
Currency:	EUR
Stock Price:	59.0
Stock Price Date:	12-09-2011
52 Week Price Change %:	-11.3
Market Value (mil):	525,325.1
SEDOL:	4811747
ISIN:	BE0003898187
Equity and Dept Distribution:
12/2008, 10-for-1 stock split.

Subsidiaries

Company	Percentage Owned	Country
PT Tolan Tiga	95%	INDONESIA
PT Kerasaan	57%	INDONESIA
PT Timbang Deli	95%	INDONESIA
PT Melania	95%	INDONESIA
Hargy Oil Palms Pty Ltd	100%	PAPUA NEW GUINEA
PT Eastern Sumatra	95%	INDONESIA
Galley Reach Holdings Ltd	100%	PAPUA NEW GUINEA
PT Bandar Sumatra	95%	INDONESIA
Plantations J Eglin SA	100%	IVORY COAST
Bonal SA	100%	BRAZIL
Senor Ltd	97.3%	BRAZIL
PT Umbal Mas Wisesa	100%	INDONESIA
PT Citra Sawit Mandiri	95%	INDONESIA
PT Toton Usaha Mandiri	100%	INDONESIA
Société Bananière de Motobé SA	100%	IVORY COAST

Shareholders

Major Shareholders

NIM SA/NV (28.69%); Fortis Investment Management SA/NV (5.09%); Alcatel Pensioenfonds VZW (5.01%)

Key Corporate Relationships

Auditor:	Deloitte
Auditor:	Deloitte, Deloitte Réviseurs d'Entreprises

Executives Report

Board of Directors

Name	Title	Function
Baron Bracht	Non-Executive Chairman of the Board, Non-Executive Director	Chairman
Matthew T. Adams	Member of the Executive Committee, External Visiting Agent	Director/Board Member
Luc J. Bertrand	Non-Executive Director	Director/Board Member
Priscilla Bracht	Non-Executive Director	Director/Board Member
Chris Caremans	Director	Director/Board Member
Didier Cruysmans	Member of the Executive Committee, Estates Department	Director/Board Member
Bernard de Gerlache de Gomery	Non-Executive Independent Director	Director/Board Member
Stefan De Kimpe	Director	Director/Board Member
Jacques Delen	Non-Executive Director	Director/Board Member
Antoine Friling	Non-Executive Director	Director/Board Member
Regnier Haegelsteen	Non-Executive Independent Director	Director/Board Member
Thomas Hildenbrand	Member of the Executive Committee, Manager Marketing Bananas/Flowers	Director/Board Member
Hubert-Luc Janssen	Director	Director/Board Member
Henry Le Grelle	Director	Director/Board Member
Johan Nelis	Member of the Executive Committee, Chief Financial Officer	Director/Board Member
Paul Nellens	Member of the Executive Committee, Manager Marketing Commodities	Director/Board Member
Richard M. Robinow	Non-Executive Independent Director	Director/Board Member
Francois Van Hoydonck	Member of the Executive Committee, Managing Director, Executive Director	Director/Board Member

Executives

Name	Title	Function
Francois Van Hoydonck	Member of the Executive Committee, Managing Director, Executive Director	Chief Executive Officer
Theodore Bracht	Administrator	Administration Executive
Antonius Willy Henri Marie Friling	Administrator	Administration Executive
Sophie Lammerant-Velge	Administrator	Administration Executive
Johan Nelis	Member of the Executive Committee, Chief Financial Officer	Finance Executive
Philippe Maeyaert	Representative/Auditor	Accounting Executive
Jos Vlaminckx	Representative/Auditor	Accounting Executive
Thomas Hildenbrand	Member of the Executive Committee, Manager Marketing Bananas/Flowers	Marketing Executive
Paul Nellens	Member of the Executive Committee, Manager Marketing Commodities	Marketing Executive
Guy Schanant	Directeur Informatique	Information Executive
Bertrand De Decker	Directeur Asie & Océanie	Other
Jean Jacques De Smet	Agent	Other
Omer De Vlieghere	Agent	Other
Willy Dupont	Agent	Other
Jacques Gijde	Agent	Other

Significant Developments

SIPEF NV Launches Public Bid for Remaining Jabelmalux SA Shares

Mar 14, 2011

SIPEF NV announced that it has launched a public bid for the remaining outstanding shares of Jabelmalux SA. The bid will officially open on March 15, 2011, and is planned to close on April 29, 2011.

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Turnover	233.2	209.6	244.4
Immobilized Production	-	0.0	0.1
Other Operating Income	0.8	0.1	0.1
Operating Income	234.0	209.7	244.6
Purchases	223.3	188.2	244.5
Increase or Decrease in Stocks	0.0	9.2	-10.5
Raw Materials, Consumables, and Goods for Release	223.3	197.5	234.0
Services and Sundry Goods	4.1	3.7	4.5
Remuneration, Social Security Charges, and Pensions	4.4	4.9	5.4
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.3	0.3	0.3
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	-1.7	0.2	0.4
Provisions for Liabilities and Charges	0.0	0.1	-0.2
Other Operating Charges	1.7	0.0	0.0
Operating Charges	232.1	206.7	244.4
Income From Financial Fixed Assets	2.0	1.9	6.6
Income From Current Assets	0.7	1.2	3.6
Other Financial Income	1.8	19.9	20.6
Financial Income	4.5	23.0	30.8
Interest and Other Debt Charges	0.7	1.1	2.4
Other Financial Charges	0.2	22.8	15.1
Financial Charges	0.9	23.9	17.4
Adjustments to Amounts Written Off on Financial Fixed Assets	4.3	0.6	1.7
Gain on Disposal of Fixed Assets	0.7	0.7	41.1
Other Extraordinary Income	0.0	0.2	0.2
Extraordinary Income	4.9	1.5	42.9
Loss on Disposal of Fixed Assets	0.0	0.0	0.2
Other Extraordinary Charges	0.0	0.0	0.0
Extraordinary Charges	0.0	0.0	0.2
Income Taxes	0.0	-	-
Income Taxes	0.0	-	-
To the Legal Reserve	-	-	0.6
Transfers to Capital and Reserves	-	-	0.6
Return on Capital	17.8	13.7	10.5
Profit to be Distributed	17.8	13.7	10.5
Employees	20	25	24

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Intangible Assets	0.5	0.7	0.7
Furniture and Vehicles	0.2	0.2	0.2
Other Tangible Assets	0.0	0.0	0.0
Tangible Assets	0.2	0.2	0.2
Participating Interests	57.7	62.7	64.7
Amounts Receivable	0.5	14.0	13.6
Affiliated Enterprises	58.2	76.8	78.3
Shares	2.2	2.3	2.7
Amounts Receivable and Cash Guarantees	0.0	0.5	0.7
Other Capital Assets	2.2	2.8	3.4
Capital Assets	60.4	79.6	81.6
Fixed Assets	61.2	80.5	82.5
Other Amounts Receivable	-	1.7	5.6
Amounts Receivable After More Than One Year	-	1.7	5.6
Goods Purchased for Resale	0.7	0.8	10.0
Stocks	0.7	0.8	10.0
Inventory and Orders in Progress	0.7	0.8	10.0
Trade Debtors	25.9	16.3	10.6
Other Amounts Receivable	42.7	28.3	38.3
Amounts Receivable Within One Year	68.6	44.6	48.9
Other Investments and Deposits	42.0	34.2	22.4
Investments	42.0	34.2	22.4
Liquid Assets	2.8	4.6	5.5
Adjustment Accounts	0.2	0.1	0.2
Current Assets	114.2	85.9	92.6
Total Assets	175.4	166.4	175.1
Issued Capital	46.6	49.9	48.3
Capital	46.6	49.9	48.3
Paid-In Capital	21.8	23.4	22.6
Legal Reserve	4.7	5.0	4.8
Other	0.7	0.7	0.7
Reserves Not Available for Distribution	0.7	0.7	0.7
Reserves	5.4	5.7	5.5
Pensions and Similar Obligations	0.1	0.1	-
Other Liabilities and Charges	0.1	0.1	0.1
Provisions for Liabilities and Charges	0.2	0.2	0.1
Provisions and Deferred Taxes	0.2	0.2	0.1
Capital and Reserves	100.9	116.0	122.5
Credit Institutions	2.6	7.8	13.0
Financial Debts	2.6	7.8	13.0
Amounts Due After More Than One Year	2.6	7.8	13.0
Current Portion of Amounts Payable After More Than One Year	5.2	5.2	5.2
Suppliers	35.5	16.0	17.6
Trade Debts	35.5	16.0	17.6
Taxes	-	-	0.0
Remuneration and Social Security	2.0	1.7	1.9
Taxes, Wages, and Social Security	2.0	1.7	2.0
Other Amounts Payable	27.7	18.0	14.3
Amounts Payable Within One Year	70.5	40.8	39.1
Adjustment Accounts	1.2	1.6	0.4
Creditors	74.3	50.2	52.5
Total Liabilities + Shareholders' Equity	175.4	166.4	175.1

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Sales	279.4	237.8	279.4	207.3	152.5
Revenue	279.4	237.8	279.4	207.3	152.5
Total Revenue	279.4	237.8	279.4	207.3	152.5
Cost of Revenue	139.1	139.4	179.9	118.3	110.8
Cost of Revenue, Total	139.1	139.4	179.9	118.3	110.8
Gross Profit	140.3	98.5	99.5	89.0	41.6
Selling/General/Administrative Expense	19.8	17.8	20.2	16.7	13.0
Total Selling/General/Administrative Expenses	19.8	17.8	20.2	16.7	13.0
Other, Net	2.3	-2.0	-2.0	-1.6	-3.2
Other Operating Expenses, Total	2.3	-2.0	-2.0	-1.6	-3.2
Total Operating Expense	161.2	155.2	198.0	133.4	120.7
Operating Income	118.2	82.7	81.4	73.9	31.8
Investment Income - Non-Operating	0.4	0.9	1.9	1.5	-1.1
Interest/Investment Income - Non-Operating	0.4	0.9	1.9	1.5	-1.1
Interest Income (Expense) - Net Non-Operating Total	0.4	0.9	1.9	1.5	-1.1
Other Non-Operating Income (Expense)	-0.2	-1.0	-0.7	-1.0	-1.3
Other, Net	-0.2	-1.0	-0.7	-1.0	-1.3
Income Before Tax	118.5	82.6	82.6	74.4	29.4
Total Income Tax	29.1	18.9	22.7	22.7	8.2
Income After Tax	89.4	63.7	59.9	51.7	21.2
Minority Interest	-7.2	-4.4	-5.1	-4.7	-2.2
Equity In Affiliates	2.6	0.9	0.3	1.8	1.4
Net Income Before Extraord Items	84.8	60.2	55.1	48.7	20.4
Discontinued Operations	0.0	0.0	3.7	-1.5	-0.1
Total Extraord Items	0.0	0.0	3.7	-1.5	-0.1
Net Income	84.8	60.2	58.8	47.3	20.4
Income Available to Common Excl Extraord Items	84.8	60.2	55.1	48.7	20.4
Income Available to Common Incl Extraord Items	84.8	60.2	58.8	47.3	20.4
Basic/Primary Weighted Average Shares	9.0	9.0	9.0	9.0	6.6
Basic EPS Excl Extraord Items	9.48	6.72	6.15	5.45	2.34
Basic/Primary EPS Incl Extraord Items	9.48	6.72	6.56	5.28	2.33
Dilution Adjustment	-	-	0.0	-	-
Diluted Net Income	84.8	60.2	58.8	47.3	20.4
Diluted Weighted Average Shares	9.0	9.0	9.0	9.0	6.6
Diluted EPS Excl Extraord Items	9.48	6.72	6.15	5.45	2.31
Diluted EPS Incl Extraord Items	9.48	6.72	6.56	5.28	2.31
Dividends per Share - Common Stock Primary Issue	1.50	1.10	0.80	0.58	0.35
Dividends per Share - Common Stock Issue 2	-	-	-	-	0.40
Gross Dividends - Common Stock	13.4	9.8	7.2	5.2	4.3
Depreciation, Supplemental	9.3	7.9	8.0	6.1	-
Normalized Income Before Tax	118.5	82.6	82.6	74.4	29.4
Inc Tax Ex Impact of Sp Items	29.1	18.9	22.7	22.7	8.2
Normalized Income After Tax	89.4	63.7	59.9	51.7	21.2
Normalized Inc. Avail to Com.	84.8	60.2	55.1	48.7	20.4
Basic Normalized EPS	9.48	6.72	6.15	5.45	2.34
Diluted Normalized EPS	9.48	6.72	6.15	5.45	2.31
Amort of Intangibles, Supplemental	0.3	0.2	0.2	0.1	-
Normalized EBIT	118.2	82.7	81.4	73.9	31.8
Normalized EBITDA	127.8	90.8	89.5	80.1	31.8
Current Tax - Total	-	23.8	24.8	22.3	-
Current Tax - Total	-	23.8	24.8	22.3	-
Deferred Tax - Total	-	-3.9	0.0	8.1	-
Deferred Tax - Total	-	-3.9	0.0	8.1	-
Other Tax	-	-1.0	-2.1	-7.7	-
Income Tax - Total	-	18.9	22.7	22.7	-
Interest Cost - Domestic	1.0	1.1	0.9	0.9	-
Service Cost - Domestic	0.6	0.5	0.6	0.6	-
Expected Return on Assets - Domestic	-	0.0	0.0	0.0	-
Actuarial Gains and Losses - Domestic	0.3	-0.3	0.2	0.3	-
Domestic Pension Plan Expense	1.9	1.3	1.6	1.8	-
Defined Contribution Expense - Domestic	0.8	1.1	-	-	-
Total Pension Expense	2.8	2.5	1.6	1.8	-
Discount Rate - Domestic	9.00%	10.50%	12.00%	10.00%	-
Compensation Rate - Domestic	7.00%	8.00%	9.50%	7.50%	-
Total Plan Interest Cost	1.0	1.1	0.9	0.9	-
Total Plan Service Cost	0.6	0.5	0.6	0.6	-
Total Plan Expected Return	-	0.0	0.0	0.0	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate	1	1	1	1	0.758351
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Equivalents	49.0	42.1	30.9	30.1	21.3
Short Term Investments	15.6	10.3	5.0	5.3	0.0
Cash and Short Term Investments	64.6	52.4	35.9	35.4	21.3
Trade Accounts Receivable - Net	26.4	18.7	12.1	21.1	14.5
Other Receivables	19.4	17.4	11.0	4.5	6.4
Total Receivables, Net	45.9	36.1	23.0	25.6	20.9
Inventories - Finished Goods	18.5	13.6	16.7	13.0	-
Inventories - Raw Materials	11.3	10.8	11.1	7.4	-
Inventories - Other	0.0	0.0	0.0	0.9	-
Total Inventory	29.8	24.4	27.8	21.3	17.3
Discontinued Operations - Current Asset	2.6	2.1	-	-	-
Other Current Assets	2.1	0.9	1.1	1.2	1.3
Other Current Assets, Total	4.7	3.0	1.1	1.2	1.3
Total Current Assets	145.0	115.9	87.8	83.5	60.8
Land/Improvements	55.4	48.1	42.1	37.7	-
Machinery/Equipment	98.2	85.5	81.6	79.6	-
Construction in Progress	3.8	4.9	3.9	2.0	-
Leases	0.0	2.0	2.1	0.0	-
Other Property/Plant/Equipment	0.0	0.0	0.0	2.4	2.4
Property/Plant/Equipment - Gross	157.4	140.5	129.7	121.7	2.4
Accumulated Depreciation	-73.6	-65.5	-60.0	-54.6	-
Property/Plant/Equipment - Net	83.8	75.0	69.7	67.1	58.8
Goodwill, Net	4.5	1.3	-	-	-
Intangibles - Gross	16.9	14.5	-	-	-
Accumulated Intangible Amortization	-1.2	-0.9	-	-	-
Intangibles, Net	15.7	13.7	12.6	9.4	7.0
LT Investment - Affiliate Companies	9.6	7.9	6.7	15.9	8.7
LT Investments - Other	4.0	4.3	0.0	0.8	0.7
Long Term Investments	13.6	12.2	6.7	16.7	9.3
Note Receivable - Long Term	0.1	1.8	10.7	2.1	2.7
Deferred Income Tax - Long Term Asset	0.0	0.7	0.8	1.0	1.3
Other Long Term Assets	237.7	203.1	185.0	163.0	138.4
Other Long Term Assets, Total	237.7	203.8	185.8	163.9	139.7
Total Assets	500.6	423.7	373.2	342.8	278.3
Accounts Payable	9.2	9.5	13.6	10.2	5.0
Notes Payable/Short Term Debt	0.3	1.8	1.2	15.5	40.5
Current Portion - Long Term Debt/Capital Leases	5.2	5.6	5.8	9.6	11.0
Customer Advances	0.3	0.3	0.1	0.6	0.4
Income Taxes Payable	15.3	10.0	9.6	4.6	0.7
Other Payables	8.4	12.1	11.6	13.7	6.7
Discontinued Operations - Current Liability	0.5	0.4	-	-	-
Other Current Liabilities	5.0	5.5	4.5	7.6	4.5
Other Current liabilities, Total	29.4	28.3	25.8	26.5	12.2
Total Current Liabilities	44.2	45.3	46.4	61.7	68.7
Long Term Debt	2.6	7.8	13.0	18.6	4.7
Capital Lease Obligations	0.0	1.0	1.5	0.0	-
Total Long Term Debt	2.6	8.8	14.5	18.6	4.7
Total Debt	8.1	16.3	21.5	43.6	56.2
Deferred Income Tax - LT Liability	47.5	41.5	37.8	37.9	30.5
Deferred Income Tax	47.5	41.5	37.8	37.9	30.5
Minority Interest	27.2	21.6	18.8	15.1	12.7
Reserves	0.1	0.2	0.2	0.5	0.2
Pension Benefits - Underfunded	10.4	9.2	8.3	9.4	9.3
Other Long Term Liabilities	0.0	0.1	0.1	0.1	0.1
Other Liabilities, Total	10.5	9.5	8.6	10.0	9.7
Total Liabilities	132.0	126.8	126.1	143.4	126.3
Common Stock	45.8	45.8	45.8	45.8	44.7
Common Stock	45.8	45.8	45.8	45.8	44.7
Additional Paid-In Capital	21.5	21.5	21.5	21.5	20.1
Retained Earnings (Accumulated Deficit)	316.1	242.9	193.1	144.9	101.3
Translation Adjustment	-14.9	-13.3	-13.3	-12.8	-14.1
Other Equity, Total	-14.9	-13.3	-13.3	-12.8	-14.1
Total Equity	368.5	296.9	247.1	199.4	152.0
Total Liabilities & Shareholders’ Equity	500.6	423.7	373.2	342.8	278.3
Shares Outstanding - Common Stock Primary Issue	9.0	9.0	9.0	9.0	3.6
Shares Outstanding - Common Stock Issue 2	-	-	-	-	3.1
Total Common Shares Outstanding	9.0	9.0	9.0	9.0	6.6
Employees	-	-	-	1,528	27
Accumulated Intangible Amort, Suppl.	1.2	0.9	0.6	0.1	-
Deferred Revenue - Current	0.3	0.3	0.1	0.6	0.4
Total Long Term Debt, Supplemental	-	13.0	18.4	-	-
Long Term Debt Maturing within 1 Year	-	5.2	5.4	-	-
Long Term Debt Maturing in Year 2	-	5.2	5.2	-	-
Long Term Debt Maturing in Year 3	-	2.6	5.2	-	-
Long Term Debt Maturing in Year 4	-	-	2.6	-	-
Long Term Debt Maturing in 2-3 Years	-	7.8	10.4	-	-
Long Term Debt Maturing in 4-5 Years	-	-	2.6	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	-	-
Total Capital Leases, Supplemental	0.0	1.5	1.9	0.0	-
Capital Lease Payments Due in Year 1	0.0	0.4	0.4	0.0	-
Capital Lease Payments Due in Year 2	0.0	0.5	0.5	0.0	-
Capital Lease Payments Due in Year 3	0.0	0.5	0.5	0.0	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.6	0.0	-
Capital Lease Payments Due in 2-3 Years	0.0	1.0	1.0	0.0	-
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.6	0.0	-
Total Operating Leases, Supplemental	0.4	0.8	1.0	0.3	-
Operating Lease Payments Due in Year 1	0.3	0.3	0.3	0.1	-
Operating Lease Payments Due in Year 2	0.1	0.3	0.3	0.1	-
Operating Lease Payments Due in Year 3	0.0	0.1	0.3	0.1	-
Operating Lease Payments Due in Year 4	0.0	0.0	0.0	0.0	-
Operating Lease Payments Due in Year 5	0.0	0.0	0.0	0.0	-
Operating Lease Pymts. Due in 2-3 Years	0.1	0.4	0.6	0.1	-
Operating Lease Pymts. Due in 4-5 Years	0.0	0.0	0.0	0.1	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	-
Discount Rate - Domestic	9.00%	10.50%	12.00%	-	-
Compensation Rate - Domestic	7.00%	8.00%	9.50%	-	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	118.5	82.6	82.6	74.4	29.4
Depreciation	9.7	7.9	8.0	7.5	6.6
Depreciation/Depletion	9.7	7.9	8.0	7.5	6.6
Amortization of Intangibles	-	0.2	0.2	-	-
Amortization	-	0.2	0.2	-	-
Discontinued Operations	0.0	0.0	5.5	-1.5	0.0
Unusual Items	2.4	-0.8	-5.5	0.3	0.3
Other Non-Cash Items	-18.6	-5.6	-6.4	-12.4	-3.6
Non-Cash Items	-16.2	-6.4	-6.5	-13.6	-3.4
Other Assets & Liabilities, Net	-16.9	-2.5	-1.8	3.3	-2.0
Other Operating Cash Flow	-17.4	-17.4	-20.2	-7.8	-4.9
Changes in Working Capital	-34.3	-19.9	-22.0	-4.5	-6.9
Cash from Operating Activities	77.7	64.4	62.3	63.8	25.7
Purchase of Fixed Assets	-19.0	-14.5	-14.9	-14.8	-9.4
Purchase/Acquisition of Intangibles	-18.9	-16.3	-21.2	-16.7	-6.9
Capital Expenditures	-37.8	-30.8	-36.1	-31.5	-16.3
Sale of Fixed Assets	2.4	1.0	8.0	0.5	0.2
Sale/Maturity of Investment	-	-	2.2	0.4	0.0
Purchase of Investments	-8.3	0.0	-0.5	-0.2	-13.8
Other Investing Cash Flow	0.0	0.0	0.0	0.3	0.2
Other Investing Cash Flow Items, Total	-5.9	1.0	9.7	1.0	-13.4
Cash from Investing Activities	-43.8	-29.8	-26.5	-30.5	-29.7
Other Financing Cash Flow	-13.6	-13.0	-12.9	-5.8	-4.7
Financing Cash Flow Items	-13.6	-13.0	-12.9	-5.8	-4.7
Cash Dividends Paid - Common	-	-	-	-2.4	-0.2
Total Cash Dividends Paid	-	-	-	-2.4	-0.2
Sale/Issuance of Common	0.1	0.0	0.2	1.9	1.3
Common Stock, Net	0.1	0.0	0.2	1.9	1.3
Issuance (Retirement) of Stock, Net	0.1	0.0	0.2	1.9	1.3
Short Term Debt, Net	-1.5	0.7	-14.7	-25.5	25.4
Long Term Debt, Net	-6.7	-5.8	-7.8	12.4	-7.2
Issuance (Retirement) of Debt, Net	-8.2	-5.1	-22.5	-13.1	18.2
Cash from Financing Activities	-21.7	-18.1	-35.3	-19.4	14.7
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	12.2	16.5	0.6	13.9	10.7
Net Cash - Beginning Balance	52.4	35.9	35.4	21.5	-
Net Cash - Ending Balance	64.6	52.4	35.9	35.4	-
Cash Taxes Paid	17.5	18.4	20.9	9.0	6.5

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Revenue	279.4	237.8	279.4	207.3	161.8
Total Revenue	279.4	237.8	279.4	207.3	161.8
Cost of Sales	158.3	145.4	185.1	128.6	119.5
Variation of Biological Assets	-33.4	-19.2	-22.8	-24.7	-8.7
Planting Costs	14.3	13.2	17.6	14.4	6.8
Selling, General and Admin Expenses	19.8	17.8	20.2	16.7	13.8
Other Operating Income, Charges	2.3	-2.0	-2.0	-1.6	-3.3
Total Operating Expense	161.2	155.2	198.0	133.4	128.1
Financial Income	1.0	0.5	1.9	1.8	0.9
Financial Charges	-1.1	-1.5	-2.5	-2.9	-2.3
Exchange Differences	0.4	0.9	1.9	1.5	-1.1
Net Income Before Taxes	118.5	82.6	82.6	74.4	31.2
Provision for Income Taxes	29.1	18.9	22.7	22.7	8.7
Net Income After Taxes	89.4	63.7	59.9	51.7	22.5
Equity Method	2.6	0.9	-2.2	1.1	1.4
Equity/SIPEF-CI SA	-	0.0	2.6	0.7	0.1
Third Parties' Share	-7.2	-4.4	-5.1	-4.7	-2.3
Net Income Before Extra. Items	84.8	60.2	55.1	48.7	21.7
Discountinued Operations	0.0	0.0	3.7	-1.5	-0.1
Net Income	84.8	60.2	58.8	47.3	21.6
Income Available to Com Excl ExtraOrd	84.8	60.2	55.1	48.7	21.7
Income Available to Com Incl ExtraOrd	84.8	60.2	58.8	47.3	21.6
Basic Weighted Average Shares	9.0	9.0	9.0	9.0	8.7
Basic EPS Excluding ExtraOrdinary Items	9.48	6.72	6.15	5.45	2.48
Basic EPS Including ExtraOrdinary Item	9.48	6.72	6.56	5.28	2.47
Dilution Adjustment	-	-	0.0	-	-
Diluted Net Income	84.8	60.2	58.8	47.3	21.6
Diluted Weighted Average Shares	9.0	9.0	9.0	9.0	8.8
Diluted EPS Excluding ExtraOrd Items	9.48	6.72	6.15	5.45	2.46
Diluted EPS Including ExtraOrd Items	9.48	6.72	6.56	5.28	2.45
DPS-Ordinary Shares	1.50	1.10	0.80	0.58	0.38
DPS-Ordinary Shares (ex. VVPR)	-	-	-	-	0.43
Gross Dividends - Common Stock	13.4	9.8	7.2	5.2	4.6
Normalized Income Before Taxes	118.5	82.6	82.6	74.4	31.2
Inc Tax Ex Impact of Sp Items	29.1	18.9	22.7	22.7	8.7
Normalized Income After Taxes	89.4	63.7	59.9	51.7	22.5
Normalized Inc. Avail to Com.	84.8	60.2	55.1	48.7	21.7
Basic Normalized EPS	9.48	6.72	6.15	5.45	2.48
Diluted Normalized EPS	9.48	6.72	6.15	5.45	2.46
Depreciation	9.3	7.9	8.0	6.1	-
Amortization of Intangibles	0.3	0.2	0.2	0.1	-
Curent Tax	-	23.8	24.8	22.3	-
Current Tax - Total	-	23.8	24.8	22.3	-
Deferred Tax	-	-3.9	0.0	8.1	-
Deferred Tax - Total	-	-3.9	0.0	8.1	-
Other Tax	-	-1.0	-2.1	-7.7	-
Income Tax - Total	-	18.9	22.7	22.7	-
Service Cost	0.6	0.5	0.6	0.6	-
Interest Cost	1.0	1.1	0.9	0.9	-
Change in Assumptions	-	0.0	0.0	0.0	-
Actuarial Gains and Losses	0.3	-0.3	0.2	0.3	-
Domestic Pension Plan Expense	1.9	1.3	1.6	1.8	-
Defined Contribution Expense - Domestic	0.8	1.1	-	-	-
Total Pension Expense	2.8	2.5	1.6	1.8	-
Discount Rate	9.00%	10.50%	12.00%	10.00%	-
Compensation Rate	7.00%	8.00%	9.50%	7.50%	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate	1	1	1	1	0.758351
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Raw Materials	11.3	10.8	11.1	7.4	-
Finished Goods	18.5	13.6	16.7	13.0	-
Total Inventory	-	-	-	-	17.5
Advance Payments	0.0	0.0	0.0	0.9	-
Trade Debtors	26.4	18.7	12.1	21.1	14.6
Other Receivable	19.4	17.4	11.0	4.5	6.4
Other Investment	15.6	10.3	5.0	5.3	0.0
Derivatives	0.0	-	-	-	-
Cash & Equivalents	49.0	42.1	30.9	30.1	21.5
Other Current Assets	2.1	0.9	1.1	1.2	1.3
Assets For Sale	2.6	2.1	-	-	-
Total Current Assets	145.0	115.9	87.8	83.5	61.4
Biological Assets	237.7	203.1	185.0	163.0	139.9
Investment Property	0.0	0.0	0.0	2.4	2.4
Total Intangibles	-	-	12.6	9.4	7.1
Intangibles	16.9	14.5	-	-	-
Amortisation	-1.2	-0.9	-	-	-
Consol. Diff./Goodwill, Net	4.5	1.3	-	-	-
Total Tangibles	-	-	-	-	57.0
Land/Buildings	55.4	48.1	42.1	37.7	-
Plant/Machinery	63.6	59.0	55.8	55.3	-
Furn./Vehicles	28.5	20.7	20.1	18.9	-
Office Equipment	6.1	5.8	5.7	5.5	-
Leasing/Similar	0.0	2.0	2.1	0.0	-
Under Construct.	3.8	4.9	3.9	2.0	-
Depreciation	-73.6	-65.5	-60.0	-54.6	-
Enterprises/Eq.	9.6	7.9	6.7	15.9	8.7
Other/Part. Int.	4.0	4.3	0.0	0.8	0.7
Other/Acc. Rec.	-	-	4.9	0.6	0.6
Other Receivables	0.1	1.8	5.8	1.5	2.1
Deferred Tax	0.0	0.7	0.8	1.0	1.3
Total Assets	500.6	423.7	373.2	342.8	281.2
Portion of L.T.	5.2	5.2	5.4	9.6	11.1
Capital Leases	0.0	0.4	0.4	0.0	-
Credit Instit.	0.3	1.8	1.2	15.5	41.0
Derivatives	0.2	0.8	1.0	0.3	0.2
Trade/Suppliers	9.2	9.5	13.6	10.2	5.1
Advances	0.3	0.3	0.1	0.6	0.4
Other Payables	8.4	12.1	11.6	13.7	6.7
Taxes Payable	15.3	10.0	9.6	4.6	0.7
Other Current Liabilities	4.8	4.7	3.4	7.2	4.3
Assets for Sale	0.5	0.4	-	-	-
Total Current Liabilities	44.2	45.3	46.4	61.7	69.5
Leasing/Similar	0.0	1.0	1.5	0.0	-
Credit Instit.	2.6	7.8	13.0	18.6	4.7
Total Long Term Debt	2.6	8.8	14.5	18.6	4.7
Minority Int.	27.2	21.6	18.8	15.1	12.9
Prov./Pensions	10.4	9.2	8.3	9.4	9.4
Provisions/Other	0.1	0.2	0.2	0.5	0.2
Deferred Tax	47.5	41.5	37.8	37.9	30.8
Trade/Suppliers	0.0	0.1	0.1	0.1	0.1
Total Liabilities	132.0	126.8	126.1	143.4	127.6
Capital Stock	45.8	45.8	45.8	45.8	45.2
Share Premium	21.5	21.5	21.5	21.5	20.3
Other Reserves	316.1	242.9	-	-	-
Consol. Reserves	-	-	193.1	144.9	102.4
Translation Dif.	-14.9	-13.3	-13.3	-12.8	-14.3
Total Equity	368.5	296.9	247.1	199.4	153.6
Total Liabilities & Shareholders' Equity	500.6	423.7	373.2	342.8	281.2
S/O-Ordinary Shares	9.0	9.0	9.0	9.0	4.7
S/O-Ordinary Shares (ex. VVPR)	-	-	-	-	4.1
Total Common Shares Outstanding	9.0	9.0	9.0	9.0	8.8
Deferred Revenue - Current	0.3	0.3	0.1	0.6	0.4
Accumulated Intangible Amortization	1.2	0.9	0.6	0.1	-
Full-Time Employees	-	-	-	1,528	27
LT Debt due within 1 Year	-	5.2	5.4	-	-
LT Debt due in 2 Years	-	5.2	5.2	-	-
LT Debt due in 3 Years	-	2.6	5.2	-	-
LT Debt due in 4 Years	-	-	2.6	-	-
Total Long Term Debt, Supplemental	-	13.0	18.4	-	-
Capital Leases Within 1 Year	0.0	0.4	0.4	0.0	-
Capital Leases Within 2 Years	0.0	0.5	0.5	0.0	-
Capital Leases Within 3 Years	0.0	0.5	0.5	0.0	-
Capital Leases Within 4 Years	0.0	0.0	0.6	0.0	-
Total Capital Leases	0.0	1.5	1.9	0.0	-
Operating Leases due within 1 Year	0.3	0.3	0.3	0.1	-
Operating Leases due in 2 Years	0.1	0.3	0.3	0.1	-
Operating Leases due in 3 Years	0.0	0.1	0.3	0.1	-
Operating Leases due in 4 Years	0.0	0.0	0.0	0.0	-
Operating Leases due in 5 Years	0.0	0.0	0.0	0.0	-
Total Operating Leases	0.4	0.8	1.0	0.3	-
Discount Rate	9.00%	10.50%	12.00%	-	-
Compensation Rate	7.00%	8.00%	9.50%	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Result before Tax	118.5	82.6	82.6	74.4	31.2
Depreciation	9.7	7.9	8.0	7.5	7.0
Amortization	-	0.2	0.2	-	-
Inventories Depreciation	-	-	0.2	-	-
Result of Disc. Operation Before Tax	0.0	0.0	5.5	-1.5	-0.1
Movement in Provisions	1.0	0.9	-1.4	0.2	1.3
Impairment CSM	3.6	-	-	-	-
Unrealised Exchange Result	0.0	0.0	0.0	0.0	-1.5
Changes in Fair Value of Biological Asse	-19.1	-6.0	-4.8	-9.7	-1.9
Other Non Cash Results	-0.6	-0.3	0.7	-2.0	-1.7
Interest Received - Paid	0.2	1.0	0.7	1.2	1.7
Capital Loss on Receivables	0.2	-0.2	-1.1	-0.9	-0.1
Sales of Property , Plant and Equipment	0.1	0.1	-5.1	0.7	0.3
Sales of Financial Assets	-1.4	-0.9	-0.4	-0.4	0.0
Net Working Capital	-16.9	-2.5	-1.8	3.3	-2.1
Income Tax Paid	-17.5	-18.4	-20.9	-9.0	-6.9
Cash from Operating Activities	77.7	64.4	62.3	63.8	27.3
Acq./Intangibles	-4.3	-2.7	-3.3	-2.1	-0.2
Acq. Biological Assets	-14.5	-13.6	-17.9	-14.6	-7.1
Acq. Property, Plant and Equipment	-19.0	-14.5	-14.9	-14.7	-9.5
Acq. Investment Property	0.0	0.0	0.0	-0.1	-0.5
Acq./Financial Asset	-8.3	0.0	-0.5	-0.2	-14.7
Dividends Received from Affiliates	0.0	0.0	0.0	0.3	0.2
Sales of Property, Plant and Equipment	0.8	0.8	8.0	0.5	0.2
Sales/Tangibles	1.5	0.2	-	-	-
Sales/Financial	-	-	2.2	0.4	0.0
Cash from Investing Activities	-43.8	-29.8	-26.5	-30.5	-31.5
Capital Increase	0.1	0.0	0.2	1.9	1.4
L.T. Borrowings	-6.7	-5.8	-7.8	12.4	-7.6
Current Borrowings	-1.5	0.7	-14.7	-25.5	26.9
Div. Paid/Subsid./ Previous Year	-11.7	-10.4	-10.5	-4.7	-3.2
Dividend Payment	-	-	-	-2.4	-0.2
Dividends Paid by Subs. to Minority	-1.6	-1.5	-1.6	-	-
Interests Received/Paid	-0.4	-1.1	-0.7	-1.2	-1.7
Cash from Financing Activities	-21.7	-18.1	-35.3	-19.4	15.6
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	12.2	16.5	0.6	13.9	11.4
Net Cash - Beginning Balance	52.4	35.9	35.4	21.5	-
Net Cash - Ending Balance	64.6	52.4	35.9	35.4	-
Cash Taxes Paid	17.5	18.4	20.9	9.0	6.9

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	177.1	38.40%	279.4	17.48%	10.46%	15.08%
Operating Income (?)	71.7	54.50%	118.2	42.99%	16.96%	42.18%
Income Available to Common Excl Extraord Items (?)	58.0	77.20%	84.8	41.00%	20.29%	46.04%
Basic EPS Excl Extraord Items (?)	6.48	77.20%	9.48	40.99%	20.29%	45.09%
Capital Expenditures (?)	20.7	33.92%	37.8	22.68%	6.28%	29.66%
Cash from Operating Activities (?)	33.7	8.74%	77.7	20.66%	6.80%	38.70%
Free Cash Flow (?)	12.9	-16.44%	39.9	18.80%	7.31%	52.62%
Total Assets (?)	548.4	20.29%	500.6	18.13%	13.45%	19.07%
Total Liabilities (?)	152.8	8.72%	132.0	4.09%	-2.72%	7.44%
Total Long Term Debt (?)	0.0	-	2.6	-70.61%	-48.10%	-27.22%
Total Common Shares Outstanding (?)	9.0	0.00%	9.0	0.00%	0.00%	3.01%

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin (?)	50.20%	41.40%	35.62%	42.95%	20.48%
Operating Margin (?)	42.31%	34.76%	29.12%	35.64%	15.63%
Pretax Margin (?)	42.41%	34.71%	29.55%	35.88%	14.45%
Net Profit Margin (?)	30.37%	25.30%	19.71%	23.52%	10.05%
Financial Strength
Current Ratio (?)	3.28	2.56	1.89	1.35	0.88
Long Term Debt/Equity (?)	0.01	0.03	0.06	0.09	0.03
Total Debt/Equity (?)	0.02	0.06	0.09	0.22	0.37
Management Effectiveness
Return on Assets (?)	19.35%	15.98%	16.73%	16.64%	8.71%
Return on Equity (?)	25.50%	22.12%	24.67%	27.74%	15.20%
Efficiency
Receivables Turnover (?)	6.82	8.05	11.48	8.91	8.06
Inventory Turnover (?)	5.13	5.35	7.33	6.13	7.95
Asset Turnover (?)	0.60	0.60	0.78	0.67	0.63

Market Valuation USD (mil)
P/E (TTM) (?)	6.38	.	Enterprise Value (?)	505.6
Price/Sales (TTM) (?)	2.14	.	Enterprise Value/Revenue (TTM) (?)	2.06
Price/Book (MRQ) (?)	1.78	.	Enterprise Value/EBITDA (TTM) (?)	4.39
Market Cap as of 09-Dec-2011 (?)	702.1	.

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio (?)	3.28	2.56	1.89	1.35	0.88
Quick/Acid Test Ratio (?)	2.50	1.95	1.27	0.99	0.61
Working Capital (?)	100.8	70.6	41.4	21.8	-10.5
Long Term Debt/Equity (?)	0.01	0.03	0.06	0.09	0.03
Total Debt/Equity (?)	0.02	0.06	0.09	0.22	0.37
Long Term Debt/Total Capital (?)	0.01	0.03	0.05	0.08	0.02
Total Debt/Total Capital (?)	0.02	0.05	0.08	0.18	0.20
Payout Ratio (?)	15.83%	16.36%	13.00%	10.65%	15.17%
Effective Tax Rate (?)	24.55%	22.89%	27.45%	30.53%	20.81%
Total Capital (?)	376.7	313.2	268.6	243.1	274.6
Efficiency
Asset Turnover (?)	0.60	0.60	0.78	0.67	0.63
Inventory Turnover (?)	5.13	5.35	7.33	6.13	7.95
Days In Inventory (?)	71.11	68.25	49.77	59.52	45.89
Receivables Turnover (?)	6.82	8.05	11.48	8.91	8.06
Days Receivables Outstanding (?)	53.53	45.36	31.80	40.94	45.27
Revenue/Employee (?)	-	-	-	135,662	5,646,966
Operating Income/Employee (?)	-	-	-	48,352	1,176,749
EBITDA/Employee (?)	-	-	-	52,407	1,176,749
Profitability
Gross Margin (?)	50.20%	41.40%	35.62%	42.95%	20.48%
Operating Margin (?)	42.31%	34.76%	29.12%	35.64%	15.63%
EBITDA Margin (?)	45.73%	38.20%	32.04%	38.63%	20.84%
EBIT Margin (?)	42.31%	34.76%	29.12%	35.64%	20.84%
Pretax Margin (?)	42.41%	34.71%	29.55%	35.88%	14.45%
Net Profit Margin (?)	30.37%	25.30%	19.71%	23.52%	10.05%
COGS/Revenue (?)	49.80%	58.60%	64.38%	57.05%	72.69%
SG&A Expense/Revenue (?)	7.07%	7.49%	7.21%	8.06%	8.54%
Management Effectiveness
Return on Assets (?)	19.35%	15.98%	16.73%	16.64%	8.71%
Return on Equity (?)	25.50%	22.12%	24.67%	27.74%	15.20%
Valuation
Free Cash Flow/Share (?)	4.45	3.75	2.92	3.60	1.43
Operating Cash Flow/Share  (?)	8.68	7.19	6.96	7.13	3.88

Current Market Multiples
Market Cap/Earnings (TTM) (?)	6.38
Market Cap/Equity (MRQ) (?)	1.78
Market Cap/Revenue (TTM) (?)	2.14
Market Cap/EBIT (TTM) (?)	4.89
Market Cap/EBITDA (TTM) (?)	4.56
Enterprise Value/Earnings (TTM) (?)	6.14
Enterprise Value/Equity (MRQ) (?)	1.71
Enterprise Value/Revenue (TTM) (?)	2.06
Enterprise Value/EBIT (TTM) (?)	4.71
Enterprise Value/EBITDA (TTM) (?)	4.39

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Sales	279.4	237.8	279.4	207.3	152.5
Revenue	279.4	237.8	279.4	207.3	152.5
Total Revenue	279.4	237.8	279.4	207.3	152.5
Cost of Revenue	139.1	139.4	179.9	118.3	110.8
Cost of Revenue, Total	139.1	139.4	179.9	118.3	110.8
Gross Profit	140.3	98.5	99.5	89.0	41.6
Selling/General/Administrative Expense	19.8	17.8	20.2	16.7	13.0
Total Selling/General/Administrative Expenses	19.8	17.8	20.2	16.7	13.0
Other, Net	2.3	-2.0	-2.0	-1.6	-3.2
Other Operating Expenses, Total	2.3	-2.0	-2.0	-1.6	-3.2
Total Operating Expense	161.2	155.2	198.0	133.4	120.7
Operating Income	118.2	82.7	81.4	73.9	31.8
Investment Income - Non-Operating	0.4	0.9	1.9	1.5	-1.1
Interest/Investment Income - Non-Operating	0.4	0.9	1.9	1.5	-1.1
Interest Income (Expense) - Net Non-Operating Total	0.4	0.9	1.9	1.5	-1.1
Other Non-Operating Income (Expense)	-0.2	-1.0	-0.7	-1.0	-1.3
Other, Net	-0.2	-1.0	-0.7	-1.0	-1.3
Income Before Tax	118.5	82.6	82.6	74.4	29.4
Total Income Tax	29.1	18.9	22.7	22.7	8.2
Income After Tax	89.4	63.7	59.9	51.7	21.2
Minority Interest	-7.2	-4.4	-5.1	-4.7	-2.2
Equity In Affiliates	2.6	0.9	0.3	1.8	1.4
Net Income Before Extraord Items	84.8	60.2	55.1	48.7	20.4
Discontinued Operations	0.0	0.0	3.7	-1.5	-0.1
Total Extraord Items	0.0	0.0	3.7	-1.5	-0.1
Net Income	84.8	60.2	58.8	47.3	20.4
Income Available to Common Excl Extraord Items	84.8	60.2	55.1	48.7	20.4
Income Available to Common Incl Extraord Items	84.8	60.2	58.8	47.3	20.4
Basic/Primary Weighted Average Shares	9.0	9.0	9.0	9.0	6.6
Basic EPS Excl Extraord Items	9.48	6.72	6.15	5.45	2.34
Basic/Primary EPS Incl Extraord Items	9.48	6.72	6.56	5.28	2.33
Dilution Adjustment	-	-	0.0	-	-
Diluted Net Income	84.8	60.2	58.8	47.3	20.4
Diluted Weighted Average Shares	9.0	9.0	9.0	9.0	6.6
Diluted EPS Excl Extraord Items	9.48	6.72	6.15	5.45	2.31
Diluted EPS Incl Extraord Items	9.48	6.72	6.56	5.28	2.31
Dividends per Share - Common Stock Primary Issue	1.50	1.10	0.80	0.58	0.35
Dividends per Share - Common Stock Issue 2	-	-	-	-	0.40
Gross Dividends - Common Stock	13.4	9.8	7.2	5.2	4.3
Depreciation, Supplemental	9.3	7.9	8.0	6.1	-
Normalized Income Before Tax	118.5	82.6	82.6	74.4	29.4
Inc Tax Ex Impact of Sp Items	29.1	18.9	22.7	22.7	8.2
Normalized Income After Tax	89.4	63.7	59.9	51.7	21.2
Normalized Inc. Avail to Com.	84.8	60.2	55.1	48.7	20.4
Basic Normalized EPS	9.48	6.72	6.15	5.45	2.34
Diluted Normalized EPS	9.48	6.72	6.15	5.45	2.31
Amort of Intangibles, Supplemental	0.3	0.2	0.2	0.1	-
Normalized EBIT	118.2	82.7	81.4	73.9	31.8
Normalized EBITDA	127.8	90.8	89.5	80.1	31.8
Current Tax - Total	-	23.8	24.8	22.3	-
Current Tax - Total	-	23.8	24.8	22.3	-
Deferred Tax - Total	-	-3.9	0.0	8.1	-
Deferred Tax - Total	-	-3.9	0.0	8.1	-
Other Tax	-	-1.0	-2.1	-7.7	-
Income Tax - Total	-	18.9	22.7	22.7	-
Interest Cost - Domestic	1.0	1.1	0.9	0.9	-
Service Cost - Domestic	0.6	0.5	0.6	0.6	-
Expected Return on Assets - Domestic	-	0.0	0.0	0.0	-
Actuarial Gains and Losses - Domestic	0.3	-0.3	0.2	0.3	-
Domestic Pension Plan Expense	1.9	1.3	1.6	1.8	-
Defined Contribution Expense - Domestic	0.8	1.1	-	-	-
Total Pension Expense	2.8	2.5	1.6	1.8	-
Discount Rate - Domestic	9.00%	10.50%	12.00%	10.00%	-
Compensation Rate - Domestic	7.00%	8.00%	9.50%	7.50%	-
Total Plan Interest Cost	1.0	1.1	0.9	0.9	-
Total Plan Service Cost	0.6	0.5	0.6	0.6	-
Total Plan Expected Return	-	0.0	0.0	0.0	-

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009	30-Jun-2009
Period Length	6 Months	6 Months	6 Months	6 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009	Updated Normal 30-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Sales	177.1	151.4	128.0	119.6	118.3
Revenue	177.1	151.4	128.0	119.6	118.3
Total Revenue	177.1	151.4	128.0	119.6	118.3
Cost of Revenue	93.5	69.0	70.1	68.7	70.7
Cost of Revenue, Total	93.5	69.0	70.1	68.7	70.7
Gross Profit	83.6	82.4	57.8	50.9	47.6
Selling/General/Administrative Expense	12.0	10.1	9.6	9.7	8.1
Total Selling/General/Administrative Expenses	12.0	10.1	9.6	9.7	8.1
Other Operating Expense	-0.1	0.5	1.8	-1.5	-0.5
Other Operating Expenses, Total	-0.1	0.5	1.8	-1.5	-0.5
Total Operating Expense	105.4	79.7	81.5	76.9	78.3
Operating Income	71.7	71.8	46.4	42.7	40.0
Investment Income - Non-Operating	5.0	3.5	-3.1	-0.5	1.4
Interest/Investment Income - Non-Operating	5.0	3.5	-3.1	-0.5	1.4
Interest Income (Expense) - Net Non-Operating Total	5.0	3.5	-3.1	-0.5	1.4
Other Non-Operating Income (Expense)	0.1	0.2	-0.3	-0.7	-0.3
Other, Net	0.1	0.2	-0.3	-0.7	-0.3
Income Before Tax	76.8	75.5	43.0	41.5	41.1
Total Income Tax	14.4	18.2	10.9	9.3	9.6
Income After Tax	62.4	57.3	32.1	32.2	31.5
Minority Interest	-4.3	-4.5	-2.6	-2.1	-2.3
Equity In Affiliates	-0.2	-0.6	3.2	0.0	0.9
Net Income Before Extraord Items	58.0	52.1	32.7	30.1	30.1
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Total Extraord Items	0.0	0.0	0.0	0.0	0.0
Net Income	58.0	52.1	32.7	30.1	30.1
Income Available to Common Excl Extraord Items	58.0	52.1	32.7	30.1	30.1
Income Available to Common Incl Extraord Items	58.0	52.1	32.7	30.1	30.1
Basic/Primary Weighted Average Shares	9.0	9.0	9.0	9.0	9.0
Basic EPS Excl Extraord Items	6.48	5.82	3.65	3.36	3.36
Basic/Primary EPS Incl Extraord Items	6.48	5.82	3.65	3.36	3.36
Diluted Net Income	58.0	52.1	32.7	30.1	30.1
Diluted Weighted Average Shares	9.0	9.0	9.0	9.0	9.0
Diluted EPS Excl Extraord Items	6.48	5.82	3.65	3.36	3.36
Diluted EPS Incl Extraord Items	6.48	5.82	3.65	3.36	3.36
Dividends per Share - Common Stock Primary Issue	0.00	1.50	0.00	1.10	0.00
Gross Dividends - Common Stock	0.0	13.4	0.0	9.8	0.0
Depreciation, Supplemental	5.6	5.1	4.6	3.7	4.4
Normalized Income Before Tax	76.8	75.5	43.0	41.5	41.1
Inc Tax Ex Impact of Sp Items	14.4	18.2	10.9	9.3	9.6
Normalized Income After Tax	62.4	57.3	32.1	32.2	31.5
Normalized Inc. Avail to Com.	58.0	52.1	32.7	30.1	30.1
Basic Normalized EPS	6.48	5.82	3.65	3.36	3.36
Diluted Normalized EPS	6.48	5.82	3.65	3.36	3.36
Normalized EBIT	71.7	71.8	46.4	42.7	40.0
Normalized EBITDA	77.3	76.9	51.0	46.4	44.4

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate	1	1	1	1	0.758351
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Equivalents	49.0	42.1	30.9	30.1	21.3
Short Term Investments	15.6	10.3	5.0	5.3	0.0
Cash and Short Term Investments	64.6	52.4	35.9	35.4	21.3
Trade Accounts Receivable - Net	26.4	18.7	12.1	21.1	14.5
Other Receivables	19.4	17.4	11.0	4.5	6.4
Total Receivables, Net	45.9	36.1	23.0	25.6	20.9
Inventories - Finished Goods	18.5	13.6	16.7	13.0	-
Inventories - Raw Materials	11.3	10.8	11.1	7.4	-
Inventories - Other	0.0	0.0	0.0	0.9	-
Total Inventory	29.8	24.4	27.8	21.3	17.3
Discontinued Operations - Current Asset	2.6	2.1	-	-	-
Other Current Assets	2.1	0.9	1.1	1.2	1.3
Other Current Assets, Total	4.7	3.0	1.1	1.2	1.3
Total Current Assets	145.0	115.9	87.8	83.5	60.8
Land/Improvements	55.4	48.1	42.1	37.7	-
Machinery/Equipment	98.2	85.5	81.6	79.6	-
Construction in Progress	3.8	4.9	3.9	2.0	-
Leases	0.0	2.0	2.1	0.0	-
Other Property/Plant/Equipment	0.0	0.0	0.0	2.4	2.4
Property/Plant/Equipment - Gross	157.4	140.5	129.7	121.7	2.4
Accumulated Depreciation	-73.6	-65.5	-60.0	-54.6	-
Property/Plant/Equipment - Net	83.8	75.0	69.7	67.1	58.8
Goodwill, Net	4.5	1.3	-	-	-
Intangibles - Gross	16.9	14.5	-	-	-
Accumulated Intangible Amortization	-1.2	-0.9	-	-	-
Intangibles, Net	15.7	13.7	12.6	9.4	7.0
LT Investment - Affiliate Companies	9.6	7.9	6.7	15.9	8.7
LT Investments - Other	4.0	4.3	0.0	0.8	0.7
Long Term Investments	13.6	12.2	6.7	16.7	9.3
Note Receivable - Long Term	0.1	1.8	10.7	2.1	2.7
Deferred Income Tax - Long Term Asset	0.0	0.7	0.8	1.0	1.3
Other Long Term Assets	237.7	203.1	185.0	163.0	138.4
Other Long Term Assets, Total	237.7	203.8	185.8	163.9	139.7
Total Assets	500.6	423.7	373.2	342.8	278.3
Accounts Payable	9.2	9.5	13.6	10.2	5.0
Notes Payable/Short Term Debt	0.3	1.8	1.2	15.5	40.5
Current Portion - Long Term Debt/Capital Leases	5.2	5.6	5.8	9.6	11.0
Customer Advances	0.3	0.3	0.1	0.6	0.4
Income Taxes Payable	15.3	10.0	9.6	4.6	0.7
Other Payables	8.4	12.1	11.6	13.7	6.7
Discontinued Operations - Current Liability	0.5	0.4	-	-	-
Other Current Liabilities	5.0	5.5	4.5	7.6	4.5
Other Current liabilities, Total	29.4	28.3	25.8	26.5	12.2
Total Current Liabilities	44.2	45.3	46.4	61.7	68.7
Long Term Debt	2.6	7.8	13.0	18.6	4.7
Capital Lease Obligations	0.0	1.0	1.5	0.0	-
Total Long Term Debt	2.6	8.8	14.5	18.6	4.7
Total Debt	8.1	16.3	21.5	43.6	56.2
Deferred Income Tax - LT Liability	47.5	41.5	37.8	37.9	30.5
Deferred Income Tax	47.5	41.5	37.8	37.9	30.5
Minority Interest	27.2	21.6	18.8	15.1	12.7
Reserves	0.1	0.2	0.2	0.5	0.2
Pension Benefits - Underfunded	10.4	9.2	8.3	9.4	9.3
Other Long Term Liabilities	0.0	0.1	0.1	0.1	0.1
Other Liabilities, Total	10.5	9.5	8.6	10.0	9.7
Total Liabilities	132.0	126.8	126.1	143.4	126.3
Common Stock	45.8	45.8	45.8	45.8	44.7
Common Stock	45.8	45.8	45.8	45.8	44.7
Additional Paid-In Capital	21.5	21.5	21.5	21.5	20.1
Retained Earnings (Accumulated Deficit)	316.1	242.9	193.1	144.9	101.3
Translation Adjustment	-14.9	-13.3	-13.3	-12.8	-14.1
Other Equity, Total	-14.9	-13.3	-13.3	-12.8	-14.1
Total Equity	368.5	296.9	247.1	199.4	152.0
Total Liabilities & Shareholders’ Equity	500.6	423.7	373.2	342.8	278.3
Shares Outstanding - Common Stock Primary Issue	9.0	9.0	9.0	9.0	3.6
Shares Outstanding - Common Stock Issue 2	-	-	-	-	3.1
Total Common Shares Outstanding	9.0	9.0	9.0	9.0	6.6
Employees	-	-	-	1,528	27
Accumulated Intangible Amort, Suppl.	1.2	0.9	0.6	0.1	-
Deferred Revenue - Current	0.3	0.3	0.1	0.6	0.4
Total Long Term Debt, Supplemental	-	13.0	18.4	-	-
Long Term Debt Maturing within 1 Year	-	5.2	5.4	-	-
Long Term Debt Maturing in Year 2	-	5.2	5.2	-	-
Long Term Debt Maturing in Year 3	-	2.6	5.2	-	-
Long Term Debt Maturing in Year 4	-	-	2.6	-	-
Long Term Debt Maturing in 2-3 Years	-	7.8	10.4	-	-
Long Term Debt Maturing in 4-5 Years	-	-	2.6	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	-	-
Total Capital Leases, Supplemental	0.0	1.5	1.9	0.0	-
Capital Lease Payments Due in Year 1	0.0	0.4	0.4	0.0	-
Capital Lease Payments Due in Year 2	0.0	0.5	0.5	0.0	-
Capital Lease Payments Due in Year 3	0.0	0.5	0.5	0.0	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.6	0.0	-
Capital Lease Payments Due in 2-3 Years	0.0	1.0	1.0	0.0	-
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.6	0.0	-
Total Operating Leases, Supplemental	0.4	0.8	1.0	0.3	-
Operating Lease Payments Due in Year 1	0.3	0.3	0.3	0.1	-
Operating Lease Payments Due in Year 2	0.1	0.3	0.3	0.1	-
Operating Lease Payments Due in Year 3	0.0	0.1	0.3	0.1	-
Operating Lease Payments Due in Year 4	0.0	0.0	0.0	0.0	-
Operating Lease Payments Due in Year 5	0.0	0.0	0.0	0.0	-
Operating Lease Pymts. Due in 2-3 Years	0.1	0.4	0.6	0.1	-
Operating Lease Pymts. Due in 4-5 Years	0.0	0.0	0.0	0.1	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	-
Discount Rate - Domestic	9.00%	10.50%	12.00%	-	-
Compensation Rate - Domestic	7.00%	8.00%	9.50%	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009	30-Jun-2009
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009	Updated Normal 30-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Cash & Equivalents	32.6	49.0	53.1	42.1	49.5
Short Term Investments	25.5	15.6	6.1	10.3	1.9
Cash and Short Term Investments	58.1	64.6	59.3	52.4	51.4
Trade Accounts Receivable - Net	32.7	26.4	13.6	18.7	13.7
Other Receivables	21.5	19.4	22.4	17.4	11.8
Total Receivables, Net	54.2	45.9	36.0	36.1	25.5
Total Inventory	44.4	29.8	27.7	24.4	22.2
Discontinued Operations - Current Asset	0.0	2.6	2.2	2.1	-
Other Current Assets	6.7	2.1	2.3	0.9	2.5
Other Current Assets, Total	6.7	4.7	4.5	3.0	2.5
Total Current Assets	163.3	145.0	127.5	115.9	101.6
Other Property/Plant/Equipment	0.0	0.0	0.0	0.0	0.0
Property/Plant/Equipment - Gross	0.0	0.0	0.0	0.0	0.0
Property/Plant/Equipment - Net	347.4	321.5	293.7	278.1	265.6
Intangibles, Net	22.5	20.3	18.5	15.0	13.4
LT Investment - Affiliate Companies	10.2	9.6	9.3	7.9	7.7
LT Investments - Other	4.2	4.0	4.2	4.3	4.7
Long Term Investments	14.4	13.6	13.6	12.2	12.5
Note Receivable - Long Term	0.1	0.1	1.9	1.8	4.3
Deferred Income Tax - Long Term Asset	0.7	0.0	0.7	0.7	0.3
Other Long Term Assets, Total	0.7	0.0	0.7	0.7	0.3
Total Assets	548.4	500.6	455.9	423.7	397.8
Accounts Payable	12.2	9.2	9.2	9.5	11.0
Notes Payable/Short Term Debt	0.5	0.3	0.8	1.8	1.4
Current Portion - Long Term Debt/Capital Leases	5.2	5.2	5.4	5.6	5.4
Customer Advances	0.5	0.3	0.7	0.3	0.8
Income Taxes Payable	13.3	15.3	10.9	10.0	6.2
Other Payables	29.8	8.4	23.5	12.1	18.9
Discontinued Operations - Current Liability	0.0	0.5	0.1	0.4	-
Other Current Liabilities	4.9	5.0	5.9	5.5	4.1
Other Current liabilities, Total	48.5	29.4	41.0	28.3	30.0
Total Current Liabilities	66.4	44.2	56.4	45.3	47.8
Long Term Debt	0.0	2.6	6.2	8.8	11.9
Total Long Term Debt	0.0	2.6	6.2	8.8	11.9
Total Debt	5.7	8.1	12.4	16.3	18.7
Deferred Income Tax - LT Liability	48.9	47.5	43.9	41.5	41.5
Deferred Income Tax	48.9	47.5	43.9	41.5	41.5
Minority Interest	26.0	27.2	24.0	21.6	20.5
Reserves	0.1	0.1	0.1	0.2	0.2
Pension Benefits - Underfunded	11.4	10.4	10.0	9.2	8.8
Other Long Term Liabilities	0.0	0.0	0.0	0.1	0.1
Other Liabilities, Total	11.5	10.5	10.1	9.5	9.1
Total Liabilities	152.8	132.0	140.5	126.8	130.9
Common Stock	45.8	45.8	45.8	45.8	45.8
Common Stock	45.8	45.8	45.8	45.8	45.8
Additional Paid-In Capital	21.5	21.5	21.5	21.5	21.5
Retained Earnings (Accumulated Deficit)	342.1	316.1	264.0	242.9	212.8
Translation Adjustment	-13.9	-14.9	-16.0	-13.3	-13.2
Other Equity, Total	-13.9	-14.9	-16.0	-13.3	-13.2
Total Equity	395.6	368.5	315.3	296.9	266.9
Total Liabilities & Shareholders’ Equity	548.4	500.6	455.9	423.7	397.8
Shares Outstanding - Common Stock Primary Issue	9.0	9.0	9.0	9.0	9.0
Total Common Shares Outstanding	9.0	9.0	9.0	9.0	9.0
Deferred Revenue - Current	0.5	0.3	0.7	0.3	0.8

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	118.5	82.6	82.6	74.4	29.4
Depreciation	9.7	7.9	8.0	7.5	6.6
Depreciation/Depletion	9.7	7.9	8.0	7.5	6.6
Amortization of Intangibles	-	0.2	0.2	-	-
Amortization	-	0.2	0.2	-	-
Discontinued Operations	0.0	0.0	5.5	-1.5	0.0
Unusual Items	2.4	-0.8	-5.5	0.3	0.3
Other Non-Cash Items	-18.6	-5.6	-6.4	-12.4	-3.6
Non-Cash Items	-16.2	-6.4	-6.5	-13.6	-3.4
Other Assets & Liabilities, Net	-16.9	-2.5	-1.8	3.3	-2.0
Other Operating Cash Flow	-17.4	-17.4	-20.2	-7.8	-4.9
Changes in Working Capital	-34.3	-19.9	-22.0	-4.5	-6.9
Cash from Operating Activities	77.7	64.4	62.3	63.8	25.7
Purchase of Fixed Assets	-19.0	-14.5	-14.9	-14.8	-9.4
Purchase/Acquisition of Intangibles	-18.9	-16.3	-21.2	-16.7	-6.9
Capital Expenditures	-37.8	-30.8	-36.1	-31.5	-16.3
Sale of Fixed Assets	2.4	1.0	8.0	0.5	0.2
Sale/Maturity of Investment	-	-	2.2	0.4	0.0
Purchase of Investments	-8.3	0.0	-0.5	-0.2	-13.8
Other Investing Cash Flow	0.0	0.0	0.0	0.3	0.2
Other Investing Cash Flow Items, Total	-5.9	1.0	9.7	1.0	-13.4
Cash from Investing Activities	-43.8	-29.8	-26.5	-30.5	-29.7
Other Financing Cash Flow	-13.6	-13.0	-12.9	-5.8	-4.7
Financing Cash Flow Items	-13.6	-13.0	-12.9	-5.8	-4.7
Cash Dividends Paid - Common	-	-	-	-2.4	-0.2
Total Cash Dividends Paid	-	-	-	-2.4	-0.2
Sale/Issuance of Common	0.1	0.0	0.2	1.9	1.3
Common Stock, Net	0.1	0.0	0.2	1.9	1.3
Issuance (Retirement) of Stock, Net	0.1	0.0	0.2	1.9	1.3
Short Term Debt, Net	-1.5	0.7	-14.7	-25.5	25.4
Long Term Debt, Net	-6.7	-5.8	-7.8	12.4	-7.2
Issuance (Retirement) of Debt, Net	-8.2	-5.1	-22.5	-13.1	18.2
Cash from Financing Activities	-21.7	-18.1	-35.3	-19.4	14.7
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	12.2	16.5	0.6	13.9	10.7
Net Cash - Beginning Balance	52.4	35.9	35.4	21.5	-
Net Cash - Ending Balance	64.6	52.4	35.9	35.4	-
Cash Taxes Paid	17.5	18.4	20.9	9.0	6.5

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009	30-Jun-2009
Period Length	6 Months	12 Months	6 Months	12 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009	Updated Normal 30-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Income/Starting Line	76.8	118.5	43.0	82.6	41.1
Depreciation	5.6	9.7	4.6	8.2	4.4
Depreciation/Depletion	5.6	9.7	4.6	8.2	4.4
Discontinued Operations	-	0.0	0.0	0.0	0.0
Unusual Items	0.0	2.4	2.4	-0.8	-0.7
Other Non-Cash Items	-9.4	-18.6	-5.4	-5.6	-2.3
Non-Cash Items	-9.5	-16.2	-3.0	-6.4	-3.1
Other Assets & Liabilities, Net	-26.3	-16.9	-3.5	-2.5	-1.3
Other Operating Cash Flow	-13.0	-17.4	-10.2	-17.4	-9.9
Changes in Working Capital	-39.3	-34.3	-13.6	-19.9	-11.2
Cash from Operating Activities	33.7	77.7	31.0	64.4	31.3
Purchase of Fixed Assets	-10.6	-19.0	-8.7	-14.5	-5.1
Purchase/Acquisition of Intangibles	-10.1	-18.9	-6.8	-16.3	-7.4
Capital Expenditures	-20.7	-37.8	-15.5	-30.8	-12.5
Sale of Fixed Assets	0.7	0.8	0.3	0.8	0.0
Sale/Maturity of Investment	0.0	1.5	1.5	0.2	0.2
Purchase of Investments	-18.0	-8.3	-6.0	0.0	0.0
Other Investing Cash Flow	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	-17.3	-5.9	-4.1	1.0	0.2
Cash from Investing Activities	-38.0	-43.8	-19.6	-29.8	-12.3
Other Financing Cash Flow	-0.3	-13.6	-0.7	-13.0	-0.8
Financing Cash Flow Items	-0.3	-13.6	-0.7	-13.0	-0.8
Sale/Issuance of Common	0.4	0.1	0.1	0.0	0.0
Common Stock, Net	0.4	0.1	0.1	0.0	0.0
Issuance (Retirement) of Stock, Net	0.4	0.1	0.1	0.0	0.0
Short Term Debt, Net	0.2	-1.5	-1.1	0.7	0.2
Long Term Debt, Net	-2.6	-6.7	-2.8	-5.8	-2.9
Issuance (Retirement) of Debt, Net	-2.4	-8.2	-3.9	-5.1	-2.7
Cash from Financing Activities	-2.2	-21.7	-4.5	-18.1	-3.5
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	-6.5	12.2	6.8	16.5	15.5
Net Cash - Beginning Balance	64.6	52.4	52.4	35.9	35.9
Net Cash - Ending Balance	58.1	64.6	59.3	52.4	51.4
Cash Taxes Paid	12.9	17.5	10.5	18.4	10.2

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Revenue	279.4	237.8	279.4	207.3	161.8
Total Revenue	279.4	237.8	279.4	207.3	161.8
Cost of Sales	158.3	145.4	185.1	128.6	119.5
Variation of Biological Assets	-33.4	-19.2	-22.8	-24.7	-8.7
Planting Costs	14.3	13.2	17.6	14.4	6.8
Selling, General and Admin Expenses	19.8	17.8	20.2	16.7	13.8
Other Operating Income, Charges	2.3	-2.0	-2.0	-1.6	-3.3
Total Operating Expense	161.2	155.2	198.0	133.4	128.1
Financial Income	1.0	0.5	1.9	1.8	0.9
Financial Charges	-1.1	-1.5	-2.5	-2.9	-2.3
Exchange Differences	0.4	0.9	1.9	1.5	-1.1
Net Income Before Taxes	118.5	82.6	82.6	74.4	31.2
Provision for Income Taxes	29.1	18.9	22.7	22.7	8.7
Net Income After Taxes	89.4	63.7	59.9	51.7	22.5
Equity Method	2.6	0.9	-2.2	1.1	1.4
Equity/SIPEF-CI SA	-	0.0	2.6	0.7	0.1
Third Parties' Share	-7.2	-4.4	-5.1	-4.7	-2.3
Net Income Before Extra. Items	84.8	60.2	55.1	48.7	21.7
Discountinued Operations	0.0	0.0	3.7	-1.5	-0.1
Net Income	84.8	60.2	58.8	47.3	21.6
Income Available to Com Excl ExtraOrd	84.8	60.2	55.1	48.7	21.7
Income Available to Com Incl ExtraOrd	84.8	60.2	58.8	47.3	21.6
Basic Weighted Average Shares	9.0	9.0	9.0	9.0	8.7
Basic EPS Excluding ExtraOrdinary Items	9.48	6.72	6.15	5.45	2.48
Basic EPS Including ExtraOrdinary Item	9.48	6.72	6.56	5.28	2.47
Dilution Adjustment	-	-	0.0	-	-
Diluted Net Income	84.8	60.2	58.8	47.3	21.6
Diluted Weighted Average Shares	9.0	9.0	9.0	9.0	8.8
Diluted EPS Excluding ExtraOrd Items	9.48	6.72	6.15	5.45	2.46
Diluted EPS Including ExtraOrd Items	9.48	6.72	6.56	5.28	2.45
DPS-Ordinary Shares	1.50	1.10	0.80	0.58	0.38
DPS-Ordinary Shares (ex. VVPR)	-	-	-	-	0.43
Gross Dividends - Common Stock	13.4	9.8	7.2	5.2	4.6
Normalized Income Before Taxes	118.5	82.6	82.6	74.4	31.2
Inc Tax Ex Impact of Sp Items	29.1	18.9	22.7	22.7	8.7
Normalized Income After Taxes	89.4	63.7	59.9	51.7	22.5
Normalized Inc. Avail to Com.	84.8	60.2	55.1	48.7	21.7
Basic Normalized EPS	9.48	6.72	6.15	5.45	2.48
Diluted Normalized EPS	9.48	6.72	6.15	5.45	2.46
Depreciation	9.3	7.9	8.0	6.1	-
Amortization of Intangibles	0.3	0.2	0.2	0.1	-
Curent Tax	-	23.8	24.8	22.3	-
Current Tax - Total	-	23.8	24.8	22.3	-
Deferred Tax	-	-3.9	0.0	8.1	-
Deferred Tax - Total	-	-3.9	0.0	8.1	-
Other Tax	-	-1.0	-2.1	-7.7	-
Income Tax - Total	-	18.9	22.7	22.7	-
Service Cost	0.6	0.5	0.6	0.6	-
Interest Cost	1.0	1.1	0.9	0.9	-
Change in Assumptions	-	0.0	0.0	0.0	-
Actuarial Gains and Losses	0.3	-0.3	0.2	0.3	-
Domestic Pension Plan Expense	1.9	1.3	1.6	1.8	-
Defined Contribution Expense - Domestic	0.8	1.1	-	-	-
Total Pension Expense	2.8	2.5	1.6	1.8	-
Discount Rate	9.00%	10.50%	12.00%	10.00%	-
Compensation Rate	7.00%	8.00%	9.50%	7.50%	-

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009	30-Jun-2009
Period Length	6 Months	6 Months	6 Months	6 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009	Updated Normal 30-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Revenue	177.1	151.4	128.0	119.6	118.3
Total Revenue	177.1	151.4	128.0	119.6	118.3
Cost of Sales	104.0	82.5	75.8	71.3	74.0
Variation of Biological Assets	-18.0	-22.9	-10.5	-9.4	-9.8
Planting Cost	7.5	9.5	4.8	6.8	6.4
Selling/General/Admin Charges	12.0	10.1	9.6	9.7	8.1
Other Operating Income / Charges	-0.1	0.5	1.8	-1.5	-0.5
Total Operating Expense	105.4	79.7	81.5	76.9	78.3
Financial Income	0.5	0.7	0.2	0.1	0.5
Financial Expense	-0.4	-0.6	-0.6	-0.7	-0.8
Exchange Result	5.0	3.5	-3.1	-0.5	1.4
Net Income Before Taxes	76.8	75.5	43.0	41.5	41.1
Provision for Income Taxes	14.4	18.2	10.9	9.3	9.6
Net Income After Taxes	62.4	57.3	32.1	32.2	31.5
Equity Method	-0.2	-0.6	3.2	0.0	0.9
Equity Method - Sipef-CI	-	-	-	0.0	0.0
Minority Interests	-4.3	-4.5	-2.6	-2.1	-2.3
Net Income Before Extra. Items	58.0	52.1	32.7	30.1	30.1
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Net Income	58.0	52.1	32.7	30.1	30.1
Income Available to Com Excl ExtraOrd	58.0	52.1	32.7	30.1	30.1
Income Available to Com Incl ExtraOrd	58.0	52.1	32.7	30.1	30.1
Basic Weighted Average Shares	9.0	9.0	9.0	9.0	9.0
Basic EPS Excluding ExtraOrdinary Items	6.48	5.82	3.65	3.36	3.36
Basic EPS Including ExtraOrdinary Item	6.48	5.82	3.65	3.36	3.36
Diluted Net Income	58.0	52.1	32.7	30.1	30.1
Diluted Weighted Average Shares	9.0	9.0	9.0	9.0	9.0
Diluted EPS Excluding ExtraOrd Items	6.48	5.82	3.65	3.36	3.36
Diluted EPS Including ExtraOrd Items	6.48	5.82	3.65	3.36	3.36
DPS-Ordinary Shares	0.00	1.50	0.00	1.10	0.00
Gross Dividends - Common Stock	0.0	13.4	0.0	9.8	0.0
Normalized Income Before Taxes	76.8	75.5	43.0	41.5	41.1
Inc Tax Ex Impact of Sp Items	14.4	18.2	10.9	9.3	9.6
Normalized Income After Taxes	62.4	57.3	32.1	32.2	31.5
Normalized Inc. Avail to Com.	58.0	52.1	32.7	30.1	30.1
Basic Normalized EPS	6.48	5.82	3.65	3.36	3.36
Diluted Normalized EPS	6.48	5.82	3.65	3.36	3.36
Depreciation	5.6	5.1	4.6	3.7	4.4

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate	1	1	1	1	0.758351
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Raw Materials	11.3	10.8	11.1	7.4	-
Finished Goods	18.5	13.6	16.7	13.0	-
Total Inventory	-	-	-	-	17.5
Advance Payments	0.0	0.0	0.0	0.9	-
Trade Debtors	26.4	18.7	12.1	21.1	14.6
Other Receivable	19.4	17.4	11.0	4.5	6.4
Other Investment	15.6	10.3	5.0	5.3	0.0
Derivatives	0.0	-	-	-	-
Cash & Equivalents	49.0	42.1	30.9	30.1	21.5
Other Current Assets	2.1	0.9	1.1	1.2	1.3
Assets For Sale	2.6	2.1	-	-	-
Total Current Assets	145.0	115.9	87.8	83.5	61.4
Biological Assets	237.7	203.1	185.0	163.0	139.9
Investment Property	0.0	0.0	0.0	2.4	2.4
Total Intangibles	-	-	12.6	9.4	7.1
Intangibles	16.9	14.5	-	-	-
Amortisation	-1.2	-0.9	-	-	-
Consol. Diff./Goodwill, Net	4.5	1.3	-	-	-
Total Tangibles	-	-	-	-	57.0
Land/Buildings	55.4	48.1	42.1	37.7	-
Plant/Machinery	63.6	59.0	55.8	55.3	-
Furn./Vehicles	28.5	20.7	20.1	18.9	-
Office Equipment	6.1	5.8	5.7	5.5	-
Leasing/Similar	0.0	2.0	2.1	0.0	-
Under Construct.	3.8	4.9	3.9	2.0	-
Depreciation	-73.6	-65.5	-60.0	-54.6	-
Enterprises/Eq.	9.6	7.9	6.7	15.9	8.7
Other/Part. Int.	4.0	4.3	0.0	0.8	0.7
Other/Acc. Rec.	-	-	4.9	0.6	0.6
Other Receivables	0.1	1.8	5.8	1.5	2.1
Deferred Tax	0.0	0.7	0.8	1.0	1.3
Total Assets	500.6	423.7	373.2	342.8	281.2
Portion of L.T.	5.2	5.2	5.4	9.6	11.1
Capital Leases	0.0	0.4	0.4	0.0	-
Credit Instit.	0.3	1.8	1.2	15.5	41.0
Derivatives	0.2	0.8	1.0	0.3	0.2
Trade/Suppliers	9.2	9.5	13.6	10.2	5.1
Advances	0.3	0.3	0.1	0.6	0.4
Other Payables	8.4	12.1	11.6	13.7	6.7
Taxes Payable	15.3	10.0	9.6	4.6	0.7
Other Current Liabilities	4.8	4.7	3.4	7.2	4.3
Assets for Sale	0.5	0.4	-	-	-
Total Current Liabilities	44.2	45.3	46.4	61.7	69.5
Leasing/Similar	0.0	1.0	1.5	0.0	-
Credit Instit.	2.6	7.8	13.0	18.6	4.7
Total Long Term Debt	2.6	8.8	14.5	18.6	4.7
Minority Int.	27.2	21.6	18.8	15.1	12.9
Prov./Pensions	10.4	9.2	8.3	9.4	9.4
Provisions/Other	0.1	0.2	0.2	0.5	0.2
Deferred Tax	47.5	41.5	37.8	37.9	30.8
Trade/Suppliers	0.0	0.1	0.1	0.1	0.1
Total Liabilities	132.0	126.8	126.1	143.4	127.6
Capital Stock	45.8	45.8	45.8	45.8	45.2
Share Premium	21.5	21.5	21.5	21.5	20.3
Other Reserves	316.1	242.9	-	-	-
Consol. Reserves	-	-	193.1	144.9	102.4
Translation Dif.	-14.9	-13.3	-13.3	-12.8	-14.3
Total Equity	368.5	296.9	247.1	199.4	153.6
Total Liabilities & Shareholders' Equity	500.6	423.7	373.2	342.8	281.2
S/O-Ordinary Shares	9.0	9.0	9.0	9.0	4.7
S/O-Ordinary Shares (ex. VVPR)	-	-	-	-	4.1
Total Common Shares Outstanding	9.0	9.0	9.0	9.0	8.8
Deferred Revenue - Current	0.3	0.3	0.1	0.6	0.4
Accumulated Intangible Amortization	1.2	0.9	0.6	0.1	-
Full-Time Employees	-	-	-	1,528	27
LT Debt due within 1 Year	-	5.2	5.4	-	-
LT Debt due in 2 Years	-	5.2	5.2	-	-
LT Debt due in 3 Years	-	2.6	5.2	-	-
LT Debt due in 4 Years	-	-	2.6	-	-
Total Long Term Debt, Supplemental	-	13.0	18.4	-	-
Capital Leases Within 1 Year	0.0	0.4	0.4	0.0	-
Capital Leases Within 2 Years	0.0	0.5	0.5	0.0	-
Capital Leases Within 3 Years	0.0	0.5	0.5	0.0	-
Capital Leases Within 4 Years	0.0	0.0	0.6	0.0	-
Total Capital Leases	0.0	1.5	1.9	0.0	-
Operating Leases due within 1 Year	0.3	0.3	0.3	0.1	-
Operating Leases due in 2 Years	0.1	0.3	0.3	0.1	-
Operating Leases due in 3 Years	0.0	0.1	0.3	0.1	-
Operating Leases due in 4 Years	0.0	0.0	0.0	0.0	-
Operating Leases due in 5 Years	0.0	0.0	0.0	0.0	-
Total Operating Leases	0.4	0.8	1.0	0.3	-
Discount Rate	9.00%	10.50%	12.00%	-	-
Compensation Rate	7.00%	8.00%	9.50%	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009	30-Jun-2009
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009	Updated Normal 30-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Inventories	44.4	29.8	27.7	24.4	22.2
Trade Receivables	32.7	26.4	13.6	18.7	13.7
Other Receivables	21.5	19.4	22.4	17.4	11.8
Investment	25.5	15.6	6.1	10.3	1.9
Cash and Equivalents	32.6	49.0	53.1	42.1	49.5
Other Current Assets	6.7	2.1	2.3	0.9	2.5
Assets For Sale	0.0	2.6	2.2	2.1	-
Total Current Assets	163.3	145.0	127.5	115.9	101.6
Biological Assets	258.0	237.7	216.2	203.1	194.8
Fixed Assets	89.4	83.8	77.5	75.0	70.9
Intangibles	22.5	20.3	18.5	15.0	13.4
Investment Property	0.0	0.0	0.0	0.0	0.0
Other Investments	-	-	-	-	0.0
Investments in Affiliates	10.2	9.6	9.3	7.9	7.7
Other Financial Assets	4.2	4.0	4.2	4.3	4.7
Other Receivables	0.1	0.1	1.9	1.8	4.3
Deferred Tax	0.7	0.0	0.7	0.7	0.3
Total Assets	548.4	500.6	455.9	423.7	397.8
Trade Payables	12.2	9.2	9.2	9.5	11.0
Advances Received	0.5	0.3	0.7	0.3	0.8
Other Payables	29.8	8.4	23.5	12.1	18.9
Income Tax	13.3	15.3	10.9	10.0	6.2
CP Of LT Debt	5.2	5.2	5.4	5.6	5.4
Financial Liabilities	0.5	0.3	0.8	1.8	1.4
Derivatives	0.3	0.2	0.5	0.8	1.1
Other Current Liabilities	4.6	4.8	5.4	4.7	3.0
Assets for Sale	0.0	0.5	0.1	0.4	-
Total Current Liabilities	66.4	44.2	56.4	45.3	47.8
Net Financial Debt	0.0	2.6	6.2	8.8	11.9
Total Long Term Debt	0.0	2.6	6.2	8.8	11.9
Minority Interest	26.0	27.2	24.0	21.6	20.5
Provisions	0.1	0.1	0.1	0.2	0.2
Deferred Tax	48.9	47.5	43.9	41.5	41.5
Trade and Other Laibilities	0.0	0.0	0.0	0.1	0.1
Pension Liabilities	11.4	10.4	10.0	9.2	8.8
Total Liabilities	152.8	132.0	140.5	126.8	130.9
Issued Capital	45.8	45.8	45.8	45.8	45.8
Share Premium	21.5	21.5	21.5	21.5	21.5
Reserves	342.1	316.1	264.0	242.9	212.8
Translation Differences	-13.9	-14.9	-16.0	-13.3	-13.2
Total Equity	395.6	368.5	315.3	296.9	266.9
Total Liabilities & Shareholders' Equity	548.4	500.6	455.9	423.7	397.8
S/O-Ordinary Shares	9.0	9.0	9.0	9.0	9.0
Total Common Shares Outstanding	9.0	9.0	9.0	9.0	9.0
Deferred Revenue-Current	0.5	0.3	0.7	0.3	0.8

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	EUR
Exchange Rate (Period Average)	1	1	1	1	0.796979
Auditor	Deloitte	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Result before Tax	118.5	82.6	82.6	74.4	31.2
Depreciation	9.7	7.9	8.0	7.5	7.0
Amortization	-	0.2	0.2	-	-
Inventories Depreciation	-	-	0.2	-	-
Result of Disc. Operation Before Tax	0.0	0.0	5.5	-1.5	-0.1
Movement in Provisions	1.0	0.9	-1.4	0.2	1.3
Impairment CSM	3.6	-	-	-	-
Unrealised Exchange Result	0.0	0.0	0.0	0.0	-1.5
Changes in Fair Value of Biological Asse	-19.1	-6.0	-4.8	-9.7	-1.9
Other Non Cash Results	-0.6	-0.3	0.7	-2.0	-1.7
Interest Received - Paid	0.2	1.0	0.7	1.2	1.7
Capital Loss on Receivables	0.2	-0.2	-1.1	-0.9	-0.1
Sales of Property , Plant and Equipment	0.1	0.1	-5.1	0.7	0.3
Sales of Financial Assets	-1.4	-0.9	-0.4	-0.4	0.0
Net Working Capital	-16.9	-2.5	-1.8	3.3	-2.1
Income Tax Paid	-17.5	-18.4	-20.9	-9.0	-6.9
Cash from Operating Activities	77.7	64.4	62.3	63.8	27.3
Acq./Intangibles	-4.3	-2.7	-3.3	-2.1	-0.2
Acq. Biological Assets	-14.5	-13.6	-17.9	-14.6	-7.1
Acq. Property, Plant and Equipment	-19.0	-14.5	-14.9	-14.7	-9.5
Acq. Investment Property	0.0	0.0	0.0	-0.1	-0.5
Acq./Financial Asset	-8.3	0.0	-0.5	-0.2	-14.7
Dividends Received from Affiliates	0.0	0.0	0.0	0.3	0.2
Sales of Property, Plant and Equipment	0.8	0.8	8.0	0.5	0.2
Sales/Tangibles	1.5	0.2	-	-	-
Sales/Financial	-	-	2.2	0.4	0.0
Cash from Investing Activities	-43.8	-29.8	-26.5	-30.5	-31.5
Capital Increase	0.1	0.0	0.2	1.9	1.4
L.T. Borrowings	-6.7	-5.8	-7.8	12.4	-7.6
Current Borrowings	-1.5	0.7	-14.7	-25.5	26.9
Div. Paid/Subsid./ Previous Year	-11.7	-10.4	-10.5	-4.7	-3.2
Dividend Payment	-	-	-	-2.4	-0.2
Dividends Paid by Subs. to Minority	-1.6	-1.5	-1.6	-	-
Interests Received/Paid	-0.4	-1.1	-0.7	-1.2	-1.7
Cash from Financing Activities	-21.7	-18.1	-35.3	-19.4	15.6
Foreign Exchange Effects	0.0	0.0	0.0	0.0	-
Net Change in Cash	12.2	16.5	0.6	13.9	11.4
Net Cash - Beginning Balance	52.4	35.9	35.4	21.5	-
Net Cash - Ending Balance	64.6	52.4	35.9	35.4	-
Cash Taxes Paid	17.5	18.4	20.9	9.0	6.9

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009	30-Jun-2009
Period Length	6 Months	12 Months	6 Months	12 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009	Updated Normal 30-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Result Before Tax	76.8	118.5	43.0	82.6	41.1
Depreciation	5.6	9.7	4.6	8.2	4.4
Result of Disc. Operation Before Tax	-	0.0	0.0	0.0	0.0
Movement in Provisions	1.0	1.0	0.6	0.9	0.5
Impairment CSM	0.0	3.6	3.3	-	0.0
Changes in Fair Value of Biological Asse	-10.5	-19.1	-5.7	-6.0	-3.4
Other Non Cash Results	0.1	-0.6	-0.3	-0.3	-0.1
Interest Received - Paid	-0.1	0.2	0.3	1.0	0.3
Capital Loss on Receivables	0.0	0.2	0.0	-0.2	0.6
Sales of Property , Plant and Equipment	0.0	0.1	0.4	0.1	0.2
Sales of Financial Assets	0.0	-1.4	-1.4	-0.9	-0.9
Net Working Capital	-26.3	-16.9	-3.5	-2.5	-1.3
Income Tax Paid	-12.9	-17.5	-10.5	-18.4	-10.2
Cash from Operating Activities	33.7	77.7	31.0	64.4	31.3
Acq./Intangibles	-2.5	-4.3	-1.9	-2.7	-1.0
Acq. Biological Assets	-7.6	-14.5	-4.8	-13.6	-6.4
Acq. Property, Plant and Equipment	-10.6	-19.0	-8.7	-14.5	-5.1
Acq. Investment Property	0.0	-	0.0	0.0	0.0
Acq./Financial Asset	-18.0	-8.3	-6.0	0.0	0.0
Dividends Received from Affiliates	0.0	0.0	0.0	0.0	0.0
Sales of Property, Plant and Equipment	0.7	0.8	0.3	0.8	0.0
Sales/Financial	0.0	1.5	1.5	0.2	0.2
Cash from Investing Activities	-38.0	-43.8	-19.6	-29.8	-12.3
Capital Increase	0.4	0.1	0.1	0.0	0.0
L.T. Borrowings	-2.6	-6.7	-2.8	-5.8	-2.9
Current Borrowings	0.2	-1.5	-1.1	0.7	0.2
Div. Paid/Subsid./ Previous Year	0.0	-11.7	0.0	-10.4	0.0
Dividends Paid by Subs. to Minority	-0.4	-1.6	-0.3	-1.5	-0.5
Interests Received/Paid	0.1	-0.4	-0.4	-1.1	-0.3
Cash from Financing Activities	-2.2	-21.7	-4.5	-18.1	-3.5
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	-6.5	12.2	6.8	16.5	15.5
Net Cash - Beginning Balance	64.6	52.4	52.4	35.9	35.9
Net Cash - Ending Balance	58.1	64.6	59.3	52.4	51.4
Cash Taxes Paid	12.9	17.5	10.5	18.4	10.2

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	149.4	53.8 %	114.2	48.5 %	129.1	46.6 %	107.6	52.4 %	80.5	47.7 %
Papua New-Guinea	103.8	37.4 %	91.6	38.8 %	99.2	35.8 %	62.4	30.4 %	48.7	28.8 %
Ivory Coast	24.1	8.7 %	27.4	11.6 %	36.0	13 %	24.1	11.7 %	26.7	15.8 %
Europe	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Vietnam	-	-	0.0	0 %	6.0	2.2 %	4.1	2 %	6.6	3.9 %
Others	0.2	0.1 %	2.5	1.1 %	7.0	2.5 %	7.1	3.5 %	6.4	3.8 %
Segment Total	277.5	100 %	235.7	100 %	277.3	100 %	205.4	100 %	168.8	100 %
Consolidated Total	277.5	100 %	235.7	100 %	277.3	100 %	205.4	100 %	168.8	100 %
Other Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	0.4	22.8 %	0.9	40.2 %	1.0	49.2 %	0.9	46.9 %	0.9	33.6 %
Papua New-Guinea	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Ivory Coast	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Europe	1.4	77.2 %	1.3	59.8 %	1.1	50.8 %	1.0	53.1 %	1.7	66.4 %
Vietnam	-	-	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Others	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	1.9	100 %	2.2	100 %	2.1	100 %	1.9	100 %	2.6	100 %
Consolidated Total	1.9	100 %	2.2	100 %	2.1	100 %	1.9	100 %	2.6	100 %

Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	149.9	53.6 %	115.1	48.4 %	130.1	46.6 %	108.5	52.3 %	81.4	47.5 %
Papua New-Guinea	103.8	37.2 %	91.6	38.5 %	99.2	35.5 %	62.4	30.1 %	48.7	28.4 %
Ivory Coast	24.1	8.6 %	27.4	11.5 %	36.0	12.9 %	24.1	11.6 %	26.7	15.6 %
Europe	1.4	0.5 %	1.3	0.5 %	1.1	0.4 %	1.0	0.5 %	1.8	1 %
Vietnam	-	-	0.0	0 %	6.0	2.2 %	4.1	2 %	6.6	3.8 %
Others	0.2	0.1 %	2.5	1.1 %	7.0	2.5 %	7.1	3.4 %	6.4	3.7 %
Segment Total	279.4	100 %	237.8	100 %	279.4	100 %	207.3	100 %	171.4	100 %
Consolidated Total	279.4	100 %	237.8	100 %	279.4	100 %	207.3	100 %	171.4	100 %
Cost of Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	71.4	44.1 %	59.5	40.2 %	74.2	39.7 %	55.5	42.5 %	49.3	38.7 %
Papua New-Guinea	69.0	42.7 %	62.0	41.9 %	66.6	35.6 %	40.8	31.2 %	40.8	32 %
Ivory Coast	21.2	13.1 %	24.1	16.3 %	33.9	18.1 %	23.5	18 %	25.4	19.9 %
Europe	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.1	0.1 %
Vietnam	-	-	0.0	0 %	5.7	3.1 %	3.9	3 %	5.6	4.4 %
Others	0.2	0.1 %	2.5	1.7 %	6.7	3.6 %	6.8	5.2 %	6.2	4.9 %
Segment Total	161.7	100 %	148.1	100 %	187.2	100 %	130.5	100 %	127.3	100 %
Consolidated Total	161.7	100 %	148.1	100 %	187.2	100 %	130.5	100 %	127.3	100 %

Gross Profit   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	79.9	65.9 %	56.5	61.1 %	56.8	60.2 %	53.7	68.3 %	32.7	71.7 %
Papua New-Guinea	36.8	30.4 %	31.2	33.7 %	33.7	35.7 %	22.7	28.8 %	8.9	19.5 %
Ivory Coast	3.0	2.5 %	3.3	3.6 %	2.1	2.2 %	0.6	0.8 %	1.3	2.9 %
Europe	1.4	1.2 %	1.3	1.4 %	1.1	1.2 %	1.0	1.3 %	1.3	2.9 %
Vietnam	-	-	0.0	0 %	0.3	0.3 %	0.2	0.3 %	1.0	2.3 %
Others	0.0	0 %	0.1	0.1 %	0.4	0.5 %	0.4	0.5 %	0.3	0.7 %
Segment Total	121.1	100 %	92.5	100 %	94.4	100 %	78.7	100 %	45.6	100 %
Consolidated Total	121.1	100 %	92.5	100 %	94.4	100 %	78.7	100 %	45.6	100 %
Gross Margin (%)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	53.3	-	49.1	-	43.6	-	49.5	-	40.2	-
Papua New-Guinea	35.4	-	34.1	-	34.0	-	36.3	-	18.3	-
Ivory Coast	12.4	-	12.2	-	5.7	-	2.5	-	4.9	-
Europe	100.0	-	99.7	-	100.6	-	99.5	-	75.7	-
Vietnam	-	-	-	-	4.8	-	5.1	-	15.9	-
Others	16.4	-	5.5	-	6.3	-	5.9	-	4.7	-
Segment Total	43.4	-	38.9	-	33.8	-	38.0	-	26.6	-
Consolidated Total	43.4	-	38.9	-	33.8	-	38.0	-	26.6	-

Depreciation   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	3.7	38.5 %	2.7	33.5 %	2.7	33.6 %	2.6	41.8 %	5.1	70.4 %
Papua New-Guinea	5.1	52.2 %	4.3	53 %	4.2	51.3 %	2.4	39.4 %	0.4	6 %
Ivory Coast	0.6	6.4 %	0.8	9.4 %	0.4	5.3 %	0.4	6.2 %	0.4	5.4 %
Europe	0.3	3 %	0.3	3.2 %	0.3	3.6 %	0.2	4 %	0.0	0 %
Vietnam	-	-	0.0	0 %	0.4	5 %	0.4	6.4 %	0.9	12 %
Others	0.0	0 %	0.1	1 %	0.1	1.2 %	0.1	2.3 %	0.4	6.2 %
Segment Total	9.7	100 %	8.2	100 %	8.2	100 %	6.2	100 %	7.2	100 %
Consolidated Total	9.7	100 %	8.2	100 %	8.2	100 %	6.2	100 %	7.2	100 %
Total Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	277.7	55.5 %	228.8	54 %	205.1	54.9 %	180.1	52.5 %	173.5	62.5 %
Papua New-Guinea	127.0	25.4 %	108.9	25.7 %	89.3	23.9 %	81.4	23.7 %	20.1	7.2 %
Ivory Coast	8.0	1.6 %	8.0	1.9 %	7.9	2.1 %	7.3	2.1 %	0.7	0.3 %
Europe	87.8	17.5 %	76.0	17.9 %	68.5	18.4 %	61.1	17.8 %	7.7	2.8 %
Vietnam	-	-	0.0	0 %	0.0	0 %	7.4	2.1 %	13.0	4.7 %
Others	0.0	0 %	2.1	0.5 %	2.5	0.7 %	5.5	1.6 %	62.8	22.6 %
Segment Total	500.6	100 %	423.7	100 %	373.2	100 %	342.8	100 %	277.7	100 %
Consolidated Total	500.6	100 %	423.7	100 %	373.2	100 %	342.8	100 %	277.7	100 %

Purchase of Fixed Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Indonesia	19.8	52.4 %	7.6	43.9 %	9.5	52.2 %	9.3	55.2 %	7.6	73.9 %
Papua New-Guinea	16.3	43 %	8.7	50.5 %	7.5	41.3 %	6.3	37.7 %	1.0	10 %
Ivory Coast	1.5	4.1 %	0.7	4 %	0.7	3.7 %	0.3	1.6 %	0.3	3 %
Europe	0.2	0.5 %	0.2	1.4 %	0.4	2.2 %	0.6	3.6 %	0.0	0 %
Vietnam	-	-	0.0	0 %	0.1	0.3 %	0.2	1.4 %	0.7	7.3 %
Others	0.0	0 %	0.0	0.2 %	0.0	0.3 %	0.1	0.5 %	0.6	5.7 %
Segment Total	37.8	100 %	17.2	100 %	18.2	100 %	16.8	100 %	10.2	100 %
Consolidated Total	37.8	100 %	17.2	100 %	18.2	100 %	16.8	100 %	10.2	100 %

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Indonesia	96.0	54.5 %	81.9	54.5 %	67.4	53.1 %	64.8	54.6 %	57.4	49 %
Papua New-Guinea	69.3	39.3 %	56.7	37.7 %	47.1	37 %	45.6	38.4 %	46.0	39.3 %
Ivory Coast	10.8	6.1 %	12.0	8 %	12.1	9.5 %	14.2	12 %	13.2	11.2 %
Europe	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Vietnam	-	-	-	-	-	-	0.0	0 %	0.0	0 %
Others	0.1	0 %	-0.3	-0.2 %	0.5	0.4 %	-6.0	-5.1 %	0.6	0.5 %
Segment Total	176.2	100 %	150.4	100 %	127.1	100 %	118.6	100 %	117.1	100 %
Consolidated Total	176.2	100 %	150.4	100 %	127.1	100 %	118.6	100 %	117.1	100 %
Other Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Indonesia	0.3	26.7 %	0.3	26.3 %	0.2	18.9 %	0.5	48.7 %	0.4	33 %
Papua New-Guinea	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Ivory Coast	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Europe	0.7	73.3 %	0.7	73.7 %	0.7	81.1 %	0.5	51.3 %	0.8	67 %
Vietnam	-	-	-	-	-	-	0.0	0 %	0.0	0 %
Others	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	0.9	100 %	1.0	100 %	0.9	100 %	1.0	100 %	1.2	100 %
Consolidated Total	0.9	100 %	1.0	100 %	0.9	100 %	1.0	100 %	1.2	100 %

Total Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Indonesia	96.2	54.3 %	82.2	54.3 %	67.6	52.8 %	65.3	54.6 %	57.8	48.8 %
Papua New-Guinea	69.3	39.1 %	56.7	37.5 %	47.1	36.8 %	45.6	38.1 %	46.0	38.9 %
Ivory Coast	10.8	6.1 %	12.0	7.9 %	12.1	9.4 %	14.2	11.9 %	13.2	11.1 %
Europe	0.7	0.4 %	0.7	0.5 %	0.7	0.6 %	0.5	0.4 %	0.8	0.7 %
Vietnam	-	-	-	-	-	-	0.0	0 %	0.0	0 %
Others	0.1	0 %	-0.3	-0.2 %	0.5	0.4 %	-6.0	-5 %	0.6	0.5 %
Segment Total	177.1	100 %	151.4	100 %	128.0	100 %	119.6	100 %	118.3	100 %
Consolidated Total	177.1	100 %	151.4	100 %	128.0	100 %	119.6	100 %	118.3	100 %
Cost of Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Indonesia	50.9	48 %	36.9	43.9 %	34.5	44.4 %	34.2	47 %	33.1	43.9 %
Papua New-Guinea	45.4	42.8 %	36.7	43.7 %	32.2	41.5 %	31.6	43.5 %	30.4	40.3 %
Ivory Coast	9.7	9.1 %	10.3	12.2 %	10.9	14.1 %	12.9	17.7 %	11.2	14.9 %
Europe	0.0	0 %	0.0	0 %	0.0	0 %	-0.1	-0.2 %	0.2	0.2 %
Vietnam	-	-	-	-	-	-	0.0	0 %	0.0	0 %
Others	0.0	0 %	0.2	0.2 %	0.0	0 %	-5.8	-8 %	0.5	0.7 %
Segment Total	106.0	100 %	84.0	100 %	77.6	100 %	72.8	100 %	75.4	100 %
Consolidated Total	106.0	100 %	84.0	100 %	77.6	100 %	72.8	100 %	75.4	100 %

Gross Profit   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Indonesia	46.3	63.3 %	46.0	66.7 %	33.9	64.9 %	31.5	65.4 %	25.1	56.8 %
Papua New-Guinea	24.9	34 %	21.0	30.4 %	15.8	30.3 %	14.8	30.7 %	16.4	37 %
Ivory Coast	1.2	1.7 %	1.7	2.4 %	1.3	2.5 %	1.3	2.7 %	2.0	4.6 %
Europe	0.7	0.9 %	0.7	1.1 %	0.7	1.4 %	0.7	1.4 %	0.6	1.4 %
Vietnam	-	-	-	-	-	-	0.0	0 %	0.0	0 %
Others	0.0	0.1 %	-0.4	-0.6 %	0.5	0.9 %	-0.1	-0.2 %	0.1	0.2 %
Segment Total	73.1	100 %	69.0	100 %	52.1	100 %	48.2	100 %	44.2	100 %
Consolidated Total	73.1	100 %	69.0	100 %	52.1	100 %	48.2	100 %	44.2	100 %
Gross Margin (%)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Indonesia	48.1	-	56.0	-	50.1	-	48.3	-	43.5	-
Papua New-Guinea	35.9	-	37.0	-	33.6	-	32.5	-	35.6	-
Ivory Coast	11.3	-	14.0	-	10.8	-	9.3	-	15.3	-
Europe	100.0	-	100.0	-	100.0	-	129.0	-	80.7	-
Others	75.0	-	161.1	-	100.0	-	1.5	-	19.0	-
Segment Total	41.3	-	45.6	-	40.7	-	40.3	-	37.4	-
Consolidated Total	41.3	-	45.6	-	40.7	-	40.3	-	37.4	-

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	207.4	74.2 %	176.0	74 %	197.4	70.7 %	138.3	66.7 %	101.7	59.5 %
Rubber	36.4	13 %	20.9	8.8 %	31.3	11.2 %	26.2	12.6 %	25.2	14.7 %
Tea	9.5	3.4 %	10.4	4.4 %	13.5	4.8 %	10.0	4.8 %	11.9	6.9 %
Tropical Fruits and Plants	24.1	8.6 %	27.4	11.5 %	34.1	12.2 %	30.6	14.7 %	28.6	16.7 %
Corporate	1.9	0.7 %	2.0	0.8 %	1.8	0.7 %	1.7	0.8 %	2.0	1.2 %
Others	0.2	0.1 %	1.2	0.5 %	1.2	0.4 %	0.5	0.2 %	1.6	1 %
Segment Total	279.4	100 %	237.8	100 %	279.4	100 %	207.3	100 %	171.0	100 %
Consolidated Total	279.4	100 %	237.8	100 %	279.4	100 %	207.3	100 %	171.0	100 %
Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	207.4	74.2 %	176.0	74 %	197.4	70.7 %	138.3	66.7 %	101.7	59.5 %
Rubber	36.4	13 %	20.9	8.8 %	31.3	11.2 %	26.2	12.6 %	25.2	14.7 %
Tea	9.5	3.4 %	10.4	4.4 %	13.5	4.8 %	10.0	4.8 %	11.9	6.9 %
Tropical Fruits and Plants	24.1	8.6 %	27.4	11.5 %	34.1	12.2 %	30.6	14.7 %	28.6	16.7 %
Corporate	1.9	0.7 %	2.0	0.8 %	1.8	0.7 %	1.7	0.8 %	2.0	1.2 %
Others	0.2	0.1 %	1.2	0.5 %	1.2	0.4 %	0.5	0.2 %	1.6	1 %
Segment Total	279.4	100 %	237.8	100 %	279.4	100 %	207.3	100 %	171.0	100 %
Consolidated Total	279.4	100 %	237.8	100 %	279.4	100 %	207.3	100 %	171.0	100 %

Cost of Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	117.6	72.7 %	102.4	69.1 %	124.5	66.5 %	75.8	58.1 %	72.3	56.8 %
Rubber	16.9	10.5 %	13.5	9.1 %	18.1	9.6 %	14.9	11.4 %	14.8	11.6 %
Tea	5.9	3.6 %	6.8	4.6 %	11.3	6 %	9.5	7.3 %	11.3	8.9 %
Tropical Fruits and Plants	21.2	13.1 %	24.1	16.3 %	31.9	17.1 %	29.5	22.6 %	27.1	21.3 %
Corporate	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Others	0.2	0.1 %	1.3	0.9 %	1.4	0.8 %	0.7	0.6 %	1.8	1.4 %
Segment Total	161.7	100 %	148.1	100 %	187.2	100 %	130.5	100 %	127.3	100 %
Consolidated Total	161.7	100 %	148.1	100 %	187.2	100 %	130.5	100 %	127.3	100 %
Gross Profit   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	92.7	76.6 %	75.8	82 %	74.5	79 %	63.9	81.2 %	30.8	67.4 %
Rubber	19.9	16.4 %	7.7	8.4 %	13.7	14.5 %	11.6	14.8 %	10.8	23.6 %
Tea	3.6	3 %	3.6	3.9 %	2.2	2.4 %	0.5	0.7 %	0.6	1.3 %
Tropical Fruits and Plants	3.0	2.5 %	3.3	3.6 %	2.2	2.3 %	1.1	1.4 %	1.6	3.4 %
Corporate	1.9	1.5 %	2.0	2.2 %	1.8	1.9 %	1.7	2.2 %	2.0	4.5 %
Others	0.0	0 %	0.0	0 %	-0.2	-0.2 %	-0.2	-0.2 %	-0.1	-0.3 %
Segment Total	121.1	100 %	92.5	100 %	94.3	100 %	78.7	100 %	45.6	100 %
Consolidated Total	121.1	100 %	92.5	100 %	94.3	100 %	78.7	100 %	45.6	100 %

Gross Margin (%)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	44.7	-	43.1	-	37.8	-	46.2	-	30.3	-
Rubber	54.6	-	37.0	-	43.6	-	44.4	-	42.8	-
Tea	38.2	-	34.7	-	16.5	-	5.4	-	5.1	-
Tropical Fruits and Plants	12.4	-	12.2	-	6.4	-	3.5	-	5.5	-
Corporate	100.0	-	100.0	-	100.0	-	100.0	-	103.8	-
Others	16.4	-	-3.4	-	-14.6	-	-31.6	-	-9.0	-
Segment Total	43.4	-	38.9	-	33.7	-	38.0	-	26.7	-
Consolidated Total	43.4	-	38.9	-	33.7	-	38.0	-	26.7	-
Depreciation   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	7.4	76.4 %	6.0	72.9 %	5.8	71.5 %	4.0	65 %	5.1	70.4 %
Rubber	0.6	6.5 %	0.6	7.2 %	0.6	6.7 %	0.5	7.8 %	0.4	6 %
Tea	0.5	4.7 %	0.4	5.1 %	0.9	10.5 %	0.8	13.2 %	0.9	12 %
Tropical Fruits and Plants	0.6	6.3 %	0.8	9.4 %	0.4	5.3 %	0.4	6.4 %	0.4	5.4 %
Insurance	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Unallocated	0.6	6 %	0.4	5.5 %	0.5	5.9 %	0.5	7.6 %	0.4	6.2 %
Segment Total	9.7	100 %	8.2	100 %	8.2	100 %	6.2	100 %	7.2	100 %
Consolidated Total	9.7	100 %	8.2	100 %	8.2	100 %	6.2	100 %	7.2	100 %

Total Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	323.3	64.6 %	274.9	64.9 %	242.2	64.9 %	221.0	64.5 %	173.5	61.1 %
Rubber	26.7	5.3 %	18.8	4.4 %	21.1	5.7 %	19.3	5.6 %	20.1	7.1 %
Tea	7.2	1.4 %	8.3	2 %	12.1	3.2 %	12.8	3.7 %	13.0	4.6 %
Tropical Fruits and Plants	8.6	1.7 %	9.0	2.1 %	9.5	2.5 %	7.8	2.3 %	7.0	2.4 %
Insurance	9.6	1.9 %	7.9	1.9 %	6.7	1.8 %	14.0	4.1 %	7.7	2.7 %
Unallocated	125.1	25 %	104.8	24.7 %	81.7	21.9 %	67.9	19.8 %	62.8	22.1 %
Segment Total	500.6	100 %	423.7	100 %	373.2	100 %	342.8	100 %	284.0	100 %
Consolidated Total	500.6	100 %	423.7	100 %	373.2	100 %	342.8	100 %	284.0	100 %
Purchase of Fixed Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Palmoil, Fernels	28.8	76 %	13.2	76.5 %	12.5	68.8 %	12.1	72.1 %	7.6	73.9 %
Rubber	2.7	7.1 %	0.3	1.9 %	1.2	6.8 %	0.8	4.9 %	1.0	10 %
Tea	0.4	1.1 %	0.1	0.8 %	0.1	0.8 %	1.1	6.4 %	0.7	7.3 %
Tropical Fruits and Plants	1.5	4.1 %	0.7	4 %	0.7	3.7 %	0.3	2 %	0.3	3 %
Insurance	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Unallocated	4.4	11.7 %	2.9	16.7 %	3.6	19.9 %	2.5	14.7 %	0.6	5.7 %
Segment Total	37.8	100 %	17.2	100 %	18.2	100 %	16.8	100 %	10.2	100 %
Consolidated Total	37.8	100 %	17.2	100 %	18.2	100 %	16.8	100 %	10.2	100 %

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Palmoil, Fernels	135.5	76.5 %	115.2	76.1 %	92.2	72 %	89.9	75.2 %	86.1	72.8 %
Rubber	25.7	14.5 %	19.0	12.6 %	17.4	13.6 %	9.8	8.2 %	11.0	9.3 %
Tea	4.1	2.3 %	4.5	2.9 %	5.0	3.9 %	4.8	4 %	5.6	4.7 %
Tropical Fruits and Plants	10.8	6.1 %	11.6	7.6 %	12.5	9.8 %	13.6	11.4 %	13.8	11.7 %
Corporate	0.9	0.5 %	1.0	0.7 %	0.8	0.7 %	0.9	0.8 %	1.1	0.9 %
Others	0.1	0 %	0.2	0.1 %	0.1	0 %	0.5	0.4 %	0.7	0.6 %
Segment Total	177.1	100 %	151.4	100 %	128.0	100 %	119.6	100 %	118.3	100 %
Consolidated Total	177.1	100 %	151.4	100 %	128.0	100 %	119.6	100 %	118.3	100 %
Total Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Palmoil, Fernels	135.5	76.5 %	115.2	76.1 %	92.2	72 %	89.9	75.2 %	86.1	72.8 %
Rubber	25.7	14.5 %	19.0	12.6 %	17.4	13.6 %	9.8	8.2 %	11.0	9.3 %
Tea	4.1	2.3 %	4.5	2.9 %	5.0	3.9 %	4.8	4 %	5.6	4.7 %
Tropical Fruits and Plants	10.8	6.1 %	11.6	7.6 %	12.5	9.8 %	13.6	11.4 %	13.8	11.7 %
Corporate	0.9	0.5 %	1.0	0.7 %	0.8	0.7 %	0.9	0.8 %	1.1	0.9 %
Others	0.1	0 %	0.2	0.1 %	0.1	0 %	0.5	0.4 %	0.7	0.6 %
Segment Total	177.1	100 %	151.4	100 %	128.0	100 %	119.6	100 %	118.3	100 %
Consolidated Total	177.1	100 %	151.4	100 %	128.0	100 %	119.6	100 %	118.3	100 %

Cost of Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Palmoil, Fernels	81.4	76.8 %	60.9	72.4 %	56.7	73 %	50.7	69.6 %	51.7	68.6 %
Rubber	11.8	11.1 %	9.8	11.7 %	7.1	9.2 %	6.9	9.5 %	6.6	8.8 %
Tea	3.2	3 %	2.9	3.5 %	2.9	3.8 %	2.5	3.5 %	4.3	5.7 %
Tropical Fruits and Plants	9.7	9.1 %	10.3	12.2 %	10.9	14.1 %	12.3	16.9 %	11.8	15.7 %
Corporate	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Others	0.0	0 %	0.2	0.2 %	0.0	0 %	0.4	0.5 %	0.9	1.2 %
Segment Total	106.0	100 %	84.1	100 %	77.6	100 %	72.8	100 %	75.4	100 %
Consolidated Total	106.0	100 %	84.1	100 %	77.6	100 %	72.8	100 %	75.4	100 %
Gross Profit   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Palmoil, Fernels	55.8	76.3 %	55.7	80.8 %	37.0	71 %	40.4	83.8 %	35.4	80 %
Rubber	14.2	19.4 %	9.4	13.7 %	10.5	20 %	3.2	6.5 %	4.6	10.3 %
Tea	0.9	1.3 %	1.5	2.2 %	2.1	4 %	2.3	4.8 %	1.3	3 %
Tropical Fruits and Plants	1.2	1.7 %	1.3	1.8 %	1.7	3.3 %	1.3	2.7 %	2.0	4.6 %
Corporate	0.9	1.3 %	1.0	1.5 %	0.8	1.6 %	0.9	1.9 %	1.1	2.5 %
Others	0.0	0.1 %	0.0	0 %	0.1	0.1 %	0.1	0.3 %	-0.2	-0.4 %
Segment Total	73.1	100 %	69.0	100 %	52.1	100 %	48.2	100 %	44.2	100 %
Consolidated Total	73.1	100 %	69.0	100 %	52.1	100 %	48.2	100 %	44.2	100 %

Gross Margin (%)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		30-Jun-09
Palmoil, Fernels	41.2	-	48.4	-	40.1	-	45.0	-	41.1	-
Rubber	55.2	-	49.5	-	60.2	-	32.0	-	41.5	-
Tea	22.6	-	34.5	-	41.5	-	47.8	-	23.5	-
Tropical Fruits and Plants	11.3	-	10.8	-	13.8	-	9.6	-	14.7	-
Corporate	100.0	-	100.0	-	100.0	-	100.0	-	100.0	-
Others	75.0	-	-11.3	-	100.0	-	26.4	-	-24.0	-
Segment Total	41.3	-	45.6	-	40.7	-	40.3	-	37.4	-
Consolidated Total	41.3	-	45.6	-	40.7	-	40.3	-	37.4	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.88

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.