Annual Report

Astarta Holding N.V.Consolidated financial statements as at and for the year ended 31 December 2011The segment information for the year ended 31 December 2010 is as follows (continued):(in thousands of Euros)Sugar andsugarproductionAgricultureCattlefarmingOtherbusinessesUnallocatedTotalTotal revenues 159,496 94,667 17,351 2,035 - 273,549Inter-segment revenues - 54,219 - - - 54,219Revenues from external customers 159,496 40,448 17,351 2,035 - 219,330Total cost of revenues (87,609) (81,856) (11,459) (1,614) - (182,538)Inter-segment cost of revenues - (54,219) - - - (54,219)Cost of revenues (87,609) (27,637) (11,459) (1,614) - (128,319)Gain from remeasurement of agriculturalproduce to fair value - 177 - - - 177Gross profit 71,887 12,988 5,892 421 - 91,188General and administrative expense (5,293) (1,287) (356) (431) (1,900) (9,267)Selling and distribution expense (4,876) (1,520) (170) (21) (680) (7,267)Other operating income (expense) (632) 10,205 6,102 19 (2,838) 12,856Profit (loss) from operations 61,086 20,386 11,468 (12) (5,418) 87,510Loss from exchange differences - - - - (229) (229)Interest expense (2,050) (1,343) - - (5,007) (8,400)Interest income - - - - 83 83Other expense - - - - (3,354) (3,354)Gain on acquisition of subsidiaries - - - - 4,016 4,016Profit (loss) before tax 59,036 19,043 11,468 (12) (9,909) 79,626Taxation - - - - 415 415Net profit (loss) 59,036 19,043 11,468 (12) (9,494) 80,041Total assets 129,204 150,866 47,351 5,888 18,975 352,284Unallocated deferred tax - - - - 355 355Consolidated total assets 129,204 150,866 47,351 5,888 19,330 352,639Total liabilities 40,008 26,902 231 48 71,645 138,834Unallocated deferred tax - - - - 4,751 4,751Consolidated total liabilities 40,008 26,902 231 48 76,396 143,585Other segment information:Depreciation and amortisation 3,900 8,437 422 147 292 13,198Additions to non-current assets:Property, plant and equipment 13,277 19,991 3,664 19 1,058 38,009Intangible assets - 2,261 - - 47 2,308Biological non-current assets - - 761 - - 761131