Forecast

The half year results were good. The recent financial developments in the USA and in Europe reflect profound structural imbalances in the economies and will take a long time to be corrected. Climatic developments such as the current drought in the USA and the possibility of a new El Niño in the second part of this year may also have substantial impact on the agri-business worldwide. Through continued diversification of the activities, we pursue further growth and stabilisation of the group’s performance in unpredictable market circumstances and uncontrollable external developments. We have confidence in the experience and market expertise of our trading teams to make 2012 into another profitable year for our shareholders.