3. Consolidated income statement adjustments

The adjusted consolidated income statement for financial years 2023 and 2022 (non-IFRS financial measures) can be presented as follows.

Adjustments relate to significant items in the income statement of such size, nature, or incidence that in view of management require disclosure to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. These items include amongst others write-down of inventories to net realizable value, reversals of write-downs, impairments, reversals of impairments, additions to and releases from provisions for restructuring and reorganization, results on assets sold, gains on the sale of subsidiaries, joint ventures and associates, and any other provision being formed or released. Restructuring costs are defined as the estimated costs of initiated reorganizations, which have been approved by the Executive Committee, and which generally involve the realignment of certain parts of the organization. The company only adjusts for items when the aggregate amount of the events per line item of the income statement exceeds a yearly threshold of € 0.5 million as well as adjustments, each above € 0.1 million, in relation to previously recognized adjustments.

In 2023, total adjustments of € 4.8 million were recorded, consisting of the following components:

1. Gain of € 21.7 million related to the reversal of a previously recorded impairment (in 2019) in the Algae segment.

2. Gain of € 0.8 million related to reversal of accruals presented as adjustments in prior periods.

3. Loss due to fair value adjustment of € 5.2 million on the contingent consideration payable related to the 2018 Algae acquisition.

4. Loss of € 4.6 million related to project costs for the planned divestment of the Emulsifier business.

5. Loss of € 0.6 million related to a exceptional write down of a receivable.

6. Loss of € 0.6 million related to a restructuring in our Spanish plant.

7. Loss of € 0.6 million for an environmental fine in our biomedical polymer business.

8. Loss of € 0.5 million related to an earn-out payment related to the 2021 acquisition of certain assets of Granotec Mexico S.A. de C.V.

9. Loss of € 0.4 million related to costs to de-risk a defined benefit pension scheme.

10. Loss of € 6.8 million on the results from joint ventures and associates line as a result of an impairment on the capitalized development costs for the cancelled Grandpuit project at the TotalEnergies Corbion joint venture.

11. Tax effects on the above of € -1.6 million.

In 2022, total adjustments of € 1.3 million were recorded, consisting of the following components:

1. Gain of € 9.7 million related to the sale of the Totowa warehouse.

2. Negative fair value adjustment of € 2.3 million on the contingent consideration payable related to the Algae acquisition.

3. Loss of € 1.7 million related to incremental cost as a result of the production outage in the fourth quarter of 2021 in our Blair facility.

4. Loss of € 1.3 million related to strategic portfolio optimization in the Algae and Lactic Acid & Specialties businesses.

5. Loss of € 0.7 million related to write down of receivables as a result of the conflict in Ukraine.

6. Loss of € 0.7 million related to an earn-out payment related to the acquisition of certain assets of Granotec Mexico S.A. de C.V.

7. Loss of € 0.2 million related to an adjustment of the sales price for a plot of land in the Dutch municipality of Breda.

8. Tax effects on the above of € -1.5 million.