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Financial statements

3. Consolidated income statement adjustments

The adjusted consolidated income statement for financial years 2019 and 2018 (non-IFRS financial measures) can be presented as follows.

 

2019

2018

 

Adjusted figures

Adjustments

IFRS figures

Adjusted figures

Adjustments

IFRS figures

Net sales

976.4

 

976.4

897.2

 

897.2

Costs of raw materials and consumables

-482.2

-2.5

-484.7

-442.0

-0.6

-442.6

Production costs

-160.7

-36.1

-196.8

-142.1

0.5

-141.6

Warehousing and distribution costs

-61.2

 

-61.2

-55.0

 

-55.0

Gross profit

272.3

-38.6

233.7

258.1

-0.1

258.0

Selling expenses

-67.4

-0.5

-67.9

-61.4

 

-61.4

Research and development costs

-40.6

-7.5

-48.1

-39.3

-0.7

-40.0

General and administrative expenses

-79.3

0.2

-79.1

-67.8

-1.5

-69.3

Other proceeds

 

22.7

22.7

 

0.6

0.6

Operating result

85.0

-23.7

61.3

89.6

-1.7

87.9

Less: depreciation/amortization/impairment (in)tangible fixed assets

60.9

42.1

103.0

42.0

-0.4

41.6

EBITDA

145.9

18.4

164.3

131.6

-2.1

129.5

Depreciation/amortization/impairment (in)tangible fixed assets

-60.9

-42.1

-103.0

-42.0

0.4

-41.6

Operating result

85.0

-23.7

61.3

89.6

-1.7

87.9

Financial income

3.8

 

3.8

3.6

 

3.6

Financial charges

-18.4

 

-18.4

-16.8

 

-16.8

Results from joint ventures and associates

-2.0

 

-2.0

-11.7

6.8

-4.9

Result before taxes

68.4

-23.7

44.7

64.7

5.1

69.8

Taxes

-22.4

3.5

-18.9

-15.6

0.1

-15.5

Result after taxes

46.0

-20.2

25.8

49.1

5.2

54.3

Adjustments relate to material items in the income statement of such size, nature, or incidence that, in the opinion of management, require disclosure. These items include amongst others write-downs 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. The group only makes adjustments for items when the aggregate amount of the events per line item of the income statement exceeds a threshold of € 0.5 million.

In 2019, total adjustments of € 20.2 million were recorded, consisting of the following components:

  1. Loss of € 41.4 million related to an impairment in our Algae business.

  2. Gain of € 14.7 million related to a remeasurement of the anticipated contingent purchase price of SB Renewable Oils.

  3. Gain of € 7.9 million as a result of a past service gain due to change in indexation CSM UK pension scheme.

  4. Gain of € 3.5 million as a result of valuation of tax assets related to the acquisition of Granotec do Brazil.

  5. Loss of € 2.9 million related to restructuring costs.

  6. Loss of € 2.6 million related to a write-down of inventory in the US.

  7. Loss of € 0.7 million related to relocation and impairment costs as a result of the new warehouse in the US.

  8. Loss of € 1.0 million related to one-off bonusses.

  9. Loss of € 0.7 million as a result of acquisition costs of Granotec do Brazil.

  10. Loss of € 0.5 million related to legal costs.

  11. Tax effects on the above of € 3.5 million.

In 2018, total adjustments of € 5.2 million were recorded, consisting of the following components:

  1. Gain of € 9.6 million as a result of measuring at fair value the 50.1% equity interest in SB Renewable Oils held before the business combination.

  2. Loss of € 2.7 million related to write-down of inventory in the SB Renewable Oils joint venture.

  3. Loss of € 0.6 million related to write-down of inventory due to an incident in a third-party warehouse.

  4. Loss of € 0.4 million as a result of acquisition costs of SB Renewable Oils.

  5. Gain of € 0.6 million related to the sale of an unused piece of land in Italy.

  6. Gain of € 0.4 million related to partial reversal of previously recorded impairment of the Kansas Avenue powder blending plant.

  7. Loss of € 0.8 million related to a remeasurement of the anticipated contingent sales price of the subsidiary Total Corbion PLA (Thailand) Limited to the joint venture Total Corbion PLA bv.

  8. Loss of € 0.7 million related to an onerous contract provision.

  9. Loss of € 0.3 million due to restructuring provision.

  10. Tax effects on the above of € 0.1 million.