Skip to website navigation Skip to article navigation Skip to content

3. Consolidated income statement adjustments

The adjusted consolidated income statement for financial years 2020 and 2019 (non-IFRS financial measures) can be presented as follows.

 

2020

2019

 

Adjusted figures

Adjustments

IFRS figures

Adjusted figures

Adjustments

IFRS figures

Net sales

986.5

 

986.5

976.4

 

976.4

Costs of raw materials and consumables

-475.2

-4.1

-479.3

-482.2

-2.5

-484.7

Production costs

-166.8

-2.0

-168.8

-160.7

-36.1

-196.8

Warehousing and distribution costs

-68.6

 

-68.6

-61.2

 

-61.2

Gross profit

275.9

-6.1

269.8

272.3

-38.6

233.7

Selling expenses

-62.0

-0.7

-62.7

-67.4

-0.5

-67.9

Research and development costs

-37.2

 

-37.2

-40.6

-7.5

-48.1

General and administrative expenses

-78.2

-1.7

-79.9

-79.3

0.2

-79.1

Other proceeds

 

14.1

14.1

 

22.7

22.7

Operating result

98.5

5.6

104.1

85.0

-23.7

61.3

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

60.3

1.3

61.6

60.9

42.1

103.0

EBITDA

158.8

6.9

165.7

145.9

18.4

164.3

Depreciation/amortization/impairment (in)tangible fixed assets

-60.3

-1.3

-61.6

-60.9

-42.1

-103.0

Operating result

98.5

5.6

104.1

85.0

-23.7

61.3

Financial income

3.0

 

3.0

3.8

 

3.8

Financial charges

-22.2

-1.7

-23.9

-18.4

 

-18.4

Results from joint ventures and associates

10.5

-6.0

4.5

-2.0

 

-2.0

Result before taxes

89.8

-2.1

87.7

68.4

-23.7

44.7

Taxes

-12.9

-1.7

-14.6

-22.4

3.5

-18.9

Result after taxes

76.9

-3.8

73.1

46.0

-20.2

25.8

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 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 Ingredients 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 2020, total adjustments of € 3.8 million were recorded, consisting of the following components:

  1. Gain of € 6.9 million related to the remeasurement of the sales price of the subsidiary Total Corbion PLA (Thailand) Limited to the joint venture Total Corbion PLA bv. The amount consists of a gain of € 12.9 million positive reported in Other proceeds, partly offset by a loss of € 6.0 million reported in Results from joint ventures and associates.

  2. Loss of € 4.6 million related to a write-down of inventory in our Algae Ingredients business.

  3. Loss of € 4.4 million as a result of a provision for a tax claim after a US tax audit.

  4. Loss of € 1.3 million related to an impairment of assets for preparation of the new lactic acid plant in Thailand.

  5. Loss of € 1.3 million related to restructuring costs.

  6. Loss of € 0.9 million related to advice costs for US tax audit and to de-risk a defined benefit pension scheme.

  7. Loss of € 0.3 million related to inventory write down in the US.

  8. Tax effects on the above of € 2.1 million.