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3. Consolidated income statement adjustments

The adjusted consolidated income statement for financial years 2021 and 2020 (non-IFRS financial measures) can be presented as follows.

 

2021

2020

 

Adjusted figures

Adjustments

IFRS figures

Adjusted figures

Adjustments

IFRS figures

Net sales

1,070.8

 

1,070.8

986.5

 

986.5

Cost of sales

-801.8

-3.2

-805.0

-710.6

-6.1

-716.7

Gross profit

269.0

-3.2

265.8

275.9

-6.1

269.8

Selling expenses

-66.1

-1.4

-67.5

-62.0

-0.7

-62.7

Research and development costs

-42.6

-23.2

-65.8

-37.2

 

-37.2

General and administrative expenses

-88.6

3.1

-85.5

-78.2

-1.7

-79.9

Other proceeds

 

35.0

35.0

 

14.1

14.1

Operating result

71.7

10.3

82.0

98.5

5.6

104.1

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

64.1

25.3

89.4

60.3

1.3

61.6

EBITDA

135.8

35.6

171.4

158.8

6.9

165.7

Depreciation/amortization/impairment (in)tangible fixed assets

-64.1

-25.3

-89.4

-60.3

-1.3

-61.6

Operating result

71.7

10.3

82.0

98.5

5.6

104.1

Financial income

1.9

0.5

2.4

3.0

 

3.0

Financial charges

-16.6

 

-16.6

-22.2

-1.7

-23.9

Results from joint ventures and associates

18.5

0.2

18.7

10.5

-6.0

4.5

Result before taxes

75.5

11.0

86.5

89.8

-2.1

87.7

Taxes

-15.8

7.6

-8.2

-12.9

-1.7

-14.6

Result after taxes

59.7

18.6

78.3

76.9

-3.8

73.1

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 2021, total adjustments of € 18.6 million were recorded, consisting of the following components:

  1. Gain of € 18.4 million related to the sale of a plot of land in the Dutch municipality of Breda.

  2. Gain of € 11.3 million related to the sale of the Frozen Dough activities.

  3. Gain of € 6.1 million related to recognition of VAT receivable positions in Brazil.

  4. Gain of € 2.9 million related to received insurance proceeds for inventory write-down in prior years.

  5. Loss of € 16.6 million related to an impairment on the FiberLive development, partly compensated by a release of a contingent liability related to FiberLive.

  6. Loss of € 3.7 million related to an impairment on the FDCA development.

  7. Loss of € 2.9 million related to incremental cost as a result of the production outage in our Blair facility.

  8. Loss of € 1.3 million related to settlement of a tax claim in the US and to de-risk a defined benefit pension scheme.

  9. Loss of € 0.9 million related to the acquisition of Granotec Mexico.

  10. Loss of € 0.8 million related to restructuring costs.

  11. Loss of € 0.7 million as a result of litigation claims.

  12. Loss of € 0.6 million related to demolition costs.

  13. Fair value adjustment of € 0.2 million on the contingent consideration payable related to the Algae acquisition.

  14. Tax effects on the above of € 7.6 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 a 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.