8. Taxes

Reconciliation of result before taxes and tax charge

The average statutory tax rate is the average of the statutory tax rates in the countries where Corbion operates, weighted on the basis of the result before taxes in each of these countries.

The impact of income not subject to tax is caused by investment deductions and other non-taxable income (impact € -2.1 million), and the effect of the 2025 negative result of the TotalEnergies Corbion joint venture which is not subject to tax under the provisions of the participation exemption (impact € 1.1 million).

Expenses not deductible for tax purposes include the effect of non-deductible costs in multiple jurisdictions (impact € 2.0 million).

The effect of the reversal of tax assets is caused by the derecognition of previously recognized deferred tax assets related to tax loss carry forwards in Brazil (€ 1.5 million).

The impact of currency effects (€ -5.7 million) is caused by reporting entities which have a tax reporting currency which deviates from their functional currency. 

Other effects include adjustments in respect of current-year events and the impact of changes to relevant regulations, facts, or other factors compared to those used in establishing the current tax position or deferred tax balance in previous years (impact € -0.6 million).

The realization of deferred tax assets depends on the expected future profitability. Deferred tax assets are not recognized if it is not probable that a tax benefit can be realized.