Notes to the company profit and loss account
26. Gross turnover
The breakdown of gross turnover by sales category is as follows:
| Amounts x € 1.000 | 2023/2024 | 2022/2023 |
|---|---|---|
| Starch | 196.348 | 231.538 |
| Modified starch | 508.819 | 484.330 |
| By-products | 69.228 | 84.135 |
| 774.395 | 800.003 |
| 2023/2024 | 2022/2023 | |
|---|---|---|
| European Union | 48% | 50% |
| Rest of Europe | 6% | 6% |
| Rest of the world | 46% | 44% |
| 100% | 100% |
27. Subcontracted work and other external costs
The most important costs included under subcontracted work and other external costs relate to maintenance, third-party services, storage and transport, IT licenses, hired personnel and insurance.
28. Salaries
The number of employees working in the Netherlands during the financial year averaged 978 (previous year: 998). The number of employees at the end of the year was 952 (previous year: 979). Of these, no employees are working abroad. Social security contributions and pension costs include EUR 12,290 (previous year: EUR 12,426) in pension costs. The average number of employees can be divided as follows based on the organization within Royal Avebe.
| 2023/2024 | 2022/2023 | |
|---|---|---|
| Operations | 689 | 731 |
| Commerce | 42 | 42 |
| Group | 247 | 225 |
| 978 | 998 |
29. Depreciation and impairment of assets
Depreciation and impairment of assets consist of the following components:
| Amounts x € 1.000 | 2023/2024 | 2022/2023 |
|---|---|---|
| Depreciation tangible fixed assets | 35.622 | 36.186 |
| Impairment on tangible fixed assets | 1.713 | 1.245 |
| Depreciation intangible fixed assets | 4 | 4 |
| 37.339 | 37.435 |
30. Income tax expense
The corporate income tax of EUR 0.7 million (previous year: EUR 3.6 million) charged to the result is the balance of settlements within the fiscal unit and the processing thereof via the valued carry-forward losses. The losses still to be settled amount to EUR 9.3 million as of 31 July 2024 (previous year: EUR 16.3 million) and are valued at the applicable corporate income tax rate of 25.8%. The temporary differences between financial statements (commercial) and tax returns (fiscal) of EUR 10.3 million are valued at the same applicable rate. The remaining temporary differences of EUR 23.7 million (previous year: EUR 30.1 million) have not been valued due to uncertainty regarding future settlement options. Compared to the applicable tax rate, the 2023/2024 financial year results in a different effective tax rate, caused by tax deductions and the development of temporary differences.
Other notes
Remuneration members of the supervisory board
The remuneration for the supervisory board (nine people) for the 2023/2024 financial year collectively amounted to EUR 330 (previous year: EUR 330). This concerns a fixed fee for their work, including participation in various committees.
In addition to the annually determined compensation, the supervisory board members receive a travel allowance for the kilometers traveled and, if necessary, hotel costs are reimbursed. In addition, the cooperative will bear the costs of any training for supervisory directors or advice to the supervisory board.
Directors’ remuneration
The fixed gross remuneration (including pension compensation) for the board members collectively amounted to EUR 1,009 gross in the 2023/2024 financial year (previous year: EUR 966). This includes the employer's share of other Royal Avebe social security contributions.
The variable remuneration for the 2023/2024 financial year for the board members collectively amounted to EUR 160 gross (previous year: EUR 416). This variable remuneration for the 2023/2024 financial year will be paid out in 2024, except for part of the long-term incentive plan, which will be paid out when the set annual targets are met for three consecutive years.