Based on the administration agreement with the pension fund and the pension agreement with the employees, there are no additional obligations in the context of extra payment, back-service obligations, (extra) administration costs, additional pension entitlements, disadvantages of individual value transfers. There are no further promised refunds, interest, profit sharing and benefits from individual value transfers that benefit Royal Avebe. Pension accrual takes place on the basis of the average salary system in which a capped premium is paid on the basis of Collective Defined Contribution. The coverage ratio of Stichting Pensioenfonds Avebe is 131.7% on December 31, 2023 (previous year: 125.6%). The policy funding ratio is 131.8% (previous year: 130.5%). The provisions for foreign companies concern a so-called reserve deficit and defined benefit plans. These concern obligations to be financed in the future. The amount involved is EUR 1.4 million (previous year: EUR 1.3 million).

The provision for asbestos costs has been formed for the expected costs of asbestos removal of a number of buildings at Avebe locations in the Netherlands. The cost estimate for this is based on standard rates and quotations received.

Royal Avebe has provided the following securities to the banks: right of mortgage on the property in the Netherlands and pledging of inventories and receivables in the Netherlands. These securities have been maintained.

The long-term commitments in connection with operational lease and rental agreements of mainly industrial buildings and warehouses amount to EUR 86.3 million, of which EUR 12.1 million matures within one year. An amount of EUR 38.6 million matures between one year and five years and an amount of EUR 35.6 million matures after more than five years.

Based on our cooperative model, there are purchase obligations for the purchase of potatoes. This concerns both delivery obligations and rights based on shares of our farmer members, but also contractual obligations with members and third parties. The size of these purchase obligations depends on the actual quantity and quality of the potato deliveries as well as the price to be determined for the upcoming campaign.

Guarantees have been issued up to an amount of EUR 0.9 million. Avebe has entered into commitments worth EUR 5.5 million in the context of current investments.

Until 1992, Avebe used bills of exchange to pay potato money. An amount of approximately NLG 1.3 million (EUR 0.6 million) in bills from this period has not yet been collected. These bills are still subject to interest commitments.

Avebe, with its 100% Dutch participations, forms a fiscal unity for corporate tax purposes. Under the standard terms and conditions, the company and its affiliated subsidiaries are each jointly and severally liable for taxes owed by the combination and for the processing of taxes within the fiscal unity. The parent company makes payments based on the tax results of the Dutch participations.

After the balance sheet date, an agreement was reached regarding the refinancing of the revolving credit facility. Commitment Letters have been issued by the participating banks based on a Term Sheet dated October 18, 2024, which provides a financing structure similar to the facilities running until mid-September 2025.

The term is three years (with two one-year extension options) from the date of signing the agreement, expected in early 2025. The Term Loan will be repaid at EUR 7 million per year. Remaining amounts of the facilities must be repaid at the end of the term. The interest rate is based on 1-month Euribor plus a margin. This new financing agreement does not affect Avebe's financial position as of the balance sheet date.

There have been no transactions with related parties that are not transacted under normal market conditions.