Background
Financial Statement

Notes to the consolidated profit and loss account

 

Net turnover can be specified as follows in accordance with important yield categories:

13 - Net turnover

  2017 / 2018 2016 / 2017
     
Seed potatoes 267,232 273,802
Licences 21,805 16,432
Rendering of services 1,967 3,351
Ware potatoes 9,281 22,854
     
  300,285 316,439

 

The following overview is provided for the net turnover/percentage spread over the sales areas:

  2017 / 2018

%

2016 / 2017

%
         
The Netherlands 49,422 16 49,874 16
Other EU countries 161,242 53 177,193 56
Other European countries 10,896 4 12,457 4
Outside Europe 103,806 35 102,765 32
Intra-group deliveries -25,081 -8 -25,850 -8
         
  300,285 100 316,439 100

 

14 - Other income

These are mainly goverment grants and incidental income.

15 - Personnel expenses

  2017 / 2018 2016 / 2017
     
Personnel expenses 18,176 18,418
Social security costs 3,756 3,056
Pension costs 2,138 3,384
     
  24,070 24,858


NUMBER OF EMPLOYEES
During the financial year, the average number of employees at HZPC Holding B.V. and its subsidiaries was 345 FTE, of which 251 are employed in the Netherlands (previous financial year 328, of which 237 FTE were employed in the Netherlands). 349 FTE were employed on the balance sheet date.

SPECIFIC DETAILS FOR NUMBER OF FTES

  2017 / 2018 2016 / 2017
     
Management and Administration 66 56
Commerce and communication 95 94
Purchasing and logistical planning 80 76
Storage, grading and transport 22 26
Research 82 76
     
  345 328

 

16 - Other operating expenses

  2017 / 2018 2016 / 2017

   
Sales costs 2,600 1,996
Office costs 4,117 3,541
Staffing related costs 4,468 4,011
Repair and maintenance 1,683 1,456
Other costs 6,322 6,438
     
  19,190 17,442

 

17 - Interest receivable and similar income

  2017 / 2018 2016 / 2017
     
Trade receivables 70 92
Bank current account 647 449
Other 122 22
     
  839 563

 

18 - Interest payable and similar charges

  2017 / 2018 2016 / 2017
     
Grower deposits -12 -110
Discount -12 -37
Bank current account -844 -433
Other -20 -83
     
  -888 -663

 

19 - Corporate income tax

  2017 / 2018 2016 / 2017
     
Applicable tax rate in the Netherlands 25.0% 25.0%
Foreign stock 3.0% 1.5%
Non-deductible amounts 1.6% -0.9%
Innovatiebox -1.2% -1.3%
Recognition of previously nor recognised tax losses -3.5% -
Other -2.3% 0.7%
     
Effective pressure 22.6% 25.0%

Together with HZPC Holland B.V., Stet Holland B.V., Bonna Terra B.V., ZOS B.V., ZOS WEHE B.V., HZPC SBDA B.V., HZPC SBA Europe B.V., HZPC Research B.V., IPR B.V. and Solentum B.V. the Company forms a fiscal unit for corporation tax. The corporate income tax is included in each of the companies for the part that the Company concerned as an independent company would be due, not taking into account any tax facilities applicable for the Company.

The effective tax rate is 22.6% (2016/2017: 25.0%). For the Dutch companies the effective tax rate is lower than the nominal rate of 25% due to extra fiscal deduction possibilities. These are mainly related to R&D activities. For the foreign companies an average tax rate of 39.2% applies (2017/2018: 28.7%).

Other explanatory notes

 

TRANSACTIONS WITH RELATED PARTIES
Transactions with related parties occur when a relationship exists between the company, its participating interests and their managers and directors. This includes the relationships between the company and its participating interests, the shareholders, the directors and key management personnel. Other transactions are to be understood as a transfer of resources, services or obligations, regardless of whether a sum is charged.

There were no transactions with related parties that were not on a commercial basis.

AUDITOR’S FEES (IN EUR)
The following fees were charged by KPMG Accountants N.V. to the company, its subsidiaries and other consolidated companies, as referred to in Section 2:382a (1) and (2) of the Netherlands Civil Code.

  2017 / 2018 2016 / 2017
     
Paid in the year:    
Audit of the financial statements (KPMG Accountants N.V.) 145,350 145,500
Audit of the financial statements abroad (KPMG network) 35,604 83,459
Audit of the financial statements previous year (KPMG Accountants N.V.) 40,160 12,125
Tax-related advisory services (KPMG network) 36,426 110,439
Other non-audit services (KPMG network) 132,914 34,385
     
Auditor’s fees 390,454 385,908
     

Remuneration of managing and supervisory directors
For an explanation of the remuneration of managing and supersisory directors reference is made to page 68 in the seperate balance sheet.

Subsequent events
No events have occurred following the balance sheet date with significant financial consequences.