Notes to the consolidated annual accounts (in EUR million)
TRANSLATED FINANCIAL STATEMENTS
These Annual Accounts is an English translation of the original Dutch publication. In the event of textual inconsistencies between the English and the Dutch versions, the latter shall prevail.

GENERAL
Coöperatie Koninklijke Cosun U.A. (hereinafter: ‘Cosun’), with its registered office in Breda, the Netherlands, processes and prepares raw materials, mostly from agricultural sources, producing semi-manufactures for the international food and beverage industry and the food service industry (restaurants, caterers and wholesalers), and finished products that are sold to customers through retail outlets. The group also processes organic residuals into products such as bio-ethanol and animal feed.

The activities are classified as follows:
  • Sugar activities: sugar and bio-energy from residual currents (Suiker Unie).
  • Potato activities: potato products, such as chilled, frozen and dried potato products and potato specialities (Aviko and Rixona).
  • Other activities: fruit and vegetable products (SVZ), inulin (Sensus), animal feed and starch (Duynie Group) and innovation (Cosun Biobased Products).

APPLICABLE STANDARDS
The annual accounts have been prepared in accordance with the legal requirements as set out in Title 9, Book 2 of the Netherlands Civil Code. For the cooperative profit and loss account, Cosun has availed itself of the exemption available under Section 402, Book 2 of the Netherlands Civil Code.

CONSOLIDATION PRINCIPLES
The consolidated annual accounts include the financial data of Cosun and its group companies and other companies controlled by the company. Group companies acquired during the year under review are included as from the date at which direct or indirect influence can be exercised on the business and financial policy. The results of group companies sold are incorporated up to the moment the overriding control ended. Intercompany payables, receivables and transactions, as well as profits already recognised on these within Cosun but not yet realised, are eliminated in the consolidated annual accounts. The group companies are consolidated in full with the third-party minority interest being presented separately. Joint ventures are consolidated proportionally.

LIST OF PARTICIPATING INTERESTS
In accordance with Articles 379 and 414, Book 2 of the Netherlands Civil Code, a list of data on group companies and other participating interests has been filed with the Chamber of Commerce.

ACQUISITIONS AND DISPOSALS
No acquisitions were made in 2016.

The following acquisitions were made in 2015: Duynie acquired the remaining 10% shares in Beuker S.R.O., Slovakia, on 29 October. Cosun increased its interest in Eemshaven Sugar Terminal C.V. by 32.7% as from 9 December, giving it power of control over policy.

No disposals took place in 2015 or 2016.