Dutch Potato Starch cooperative Royal Avebe today publishes its integrated annual report 2019/2020. The financial year was strongly influenced by two developments: the second consecutive year of extreme drought in the summer resulting in a poor harvest, and the outbreak of the corona pandemic in March 2020.
In financial year 2019/2020 the cooperative achieved a performance price of 96.15 euros. This is a fraction below the record result - 96.63 euros - of the previous financial year. The cooperative result after tax was 8.7 million euros compared with 5.2 million euros in the previous year.
Avebe's Binding and Building 2.0 strategy focuses on a higher performance price for its members whilst reducing the environmental impact of the cultivation and processing of starch potatoes. The annual report sets out how the cooperative has performed in the various projects throughout the chain: from the cultivation of starch potatoes to their customers' end products.
This is the second time Avebe has combined its financial reporting with a report on its sustainability strategy. With this integrated report, the cooperative informs its stakeholders even better about the sustainability objectives and what has been achieved so far.
Bert Jansen, Avebe's CEO:
"As a cooperative, we believe that the social and financial interest must be in balance with each other. This integrated annual report is twofold. On the one hand, we account for our financial results for the past year and, on the other, we tell the reader all about our ambitions and results in the area of sustainability."
Their strategic objective - to increase the performance price - has been adjusted with effect from financial year 2020/2021 from 95 to 100 euros per tonne under normal conditions in 2024. To achieve this, Avebe is increasing its investment budget to 60 million euros over five years, at least half of which is earmarked for sustainable innovation.
"Avebe has considerable innovative potential in every way. Combined with the commitment and adaptability of our members and employees, we are confident that we can continue to achieve our objectives in the short and longer term."
Currently, the full report is only available in Dutch. You can read it by clicking on the image below. However, we've also attached the abridged English version, which can be accessed by clicking on the second image.