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ECLI:NL:GHAMS:2024:1928

GERECHTSHOF AMSTERDAM kenmerk 22/2419 11 juli 2024 uitspraak van de derde meervoudige belastingkamer op het hoger beroep van de inspecteur van de Belastingdienst, de inspecteur, alsmede op het incidentele hoger beroep van [X] B.V., gevestigd te [Z] , belanghebbende, gemachtigden: mrs. M.W.W. Veldhuizen, Y.M. Sanders en Chr. F. Kroes (Baker McKenzie te Amsterdam) tegen de uitspraak van 30 september 2022 in de zaak met kenmerk HAA 16/5664 van de rechtbank Noord-Holland (hierna: de rechtbank) in het geding tussen belanghebbende en de inspecteur. 1Ontstaan en loop van het geding 1.1. De inspecteur heeft aan belanghebbende voor het boekjaar 2009/2010 een aanslag vennootschapsbelasting (hierna ook: Vpb) opgelegd, berekend naar een belastbare winst en belastbaar bedrag van € 352.755.902. Bij afzonderlijke beschikking is een bedrag aan belastingrente in rekening gebracht van € 9.232.269. 1.2. Het daartegen gemaakte bezwaar heeft de inspecteur bij uitspraak, gedagtekend 9 november 2016, afgewezen. 1.3.1. Belanghebbende heeft tegen de uitspraak op bezwaar beroep ingesteld bij de rechtbank. 1.3.2. Bij tussenuitspraak van 30 september 2019 heeft de rechtbank als volgt op het beroep beslist (belanghebbende en de inspecteur worden in deze tussenuitspraak, evenals in de hierna vermelde uitspraken van de rechtbank aangeduid als ‘eiseres’ respectievelijk ‘verweerder’): “De rechtbank: - heropent het vooronderzoek; - stelt partijen in de gelegenheid om over deze tussenuitspraak met elkaar in overleg te treden en verzoekt eiseres daartoe contact op te nemen met verweerder; - draagt partijen op de rechtbank binnen acht weken na het uitspreken van deze tussenuitspraak te informeren over de stand van zaken en in voorkomend geval over de persoon van de te benoemen deskundige en aan deze te stellen vragen; - houdt iedere verdere beslissing aan.” 1.3.3. Bij tussenuitspraak van 22 april 2020 heeft de rechtbank als volgt op het beroep beslist: “De rechtbank: - stelt partijen in de gelegenheid om over deze tussenuitspraak met elkaar in overleg te treden en verzoekt eiseres daartoe contact op te nemen met verweerder; - draagt partijen op de rechtbank binnen acht weken na het uitspreken van deze tussenuitspraak te infomeren over de stand van zaken en in voorkomend geval over de persoon van de te benoemen deskundige en aan deze te stellen vragen; - houdt iedere verdere beslissing aan.” 1.3.4. Bij uitspraak van 30 september 2022 (hierna ook: einduitspraak) heeft de rechtbank als volgt op het beroep beslist: “De rechtbank: - verklaart het beroep gegrond; - vernietigt de uitspraak op bezwaar; - vermindert de aanslag Vpb 2009/2010 tot een berekend naar een belastbare winst en een belastbaar bedrag van € 117.522.907; - vermindert de beschikking heffingsrente dienovereenkomstig; - bepaalt dat deze uitspraak in de plaats treedt van de vernietigde uitspraak op bezwaar; - veroordeelt verweerder in de proceskosten van eiseres tot een bedrag van € 5.092; en - gelast verweerder het door eiseres betaalde griffierecht van € 334 te vergoeden.” 1.4. Het tegen de einduitspraak door de inspecteur ingestelde hoger beroep is bij het Hof ingekomen op 7 november 2022. Bij brief van 12 december 2022 heeft de inspecteur het hoger beroep nader gemotiveerd. 1.5. Bij brief van 20 januari 2023 heeft belanghebbende tegen de einduitspraak incidenteel hoger beroep ingesteld. Bij brief van 20 maart 2023 heeft belanghebbende haar incidentele hoger beroep nader gemotiveerd en tevens een verweerschrift ingediend. 1.6. Met dagtekening 11 april 2023 heeft de inspecteur zijn schriftelijke zienswijze omtrent het incidenteel hoger beroep alsmede een conclusie van repliek ingediend. 1.7. Met dagtekening 6 juni 2023 heeft belanghebbende een conclusie van dupliek ingediend. De inspecteur heeft hierop gereageerd met een nader stuk, gedagtekend 15 november 2023. 1.8. Het onderzoek ter zitting heeft plaatsgevonden op 29 november 2023. Van het verhandelde ter zitting is een proces-verbaal opgemaakt dat met deze uitspraak wordt meegezonden. 2Feiten 2.1. De rechtbank heeft in haar tussenuitspraak van 30 september 2019 de volgende feiten vastgesteld: “1. Eiseres maakt onderdeel uit van [bedrijf 1] (hierna: [bedrijf 1] ). [bedrijf 1] is in 1902 opgericht en heeft haar hoofdkantoor in [plaats 1] (Verenigde Staten van Amerika) en verschillende productiefaciliteiten verspreid over diverse continenten, waaronder Europa. [bedrijf 1] is een van de grootste verwerkers van agrarische grondstoffen ter wereld. [bedrijf 1] verwerkt deze grondstoffen tot ingrediënten voor de levensmiddelenindustrie, ingrediënten voor de diervoederindustrie, duurzame brandstoffen en alternatieven voor industriële chemicaliën. 2. Eiseres is houdstervennootschap van een groot aantal binnenlandse en buitenlandse deelnemingen en kleinere aandelenbelangen. Daarnaast verricht zij administratieve diensten aan groepsmaatschappijen. Eiseres houdt (indirect) alle aandelen in: • [bedrijf 2] B.V. (hierna: [bedrijf 2] ) • [bedrijf 3] B.V. (hierna: [bedrijf 3] ). Zij bezit een cacaoverwerkings-fabriek in [plaats 2] en in [plaats 3] . [bedrijf 3] produceert cacaomassa, cacaopoeder en cacaoboter. • [bedrijf 4] B.V. (hierna: [bedrijf 4] ). Zij bezit een sojapersfabriek in [plaats 7] voor de productie van sojaschroot en ongeraffineerde oliën en een bulkterminal in de haven voor overslag van grondstoffen naar schuiten, vrachtauto’s en treinen. Deze vennootschappen vormen een fiscale eenheid voor de vpb. 3. In 2000 heeft [bedrijf 5] in [plaats 5] (hierna: [bedrijf 5] ) opgericht. Het [bedrijf 5] assisteerde tot haar opheffing in 2007 bij het coördineren van de inkoop- en verkoopactiviteiten van twaalf tot het concern van [bedrijf 1] behorende fabrieken in Europa, waaronder [bedrijf 4] . In 2007 is besloten de operationele activiteiten in Europa en Afrika anders in te richten. Aan deze beslissing lagen verschillende redenen ten grondslag, waaronder tegenvallende bedrijfsresultaten, het nastreven van centralisatie van functies (zoals inkoop en productieplanning), het reduceren van marktvolatiliteitsrisico, voorraadrisico en debiteurenrisico (en daarmee de kapitaalbehoefte van de verschillende onderdelen binnen de groep), kostenreductie, IT integratie en de behoefte aan geschikt personeel. De reorganisatie werd noodzakelijk geacht om te kunnen blijven concurreren op de markt en om de positie van [bedrijf 1] in Europa te consolideren. 4. In de nieuwe inrichting van de operationele activiteiten stellen de Europese en Afrikaanse productielocaties tegen betaling hun installaties beschikbaar ten behoeve van de verwerking van grondstoffen, waarmee zij functioneren als een zogenoemde ‘toll manufacturer’. Functies rondom het verwerkingsproces (zoals de inkoop van grondstoffen, de verkoop van producten, het afdekken van risico’s door termijntransacties (hedging), de logistieke en financiële planning) worden voortaan centraal beheerst om zo te komen tot betere controle, aansturing en communicatie en een betere risicobeheersing. Voor de uitoefening van de te centraliseren functies is in 2007 een groepsmaatschappij in Zwitserland opgericht: [bedrijf 6] Sarl (hierna: [bedrijf 6] ). 5. Tot de stukken behoort een document van november 2009, in opdracht van [bedrijf 1] opgesteld door [adviseur] , getiteld ‘Dutch Functional Analysis [bedrijf 3] BV & [bedrijf 4] BV Pre-2009 Reorganization and Post 2009-Reorganization’ (hierna: Functionele Analyse). In de Functionele Analyse zijn de activiteiten, risico’s en aangewende middelen van de betrokken entiteiten in kaart gebracht, voorafgaand aan en na het uitvoeren van de reorganisatie. 6. Uit de Functionele Analyse valt onder meer het volgende af te leiden wat betreft de activiteiten voorafgaand aan de reorganisatie: [bedrijf 4] is verantwoordelijk voor het risicobeheer van alle aspecten van haar ‘supply chain’: zij verwerft grondstoffen van derden, verwerkt deze tot (half)fabricaten en verkoopt deze aan gelieerde ondernemingen en aan derden, dit alles ‘on a full risk basis’ en op eigen naam. De prijsrisico’s die zij loopt, dekken haar drie handelaren af door de handel in futures (hedging). [bedrijf 6] bepaalt in samenwerking met [bedrijf 4] de planning betreffende de handels- en investeringsactiviteiten; [bedrijf 3] is verantwoordelijk voor het risicobeheer van alle aspecten van haar ‘supply chain’: zij verwerft grondstoffen van derden, verwerkt deze tot (half)fabricaten en verkoopt deze, dit alles ‘on a full risk basis’ en op eigen naam. De afdeling handel van [bedrijf 3] bestaat uit ongeveer 35 medewerkers. De handelaren van [bedrijf 3] houden zich bezig met de wereldwijde activiteiten op het gebied van cacao van [bedrijf 1] buiten de Verenigde Staten van Amerika. Zij coördineren de wereldwijde handel, productie en logistiek van het concern, behalve wat betreft Brazilië en de Verenigde Staten van Amerika. De prijsrisico’s die [bedrijf 3] en diverse andere concernvennootschappen lopen, dekken haar handelaren af door de handel in futures (hedging). 7. Uit de Functionele Analyse valt onder meer het volgende af te leiden wat betreft de activiteiten na afronding van de reorganisatie: [bedrijf 6] is verantwoordelijk voor de Europese activiteiten op het gebied van oliehoudende zaden en cacao. Zij verwerft grondstoffen van derden, laat deze tot (half)fabricaten verwerken en verkoopt deze aan derden, alles op eigen naam. De prijsrisico’s die [bedrijf 6] loopt, worden tezamen met die van andere locaties via hedging gedekt door [bedrijf 1] , met uitzondering van de cacao-activiteiten, waarvoor [bedrijf 6] zelf de hedging verzorgt; [bedrijf 4] verricht als ‘[toll] manufacturer’ fabricagediensten en daarmee samenhangende diensten aan [bedrijf 6] ; [bedrijf 3] verricht als ‘[toll] manufacturer’ fabricagediensten en daarmee samenhangende diensten aan [bedrijf 6] . 8. Wat betreft de marktexpertise van [bedrijf 6] wordt in de Functionele Analyse het volgende opgemerkt: “The [bedrijf 1] group of companies has an established history in the agricultural commodities markets. Its personnel have developed an extensive knowledge of the market which the group regularly exploits to capitalize on opportunities in the European market. This expertise relates primarily to trading activities (i.e. hedging, position management and contract negotiations) which [bedrijf 6] has regularly carried out with regard to [bedrijf 1] ’s operations in Europe. [bedrijf 6] will be relying on this knowledge to improve the profitability of the Dutch Oilseeds business. This expertise will play a key role given that [bedrijf 6] will be setting the price and volume guidelines with regard to seed purchases and sales of meal, concluding all purchase and sales contracts and entering all hedging transactions to ensure profit variability is minimal.” 9. In het kader van de reorganisatie hebben [bedrijf 4] , [bedrijf 3] , [bedrijf 2] en [bedrijf 6] verschillende overeenkomsten gesloten, waaronder de hierna te noemen. [bedrijf 4] en [bedrijf 6] Blijkens het bepaalde onder E van de preambule van de Asset Sale and Purchase Agreement tussen [bedrijf 4] en [bedrijf 6] van 30 juni 2009 is het uitgangspunt voor deze overeenkomst geweest dat partijen de gezamenlijke wens hebben ‘the rights, title, interest in and to certain assets of [bedrijf 4] Operation relating tot the Sales Activity and the Trading Activity’ over te dragen. In het bepaalde onder B wordt de Sales Activity omschreven als: ‘the selling of soybean, rapeseed, oil, meal soya protein concentrate and lecithin products to third party buyers and other companies within the [bedrijf 1] Group’. In hetzelfde onderdeel van de preambule wordt de Trading Activity omschreven als: ‘the procurement and the trading of soybeans, rapeseed, meal, crude and refined oils, bio-diesel, corn oil, linseed oil and pellets and the selling of by-products of the Manufacturing Activity.’ Op grond van deze overeenkomst heeft [bedrijf 4] de volgende ‘assets’ aan [bedrijf 6] verkocht en overgedragen:- voorraden, bestaande uit onbewerkte materialen, goederen in bewerking, eindproducten en handelsvoorraad, voor een bedrag van EUR 138.526.386,92 (inclusief btw); - lopende aan- en verkoopcontracten, valutacontracten en futures die verband houden met de Trading Activity en met de Sales Activity; - vorderingen en schulden ten bedrage van EUR 29.254.812,01, USD 16.578.220,96 en GBP 2.962.763,53; en - handelsmerken voor een bedrag van EUR 317.773. Per 1 juli 2009 is [bedrijf 4] voor een periode van 5 jaar een Bulk Terminal and Manufacturing Services Agreement met [bedrijf 6] aangegaan. Onder deze overeenkomst verricht [bedrijf 4] overslag, opslag en verwerking ten behoeve van [bedrijf 6] . [bedrijf 4] krijgt een vergoeding van 8,7 percent als marge bovenop haar kosten (exclusief de kosten van onbewerkte materialen, die worden gekocht door en eigendom zijn van [bedrijf 6] ). [bedrijf 4] verricht per genoemde datum op grond van een Consulting services and assistence in conducting business activities agreement administratieve en logistieke diensten aan [bedrijf 6] . Deze diensten worden eveneens op basis van een costplus van 8,7 percent vergoed. [bedrijf 4] - [bedrijf 2] [bedrijf 4] heeft aan [bedrijf 2] voorraad voor een bedrag van EUR 4.829.885,56 (inclusief btw) en vorderingen voor een bedrag van EUR 1.517.131,36 (inclusief btw) overgedragen. [bedrijf 2] - [bedrijf 6] Met ingang van 1 juli 2009 verricht [bedrijf 2] customer sales support en marketing diensten aan [bedrijf 6] . Aan de hand van de zogenoemde transactional net margin method wordt de vergoeding voor [bedrijf 2] bepaald aan de hand van twee factoren: (

  1. i)een kostencomponent (volledige compensatie van alle aan de diensten gerelateerde kosten) en (
  2. ii)een marketing gerelateerde commissie, berekend als een percentage van de [bedrijf 6] verkopen aan specifieke klanten ten behoeve van wie [bedrijf 2] diensten verricht, te weten 0,1 percent voor verkoop van oliezadenmeel en olie door [bedrijf 6] en 0,5 percent voor de verkoop van cacao door [bedrijf 6] . [bedrijf 3] - [bedrijf 6] Blijkens het bepaalde onder E van de preambule van de Asset Sale and Purchase Agreement tussen [bedrijf 3] en [bedrijf 6] van 30 juni 2009 is het uitgangspunt voor deze overeenkomst geweest dat partijen de gezamenlijke wens hebben ‘the rights, title, interest in and to certain assets of [bedrijf 3] Operation relating tot the Procurement Activity and the Sales Activity’ over te dragen. In het bepaalde onder B wordt de Procurement Activity omschreven als: ‘the sourcing of cocoa beans, cocoa butter, cake, liquor and powder products’. In hetzelfde onderdeel van de preambule wordt de Sales Activity omschreven als: ‘the selling of cocoa beans, cocoa butter, cake, liquor and powder products and cocoa products blended with other ingredients’. Op grond van deze overeenkomst heeft [bedrijf 3] Cocoa aan [bedrijf 6] verkocht en overgedragen: - voorraden, bestaande uit onbewerkte materialen, goederen in bewerking, eindproducten en handelsvoorraad, voor een bedrag van EUR 308.001.280,28 (inclusief btw); - lopende aan- en verkoopcontracten, valutacontracten en futures die verband houden met de Procurement Activity en met de Sales Activity; - vorderingen en schulden voor een bedrag van EUR 65.420.740,40; en - handelsmerken voor een bedrag van EUR 13.572.612. Per 1 juli 2009 is [bedrijf 3] voor een periode van vijf jaar een Manufacturing Services Agreement met [bedrijf 6] aangegaan. Onder deze overeenkomst biedt [bedrijf 3] grondstofbewerking voor bepaalde producten aan [bedrijf 6] op basis van consignatie. [bedrijf 3] krijgt een vergoeding van 8,7 percent als marge bovenop de productiekosten (exclusief de kosten van onbewerkte materialen, die worden gekocht door en eigendom zijn van [bedrijf 6] ). [bedrijf 3] verricht per genoemde datum op grond van een Consulting services and assistence in conducting business activities agreement administratieve en logistieke diensten aan [bedrijf 6] . Deze diensten worden eveneens op basis van een costplus van 8,7 percent vergoed. 10. Bij de reorganisatie zijn de drie handelaren van [bedrijf 4] overgegaan naar [bedrijf 6] . Voorts zijn 30 medewerkers van [bedrijf 3] overgegaan naar [bedrijf 6] . 11. Na voltooiing van de reorganisatie investeert [bedrijf 1] voortdurend in de faciliteiten van [bedrijf 3] en [bedrijf 4] in Nederland. Deze investeringen zijn gericht op het vergroten van de productiecapaciteit en het aansporen van innovatie met betrekking tot de operationele procedures en productontwikkeling. Naast de functies die [bedrijf 4] en [bedrijf 3] verrichten, functioneert [bedrijf 2] na de reorganisatie als ondersteuning voor de marketing en verkoop (marketing and sales support) voor [bedrijf 6] . [bedrijf 7] B.V., een andere Nederlandse vennootschap binnen de [bedrijf 1] groep , treedt op als distributeur voor [bedrijf 6] voor speciale ingrediënten voor levensmiddelen en diervoederproducten die worden geproduceerd in Duitsland, Nederland en de Verenigde Staten van Amerika. [X] verricht ondersteunende en administratieve diensten, waaronder IT-diensten, ten behoeve van de groep. 12. Eiseres en verweerder hebben zowel vóór als na de reorganisatie met elkaar overlegd om tot overeenstemming te komen over de fiscale gevolgen. Dit is niet gelukt. 13. Eiseres heeft op 28 september 2011 aangifte vpb 2009/2010 gedaan naar een belastbare winst van EUR 34.586.939 (inclusief € 1.831.037 overdrachtswinst). Verweerder is afgeweken van de aangifte en heeft de aanslag - rekening houdend met een overdrachtswinst van € 320.000.000 - vastgesteld naar een belastbare winst en een belastbaar bedrag van € 352.755.902.” 2.2. Nu de hiervoor vermelde feiten door partijen op zichzelf niet zijn bestreden, zal ook het Hof daarvan uitgaan. Het Hof voegt hieraan de volgende feiten toe. 2.3. Tot de in eerste aanleg door belanghebbende overgelegde stukken behoort een door Ceteris Inc. tezamen met Transfer Pricing Associaties opgesteld transfer pricing rapport, gedagtekend 30 juni 2006 (‘Transfer Pricing Documentation [X] Financial Year 2005’, hierna: het Ceteris-rapport). In het Ceteris-rapport is onder meer het volgende opgenomen (weergave zonder voetnoten): “4. Functional Analysis 4.1 Introduction The Functional Analysis is a presentation of the identified functions performed, risks assumed, and intangible property utilized by the economically significant companies within a taxpayer’s organization. The analysis presents the facts and circumstances surrounding the business of the taxpayer related to tangible, intangible, services, and inter-company loan transactions. In this Functional Analysis, the functions and risks are organized to reflect [bedrijf 1] ’s and specifically [X] ’ value chain. The facts are organized into the key sections listed below. Operational Groups Commodity Processing Group (“CPG”) – this section discusses the initial processing of commodity products and the sale of processed products to third parties and related parties. Specialty Processing Group (“SPG”) – this section addresses the further processing of products and the sale of these finished products to third parties and related parties. (…) Service & Loan Groups Trading Services Group (“TSG”) – this section addresses the procurement of commodity products necessary for the processing functions of [X] . Global / Regional Corporate Services Group (“CSG”) – this section discusses the various global and regional corporate services provided to [X] (…) 4.2 Commodity Processing Group (…) 4.2.2 Oilseeds (…) [X] CPG (i.e., [bedrijf 4] BV) is engaged in processing (i.e., crushing) oilseeds such as soybeans into oils and meals principally for the food and feed industries. (…) Products made through this process are sold to third parties in the food, chemical, and industrial industries and related parties (e.g., SPG) for further processing or distribution (e.g., [bedrijf 7] BV). When selling to related and third parties, the CPG processing plant’s compensation will equal the independent market price of the underlying commodity plus a processing markup or an equivalent third party price. When products are sold to third parties, the transactions are generally executed through frame contracts. (…) Generally, frame contracts include a description of the product sold, quantity of the product sold, packaging requirements for shipping, shipment terms, and pricing and payment terms detail. [bedrijf 1] enters into these contracts with third-party buyers regularly. 4.2.3 Cocoa [bedrijf 1] processes (i.e., crushes) cocoa beans into cocoa powder, cocoa butter, cocoa cake and cocoa liquor. In the Netherlands [bedrijf 1] has cocoa processing plant at [bedrijf 3] BV at [plaats 2] and storage facilities at [plaats 3] . (…) Products made through this process are sold to third parties in the confectionery, bakery, dairy, and beverage industries or to related parties (e.g. a DG or SPG) for further processing. 1f sold to a SPG, the SPG further process the powder, butter, cake, and liquor into specialty products for customers, including chocolate and cocoa ingredients. When selling to related and third parties, the CPG processing plant’s compensation will equal the independent market price of the underlying commodity plus a processing markup or an equivalent third party price. When products are sold to third parties, the transactions are generally executed through frame contracts. (…) 4.4 Service Functions (…) 4.4.1 Trading Coordination Services 4.4.1.1 Introduction The TSG coordinates the procurement, movement, and sale of commodities and processed commodities for [bedrijf 1] . It is tasked with having strong market knowledge in [bedrijf 1] ’s various commodity and processed commodity products. The TSG also prepares, processes, and quality checks all necessary certificates and documentation in connection with these contracts. The TSG has traders in various commodities and further processed commodities markets that constantly monitor conditions and maintain contact with independent traders. Additionally, trades are executed by traders located with the various [bedrijf 1] processing facilities. [bedrijf 1] executes physical contracts; that is, contracts are intended for the physical delivery of a product. (…) While the TSG coordinates the execution of these contracts, it is not an actual party to the contract. Rather, the [bedrijf 1] processing facility (e.g., any CPG or SPG facility) is party to the contract. A TSG group can also operate within an [bedrijf 1] processing entity. For example, in [X] , in [bedrijf 3] BV there is an internal TSG which coordinates trading and procurement in cocoa related products for [bedrijf 3] BV. For grain trading, in contrast, the TSG at the [bedrijf 5] provides trading services to all European based oilseed processing entities including [bedrijf 4] BV of [X] instead of each oilseed plant having its own internal TSG group. The inter-company services that the TSG provides are of direct benefit to CPG and SPG entities in the Netherlands such as [bedrijf 4] BV. While each processing plant ultimately makes its own trading decisions, the following [bedrijf 1] entities aid in the process by providing TSG trading services groups: (…)  [bedrijf 1] Germany – In Europe , [bedrijf 8] GmbH performs grain trading coordination services for the European based oilseed processing entities like [bedrijf 4] BV through the (“ [bedrijf 5] ”) for Europe . 4.4.1.2 Commodities Procurement In the Netherlands, the TSG of the [bedrijf 5] coordinates the procurement soybeans for [bedrijf 4] BV. The actual purchase of the commodities is performed by [bedrijf 4] BV. Generally, [bedrijf 4] BV purchases soybean commodities from related and third parties, including farmers and independent companies (including competitors). In special cases, where production demands must be met and third-party commodity supply is low, [bedrijf 4] utilizes the TSG to coordinate the procurement of commodities from various related parties if reserves are available. In the rare event that there is an excess supply of commodities within [bedrijf 1] , TSG will coordinate the sale of [bedrijf 4] commodities to third parties. (…) 4.4.1.3 Processed Commodities Procurement In addition to coordinating the purchase of commodities, the TSG at the [bedrijf 5] coordinates the movement of processed products within [bedrijf 1] European grain group. These products include oilseed oil and meal, processed corn, and processed wheat that were processed by a CPG in the Netherlands like [bedrijf 4] BV and will be further processed by a SPG or sold by the DG. In special cases, where production demands must be met and [bedrijf 1] ’s processed commodities supply is low, TSG coordinates the procurement of processed commodities from third parties, including competitors. (…) 6.4 The Provision of Trading Coordination Services by TSG to Certain CPG and SPG Entities (…) 6.4.2 [bedrijf 1] ’s Tranfer Pricing Policy (…) In Europe , [bedrijf 8] GmbH (through the [bedrijf 5] ) performs grain trading coordination services and charges on these expenses with a mark-up on total operating cost of 5.0 percent to European oilseed operations such as [bedrijf 4] B.V. 6.4.3 Analysis of Inter-company Transactions This section analyzes [bedrijf 5] ’s direct charge ad mark-up on total operating cost of 5 percent for trading coordination services in Europe . For the 12 months ending November 30, 2005, [bedrijf 5] incurred approximately $6.3 million of expenses related to trading coordination centres. (…) The next step of the [bedrijf 5] ’s trading coordination charge was determining the arm’s length nature of the markup. To facilitate this step, the Comparable Profits Method / Transactional Net Margin Method (“CPM/TNMM”) were applied. (…) To apply the CPP / TNMM, searches were performed for independent services companies in Europe that perform functions similar to those of the [bedrijf 5] . To perform this search, SIC codes were selected to find companies with similar services activities in Europe . More specifically, a search for companies that provide services on a contract basis under long-term contracts and bear limited risks, was conducted. (…) 6.4.3.2. European Services Financial Results (…) In the 2005 fiscal year, the [bedrijf 5] applied a mark-up on total operating cost of 5.0 percent. This mark-up is within the ranges of determined by the sample of European services companies.” 2.4. Op 20 februari 2009 heeft een overleg plaatsgevonden tussen de inspecteur en vertegenwoordigers van belanghebbende en haar toenmalige gemachtigde ( [adviseur] & Co [adviseur] , hierna: [adviseur] ). Tijdens deze bespreking heeft belanghebbende onder meer een overzicht gepresenteerd van de voorgenomen reorganisatie van het Nederlandse deel van het [bedrijf 1] -concern per 1 juli 2009 (hierna ook: de reorganisatie) en heeft zij geïnformeerd naar de mogelijkheden voor het verkrijgen van zekerheid vooraf over de fiscale gevolgen ervan. In een door [naam 1] ( [adviseur] ) opgesteld conceptmemorandum van deze bespreking, gedagtekend 24 februari 2009, is onder meer het volgende opgenomen: “3. Reorganization 3.1 Presentation [naam 2] [Hof: hoofd fiscale zaken bij [bedrijf 6] Sarl (hierna: [bedrijf 6] )] presented the information in the presentation (…). The following additional information has been provided:  [ [belanghebbende] will stay the main corporate holding company and a shared service centre; (…)  Currently 114 people are working at the headquarter [( [bedrijf 6] )] in Switzerland already. (…) The people who used to work at [bedrijf 9] GmbH have all been transferred, including the commercial management for oilseeds. (…)  (…) (…) [naam 2] explained that all cocoa management will move to Switzerland. As regards [bedrijf 4] BV, [naam 2] indicated that the management is already in Switzerland, and that maybe one or two persons will move. [naam 3] asked whether the entrepreneurial risk stays in the Netherlands. [naam 2] explained entrepreneurial risk will be transferred to Switzerland, were currently Switzerland is a coordination centre only; (…). (…) 4 Advance certainty 4.1 Remuneration / valuation [naam 2] indicated that he prefers a pragmatic approach which should be totally fair taken into account the challenging environment [bedrijf 1] is facing. [naam 2] asked about the procedures for getting the rulings. (…). [naam 4] [Hof: medewerker van de Belastingdienst] indicated that the functional analyses pre- and post conversion would be the starting point for the Dutch tax authorities. He indicated that if functions are transferred a valuation should be made. We agreed on preparing draft functional analyses for both [bedrijf 4] and [bedrijf 3] which we can then discuss with the Dutch tax authorities in a new meeting (…). [naam 4] also indicated that also any thoughts regarding the valuation can be discussed during that meeting. 4.2 Negative permanent establishment [naam 2] explained that there will be an agent in the Netherlands, instead of a buy/sell distributor. Therefore [bedrijf 1] would like to have the confirmation from the Dutch tax authorities that [ [bedrijf 6] ] will not have a taxable presence in the Netherlands. [naam 1] asked about the form of this ruling. At his moment in time the Dutch tax authorities does not have a preference for either including this in the APA request or file a separate ruling request.” 2.5. In de door de rechtbank in overweging 9 van haar uitspraak vermelde overeenkomsten die in het kader van de reorganisatie van het [bedrijf 1] -concern per 1 juli 2009 zijn gesloten, is onder meer het volgende opgenomen. 2.5.1. In de tussen [bedrijf 4] B.V. (hierna: [bedrijf 4] ) en [bedrijf 6] gesloten ‘Asset Sale and Purchase Agreement’ is – voor zover hier van belang – het volgende bepaald (in deze overeenkomst is [bedrijf 4] aangeduid als ‘seller’ en [bedrijf 6] als ‘buyer’): “This Asset Sale and Purchase Agreement (the “Agreement”) is effective as of the lst of July 2009 (…) Preamble (…) B. Seller is engaged in, (
  3. i)the processing and refining of soybeans, rapeseeds, crude and refined oils, soybean and rapeseed meal and the production of soya protein concentrate and lecithin (the “Manufacturing Activity”); (
  4. ii)the unloading of vessels or trams into barges, trucks and trams for transportation to customers (the “Bulk Terminal Activity”); (iii) the selling of soybean, rapeseed, oil, meal soya protein concentrate and lecithin products to third party buyers and other companies within the [bedrijf 1] Group (the “Sales Activity”); and (
  5. iv)the procurement and trading of soybeans, rapeseed, meal, crude and refined oils, bio-diesel, corn oil, linseed oil and pellets and the selling of by-products of the Manufacturing Activity (the “Trading Activity”) (the Manufacturing Activity, the Bulk Terminal Activity, the Sales Activity and the Trading Activity collectively the “ [bedrijf 4] Operation ”). C. The Parties intend to enter into a bulk terminal and manufacturing services agreement, according to which Seller will perform the Bulk Terminal Activity and Manufacturing Activity on behalf of Buyer as a bulk terminal operator and a manufacturer in accordance with the terms and specifications provided by Buyer. D. The Parties intend to enter into intercompany services agreements, according to which Seller will perform accounting and logistic and customs brokerage services on behalf of Buyer in accordance with the terms and specifications provided by Buyer. E. Seller desires to sell and transfer to Buyer and Buyer desires to purchase and acquire the rights, title, interest in and to certain assets of [bedrijf 4] Operation relating to the Sales Activity and the Trading Activity (with the exception of the those assets relating to linseed oil and pellets) with effect as of 7.30 am Dutch Time on the 1st of July 2009 (the “Effective Date”) and upon the terms and subject to the conditions set forth in this Agreement. NOW, the Parties agree as follows: 1Sale and Transfer of Assets 1.1. Sale and Transfer. In accordance with the terms of this Agreement, Seller hereby sells and transfers to Buyer and Buyer hereby purchases and acquires from Seller all of Seller’s right, title and interest in and to: (
  6. i)the Inventory as defined in Exhibit 1.1(
  7. i)(the “Inventory”), (
  8. ii)certain contracts within the trade book as defined in Exhibit 1.1(ii)2.1 (the “Trade Book”), (iii) the Accounts Receivable as defined in Exhibit 1.1(iii) (the “Accounts Receivable”), and (
  9. iv)certain Trademarks as defined in the Trademark Assignment Agreement in Exhibit l.1(
  10. iv)(the “Trademarks”), collectively the “Assets”, with effect as of the Effective Date. 1.2 Excluded Assets. The following assets and liabilities shall not form part of the Assets and are expressly excluded from the sale and transfer: (
  11. i)any assets relating exclusively or predominantly to the Manufacturing Activity or the Bulk Terminal Activity; (
  12. ii)any assets relating exclusively to the Trading Activity in respect of linseed oil and pellets; and (iii) the liabilities of the [bedrijf 4] Operation as defined in Exhibit 1.2(
  13. ii)(collectively with section 1.2(
  14. i)and 1.2(u), the “Excluded Assets”). (…) 2. Assumption of Contracts 2.1 Assumption. Except for the Excluded Contracts set forth in Section 2.2, Buyer hereby assumes with effect as of the Effective Date from Seller any and all contracts, orders and contractual offers with principal obligations not yet fully performed by the parties thereto and which relate exclusively or predominantly to the Trading Activity (with the exception of those contracts relating to linseed oil and pellets) and Sales Activity including, the Trade Book together with the contracts with business partners as of 1 July 2009 listed in Exhibit 2.1 (collectively the “Assumed Contracts”). Buyer’s assumption of the Assumed Contracts includes the assumption of all rights and obligations of Seller under or in connection with these Assumed Contracts with full discharge of the original contract party. (…) 2.5. Transfer of Risk Management Instruments. Seller undertakes to assign and transfer to Buyer any futures, hedges or similar risk management instruments that have been entered into regarding the transactions contained in the Trade Book (collectively the “Risk Management Instruments”) as of the Effective Date. (…) 3Consideration and Compensation 3.1. Asset Purchase Price. The asset purchase price (the “Purchase Price”) to be paid by Buyer to Seller shall be determined pursuant to the calculation method set forth in Exhibit 3.1. 3.2. Payment of Purchase Price. Buyer shall, within ninety

(90)days of the Effective Date, pay the Purchase Price to Seller.” 2.5.
  1. In bijlage 3.1 bij de onder 2.5.1 vermelde, tussen [bedrijf 4] en [bedrijf 6] gesloten overeenkomst is onder meer het volgende opgenomen: “Exhibit 3.1 Asset Purchase Price Calculation Method I. Inventory All stocks of inventory will be valued at market prices as of 30 June
  2. II. Value embedded in order book contracts - contracts with fixed prices a. Value of purchase contracts: Market prices as of 30 June 2009 less Agreed purchase prices in all forward contracts = Profit/loss * Agreed purchase volume = Profit/loss embedded in all purchase contracts b. Value of sales contracts: Agreed sales prices in all forward contracts less Market prices as of 30 June 2009 = Profit/loss * Agreed sales volume = Profit/loss embedded in all sales contracts c. Value of foreign exchange contracts, MATIF futures, Chicago Board of Trade futures & future freight arrangements Agreed traded price for the transaction +/- Market price as of 30 June 2009 = Gain/loss * Volume of futures transaction = Profit/loss embedded in the transaction III. Contracts with fixed volume and delivery date, but not yet fixed prices Rapeseed purchase contracts without a fixed price are excluded from the order book valuation as valuing at market has no material impact. All other contracts (sale or purchase) without a fixed price are treated as normal price fixed contracts after being price fixed using the pricing mechanism embedded in the contract. IV. Accounts Receivable Accounting book value as of 30 June 2009 with bad debt being taken into consideration through the application of the general and specific provisions held; converted to Euro at the [bedrijf 1] month-end exchange rate. V. Trademarks Trademark ‘ [Handelsmerk 1] ’ €158,123 Trademark ‘ [Handelsmerk 2] ’ €159,650 Total €317,773 For the avoidance of doubt, the valuation methodology underlying the pricing of all of the above assets is intended to give rise to a market value price and is exclusive of VAT if VAT is applicable.” 2.5.
  3. In de tussen [bedrijf 3] (hierna: [bedrijf 3] ) en [bedrijf 6] gesloten ‘Asset Sale and Purchase Agreement’ is onder meer het volgende bepaald (in deze overeenkomst is [bedrijf 3] aangeduid als ‘seller’ en [bedrijf 6] als ‘buyer’): “This Asset Sale and Purchase Agreement (the “Agreement”) is effective as of the lst of July 2009 (…) Preamble (…) B. Seller is engaged in,
(1)the sourcing of cocoa beans, cocoa butter, cake, Iiquor and powder products (the “Procurement Activity’); (
  1. ii)the processing of cocoa beans for the production of cocoa butter, cake, liquor and powder products, the blending of cocoa products with other ingredients, the packaging of cocoa products and the storage of cocoa beans and cocoa products (the “Manufacturing Activity”) and (iii) the selling of cocoa beans, cocoa butter, cake, liquor and powder products and cocoa products blended with other ingredients (the “Sales Activity”); (…) (the Procurement Activity, the Manufacturing Activity and the Sales Activity collectively the “ [bedrijf 3] Operation ”). C. The Parties intend to enter into a manufacturing services agreement, according to which Seller will perform the Manufacturing Activity on behalf of Buyer as a manufacturer in accordance with the terms and specifications provided by Buyer. D. The Parties intend to enter into intercompany services agreements, according to which Seller will perform accounting and logistic and customs brokerage services on behalf of Buyer in accordance with the terms and specifications provided by Buyer. E. Seller desires to sell and transfer to Buyer and Buyer desires to purchase and acquire the rights, title, interest in and to certain assets of [bedrijf 3] Operation relating to the Procurement Activity and the Sales Activity with effect as of 7.30 am Dutch Time on the 1st of July 2009 (the “Effective Date”) and upon the terms and subject to the conditions set forth in this Agreement. NOW, the Parties agree as follows: 1Sale and Transfer of Assets 1.1 Sale and Transfer. In accordance with the terms of this Agreement, Seller hereby sells and transfers to Buyer and Buyer hereby purchases and acquires from Seller all of Seller’s right, title and interest in and to: (
  2. i)the Inventory as defined in Exhibit 1.1 (
  3. i)(the “Inventory”), (
  4. ii)certain contracts within the trade book as defined in Exhibit 1.1(
  5. ii)(the “Trade Book”), (iii) the Accounts Receivable as defined in Exhibit 1.1(iii) (the “Accounts Receivable”), (
  6. iv)certain Trademarks as defined in the Trademark Assignment Agreement in Exhibit 1.1(
  7. v)(the “Trademarks”), collectively the “Assets”, with effect as of the Effective Date. 1.2 Excluded Assets. The following assets and liabilities shall not form part of the Assets and are expressly excluded from the sale and transfer: (
  8. i)any assets relating exclusively or predominantly to the Manufacturing Activity; and (
  9. ii)the liabilities of the [bedrijf 3] Operation as defined in Exhibit 1.2(
  10. ii)(collectively with section 1.2(i), the “Excluded Assets”), (…) 3Consideration and Compensation 3.1. Asset Purchase Price. The asset purchase price (the “Purchase Price”) to be paid by Buyer to Seller shall be determined pursuant to the calculation method set forth in Exhibit 3.1. 3.2. Payment of Purchase Price. Buyer shall, within ninety
(90)days of the Effective Date, pay the Purchase Price to Seller.” 2.5.
  1. In bijlage 3.1 bij de onder 2.5.3 vermelde, tussen [bedrijf 3] en [bedrijf 6] gesloten overeenkomst is onder meer het volgende opgenomen: “Exhibit 3.1 Asset Purchase Price Calculation Method I. Inventory All stocks will be valued at market prices as of June 30th
  2. II. Sales & Purchase Contracts a. Value of purchase contracts: Bean, Butter, and Liquor purchase contracts will be valued at market prices as of June 30, 2009, as follows: [future class 1] Market prices as of June 30th 2009 less Agreed purchase prices in all forward contracts = Profit/loss * Agreed purchase volume remaining = Profit/loss embedded in all purchase contracts Any solids contracts will be valued at reflective solids market prices as of June 30th
  3. b. Value of sales contracts: Bean, Butter, and Liquor sales contracts will be valued at market prices as of June 30, 2009, as follows: [future class 1] Market prices as of June 30th 2009 less Agreed sales prices in all forward contracts = Profit/loss * Agreed sales volume remaining = Profit/loss embedded in all sales contracts Any solids contracts will be valued at reflective solids market prices as of June 30th
  4. c. Value of Foreign Exchange contracts, Contracts with [future class 1] ( [future class 1] ), and [future class 2] ( [future class 2] ). Agreed traded price for the transaction +/- Market price as of June 30th 2009 = Gain/loss * Volume of futures transaction = Profit/loss embedded in the transaction III. Contracts with fixed volume and delivery date, but not yet fixed prices Certain sales contracts and bean purchase contracts will not yet have all pricing agreed upon as of June 30,
  5. These contracts are still considered a part of the commodity position. For these contracts a June 30, 2009 value per the applicable market prices will be assumed. Thus there will be no position impact for these contracts. IV. Accounts Receivable Accounting book value as of 30 June 2009 with bad debt being taken into consideration through the application of the general and specific provisions held; converted to Euro at the [bedrijf 1] month-end exchange rate. V. Trademarks € For the trademark ‘ [Handelsmerk 3] ’ 13,572,611 For all other trademarks 1 ------------- Total 13,572,612 (…) For the avoidance of doubt, the valuation methodology underlying the pricing of all of the above assets is intended to give rise to a market value price and is exclusive of VAT if VAT applicable.” 2.
  6. Bij brief van 20 november 2009 (met 14 bijlagen) heeft [adviseur] de inspecteur namens belanghebbende op de hoogte gesteld van het feit dat de voorgenomen reorganisatie inmiddels per 1 juli 2009 had plaatsgevonden. In deze brief is onder meer het volgende opgenomen: “As discussed earlier with you and your colleagues (…) during our meeting on 22 February 2009, for the last two years [ [bedrijf 1] ] has been reorganizing its business structure in Europe . With this letter we want to inform you in more detail about the reorganization of the activities of the different [bedrijf 1] legal entities in the Netherlands. 1Introduction The current reorganization comes as part of a series of actions taken by [bedrijf 1] management over the last several years to align European operations to [bedrijf 1] global corporate strategy. (…) As part of this new alignment effort, in October 2007 [bedrijf 1] announced the formation of a new [bedrijf 1] regional headquarters and commercial trading company based in [plaats 6] , Switzerland ([ [bedrijf 6] ]) for its European operations. [bedrijf 6] was established to perform the function of the corporate headquarters for the European Oilseeds, Biofuels, Cocoa and Specialty Oils and Fats divisions of [bedrijf 1] in Europe . (…) With the introduction of the [bedrijf 6] , the main focus of local manufacturing facilities were reorganized towards production efficiency of the plants in the different European countries. Post-reorganization, the overall capacity utilization of the local European processing facilities and optimization of the efficiency of the supply chain became the sole responsibility of [bedrijf 6] with the full risk or “entrepreneur” risk of the Oilseeds, Biofuels, Cocoa and Specialty Oils and Fats operations passing to [bedrijf 6] upon reorganization. [bedrijf 6] has also become the sole corporate headquarters of [bedrijf 1] operations in Europe . (…) 2Dutch reorganization On 1 July 2009, the Dutch based [bedrijf 1] Oilseeds operations at [bedrijf 4] and [bedrijf 1] operations at [ [bedrijf 3] ] were reorganized into the new [bedrijf 6] operational business model. As a result, as of 1 July, 2009 the traders of the commercial team of [bedrijf 6] in [plaats 6] are responsible for the trading positions of all Oilseeds and Cocoa products within the pan-European supply chain. The commercial team at [bedrijf 6] negotiates, agrees, and signs both sales and purchase contracts for raw materials and all (semi-)finished products. Post 1 July, the Dutch resident [bedrijf 1] group companies [bedrijf 3] BV and [bedrijf 4] BV provide manufacturing services, including services that are directly related to these manufacturing services. In addition, sales- and marketing support services are provided by a new trading division of [bedrijf 2] BV. As part of the July 1, 2009 reorganization of their business models, [bedrijf 6] purchased the existing trading positions of [bedrijf 4] BV and [bedrijf 3] BV for their fair market value. The respective trading positions included all inventory, purchase contracts, sales contracts and hedges concluded in relation to these positions. In addition, on 1 July 2009 [bedrijf 6] purchased all registered trademarks and brand names from [bedrijf 3] BV and [bedrijf 4] BV for fair market value. These purchase transactions resulted in a total net gain for [bedrijf 4] BV of 4,283,509 EUR and a total net loss for [bedrijf 3] BV of 4,048,068 EUR (Please see Appendix 2 for Summary schedule). [bedrijf 4] BV and [bedrijf 3] BV remain owner of the processing plants and equipment used for the provision of the manufacturing processing services. Per established best practice in the context of business reorganization rulings, we have also prepared a valuation analysis for [bedrijf 4] BV (appendix 3) and [bedrijf 3] BV (appendix 4) operations upon their reorganization to the [bedrijf 6] commercial business model on 1 July
  7. The valuation analysis entails an analysis and valuation of expected future cash flows and has been based on historical figures taking into account current market developments. Taking a medium or average view results would yield a positive 31,896,969 EUR intangible value for [bedrijf 3] BV and a negative 24,181,144 EUR intangible value for [bedrijf 4] BV. 2.1 Manufacturing Processing Services As per July 1, 2009, [bedrijf 4] BV and [bedrijf 3] BV provide manufacturing and processing services to [bedrijf 6] under the terms of a manufacturing services agreement. [bedrijf 6] is the owner of all raw materials and semi-finished products processed at the [bedrijf 4] BV and [bedrijf 3] BV owned manufacturing processing facilities. For a more detailed description of the processing services, we refer to the Functional analysis (appendix 5) and manufacturing services agreements (appendix 6 and 7). 2.1.1 Remuneration policy Under the terms of the manufacturing services agreement, [bedrijf 4] BV and [bedrijf 3] BV are remunerated on a net cost plus basis. The mark up is based on a benchmark study (appendix 8) which has been attached as an annex to the functional analysis. Based on the benchmarking study the net cost plus mark up for processing services provided by the Dutch consignment manufacturers has been determined at 8.7%. Based on the most recent financial information, the agreed remuneration policy results in an expected annual operating profit of approximately in the next financial year: [bedrijf 4] BV (manufacturing processing services EURO 7.600,000 and processing related services) [bedrijf 3] BV (manufacturing processing services EURO 6,500,000 and processing related services) Please see a view of the last 5 years annual operating results of [bedrijf 4] BV and [bedrijf 3] BV in appendix 3 and 4 respectively. Given the high volatility in the commodity agricultural industry, the schedules show wide fluctuations in the annual operating results, including years with negative results, in comparison to the guaranteed profit noted above under the new business model for both companies. 2.2 Processing related services In addition to the actual manufacturing processing services themselves, the [bedrijf 4] BV and [bedrijf 3] BV also provide other support services to [bedrijf 6] that are directly related to the processing of products. These support services are directly related to the processing as they either have to be performed at the processing locations (e.g. quality checks) or near to the processing locations (eg. warehousing) (…). Nevertheless and for clarity purposes, separate service level agreements have been concluded with [bedrijf 6] by [bedrijf 4] BV and [bedrijf 3] BV in which these services have been identified (please see appendix 9 and 10). 2.2.1 Remuneration policy As the support services are directly related to the manufacturing processing services, it has been considered as reasonable to include these services in the overall manufacturing services. As a result of that, no separate benchmarks have been made for the various functions. (…) The support services are remunerated on a net cost plus basis with a mark up of 8.7%. (…)
  8. Tax rulings As already discussed during our meeting in February 2009, we herewith request to confirm the Dutch tax consequences of the reorganization. This includes the following items:
  9. Post reorganization remuneration for: - [bedrijf 4] BV and [bedrijf 3] BV for manufacturing services; - [bedrijf 2] BV for marketing and sales services; - Other auxiliary services by [bedrijf 4] BV and [bedrijf 3] BV for administrative support services (i.e. logistics. accounting, back office support, execution support).
  10. Confirmation of Dutch corporate income tax due upon reorganization.
  11. Confirmation that there is no permanent establishment of [bedrijf 6] in the Netherlands due to the reorganization. (…).” 2.
  12. Als bijlage 3 bij de onder 2.6 vermelde brief van 20 november 2009 is een ‘Valuation Analysis [ [bedrijf 4] ]’ gevoegd. In deze door [adviseur] opgestelde analyse met dagtekening 19 november 2009 (‘DCF Model [bedrijf 4] BV – Draft for discussion purposes only’) is onder andere het volgende opgenomen (waarbij ‘WACC’ staat voor ‘weighted average cost of capital’ (gemiddelde gewogen kostenvoet van het eigen en vreemd vermogen)): Draft valuation Summary (EUR) Discount factor WACC WACC WACC WACC WACC Current model 10% 11% 12% 13,0% 14% Consignment model 5% 5% 5% 5% 5% Values Full fledged (going concern) 153.933.441 138.493.487 125.848.265 115.300.320 106.366.697 Consignment (going concern) 150.029.409 150.029.409 150.029.409 150.029.409 150.029.409 Intangible value 3.994.032 (11.535.922) (24.181.144) (34.729.089) (43.662.712) 2.
  13. Als bijlage 4 bij de onder 2.6 vermelde brief van 20 november 2009 is een ‘Valuation analysis [bedrijf 3] BV’ gevoegd. In deze door [adviseur] opgestelde analyse met dagtekening 19 november 2009 (‘DCF Model [bedrijf 3] BV – Draft for discussion purposes only’) is onder andere het volgende opgenomen: Valuation Summary (EUR) Discount factor WACC WACC WACC WACC WACC Current model 10% 11% 12% 13% 14% Consignment model 5% 5% 5% 5% 5% Values Full fledged (going concern) 192.794.573 173.245.366 157.224.175 143.851.540 132.518.400 Consignment (going concern) 125.327.207 125.327.207 125.327.207 125.327.207 125.327.207 Intangible value 67.567.366 47.918.159 31.896.969 18.524.333 7.191.193 2.
  14. Als bijlage 5 bij de onder 2.6 vermelde brief van 20 november 2009 is het door de rechtbank in overweging 5 vermelde en in overweging 6 op hoofdlijnen samengevatte [adviseur] -rapport ‘Dutch Functional Analysis. [bedrijf 3] BV & [bedrijf 4] BV Pre-2009 Reorganization and Post 2009 Reorganization’ (hierna: de Functionele Analyse) gevoegd. In de Functionele Analyse is – voor zover hier van belang – het volgende vermeld: “Executive Summary Headlines Purpose of Report • To assess the functions performed, risks borne and assets employed for the entities involved in the pre-reorganization and post-reorganization supply chain of [bedrijf 4] and [bedrijf 3] . (…) Overview of Project • [bedrijf 6] has been established as the new European Headquarters of [bedrijf 1] commercial and corporate group operations in Europa in November
  15. It is intended for [bedrijf 6] to become the Principal of [bedrijf 1] ’s European commercial operations in a division by division and location by location supply chain reorganization. As the Principal, [bedrijf 6] will either perform, and/or direct the following [bedrijf 1] European group activities: - European Commercial Trading Operations; - European Management Activities; - European Corporate Headquarter Services; and - European Intellectual Property / R&O Administration (…) Current State • Prior to its reorganization, [bedrijf 4] is responsible to Operating Model manage the risks of all aspects of its supply chain (i.e., purchasing raw – (Prior to materials from third parties, processing the raw materials into meal and Reorganization) crude oil, selling meal and some of the crude oil produced to related or unrelated parties, and processing most of the crude oil at its refinery to produce Rape RBD). • Likewise, [bedrijf 3] is responsible to manage the risks of all aspects of its supply chain (i.e., purchase of cocoa beans, processing of beans into cocoa related products and the sale of products). (…) Entities involved • The following entities will be involved in the reorganization: in the Reorganization • [ [bedrijf 6] ]; • [bedrijf 4] BV ; • [bedrijf 3] ; • [bedrijf 2] ; • [bedrijf 7] , and • [X] Future State • Post reorganization, [bedrijf 6] will purchase raw materials for the Operating Model oilseeds operations, and [bedrijf 4] will provide manufacturing / – (Post processing services to [bedrijf 6] by processing its raw materials into crude reorganization) (or refined) rape oil and meal. [bedrijf 4] will then further process [bedrijf 6] ’s rape crude all to produce Rape RBD. • Post reorganization, [bedrijf 6] will purchase raw materials for the [bedrijf 3] , and [bedrijf 3] will act as a manufacturer and process the [bedrijf 3] beans for [bedrijf 6] . • [bedrijf 6] will decide at every point in the supply chain whether to transfer the (semi) finished goods to related parties, or sell it to third parties or related parties • [bedrijf 6] will utilise the services of [bedrijf 2] and [bedrijf 7] for the sale of its products. [bedrijf 2] will act as a marketing service provider and [bedrijf 7] will act as a limited risk distributor for [bedrijf 6] . Functions, Risks • [bedrijf 6] will be the Principal in the new supply chain, responsible for and Assets performing or directing the following activities: – Planning (strategic and operational) – Trading • Purchase and sales of raw materials; • Sale of rape meal; • Sale of crude and refined oil; • Sale of cocoa butter, powder and liquor; • Other product sales; and • Hedging and position management. – Logistics – Credit control – Quality control Functions, Risks and • [bedrijf 4] and [bedrijf 3] will be consignment manufacturers Assets (Continued) under the new supply chain, performing the following functions: – Manufacturing service to [bedrijf 6] – Packaging bulk (oil/ cocoa ) products as a service to [bedrijf 6] – Warehousing [bedrijf 6] ’s inventory – Execution of quality standards – Support services (e.g. logistical support services, AP payable administration, AR receivable administration, customs filings etc.) (…) • Under the new supply chain, there will be a number of new related party transactions. These will include: – provision of sales services by [bedrijf 2] to [bedrijf 6] , (…) – provision of consignment manufacturing services by [bedrijf 4] to [bedrijf 6] – provision of consignment manufacturing services by [bedrijf 3] to [bedrijf 6] , - Provision of other support services by [bedrijf 4] to [bedrijf 6] (…) Purpose of Report • [bedrijf 1] has engaged [adviseur] ’) to assess To assess the functions the functions performed, risks borne and assets employed by each performed, risks borne entity in the new supply chain for its Dutch oilseed and cocoa and assets employed for operations. each entity in the new supply chain. • This report contains a functional analysis of the entities involved in the new supply chain. The functional analysis outlines the allocation of functions performed, assets employed and risks assumed by the related parties involved in the new supply chain. In general, the functional analysis shows that [bedrijf 6] will act as the Principal in the new supply chain model, performing almost all of the key risk taking entrepreneurial functions, and assuming the associated risks. [bedrijf 4] and [bedrijf 3] will act as services providers assuming limited risks only. Further [bedrijf 7] and [bedrijf 2] will provide sales related activities for [bedrijf 6] . • In our analysis, we have relied on the tax personnel of [bedrijf 1] as well as from [adviseur] LLP in the UK for the financial data and other information needed to carry out our work. (…) Overview of Project (…) Dutch Reorganization: Commercial Trading Operations • As of July 1, 2009 [bedrijf 4] and July 1, 2009 [bedrijf 3] , [bedrijf 6] has taken over as the Principal in the Dutch oilseed and cocoa supply chain. This includes the purchases of raw agricultural materials (i.e. rape seed) and coordination of the sales of all processed goods by [bedrijf 4] and [bedrijf 3] . • The manufacturing/processing of the raw materials is performed by [bedrijf 4] and [bedrijf 3] processing plants in the Netherlands under contract as a service to [bedrijf 6] for an arm’s length cost-plus manufacturing fee. • Post-reorganization, [bedrijf 6] ’s responsibilities thus consist of centralized procurement of the raw material and sales of (finished) products, its transformation by the consignment manufacturing plants in the Netherlands as a service to [bedrijf 6] , and coordination of the sale and marketing efforts with Dutch based distribution and sales entities ( [bedrijf 2] and [bedrijf 7] ) in connection with the [bedrijf 4] and [bedrijf 3] manufacturing operations. • As a result, [bedrijf 6] has assumed operational management, control of the logistics function and the principal entrepreneurial risks of the integrated business and supply chain. • [bedrijf 6] sets strategy for business priorities and businesses goals. It also performs and bears full responsibility for financial activities related to the commercial trading operations (e.g., agricultural commodity hedging and/or foreign exchange/currency hedging). • Post reorganization, [bedrijf 6] performs most (if not all) business-critical functions, and carry most (if not all) commercial risks. (…) Current State Operating Model – [bedrijf 4] Operations Prior to Reorganization (…) Trading – Procurement • [bedrijf 4] procures oil and meal on a full-risk basis. This will involve making decisions as to the timing, volume and price of the raw materials procured. The decision to purchase raw materials will be based on the crush production plan, which will be influenced by supply and demand in the market, the futures market, exchange rates and freight positions. • The contracts are then entered into [bedrijf 1] ’s internal accounting system, printed off, signed, and sent to the vendor. • The commercial team at [bedrijf 6] provides sales and purchase support services to [bedrijf 4] . Contracts are entered by either [bedrijf 4] or [bedrijf 6] personnel into the system. • [bedrijf 6] advises on taking a position on behalf of [bedrijf 4] to the nearest ton each day. These are reported in the “commodity position report” by [bedrijf 4] accounting staff. Procurement – Soy Beans • [bedrijf 4] purchases approximately 95 percent of soy bean requirements intercompany from [bedrijf 10] , a related party located in South America, or [bedrijf 11] , a related party located in the US . The remaining 5 percent are purchased from third party suppliers (e.g., various bean brokers). (…) • Soy beans are typically bought in advance of requirement (i.e., prior to booking the corresponding end product sale). (…) With only two harvest per year, there is limited supply during non-harvest periods so [bedrijf 4] will need to ensure they have procured sufficient beans to meet demand and capacity requirements throughout the year. Procurement – Rapeseed • [bedrijf 4] in coordination with [bedrijf 6] purchases all rapeseed required for [bedrijf 4] (i.e. when to purchase and the volume and price of purchases). • All rapeseed purchases are flat price purchases. As such, all purchases are hedged to minimize the price risk faced by [bedrijf 4] . Procurement – Oils and other related products • [bedrijf 4] in coordination with [bedrijf 6] decide on the procurement of third party crude or refined oils and other related products for use in the refining and specialty processing plant in [plaats 7] . Trading – Sales • [bedrijf 4] sells oil and meal on a full-risk basis. The contracts are entered into the system, printed off, signed by [bedrijf 4] , and sent to the vendor. • The execution of the contract is performed locally under the terms and conditions of the negotiated contracts. The balance of contracts is manually reviewed and when they are at zero (or close to zero) the contracts are closed. • [bedrijf 4] and [bedrijf 6] jointly decide on making the balancing decision between when to sell out of the supply chain rather than send products through for further processing. This decision is made based on the current market conditions/prices and the demand at each plant. (…) Sales – Crude and Refined OiIs • Crude oil is sold internally to the refineries (approximately 95 percent of volume) or to third parties (5 percent). The decision to sell internally or externally is made jointly by [bedrijf 4] and by [bedrijf 6] . This decision is based on refinery demand, expectations on oil margins and the market for crude oil. (…) Sales – Meal Sales • Soy meal and rapeseed meal are sold by traders of [bedrijf 4] . Almost all meal is sold to third parties. Sales are mainly to customers in the Netherlands. • Each time a meal trader completes a trade, they enter the contract into the system used by the traders to track all sales and purchase contracts, along with hedging/trading activities). After being entered into the system, an automatic email is generated which is sent to the appropriate people at [bedrijf 6] notifying them of the trade. Trading – Positions • When trading, [bedrijf 4] executes physical contracts, i.e. contracts that are intended for the physical delivery of a product. The prices for purchase and sales contracts may be “flat price’ or “basis”. A flat price contract sets the actual price at which the [bedrijf 4] will purchase or sell the product. When buying flat price, the plant bears flat price exposure (i.e., price fluctuations in the commodity markets may negatively impact their gross margin). A basis contract states the price paid or received in relation to the basis. In the latter case, the price is locked between the spot and futures price and has no flat price exposure. • Hedging and position management are critical functions for [bedrijf 4] as price volatility can significantly increase profit variability for their operations. [bedrijf 1] uses the commodity futures markets to hedge the potential costs of commodity price volatility. • The [bedrijf 4] finance department transfers the position information into the system the next morning (clearing the hold file), validates the information with details in the trade book, performs a second review, prints and reviews currency position reports. Production • [bedrijf 4] acts as a full risk manufacturer of oilseeds products and trading company. This means that [bedrijf 4] is purchasing, processing and selling in its own name. [bedrijf 4] currently is the legal owner of all raw materials, work in progress and (semi-) finished products. (…) Overview of [bedrijf 3] – Organization [bedrijf 3] is involved in of [bedrijf 1] ’s worldwide [bedrijf 3] with exception of the US [bedrijf 3] . The [bedrijf 3] traders coordinate the procurement, movement, processing and sale of commodities and processed commodities for [bedrijf 1] operations (excluding the US and Brazil ). Foreign sales are performed directly from [bedrijf 3] and th[r]ough a network of agents/distributors. Below the current (January 2009) organizational chart of the [bedrijf 3] is provided. (…) Current State Operating Model -- [bedrijf 3] Operations Prior to Reorganization Transaction Flows under Current State Operating Model Introduction • The supply chain for the [bedrijf 3] operations varies by raw material and activity performed. Below (…) a high level summary is provided of the physical movement of products for the [bedrijf 3] business that focuses on the common features across the supply chain. This is then followed by a more detailed functional analysis. Overview of Supply Chain • The main raw materials used by the [bedrijf 3] are cocoa beans. The supply chain for both the Dutch as well as non-Dutch [bedrijf 3] (except US [bedrijf 3] ) is managed centrally by [bedrijf 3] from [plaats 2] in the Netherlands. • [bedrijf 3] manages and controls the cocoa bean purchases for all the cocoa processing plants (except the US cocoa plants). The cocoa beans are mainly sourced from third party suppliers located in Africa lvory Coast, Cameroon and Ghana. Beans are also sourced from Asia and South America and terminal markets. • Apart from cocoa beans, the other raw materials sourced by [bedrijf 3] are butter, liquor, powder and Cake, and milk, sugar to a lesser exten[t]. These raw materials are both sourced from related [bedrijf 1] parties and third party suppliers. (…) • [bedrijf 3] purchases the raw materials and then processes the cocoa beans to produce various cocoa products such as shells, meal, butter, liquor, cake powder and a large number of chocolate blends. • [bedrijf 3] centrally manages all sales of cocoa products except for the US and Brazil cocoa sales. The trading division of [bedrijf 3] consists of approximately 35 employees who oversee the market volumes and prices. The traders at [bedrijf 3] are responsible for the determining the terms and conditions of the sales for all [bedrijf 1] cocoa products. • [bedrijf 3] has related party limited risk distributors in Poland, Germany, Japan and Singapore. Sales in other jurisdictions are initiated directly from and by [bedrijf 3] . (…) Trading • The [bedrijf 3] trading function refers to: – the purchase of cocoa beans and other raw materials; – the sale of cocoa products; and – the activities the traders undertake to minimise the gross margin impacts of price fluctuations in the commodity markets (i.e., hedging). [bedrijf 3] also takes views on the market and may hold a position which is intended to result in a trading profit (i.e., these are trades that are not pure hedges). [bedrijf 3] is responsible for ensuring each of the cocoa processing plant’s position is within the parameters set by [bedrijf 3] management and that pricing/market risk on contracts is minimised. (…) • The next section provides a brief summary of the contracts the [bedrijf 3] traders coordinate, followed by a more detailed discussion of the activities related to hedging, procurement and sales. (…) Hedging • The prices the Trading Center negotiates for purchase and sales contracts may be “flat price” or “basis”. A flat price contract sets the actual price at which the [bedrijf 1] entity will purchase or sell the product. When buying flat price, the plant bears flat price exposure (i.e., price fluctuations in the commodity markets may negatively impact their gross margin). A basis contract states the price paid or received in relation to the basis. In the latter case, the Trading Center has locked in the difference between the spot and futures price and has no flat price exposure. • [bedrijf 3] traders trade cocoa beans on the terminal market to hedge the cocoa positions. • [bedrijf 3] is linked to the [bedrijf 1] clearing house/hedging centre which makes all trades for [bedrijf 3] on the Terminal Market. [bedrijf 3] in the Netherlands consolidates the trading activities of several locations and will hedge for all of them. • The Treasury department handles all foreign exchange hedging activities. For example, when cocoa beans and freight are bought in USD this foreign exchange exposure is hedged via Treasury. Trading – Procurement • The [bedrijf 3] traders coordinate all purchasing for the non- US [bedrijf 1] cocoa operations , although the actual purchase contracts are entered in the name of the [bedrijf 1] entities where the material will be processed. There are no local employees at the [bedrijf 1] entities who have the authority to enter into a purchase contract. All procurement decisions are made by the [bedrijf 3] traders. • The [bedrijf 3] traders have the ultimate control over when to procure raw materials and which materials are procured. Its decision to purchase is influenced by the production plan, supply and demand in the market, the futures market, exchange rates and freight positions. (…) Procurement – Cocoa beans • The traders of [bedrijf 3] manage and control the purchases of the cocoa bean requirements for the [bedrijf 3] . The actual contracts are however concluded in the name and on behalf of the local processing plant. (…) • [bedrijf 3] intends to procures more cocoa beans than is required for the production activities at [plaats 2] and [plaats 3] . These additional products are used to speculate on the cocoa market. Further these products may be stored in warehouses when [bedrijf 3] expects lower cocoa availability in the next year. • The [bedrijf 3] traders also manage the market/price risk around procurement contracts. (…) (…) Trading – Sales • [bedrijf 3] negotiates and concludes contracts directly with its customers. Proposed contracts are entered into the [bedrijf 3] system, printed and sent to the customer to sign. • All product sales are coordinated by the traders of [bedrijf 3] , although the sales contract of other [bedrijf 1] cocoa distributing entities are entered in the name of the [bedrijf 1] entities that produces and sell the product. The actual execution of the contract is performed locally but the terms of all sales contracts are negotiated and agreed by the [bedrijf 3] trading team. • In terms of credit control, there is a European credit center that is based at [bedrijf 6] in Switzerland. (…) (…) Description of New Supply chain Entities involved under the New Supply Chain — Post reorganization 1 July 2009 [ [bedrijf 6] ] • [bedrijf 6] acts as the Principal in the new supply chain for [bedrijf 1] European oilseeds and [bedrijf 3] . It is responsible for performing all the key entrepreneurial risk taking functions with regard to [bedrijf 1] ’s oilseeds and cocoa business in the Netherlands. [bedrijf 6] is currently the principal entity for other [bedrijf 1] operations in Europe as well. • Currently, [bedrijf 6] has approximately 151 personnel. [bedrijf 6] will rely upon its existing expertise in the crude and refined oils market when acting as the principal for the Dutch operations. • [bedrijf 6] will purchase raw materials and utilise the manufacturing services of [bedrijf 4] and [bedrijf 3] to process the raw materials into meal, crude oil and refined oil and into [bedrijf 3] products. [bedrijf 6] will retain ownership of the raw materials and processed products from procurement to final distribution to the customer. [bedrijf 4] • Under the new supply chain, [bedrijf 4] will be responsible for providing manufacturing services to [bedrijf 6] . It will act as a consignment manufacturer, and will process [bedrijf 6] ’s raw materials into meal, crude oil and refined oil. [bedrijf 4] will not take title to either the raw materials or the processed product at any point in the supply chain. • [bedrijf 4] will perform these activities using the crush and refinery plants located at [plaats 7] . It will have the required personnel, with the requisite skill and experience to ensure the efficient running of the crush and refinery plants. [bedrijf 3] • [bedrijf 3] will provide manufacturing services to [bedrijf 6] where it will be responsible for processing cocoa beans into cocoa powder, liquor and butter. These manufacturing activities will be carried out under a consignment manufacturing agreement with [bedrijf 6] . [bedrijf 6] will maintain ownership of the raw materials throughout the manufacturing process. • [bedrijf 3] will perform these activities at its processing plants in [plaats 3] and [plaats 2] . [bedrijf 3] will have the required personnel, with requisite skills and experience to perform the manufacturing activities. (…) Future State Operating Model [bedrijf 4] – Post Reorganization on 1 July 2009 Transaction Flows under Future State Operating Model Introduction • The following describes the activities and transaction flows for the Dutch oilseeds business after the complete conversion to the future state operating model: – [bedrijf 6] will be responsible for sourcing and engaging potential suppliers of soy beans, rapeseed and crude oil. [bedrijf 4] will not conclude any contracts with suppliers for raw materials; – [bedrijf 6] will purchase the raw materials directly from third party suppliers or from related [bedrijf 1] entities. [bedrijf 6] will retain ownership of the raw materials during the entire production process; – [bedrijf 6] will have its raw material delivered to [bedrijf 4] warehouse or third party warehouses for storage and processing at the crush facility. During the processing, [bedrijf 6] will retain title to the raw materials and eventual processed product; (…) – [bedrijf 6] may sell the crude oil to third parties or decide to transfer it to [bedrijf 4] ’s refinery for further processing (either in [plaats 7] or to by other [bedrijf 1] processing entities). [bedrijf 6] will make the decision as to how much of the crude oiI is sold and how much is refined at the [plaats 7] plant; (…) • [bedrijf 4] post reorganization will perform only routine functions and bear limited risks, and will be responsible for performing the following functions under guidance from [bedrijf 6] : – Manufacturing; – Planning; – Packaging; – Logistics; – Warehousing; and – Quality Control (…) Trading • [bedrijf 6] ’s “Trading” function refers to the following activities: – Purchase of raw materials; – Sale of rape meal; – Sale of crude oil; – Sale of refined oil; – Other product sales; and – Hedging and position management. • Each of the above activities is described in additional detail on the following pages. Trading – Procurement • [bedrijf 6] will be responsible for purchasing the raw materials required for the Dutch Oilseed operations. This will involve making decisions as to the timing, volume and price of the raw materials procured. (…) • [bedrijf 6] will procure oil and meal on a full-risk basis from (3rd party) suppliers. The contracts are negotiated and created at [bedrijf 6] and then entered into the system, printed off, signed, and sent to the vendor. • The commercial team at [bedrijf 6] will negotiate, agree, and sign both sales and purchase contracts for raw materials and finished products in its own name. (…) All raw materials, WIP, and finished products are owned by [bedrijf 6] . (…) Trading – Sales • [bedrijf 6] sells oil and meal on a full-risk basis. These sales will be invoiced by [bedrijf 6] and payment will go to [bedrijf 6] . The contracts are negotiated and created at [bedrijf 6] and then entered into the system. • The execution of the contract is performed locally under the terms and conditions of the negotiated contracts (i.e. as negotiated by [bedrijf 6] ). (…) Trading – Positions • All trading positions will be in the name and on behalf of [bedrijf 6] . • [bedrijf 6] executes physical contracts, i.e. contracts that are intended for the physical delivery of a product. This is also the case for trades that are entered purely to hedge a plant’s position. In this case, [bedrijf 6] will typically close out the futures position prior to the specified delivery date. • [bedrijf 6] traders trade soy bean, soy oil and soy meal futures on the Chicago Board of Trade (“CBOT”) to hedge the soy positions at each location. For rapeseed futures, the traders trade on the Marché à Terme International de France (“MATIF”). The traders also trade on the Rotterdam Paper Market and on other markets when necessary. (…) Production • [bedrijf 4] will provide manufacturing services to [bedrijf 6] where it will be responsible for processing oilseed into meal and crude oil, and processing crude oil into refined oils. These manufacturing activities will be carried out under a consignment manufacturing agreement with [bedrijf 6] . [bedrijf 6] will maintain ownership of the raw materials throughout the manufacturing process. • [bedrijf 4] will act as a consignment manufacturer for [bedrijf 6] . The consignment manufacturer does not own inventory, raw materials, work-in-process, or finished goods. [bedrijf 6] will act as the principal company in the supply chain. • The principal company is the central participant in the supply chain. In relation to products which are manufactured, it takes legal title to the raw materials which are used to manufacture (semi-)finished products, and is the owner of both the work-in-progress and the (semi-)finished products after the production process. The principal orders the consignment manufacturer to process the goods, and acquires a service from the consignment manufacturers. The principal sells the goods to the customer, either directly or via a distributor or agent. • The actual production processes, as described in the introduction, for [bedrijf 4] , remain unchanged. • [bedrijf 6] will be responsible for deciding on the volumes to be processed. (…) (…) • [bedrijf 6] plans for full capacity at each of the European plants. Decisions to switch from crushing one type of seed/bean to another are taken by the appropriate teams at [bedrijf 6] . (…) (…) Future State Operating Model [bedrijf 3] – Post Reorganization Transaction Flows under Future State Operating Model • The following describes the activities and transaction flows for the Dutch cocoa business after the complete conversion to the future state operating model: – [bedrijf 6] will purchase the raw materials from third party suppliers. It will either purchase directly from third parties, or from related [bedrijf 1] entities. [bedrijf 6] will retain ownership of the raw materials; – [bedrijf 6] makes the decision when and to whom to ship the cocoa beans to. [bedrijf 6] will have the cocoa beans delivered to [bedrijf 3] for processing. During the processing, [bedrijf 6] will retain title to the raw materials and eventual processed product; – The processing facilities of [bedrijf 3] will produce cocoa powder, cocoa liquor, cocoa butter, cake and chocolate powder; – [bedrijf 6] will sell the products to third party customers directly, – [bedrijf 6] may also use [bedrijf 2] as limited risk distributor in the Netherlands • [bedrijf 3] post reorganization will perform only routine functions and bear limited risks, and will be responsible for performing the following functions under guidance from [bedrijf 6] : – Manufacturing; – Planning; – Packaging; – Logistics; – Warehousing; and – Quality Control – Others (…) Trading • The [bedrijf 6] trading function refers to: – the purchase of cocoa beans and other raw materials; – the sale of cocoa products; and – the activities the traders undertake to minimise the gross margin impacts of price fluctuations in the commodity markets (i.e., hedging). [bedrijf 6] also takes views on the market and may hold a position which is intended to result in a trading profit (i.e., these are trades that are not pure hedges). [bedrijf 6] will be responsible for ensuring each of the cocoa processing plants position is within the parameters set by [bedrijf 6] management and that pricing/market risk on contracts is minimised. (…) Trading – Hedging (…) • [bedrijf 6] traders trade cocoa beans on the terminal market to hedge the cocoa positions at each location. (…) Trading – Procurement • The [bedrijf 6] traders coordinate all purchasing. All procurement decisions are made by the [bedrijf 6] traders. • The [bedrijf 6] traders have the ultimate control over when to procure raw materials and which materials are procured. Its decision to purchase is influenced by the production plan, supply and demand in the market, the futures market, exchange rates and freight positions. The [bedrijf 6] traders may decide to procure raw materials to deliver on a sales contract that is already booked or may decide to procure raw materials at harvest (for example) without a corresponding sale booked. Procurement – Cocoa beans • The traders of [bedrijf 6] manage and control the purchases of the cocoa bean requirements for the entire (non- US ) [bedrijf 3] . Cocoa beans are mainly sourced in Ivory Coast, Ghana and Cameroon. The [bedrijf 6] traders control the production plans for all cocoa beans and are responsible for the P&L for the overall non- US cocoa [bedrijf 3] . (…) • [bedrijf 6] will generally procure more cocoa beans than is required for the production activities at [plaats 2] and [plaats 3] . These additional products are used to speculate on the cocoa market. Further these products may be stored in warehouses when [bedrijf 6] expects lower cocoa availability in the next year. • The [bedrijf 6] traders also manage the market/price risk around procurement contracts. (…) (…) Trading – Sales • All product sales are negotiated and concluded by the traders of [bedrijf 6] , the sales contract of [bedrijf 6] are entered in the name of [bedrijf 6] . The actual execution of the contract is performed locally but the terms of all sales contracts are negotiated and agreed by the [bedrijf 6] trading team. • In terms of credit control, there is a European credit center that is based at [bedrijf 6] in Switzerland. (…) • [bedrijf 3] will receive orders from [bedrijf 6] ’s customers, processing them on behalf of [bedrijf 6] . (…) Production • [bedrijf 3] will provide manufacturing services to [bedrijf 6] where it will be responsible for processing cocoa beans into cocoa powder, liquor and butter. (…) • [bedrijf 6] will maintain ownership of the raw materials throughout the manufacturing process. (…) • The [bedrijf 6] traders works in conjunction with the plant managers but takes final decisions on any production change that may impact the financial performance of the plant. (…) The plant manager must obtain sign off from [bedrijf 6] before making a decision. • Micro-scheduling of production is done by the local plant; however, the [bedrijf 6] traders are involved in setting the long term production planning. (…) Application of the Arm’s Length Principle Consignment Manufacturing services The TNMM was selected Transaction Under Review as most appropriate method • Under the new arrangement [bedrijf 6] will have it’s raw for [bedrijf 4] and material processed by [bedrijf 4] and [bedrijf 3] using its crush and refinery and cocao processing facilities. [bedrijf 6] will retain ownership of the raw material during the processing. The activities of [bedrijf 4] and [bedrijf 3] The net cost plus mark-up Cocoa will constitute consignment manufacturing services selected as the PLI for which it will be reimbursed by [bedrijf 6] through a service fee. [adviseur] recognizes that the full range of results can be Selection of the Most Appropriate Entity to Test used as the arm’s length (…) range of results. However, • Given that the principal will be performing most key the high level nature of functions, and assuming most of the key risks, it is comparable search considered that [bedrijf 4] and [bedrijf 3] bears a increases the likelihood of less complex functional profile. As such, [adviseur] has outlier results, therefore selected them as the entities to test. the interquartile range was deemed more appropriate The inter-quartile range of results are; • 75th Percentile: 22.4% • Median: 8.7% • 25th Percentile: 3.3% [bedrijf 4] and [bedrijf 3] will earn a cost plus mark-up within the inter- quartile range identified above of 8.7%. (…) Application of the Pricing Method • The application of the TNMM requires [adviseur] to establish an arm’s length net cost plus mark-up for [bedrijf 4] and [bedrijf 3] to achieve on the provision of consignment manufacturing services to [bedrijf 6] . [adviseur] does this with reference to independent comparable European companies identified in the search for comparables described in Appendix
  16. • For the purpose of this analysis, the net cost plus mark-up has been used to determine the arm’s length price. Further, to determine the appropriate return for the consignment manufacturers a working capital as well as a cost base adjustment were performed, due to the tact that consignment manufacturers do not employ similar levels of capital. Also as consignment manufacturers do not bear the cost of its materials an adjustment has been performed to adjust for this difference in costs. • The arm’s length range has been identified as the inter-quartile range net cost plus mark-ups exhibited by the independent companies identified in the search. This range is as follows: – 75th Percentile: 22.4% – Median: 8.7% – 25th Percentile: 3.3% • The numbers as presented above present the adjusted net cost plus range. • 8.7% is percentage utilized.” 2.
  17. Op 1 december 2009 heeft een bespreking plaatsgevonden tussen vertegenwoordigers van belanghebbende en de inspecteur. Tijdens deze bespreking heeft [naam 2] ( Director International Tax van [bedrijf 6] ) een nadere toelichting op de reorganisatie gegeven aan de hand van een power point-presentatie met als titel ‘[ [bedrijf 1] ] Meeting with Dutch tax authorities (…) 1 December 2009’. In de slides van deze presentatie is onder meer het volgende vermeld: Slide 8 “Pre-July 1 2009 Operating Model [bedrijf 3] BV and [bedrijf 4] BV purchase Raw Materials / Semi-Finished Products from suppliers worldwide, produce (Semi-)Finished Products and sell these products to customers in- and outside of Europe . (…). Each company operated with full risk and functions, e.g. each is responsible for its own production, planning, sourcing, sales support, pricing, administration.” Op de desbetreffende slide is verder (door middel van een organigram) aangegeven dat [bedrijf 6] aan [bedrijf 4] en [bedrijf 3] “management services” verricht. Slide 9 “Post July 1, 2009 Operating Model [ [bedrijf 6] ] purchases Raw Material / Semi-Finished Products from suppliers worldwide (…). [bedrijf 3] BV and [bedrijf 4] BV produce (Semi-)Finished Products under contract for [ [bedrijf 6] ]. [bedrijf 6] sells these products to customers inside and outside of Europe . In addition to providing manufacturing services to [ [bedrijf 6] ], [bedrijf 3] BV and [bedrijf 4] BV also provide administrative supportive services (i.e., logistics, execution and accounting). [bedrijf 2] BV is acting as the marketing support services provider in the Netherlands. (…).” Op de desbetreffende slide is voorts (door middel van een organigram) aangegeven dat [bedrijf 4] en [bedrijf 3] aan [bedrijf 6] “Manufacturing services and administrative support services” verrichten. 2.
  18. Na afloop van de bespreking van 1 december 2009 heeft de inspecteur bij e-mailbericht van 1 december 2009 een aantal vragen aan belanghebbende voorgelegd over de in de brief van 20 november 2009 (en de bijlagen daarvan) verstrekte informatie. [adviseur] heeft hierop namens belanghebbende geantwoord bij brief van 11 december
  19. In deze brief is onder meer het volgende vermeld (waarbij ‘EBIT’ staat voor ‘earnings before interest and taxes’): “For the purpose of [bedrijf 1] we have translated your questions in English. 1) In sheet 3 of the information package the “fully fledged company valuation” of [bedrijf 4] BV is included. How is the EBIT for 2009/2010 derived from the historical EBIT figures? [bedrijf 1] does in general not perform any long term forecasting activities with regard to the oilseeds trading (sourcing and selling) since commodity prices can not be predicted sufficiently reliable for various reasons. Therefore, in order to determine the future cash flow, a historical analysis had been made which was used to get an understanding of the margins. As can be seen in sheet 3, the EBIT figures for [bedrijf 4] BV fluctuated significantly over time. Both losses as well as profits have been reported in the past. As is stated in the information model, the three year average EBIT figures amount to approximately EUR 7,5 mln, the average EBIT margin calculated over the last 3 financial years is 0.2%. Looking at the historical figures of a period of 3 years, we note that the EBIT margin is even lower and equal to -0.05%. (…) In the forecasting we assumed an EBIT margin of 0.4% which is approximately twice as high as the three year average and therefore considered high by [bedrijf 1] . The applied EBIT margin results in a forecasted average EBIT (5 year future average EURO 19,5 mln.) which is significantly higher as compared to all historical averages. Therefore, we concluded that the 0.4% margin is not unreasonable and as such could be used as a basis for the forecasting. 2) Same question as above for [bedrijf 3] (…). Similar to the [bedrijf 4] BV valuation, no long term forecasts are prepared regarding cocoa sourcing and selling operations. Therefore the EBIT forecasts for the year 2009/2010 have been determined by first looking at the historical trends. As can be seen from the years 2004/2005 to 2008/2009 a significant decrease in EBIT margins from approximately 10% to 8% to 5% to 2% is reported. Due to the current economic situation it is expected that [bedrijf 3] will have an even lower EBIT margin than last year which is in the current year close to 0%. Therefore, we have assumed the EBIT forecast for 2009/2010 at 1.5% which can be considered appropriate given the uncertain market circumstances (…). We note that according to the most recent financial information for the current financial year, minimal profits are anticipated for the [bedrijf 3] performed by [bedrijf 6] . As the economic situation is likely to increase over the next years a steady EBIT growth of 0.5% per annum has been included for the purpose of the information model valuation. 3) During the meeting we discussed that is seems logical to us that a consignment manufacturer has a similar WACC as the full fledged company, since the WACC resembles the rate of return of [bedrijf 1] , of which the consignment manufacturers are part of. In order to get an understanding on the WACCs that have been used in the calculations we would require the methodology of how the WACCs have been determined for both the full fledged companies as well as for the consignment manufacturers. (…). A company’s WACC is the overall minimum required return (given cost of equity and the costs of debt) on the company as a whole that an investor would require given the risks assumed. Therefore, the WACC is generally regarded as the appropriate rate to use for discounting cash flows with a risk that is similar to that of the company (ie. on a stand alone basis). As the risk of a full fledged company is obviously much higher than that of a consignment manufacturer, the WACC is expected to be higher as well. In other words, an investor would expect a higher return on investment for a more risky investment than it would for a low risk investment. Therefore, we note that the WACC of the consignment manufacturer should be lower than the WACC of the full fledged operations. We revert to the two enclosed presentations outlining how the full fledged going concern WACC was derived for both [bedrijf 4] BV and [bedrijf 3] BV. With regard to the consignment manufacturing activities, we note that no benchmark analysis can be performed on the WACC’s of consignment manufacturers similar to the method applied for the full fledged operations. This is due to a lack of an identifiable consignment manufacturing peer group in the available databases. However, in general and as also mentioned above, the risks assumed by a consignment manufacturing entity are considered to be very low. Therefore, and as a basis of determining the WACC of the consignment manufacturers the risk free rate was determined at 3.7%. This risk free rate is similar to the risk free rate that was used for the WACC calculations for the full fledged entities. The risk free rate is derived from the 10 year Dutch government bond as identified in the Bloomberg database. Since the risk of the consignment operations can be considered higher than the risk free rate, a premium of 1.3% was added to risk free rate resulting in a WACC of 5%. This premium was derived from the Bloomberg peer group analysis for the full fledged going concern beta benchmark. Since the consignment manufacturers have a very limited risk profile, the beta is expected to be limited as well. Therefore a beta was applied similar to the 2.5% percentile of the unlevered beta’s of the full fledged peer group analysis. This results in a premium of 1.3%. Further and since no debt (or working capital interest expense) is taken into account at the level of the consignment manufacturers the WACC is equal to the cost of equity. Therefore, when investing in a low risk activity of the consignment manufactures, a 35% premium would be realized over an investment in a Dutch government bond which can be considered appropriate. Based on the above, the following formula for the consignment manufacturing WACC can be provided: WACC = CoE = Risk Free Rate + (beta * ERP) 5% = 3.7% + (0.19 * 6.75%) As we understand it from [bedrijf 1] , the [bedrijf 1] investment discount rate is a minimum return [bedrijf 1] management would want from a project. According to [bedrijf 1] , the [bedrijf 1] investment WACC is at least 10%. We also understand from [bedrijf 1] that the [bedrijf 1] Strategic Planning Committee (SPC) made up of the seven most senior executives in [bedrijf 1] may decide that given the nature, kind and location of project or investment an even higher return is required of 15% or 20%. 4) For determining the terminal value in the DCF formula it seems that the WACC is 1% lower than the WACC that is used for the first five years for both [bedrijf 3] and [bedrijf 4] . Please explain. We agree that when reviewing the figures it appears to be the case that a lower WACC is applied for the terminal value calculations. However, this can be explained by the fact that a terminal growth factor has been taken into account in the forecasting and the determination of the terminal value of the company. An annual increase is assumed at 1%, equal to the inflation rate which is also assumed at 1%. The formula used to determine the terminal value is the commonly applied and generally accepted Investment Model (Growing Free Cash Flows Model). The formula is derived from the Gordon Growth model and is as follows: Free cash flows (WACC – Growth rate) The growth rate is the obviously similar to the terminal growth factor. For the avoidance of doubt, we note that a similar terminal value would be derived when for example a period of 50 years would be forecasted, taking into account a 1% growth factor, and discounted at the calculated WACC. The formula is regarded as a method for calculating this same value.” 2.
  20. Ter voorbereiding van een voor 13 januari 2010 geplande vervolgbespreking heeft de inspecteur bij e-mailbericht van 12 januari 2010 een notitie aan [adviseur] gemaild. In deze notitie, met als onderwerp ‘ [bedrijf 1] – discussiestuk 13-1-2010’ is onder andere het volgende opgenomen (weergave zonder voetnoten): “1) Waardering [bedrijf 4] is € 125,8 mln bij Wacc 12 % en gemiddelde EBIT in drie voorafgaande jaren van € 7,5 mln. Dat is 16,8 * de gemiddelde EBIT over de drie voorafgaande jaren. Waardering [adviseur] [bedrijf 3] is € 157,2 mln bij een gemiddelde EBIT in drie voorafgaande jaren van € 36,9 mln. Dat is 4,3 * de gemiddelde EBIT in drie voorafgaande jaren. Dat is een erg groot verschil in vermenigvuldigingsfactor t.o.v. de [bedrijf 4] waardering. Het verschil zou worden verklaard uit de dalende trend. Echter [bedrijf 1] zelf rapporteert stijgende resultaten. Zie bijvoorbeeld SEC 1Q FY 10 Earnings Release: (…). ‘Normalisatie’ van de waardering van ‘ [bedrijf 3] ’ naar 16,8 * de gemiddelde EBIT over de drie voorafgaande jaren zou een waardering betekenen van € 619,9 mln. 2) (…) 3) (…) Afgaande op de waarderingen onder 2 en 3 lijkt de gezamenlijke waarde van de overgedragen ondernemingen (…) tussen minimaal € 0,475 en maximaal € 1,295 mrd te liggen. Het gemiddelde van deze twee bedraagt € 0,885 miljard, nog ruim boven de ‘genormaliseerde’ waarde van 745,7 mln zoals berekend onder
  21. Het bovenstaande laat nog eens zien dat de waardering sterk samenhangt met de verwachtingen voor de toekomst en die zijn, zoals [bedrijf 1] zelf ook aangeeft, in deze branche moeilijk te bepalen. Feit is echter dat ten opzichte van het tweede halfjaar 2008/2009 de resultaten sterk verbeterd zijn en dat de waardering volgens de beurs 25 % v.d. jaaromzet bedraagt. Dat is ook zo als we uitgaan van de gemiddelde omzet van 2007/2008 en 2008/
  22. Afgaand op 2007/2008 zou een waardering van 31 % van de omzet in de rede liggen. (…) Bovenstaande verkenningen geven alle reden om niet in te stemmen met het voorstel zoals dat nu is gedaan voor de waardebepaling van de overgedragen ondernemingen. Alternatieven kunnen bijvoorbeeld zijn. (…) totaal in discussie 1.122 mrd” 2.
  23. [adviseur] heeft in een aan [bedrijf 1] ( [naam 2] en [naam 5] ) gericht intern memorandum van 19 januari 2010, met als onderwerp ‘ [bedrijf 1] reorganization – meeting Dutch tax authorities’, verslag uitgebracht van de op 13 januari 2010 gehouden bespreking met de Belastingdienst. In dit memorandum is onder meer het volgende vastgelegd (waarbij ‘EBITDA’ staat voor ‘earnings before interest, tax, depreciations and amortizations’): “Summary other key items meeting We discussed the attached discussion document prepared by [naam 6] [Hof: medewerker van de Belastingdienst] describing the initial thoughts of the Dutch tax authorities as regards the valuation of the Dutch pre-[reorganization] operations. Summarized, the Dutch authorities are looking for objective parameters in order to substantiate the DCF valuation model as prepared by [bedrijf 1] / [adviseur] (…). In addition to market capitalization parameters, the Dutch tax authorities would like to receive all relevant information and calculations which are available within [bedrijf 1] in order to understand how [bedrijf 1] internally values the operations and in order to achieve an open and transparent position towards each other (…). Main result of the meeting is that the Dutch tax authorities moved from their initial thought of using sales as key indicator resulting in a full-fledged value of approximately EUR 1.4 billion for the Dutch cocoa and oilseeds business. Based on the arguments provided, the Dutch tax authorities appeared to agree that an EBIT (or EBITDA) based ratio could provide a sanity check of an independent valuation as compared to sales. Also the following subjects have been discussed: (…)
  24. [naam 6] is not comfortable yet with the 5% WACC for the consignment manufacturers as from his point of view the risk of the wider [bedrijf 1] group (i.e. [bedrijf 6] ) should to some extent be allocated to the toller as well as in his view, the risk profile of the group should be reflected in the risk profile of the consignment manufacturer. We indicated that we did not agree on this view (…).” 2.
  25. In vervolg op de bespreking van 13 januari 2010 heeft belanghebbende op verzoek van de inspecteur bij brief van 1 februari 2010 nadere informatie verstrekt. In deze brief is – voor zover hier van belang – het volgende vermeld (weergave zonder voetnoten, waarbij ‘EBT’ staat voor ‘earnings before tax’): “During the meeting we discussed [bedrijf 1] ’s business reorganizations in July 2009 of its oilseeds and cocoa [bedrijf 3] in the Netherlands and the tax implications resulting from these reorganizations. We agreed to provide you with some further, additional supporting substantiation for
(1)the outcome of our discounted cash flow valuation analysis and
(2)(…). 1Substantiation discounted cash flow valuation analysis a. Comparable acquisition or disposal transactions As regards the discounted cash flow valuation analysis, you requested further substantiation / certainty on the arm’s length nature of the valuation results. In order to get a better understanding you requested information regarding recent acquisition or disposal transactions entered into by [bedrijf 1] . During our meeting we discussed the most recent [bedrijf 1] acquisition transactions (…). We explained that typically [bedrijf 1] is only interested in purchasing the underlying fixed assets (i.e. plant, property and equipment) of the acquired companies. As a result, the purchase price is typically allocated 100% to fixed assets only and not intangibles. Therefore, we concluded that [bedrijf 1] could not identify any comparable acquisition transactions from which a pricing method could be derived which we could use for additional substantiation of the valuation analysis. (…) b. Substantiation DCF valuation analysis — Market Capitalization During the meeting we also discussed the possibility of finding an objective and at the same time practical check for the valuation analysis determined for the operations of [bedrijf 3] BV and [bedrijf 4] BV. Regardless if it can be justified theoretically we agreed to determine if it is possible to find such an objective check by taking the market capitalization of [bedrijf 1] Inc. at the NYSE, as a starting point and subsequently allocate the market capitalization pro rata parte to the Dutch operations. Mathematically various approaches can be taken in order to determine the pro rata value. (…) The outcome (i.e., intangible value calculated as full fledged values minus values current business model) can be summarized as follows: EBT, the intangible value would equal EURO -/- 79,815,905 EBIT, the intangible value would equal EURO 1,473,284 EBITDA, the intangible value would equal EURO 38,600,017 Following from the DCF valuation analysis, the intangible value would equal EURO 7,715,825, by using a WACC of 12%. (…) Give the above we believe the results of the EBT, EBIT and EBITDA analysis do provide additional substantiation for the proposed intangible value.” 2.
  1. Op 9 februari 2010 heeft opnieuw een bespreking plaatsgevonden tussen medewerkers van [adviseur] en de inspecteur over de fiscale gevolgen van de reorganisatie. Tijdens deze bespreking zijn onder meer de mogelijkheden van een compromis verkend. Nadat op 26 februari 2010 een aanvullende bespreking had plaatsgevonden, heeft [adviseur] bij e-mailbericht van 4 maart 2010 een samenvatting van deze bespreking aan de inspecteur verzonden. In dit e-mailbericht is onder andere het volgende vermeld: “Headlines possible agreement [bedrijf 1] – Dutch tax authorities
  2. The taxable gain resulting from the business reorganization amounts to EUR 48,536,
  3. The latter will be achieved by using an adjusted discount-factor for the consignment manufacturer of 5,7%. (…) Dutch tax authorities prefer to translate the taxable gain upfront into a higher cost plus % applicable during the entire contract period. (…) To do: [bedrijf 1] will consider if this is acceptable for [bedrijf 1] also taken into account the commercial side and the corresponding deduction in Switzerland. (…)
  4. A critical assumption/condition subsequent will be included in the tax ruling saying that no debt will be used for the contract manufacturing/ sales support activities and if debt is used the interest expenses will be included in the cost plus basis. (…)
  5. [bedrijf 1] is not willing to agree upfront that in case of an early termination of the contract the consignment manufacturer is entitled to any type of indemnification or other type of compensation (e.g. indemnification of closing costs). To do: Dutch tax authorities will consider if this is acceptable in combination with the condition that in case the contract terminates the consignment manufacturer will be able to enter the market as a full fledge entrepreneur for free (no formal or informal step up for new client base / goodwill) and without any restrictions (e.g. competitor restrictions). To do: [bedrijf 1] will consider if the latter condition is acceptable. 2.
  6. De inspecteur heeft bij e-mailbericht van 17 maart 2010 aan [adviseur] laten weten na intern overleg en mede vanwege voortschrijdend inzicht niet akkoord te kunnen gaan met een compromis langs de lijnen zoals die tijdens de besprekingen van 9 en 26 februari 2010 zijn verkend. In dit e-mailbericht heeft de inspecteur zijn standpunt onder meer als volgt toegelicht: “Naar de mening van de Belastingdienst neemt de ondernemer die zijn onderneming overdraagt aan een andere ondernemer (de principaal) en vervolgens van die principaal afhankelijk wordt voor het wel of niet doorgaan als CM [Hof: contract manufacturer] daarmee een belangrijk risico. Hij wordt immers volledig afhankelijk van de principaal voor het wel of niet door kunnen gaan als CM en haalt daarmee een aantal belangrijke risico’s naar binnen, te weten het risico van verbreken of niet verlengen van het CM contract, het risico van oninbaarheid en het faillissementsrisico van zijn principaal. De overdrager die de beslissing heeft genomen om het belangrijkste deel van zijn onderneming over te dragen aan een ander, is over dit risico ook niet meer in control. Het is waar dat de CM met het verbreken of niet verlengen van het CM contract weer de gelegenheid krijgt om zijn fabrieken naar eigen inzichten als ondernemer aan te wenden maar de marktcondities waaronder dat zal geschieden zijn onzeker en het opnieuw verwerven van de functies en activa die nodig zijn voor het drijven van een fully fledged onderneming zal een onzekere investering vergen. Het is ook zeer de vraag in hoeverre dit scenario realistisch is. (…) Daarbij komt dat indien de CM het contract verbreekt de principaal in principe zijn directe concurrent wordt op het gebied van de niet “manufacturing-functies”. Die onzekerheid zou zich naar het oordeel van de Belastingdienst moeten reflecteren in een hogere wacc voor de CM maar zeker zou naar het oordeel van de Belastingdienst een ondernemer die voor de beslissing staat om zijn functionaliteit en daarmee zijn risicoprofiel en potentiële winstgevendheid belangrijk te verlagen daarvoor een vergoeding wensen te ontvangen. Bij het bepalen van die vergoeding zal in ieder geval het risico van een kortere looptijd dan eeuwigdurend tot uiting moeten komen. De vergoeding kan in één keer worden bedongen als het verschil tussen fully fledged waarde en CM waarde. In een casus als de onderhavige is het in de visie van de Belastingdienst zo dat de toekomstige CM zijn niet direct gerealiseerde CM winstpotentieel zou willen vastleggen door middel van een ‘exit clausule’. (…) Voornoemde berekende CM-waarde zal naar mijn mening nog moeten worden aangepast met een meer realistische WACC die recht doet aan het risicoprofiel van de CM (…).” Na dit bericht van de inspecteur zijn de gesprekken tussen belanghebbende en de inspecteur over de fiscale gevolgen van de reorganisatie gestaakt. 2.
  7. Belanghebbende heeft op 28 september 2011 aangifte Vpb voor het boekjaar 2009/2010 gedaan naar een belastbare winst en een belastbaar bedrag van € 34.586.
  8. In deze aangifte (hierna ook: de aangifte Vpb) heeft belanghebbende in verband met de reorganisatie een overdrachtswinst verantwoord van € 1.831.
  9. Voorts heeft belanghebbende met dagtekening 28 september 2011 een begeleidende brief bij de aangifte Vpb aan de inspecteur toegezonden. In deze brief is – voor zover hier van belang – het volgende vermeld: “Please be informed that the 2009/2010 Dutch corporate income tax return of [belanghebbende] will be filed electronically today by Baker Tilly Berk . In this letter we will further explain the positions taken in this return. 1General On 1 July 2009, the Dutch based [bedrijf 1] Oilseeds operations at [bedrijf 4] BV and [bedrijf 1] operations at [bedrijf 3] BV were reorganized. In this respect we refer to our letter dated 20 November 2009 and the subsequent letters and discussions. 2Transfer all trading positions, trademarks and branch names As part of the July 1, 2009 reorganization, [ [bedrijf 6] ] purchased the existing trading positions of [bedrijf 4] BV and [bedrijf 1] BV for their fair market value. The respective trading positions included all inventory, purchase contracts, sales contracts and hedges concluded in relation to these positions. In addition, on 1 July 2009 [bedrijf 6] purchased all registered trademarks and brand names from [bedrijf 3] BV and [bedrijf 4] BV for fair market value. These purchase transactions resulted in a total net gain for [bedrijf 4] BV of EUR 4,283,509 and a total net loss for [bedrijf 3] BV of EUR 2,452,
  10. We refer to the annex for a more detailed overview of the various results realized. As you may notice the loss for [bedrijf 3] BV slightly differ from the figures presented in our letter dated 20 November
  11. This however only relates to a change in actual figures and not to a change in the valuation method. 3Remuneration processing services and processing related services [bedrijf 4] BV and [bedrijf 3] BV remain owner of the processing plants and equipment used for the provision of the manufacturing processing services. Based on the benchmarking study provided as annex to our letter dated 20 November 2009 the net cost plus mark up for processing services as well as processing related services provided by the Dutch consignment manufacturers has been set at 8.7%. (…)
  12. Other Dutch corporate income tax aspects During the earlier discussions we also brainstormed if a certain intangible value should be taken into account resulting from the reorganization. We agreed to postpone these discussions till the tax return is filed. As a result we have not taken a final position yet on this point in the tax return and suggest to organize a meeting as possible to discuss this point further. We will contact you for this in the course of next week.” 2.
  13. Op 25 november 2011 heeft opnieuw een bespreking plaatsgehad tussen belanghebbende en de inspecteur, teneinde de mogelijkheden te verkennen om alsnog overeenstemming te bereiken over de fiscale gevolgen van de reorganisatie. Naar aanleiding van deze bespreking heeft [adviseur] bij brief van 13 juli 2012 de standpunten hierover van belanghebbende nader toegelicht. In deze brief is onder meer het volgende vermeld: “1 Introduction and objectives 1.1 We and taxpayer appreciate the view of the Dutch tax authorities as presented during the meeting on November 25,
  14. We have, however, concluded that the Dutch tax authorities’ view merely relates to certain specific variables and assumptions applied in the valuation analyses of taxpayer’s operations subject to reorganization (‘the valuations’), which valuations were prepared by taxpayer as part of and specifically for the purpose of the application for a ruling regarding the transfer pricing aspects of the reorganization. 1.
  15. We have also concluded that, until now, fulfilling detailed information requests and having technical discussions in relation to the valuations has not yet resulted in any form of confirmation from the Dutch tax authorities on the arm’s-length nature of the transfer pricing policies applied post-reorganization, as well as the transfer pricing aspects of the reorganization as such. (…) 1.5 Therefore, in preparation for our next meeting and to further substantiate the position that was taken by taxpayer in the 2009/2010 corporate income tax return, the purpose of this letter is to provide you with further insight into the business rationale for the reorganization and the challenges which the group, [bedrijf 4] BV and [bedrijf 3] BV respectively were facing and expecting at the time of the reorganization. (…). 1.8 In this respect, for the record, we note that the valuations have been shared with you as part of and with a view to reaching a possible compromise (without prejudice). All elements of the calculations should therefore be considered as part of a total and coherent package. Taxpayer preserves the right to further comment on and / or revisit specific elements, variables and assumptions applied in the valuations, taking into account the most relevant and accurate information available regarding the reorganization. 1.9 The structure of the remaining sections of this letter is as follows: (…) - section 3 states the position that was taken by taxpayer in the 2009/2010 corporate income tax return; (…) 3 2009/2010 Dutch corporate income tax return Identified assets subject to transfer as a consequence of the reorganization 3.1 In taxpayer’s 2009/2010 Dutch corporate income tax return, the position has been taken that as part of the reorganization of the business operations of [bedrijf 4] BV and [bedrijf 3] BV, both companies sold their existing open trading positions, including all inventory, purchase contracts, sales contracts and hedges in relation to these positions, to an affiliated [bedrijf 1] group company, [ [bedrijf 6] ], in exchange for the arm’s-length price of these assets as at 1 July,
  16. Further, all registered and identifiable trademarks and brand names owned by [bedrijf 4] BV and [bedrijf 3] BV were sold to [bedrijf 6] in exchange for their arm’s-length price on 1 July,
  17. No other assets transferred 3.2 As per the filed tax return, apart from the specific assets noted above, no other (intangible) assets with value were either directly or implicitly transferred by [bedrijf 4] BV and [bedrijf 3] BV to [bedrijf 6] as part of the business reorganization.” Gain realized 3.
  18. The 2009/2010 corporate income tax return of taxpayer includes a total net gain of EUR 4,283,509 for [bedrijf 4] BV and a total net loss of EUR 2,452,472 for [bedrijf 3] BV resulting from the sale of assets which took place as part of above-mentioned reorganization of the business operations of the two companies on 1 July 2009.” 2.
  19. Nadien hebben belanghebbende en de inspecteur tijdens verschillende vervolgbesprekingen gepoogd alsnog overeenstemming te bereiken over de fiscale gevolgen van de reorganisatie. Deze besprekingen hebben niet tot nadere overeenstemming geleid. Vervolgens heeft de inspecteur aan belanghebbende de onder 1.1 vermelde aanslag opgelegd. 2.
  20. De inspecteur heeft tijdens de procedure in eerste aanleg een ‘Waarderingsmemo inzake [belanghebbende]’ overgelegd, dat met dagtekening 13 maart 2017 is opgesteld door [naam 7] (als ‘business valuator’ werkzaam bij het Landelijk Business Valuation Team (LBVT) van de Belastingdienst). In dit memo is – voor zover hier van belang – het volgende aangevoerd: “3 De waardering door het Landelijk Business Valuation Team 3.
  21. Inleiding (…) Voor de door [bedrijf 3] en [bedrijf 4] gedreven ondernemingen dient de waarde te worden bepaald naar de situatie vóór de reorganisatie (als fully fledged onderneming) en de situatie na de reorganisatie (als consignment manufacturer). Uitgangspunt voor de waardering is de brief van 19 november 2009 van [adviseur] (…). (…) In een brief van 13 juli
  22. heeft [adviseur] expliciet vermeld dat de verstrekte berekeningen door [bedrijf 1] zelf zijn opgesteld voor het aanvragen van een ruling betreffende de transfer pricing aspecten van de reorganisatie. 3.2 Waardering ten behoeve van de aanslagregeling De meest gebruikelijke methode voor het waarderen van ondernemingen is de DCF (discounted cash flow) methode. De DCF methode gaat uit van de verwachte toekomstige cash flows (geldstromen). Deze worden contant gemaakt naar het waarderingsmoment met een disconteringsvoet. De hoogte van de disconteringsvoet wordt bepaald door het risicoprofiel van de te waarderen onderneming. (…) Het LBVT heeft de eigen berekening van [bedrijf 1] als uitgangspunt gebruikt, maar heeft bij die berekening wel de nodige kanttekeningen geplaatst. Prognoseperiode [bedrijf 1] heeft voor [bedrijf 3] en [bedrijf 4] voor een periode van 5 jaar prognoses opgesteld van de verwachte toekomstige cash flows indien sprake zou zijn van een fully fledged onderneming en indien sprake zou zijn van een consignment manufacturer. Voor [bedrijf 3] loopt de verwachte cash flow vóór belasting geleidelijk op van € 14.684.250 in het eerste jaar tot € 34.605.882 in het vijfde jaar als fully fledged onderneming en van € 6.895.431 in het eerste jaar tot € 7.175.413 in het vijfde jaar als consignment manufacturer. Voor [bedrijf 4] loopt de verwachte cash flow vóór belasting geleidelijk op van € 16.886.397 in het eerste jaar tot € 25.582.892 in het vijfde jaar als fully fledged onderneming en van € 8.254.532 in het eerste jaar tot € 8.589.699 in het vijfde jaar als consignment manufacturer. Bij de waardering heeft het LBVT de door [bedrijf 1] opgestelde prognoses gevolgd. Restperiode [bedrijf 1] heeft voor [bedrijf 3] en [bedrijf 4] de verwachte toekomstige cash flows vóór belasting in de restperiode (jaar 6 en volgende jaren) bepaald als het gemiddelde van de cash flows in de prognoseperiode (jaar 1 tot en met 5) en is er van uit gegaan dat deze cash flows vervolgens met 1% per jaar zullen stijgen, overeenkomstig de verwachte inflatie. Het LBVT heeft dit standpunt niet gevolgd en is van mening dat de restperlode voortborduurt op het laatste prognosejaar. Dit is ook gebruikelijk in DCF berekeningen. Bovendien is er geen reden om aan te nemen dat de cash flow vóór belasting in jaar 6 daalt van € 34,6 miljoen naar € 24,5 miljoen voor [bedrijf 3] en van € 25,6 miljoen naar € 19,5 miljoen voor [bedrijf 4] . Verder is het LBVT van mening dat de verwach

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