The net turnover of an entity at the last accounting date. Turnover should take on the standard accounting meaning which is typically net of VAT.

From EU Directive on Financial Statements:

The amounts derived from the sale of products and the provision of services after deducting sales rebates and value added tax and other taxes directly linked to turnover;

See also: See Article 28 of Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies, Official Journal L 222, p. 11-31, of 14 August 1978.