14. Research and Development incentives receivables

14. Research and Development incentives receivables

The table below illustrates the R&D incentives receivables related captions in the balance sheet for the years ended 31 December 2014 and 2013.

 

Year ended 31 December,

(thousands of €)

2014

2013

Non-current R&D incentives receivables

43,944

39,347

Current R&D incentives receivables

7,351

10,625

Total R&D incentives receivables

51,296

49,972

Total R&D incentives receivables increased by €1.3 million compared to 31 December 2013. This increase is explained by a new R&D incentives reported in 2014 for €11.9 million (€7.6 million related to French R&D incentives and 4.3 million related to Belgian R&D incentives) less the payment received related to French R&D incentives amounting to €8.6 million. The remaining variance of €1.9 million was explained by the phasing out of the consolidation scope of the service division which contributed to the Group’s total current R&D receivables at the end of 2013.

The R&D incentives receivables relate to refunds resulting from R&D incentives on research expenses in France, the U.K. (2013) and Belgium. Non-current R&D incentives receivables are discounted over the period until maturity date.

The below table provides detailed information on the maturity of the non-current R&D incentives receivables reported in the balance sheet at 31 December 2014.

Non-current R&D incentives receivables

 

 

 

 

 

 

 

 

Year ended 31 December, 2014

 

 

Maturity date

 

(thousands of €)

2016

2017

2018

2019

2020

Total

French non-current R&D incentives receivables – nominal value

7,830

8,185

8,214

 

 

24,229

French non-current R&D incentives receivables – discounted value

7,830

8,185

8,214

 

 

24,229

 

 

 

 

 

 

 

Belgian non-current R&D incentives receivables – nominal value

3,632

3,377

3,922

4,458

4,327

19,716

Belgian non-current R&D incentives receivables – discounted value

3,632

3,377

3,916

4,424

4,255

19,604

 

 

 

 

 

 

 

Total non-current R&D incentives receivables – nominal value

11,462

11,561

12,136

4,458

4,327

43,944

Total non-current R&D incentives receivables – discounted value

11,462

11,562

12,130

4,424

4,255

43,833