Non-consolidated financial statements

Non-consolidated financial statements

Statement of profit and loss

 

 

 

 

Year ended 31 December

(thousands of €)

2016

2015

Turnover

161,957

59,871

Internally generated intangible assets

125,083

118,010

Other operating income

16,283

15,196

 

 

 

Operating income

303,322

193,076

 

 

 

Raw materials, consumables and goods for resale

(4,278)

(4,441)

Services and other goods

(119,319)

(131,678)

Remuneration, social security costs and pensions

(16,551)

(15,684)

Depreciation, impairment and other amounts written off on constitution costs, intangible and tangible assets

(203,524)

(82,597)

Other operating charges

(6,365)

(8,471)

 

 

 

Operating profit/loss (–)

(46,714)

(49,795)

 

 

 

Finance income

8,891

1,551

Finance cost

(1,530)

(1,247)

 

 

 

Profit / loss (–) on ordinary activities before taxes

(39,354)

(49,491)

 

 

 

Extraordinary income

 

0

Extraordinary cost

(5,855)

(13,510)

 

 

 

Profit / loss (–) before taxes

(45,209)

(63,001)

 

 

 

Taxes

(19)

 

 

 

 

Profit / loss (–) for the year

(45,228)

(63,001)

 

 

 

Loss brought forward

(132,756)

(69,756)

 

 

 

Accumulated losses to be carried forward

(177,984)

(132,756)

Balance sheet

 

 

 

 

31 December

(thousands of €)

2016

2015

Assets

 

 

 

 

 

Non-current assets

115,053

192,641

Intangible fixed assets

71,640

154,455

Tangible fixed assets

4,200

3,379

Financial fixed assets

39,212

34,807

 

 

 

Current assets

1,024,868

375,857

Inventories

296

317

Trade and other receivables

18,576

8,034

Deferred costs

1,123

469

Accrued income

32,283

27,626

Cash and cash equivalents

972,591

339,411

Total assets

1,139,920

568,498

 

 

 

Equity and liabilities

 

 

 

 

 

Equity

783,252

434,758

Share capital and reserves

250,187

211,389

Share premium account

709,025

351,442

Accumulated losses

(177,984)

(132,756)

Investment grants

2,025

4,683

 

 

 

Liabilities

356,667

133,740

Non-current liabilities

1,292

1,234

Obligations under finance lease (non-current)

9

63

Other liabilities

1,283

1,171

Current liabilities

355,375

132,506

Trade and other payables

73,315

56,466

Obligations under finance lease (current)

54

52

Tax, payroll and social security liabilities

3,785

3,619

Accrued costs

537

369

Deferred income

277,683

72,000

Total equity and liabilities

1,139,920

568,498

The non-consolidated annual accounts of Galapagos NV were prepared in accordance with Belgian accounting rules as well as with the legal and regulatory requirements. They show a negative result. The financial year 2016 closed with a loss of €45.2 million compared to a loss of €63.0 million in 2015. Overall, the result of Galapagos NV is largely affected by the fact that, as from financial year 2010, Galapagos NV capitalizes some of its R&D expenses and revenues that are eligible for such capitalization under Belgian GAAP. This capitalization negatively impacted the net result of Galapagos NV by €29.9 million in 2016, compared to a positive impact of €55.0 million in 2015. The non-consolidated annual accounts of Galapagos NV show accumulated losses of €178.0 million as at 31 December 2016; we refer to the Going Concern Statement for justification for the application of the valuation rules under the going concern assumption.