Non-consolidated financial statements
Statement of profit and loss |
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|
|
|
|
Year ended 31 December |
|
(thousands of €) |
2017 |
2016 |
Turnover |
131,496 |
161,957 |
Internally generated intangible assets |
198,401 |
125,083 |
Other operating income |
20,753 |
16,283 |
|
|
|
Operating income |
350,649 |
303,322 |
|
|
|
Raw materials, consumables and goods for resale |
(4,763) |
(4,278) |
Services and other goods |
(201,196) |
(119,319) |
Remuneration, social security costs and pensions |
(24,770) |
(16,551) |
Depreciation, impairment and other amounts written off on constitution costs, intangible and tangible assets |
(251,434) |
(203,524) |
Other operating charges |
(7,718) |
(6,365) |
Non-recurring operating costs |
(543) |
(5,855) |
|
|
|
Operating loss |
(139,775) |
(52,569) |
|
|
|
Finance income |
8,357 |
8,891 |
Finance cost |
(34,421) |
(1,530) |
|
|
|
Loss before taxes |
(165,839) |
(45,209) |
|
|
|
Taxes |
(34) |
(19) |
|
|
|
Loss for the year |
(165,874) |
(45,228) |
|
|
|
Loss brought forward |
(177,984) |
(132,756) |
|
|
|
Accumulated losses to be carried forward |
(343,858) |
(177,984) |
Balance sheet |
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|
|
|
|
31 December |
|
(thousands of €) |
2017 |
2016 |
Assets |
|
|
|
|
|
Non-current assets |
66,148 |
115,053 |
Intangible fixed assets |
20,904 |
71,640 |
Tangible fixed assets |
5,551 |
4,200 |
Financial fixed assets |
39,693 |
39,212 |
|
|
|
Current assets |
1,220,685 |
1,024,868 |
Inventories |
267 |
296 |
Trade and other receivables |
32,098 |
18,576 |
Deferred costs |
1,168 |
1,123 |
Accrued income |
41,376 |
32,283 |
Cash and cash equivalents |
1,145,775 |
972,591 |
Total assets |
1,286,833 |
1,139,920 |
|
|
|
Equity and liabilities |
|
|
|
|
|
Equity |
985,031 |
783,252 |
Share capital and reserves |
275,510 |
250,187 |
Share premium account |
1,052,915 |
709,025 |
Accumulated losses |
(343,858) |
(177,984) |
Investment grants |
464 |
2,025 |
|
|
|
Liabilities |
301,802 |
356,667 |
Non-current liabilities |
897 |
1,292 |
Obligations under finance lease (non-current) |
– |
9 |
Other liabilities |
897 |
1,283 |
Current liabilities |
300,905 |
355,375 |
Trade and other payables |
94,665 |
73,315 |
Obligations under finance lease (current) |
9 |
54 |
Tax, payroll and social security liabilities |
6,168 |
3,785 |
Accrued costs |
1,084 |
537 |
Deferred income |
198,977 |
277,683 |
Total equity and liabilities |
1,286,833 |
1,139,920 |
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 2017 closed with a loss of €165.9 million compared to a loss of €45.2 million in 2016. 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 €17.4 million in 2017, compared to a negative impact of €29.9 million in 2016. The non-consolidated annual accounts of Galapagos NV show accumulated losses of €343.9 million as at 31 December 2017; we refer to the Going Concern Statement for justification for the application of the valuation rules under the going concern assumption.