Non-consolidated financial statements

Non-consolidated financial statements

Statement of profit and loss

 

 

 

 

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

 

 

 

 

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.