15. Research and development incentives receivables
The table below illustrates the R&D incentives receivables related captions in the balance sheet as at 31 December 2017 and 2016.
|
31 December |
|
(thousands of €) |
2017 |
2016 |
Non-current R&D incentives receivables |
64,001 |
54,188 |
Current R&D incentives receivables |
11,782 |
10,154 |
Total R&D incentives receivables |
75,783 |
64,342 |
Total R&D incentives receivables increased by €11.4 million compared to 31 December 2016. This increase is explained by new R&D incentives reported in 2017 for €21.5 million (€10.3 million related to French R&D incentives and €11.2 million related to Belgian R&D incentives) less the payments received related to French R&D incentives amounting to €7.9 million and to Belgian R&D incentives amounting to €2.0 million. The R&D incentives receivables are future expected refunds resulting from R&D incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date.
The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our balance sheet at 31 December 2017.
Non-current R&D incentives receivables |
||||||
|
|
|
|
|
|
|
|
31 December 2017 |
|
||||
|
Maturity date |
|
||||
(thousands of €) |
2019 |
2020 |
2021 |
2022 |
2023–2027 |
Total |
French non-current R&D incentives receivables – nominal value |
8,622 |
9,340 |
10,025 |
– |
– |
27,986 |
French non-current R&D incentives receivables – discounted value |
8,622 |
9,340 |
10,025 |
– |
– |
27,986 |
|
|
|
|
|
|
|
Belgian non-current R&D incentives receivables – nominal value |
2,520 |
3,398 |
4,009 |
4,863 |
21,562 |
36,353 |
Belgian non-current R&D incentives receivables – discounted value |
2,520 |
3,398 |
4,009 |
4,863 |
21,224 |
36,015 |
|
|
|
|
|
|
|
Total non-current R&D incentives receivables – nominal value |
11,141 |
12,738 |
14,034 |
4,863 |
21,562 |
64,339 |
Total non-current R&D incentives receivables – discounted value |
11,141 |
12,738 |
14,034 |
4,863 |
21,224 |
64,001 |