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 |
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|
Year ended 31 December, 2014 |
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Maturity date |
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(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 |