Non-consolidated financial statements
Statement of profit and loss |
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|
|
|
|
Year ended 31 December |
|
(thousands of €) |
2015 |
2014 |
Turnover |
59,871 |
63,033 |
Internally generated intangible assets |
118,010 |
94,295 |
Other operating income |
15,196 |
15,332 |
|
|
|
Operating income |
193,076 |
172,661 |
|
|
|
Raw materials, consumables and goods for resale |
(4,441) |
(3,706) |
Services and other goods |
(131,678) |
(96,690) |
Remuneration, social security costs and pensions |
(15,684) |
(13,689) |
Depreciation, impairment and other amounts written off on constitution costs, intangible and tangible assets |
(82,597) |
(76,847) |
Other operating charges |
(8,471) |
(6,628) |
|
|
|
Operating profit / loss (–) |
(49,795) |
(24,899) |
|
|
|
Finance income |
1,551 |
108,110 |
Finance cost |
(1,247) |
(1,118) |
|
|
|
Profit / loss (–) on ordinary activities before taxes |
(49,491) |
82,093 |
|
|
|
Extraordinary income |
0 |
6 |
Extraordinary cost |
(13,510) |
(19,705) |
|
|
|
Profit / loss (–) before taxes |
(63,001) |
62,394 |
|
|
|
Taxes |
|
(436) |
|
|
|
Profit / loss (–) for the year |
(63,001) |
61,958 |
|
|
|
Loss brought forward |
(69,756) |
(131,714) |
|
|
|
Accumulated losses to be carried forward |
(132,756) |
(69,756) |
Balance sheet |
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|
|
|
|
As at 31 December |
|
(thousands of €) |
2015 |
2014 |
Assets |
|
|
|
|
|
Non-current assets |
192,641 |
168,717 |
Intangible fixed assets |
154,455 |
131,423 |
Tangible fixed assets |
3,379 |
3,227 |
Financial fixed assets |
34,807 |
34,067 |
|
|
|
Current assets |
375,857 |
219,266 |
Inventories |
317 |
276 |
Trade and other receivables |
8,034 |
1,898 |
Deferred costs |
469 |
429 |
Accrued income |
27,626 |
22,615 |
Cash and cash equivalents |
339,411 |
194,046 |
Total assets |
568,498 |
387,983 |
|
|
|
Equity and liabilities |
|
|
|
|
|
Equity |
434,758 |
207,276 |
Share capital and reserves |
211,389 |
163,904 |
Share premium account |
351,442 |
108,222 |
Accumulated losses |
(132,756) |
(69,756) |
Investment grants |
4,683 |
4,906 |
|
|
|
Liabilities |
133,740 |
180,707 |
Non-current liabilities |
1,234 |
413 |
Obligations under finance lease (non-current) |
63 |
115 |
Other liabilities |
1,171 |
298 |
Current liabilities |
132,506 |
180,294 |
Trade and other payables |
56,466 |
53,178 |
Obligations under finance lease (current) |
52 |
52 |
Tax, payroll and social security liabilities |
3,619 |
2,723 |
Accrued costs |
369 |
468 |
Deferred income |
72,000 |
123,873 |
Total equity and liabilities |
568,498 |
387,983 |
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 2015 closed with a loss of €63.0 million compared to a profit of €62.0 million in 2014. The recorded net profit in 2014 can entirely be explained by a substantial gain on the sale of the service division. 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 positively impacted the net result of Galapagos NV by €55.0 million in 2015, compared to a positive impact of €12.1 million in 2014. The non-consolidated annual accounts of Galapagos NV show accumulated losses of €132.8 million as at 31 December 2015; we refer to the Going Concern Statement for justification for the application of the valuation rules under the going concern assumption.