Non-consolidated financial statements
Statement of profit and loss |
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|
|
|
|
Year ended 31 December |
|
(thousands of €) |
2016 |
2015 |
Turnover |
161,957 |
59,871 |
Internally generated intangible assets |
125,083 |
118,010 |
Other operating income |
16,283 |
15,196 |
|
|
|
Operating income |
303,322 |
193,076 |
|
|
|
Raw materials, consumables and goods for resale |
(4,278) |
(4,441) |
Services and other goods |
(119,319) |
(131,678) |
Remuneration, social security costs and pensions |
(16,551) |
(15,684) |
Depreciation, impairment and other amounts written off on constitution costs, intangible and tangible assets |
(203,524) |
(82,597) |
Other operating charges |
(6,365) |
(8,471) |
|
|
|
Operating profit/loss (–) |
(46,714) |
(49,795) |
|
|
|
Finance income |
8,891 |
1,551 |
Finance cost |
(1,530) |
(1,247) |
|
|
|
Profit / loss (–) on ordinary activities before taxes |
(39,354) |
(49,491) |
|
|
|
Extraordinary income |
|
0 |
Extraordinary cost |
(5,855) |
(13,510) |
|
|
|
Profit / loss (–) before taxes |
(45,209) |
(63,001) |
|
|
|
Taxes |
(19) |
|
|
|
|
Profit / loss (–) for the year |
(45,228) |
(63,001) |
|
|
|
Loss brought forward |
(132,756) |
(69,756) |
|
|
|
Accumulated losses to be carried forward |
(177,984) |
(132,756) |
Balance sheet |
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|
|
|
|
31 December |
|
(thousands of €) |
2016 |
2015 |
Assets |
|
|
|
|
|
Non-current assets |
115,053 |
192,641 |
Intangible fixed assets |
71,640 |
154,455 |
Tangible fixed assets |
4,200 |
3,379 |
Financial fixed assets |
39,212 |
34,807 |
|
|
|
Current assets |
1,024,868 |
375,857 |
Inventories |
296 |
317 |
Trade and other receivables |
18,576 |
8,034 |
Deferred costs |
1,123 |
469 |
Accrued income |
32,283 |
27,626 |
Cash and cash equivalents |
972,591 |
339,411 |
Total assets |
1,139,920 |
568,498 |
|
|
|
Equity and liabilities |
|
|
|
|
|
Equity |
783,252 |
434,758 |
Share capital and reserves |
250,187 |
211,389 |
Share premium account |
709,025 |
351,442 |
Accumulated losses |
(177,984) |
(132,756) |
Investment grants |
2,025 |
4,683 |
|
|
|
Liabilities |
356,667 |
133,740 |
Non-current liabilities |
1,292 |
1,234 |
Obligations under finance lease (non-current) |
9 |
63 |
Other liabilities |
1,283 |
1,171 |
Current liabilities |
355,375 |
132,506 |
Trade and other payables |
73,315 |
56,466 |
Obligations under finance lease (current) |
54 |
52 |
Tax, payroll and social security liabilities |
3,785 |
3,619 |
Accrued costs |
537 |
369 |
Deferred income |
277,683 |
72,000 |
Total equity and liabilities |
1,139,920 |
568,498 |
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 2016 closed with a loss of €45.2 million compared to a loss of €63.0 million in 2015. 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 €29.9 million in 2016, compared to a positive impact of €55.0 million in 2015. The non-consolidated annual accounts of Galapagos NV show accumulated losses of €178.0 million as at 31 December 2016; we refer to the Going Concern Statement for justification for the application of the valuation rules under the going concern assumption.