Non-consolidated financial statements

Financial statements CSR report
Statement of profit and loss

 

Year ended 31 December

(thousands of €)

2018

2017

 

 

 

Turnover

218,961

131,496

Internally generated intangible assets

284,964

198,401

Other operating income

9,224

20,753

 

 

 

Operating income

513,149

350,649

 

 

 

Raw materials, consumables and goods for resale

(6,215)

(4,763)

Services and other goods

(299,814)

(201,196)

Remuneration, social security costs and pensions

(33,400)

(24,770)

Depreciation, impairment and other amounts written off on constitution costs, intangible and tangible assets

(305,723)

(251,434)

Other operating charges

(8,281)

(7,718)

Non-recurring operating costs

(1,160)

(543)

 

 

 

Operating loss

(141,443)

(139,775)

 

 

 

Finance income

35,743

8,357

Finance cost

(21,275)

(34,421)

 

 

 

Loss before taxes

(126,976)

(165,839)

 

 

 

Taxes

11,286

(34)

 

 

 

Loss for the year

(115,690)

(165,874)

 

 

 

Loss brought forward

(343,858)

(177,984)

 

 

 

Accumulated losses to be carried forward

(459,547)

(343,858)

Balance sheet

 

31 December

(thousands of €)

2018

2017

Assets

 

 

 

 

 

Non-current assets

67,704

66,148

Intangible fixed assets

5,576

20,904

Tangible fixed assets

8,958

5,551

Financial fixed assets

53,170

39,693

 

 

 

Current assets

1,358,360

1,220,685

Inventories

266

267

Trade and other receivables

79,260

32,098

Deferred costs

2,406

1,168

Accrued income

2,457

41,376

Cash and cash equivalents

1,273,970

1,145,775

Total assets

1,426,064

1,286,833

 

 

 

Equity and liabilities

 

 

 

 

 

Equity

1,172,722

985,031

Share capital and reserves

294,600

275,510

Share premium account

1,337,670

1,052,915

Accumulated losses

(459,547)

(343,858)

Investment grants

464

 

 

 

Liabilities

253,341

301,802

Non-current liabilities

857

897

Other liabilities

857

897

Current liabilities

252,484

300,905

Trade and other payables

137,120

94,665

Obligations under finance lease (current)

9

Tax, payroll and social security liabilities

6,406

6,168

Accrued costs

766

1,084

Deferred income

108,192

198,977

Total equity and liabilities

1,426,064

1,286,833

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 2018 closed with a loss of €115.7 million compared to a loss of €165.9 million in 2017. Overall, the result of Galapagos NV is 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 €1.1 million in 2018, compared to a negative impact of €17.4 million in 2017. The non-consolidated annual accounts of Galapagos NV show accumulated losses of €459.5 million as at 31 December 2018; we refer to the Going Concern Statement for justification for the application of the valuation rules under the going concern assumption.