Non-consolidated financial statements
|
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) |
|
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.