16. Research and development incentives receivables

Notes to the consolidated financial statements
CSR report

The table below illustrates the R&D incentives receivables related captions in the balance sheet as at 31 December 2020, and 2019.

 

31 December

(thousands of €)

2020

2019

Non-current R&D incentives receivables

111,624

93,407

Current R&D incentives receivables

24,104

21,949

Total R&D incentives receivables

135,728

115,356

The increase in R&D incentives receivables is explained by additional R&D incentives reported in 2020 for €34.1 million (€12.4 million related to French incentives and €21.7 million related to Belgian incentives), by the release of discounting profit of €0.1 million, decreased by the setup of tax provisions in France and Belgium for respectively €0.4 million and €0.2 million and decreased by the payments received in 2020 related to French and Belgian incentives amounting to respectively €8.6 million and €4.7 million. The R&D incentives receivables are future expected refunds or tax deductions resulting from tax incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date.

The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our balance sheet on 31 December 2020.

 

31 December 2020

 

 

Maturity date

 

(thousands of €)

2022

2023

2024

2025

2026 - 2030

Total

French non-current R&D incentives receivables - discounted value

10,223

11,911

11,722

 

 

33,856

Belgian non-current R&D incentives receivables - discounted value

6,647

8,429

11,078

13,716

37,898

77,768

Total non-current R&D incentives receivables - discounted value

16,870

20,340

22,800

13,716

37,898

111,624