27. Discontinued operations
On 23 November 2020 we signed a share purchase agreement with Selvita S.A. in relation to the disposal of Fidelta d.o.o. (our previous fee-for-service segment).
The transaction was completed on 4 January 2021 for a total consideration of €37.1 million. Fidelta will continue performing drug discovery services for us for the next three years for which we have purchase commitments for an aggregate amount of €12.2 million on 31 December 2022.
Disposal of Fidelta
Consideration received
(thousands of €) |
|
|---|---|
Cash received |
37,080 |
Total consideration received |
37,080 |
Analysis of assets and liabilities over which control was lost
(thousands of €) |
4 January 2021 |
|---|---|
Intangible assets |
21 |
Property, plant and equipment |
10,050 |
Other non-current assets |
160 |
Trade and other receivables |
4,428 |
Cash and cash equivalents |
7,884 |
Other current assets |
863 |
Total assets |
23,406 |
|
|
Non-current lease liabilities |
4,115 |
Other non-current liabilities |
70 |
Trade and other liabilities |
4,479 |
Current lease liabilities |
727 |
Current tax payable |
356 |
Total liabilities |
9,747 |
|
|
Net assets disposed of |
13,658 |
Gain on disposal
(thousands of €) |
|
|---|---|
Cash received |
37,080 |
Net assets disposed of |
(13,658) |
Effect of cumulative translation adjustments reclassified from equity on loss of control |
(731) |
Costs associated to the sale |
(500) |
Gain on disposal |
22,191 |
Net cash proceeds from disposal of Fidelta
(thousands of €) |
|
|---|---|
Cash received |
37,080 |
Less: cash and cash equivalents balances disposed of |
(7,884) |
Total consideration received, net of cash disposed of |
29,196 |
Costs associated to the sale |
(500) |
Cash in from disposal of subsidiaries, net of cash disposed of |
28,696 |
Result from discontinued operations
(thousands of €, except share and per share data) |
Year ended 31 December 2021 |
|---|---|
|
|
Gain on sale of subsidiaries |
22,191 |
|
|
Operating profit |
22,191 |
|
|
Profit before tax |
22,191 |
Net profit |
22,191 |
|
|
Basic and diluted income per share from discontinued operations |
0.34 |
Weighted average number of shares - Basic |
65,500 |
Weighted average number of shares - Diluted |
65,831 |
Cash flow from discontinued operations
|
Year ended 31 December |
|
|---|---|---|
(thousands of €) |
2022 |
2021 |
Net cash flow generated from investing activities |
- |
28,696 |
Net cash flow from discontinued operations |
- |
28,696 |