General and administrative expenses General and administrative costs remained broadly unchanged at €11.4 million (2014: €11.0 million). Operating result As a result of the foregoing, the operating loss increased to €17.0 million (2014: €16.2 million). Net financial result The net financial loss of €37.6 million comprises finance income of €1.8 million, which relates to interest income and exchange gains, and finance costs of €39.4 million. These finance costs mainly include non-cash expenditure resulting from the fair value calculation and amortisation of the convertible bond components (as a result of the higher share price at year-end compared to the share price at the time of the convertible bonds issuance), and the semi-annual interest paid on the convertible bonds of €1.6 million. Net result As a result of the foregoing, the net loss for 2015 increased to €54.5 million (2014: €12.7 million). Loss for the period As the Company incurred losses in all of the relevant periods, the Company had no taxable income and therefore paid no income taxes.
1.3. BALANCE SHEET ANALYSIS The Company’s intangible assets include a portfolio of patents, which are fully amortised, and technology licenses which are being amortised over 5, 18 and 20 years. The intangible assets also include software licenses. The Company expenses all its research and development activities. The Company’s non-current tangible assets include the Company’s laboratory and office equipment, the investments in its facilities, tax receivables and €1.6 million restricted cash, which is a cash pledge that the Company has provided for the lease of its headquarter building. The Company owns one small facility (which it previously rented) and continues to invest in equipment for its research activities. Non-current tax
ANNUAL REPORT 2015 / ABLYNX
67.
CORPORATE GOVERNANCE AND FINANCIAL INFORMATION