Discontinued operations

12 Months Ended

Dec. 31, 2022

Discontinued operations

Discontinued operations

27. Discontinued operations

On November 23, 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). We have classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 2020.

The transaction was completed on January 4, 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 December 31, 2022.

DISPOSAL OF FIDELTA

Consideration received

	(Euro, in thousands)
Cash received	€	37,080
Total cash received	€	37,080

Analysis of assets and liabilities over which control was lost

	January 4, 2021
	(Euro, in thousands)
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
Income tax payable		356
Total liabilities		9,747
Net assets disposed of	€	13,658

Gain on disposal of Fidelta

	(Euro, in thousands)
Cash received	€	37,080
Net assets disposed of		(13,658)
Effect of cumulative translation adjustment reclassified from equity on loss of control		(731)
Costs associated to the sale		(500)
Gain on disposal	€	22,191

Net cash proceeds from the disposal of Fidelta

	(Euro, in thousands)
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 Fidelta, net of cash disposed of	€	28,696

RESULT FROM DISCONTINUED OPERATIONS

	Year ended December 31,
	2021		2020
		(Euro, in thousands, except share and per share data)
Fee-for-service revenues	€	—	€	16,140
Total revenues		—		16,140
Gain on disposal of subsidiaries		22,191		—
Research and development expenses		—		(7,685)
Sales and marketing expenses		—		—
General and administrative expenses		—		(2,000)
Other income		—		—
Operating income		22,191		6,455
Other financial income		—		179
Other financial expenses		—		(176)
Income before tax		22,191		6,458
Income taxes		—		(893)
Net income	€	22,191	€	5,565
Basic income per share from discontinued operations	€	0.34	€	0.09
Diluted income per share from discontinued operations	€	0.34	€	0.08
Weighted average number of shares (in thousands of shares)		65,500		65,075
Weighted average number of shares - Diluted (in thousands of shares)		65,831		67,572

CASH FLOW FROM DISCONTINUED OPERATIONS

		2022	2021		2020
		(Euro, in thousands)
Net cash flows generated from operating activities	€	—	€	—	€	7,173
Net cash flows generated from/used in (-) investing activities		—		28,696		(2,284)
Net cash flows used in financing activities		—		—		(664)
Net cash flow from discontinued operations	€	—	€	28,696	€	4,225