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1.6 Balance sheet and capital expenditure

1.12 Statement of financial position

1.12 Statement of financial position

The intangible assets increased by € 2 134 million from € 839 million at December 31, 2019 to € 2 973 million at December 31, 2020. This includes the acquisition of Ra Pharma and Engage Therapeutics, software and eligible development costs, partially offset with the ongoing amortization of the intangible assets.

Goodwill at € 4 964 million, down € 95 million, stemming from the acquisition of Ra Pharmaceuticals, offset with a weaker U.S. dollar and GBP compared to December 2019.

Other non-current assets decreased by € 88 million, driven by the acquisition of a new campus for its U.K. operations, right- of-use assets, and the Bioplant in Braine (Belgium) offset with ongoing depreciation of the property, plant and equipment and a decrease in deferred tax assets related to settlements of R&D tax credits, timing differences and partial recognition of losses

The current assets increased from € 3 295 million as of December 31, 2019 to € 3 582 million as of December 31, 2020 related to trade receivables after strong Q4 2020 net sales, higher commercial inventory and clinical trials prepayments to prepare for the future.

UCB’s shareholders’ equity, at € 7 272 million, showed an increase of € 263 million between December 31, 2019 and December 31, 2020. The important changes stem from the net profit after non-controlling interests (€ 732 million), the cash-flow hedges (€ 55 million), offset with the dividend payments (€ -235 million), the acquisition of own shares (€ -82 million), and the U.S. Dollar and British Pound currency translation (€ -314 million).

The non-current liabilities amounted to € 3 233 million, an increase of€ 1555 million, higher financial debt after the acquisition of Ra Pharma, increasing deferred taxes, offset with the transfer of bonds and bank borrowings to current liabilities.

The current liabilities amounted to € 2 814 million, up € 420 million, impacted by the transfer of the bond from non-­current liabilities and higher trade payables.

Net financial debt of € -1 411 million as per end December 2020 compared to net financial cash of € 12 million as of end December 2019, and mainly relates to the underlying net profitability, offset by the acquisition of Ra Pharmaceuticals Inc and Engage Therapeutics Inc, the dividend payment on the 2019 results and the acquisition of own shares. The net debt to adjusted (recurring) EBITDA ratio for 2020 is 0.98.