1. General information
UCB SA/NV (UCB or the Company) and its subsidiaries (together the Group) is a global biopharmaceutical company focused on severe diseases in two main therapeutic areas, namely Neurology and Immunology.
3. Summary of significant accounting policies
The accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
3.1 Basis of preparation
The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) as endorsed by the European
3.2 New and amended standards adopted by the Group
A number of amendments to standards are mandatory for the first time for the financial year beginning January 1, 2020.
3.3 New standards and amendments to standards not yet adopted
There are no standards or amendments or improvements to standards that have been issued by the IASB that are not yet effective and that would be expected to have a material impact on the Group’s consolidated financial statements.
Subsidiaries are all entities (including structured entities) over which the Group has control.
3.5 Segment reporting
The Group’s activities are in one segment, Biopharmaceuticals. There are no other significant classes of business, either singularly or in aggregate.
3.6 Foreign currency translation
The following important exchange rates were used in preparing the consolidated financial statements:
Revenue is recognized when control of a good or service transfers to a customer.
3.8 Cost of sales
Cost of sales includes primarily the direct production costs, related production overheads and the amortization of the related intangible assets as well as services rendered. Start-up costs are expensed as incurred.