references
FINANCIAL REPORT
5 PROVISIONS
Provision for HR expenses (holidays not taken) 136,558 213,945 (136,558)
(Expressed in EUR)
Provision for taxes (Social taxes) 15,386
Provision for pension plan (DRC team) * 0 4111
Total 136,558 233,442 (136,558) -
Carrying period as per 1.1.2014 Creation Utilization Reversal Carrying period as per 31.12.2014 Carrying period as per 1.1.2015 Creation Utilization Reversal Carrying period as per 31.12.2015
15,386 15,386
213,945 213,945 309,630
4,111 4,111 14,750 -1,416
233,442 233,442 324,380 (226,571) -
(11,211)
(213,945)
4,175
309,630
17,445
331,251
* In the Democatric Republic of Congo the pension plan for the DNDi team is saved and cumulated on a specific bank account.
6 RESTRICTED OPERATING FUNDS
Restricted Funds Royalties Donor Advance Total 304 Increased 304 Utilization (43,092) (18,395) (61,487) Net utilization (42,788) (18,395) (61,183) of the ASAQ and ASMQ treatment in developing countries, notably in Africa, or the ASMQ clinical trial in Africa. The 3% royalties on the 2014 sales of Coarsucam® amounting to EUR 304 were entirely allocated to the malaria (ASAQ and ASMQ) projects. The total costs of this project in 2015 amount to EUR 43’092. The balance of EUR 42’788 was taken from the ‘Restricted operating fund’, which is used for collaborative projects for observational studies and other access-related expenses in Africa and in Asia for ASAQ and ASMQ treatments. After the 2015 utilization, the total amount of the restricted fund incurred by the payment of the royalties amounts to EUR 53’364 as per 31 December 2015.
a) Royalties
In December 2004, DNDi signed an agreement with Sanofi, a pharmaceutical company, pertaining to the implementation of coformulation treatments artesunate + amodiaquine (ASAQ) against malaria, developed originally by DNDi together with Sanofi. Article VI of the contract states that 3% royalties resulting from net sales of this drug, whose brand name is Coarsucam®, to the private sector in developing countries are to be paid to DNDi. DND i has decided to allocate this money to supporting pharmacovigilance projects or activities such as the implementation
b) Restricted operating funds
In December 2014, the Drugs for Neglected Diseases initiative North America raised a grant from the Rockefeller Brothers Fund of USD 25,000. Out of this grant, USD 2,083 was allocated against 2014 accounts and USD 22’916 (EUR 18’395) against 2015 accounts. On 31 December 2015 the grant was entirely released from restricted operating funds.
78 › DNDi Annual Report 2015
