Year ended December 31, | ||||
(EUR thousand) | 2016 | 2017 | ||
Operating expenses: | ||||
Selling, general and administrative | (24,911) | (25,406) | ||
Research and development | (1,056) | (2,038) | ||
Total operating expenses | (25,967) | (27,444) | ||
Result from operations | (25,967) | (27,444) | ||
Finance income | 2,894 | 1,371 | ||
Finance expense | (958) | (1,429) | ||
Foreign currency exchange gain, net | 2,294 | 4,618 | ||
Intercompany charging operating expenses | 23,255 | 3,568 | ||
Sale of stake in associate | – | 15,791 | ||
Result before income taxes | 1,518 | (3,525) | ||
Income taxes | (225) | 2,618 | ||
Net earnings from holding activities | 1,293 | (907) | ||
Net earnings from subsidiaries | 134,178 | 453,309 | ||
Total net earnings | 135,471 | 452,402 |