ANNUAL REPORT 2012 - TiGenix

More documents

Recommendations

Info

) the annual report of the Board of Directors provides for a true and fair overview of the development and results of the business and the position of TiGenix NV and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. Leuven, March 11, 2013 Eduardo Bravo, CEO of TiGenix NV 106 TiGenix I annual report 2012
11. Consolidated Financial Statements 11.1. CONSOLIDATED INCOME STATEMENT & STATEMENT OF COMPREHENSIVE INCOME Years ended December 31 Thousands of Euro (€) Notes 2012 2011* 2010* CONSOLIDATED INCOME STATEMENT CONTINUING OPERATIONS Sales 1 4,084 1,146 621 Gross sales 4,084 1,804 982 Deferred sales and discounts 0 -657 -361 Cost of sales 2 -905 -455 -310 Gross profit 3,179 691 311 Research and development expenses 2 -13,936 -10,595 -10,189 Sales and marketing expenses 2 -2,881 -2,726 -2,707 General and administrative expenses 2 -6,026 -6,593 -5,473 Other operating expenses 2 0 -2,974 0 Total operating charges -23,749 -23,344 -18,679 Other operating income 3 1,389 393 1,802 Operating Result -18,276 -21,805 -16,256 Interest income 4 35 708 141 Interest expenses 4 -61 -408 -62 Foreign exchange differences 4 -142 434 500 Profit/(Loss) before taxes -18,443 -21,071 -15,677 Income taxes 5 -1 0 368 Profit/(Loss) for the period from continuing operations -18,444 -21,071 -15,309 DISCONTINUED OPERATIONS Profit/(Loss) for the period from discontinued operations 6 -1,949 -16,234 0 Profit/(Loss) for the period -20,393 -37,305 -15,309 Attributable to equity holders of TiGenix NV -20,393 -37,305 -15,309 Basic (diluted) loss per share (EURO) 7 -0,22 -0,54 -0,51 Basic (diluted) loss per share from continuing operations (EURO) -0,20 -0,30 0,50 Years ended December 31 Thousands of Euro (€) 2012 2011* 2010* STATEMENT OF COMPREHENSIVE INCOME Net Profit/(Loss) -20,393 -37,305 -15,309 Currency translation differences 41 -238 -376 Other comprehensive income 41 -238 -376 Total comprehensive income -20,352 -37,543 -15,685 Attributable to equity holders of TiGenix NV -20,352 -37,543 -15,685 * The 2010 and 2011 consolidated financial statements have been adjusted to reflect the capitalization of the expenses incurred that were essential to bring the Dutch manufacturing facility into operations. 107
Page 1 and 2:
ANNUAL REPORT 2012
Page 3 and 4:
9. MAJOR SHAREHOLDERS 103 9.1. OVER
Page 5 and 6:
There can be no assurance that TiGe
Page 7 and 8:
educing their ultimate value to the
Page 9 and 10:
eimbursement in certain instances s
Page 11 and 12:
or the relevant manufacturing proce
Page 13 and 14:
In recent years, it expanded its op
Page 15 and 16:
making this change may be costly an
Page 17 and 18:
TiGenix’s development stage produ
Page 19 and 20:
qualified employees and consultants
Page 21 and 22:
1. Introduction Annual report 2012
Page 23 and 24:
2. Persons Responsible for the Cont
Page 25 and 26:
4. Selected Financial Information Y
Page 27 and 28:
5.3. ORGANISATIONAL STRUCTURE TiGen
Page 29 and 30:
Date Transaction Number and class o
Page 31 and 32:
Date Transaction Number and class o
Page 33 and 34:
(12) The shares were subscribed to
Page 35 and 36:
5.5. DESCRIPTION OF RIGHTS AND BENE
Page 37 and 38:
Formalities to attend the sharehold
Page 39 and 40:
amendments to the Articles of Assoc
Page 41 and 42:
the existing shareholders have a pr
Page 43 and 44:
Issue date Term Number of warrants
Page 45 and 46:
6. Business Overview Most of the in
Page 47 and 48:
6.2. COMPETITIVE STRENGTHS The Comp
Page 49 and 50:
6.3. IMPORTANT EVENTS IN THE DEVELO
Page 51 and 52:
6.3.5. Funding history Since its in
Page 53 and 54:
non-weight bearing area of the join
Page 55 and 56: 6.4.5. Commercial launch ChondroCel
Page 57 and 58: und Behandlungsmethode”) in sever
Page 59 and 60: Therapeutics (product Hyalograft C)
Page 61 and 62: Different routes of administration
Page 63 and 64: Clinical development In January 201
Page 65 and 66: evenues from this pipeline within t
Page 67 and 68: that the average cost of treatment
Page 69 and 70: TiGenix has obtained cGMP status fo
Page 71 and 72: Biologics for treatment of Rheumato
Page 73 and 74: of the patents and patent applicati
Page 75 and 76: - “Marker genes for use in the id
Page 77 and 78: manufacturing process and therapeut
Page 79 and 80: Invalidation of US patent US6777231
Page 81 and 82: 7. Corporate Governance 7.1. GENERA
Page 83 and 84: 7.2.3. Independent directors As to
Page 85 and 86: 7.2.4. Composition of the Board of
Page 87 and 88: of Ravago NV, Vanbreda Risk & Benef
Page 89 and 90: Litigation statement concerning the
Page 91 and 92: As proof of the independence and an
Page 93 and 94: for their healthcare and biotechnol
Page 95 and 96: 7.5. SCIENTIFIC ADVISORY BOARD AND
Page 97 and 98: As of the date of publication of th
Page 99 and 100: (rounded down to the nearest intege
Page 101 and 102: usiness at customary market conditi
Page 103 and 104: 9. Major Shareholders 9.1. OVERVIEW
Page 105: 10. Financial Statements : General
Page 109 and 110: 11.3. CONSOLIDATED STATEMENT OF CAS
Page 111 and 112: The consolidated financial statemen
Page 113 and 114: 11.5.2.2. Basis of consolidation Th
Page 115 and 116: are provided and costs are incurred
Page 117 and 118: of interest on the remaining balanc
Page 119 and 120: Deferred tax assets and liabilities
Page 121 and 122: - Partnering of Cx601 (i.e. finding
Page 123 and 124: The Group is mainly exposed to the
Page 125 and 126: fiscal year 2010, reference is made
Page 127 and 128: Sales and marketing expenses Years
Page 129 and 130: The number of employees in the R&D
Page 131 and 132: Analysis of profit/(loss) for the p
Page 133 and 134: (8) Disposal group held for sale Th
Page 135 and 136: (10) Property, plant and equipment
Page 137 and 138: The decrease of stock in 2012 compa
Page 139 and 140: dividends will be based upon the Co
Page 141 and 142: alance. As a consequence, the Compa
Page 143 and 144: (23) Other current liabilities The
Page 145 and 146: TiGenix SAU - Stock options Prior t
Page 147 and 148: (25) Business combination Descripti
Page 149 and 150: (26) Related party transactions Tra
Page 151 and 152: (28) Commitments and contingencies
Page 153 and 154: (30) Consolidation scope Name Subsi
Page 155 and 156: We believe that the audit evidence
Page 157 and 158:
assets and liabilities, its financi
Page 159 and 160:
the results of its operations and c
Page 161 and 162:
12.2. STATUTORY BALANCE SHEET 2010-
Page 163 and 164:
The value of receivables is reduced
Page 165 and 166:
13. Annual Report of the Board of D
Page 167 and 168:
2013. The facility will provide the
Page 169 and 170:
year ended December 31, 2011, and T
Page 171 and 172:
Operating result (EBIT) and net res
Page 173 and 174:
Statement of financial position The
Page 175 and 176:
- The total personnel costs of EUR
Page 177 and 178:
- TiGenix may fail in successfully
Page 179 and 180:
continue as a going concern and to
Page 181 and 182:
Functioning of the Board of Directo
Page 183 and 184:
The nomination and remuneration com
Page 185 and 186:
Apart from the above remuneration f
Page 187 and 188:
Shares and warrants held by indepen
Page 189 and 190:
- Long-term incentive plan : warran
Page 191 and 192:
Shares and warrants held by executi
Page 193 and 194:
- identifying and implementing busi
Page 195 and 196:
actual bonus equal to 78 % of her p
Page 197 and 198:
was reduced to a half-time role com
Page 199 and 200:
14. Business and Financial Update a
Page 201 and 202:
Financial results for the full year
Page 203 and 204:
15. Available Documents The Company
Page 205 and 206:
Title Country Application number Ce
Page 207 and 208:
Title Country Application number Is
Page 209 and 210:
Country Trademark Classes USA CELLE
show all

ANNUAL REPORT 2012 - TiGenix

Create successful ePaper yourself

Delete template?

Save as template?