ANNUAL REPORT 2012 - TiGenix

11.5.2.13. Trade receivables
11.5.2.16. Financial assets
Trade receivables do not carry any interest
and are stated at their nominal value.
11.5.2.14. Cash and cash equivalents
Cash and cash equivalents are carried in
the balance sheet at nominal value. For the
purposes of the cash flow statements, cash
and cash equivalents comprise cash on
hand and deposits held on call with banks.
In the balance sheet, bank overdrafts, if any,
are included in other current liabilities.
11.5.2.15. Non-current assets held for sale
Non-current assets and disposal groups are
classified as held for sale if their carrying
amount will be recovered principally through
a sale transaction rather than through
continuing use. This condition is regarded as
met only when the sale is highly probable
and the non-current asset (or disposal group)
is available for immediate sale in its present
condition. Management must be committed
to the sale, which should be expected to
qualify for recognition as a completed
sale within one year from the date of
classification.
When the Group is committed to a sale plan
involving loss of control of a subsidiary, all
of the assets and liabilities of that subsidiary
are classified as held for sale when the
criteria described above are met, regardless
of whether the Group will retain a noncontrolling
interest in its former subsidiary
after the sale.
Non-current assets (and disposal groups)
classified as held for sale are measured at
the lower of their previous carrying amount
and fair value less costs to sell.
Available-for-sale financial assets are nonderivatives
that are either designated as
AFS or are not classified as (a) loans and
receivables, (b) held-to-maturity investments
or (c) financial assets at fair value through
profit or loss.
AFS equity investments that do not have a
quoted market price in an active market
and whose fair value cannot be reliably
measured and derivatives that are linked
to and must be settled by delivery of such
unquoted equity investments are measured
at cost less any identified impairment losses
at the end of each reporting period.
The Company has not used any derivative
financial instruments.
11.5.2.17. Income taxes
Deferred taxes are recognized using the
“balance sheet liability method”, for temporary
differences between the carrying amount
of assets and liabilities in the consolidated
financial statements and the corresponding tax
bases used for tax purposes.
Deferred tax liabilities are generally
recognized for all taxable temporary
differences. Deferred tax assets are generally
recognized for all deductible temporary
differences to the extent that it is probable
that taxable profits will be available
against which those deductible temporary
differences can be utilized. Such deferred tax
assets and liabilities are not recognized if the
temporary difference arises from goodwill
or from the initial recognition (other than in
a business combination) of other assets and
liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.
118 TiGenix I annual report 2012