ANNUAL REPORT 2012 - TiGenix

Sales and marketing expenses
Years ended December 31
Thousands of Euro (€) 2012 2011 2010 *
Employee benefits expenses 1,230 1,445 1,328
Depreciations, amortisations and impairment losses 40 44 59
Marketing expenses 1,305 1,062 1,064
Other expenses 307 175 257
Total 2,881 2,726 2,707
The sales and marketing expenses are kept in line with previous years. Notwithstanding the big
effort of the Company to penetrate new markets and the increase in sales, the expenses are
maintained in line with the previous years, which is the result of a tight budget controlling.
Employee benefits expenses decreased compared to previous years, which follows the evolution
in decrease of average FTE’s over the period (although the number of FTE’s at closing date 2012
increased compared to 2011 as mentioned below due to late in the year hirings).
Marketing expenses increased as a result of the operational taxes on sales in Belgium, which is
linked to the sales invoiced.
General and administrative expenses
Years ended December 31
Thousands of Euro (€) 2012 2011 2010 *
Employee benefits expenses 3,446 3,719 3,489
Depreciations, amortisations and impairment losses 262 629 172
Services and other sundry expenses 1,657 1,487 1,437
Other expenses 661 758 375
Total 6,026 6,593 5,473
In 2012, general and administrative figures include full year expenses for TiGenix SAU, instead
of only 8 months as per 2011 (see preliminary remark). Nevertheless, the total general and
administrative expenses have experienced a slight decrease in 2012 compared to 2011. The
decrease in depreciation and amortization in 2012 is mainly explained due to the fact that in
2011 receivables of TiGenix Inc. were impaired while no such impairment was done in 2012.
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