ANNUAL REPORT 2012 - TiGenix

Other operating expenses
Years ended December 31
Thousands of Euro (€) 2012 2011 2010
Transaction costs relating to business combinations 0 2,974 0
Total 0 2,974 0
The other operating expenses in 2011 consist of the acquisition related costs incurred during
the business combination with TiGenix SAU in May 2011. These costs include mainly lawyer fees,
financial advisors and auditors.
Employee benefits expenses and mandate contractors
Years ended December 31
Thousands of Euro (€) 2012 2011 2010
Wages, salaries, fees and bonuses 6,795 5,850 6,681
Social security cost 1,213 1,386 1,367
Group & Hospitalisation insurance 161 263 333
Share-based compensation 612 1,138 676
Other expenses 84 466 296
Total 8,865 9,103 9,353
Employee benefits expenses during 2012
have been kept almost in line with those of
2011. Notwithstanding the inclusion of four
additional months of TiGenix SAU, this trend
has been achieved due to the reduction
of FTEs, related to the synergies after the
business combination with TiGenix SAU in
2011.
The Company operates a pension scheme
with different premiums depending on the
job level. The assets of the schemes are held
separately from those of the Company in
designated funds. In 2012, a total cost of
KEUR 111 (2011 : KEUR 210; 2010 : KEUR 311)
represents contributions payable to these
schemes by the Company at rates specified
in the rules of the plans (the insurance plan
guarantees an interest rate of 3.25 % on
the premiums and reserves until January
31, 2013 and as of February 1, 2013 there is
a guaranteed interest rate of 1.75 % on the
‘increase’ of premiums and reserves of the
existing contracts and a rate of 1.75 % for the
new contracts as from that date).
At year-end, the number of employees (FTE =
full time equivalents) was as follows :
Years ended December 31
Number of employees and mandate contractors 2012 2011 2010
R&D staff 40 41 42
Sales and marketing staff 9 6 13
General and administrative staff 19 28 19
Total 67 75 74
128 TiGenix I annual report 2012