ANNUAL REPORT 2012 - TiGenix

The number of employees in the R&D
department remained stable when
comparing 2012 vs. 2011.
Personnel in the sales and marketing
department increased in line with increased
sales in Belgium and the Netherlands since
the reimbursement of ChondroCelect. The
monetary impact of this FTE increase is,
however, not significant in 2012, as most of
the hirings were done during the second half
of the year.
G&A personnel decreased as a result of the
identified synergies after the full integration
between the Company and TiGenix SAU and
the outsourcing of certain functions.
For further details about the share-based compensation
schemes, please refer to note 24.
(3) Other operating income
Years ended December 31
Thousands of Euro (€) 1,411 2011 2010
Grant revenues 1,227 285 1,765
Subcontracting 34 103 38
Other income 128 5 0
Total Other operating income 1,389 393 1,803
Other operating income increased strongly
in 2012 compared to the previous year as a
result of the successful effort of the Company
in obtaining non dilutive funds, such as the
EU 7 th Framework Program grant and national
and regional grants.
Other income relates to the gain on
disposal of R&D equipment in TiGenix, due
to the focus of all R&D activities on the
development of the Company’s pipeline
based in TiGenix SAU.
(4) Financial result
Years ended December 31
Thousands of Euro (€) 2012 2011 2010
Interest income on bank deposits 9 12 140
Other interest income 26 696 2
Total interest income 35 708 141
Interest on borrowings -14 -133 -12
Interest on subordinated loan -24 -24 -24
Interest on obligations under finance leases -3 -24 -25
Other finance costs -20 -226 0
Total interest expenses -61 -408 -62
Net foreign exchange differences -142 434 500
Financial result -168 734 579
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