ANNUAL REPORT 2012 - TiGenix

Main investments during 2012, 2011 and 2010
are related to the leasehold improvements
in the Dutch manufacturing facility. The
2012 amount of lease improvements clearly
reflects the finalization of these works and
the starting point of the depreciation of
the facility (from August 2012 for 17 years in
accordance with the lease contract).
In addition, the Company has adjusted
the 2011 and 2010 carrying amounts of
leasehold improvements to include costs
that were not previously capitalized. In 2012,
all accounting criterias to capitalize these
costs were met, therefore these expenses
should have been recognised as part of the
leasehold improvements as they are directly
attributable to the starting up of the Dutch
manufacturing facility. The carrying amounts
for 2011 and 2010 increased by respectively
KEUR 407 and KEUR 242, which decreased the
R&D expenses of these accounting periods.
Disposals in 2012 relate mainly to the sale of
machinery and lab equipment, which were
almost fully depreciated at the time of the
sale.
property, plants and equipment were
eliminated from the classification “to be held
for sale”.
(11) Available-for-sale investments
The available-for-sale investments consist of
the participation of TiGenix in Arcarios B.V.,
a spin-out established jointly with Therosteon
in which the Company holds 14.77 % of
the shares. As such, the participation is
classified as a financial asset available for
sale in accordance with IAS 39 – Financial
Instruments : Recognition and Measurement.
However, and due to the fact that Arcarios
B.V. is not traded on active market and the
Group is not able to measure fair value in an
alternative way, the investment is carried at
cost.
(12) Other non-current assets
The other non-current assets include
guaranteed deposits in relation to operating
lease commitments of TiGenix.
(13) Inventories
In 2012, TiGenix Ltd was no longer an asset to
be held for sale, therefore all related
The carrying amounts of the different
components of the inventory are as follows :
Years ended December 31
Thousands of Euro (€) 2012 2011 2010
Raw materials and consumables 91 287 147
Finished goods and goods for resale 14 14 97
Total 105 301 244
The inventories are measured using the FIFO-method (first in first out) or, if lower, at the net
realisable value.
There are no inventories related to final products, all inventories refer to consumables used in the
production of the different products.
136 TiGenix I annual report 2012