ANNUAL REPORT 2012 - TiGenix

(19) Borrowings
Years ended December 31
Thousands of Euro (€) 2012 2011 2010
Non-current
Subordinated loan 0 0 130
Financial loans 6,184 6,298 440
Other financial liabilities 0 0 0
Non-current borrowings 6,184 6,298 570
Current
Subordinated loan 0 130 130
Financial loans 388 109 80
Other financial liabilities 1,527 0 12
Current borrowings 1,915 239 222
Total 8,099 6,537 792
The Company borrowings consist of :
- A subordinated loan obtained in 2006
from the Flemish Innovation Institute IWT
for an amount of KEUR 391 to support the
project “Novel treatment approaches for
Osteoarthritic joints : from stem cells to
nutriceuticals”. This loan is reimbursed in
quarterly instalments, consisting of capital
and interest. The last instalment of KEUR 41
was performed in October 31, 2012.
fistulas in Crohn’s disease patients. The
loan will be reimbursed over a period of
10 years starting in 2015 with an annual
fixed interest rate of 1,46 %.
- Interest-free loans maturing till 2025
received from the Spanish Government.
These loans are recognized at their
present value using market rates. In
addition, all of them have an original
amount of KEUR 2,654.
- Financial loans as follows :
- Roll-over credit facilities (from 2007) for
an original amount KEUR 800 used for the
acquisition of manufacturing equipment
in the United States. The borrowings have
a remaining maturity of 5 years and
carry a variable interest of EURIBOR 3M +
margin.
- A loan received in October 2011 from the
“Madrid Network” for an original amount
of KEUR 4.026 to finance the TiGenix
SAU Phase III study for complex perianal
The borrowings are granted subject to the
condition to maintain specific covenants. At
year-end December 31, 2012, the Group was
not in breach of these covenants. In addition,
at the date of this annual report, the Group
is not in breach of these covenants, nor is
the Group close to an infringement of the
covenants.
Other financial liabilities are explained by
the discounting of trade receivables. As
the trade receivables are not paid until
their maturity, the bank reserves the right to
request the Group to pay for the unsettled
140 TiGenix I annual report 2012