ANNUAL REPORT 2012 - TiGenix
ANNUAL REPORT 2012 - TiGenix
ANNUAL REPORT 2012 - TiGenix
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We believe that the audit evidence we have<br />
obtained is sufficient and appropriate to<br />
provide a basis for the audit opinion.<br />
Unqualified opinion with explanatory<br />
paragraph<br />
Report on other legal and regulatory<br />
requirements<br />
Management is responsible for the<br />
preparation and the content of the<br />
consolidated Directors’ report.<br />
In our opinion, the consolidated financial<br />
statements of the company <strong>TiGenix</strong> NV as of<br />
December 31, <strong>2012</strong> give a true and fair view<br />
of the net assets and financial position of<br />
the group as at December 31, <strong>2012</strong>, as well<br />
as its consolidated results and cash flows for<br />
the year then ended, in accordance with<br />
International Financial Reporting Standards<br />
as adopted by the European Union.<br />
Notwithstanding the Group suffered<br />
significant losses that further affected its<br />
financial position and cash situation, the<br />
consolidated financial statements have<br />
been drawn up in the assumption of going<br />
concern. This assumption is only justified<br />
to the extent that the assumptions of the<br />
budget, as described in chapter 13.8 of the<br />
annual report of the Board of Directors, will<br />
be timely realized and will timely generate<br />
sufficient new cash. If this would not be the<br />
case, the group will need to find additional<br />
cash by means of a capital increase or<br />
alternative funding. The consolidated<br />
financial statements do not include any<br />
adjustments relating to the recoverability<br />
and classification of asset carrying amounts<br />
or the amount and classification of liabilities<br />
that might result should the company be<br />
unable to continue as a going concern<br />
As part of our engagement, it is our<br />
responsibility, for all significant aspects, to<br />
ascertain the compliance of certain legal<br />
and regulatory requirements. Based on<br />
that requirement we report the following<br />
additional statement, which does not modify<br />
our audit opinion on the consolidated<br />
financial statements :<br />
- The consolidated Directors’ report<br />
includes the information required by law, is<br />
consistent, in all material aspects, with the<br />
consolidated financial statements and does<br />
not include any obvious inconsistencies<br />
with the information that we became<br />
aware of during the performance of our<br />
engagement.<br />
Zaventem, March 11, 2013<br />
BDO Réviseurs d’Entreprises Soc. Civ. SCRL<br />
Statutory auditor<br />
Represented by Gert Claes<br />
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