ANNUAL REPORT 2012 - TiGenix

the results of its operations and cashflow,
in accordance with International Financial
Reporting Standards as agreed by the
European Union.
Notwithstanding the negative effect on
the financial position due to the significant
losses the company has suffered, the
annual accounts have been drawn up
in the assumption of going concern. This
assumption is only justified if the capital
increases, announced by the Board of
Directors and described in the annual
report, will be realized within the foreseen
time frame. Without modifying our opinion
as expressed above, we want to draw your
attention to the annual report, in which the
Board of Directors justifies the application
of the valuation rules in going concern. The
financial statements do not include any
adjustments relating to the recoverability
and classification of asset carrying amounts
or the amount and classification of liabilities
that might result should the company be
unable to continue as a going concern.
Additional statements
The preparation of the consolidated
Directors’ report and its content are the
responsibility of management.
Our responsibility is to supplement our report
with the following additional statements,
which do not modify our audit opinion on the
consolidated financial statements :
• The consolidated Directors’ report
includes the information required by law
and is consistent with the consolidated
financial statements. We are, however,
unable to comment on the description of
the principal risks and uncertainties which
the consolidated group is facing, and of its
financial situation, its foreseeable evolution
or the significant influence of certain facts on
its future development. We can nevertheless
confirm that the matters disclosed do not
present any obvious inconsistencies with
the information that we became aware of
during the performance of our engagement.
Zaventem, March 30, 2011
BDO Réviseurs d’Entreprises Soc. Civ. SCRL
Statutory auditor
Represented by Gert Claes
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