ANNUAL REPORT 2012 - TiGenix

Statement of financial position
The balance sheet at December 31, 2012 remained solid as evidenced by the following key
ratios :
Years ended December 31
Thousands of Euro (€) 2012 2011 2010
Cash and cash equivalents as a % of total assets 17 % 26 % 16 %
Working capital as a % of total assets 11 % 22 % 12 %
Solvency ratio (equity/total assets) 76 % 82 % 75 %
Gearing ratio (financial debt/equity 14 % 11 % 2 %
The major assets of the balance sheet at
December 31, 2012 are :
- Cash and cash equivalents of EUR 11.1
million for about 17 % of the total assets,
including the cash incorporated from the
private placement at the end of 2012,
- Intangible assets of EUR 39.2 million, mainly
the fair value of the intangible assets out
of the acquisition of TiGenix SAU, for about
61 % of the total assets,
- Receivables that have significantly increased
from 2011 due to the increase in sales and the
retroactive reimbursement in the Netherlands
for about 5.7 % of the total assets,
- Other current financial assets related to
grant guarantees representing 0.9 % of the
total assets, and
- Other current assets related to accrued
income and deferred charges for about
0.2 % of the total assets.
- Tangible assets of EUR 8.3 million, mainly
the leasehold improvements of the
manufacturing facility in the Netherlands
and the incorporated assets from the
acquisition of TiGenix SAU, for about 13 % of
the total assets,
- Available for sale investments related to the
Arcarios participation representing 0.4 % of
the total assets,
- Other non-current assets related to the
guarantees of both TiGenix NV and TiGenix
SAU for rental of buildings that represent
0.8 % of the total assets,
- Inventories with a slight decrease due to
the reduction of the stock of TiGenix SAU for
about 0.2 % of the total assets,
Total equity of EUR 48.6 million accounts for
76 % of the total balance sheet at December
31, 2012. The other major liabilities are :
- Non-current liabilities of EUR 6.3 million,
mainly related to the financial loans
incorporated trough the business
combination with TiGenix SAU, for about
10 % of the total balance sheet,
- Other financial liabilities of EUR 1.5 million,
related to the proceeds from the ING
factoring,
- Trade payables of EUR 4 million for about
6 % of the total balance sheet, and
- Other current liabilities of EUR 3.2 million
representing about 5 % of the total balance
sheet.
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