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ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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8.1.3 Consolidated cash flow statementYears ended December 31wThousands of Euro (€) Notes <strong>2010</strong> 2009 2008CASH FLOWS FROM OPERATING ACTIVITIESOperating Result (16,663) (14,398) (16,505)Depreciation, amortisation and impairment results 8.1.5.9 & 8.1.5.10 2,211 909 697Capitalized development costs 8.1.5.9 (1,621) (781) 0Share-based compensation 8.1.5.25 676 1,140 931Other financial result 8.1.5.6 105 (170) 102Interest paid 8.1.5.6 (72) (20) (47)Income taxes 0 0 0Increase/(decrease) in Trade payables (101) 65 151Increase/(decrease) in Other current liabilities (300) (61) 507(Increase)/decrease in inventories (88) 2 (76)(Increase)/decrease in receivables (466) 139 (300)(Increase)/decrease in deferred charges & accrued income (647) (76) (61)Total Adjustments (302) 1,146 1,904Net cash provided by/(used in) operating activities (16,964) (13,252) (14,601)CASH FLOWS FROM INVESTING ACTIVITIESInterest received 174 656 1,490Purchase of tangible assets 8.1.5.10 (1,925) (428) (1,446)Purchase of intangible assets 8.1.5.9 (32) (19) (247)Acquisition of subsidiaries, net of cash acquired 8.1.5.21 0 0 0Net cash provided by/(used in) investing activities (1,783) 209 (203)CASH FLOWS FROM FINANCING ACTIVITIESPayments cash deposits (123) (96) 11Payments investments associates (153) 0 0Payments on financial loan 8.1.5.17 (80) (80) (80)Payments on leases 8.1.5.18 (28) (28) (24)Proceeds of subordinated loan (130) 0 0Proceeds of financial loan 0 0 0Proceeds from long-term leases 0 0 82Proceeds from issuance of Shares (net of issue costs) 37 12,723 999Net cash provided by/(used in) financing activities (476) 12,519 989Net increase/(decrease) in cash & cash equivalents (19,223) (524) (13,815)Cash & cash equivalents at beginning of year 24,745 25,162 39,101Effect on exchange rate changes (34) (107) (124)Cash and cash equivalents at end of period 5,555 24,745 25,162166 • <strong>TiGenix</strong> • Rights Offering

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