ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

8.1.5.5 Personnel costsYears ended December 31Thousands of Euro (€) 2010 2009 2008The number of employees and mandate contractors at theend of the year was:Production staff 9 0 0R&D staff 33 59 52SG&A staff 32 35 26Total 74 94 78Their aggregate remuneration comprised:Wages, salaries, fees and bonuses 6,681 6,305 6,044Social security cost 1,367 1,257 1,025Group & Hospitalisation insurance 333 281 230Share-based compensation 676 1,140 931Other costs 296 107 169Total 9,353 9,090 8,399The aggregate remuneration is € 9,353k. Out of this amount,€ 1,009k was capitalized according to IAS 38 Intangible assetsand € 384k was classified under cost of goods sold. For furtherdetails about the retirement benefit schemes and share-basedcompensation, please refer to 8.1.5.23 and 8.1.5.24.8.1.5.6 Financial resultYears ended December 31Thousands of Euro (€) 2010 2009 2008Interest on bank deposits 140 489 1,285Interest paid (72) (20) (47)Other finance costs 511 (170) 102Total financial results 579 300 1,340TiGenix receives net interest on the sums it has outstanding onits bank deposits. Interest paid consists of the interest paid forthe roll-over credits from ING and Fortis and interest paid forthe subordinated loan of IWT. The interest rate for these loansis the 3 month Euribor plus a margin of 140 bp. Other financeincome/costs mainly consist of exchange rate differences andthe interest to be allocated from the subordinated loan bythe Institute for the Promotion of Innovation by Science andTechnology in Flanders (IWT).Those loans are further commented in notes 8.1.5.16 and 8.1.5.17.176 • TiGenix • Rights Offering