ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

8.1.5.18 Finance lease obligations and other lease obligationsYears ended December 31Thousands of Euro (€) 2010 2009 2008Amounts payable under finance lease :Within one year 12 28 28In the second to fifth year 0 12 40After five years 0 0 0Total 12 40 68Less future finance charges 0 0 0Present value of lease obligations 12 40 68Outstanding commitments for future minimum rentpayments, which fall due as follows :Within one year 625 785 611In the second to fifth year 2,195 2,565 1,913After five years 1,998 2,889 1,117Contingent commitments:Within one year 68 0 0In the second to fifth year 288 0 0After five years 260 0 0The fair value of the Group’s finance lease obligationsapproximated their carrying value. Outstanding operatinglease commitments for future minimum rent payments includerental fees related to leased facilities, vehicles and equipment.These operating lease contracts can be terminated early withcertain indemnity fees. All figures shown assume that the leasecontracts will not be terminated early. Rentals payable underoperating leases are charged to the income statement asoperating charges on a straight-line basis over the term of thelease.Although TiGenix Inc. has withdrawn itself from TC CEF LLCand has terminated its membership interests in TC CEF LLC,TiGenix Inc is still liable for the operating lease commitments ofthe TC CEF LLC. These amounts are presented as a contingentcommitment.183 •