ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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9.1.2 Stand-alone balance sheetYears ended December 31Thousands of Euro (€) Notes 2010 2009 2008ASSETSIntangible assets 9.1.5.9 404 312 277Tangible assets 9.1.5.10 1,447 1,830 1,624Other financial assets 9.1.5.11 575 602 137wNon-current assets 2,426 2,744 2,038Inventories 9.1.5.12 69 83 18Receivables 9.1.5.13 740 583 2,136Other financial assets 9.1.5.11 679 1,220 577Cash & cash equivalents 9.1.5.14 3,786 9,792 11,595Deferred charges & accrued income 33 44 74Current assets 5,307 11,722 14,400TOTAL ASSETS 7,733 14,466 16,438Years ended December 31Thousands of Euro (€) Notes 2010 2009 2008EQUITY AND LIABILITIESShare capital 9.1.5.15 104 83 74Share premium 41,631 37,484 32,251Own shares and equity investments (78) (7) (6)Accumulated profit/(loss) (32,368) (20,823) (11,061)Result of the year (10,343) (11,546) (9,763)Share-based compensation 9.1.5.20 2,128 1,500 665Equity attributable to equity holders 1,074 6,691 12,160Total equity 1,074 6,691 12,160Provisions - 48 80Other financial liabilities 9.1.5.16 1,830 2,258 692Deferred revenue 9.1.5.17 85 89 73Non-current liabilities 1,915 2,395 845Current portion of financial liabilities 9.1.5.16 1,162 1,527 475Advance payments on capital increases - 200 -Trade payables 9.1.5.18 2,457 2,564 2,212Other current liabilities 9.1.5.19 1,075 1,039 696Provisions 50 50 50Current liabilities 4,744 5,380 3,433TOTAL EQUITY AND LIABILITIES 7,733 14,466 16,438199 •
9.1.3 Stand-alone cash flow statementYears ended December 31Thousands of Euro (€) Notes 2010 2009 2008CASH FLOWS FROM OPERATING ACTIVITIESOperating Result (10,146) (11,469) (10,194)Depreciation, amortisation and impairment results 9.1.5.4 461 398 306Net variation in non-current provisions (47) (50) (50)Share-based compensation 9.1.5.5 627 836 665Interest on borrowings from third parties (17)Application of subsidies 9.1.5.17 (16) (17) (18)Gains (losses) on sale of fixed assets 9 37 4Impairment losses and change in provisions 9.1.5.13 15 - -Increase/(decrease) in Provisions - 17 (98)Increase/(decrease) in Trade payables 9.1.5.18 (107) 352 (140)Increase/(decrease) in Other current liabilities 36 341 (119)(Increase)/decrease in inventories 9.1.5.12 14 (65) 35(Increase)/decrease in receivables 9.1.5.13 (172) 1,553 (640)(Increase)/decrease in deferred charges 11 30 (54)Total Adjustments 831 3,415 (109)Net cash provided by/(used in) operating activities (9,315) (8,054) (10,303)CASH FLOWS FROM INVESTING ACTIVITIESInterest received 65 163 788Purchase of tangible assets 9.1.5.10 (42) (605) (399)Purchase of intangible assets 9.1.5.9 (136) (71) (182)Investments financial assets 9.1.5.11 (336) (685) (565)Desinvestments intangible assets 11Desinvestments financial assets 9.1.5.11 484 - 102Net cash provided by/(used in) investing activities 35 (1,198) (245)CASH FLOWS FROM FINANCING ACTIVITIESInterest paid (263) (222) (369)Equity instruments-Capital increase 3,967 5,241 4,236Own shares and equity investments (70) - -Advances on account of capital increases - 200 -Grants 9.1.5.17 12 33 -Liability instrument-Issuance of other debts 1,156 3,000 -Payment financial liabilities (1,528) (803) (502)Net cash provided by/(used in) financing activities 3,274 7,449 3,365Net increase/(decrease) in cash & cash equivalents (6,006) (1,803) (7,183)Cash & cash equivalents at beginning of year 9,792 11,595 18,778Cash and cash equivalents at end of period 3,786 9,792 11,595200 • TiGenix • Rights Offering
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TiGenix NV(Public limited liability
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Table of ContentsSummary ..........
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3.7.1 Categories of potential inves
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5.7.1 Shares and warrants held by i
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7.5.2 Taxation.....................
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SummaryThe words written in capital
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Activities and strategy of the Comp
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• Two allogeneic adult stem cell
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• TiGenix’ success depends on i
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Unaudited pro forma income statemen
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Recent developmentsAcquisition of C
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In this context, we would like to s
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Announcement of the results of theO
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After the Contribution andafter the
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ContributionContribution AgreementC
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Risk factorsAny investment in the P
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commercialisation of ChondroCelect,
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in delays in bringing products to t
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The Company cannot predict what eff
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y each of its patents and patent ap
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to exercise preferential subscripti
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this prospectus which is capable of
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• investment professionals fallin
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1. General information and informat
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1.4.2 Company documents and otherin
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• the granting of discharge of li
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• in case of registered Shares, t
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cast at the meeting. If the amount
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No one may cast a greater number of
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If a Belgian resident individual ne
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Belgium has concluded tax treaties
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3. Information on the Contributiona
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In this context, we would like to s
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TiGenix has a limited financial deb
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Thousands of Euro (€) TiGenix Cel
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3.5.2 Issuance Price and RatioThe i
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(c)Rules for subscriptionSubject to
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The Scrips Private Placement will o
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to comply with any of its obligatio
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3.11.2 Scenario 1: Existing Shareho
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• a pledge of Locked Shares to a
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4. General information about THECOM
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DateINCORPORATIONFebruary 21,2000Tr
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Upon completion of the IPO of TiGen
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Issue dateMay 14,2004April 20,2005T
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4.7.2 Voting rightsAs further descr
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can be obtained free of charge at t
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5.2.4 Composition of the Board of D
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Amonis. Mr. Duron has been CEO of K
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5.3.4 Nomination and remunerationco
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• investor relations: nurturing c
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The remuneration of the members of
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5.7.2 Shares and warrants held by e
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Cellerix EBIP 2010An EBIP for senio
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The minutes must also contain a jus
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6. Activities of Tigenix andits sub
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• Clinical stage pipeline. TiGeni
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6.3.3 Acquisition of CellerixAs a r
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Full thickness articular cartilage
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Fig. 6.2: Autologous Chondrocyte Im
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Preclinical work in a meniscus repa
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The Company is also ensuring high q
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Recognising the importance of pre-l
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In Spain, since the passage of Orde
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Fig. 6.6: ChondroMimetic procedure
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6.5.3 Commercial strategyBuilding o
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6.7 Manufacturing & logisticsEffici
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The international application WO06/
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ChondroMimetic competitionThe main
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in Cellerix’ GMP facility in Madr
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6.14.3 History and development of C
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The table below gives an overview o
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Prevalence No. of cases (2010) Esti
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Fig. 6.9: Platform development stra
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In developing Cx601, Cellerix has b
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6.14.6 Manufacturing & logisticsCel
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population, methods for the isolati
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Page 242 and 243: Appendix 2: REGULATORY APPROVALPROC
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Contents1. The year in brief ......
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2. Financial informationa. The Inco
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The Directors shall call a Sharehol
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• Exercise price changed to 5.291
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10 • TiGenix • Rights Offering
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Exceptionally, for the following re
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(d)(e)Duration: The Options Plan wi
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eceipt sent to the number or addres
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THE COMPANYTiGenix NVRomeinse straa
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ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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