ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

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Unaudited pro forma income statementThousands of Euro (€) TiGenix Cellerix Pro FormaCOMBINED INCOME STATEMENTSales billed 982 982Deferred sales (361) (361)Sales 621 105 726Other revenues 1,802 603 2,405Revenues 2,423 708 3,131Cost of sales (860) (860)Gross profit 1,563 708 2,271Research and development expenses 9,873 6,176 15,848Selling, general and administrative expenses 8,353 4,678 13,232Other operating income 0 0 0Other operating expenses 0 0 0Total operating charges 18,226 10,854 29,080Operating Result (EBIT) (16,663) (10,146) (26,809)Financial result 579 (197) 382Profit/(Loss) before taxes (16,084) (10,343) (26,427)Income taxes 368 0 368Net Profit/(Loss) (15,716) (10,343) (26,059)Basic loss per share (0.51) (1.47) (0.34)*COMBINED STATEMENT OF COMPREHENSIVE INCOMENet Profit/(Loss) (15,716) (10,343) (26,059)Currency translation differences (376) (376)Net gain on available-for-sale financial assets 1 1Other comprehensive income (376) 1 (375)Total comprehensive income/(loss) (16,092) (10,342) (26,434)* Based on 31,121,154 TiGenix Shares at December 31, 2010 and 44,814,402 Contribution Shares.11 •
Unaudited pro forma statement of financial position as at 31 December 2010Thousands of Euro (€) TiGenix Cellerix Adjustments Pro FormaGoodwill 41,493 41,493Intangible assets 20,683 404 21,087Tangible assets 4,738 1,447 6,185Available-for-sale investments 153 153Other non current assets 254 575 829Non-current assets 25,828 2,426 41,493 69,747Inventories 244 69 313Receivables 1,812 740 2,552Other financial assets 679 679Cash and cash equivalents 5,555 3,786 15,589 24,930Deferred charges & Accrued income 907 33 940Current assets 8,518 5,307 15,589 29,414TOTAL ASSETS 34,346 7,733 57,082 99,161Share capital25,197 104 43,918 69,219SharShare premium 73,357 41,631 13,164 128,152Shares to be issued 2,296 2,296Own shares and equity instruments (78) (78)Accumulated profit/(loss) (63,144) (32,368) (95,512)Result of the year (15,716) (10,343) (26,059)Share based compensation 4,185 2,128 6,313Translation reserves (355) (355)Equity attributable to equity holders 25,820 1,074 57,082 83,976Total equity 25,820 1,074 57,082 83,976Subordinated loan 130 130Financial loan 440 440Other financial liabilities 1,830 1,830Deferred revenue 85 85Deferred tax liability 3,519 3,519Non-current liabilities 4,089 1,915 6,004Current portion of subordinated loan 130 130Current portion of financial loan 80 80Current portion of finance lease obligation 12 12Current portion of other financial liabilities 1,162 1,162Trade payables 2,557 2,457 5,014Other current liabilities 1,657 1,075 2,732Provision 50 50Current liabilities 4,436 4,744 9,180TOTAL EQUITY AND LIABILITIES 34,345 7,733 57,082 99,16012 • TiGenix • Rights Offering
Page 2 and 3: TiGenix NV(Public limited liability
Page 4 and 5: Table of ContentsSummary ..........
Page 7 and 8: 3.7.1 Categories of potential inves
Page 9 and 10: 5.7.1 Shares and warrants held by i
Page 11 and 12: 7.5.2 Taxation.....................
Page 13 and 14: SummaryThe words written in capital
Page 15 and 16: Activities and strategy of the Comp
Page 17 and 18: • Two allogeneic adult stem cell
Page 19 and 20: • TiGenix’ success depends on i
Page 24 and 25: Recent developmentsAcquisition of C
Page 26 and 27: In this context, we would like to s
Page 28 and 29: Announcement of the results of theO
Page 30 and 31: After the Contribution andafter the
Page 32 and 33: ContributionContribution AgreementC
Page 34 and 35: Risk factorsAny investment in the P
Page 36 and 37: commercialisation of ChondroCelect,
Page 38 and 39: in delays in bringing products to t
Page 40 and 41: The Company cannot predict what eff
Page 42 and 43: y each of its patents and patent ap
Page 44: to exercise preferential subscripti
Page 47 and 48: this prospectus which is capable of
Page 49 and 50: • investment professionals fallin
Page 51 and 52: 1. General information and informat
Page 53 and 54: 1.4.2 Company documents and otherin
Page 55 and 56: • the granting of discharge of li
Page 57 and 58: • in case of registered Shares, t
Page 59 and 60: cast at the meeting. If the amount
Page 61 and 62: No one may cast a greater number of
Page 63 and 64: If a Belgian resident individual ne
Page 65 and 66: Belgium has concluded tax treaties
Page 67 and 68: 3. Information on the Contributiona
Page 69 and 70: 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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• Cimzia (certolizumab) - UCB: Al
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Spanish Ministry of Education and S
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7.2 Consolidated income statementTw
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7.3.1.2 Research and development ex
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7.3.2.3 Selling, general and admini
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7.4.1 Cash flows from operating act
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Cash & cash equivalents and intangi
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As of December 31, 2010, the Group
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8. Consolidated Financial informati
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8.1.3 Consolidated cash flow statem
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8.1.5 Notes to consolidated financi
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operating results and operating pla
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The Group does not account for work
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8.1.5.4 Operating result (EBIT)Resu
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8.1.5.7 TaxesThere is no current ta
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8.1.5.10 Tangible assetsThousands o
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8.1.5.14 Deferred charges & accrued
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8.1.5.18 Finance lease obligations
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Business combination Cellerix SADes
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Weighted averageexercise priceTOTAL
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the respective issue date of the wa
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Transactions with non-executive dir
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8.1.5.28 Subsequent eventsAcquisiti
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8.1.5.31 Disclosure under Article 1
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Additional statementsThe preparatio
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9.1.2 Stand-alone balance sheetYear
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9.1.4 Stand-alone statement of chan
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) Standards and interpretations iss
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The clinical development of new dru
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future against which they may be ap
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Cellerix’ research and developmen
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YearThousandsof Euro2010 2009 2008E
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Thousands of Euro (€)Laboratoryeq
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Current financial assetsShown below
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At December 31, Cellerix’ share c
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9.1.5.17 Deferred revenueThe balanc
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9.1.5.21 Share-based paymentsThe EB
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GrantsCellerix received several gra
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10. Report regarding unaudited prof
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EMAFDAFibrous tissueGCPGMPGrowth fa
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Appendix 1: Press releases 2006-201
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Appendix 2: REGULATORY APPROVALPROC
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like ChondroCelect or the future ce
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TitleCountry/regionPatent/applicati
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TitleCountry/regionPatent/applicati
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Title“Cell populations having imu
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D. Trademarks of CellerixThe table
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Decision resources.Dell’Accio, F.
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Noyes, F. R., Barber-Westin, S. D.,
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Appendix 5: 2008, 2009 and2010 mana
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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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Page 280 and 281:
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eceipt sent to the number or addres
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THE COMPANYTiGenix NVRomeinse straa
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