ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

9.1.5.6 Financial resultBelow is the breakdown of financial result:Years ended December 31Thousands of Euro (€) 2010 2009 2008Interest gained on bank deposits - (73) (461)Interest on borrowings from third parties 210 130 44Interest on long-term Group debts - - 31Exchange gains (losses), net (13) 25 (40)Other finance revenue and cost, net - (5) (5)Total financial income (loss), net 197 77 (431)9.1.5.7 TaxesThere is no current tax accounted for in any of the periodspresented. Cellerix has net tax loss carryforward available andtax deductions to reduce future corporate income taxes, if any,as follows:Tax loss carry forwardAt December 31, Cellerix had tax loss carry forward pendingto be offset in the amounts and subject to the time limitsindicated below:YearThousandsof Euro2010 2009 2008ExpiryThousandsof EuroExpiryThousandsof EuroExpiry2004 826 (*) 826 (*) 826 (*)2005 1,421 (*) 1,421 (*) 1,421 (*)2006 2,740 (*) 2,740 (*) 2,740 (*)2007 5,217 (*) 5,217 (*) 5,217 (*)2008 9,362 (*) 9,362 (*) 9,362 (*)2009 11,045 (*) 11,045 (*) - N/A2010 9,877 (*) - N/A - N/A40,488 30,611 19,566(*) These tax loss carry forward may be offset over a period of fifteen years fromthe first tax year in which the company obtains profits.No tax assets have been recorded in respect of these tax losscarry forward.Tax deductions pending applicationThe following table gives the research and development taxdeductions pending application by Cellerix, with their amountand year of expiry, at December 31:210 • TiGenix • Rights Offering