ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

9.1.5.16 Other financial liabilitiesNon-current financial liabilitiesBelow is the composition and breakdown by maturity date ofthis caption of the balance sheets as of December 31:Thousands of Euro (€)Non-currentLimit 2010 2011 2012 Rest Total(*) 487 37 37 131 692Total at December 31, 2008 487 37 37 131 692Non-currentLimit 2011 2012 2013 Rest TotalOther financial liabilities (*) 1,168 537 37 515 2,258Total at December 31, 2009 1,168 537 37 515 2,258Non-currentLimit 2012 2013 2014 Rest TotalOther payables 24 - - - 24Other financial liabilities (*) 531 40 40 1,196 1,806Total at December 31, 2010 555 40 40 1,196 1,830(*) On September 22, 2008 Cellerix signed a credit facility with ETV Capital, S.A.for a limit amount of €10 million, available in three tranches, the first beingavailable from March 1, 2009.On September 22, 2008 Cellerix signed a credit facility withETV Capital, S.A. for a limit amount of €10 million, available inthree tranches, the first being available from March 1, 2009.To guarantee this loan, Cellerix has made the followingcommitments:• to offer an option to purchase shares in Cellerix linked to thetranches established in the agreement;• that Cellerix’ debt levels during the life of the agreement,without considering the working capital generated inthe ordinary course of business, the loans received fromthe Spanish Ministry of Education and Science and fromEmpresa Nacional de Innovación, S.A. and the debtgenerated by the financing of the plant construction, willnot be more than €1 million greater than the value of theoutstanding repayments due to ETV Capital, S.A;• to grant power of attorney to ETV Capital, S.A. to establisha mortgage guarantee over its intellectual property rights;this mortgage may be exercised by ETV Capital, S.A. whenit considers that an event of termination under the loanagreement has occurred; and• to pledge the credit rights Cellerix holds in bankinginstitutions, represented by the balance of the funds ofwhich Cellerix is the holder in any of the bank accounts.This pledge may be exercised by ETV Capital, S.A. whenit considers that an event of termination under the loanagreement has occurred.The caption “Other financial liabilities” mainly includes theamounts corresponding to Interest-free loans received from theMinistry of Education and Science valued at amortized cost andthe non-current portion of the loan received from ETV Capital,S.A. Additionally, in 2009 and 2008, this caption included loansreceived from Empresa Nacional de Innovación, S.A., whichwere paid up in 2010.Current financial liabilitiesThe balance under this heading includes the current portingof the loan received from ETV Capital, S.A. and the interest-freeloans received from the Spanish Ministry of Education andScience.218 • TiGenix • Rights Offering