ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

2. Financial informationa. The Income StatementIFRS 000s euros 31-12-10 31-12-09 % ChangeNet Sales 105 95 11%Other revenues 587 1.187 (51%)Supplies (417) (549) (24%)Staff costs (4.945) (5.322) (7%)Amortisations (461) (397) 16%Other operating expenses (*) (5.022) (6.463) (22%)Other extraordinary gains or losses 7 (20) (135%)Operating loss (10.146) (11.469) (12%)Net financial income (loss) (197) (77) 156%Loss for the year (10.343) (11.546) (10%)(*) Includes other operating expenses and other gains or losses.• Other revenues have fallen by 51% in 2010, mainly due to adrop in subsidies from public bodies.• Supplies costs fell in 2010 as a result of abandoning theautologous platform, while staff costs fell by just 7% asthe reduction in salaries costs was offset by redundancyindemnities.• Net financial loss for the year grew by 156% as a result of thefinance costs arising on the 3 million euros drawn againstthe ETV credit line and also because, given the instabilityof the market in 2010, the Company decided not to investcash surpluses and thus no significant capital gains weregenerated.• Other operating costs also fell in line with the Company’snew strategy.b. Balance Sheet and Financial Situation000s euros 31-12-10 31-12-09 % ChangeNon-current assets 2.426 2.744 (12%)Current assets 5.307 11.722 (55%)Total assets 7.733 14.466 (47%)Equity 1.074 6.691 (84%)Non-current liabilities 1.915 2.395 (20%)Current liabilities 4.744 5.380 (12%)Total equity and liabilities 7.733 14.466 (47%)Cellerix’s balance sheet at 31 December 2010 reflects theimpact of the main events in the year:• Current assets and equity reflect the disbursement of thesecond 4 million euro tranche of the series C financinground, with a total of 27 million euros committed.• Non-current assets fell by 12% mainly due to thereclassification of debt securities as current assets and todepreciation and amortisation.• Current assets decreased by 20%, mainly due to reducedcash and cash equivalents as a result of the Company’sactivities.• Current liabilities reflect a reduction in trade and otherpayables as a result of the aforementioned changes in theCompany’s strategy.• Non-current liabilities fell as a result of the prepayment ofthe principal on the loan from ETV during the financial year.4 • TiGenix • Rights Offering