ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

3. Financial informationa. The Income StatementEUR 000s (IFRS) 31-12-08 31-12-07 % ChangeNet Turnover 72 -Other revenues 1,287 7,443 -83%Supplies (555) (493) 13%Staff costs (4,110) (2,890) 42%Other operating expenses (*) (6,888) (6,609) 5%Operating loss (10,194) (2,549) 400%Finance costs 431 (119) -463%Loss for the year (9,763) (2,668) 366%(*) Includes amortisation and depreciation, other operating expenses and other extraordinary gains or losses.• Other revenues have fallen by 83%, principally because therehave been no revenues from the licensing and developmentcontract signed with Axcan Pharma, Inc. in 2007.• Supplies and staff costs have increased by 38% in aggregate,as the Company is currently in the development stage. Thistrend is expected to continue in 2009.• Operating costs have increased by 5% as both pre-clinicaland clinical development have continued and expanded.• Financial costs have declined by approximately 463% as aresult of the active management of the Company’s cashpositions during the year. At the end of 2008 cash surpluseswere invested in public debt.b. Balance Sheet and Financial SituationEUR 000s (IFRS) 31-12-08 31-12-07 % ChangeNon-current assets 2,038 1,775 15%Current assets 2,804 1,669 68%Cash and equivalents 11,596 18,778 -38%TOTAL ASSETS 16,438 22,222 -26%Equity 12,160 16,272 -25%Non-current liabilities 845 2,160 -61%Current liabilities 3,433 3,789 -9%Total equity and liabilities 16,438 22,222 -26%Cellerix’s balance sheet at 31 December 2008 reflects theimpact of the main events in the year:• Cash and equivalents and equity reflect the fulldisbursement of the round of financing. This financing roundwas finalised on 6 August 2007, in which the disbursementof three tranches of up to 27.2 million euros was agreed,based on the achievement of certain milestones. The thirdtranche of 5.03 million euros was disbursed.• The 68% growth in current assets corresponds mainly toreceivables from subsidies granted but not yet received atyear end.• Current liabilities correspond to, among other things, thegrowth in the volume of the Company’s operations, and tothe part of the salaries and wages account in respect of thebonus which will be paid in February 2009.• Non-current assets increased by 15% as a result of theCompany’s growth.4 • TiGenix • Rights Offering