ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

3.2.2 Capitalisation and indebtednessThe following table sets forth TiGenix’ and Cellerix’capitalisation and indebtedness under IFRS, as well as forthe combined TiGenix - Cellerix group. This table should beread in conjunction with the Company’s and Cellerix’ auditedinformation in IFRS (see chapters 8 and 9), including the notesthereto and with the “Management’s discussion and analysisof TiGenix’ financial condition and result of operations” (seechapter 7) and “Appendix 5: 2008, 2009 and 2010 managementreports of Cellerix”.Thousands of Euro (€) TiGenix CellerixThreemonthsendingMarch 31,2011TwelvemonthsendingDecember 31,2010ThreemonthsendingMarch 31,2011TwelvemonthsendingDecember 31,2010CombinedTiGenix – Cellerix groupThreemonthsendingMarch 31,2011TwelvemonthsendingDecember 31,2010Share capital 25,197 25,197 104 104 25,301 25,301Share premium 73,357 73,357 41,631 41,631 114,988 114,988Own shares and equity investments 0 0 (78) (78) -78 -78Shares to be issued 2,296 2,296 0 0 2,296 2,296Share-based compensation* 4,185 4,185 2,128 2,128 6,313 6,313Translation reserves* -355 -355 0 0 -355 -355Total Equity 104,680 104,680 43,785 43,785 148,465 148,465Non current debts 518 570 2,027 1,798 2,545 2,368Subordinated loan 98 130 0 0 98 130Financial loan** 420 440 2,027 1,798 2,447 2,238Current debts 216 222 15,260 1,162 15,476 1,384Subordinated loan 130 130 0 0 130 130Financial loan 80 80 1,186 1,162 1,266 1,242Shareholders advance payment *** 14,074 0 14,074 0Leases 6 12 0 0 6 12Total Financial Debt 734 792 17,287 2,960 18,021 3,752Gearing ratio (Financial debt/Equity) 0.70% 0.76% 39.48% 6.76% 12.14% 2.53%Cash & cash equivalents 2,160 5,555 15,120 3,786 17,280 9,341Net current financial indebtedness 1,944 5,333 -141 2,624 1,803 7,957Non current financial indebtedness -518 -570 -2,027 -1,798 -2,545 -2,368* Represents the situation at December 31, 2010.** Regarding the €1,798K in Cellerix at 31/12/2010, there is a difference with the annual statements (€1,830k) of €32k. This difference is not related to financial loansand therefore has not been included in order to make information comparable.*** This amount refers to a part of the capital increase in cash for the total amount of €18,155,669.74 made by Cellerix Shareholders and other investors prior to theContribution.59 •