TomTom Reports First Quarter 2014 Results

Consolidated condensed statements of cash flows

(€ in thousands)	Q1 '14	Q1 '13

Operating result	1,511	48
Financial gains/(losses)	380	-2,643
Depreciation and amortisation	28,184	28,708
Change in provisions	5,599	-2,024
Equity-settled stock compensation expenses	938	1,442
Changes in working capital:
Change in inventories	-3,156	-7,502
Change in receivables and prepayments	11,192	33,937
Change in liabilities (excluding provisions) ⁶	-57,368	-24,902
Cash generated from operations	-12,720	27,064

Interest received	103	382
Interest paid	-895	-871
Corporate income taxes (paid)/received	-1,127	65,648
Cash flows from operating activities	-14,639	92,223

Investments in intangible assets	-20,396	-17,700
Investments in property, plant and equipment	-3,482	-3,588
Dividend received	0	499
Cash flows from investing activities	-23,878	-20,789

Repayment of borrowings	0	-75,000
Dividends paid	0	-204
Proceeds on issue of ordinary shares	52	0
Cash flows from financing activities	52	-75,204

Net (decrease) in cash and cash equivalents	-38,465	-3,770
Cash and cash equivalents at beginning of period	257,785	164,459
Exchange rate changes on cash balances held in foreign currencies	-41	266
Cash and cash equivalents at end of period	219,279	160,955

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