TomTom Reports Third Quarter 2014 Results

Consolidated condensed statements of cash flows

(€ in thousands)	Q3 '14 Unaudited	Q3 '13 Unaudited	YTD '14 Unaudited	YTD '13 Unaudited

Operating result	7,843	13,615	19,586	21,310
Financial gains/(losses)	150	-323	497	-4,576
Depreciation and amortisation	33,158	27,416	88,014	88,336
Change in provisions	-5,212	-5,361	203	-6,578
Equity-settled stock compensation expenses	1,463	1,557	2,849	4,469
Changes in working capital:
Change in inventories	-13,570	-6,959	-11,148	-9,113
Change in receivables and prepayments	11,687	842	-15,166	11,503
Change in liabilities (excluding provisions) ⁷	35,443	44,094	11,778	24,075
Cash generated from operations	70,962	74,881	96,613	129,426

Interest received	145	73	1,309	1,068
Interest paid	-628	-607	-2,347	-2,114
Corporate income taxes (paid)/received	-2,834	-3,389	-9,325	80,289
Cash flows from operating activities	67,645	70,958	86,250	208,669

Investments in intangible assets	-17,019	-21,841	-60,676	-59,977
Investments in property, plant and equipment	-4,723	-2,663	-11,972	-10,286
Dividend received	0	45	0	1,001
Cash flows from investing activities	-21,742	-24,459	-72,648	-69,262

Repayment of borrowings	0	0	0	-75,000
Dividends paid	0	0	0	-204
Proceeds on issue of ordinary shares	5,366	0	5,818	157
Cash flows from financing activities	5,366	0	5,818	-75,047

Net increase in cash and cash equivalents	51,269	46,499	19,420	64,360
Cash and cash equivalents at beginning of period	226,324	181,139	257,785	164,459
Exchange rate changes on cash balances held in foreign currencies	1,028	-100	1,416	-1,281
Cash and cash equivalents at end of period	278,621	227,538	278,621	227,538

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