Adjusted EPS for the quarter was €0.01 versus €0.08 in Q1 '14. Q1 '14 included a one-off tax settlement of €0.04.
Balance sheet
Trade receivables at the end of the quarter equalled €117 million compared to €133 million at the end of Q4 '14 mainly due to seasonally lower revenue in the first quarter of the year. Inventory was €47 million which is at the same level as at the end of Q4 '14. Cash and cash equivalents amounted to €117 million at the end of Q1 '15 (Q4 '14: €153 million).
Current liabilities excluding deferred revenue amounted to €243 million compared to €291 million at the end of Q4 '14. The quarter on quarter decrease was mainly driven by lower personnel-related accruals and lower trade payables balances.
Deferred revenue for the quarter amounted €143 million (Q4 '14: €146 million).
The carrying value of outstanding borrowings at the end of Q1 '15 was €39 million compared to €49 million at the end of 2014. The net cash position at the end of the quarter was €77 million (Q4 '14: €103 million).
Cash flow
The net cash used in operating activities during the quarter was €13 million compared to €15 million in Q1 '14.
The cash flow used in investing activities during the quarter was stable at €24 million compared to the same quarter of last year. The majority of the investments related to our new transactional map-making platform, our navigation engine NavKit and customer specific investments in Automotive.
In the first quarter, 2 million options, related to our long-term employee incentive programmes, were exercised resulting in an €11 million cash inflow.
- END -
Consolidated condensed statement of income
| (€ in thousands) |
Q1 '15
|
Q1 '14
|
||||
| Revenue | 205,275 | 205,378 | ||||
| Cost of sales | 95,403 | 88,089 | ||||
| Gross result | 109,872 | 117,289 | ||||
| Research and development expenses | 43,290 | 43,178 | ||||
| Amortisation of technology and databases | 18,522 | 21,182 | ||||
| Marketing expenses | 9,748 | 9,298 | ||||
| Selling, general and administrative expenses | 43,381 | 42,120 | ||||
| Total operating expenses | 114,941 | 115,778 | ||||
| Operating result | -5,069 | 1,511 | ||||
| Interest result | -204 | -1,020 | ||||
| Other financial result | -2,574 | -1,176 | ||||
| Result of associates | 97 | 136 | ||||
| Result before tax | -7,750 | -549 | ||||
| Income tax gain | 845 | 8,103 | ||||
| Net result | -6,905 | 7,554 | ||||
| Net result attributable to: | ||||||
| Equity holders of the parent | -7,145 | 7,492 | ||||
| Non-controlling interests | 240 | 62 | ||||
| Net result | -6,905 | 7,554 | ||||
| Basic number of shares (in thousands) | 224,429 | 222,191 | ||||
| Diluted number of shares (in thousands) | 228,661 | 224,431 | ||||
| EPS, € basic | -0.03 | 0.03 | ||||
| EPS, € diluted | -0.03 | 0.03 |
