The net result for the quarter was a loss of €4.6 million compared with a gain of €4.8 million in Q1 '16. The net result adjusted for acquisition-related expenses & gains on a post-tax basis was a gain of €7.0 million compared with €7.9 million in Q1 '16.
Adjusted EPS for the quarter was €0.03, flat compared with the same quarter last year.
Balance sheet
At the end of the quarter, trade receivables plus other receivables totalled €188 million compared with €178 million at the end of Q1 '16. The inventory level at the end of the quarter was €63 million, compared with €57 million at the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €84 million versus €115 million at the end of Q1 '16.
Current liabilities excluding deferred revenue were €249 million compared with €247 million at the end of Q1 '16.
Deferred revenue was €211 million at the end of Q1 '17, compared with €183 million at the end of the same quarter last year. The year on year increase reflects the increased deferred revenue position related to Automotive contracts with upfront payments for multi-year service offerings.
At 31 March 2017, we reported a net cash position of €79 million (Q1 '16: net cash of €50 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€84 million) minus the borrowings (€5.4 million).
Cash flow
The cash flow from operating activities for the quarter was an outflow of €1.8 million compared with an outflow of €18 million in Q1 '16. The year on year improvement in operating cash flow was mainly driven by lower utilisation of working capital in Q1 '17.
The cash flow used in investing activities during the quarter increased by €22 million year on year to €53 million (Q1 '16: €31 million) mainly due to the acquisition of Autonomos.
The cash flow used in financing activities was €3.2 million, reflecting a repayment of €5 million of our revolving credit facility partly offset by proceeds from the exercise of options related to long-term employee incentive programmes. In the quarter, 0.5 million options (Q1 '16: 0.3 million options) were exercised resulting in a €2.2 million cash inflow (Q1 '16: €1.2 million).
- END -
Consolidated condensed statement of income
| (€ in thousands) |
Q1 '17
|
Q1 '16
|
|||
| Revenue | 212,711 | 217,155 | |||
| Cost of sales | 80,341 | 93,850 | |||
| Gross result | 132,370 | 123,305 | |||
| Research and development expenses | 50,226 | 44,533 | |||
| Amortisation of technology and databases | 22,429 | 20,626 | |||
| Marketing expenses | 14,255 | 15,058 | |||
| Selling, general and administrative expenses | 50,313 | 47,401 | |||
| Total operating expenses | 137,223 | 127,618 | |||
| Operating result | -4,853 | -4,313 | |||
| Interest result | -175 | -305 | |||
| Other financial result | 398 | 1,711 | |||
| Result of associates | 125 | 327 | |||
| Result before tax | -4,505 | -2,580 | |||
| Income tax (expense)/gain | -51 | 7,346 | |||
| Net result | -4,556 | 4,766 | |||
| Net result attributable to: | |||||
| Equity holders of the parent | -4,610 | 4,792 | |||
| Non-controlling interests | 54 | -26 | |||
| Net result | -4,556 | 4,766 | |||
| Basic number of shares (in thousands) | 233,074 | 230,612 | |||
| Diluted number of shares (in thousands) | 236,938 | 234,964 | |||
| EPS, € basic | -0.02 | 0.02 | |||
| EPS, € diluted | -0.02 | 0.02 | |||
