The net result for the quarter was a loss of €5.3 million compared with a gain of €0.6 million in Q3 '16. The adjusted net result for the quarter was a gain of €19 million compared with €12 million in Q3 '16.

Adjusted EPS for the quarter was €0.08, compared with €0.05 in the same quarter last year.

Balance sheet
At the end of the quarter, trade receivables plus other receivables totalled €227 million compared with €219 million at the end of Q3 '16. The inventory level at the end of the quarter was €53 million, compared with €61 million at the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €105 million versus €129 million at the end of Q3 '16.

Current liabilities excluding deferred revenue were €271 million compared with €300 million at the end of Q3 '16.

Deferred revenue was €240 million at the end of Q3 '17, compared with €206 million at the end of the same quarter last year. The year on year increase reflects increased Automotive deferred revenue position on contracts with upfront payments for multi-year service offerings.

At 30 September 2017, we reported a net cash position of €102 million (Q3 '16: net cash of €81 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€105 million) minus the nominal amount of the borrowings (€3.0 million).

Cash flow
The cash flow from operating activities for the quarter was €48 million compared with €54 million in Q3 '16, a decrease of 10%. This year on year decrease in operating cash flow was mainly driven by lower cash flows received from working capital movements versus prior year.

The cash flow used in investing activities during the quarter decreased by €3.2 million year on year to €29 million (Q3 '16: €32 million). The vast majority of our investments related to map content and various technology platforms to support growth in Automotive and Licensing.

CAPEX (excluding acquisitions)

(€ in millions)		Q3 '17		Q3 '16		y.o.y. change		YTD '17		YTD '16		y.o.y. change
Map content		8.6		7.9		9%		22.6		18.6		21%
Mapmaking platform		7.8		8.7		-10%		23.9		24.2		-1%
Applications		3.6		3.6		-2%		11.6		10.6		9%
Customer specific		5.0		5.3		-6%		16.0		15.2		5%
Telematics		2.1		2.6		-20%		9.9		7.4		34%
Other		1.8		3.8		-53%		6.8		15.1		-55%
Total		28.8		31.9		-10%		90.8		91.2		0%
Change percentages and totals calculated before rounding.

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