Total current liabilities increased by €276 million from €558 million in Q3 2010 to €834 million in Q4 2010 (Q4 2009: €799 million). This was caused mainly by the seasonal increase of rebate and revenue-related accruals in our Consumer business and part of our borrowings moving from non-current to current liabilities. At the end of the quarter we had shareholders’ equity of €1,142 million up from €1,088 million at the beginning of the quarter.
Cash flow
During the quarter, we recorded a net cash inflow from operations of €141 million. This was mainly driven by the operating profit of €65 million and a €48 million decrease in working capital resulting from an increase in current liabilities of €128 million partially offset by higher inventories and receivables.
Cash flow used in investing activities during the quarter increased from €16 million in the previous quarter to €22 million in Q4 2010 (Q4 2009: €32 million).
Cash flow used in financing activities amounted to €84 million due to the repayment of borrowings.
- END -
Consolidated income statements
| (in € thousands) |
Q4'10
(unaudited) |
Q4'09
(unaudited) |
FY'10
(audited) |
FY'09
(audited) |
||||
| Revenue | 515,834 | 533,312 | 1,521,083 | 1,479,660 | ||||
| Cost of sales | 279,251 | 288,568 | 777,018 | 748,624 | ||||
| Gross result | 236,583 | 244,744 | 744,065 | 731,036 | ||||
| Research and development expenses | 44,129 | 36,531 | 161,875 | 139,441 | ||||
| Amortisation of technology & databases | 22,723 | 17,918 | 77,644 | 74,998 | ||||
| Marketing expenses | 48,287 | 25,918 | 104,788 | 86,363 | ||||
| Selling, general and administrative expenses | 53,778 | 51,909 | 199,941 | 198,779 | ||||
| Stock compensation expense | 2,940 | 1,738 | 13,495 | 10,567 | ||||
| Total operating expenses | 171,857 | 134,014 | 557,743 | 510,148 | ||||
| Operating result | 64,726 | 110,730 | 186,322 | 220,888 | ||||
| Interest result | -8,074 | -11,223 | -35,064 | -70,815 | ||||
| Other finance result | 5,128 | -5,722 | -15,962 | -41,202 | ||||
| Result of associates | 707 | 733 | -1,270 | 2,603 | ||||
| Result before tax | 62,487 | 94,518 | 134,026 | 111,474 | ||||
| Income tax | -10,307 | -21,883 | -26,356 | -25,088 | ||||
| Net result | 52,180 | 72,635 | 107,670 | 86,386 | ||||
| Minority interests | 475 | -381 | -98 | -381 | ||||
| Net result attributed to the group | 51,705 | 73,016 | 107,768 | 86,767 | ||||
| Basic number of shares (in millions) | 221.7 | 221.7 | 221.7 | 184.0 | ||||
| Diluted number of shares (in millions) | 224.0 | 223.6 | 222.0 | 184.9 | ||||
| EPS, € basic | 0.23 | 0.33 | 0.49 | 0.47 | ||||
| EPS, € diluted | 0.23 | 0.33 | 0.49 | 0.47 |
