TomTom reports fourth quarter and full year 2010 results

Consolidated statements of cash flows


(in € thousands)	Q4'10 (unaudited)	Q4'09 (unaudited)	FY'10 (audited)	FY'09 (audited)

Operating result	64,725	110,730	186,322	220,888
Financial (losses) / gains	-4,394	-3,890	-11,789	-19,741
Depreciation of PPE	3,396	5,951	14,863	20,416
Amortisation of intangible assets	27,105	19,805	94,235	85,920
Change to provisions	1,500	10,807	-5,180	-1,267
Change to stock compensation reserve	2,092	705	12,901	7,748
Changes in working capital:
Change in inventories	-13,965	12,876	-26,987	81,363
Change in receivables and prepayments	-65,138	-71,469	-27,617	-14,090
Change in current liabilities	127,531	119,214	28,545	48,536
Cash generated from operations	142,852	204,729	265,293	429,773

Interest received	278	966	977	2,843
Interest paid	-6,125	-8,735	-25,589	-66,480
Corporate income taxes paid	4,260	-10,813	-30,378	-25,798
Net cash flow from operating activities	141,265	186,147	210,303	340,338

Investments in intangible assets	-14,140	-14,562	-47,096	-56,991
Investments in property, plant and equipment	-8,155	-6,550	-17,866	-18,735
Acquisition of subsidiary	0	-11,369	0	-13,973
Total cash flow used in investing activities	-22,295	-32,481	-64,962	-89,699

Repayment of borrowings	-85,000	-210,000	-210,000	-622,048
Proceeds on issue of ordinary shares	815	74	817	415,941
Total cash flow from financing activities	-84,185	-209,926	-209,183	-206,107

Net (decrease) increase in cash and cash equivalents	34,785	-56,260	-63,842	44,532
Cash and cash equivalents at beginning of period	267,615	422,932	368,403	321,039
Exchange rate effect on cash balances held in foreign currencies	3,200	1,731	1,039	2,832
Cash and cash equivalents at end of period	305,600	368,403	305,600	368,403

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