TomTom reports second quarter 2011 results

Consolidated statements of cash flows


(in € thousands)	Q2 '11	Q2 '10	H1 '11	H1 '10

Operating result	-493,978	49,641	-475,819	66,642
Financial gains/(losses)	2,297	3,901	-897	-6,287
Depreciation of property, plant and equipment	4,376	3,490	7,890	8,088
Amortisation of intangible assets	23,717	22,220	46,525	44,488
Impairment charge	511,936	0	511,936	0
Change in provisions	135	3,045	-2,683	-2,468
Change in stock compensation reserve	2,120	4,269	4,805	6,999
Changes in working capital:
Change in inventories	-3,099	-1,728	-8,587	3,904
Change in receivables and prepayments	-71,283	-88,109	99,641	29,871
Change in current liabilities (exc. Provisions)	683	85,191	-200,406	-92,059
Cash generated from operations	-23,096	81,920	-17,595	59,178

Interest received	448	289	886	447
Interest paid	-4,883	-5,309	-9,946	-11,174
Corporate income taxes (paid)	-4,660	-9,736	-3,072	-22,483
Net cash flows from operating activities	-32,191	67,164	-29,727	25,968

Investments in intangible assets	-20,448	-9,439	-32,917	-20,743
Investments in property, plant and equipment	-4,430	-2,730	-8,797	-6,185
Total cash used in investing activities	-24,878	-12,169	-41,714	-26,928

Proceeds on issue of ordinary shares	160	0	724	0
Total cash flows from financing activities	160	0	724	0

Net decrease in cash and cash equivalents	-56,909	54,995	-70,717	-960
Cash and cash equivalents at beginning of period	289,316	313,495	305,600	368,403
Exchange rate effect on cash balances held in foreign currencies	-172	-1,607	-2,648	-560
Cash and cash equivalents at end of period	232,235	366,883	232,235	366,883

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