Deferred revenue for the quarter ended at €109 million (Q4 '13: €114 million). The decrease is mainly related to the timing of payments for some Licensing contracts.
At the end of the first quarter, we had a net cash position of €44 million. Net cash is the sum of the cash and cash equivalents at the end of the period (€219 million) minus the outstanding gross borrowings (€175 million).
Cash flow
For the quarter the net cash used in operating activities was €15 million versus a cash inflow of €92 million in Q1 '13. The cash from operating activities in Q1 '13 included a refund of €70 million from the €80 million tax settlement agreed upon with the Dutch Tax Authorities in 2012. Adjusted for this impact, the year on year decrease was mainly driven by a seasonal shift of working capital utilisation in Q1 '14.
The cash flow used in investing activities during the quarter increased by €3 million year on year to €24 million (Q1 '13: €21 million). The majority of the investments related to our new Map production platform, the Navigation engine NavKit and Customer specific investments in Automotive.
Consolidated condensed statement of income
| (€ in thousands) | Q1 '14 | Q1 '13 | ||||||
| Revenue | 205,378 | 201,589 | ||||||
| Cost of sales | 88,089 | 89,123 | ||||||
| Gross result | 117,289 | 112,466 | ||||||
| Research and development expenses | 43,178 | 38,961 | ||||||
| Amortisation of technology and databases | 21,182 | 18,908 | ||||||
| Marketing expenses | 9,298 | 10,749 | ||||||
| Selling, general and administrative expenses | 42,120 | 43,800 | ||||||
| Total operating expenses | 115,778 | 112,418 | ||||||
| Operating result | 1,511 | 48 | ||||||
| Interest result | -1,020 | -1,116 | ||||||
| Other finance result | -1,176 | -995 | ||||||
| Result of associates | 136 | 254 | ||||||
| Result before tax | -549 | -1,809 | ||||||
| Income tax income/(expense) | 8,103 | -387 | ||||||
| Net result | 7,554 | -2,196 | ||||||
| Net result attributable to: | ||||||||
| Equity holders of the parent | 7,492 | -2,265 | ||||||
| Non-controlling interests | 62 | 69 | ||||||
| Net result | 7,554 | -2,196 | ||||||
| Basic number of shares (in thousands) | 222,191 | 221,895 | ||||||
| Diluted number of shares (in thousands) | 224,431 | 222,143 | ||||||
| EPS, € basic | 0.03 | -0.01 | ||||||
| EPS, € diluted | 0.03 | -0.01 | ||||||
