Change amounts are calculated before rounding

At 31 December 2016, we reported a net cash position of €133 million (Q4 '15: net cash of €98 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€143 million) minus the borrowings (€10 million).

Cash flow

The cash flow from operating activities for the quarter was €76 million compared with €58 million in Q4 '15. The year on year increase was mainly driven by lower working capital utilisation in Q4 '16. On a full year basis, cash flow from operating activities was €144 million compared with €119 million in 2015.

The cash flow used in investing activities during the quarter decreased by €29 million year on year to €26 million. On a full year basis the cash flow used in investing activities was €120 million, a decrease of €34 million year on year. The year on year decrease in investments relates mainly to acquisitions. In 2015, we made two acquisitions for an aggregate consideration of €42 million. The majority of the investments in 2016 related to our transactional mapmaking platform, map database and Automotive customer specific projects.

The cash flow used in financing activities mainly reflects a lower utilisation from our credit facility. In the quarter, 276 thousand options (Q4 '15: 928 thousand options) related to our long-term employee incentive programmes, were exercised resulting in a €1.1 million cash inflow (Q4 '15: €4.5 million). On a full year basis, 2.4 million options (FY '15: 6.9 million options) were exercised resulting in a €10 million cash inflow for 2016 (FY '15: €34 million).

- END -

Consolidated condensed statement of income

(€ in thousands)		Q4 '16 Unaudited		Q4 '15 Unaudited		FY '16 Audited		FY '15 Audited
Revenue		265,618		282,488		987,329		1,006,607
Cost of sales		112,594		143,523		421,101		488,080
Gross result		153,024		138,965		566,228		518,527
Research and development expenses		49,585		46,807		190,473		185,443
Amortisation of technology and databases		27,222		19,939		91,526		76,694
Marketing expenses		24,847		25,777		80,609		83,438
Selling, general and administrative expenses		51,868		46,239		194,726		172,352
Total operating expenses		153,522		138,762		557,334		517,927
Operating result		-498		203		8,894		600
Interest result		-285		-170		-1,371		-925
Other financial result		-2,001		-2,437		-1,010		-7,343
Result of associates		178		164		736		167
Result before tax		-2,606		-2,240		7,249		-7,501
Income tax gain / (expense)		-2,954		23,179		4,709		25,794
Net result		-5,560		20,939		11,958		18,293
Net result attributable to:
Equity holders of the parent		-5,466		20,824		11,987		18,122
Non-controlling interests		-94		115		-29		171
Net result		-5,560		20,939		11,958		18,293
Basic number of shares (in thousands)		232,725		230,131		231,743		227,771
Diluted number of shares (in thousands)		235,430		237,656		234,970		232,378
EPS, € basic		-0.02		0.09		0.05		0.08
EPS, € diluted		-0.02		0.09		0.05		0.08

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