Cash flows used in financing activities amounted to €114 million representing a €110 million repayment of our borrowings and €4 million related to the buy-out of some minority shareholders in our map-making business.
Debt financing
Following the 2011 repayment of €210 million, the carrying value of our borrowings as of 31 December 2011 was €384 million (31 December 2010: €588 million). This carrying value includes the transaction costs, which are netted against the borrowings. The nominal value of the outstanding borrowings was €388 million.
Net debt as at year end 2011 was €194 million, down from €294 million at the end of 2010. The net debt to the last twelve months EBITDA ratio was 0.88 times compared to 0.98 at year end 2010.
Balance sheet
As at year end 2011, accounts receivable plus other receivables totalled €236 million, down by €112 million compared to €348 million at the end of 2010. The inventory level was reduced to €66 million from €94 million at the end of last year and €73 million at the end of the previous quarter. Cash and cash equivalents at the end of the quarter were €194 million.
Current liabilities were €858 million compared to €834 million in the same quarter last year and €543 million in the previous quarter. The sequential increase was mainly caused by the reclassification of our remaining outstanding borrowings to current liabilities as they become due at the end of 2012. A forward start facility agreement comprising of a €250 million term loan facility and a €150 million revolving credit facility is in place to replace our current facilities from the end of 2012.
At the end of the quarter we had shareholders’ equity of €708 million up from €694 million at the beginning of the quarter.
|
Consolidated income statements |
||||||||||||||||
| (in € thousands) | Q4 2011 | Q4 2010 | FY 2011 | FY 2010 | ||||||||||||
| Revenue | 357,401 | 515,834 | 1,273,217 | 1,521,083 | ||||||||||||
| Cost of sales | 191,426 | 279,251 | 633,545 | 777,018 | ||||||||||||
| Gross result | 165,975 | 236,583 | 639,672 | 744,065 | ||||||||||||
| Research and development expenses | 46,745 | 44,129 | 172,822 | 161,875 | ||||||||||||
| Amortisation of technology & databases | 27,007 | 22,723 | 84,619 | 77,644 | ||||||||||||
| Marketing expenses | 20,507 | 48,287 | 78,062 | 104,788 | ||||||||||||
| Selling, general and administrative expenses | 60,511 | 53,778 | 208,917 | 199,941 | ||||||||||||
| Impairment charge | 0 | 0 | 511,936 | 0 | ||||||||||||
| Stock compensation expense | 789 | 2,940 | 7,985 | 13,495 | ||||||||||||
| Total operating expenses¹ | 155,559 | 171,857 | 1,064,341 | 557,743 | ||||||||||||
| Operating result | 10,416 | 64,726 | -424,669 | 186,322 | ||||||||||||
| Interest result | -3,826 | -8,074 | -21,862 | -35,064 | ||||||||||||
| Other finance result | 714 | 5,128 | 6,093 | -15,962 | ||||||||||||
| Result associates | -94 | 707 | -432 | -1,270 | ||||||||||||
| Result before tax | 7,210 | 62,487 | -440,870 | 134,026 | ||||||||||||
| Income tax | 4,583 | -10,307 | 1,919 | -26,356 | ||||||||||||
| Net result | 11,793 | 52,180 | -438,951 | 107,670 | ||||||||||||
| Non-controlling interests | -94 | 475 | -1,107 | -98 | ||||||||||||
| Net result attributed to the group | 11,887 | 51,705 | -437,844 | 107,768 | ||||||||||||
| Basic number of shares (in thousands) | 221,895 | 221,748 | 221,874 | 221,724 | ||||||||||||
| Diluted number of shares (in thousands) | 221,939 | 223,964 | 221,904 | 222,040 | ||||||||||||
| EPS, € basic | 0.05 | 0.23 | -1.97 | 0.49 | ||||||||||||
| EPS, € diluted | 0.05 | 0.23 | -1.97 | 0.49 | ||||||||||||
|
1 Operating expenses include restructuring charges of
€13.6 million in Q4 '11 (€1.3 million in Q4 '10), €14.8 million in
|
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|
Consolidated balance sheet |
||||||||
| (in € thousands) | 31 Dec 2011 | 31 Dec 2010 | ||||||
| Goodwill | 381,569 | 854,713 | ||||||
| Other intangible assets | 871,528 | 946,263 | ||||||
| Property, plant and equipment | 32,555 | 38,977 | ||||||
| Deferred tax assets | 10,493 | 22,265 | ||||||
| Investments | 4,450 | 7,720 | ||||||
| Total non-current assets | 1,300,595 | 1,869,938 | ||||||
| Inventories | 65,502 | 93,822 | ||||||
| Trade receivables | 184,939 | 305,821 | ||||||
| Other receivables and prepayments | 51,242 | 41,853 | ||||||
| Other financial assets | 2,784 | 5,724 | ||||||
| Cash and cash equivalents | 193,579 | 305,600 | ||||||
| Total current assets | 498,046 | 752,820 | ||||||
| Total assets | 1,798,641 | 2,622,758 | ||||||
| Share capital | 44,379 | 44,362 | ||||||
| Share Premium | 975,260 | 974,554 | ||||||
| Other reserves | 131,213 | 117,419 | ||||||
| Accumulated (deficit) | -444,852 | -222 | ||||||
| Non-controlling interests | 2,451 | 5,416 | ||||||
| Total equity | 708,451 | 1,141,529 | ||||||
| Borrowings | 0 | 384,011 | ||||||
| Provisions | 50,114 | 51,051 | ||||||
| Long-term liability | 0 | 926 | ||||||
| Deferred tax liability | 182,273 | 211,014 | ||||||
| Total non-current liabilities | 232,387 | 647,002 | ||||||
| Trade payables | 116,616 | 218,419 | ||||||
| Borrowings | 383,810 | 203,586 | ||||||
| Tax and social security | 20,942 | 35,443 | ||||||
| Provisions | 51,213 | 58,237 | ||||||
| Other liabilities and accruals | 285,222 | 318,542 | ||||||
| Total current liabilities | 857,803 | 834,227 | ||||||
| Total equity and liabilities | 1,798,641 | 2,622,758 | ||||||
|
Consolidated statements of cash flows |
||||||||||||||||
| (in € thousands) | Q4 2011 | Q4 2010 | FY 2011 | FY 2010 | ||||||||||||
| Operating result | 10,416 | 64,726 | -424,669 | 186,322 | ||||||||||||
| Financial gains/(losses) | 7,786 | -4,394 | 4,554 | -11,789 | ||||||||||||
| Amortisation and depreciation | 36,999 | 30,501 | 119,097 | 109,098 | ||||||||||||
| Impairment charge | 0 | 0 | 511,936 | 0 | ||||||||||||
| Equity-settled stock compensation expense | 1,067 | 2,092 | 7,996 | 12,901 | ||||||||||||
| Change to provisions | -6,645 | 1,500 | -10,224 | -5,180 | ||||||||||||
| Changes in working capital: | ||||||||||||||||
| Change in inventories | 9,683 | -13,965 | 27,915 | -26,987 | ||||||||||||
| Change in receivables and prepayments | 31,185 | -65,138 | 113,384 | -27,617 | ||||||||||||
| Change in current liabilities | 47,253 | 127,530 | -154,770 | 28,545 | ||||||||||||
| Cash generated from operations | 137,744 | 142,852 | 195,219 | 265,293 | ||||||||||||
| Interest received | 1,535 | 278 | 2,871 | 977 | ||||||||||||
| Interest paid | -3,997 | -6,125 | -18,459 | -25,589 | ||||||||||||
| Corporate income taxes paid | -1,119 | 4,260 | -5,456 | -30,378 | ||||||||||||
| Net cash flow from operating activities | 134,163 | 141,265 | 174,175 | 210,303 | ||||||||||||
| Investments in intangible assets | -9,512 | -14,140 | -57,918 | -47,096 | ||||||||||||
| Investments in property, plant and equipment | -3,370 | -8,155 | -16,502 | -17,866 | ||||||||||||
| Dividend received | 1,628 | 0 | 1,628 | 0 | ||||||||||||
| Total cash flow used in investing activities | -11,254 | -22,295 | -72,792 | -64,962 | ||||||||||||
| Repayments on borrowings | -110,000 | -85,000 | -210,000 | -210,000 | ||||||||||||
| Proceeds on issue of ordinary shares | 0 | 815 | 724 | 817 | ||||||||||||
| Acquisition of non-controlling interests | -4,004 | 0 | -4,243¹ | 0 | ||||||||||||
| Total cash flow from financing activities | -114,004 | -84,185 | -213,519 | -209,183 | ||||||||||||
| Net increase in cash and cash equivalents | 8,905 | 34,785 | -112,136 | -63,842 | ||||||||||||
| Cash and cash equivalents at beginning of period | 182,312 | 267,615 | 305,600 | 368,403 | ||||||||||||
|
Exchange rate effect on cash balances held in
|
2,362 | 3,200 | 115 | 1,039 | ||||||||||||
| Cash and cash equivalents at end of period | 193,579 | 305,600 | 193,579 | 305,600 | ||||||||||||
|
1 Includes - €0.2 million which was classified as investments in financial fixed assets in the previous quarter |
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