Net debt as of 31 March 2011 decreased slightly to €192 million from €194 million at the end of the previous year. Net debt is the sum of the borrowings (€360 million), minus cash and cash equivalents at the end of the period (€168 million).
The net debt to the last twelve months EBITDA ratio was 0.94 times compared to 0.88 at year end 2011.
Balance sheet
As at the end of Q1 2012, accounts receivable plus other receivables totalled €157 million. This is a decrease of €20 million year on year and a decrease of €80 million sequentially. The inventory level was €55 million, a decrease of €43 million year on year and a decrease of €10 million in comparison to the previous quarter. Cash and cash equivalents at the end of the quarter were €168 million.
Current liabilities were €733 million compared to €635 million at the end of the same quarter last year and €858 million in the previous quarter. The sequential decrease was mainly caused by a decrease of €62 million in accruals and other liabilities and €45 million in other accounts payable.
Cash flow
During the quarter, we recorded a cash inflow from operations of €16 million which was mainly driven by a reduction of inventory.
The cash flow used in investing activities during the quarter decreased to €13 million from €17 million in Q1 2011, mainly driven by lower expenditures on internal development projects.
Cash outflow from financing activities was €28 million as we continued to make repayments on our outstanding borrowings.
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Consolidated income statements |
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| (in € thousands) | Q1'12 | Q1'11 | ||||||
| Revenue | 232,901 | 265,146 | ||||||
| Cost of sales | 118,791 | 124,224 | ||||||
| Gross result | 114,110 | 140,922 | ||||||
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| Research and development expenses | 38,310 | 41,729 | ||||||
| Amortisation of technology & databases | 21,237 | 18,620 | ||||||
| Marketing expenses | 12,557 | 10,248 | ||||||
| Selling, general and administrative expenses | 40,254 | 49,320 | ||||||
| Stock compensation expense | 1,896 | 2,847 | ||||||
| Total operating expenses | 114,254 | 122,764 | ||||||
| Operating result | -144 | 18,158 | ||||||
| Interest result | -3,480 | -6,043 | ||||||
| Other finance result | 2,576 | 1,665 | ||||||
| Result associates | 189 | -332 | ||||||
| Result before tax | -859 | 13,448 | ||||||
| Income tax | -645 | -2,977 | ||||||
| Net result | -1,504 | 10,471 | ||||||
| Minority interests | 29 | -109 | ||||||
| Net result attributed to the group | -1,533 | 10,580 | ||||||
| Basic number of shares (in millions) | 221.9 | 221.8 | ||||||
| Diluted number of shares (in millions) | 221.9 | 224.1 | ||||||
| EPS, € basic | -0.01 | 0.05 | ||||||
| EPS, € diluted | -0.01 | 0.05 | ||||||
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Consolidated balance sheet |
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| (in € thousands) |
31 March 2012 |
31 Dec 2011 |
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| Goodwill | 381,569 | 381,569 | ||||||
| Other intangible assets | 861,088 | 871,528 | ||||||
| Property, plant and equipment | 30,398 | 32,555 | ||||||
| Deferred tax assets | 10,301 | 10,493 | ||||||
| Investments | 4,806 | 4,450 | ||||||
| Total non-current assets | 1,288,162 | 1,300,595 | ||||||
| Inventories | 55,383 | 65,502 | ||||||
| Trade receivables | 109,318 | 184,939 | ||||||
| Other receivables and prepayments | 47,210 | 51,242 | ||||||
| Other financial assets | 622 | 2,784 | ||||||
| Cash and cash equivalents | 168,014 | 193,579 | ||||||
| Total current assets | 380,547 | 498,046 | ||||||
| Total assets | 1,668,709 | 1,798,641 | ||||||
| Share capital | 44,379 | 44,379 | ||||||
| Share Premium | 975,260 | 975,260 | ||||||
| Other reserves | 131,329 | 131,213 | ||||||
| Retained deficit | -445,911 | -444,852 | ||||||
| Minority interests | 2,546 | 2,451 | ||||||
| Total equity | 707,603 | 708,451 | ||||||
| Provisions | 50,182 | 50,114 | ||||||
| Deferred tax liability | 178,258 | 182,273 | ||||||
| Total non-current liabilities | 228,440 | 232,387 | ||||||
| Trade payables | 71,673 | 116,616 | ||||||
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Borrowings 3 |
357,080 | 383,810 | ||||||
| Tax and social security | 23,163 | 20,942 | ||||||
| Provisions | 57,917 | 51,213 | ||||||
| Other liabilities and accruals | 222,833 | 285,222 | ||||||
| Total current liabilities | 732,666 | 857,803 | ||||||
| Total equity and liabilities | 1,668,709 | 1,798,641 | ||||||
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3 The borrowings are fully due in 2012; a forward
start facility, which will replace the existing borrowings as from
31
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Consolidated statements of cash flows |
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| (in € thousands) | Q1 '12 | Q1 '11 | ||||||
| Operating result | -144 | 18,158 | ||||||
| Financial gains/(losses) | 2,958 | -3,194 | ||||||
| Depreciation and amortisation | 28,237 | 26,322 | ||||||
| Change in provisions | -5,244 | -2,818 | ||||||
| Change in stock compensation reserve | 1,582 | 2,685 | ||||||
| Changes in working capital: | ||||||||
| Change in inventories | 8,684 | -5,488 | ||||||
| Change in receivables and prepayments | 79,392 | 170,924 | ||||||
| Change in current liabilities | -99,357 | -201,088 | ||||||
| Cash generated from operations | 16,108 | 5,501 | ||||||
| Interest received | 430 | 438 | ||||||
| Interest paid | -2,634 | -5,063 | ||||||
| Corporate income tax received | 1,636 | 1,588 | ||||||
| Net cash flow from operating activities | 15,540 | 2,464 | ||||||
| Investments in intangible assets | -11,332 | -12,469 | ||||||
| Investments in property, plant and equipment | -1,866 | -4,367 | ||||||
| Total cash flow used in investing activities | -13,198 | -16,836 | ||||||
| Repayment of borrowings | -28,000 | 0 | ||||||
| Proceeds on issue of ordinary shares | 0 | 564 | ||||||
| Total cash flow used in financing activities | -28,000 | 564 | ||||||
| Net decrease in cash and cash equivalents | -25,658 | -13,808 | ||||||
| Cash and cash equivalents at beginning of period | 193,579 | 305,600 | ||||||
| Exchange rate effect on cash balances held in foreign currencies | 93 | -2,476 | ||||||
| Cash and cash equivalents at end of period | 168,014 | 289,316 | ||||||
