Cash flow
Cash flow from operating activities for the quarter was €71 million compared to €50 million in Q3 '12. The increase was mainly driven by higher working capital from other liabilities.
The cash flow used in investing activities during the quarter increased by €12 million year on year to €24 million. Maps continue to be our largest area of investment and we saw increased activity in customer specific Automotive projects and in navigation software development. Additionally we acquired the Coordina group in Spain.
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Consolidated condensed statement of income
| (in € thousands) | Q3 '13 | Q3 '12 | YTD '13 | YTD '12 | ||||||||
| Revenue | 244,056 | 273,561 | 695,889 | 768,124 | ||||||||
| Cost of sales | 106,573 | 123,286 | 318,081 | 367,721 | ||||||||
| Gross result | 137,483 | 150,275 | 377,808 | 400,403 | ||||||||
| Research and development expenses | 40,276 | 40,154 | 122,084 | 121,058 | ||||||||
| Amortisation of technology & databases | 20,962 | 19,900 | 59,262 | 62,234 | ||||||||
| Marketing expenses | 12,758 | 14,933 | 34,695 | 43,066 | ||||||||
| Selling, general and administrative expenses | 46,207 | 41,723 | 133,012 | 123,017 | ||||||||
| Stock compensation expense | 3,665 | 1,742 | 7,445 | 5,417 | ||||||||
| Total operating expenses | 123,868 | 118,452 | 356,498 | 354,792 | ||||||||
| Operating result | 13,615 | 31,823 | 21,310 | 45,611 | ||||||||
| Interest result | -765 | -3,187 | -2,145 | -9,711 | ||||||||
| Other finance result | 358 | -169 | -1,936 | 1,932 | ||||||||
| Result associates | 166 | 356 | 2,979 | 590 | ||||||||
| Result before tax | 13,374 | 28,823 | 20,208 | 38,422 | ||||||||
| Income tax | -2,009 | -6,554 | -3,373 | -8,743 | ||||||||
| Net result | 11,365 | 22,269 | 16,835 | 29,679 | ||||||||
| Net result attributable to: | ||||||||||||
| Equity holders of the parent | 11,248 | 22,283 | 16,281 | 29,612 | ||||||||
| Non-controlling interests | 117 | -14 | 554 | 67 | ||||||||
| Net result | 11,365 | 22,269 | 16,835 | 29,679 | ||||||||
| Basic number of shares (in thousands) | 221,940 | 221,895 | 221,913 | 221,895 | ||||||||
| Diluted number of shares (in thousands) | 223,871 | 222,023 | 222,751 | 221,983 | ||||||||
| EPS, € basic | 0.05 | 0.10 | 0.07 | 0.13 | ||||||||
| EPS, € diluted | 0.05 | 0.10 | 0.07 | 0.13 | ||||||||
