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).

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Consolidated condensed statement of income