The net result for the quarter was a loss of €34 million compared with a loss of €5.6 million in Q4 '16. The net result adjusted for acquisition-related expenses & gains, impairments and material restructuring and disposal costs on a post-tax basis was a gain of €14 million compared with €11 million in Q4 '16.

Adjusted EPS for the quarter was a gain of €0.06 versus €0.05 in Q4 '16. Adjusted EPS for 2017 was €0.26 (FY '16: €0.23).

Balance sheet

Trade receivables plus other receivables totalled €167 million in Q4 '17 compared with €179 million at the end of Q4 '16. The inventory level at the end of the quarter was €32 million, compared with €54 million at the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €121 million versus €143 million at the end of Q4 '16.

Current liabilities excluding deferred revenue were €237 million compared with €266 million at the end of Q4 '16. The year on year decrease is mainly due to a decrease in trade payables.

Deferred revenue was €244 million at the end of Q4 '17, compared with €204 million at the end of the same quarter last year. The year on year increase reflects the increased deferred revenue position related to Automotive contracts with upfront payments.

Deferred revenue balance by segment
(€ in millions)			31 December 2017		31 December 2016		y.o.y. change
Automotive & Enterprise			127.4		70.0		82%
Automotive			113.4		58.6		94%
Enterprise			14.0		11.4		22%
Telematics			1.5		1.7		-14%
Consumer			114.8		132.7		-14%
Total deferred revenue			243.6		204.4		19%
Change amounts are calculated before rounding

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