TomTom 2013 Annual Report Download - page 44

Download and view the complete annual report

Please find page 44 of the 2013 TomTom annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

(€ in thousands) Notes 2013 2012
Operating result 25,546 70,249
Financial losses –7,757 –784
Amortisation of intangible assets 13 100,404 95,999
Depreciation of property, plant and equipment 14 17,015 14,671
Equity-settled stock compensation expense 4,440 5,700
Change in provisions –5,285 –9,428
Change in working capital:
Change in inventories 3,753 13,819
Change in receivables and prepayments 33,059 47,660
Change in current liabilities (excluding provisions)116,861 –51,210
CASH GENERATED FROM OPERATIONS 188,036 186,676
Interest received 1,139 1,197
Interest paid –2,863 –9,908
Corporate income taxes received/(paid) 73,196 –11,025
CASH FLOWS FROM OPERATING ACTIVITIES 259,508 166,940
Investments in intangible assets 13 –68,414 –42,990
Investments in property, plant and equipment 14 –16,184 –9,311
Investments in financial fixed assets –6,942 0
Dividends received 15 1,036 1,487
CASH FLOWS FROM INVESTING ACTIVITIES –90,504 –50,814
Repayment of borrowings 24 –75,000 –388,000
Proceeds of new term loan 24 0 247,140
Dividends paid –377 –317
Proceeds on issue of ordinary shares 21 1,508 0
Redemption of equity instruments 0 –4,605
CASH FLOWS FROM FINANCING ACTIVITIES –73,869 –145,782
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 95,135 –29,656
Cash and cash equivalents at the beginning of period 164,459 193,579
Effect of exchange rate changes on cash balances held in foreign currencies –1,809 536
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 257,785 164,459
1Includes movements in the non-current portion of deferred revenue presented under Non-current liabilities.
The notes on pages 46 to 78 are an integral part of these consolidated financial statements.
Consolidated Statement of Cash Flows
for the year ended 31 December
ANNUAL REPORT AND ACCOUNTS 2013 / 44