TomTom 2011 Annual Report Download - page 45

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43
Consolidated Statement of Cash Flows
for the year ended 31 December
(€ in thousands) Notes 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Operating result – 424,669 186,322
Financial gains (losses) 4,554 – 11,789
Amortisation of intangible assets 13 98,590 94,235
Depreciation of property, plant and equipment 14 20,507 14,863
Impairment charge 13 511,936 0
Equity-settled stock compensation expenses 22 7,996 12,901
Change in provisions – 10,224 – 5,180
Changes in working capital:
Change in inventories 27,915 – 26,987
Change in receivables and prepayments 113,384 – 27,617
Change in current liabilities (excluding provisions) – 154,770 28,545
CASH GENERATED FROM OPERATIONS 195,219 265,293
Interest received 92,871 977
Interest paid 9– 18,459 – 25,589
Corporate income taxes paid 10 – 5,456 – 30,378
NET CASH GENERATED FROM OPERATING ACTIVITIES 174,175 210,303
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in intangible assets 13 – 57,918 – 47,096
Investments in property, plant and equipment 14 – 16,502 – 17,866
Dividend received 15 1,628 0
NET CASH USED IN INVESTING ACTIVITIES – 72,792 – 64,962
CASH FLOWS USED IN FINANCING ACTIVITIES
Repayment of borrowings 24 – 210,000 – 210,000
Proceeds on issue of ordinary shares 21 724 817
Acquisition of non-controlling interests – 4,243 0
NET CASH USED IN FINANCING ACTIVITIES – 213,519 – 209,183
NET (DECREASE) IN CASH AND CASH EQUIVALENTS – 112,136 – 63,842
Cash and cash equivalents at the beginning of period 305,600 368,403
Effect of exchange rate changes on cash balances held in foreign currencies 115 1,039
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 193,579 305,600
The notes on pages 45 to 72 are an integral part of these Consolidated Financial Statements.