TomTom 2012 Annual Report Download - page 39

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37
Consolidated Statement of Cash Flows
for the year ended 31 December
(€ in thousands) Notes 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Operating result 70,249 – 424,669
Financial (losses) gains – 784 4,554
Amortisation of intangible assets 13 95,999 98,590
Depreciation of property, plant and equipment 14 14,671 20,507
Impairment charge 13 0511,936
Equity-settled stock compensation expense 22 5,700 7,996
Change in provisions – 9,428 – 10,224
Changes in working capital:
Change in inventories 13,819 27,915
Change in receivables and prepayments 47,660 113,384
Change in current liabilities (excluding provisions)1 – 51,210 – 154,770
CASH GENERATED FROM OPERATIONS 186,676 195,219
Interest received 91,197 2,871
Interest paid 9– 9,908 – 18,459
Corporate income taxes paid – 11,025 – 5,456
NET CASH GENERATED FROM OPERATING ACTIVITIES 166,940 174,175
CASH FLOWS USED IN INVESTING ACTIVITIES
Investments in intangible assets 13 – 42,990 – 57,918
Investments in property, plant and equipment 14 – 9,311 – 16,502
Dividend received 15 1,487 1,628
NET CASH USED IN INVESTING ACTIVITIES – 50,814 – 72,792
CASH FLOWS USED IN FINANCING ACTIVITIES
Repayment of borrowings 24 – 388,000 – 210,000
Proceeds of new term loan 24 247,140 0
Dividends paid – 317 0
Proceeds on issue of ordinary shares 21 0724
Redemption of equity instruments – 4,605 0
Acquisition of non-controlling interests 0– 4,243
NET CASH USED IN FINANCING ACTIVITIES – 145,782 – 213,519
NET DECREASE IN CASH AND CASH EQUIVALENTS – 29,656 – 112,136
Cash and cash equivalents at the beginning of period 193,579 305,600
Effect of exchange rate changes on cash balances held in foreign currencies 536 115
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 164,459 193,579
1 Includes movements in the non-current portion of deferred revenue presented under Other long term liabilities.
The notes on pages 39 to 68 are an integral part of these consolidated fi nancial statements.