At 31 December 2015, we reported a net cash position of €98 million (Q4 '14: net cash of €103 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€148 million) minus the borrowings (€49 million).

Cash flow

The cash flow from operating activities for the quarter was €58 million compared with €32 million in Q4 '14. The year on year increase was mainly driven by lower utilisation of working capital. On a full year basis, cash flow from operating activities remained at the same level as in 2014 and amounted to €119 million.

The cash flow used in investing activities during the quarter increased by €21 million year on year to €55 million mainly due to our recent Telematics acquisition in Poland. On a full year basis, the cash flow used in investing activities was €154 million, an increase of €48 million year on year. The majority of the investments related to two acquisitions as well as investments in our new transactional map-making platform, the NDS-based navigation system and customer specific investments in Automotive.

In the quarter, 0.9 million options related to our long-term employee incentive programmes were exercised resulting in a €4.5 million cash inflow. The net cash inflow from the exercise of options for the full year 2015 amounted to €34 million.

- END –

Consolidated condensed statement of income

(€ in thousands)			Q4 '15 Unaudited			Q4 '14 Unaudited			FY '15 Audited			FY '14 Audited
Revenue			282,488			258,399			1,006,607			950,292
Cost of sales			143,523			125,517			488,080			426,966
Gross result			138,965			132,882			518,527			523,326
Research and development expenses			46,807			45,559			185,443			174,014
Amortisation of technology and databases			19,939			19,578			76,694			88,100
Marketing expenses			25,777			19,768			83,438			69,559
Selling, general and administrative expenses			46,239			46,449			172,352			170,539
Total operating expenses			138,762			131,354			517,927			502,212
Operating result			203			1,528			600			21,114
Interest result			-170			-1,118			-925			-3,145
Other financial result			-2,437			-1,581			-7,343			-3,720
Result of associates			164			81			167			374
Result before tax			-2,240			-1,090			-7,501			14,623
Income tax gain			23,179			1,558			25,794			8,032
Net result			20,939			468			18,293			22,655
Net result attributable to:
Equity holders of the parent			20,824			466			18,122			22,549
Non-controlling interests			115			2			171			106
Net result			20,939			468			18,293			22,655
Basic number of shares (in thousands)			230,131			223,540			227,771			222,689
Diluted number of shares (in thousands)			237,656			226,428			232,378			225,122
EPS, € basic			0.09			0.00			0.08			0.10
EPS, € diluted			0.09			0.00			0.08			0.10

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