TomTom Reports Fourth Quarter and Full Year 2015 Results

Consolidated condensed statements of cash flows


(€ in thousands)	Q4 '15 Unaudited	Q4 '14 Unaudited	FY '15 Audited	FY '14 Audited

Operating result	203	1,528	600	21,114
Financial gains/(losses)	278	-2,452	-2,364	-1,956
Depreciation,amortisation and impairment	41,536	26,696	123,096	114,711
Equity-settled stock compensation expenses	1,046	1,278	3,788	4,126
Change in provisions	-9,311	-3,905	-15,386	-3,702
Changes in working capital:
Change in inventories	8,968	7,599	2,468	-3,549
Change in receivables and prepayments	17,257	3,574	-18,038	-11,592
Change in liabilities (excluding provisions) ³	-1,645	3,790	29,115	15,568
Cash generated from operations	58,332	38,108	123,279	134,720

Interest received	112	158	504	1,467
Interest paid	-57	-1,470	-958	-3,817
Corporate income taxes paid	-830	-4,416	-4,050	-13,741
Cash flows from operating activities	57,557	32,380	118,775	118,629

Investments in intangible assets	-22,889	-18,528	-86,154	-72,700
Investments in property, plant and equipment	-4,018	-4,592	-21,577	-16,564
Acquisition of subsidiaries and other businesses	-28,175	-10,776	-46,651	-17,280
Dividend received	62	58	167	58
Cash flows from investing activities	-55,020	-33,838	-154,215	-106,486

Repayment of borrowings	0	-175,000	0	-175,000
Change in utilisation of credit facility	15,000	50,000	-5,000	50,000
Change in non-controlling interest	0	0	-126	0
Dividends paid	0	-177	0	-177
Proceeds on issue of ordinary shares	4,484	977	34,397	6,794
Cash flows from financing activities	19,484	-124,200	29,271	-118,383

Net increase / (decrease) in cash and cash equivalents	22,021	-125,658	-6,169	-106,240
Cash and cash equivalents at the beginning of period	124,427	278,621	152,949	257,785
Effect of exchange rate changes on cash balances held in foreign currencies	1,117	-14	785	1,404
Cash and cash equivalents at end of period	147,565	152,949	147,565	152,949

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