From a regional perspective, 77% of 2015 revenue was generated in Europe² (FY '14: 76%), 18% in North America (FY '14: 17%) and the remaining 5% in the rest of the world (FY '14: 7%).

Gross margin

The gross margin for the quarter was 49% compared with 51% in the same quarter last year. In the quarter, we recorded an impairment charge of €11 million related to certain Automotive customer specific technology as part of cost of sales.

On a full year basis, gross margin was 52% compared with 55% last year. Gross margin in 2015 was negatively impacted by the above-mentioned impairment charge as well as the weakening of the euro against the US dollar, partly offset by relatively higher share of Content & Services revenue. At constant currency rates for the US dollar and GB pound, our gross margin for Q4 ’15 and FY ’15 would have been 53% and 56% respectively.

Operating expenses

Total operating expenses for the quarter were €139 million, which is €7.4 million higher compared with the same quarter last year (Q4 '14: €131 million). The higher operating expenses were mainly driven by an increase in marketing expenses and to a lesser extent R&D.

On a full year basis, total operating expenses amounted to €518 million compared with €502 million in 2014. The increase in operating expenses was mainly driven by higher personnel expenses and marketing expenses, partly offset by a decrease in depreciation and amortisation as well as a one-off gain from a settlement of a litigation case.

As a result of the above-mentioned increase in operating expenses and the decrease in gross margin, our EBIT for the year was at break-even compared with €21 million last year.

FX sensitivity

Actual key Q4 '15 / FY '15 financials recalculated based on last year (Q4 '14 / FY '14) FX rates (€ in millions, unless stated otherwise)			Q4 '15 actual reported			Q4 '15 recalculated at Q4 '14 FX rates1			FY '15 actual reported			FY '15 recalculated at FY '14 FX rates1
Revenue			282.5			274.6			1,006.6			970.1
Gross result			139.0			145.1			518.5			543.9
Gross margin			49%			53%			52%			56%
EBIT			0.2			9.6			0.6			40.5
EBIT margin			0%			3%			0%			4%
P&L RATES IN €			Q4 '15			Q4 '14			FY '15			FY '14
US dollar			1.09			1.25			1.11			1.33
GB pound			0.72			0.79			0.73			0.81

1 The Q4 '15 / FY '15 income and expense in US dollar and GB pound have been converted to euro using Q4 '14 / FY '14 average rates. All other foreign currencies have not been converted.

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