Current liabilities were €381 million compared to €733 million at the end of the same quarter last year and €475 million in the previous quarter. The sequential decrease was mainly caused by a decrease in current borrowings to nil as we have already repaid our contractual 2013 repayment. Last year our total borrowings amounted to €357 million and were fully classified as current as repayment was scheduled in 2012.
Cash flow
During the quarter, we recorded a cash inflow from operations of €27 million which was mainly driven by our EBITDA of €29 million. In the quarter we received €70 million of the €80 million total settlement we agreed upon with the tax authorities in relation to prior year tax issues. The remaining €10 million is expected to be received during the second quarter.
The cash flow used in investing activities during the quarter increased to €21 million from €13 million in Q1 2012 and €15 million in the previous quarter. The majority of the investments were related to our Map production platform, the Navigation engine NavKit and Customer specific investments in our automotive segment.
The cash outflow in financing activities was €75 million because of the early repayment on our outstanding borrowings.
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Consolidated income statements
| (in € thousands) | Q1'13 | Q1'12 | |||
| Revenue | 201,589 | 232,901 | |||
| Cost of sales | 89,123 | 118,791 | |||
| Gross result | 112,466 | 114,110 | |||
| Research and development expenses | 38,181 | 38,310 | |||
| Amortisation of technology & databases | 18,908 | 21,237 | |||
| Marketing expenses | 10,687 | 12,557 | |||
| Selling, general and administrative expenses | 43,171 | 40,254 | |||
| Stock compensation expense | 1,471 | 1,896 | |||
| Total operating expenses | 112,418 | 114,254 | |||
| Operating result | 48 | -144 | |||
| Interest result | -1,116 | -3,480 | |||
| Other finance result | -995 | 2,576 | |||
| Result associates | 254 | 189 | |||
| Result before tax | -1,809 | -859 | |||
| Income tax | -387 | -645 | |||
| Net result | -2,196 | -1,504 | |||
| Minority interests | 69 | 29 | |||
| Net result attributed to the group | -2,265 | -1,533 | |||
| Basic number of shares (in millions) | 221.9 | 221.9 | |||
| Diluted number of shares (in millions) | 222.1 | 221.9 | |||
| EPS, € basic | -0.01 | -0.01 | |||
| EPS, € diluted | -0.01 | -0.01 |
