Total depreciation and amortisation costs amounted to €26 million in the quarter, 6% lower compared to last year (Q1 '14: €28 million). Acquisition-related amortisation amounted to €12.7 million in the quarter compared to €13.2 million in Q1 '14. This year on year decline relates to certain map-making tools that have been fully amortised in 2014, partly offset by increased amortisation charges relating to acquisitions in Telematics.

Financial income and expenses

The interest charge for the quarter was €0.2 million versus an interest charge of €1.0 million in Q1 '14. The lower interest charge is due to the lower interest rate applied against lower outstanding borrowings this year. The other financial result for the quarter was a loss of €2.6 million (Q1 '14: loss of €1.2 million), mainly reflecting the impact of losses resulting from the revaluation of foreign currency denominated monetary balance sheet items which were not fully offset by the positive hedging results.

Income tax

The net income tax for the quarter was a gain of €0.8 million versus a net income tax gain of €8.1 million in Q1 '14. Our Q1 '14 tax result was driven by a one-off release of a tax provision following the finalisation of an overseas tax audit. The effective tax rate (ETR) for the quarter was 10.9%.

Net result

(€ in millions, unless stated otherwise)			Q1 '15			Q1 '14			y.o.y. change
Net result			-6.9			7.6
Net result attributed to equity holders			-7.1			7.5
Amortisation of acquired intangibles			12.7			13.2			-4%
Tax effect of adjustments			-3.2			-3.3			-4%
Adjusted net result			2.4			17.4			-86%
Adjusted EPS, € fully diluted			0.01			0.08			-87%
Change percentages are based on non-rounded figures

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