The net result for the quarter was €21 million compared with €0.5 million in Q4 '14. The net result adjusted for acquisition-related amortisation & gain on a post-tax basis and the remeasurement of our deferred tax liability was €23 million compared with €10 million in Q4 '14.

Adjusted EPS for the quarter was €0.10 versus €0.04 in Q4 '14. Adjusted EPS for 2015 was €0.21 (FY '14: €0.27).

Balance sheet

At the end of the quarter, trade receivables plus other receivables amounted to €192 million compared with €166 million at the end of Q4 '14. The inventory level was €49 million, slightly higher compared with the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €148 million versus €153 million at the end of Q4 '14.

Total current liabilities excluding deferred revenue amounted to €293 million compared with €291 million at the end of Q4 '14. The increase mainly came from higher trade payables and short term borrowings balance offset by lower accruals.

Deferred revenue was €187 million at the end of Q4 '15, compared with €146 million at the end of the same quarter last year. The year on year increase reflects the increasing number of products with lifetime service offerings within Consumer, as well as an increased deferred revenue position related to Licensing and Automotive contracts with upfront payments.

Deferred revenue balance by segment

(€ in millions)			31 December 2015			31 December 2014			y.o.y. change
Consumer			130.4			104.8			25.6
Automotive			22.6			12.6			10.0
Licensing			31.2			25.6			5.6
Telematics			2.7			2.7			0
Total deferred revenue			186.9			145.7			41.2
Change amounts are based on non-rounded figures.

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