The net result for the quarter was a gain of €0.6 million compared with a gain of €1.7 million in Q3 '15. The adjusted net result on a post-tax basis was €12 million compared with €12 million in Q3 '15. This translates to an adjusted EPS of €0.05 for the quarter (Q3 '15: €0.05).
Balance sheet
At the end of the quarter, trade receivables plus other receivables totalled €219 million compared with €199 million at the end of Q3 '15. The inventory level was €61 million, an increase of €7 million compared with €54 million at the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €129 million versus €124 million at the end of Q3 '15.
Current liabilities excluding deferred revenue were €300 million compared with €279 million at the end of Q3 '15.
Deferred revenue was €206 million at the end of Q3 '16, compared with €190 million at the end of the same quarter last year. The year on year increase reflects the increased deferred revenue position related to Automotive contracts with upfront payments or lifetime offerings, as well as an increasing number of products with lifetime service offerings within Consumer.
At 30 September 2016, we reported a net cash position of €81 million (Q3 '15: net cash of €94 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€129 million) minus the nominal amount of the borrowings (€48 million).
Cash flow
The cash flow from operating activities for the quarter was €54 million compared with €47 million in the same quarter last year. This increase is mainly due to lower working capital utilisation partly offset by higher tax payments in the quarter.
The cash flow used in investing activities during the quarter was €32 million (Q3 '15: €31 million).
The cash flow used in financing activities mainly reflects a lower utilisation of €30 million from our credit facility. In the quarter, 340 thousand options (Q3 '15: 649 thousand options), related to our long-term employee incentive programmes, were exercised resulting in an €1.3 million cash inflow (Q3 '15: €3.0 million).
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Consolidated condensed statement of income
| (€ in thousands) | Q3 '16 Unaudited | Q3 '15 Unaudited | YTD '16 Unaudited | YTD '15 Unaudited | ||||
| Revenue | 239,331 | 254,231 | 721,711 | 724,119 | ||||
| Cost of sales | 94,690 | 119,161 | 308,507 | 344,557 | ||||
| Gross result | 144,641 | 135,070 | 413,204 | 379,562 | ||||
| Research and development expenses | 50,680 | 43,275 | 140,888 | 138,636 | ||||
| Amortisation of technology and databases | 22,571 | 19,589 | 64,304 | 56,755 | ||||
| Marketing expenses | 19,159 | 22,616 | 55,762 | 57,661 | ||||
| Selling, general and administrative expenses | 51,278 | 44,703 | 142,858 | 126,113 | ||||
| Total operating expenses | 143,688 | 130,183 | 403,812 | 379,165 | ||||
| Operating result | 953 | 4,887 | 9,392 | 397 | ||||
| Interest result | -404 | -328 | -1,086 | -755 | ||||
| Other financial result | 513 | -2,633 | 991 | -4,906 | ||||
| Result of associates | 97 | -210 | 558 | 3 | ||||
| Result before tax | 1,159 | 1,716 | 9,855 | -5,261 | ||||
| Income tax (expense)/gain | -594 | 8 | 7,663 | 2,615 | ||||
| Net result | 565 | 1,724 | 17,518 | -2,646 | ||||
| Net result attributable to: | ||||||||
| Equity holders of the parent | 595 | 1,812 | 17,453 | -2,702 | ||||
| Non-controlling interests | -30 | -88 | 65 | 56 | ||||
| Net result | 565 | 1,724 | 17,518 | -2,646 | ||||
| Basic number of shares (in thousands) | 232,424 | 229,199 | 231,413 | 226,974 | ||||
| Diluted number of shares (in thousands) | 235,265 | 236,881 | 234,898 | 231,610 | ||||
| EPS, € basic | 0.00 | 0.01 | 0.08 | -0.01 | ||||
| EPS, € diluted | 0.00 | 0.01 | 0.07 | -0.01 |
