Debt financing
On 31 March 2010, the carrying value of our borrowings amounted to €792 million, an increase of €2 million compared to the previous quarter which results from our amortised transaction costs which are added back to the borrowings over the life time of the borrowings (Q4 2009: €790 million). Excluding transaction costs, which are netted against the borrowings, our outstanding borrowings amounted to €808 million (Q4 2009: €808 million).
Our net debt position as of 31 March 2010 increased to €496 million from €442 million at the end of the previous quarter. The net debt is the sum of the borrowings (€808 million), minus cash and cash equivalents at the end of the period (€313 million) plus our financial lease commitments (€1 million).
The interest rate on the debt was 3.1% in the quarter.
Balance sheet
As of the end of Q1 2010 current assets decreased by €169 million compared to the end of the previous quarter, mainly driven by a strong decrease of €116 million in our trade receivables balance and a decrease of €55 million in the cash balance. Inventories decreased slightly during the quarter by €6 million to €61 million (Q4 2009: €67 million).
Current liabilities decreased by €194 million from €799 million in Q4 2009 to €605 million in Q1 2010. This was mainly caused by a decrease of €99 million in trade payables and €64 million in other liabilities and accruals. At the end of the quarter we had shareholder’s equity of €1,029 million up from €1,018 million at the beginning of the quarter.
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Consolidated income statements
| (in € thousands) | Q1’10 | Q1’09 | |||
| Revenue | 268,356 | 213,083 | |||
| Cost of sales | 124,105 | 105,764 | |||
| Gross result | 144,251 | 107,319 | |||
| Research and development expenses | 40,965 | 37,364 | |||
| Amortisation of technology & databases | 17,413 | 16,697 | |||
| Marketing expenses | 15,123 | 17,037 | |||
| Selling, general and administrative expenses | 50,988 | 51,930 | |||
| Stock compensation expense | 2,761 | 226 | |||
| Total operating expenses | 127,250 | 123,254 | |||
| Operating result | 17,001 | -15,935 | |||
| Interest result | -8,486 | -17,443 | |||
| Other finance result | -5,655 | -16,211 | |||
| Result associates | 929 | -245 | |||
| Result before tax | 3,789 | -49,834 | |||
| Income tax | -858 | 12,830 | |||
| Net result | 2,931 | -37,004 | |||
| Minority interests | -156 | -280 | |||
| Net result attributed to the group | 3,087 | -36,724 | |||
| Basic number of shares (in millions) | 221.7 | 149.2 | |||
| Diluted number of shares (in millions) | 222.1 | 150.8 | |||
| EPS, € basic | 0.01 | -0.25 | |||
| EPS, € diluted | 0.01 | -0.25 |
