On 30 September 2012, the carrying value of our borrowings had decreased to €289 million, compared to €338 million at the end of the previous quarter. This is the result of an early repayment of €50 million during the quarter (€98 million has been repaid year to date). Excluding transaction costs, which are netted against the borrowings, our outstanding borrowings amounted to €290 million (Q2 2012: €340 million).
Net debt on 30 September 2012 was €153 million compared to €191 million at the end of the previous quarter. Net debt is the sum of the borrowings (€290 million), minus cash and cash equivalents at the end of the period (€137 million).
At the end of Q3 2012 our accounts receivable plus other receivables amounted to €218 million (Q3 2011: €267 million; Q2 2012: €207 million). The year on year decrease of €49 million in the receivables balance is mainly reflecting the year on year decline in revenue. The inventory level was €59 million, a decrease of €14 million year on year and a decrease of €5.0 million compared to the previous quarter. Cash and cash equivalents at the end of the quarter were €137 million.
Current liabilities were €717 million compared to €543 million at the end of the same quarter last year and €741 million in the previous quarter. The year on year increase is mainly caused by the presentation of the remaining outstanding bank loan as short term. A forward start facility, which will replace the existing borrowings as of 31 December 2012, is in place. The sequential decrease in current liabilities was mainly caused by the early debt repayment of €50 million.
Cash flow from operations for the quarter amounted to €53 million compared to €75 million in Q3 2011. The decrease in cash flow was mainly driven by the lower operating result and movements in working capital. Year to date we have consumed €39 million in working capital compared to €102 million in the same period last year.
The cash flow used in investing activities during the quarter decreased to €13 million from €20 million in the same quarter last year and increased sequentially by €2.2 million compared to €10 million in Q2 2012.
Consolidated income statements
|(in € thousands)||Q3’12||Q3’11||YTD '12||YTD '11|
|Cost of sales||123,286||163,625||367,721||442,119|
|Research and development expenses||40,154||43,573||121,058||126,077|
|Amortisation of technology & databases||19,900||19,787||62,234||57,612|
|Selling, general and administrative expenses||41,723||49,241||123,017||148,406|
|Stock compensation expense||1,742||2,324||5,417||7,196|
|Total operating expenses||118,452||132,084||354,792||908,782|
|Other finance result||-169||1,529||1,932||5,379|
|Result before tax||28,823||36,257||38,422||-448,080|
|Net result attributed to the group||22,283||28,938||29,612||-449,731|
|Basic number of shares (in thousands)||221,895||221,895||221,895||221,869|
|Diluted number of shares (in thousands)||222,023||221,940||221,983||221,886|
|EPS, € basic||0.10||0.13||0.13||-2.03|
|EPS, € diluted||0.10||0.13||0.13||-2.03|