Deferred revenue for the quarter ended at 109 million (Q4 '13: 114 million). The decrease is mainly related to the timing of payments for some Licensing contracts.
At the end of the first quarter, we had a net cash position of 44 million. Net cash is the sum of the cash and cash equivalents at the end of the period (219 million) minus the outstanding gross borrowings (175 million).
For the quarter the net cash used in operating activities was 15 million versus a cash inflow of 92 million in Q1 '13. The cash from operating activities in Q1 '13 included a refund of 70 million from the 80 million tax settlement agreed upon with the Dutch Tax Authorities in 2012. Adjusted for this impact, the year on year decrease was mainly driven by a seasonal shift of working capital utilisation in Q1 '14.
The cash flow used in investing activities during the quarter increased by 3 million year on year to 24 million (Q1 '13: 21 million). The majority of the investments related to our new Map production platform, the Navigation engine NavKit and Customer specific investments in Automotive.
Consolidated condensed statement of income
|( in thousands)||Q1 '14||Q1 '13|
|Cost of sales||88,089||89,123|
|Research and development expenses||43,178||38,961|
|Amortisation of technology and databases||21,182||18,908|
|Selling, general and administrative expenses||42,120||43,800|
|Total operating expenses||115,778||112,418|
|Other finance result||-1,176||-995|
|Result of associates||136||254|
|Result before tax||-549||-1,809|
|Income tax income/(expense)||8,103||-387|
|Net result attributable to:|
|Equity holders of the parent||7,492||-2,265|
|Basic number of shares (in thousands)||222,191||221,895|
|Diluted number of shares (in thousands)||224,431||222,143|