The new credit facility comprises of a revolving credit facility of €250 million, which will provide us with the flexibility to manage our operating and investment financing needs. The carrying value of our outstanding borrowings at the end of Q4 '14 was €49 million (Q4 '13: €173 million) net of transaction costs of €1 million.
Current liabilities excluding deferred revenue were €291 million compared to €383 million at the end of Q4 '13. The year on year decrease was mainly driven by the decrease of the short-term borrowings which were €74 million at the end of Q4 '13. Trade payables amounted to €88 million, €6 million higher compared to Q4 '13. Tax and social security liabilities amounted to €18 million compared to €28 million at the end of Q4 '13.
Deferred revenue balance by segment
|(€ in millions)||31 December 2014||31 December 2013||
|Total deferred revenue||145.7||113.8||31.9|
Deferred revenue amounted to €146 million at the end of the quarter (Q4 '13: €114 million). The year on year increase mainly related to the increase of deferred revenue from the lifetime maps content and traffic services bundled in our PND ranges.
At 31 December 2014 we had a net cash position of €103 million (Q4 '13: €83 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€153 million) minus the outstanding gross borrowings (€50 million).
Cash flow from operating activities for the quarter was €32 million compared to €51 million in Q4 '13. The year on year decrease was mainly driven by lower results and higher working capital utilisation in Q4 '14. On a full year basis, cash flow from operating activities was €119 million compared to €180 million in 2013 (excluding the €80 million tax refund from the Dutch tax authorities received in 2013).
The cash flow used in investing activities during the quarter increased by €13 million year on year to €34 million. On a full year basis the cash flow used in investing activities was €107 million, an increase of €16 million year on year. The majority of the investments related to our new transactional map-making platform, the navigation engine NavKit, customer specific investments in Automotive and the recent acquisitions in Telematics.
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Consolidated condensed statement of income
|(€ in thousands)||Q4 '14 Unaudited||Q4 '13 Unaudited||FY '14 Audited||FY '13 Audited|
|Cost of sales||125,517||124,126||426,966||442,207|
|Research and development expenses||45,559||43,655||174,014||168,155|
|Amortisation of technology and databases||19,578||22,175||88,100||81,436|
|Selling, general and administrative expenses||46,449||45,466||170,539||183,314|
|Total operating expenses||131,354||139,204||502,212||495,701|
|Other financial result||-1,581||317||-3,720||-1,619|
|Result of associates||81||112||374||3,091|
|Result before tax||-1,090||3,862||14,623||24,073|
|Income tax gain/(charge)||1,558||-637||8,032||-4,010|
|Net result attributable to:|
|Equity holders of the parent||466||3,255||22,549||19,539|
|Basic number of shares (in thousands)||223,540||222,061||222,689||221,950|
|Diluted number of shares (in thousands)||226,428||224,994||225,122||223,307|
|EPS, € basic||0.00||0.01||0.10||0.09|
|EPS, € diluted||0.00||0.01||0.10||0.09|