Adjusted EPS for the quarter was 0.01 versus 0.08 in Q1 '14. Q1 '14 included a one-off tax settlement of 0.04.
Trade receivables at the end of the quarter equalled 117 million compared to 133 million at the end of Q4 '14 mainly due to seasonally lower revenue in the first quarter of the year. Inventory was 47 million which is at the same level as at the end of Q4 '14. Cash and cash equivalents amounted to 117 million at the end of Q1 '15 (Q4 '14: 153 million).
Current liabilities excluding deferred revenue amounted to 243 million compared to 291 million at the end of Q4 '14. The quarter on quarter decrease was mainly driven by lower personnel-related accruals and lower trade payables balances.
Deferred revenue for the quarter amounted 143 million (Q4 '14: 146 million).
The carrying value of outstanding borrowings at the end of Q1 '15 was 39 million compared to 49 million at the end of 2014. The net cash position at the end of the quarter was 77 million (Q4 '14: 103 million).
The net cash used in operating activities during the quarter was 13 million compared to 15 million in Q1 '14.
The cash flow used in investing activities during the quarter was stable at 24 million compared to the same quarter of last year. The majority of the investments related to our new transactional map-making platform, our navigation engine NavKit and customer specific investments in Automotive.
In the first quarter, 2 million options, related to our long-term employee incentive programmes, were exercised resulting in an 11 million cash inflow.
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Consolidated condensed statement of income
|( in thousands)||
|Cost of sales||95,403||88,089|
|Research and development expenses||43,290||43,178|
|Amortisation of technology and databases||18,522||21,182|
|Selling, general and administrative expenses||43,381||42,120|
|Total operating expenses||114,941||115,778|
|Other financial result||-2,574||-1,176|
|Result of associates||97||136|
|Result before tax||-7,750||-549|
|Income tax gain||845||8,103|
|Net result attributable to:|
|Equity holders of the parent||-7,145||7,492|
|Basic number of shares (in thousands)||224,429||222,191|
|Diluted number of shares (in thousands)||228,661||224,431|