9. Discontinued operations
The following table summarizes the results from discontinued operations for the years ended 31 December 2014 and 2013.
|
|
Year ended 31 December, |
|
|
(thousands of €, except share and per share data) |
2014 |
2013 |
|
Service revenues |
17,502 |
61,074 |
|
Other income |
669 |
1,902 |
|
Total revenues and other income |
18,171 |
62,976 |
|
|
|
|
|
Services cost of sales |
(11,283) |
(41,297) |
|
General and administrative expenses |
(3,772) |
(14,077) |
|
Sales and marketing expenses |
(255) |
(948) |
|
Restructuring and integration costs |
(38) |
(760) |
|
Gain on sale of service division |
67,508 |
- |
|
Operating income |
70,331 |
5,895 |
|
|
|
|
|
Finance income / expense (–) |
417 |
(954) |
|
|
|
|
|
Income before tax |
70,748 |
4,941 |
|
|
|
|
|
Income taxes |
(234) |
3,791 |
|
|
|
|
|
Net income from discontinued operations |
70,514 |
8,732 |
|
|
|
|
|
Basic and diluted income per share from discontinued operations |
2.34 |
0.30 |
|
Weighted average number of shares (in thousands of shares) |
30,108 |
28,787 |
The service division was sold on 1 April 2014. The above table illustrates the results of the discontinued operations included in the consolidated results of operations for the years ended 31 December 2014 and 2013. For the year ended 31 December 2014, results only relate to the period from 1 January 2014 through the disposal on 1 April 2014.
Service revenues amounted to €17.5 million in the first quarter of 2014 which showed a strong increase compared to the revenue trend in 2013. Other income reported in 2014 represented income from R&D incentives related to one quarter of activity. Services cost of sales, general and administrative expenses and sales and marketing expenses showed a slight increase compared to the trend of the operating costs in 2013, following the growth of the service division.
Net income amounting to €70.5 million in 2014 was mainly driven by the €67.5 million gain on disposal of the service division.
Cash flows from discontinued operations can be summarized as follows:
|
|
Year ended 31 December, |
|
|
(thousands of €) |
2014 |
2013 |
|
Net cash flows generated / used (–) in operating activities |
(1,722) |
7,855 |
|
Net cash flows generated / used (–) in investing activities |
122,580 |
(4,308) |
|
Net cash flows generated / used (–) in financing activities |
|
(34) |
|
Net cash generated |
120,858 |
3,513 |