TomTom Reports Third Quarter 2013 Results

Cash flow

Cash flow from operating activities for the quarter was €71 million compared to €50 million in Q3 '12. The increase was mainly driven by higher working capital from other liabilities.

The cash flow used in investing activities during the quarter increased by €12 million year on year to €24 million. Maps continue to be our largest area of investment and we saw increased activity in customer specific Automotive projects and in navigation software development. Additionally we acquired the Coordina group in Spain.

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Consolidated condensed statement of income

(in € thousands)	Q3 '13	Q3 '12	YTD '13	YTD '12

Revenue	244,056	273,561	695,889	768,124
Cost of sales	106,573	123,286	318,081	367,721
Gross result	137,483	150,275	377,808	400,403

Research and development expenses	40,276	40,154	122,084	121,058
Amortisation of technology & databases	20,962	19,900	59,262	62,234
Marketing expenses	12,758	14,933	34,695	43,066
Selling, general and administrative expenses	46,207	41,723	133,012	123,017
Stock compensation expense	3,665	1,742	7,445	5,417
Total operating expenses	123,868	118,452	356,498	354,792

Operating result	13,615	31,823	21,310	45,611

Interest result	-765	-3,187	-2,145	-9,711
Other finance result	358	-169	-1,936	1,932
Result associates	166	356	2,979	590
Result before tax	13,374	28,823	20,208	38,422

Income tax	-2,009	-6,554	-3,373	-8,743
Net result	11,365	22,269	16,835	29,679

Net result attributable to:
Equity holders of the parent	11,248	22,283	16,281	29,612
Non-controlling interests	117	-14	554	67
Net result	11,365	22,269	16,835	29,679

Basic number of shares (in thousands)	221,940	221,895	221,913	221,895
Diluted number of shares (in thousands)	223,871	222,023	222,751	221,983

EPS, € basic	0.05	0.10	0.07	0.13
EPS, € diluted	0.05	0.10	0.07	0.13

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