AMSTERDAM — (BUSINESS WIRE) — February 8, 2016 — Financial summary Q4 '15
- Group revenue of 282 million (Q4 '14: 258 million)
- Gross margin of 49% (Q4 '14: 51%)
- EBIT margin of 0% (Q4 '14: 1%)
- Cash flow from operating activities of 58 million (Q4 '14: 32 million)
Financial summary FY '15
- Group revenue of 1,007 million (FY '14: 950 million)
- Gross margin of 52% (FY '14: 55%)
- EBIT margin of 0% (FY '14: 2%)
- Adjusted EPS1 of 0.21 (FY '14: 0.27)
- Cash flow from operating activities of 119 million (FY '14: 119 million)
- Net cash position of 98 million (Q4 '14: 103 million)
Operational summary
- Consumer shipped over 600,000 GPS sport watches in the year
- Automotive bookings exceeded 300 million in 2015
- Multi-year agreement with Uber announced to provide worldwide maps and traffic data
- New map-making platform is live
- Telematics acquired Finder, leading fleet management service provider in Poland
Outlook 2016
- Revenue to grow to around 1,050 million
- Adjusted EPS1 to grow by around 10% to 0.23
Key figures
( in millions, unless stated
|
Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
|||||||||||
Consumer | 175.9 | 172.1 | 2% | 623.6 | 619.1 | 1% | |||||||||||
Automotive | 30.3 | 23.6 | 28% | 105.9 | 109.4 | -3% | |||||||||||
Licensing | 39.3 | 31.6 | 24% | 142.1 | 111.6 | 27% | |||||||||||
Telematics | 37.0 | 31.1 | 19% | 135.0 | 110.2 | 22% | |||||||||||
REVENUE | 282.5 | 258.4 | 9% | 1,006.6 | 950.3 | 6% | |||||||||||
GROSS RESULT | 139.0 | 132.9 | 5% | 518.5 | 523.3 | -1% | |||||||||||
Gross margin | 49% | 51% | 52% | 55% | |||||||||||||
EBITDA | 41.7 | 28.2 | 48% | 123.7 | 135.8 | -9% | |||||||||||
EBITDA margin | 15% | 11% | 12% | 14% | |||||||||||||
OPERATING RESULT (EBIT) | 0.2 | 1.5 | 0.6 | 21.1 | |||||||||||||
EBIT margin | 0% | 1% | 0% | 2% | |||||||||||||
NET RESULT | 20.9 | 0.5 | 18.3 | 22.7 | -19% | ||||||||||||
ADJUSTED NET RESULT | 23.1 | 9.7 | 49.6 | 60.3 | -18% | ||||||||||||
EPS, fully diluted | 0.09 | 0.00 | 0.08 | 0.10 | -22% | ||||||||||||
Adjusted EPS1, fully diluted | 0.10 | 0.04 | 0.21 | 0.27 | -20% | ||||||||||||
Change percentages are based on non-rounded figures. |
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TomTom's Chief Executive Officer, Harold Goddijn
We delivered top-line growth in 2015, for the first time in five years. The weakening of the euro in combination with higher investments in our core technologies affected our profitability negatively in 2015. As a result, our EBIT for the year was at break-even. The net result for 2015 was 18 million, which translates to adjusted earnings per share of 0.21.
Consumer continued to make further inroads in establishing a multi-product consumer business with GPS sport watches and action cameras. Automotive broke the 2014 record of new bookings, Licensing delivered strong growth through existing and new customers and Telematics saw continued strong growth in installed base and recurring revenue.
We made substantial progress with our core technologies across the group. We completed the move to our new map-making platform this year. This platform is the first of its kind in the industry and a leap forward in map-making technologies. We have integrated the NDS map format into our navigation software on device-based and server-based navigation applications and we continued to increase our market share in traffic, increasing our global coverage and enhancing our traffic services.
Our skills and expertise in location data and technologies give us confidence that TomTom is well positioned to capture on growing opportunities in the area of Autonomous Driving, Connected Car, Fleet Management services and Consumer Wearables.
Outlook 2016
In 2016, we plan for revenue to grow to around 1,050 million. Adjusted EPS1 is expected to grow by around 10% to 0.23.
We expect the level of investment (both CAPEX and OPEX) in our core technologies to be higher than last year. In particular, we are investing in advanced content and software for the automotive industry (e.g. to enable Autonomous Driving) and in our new map-making platform.
Financial and business review
Group revenue
We generated revenue of 282 million in the fourth quarter, an increase of 9% compared with 258 million in Q4 '14. We saw growth coming through across all four business units in the quarter.
In 2015, we delivered revenue of over 1 billon, 6% higher compared with 950 million in 2014. Our Licensing, Telematics and Consumer Sports businesses grew strongly to offset the reduction in PND revenue, which remained the biggest revenue contributor for the group. Our Automotive business showed a modest decline year on year. This decline is mainly due to the phasing out of certain legacy contracts.
Consumer
( in millions, unless stated otherwise) |
Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
||||||||||||
Consumer products | 156.7 | 155.7 | 1% | 551.2 | 548.4 | 1% | ||||||||||||
Automotive hardware | 19.2 | 16.4 | 17% | 72.4 | 70.7 | 2% | ||||||||||||
Total Consumer revenue | 175.9 | 172.1 | 2% | 623.6 | 619.1 | 1% | ||||||||||||
|
||||||||||||||||||
Consumer segment EBITDA | 14.1 | 55.3 | -75% | |||||||||||||||
EBITDA margin (%) | 2% | 9% | ||||||||||||||||
Consumer segment EBIT | 2.6 | 36.2 | -93% | |||||||||||||||
EBIT margin (%) | 0% | 6% | ||||||||||||||||
Key PND market data | ||||||||||||||||||
Europe2 |
||||||||||||||||||
Market size (# units sold in millions) | 1.8 | 2.0 | -10% | 6.8 | 7.4 | -8% | ||||||||||||
TomTom market share | 54% | 53% | 52% | 52% | ||||||||||||||
North America |
||||||||||||||||||
Market size (# units sold in millions) | 0.9 | 1.3 | -28% | 3.2 | 4.0 | -22% | ||||||||||||
TomTom market share | 15% | 13% | 17% | 15% | ||||||||||||||
Change percentages are based on non-rounded figures. |
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Total Consumer revenue for the quarter was 176 million, an increase of 2% compared with 172 million in Q4 '14. Total Consumer products revenue amounted to 157 million in the quarter, 1 million higher than in the same quarter last year (Q4 '14: 156 million). The Automotive hardware revenue increased by 17% year on year to 19 million in the quarter (Q4 '14: 16 million). This year on year increase was mainly due to changes in the product mix.
On a full year basis, Consumer products revenue increased by 1% and amounted to 551 million (FY '14: 548 million). The year on year growth was mainly driven by a strong growth in our Sports category, partially offset by modestly lower PND revenue.
Our PND business developed better than the market in 2015. We maintained our leading market position in Europe, improved our market share in North America and we strengthened our average selling price (ASP), which resulted in value share growth and a modest decline of our PND revenue in 2015. Sports revenue amounted to 69 million in 2015, an increase of 40% compared with last year (FY '14: 50 million). We shipped over 600,000 GPS sport watches in 2015.
Automotive
( in millions, unless stated otherwise) | Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
||||||||||||
Automotive revenue | 30.3 | 23.6 | 28% | 105.9 | 109.4 | -3% | ||||||||||||
Automotive segment EBITDA | 26.1 | 20.1 | 30% | |||||||||||||||
EBITDA margin (%) | 25% | 18% | ||||||||||||||||
Automotive segment EBIT | -33.9 | -28.7 | 18% | |||||||||||||||
EBIT margin (%) | -32% | -26% | ||||||||||||||||
Change percentages are based on non-rounded figures. |
||||||||||||||||||
Automotive revenue for the quarter was 30 million, a 28% increase year on year mainly reflecting increase in maps and traffic revenue of recently announced contracts.
On a full year basis, Automotive revenue was 106 million compared with 109 million last year. The modest year on year decline was mainly the result of the phasing out of certain legacy contracts in combination with a higher share of deferred revenue compared with 2014. Deferred revenue in Automotive relates to map and traffic services from recent contract wins that will be delivered over time. As a result, the IFRS recognition of our Automotive revenue includes deferral elements as of 2014, which impacts the year on year comparison. A breakdown of deferred revenue is provided in the Balance sheet section.
We announced that BMW has chosen our traffic information in Russia, Australia and New Zealand. The service is available cross car-line as part of the Connected Drive offer on BMW vehicles. In addition, Daimler chose our navigation services for its new Mercedes me app. We also launched HD test map data for all interstate roads in California and all interstates and freeways in Michigan. By delivering TomToms HD Map and RoadDNA products for states that serve as testing grounds for driverless cars, we enable the automotive industry to bring autonomous driving closer to reality.
Licensing
( in millions, unless stated otherwise) | Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
||||||||||||
Licensing revenue | 39.3 | 31.6 | 24% | 142.1 | 111.6 | 27% | ||||||||||||
Licensing segment EBITDA | 42.3 | 30.1 | 41% | |||||||||||||||
EBITDA margin (%) | 30% | 27% | ||||||||||||||||
Licensing segment EBIT | 0.0 | -11.4 | -100% | |||||||||||||||
EBIT margin (%) | 0% | -10% | ||||||||||||||||
Change percentages are based on non-rounded figures. |
||||||||||||||||||
Our Licensing revenue in Q4 '15 was 39 million, 24% higher compared with the same quarter last year (Q4 '14: 32 million). On a full year basis, Licensing reported total revenue of 142 million, a 27% increase compared with 112 million in 2014. The increase in revenue was driven by the renewal and increased scope of existing contracts, addition of new customers as well as a good progress made in the Geospatial segment.
In the quarter, we announced a new global, multi-year agreement with Uber to provide our global maps and traffic products for their Uber driver application.
Telematics
( in millions, unless stated otherwise) | Q4 '15¹ | Q4 '14 |
y.o.y.
|
FY '15¹ | FY '14 |
y.o.y.
|
||||||||||||
Hardware and other services revenue2 | 11.0 | 9.7 | 14% | 37.2 | 34.6 | 7% | ||||||||||||
Subscription revenue | 26.0 | 21.4 | 22% | 97.8 | 75.6 | 29% | ||||||||||||
Total Telematics revenue | 37.0 | 31.1 | 19% | 135.0 | 110.2 | 22% | ||||||||||||
Telematics segment EBITDA | 49.0 | 39.1 | 25% | |||||||||||||||
EBITDA margin (%) | 36% | 35% | ||||||||||||||||
Telematics segment EBIT | 39.7 | 33.8 | 17% | |||||||||||||||
EBIT margin (%) | 29% | 31% | ||||||||||||||||
Monthly subscription ARPU () | 15.8 | 16.3 | -3% | 15.9 | 16.2 | -2% | ||||||||||||
Subscriber installed base (# in thousands) | 605 | 464 | 30% | |||||||||||||||
Change percentages are based on non-rounded figures. |
1 Q4 15 and FY 15 financial metrics and YoY change percentages exclude Finder; the acquisition is effective as of the end of December 2015. |
2 Other services revenue comprises installation services and separately purchased traffic service and/or map content. |
Telematics revenue for the quarter was 37 million, a 19% increase compared with 31 million in Q4 '14. The recurring SaaS revenue amounted to 26 million for the quarter, 22% higher compared with the same quarter last year. This increase was driven by the strong growth in the subscriber installed base. On a full year basis, Telematics generated revenue of 135 million, which represents a 22% growth year on year (FY '14: 110 million).
At the end of December 2015, Telematics completed the acquisition of Finder, a leading fleet management solutions provider in Poland, which added over 60,000 vehicles to our installed base. This acquisition strengthens our market position in one of the fastest growing telematics markets in Europe. At the end of the year, Telematics reported over 40,000 customers, the largest fleet management systems customer base in the world, and an installed base of 605,000 active subscribers, a 30% increase from 464,000 at the start of 2015.
Hardware and Content & Services revenue split
( in millions, unless stated otherwise) | Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
||||||||||||
Hardware revenue | 163.0 | 156.5 | 4% | 557.8 | 542.8 | 3% | ||||||||||||
Content & Services revenue | 119.5 | 101.9 | 17% | 448.8 | 407.5 | 10% | ||||||||||||
Total revenue | 282.5 | 258.4 | 9% | 1,006.6 | 950.3 | 6% | ||||||||||||
Change percentages are based on non-rounded figures. |
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Hardware revenue for the quarter was 163 million compared with 156 million in Q4 '14. Content & Services revenue in the quarter was 120 million, 17% higher compared with 102 million in Q4 '14, mainly due to growing Telematics subscription revenue as well as higher revenue in both Automotive and Licensing. As a percentage of revenue, Content & Services revenue increased to 42% from 39% in Q4 '14.
On a full year basis, revenue from Content & Services was 449 million (FY '14: 407 million) and accounted for 45% of total revenue (FY '14: 43%).
Geographical revenue split
( in millions, unless stated otherwise) | FY '15 | FY '14 | y.o.y. change | ||||||
Europe2 | 771.5 | 718.8 | 7% | ||||||
North America | 186.1 | 163.5 | 14% | ||||||
Rest of the world | 49.0 | 68.1 | -28% | ||||||
Total revenue | 1,006.6 | 950.3 | 6% | ||||||
Change percentages are based on non-rounded figures |
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From a regional perspective, 77% of 2015 revenue was generated in Europe2 (FY '14: 76%), 18% in North America (FY '14: 17%) and the remaining 5% in the rest of the world (FY '14: 7%).
Gross margin
The gross margin for the quarter was 49% compared with 51% in the same quarter last year. In the quarter, we recorded an impairment charge of 11 million related to certain Automotive customer specific technology as part of cost of sales.
On a full year basis, gross margin was 52% compared with 55% last year. Gross margin in 2015 was negatively impacted by the above-mentioned impairment charge as well as the weakening of the euro against the US dollar, partly offset by relatively higher share of Content & Services revenue. At constant currency rates for the US dollar and GB pound, our gross margin for Q4 15 and FY 15 would have been 53% and 56% respectively.
Operating expenses
Total operating expenses for the quarter were 139 million, which is 7.4 million higher compared with the same quarter last year (Q4 '14: 131 million). The higher operating expenses were mainly driven by an increase in marketing expenses and to a lesser extent R&D.
On a full year basis, total operating expenses amounted to 518 million compared with 502 million in 2014. The increase in operating expenses was mainly driven by higher personnel expenses and marketing expenses, partly offset by a decrease in depreciation and amortisation as well as a one-off gain from a settlement of a litigation case.
As a result of the above-mentioned increase in operating expenses and the decrease in gross margin, our EBIT for the year was at break-even compared with 21 million last year.
FX sensitivity
Actual key Q4 '15 / FY '15 financials recalculated
|
Q4 '15
actual reported |
Q4 '15
recalculated at Q4 '14 FX rates1 |
FY '15
actual reported |
FY '15
recalculated at FY '14 FX rates1 |
||||||||
Revenue | 282.5 | 274.6 | 1,006.6 | 970.1 | ||||||||
Gross result | 139.0 | 145.1 | 518.5 | 543.9 | ||||||||
Gross margin | 49% | 53% | 52% | 56% | ||||||||
EBIT | 0.2 | 9.6 | 0.6 | 40.5 | ||||||||
EBIT margin | 0% | 3% | 0% | 4% | ||||||||
P&L RATES IN | Q4 '15 | Q4 '14 | FY '15 | FY '14 | ||||||||
US dollar | 1.09 | 1.25 | 1.11 | 1.33 | ||||||||
GB pound | 0.72 | 0.79 | 0.73 | 0.81 | ||||||||
1The Q4 '15 / FY '15 income and expense in US dollar and GB pound have been converted to euro using Q4 '14 / FY '14 average rates. All other foreign currencies have not been converted. |
Depreciation, amortisation and impairment
( in millions) | Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
||||||||||||
Depreciation | 4.2 | 3.3 | 28% | 14.5 | 12.6 | 15% | ||||||||||||
Amortisation of technology and databases | 19.9 | 19.6 | 2% | 76.7 | 88.1 | -13% | ||||||||||||
Other amortisation2 | 17.4 | 3.8 | 31.9 | 14.0 | ||||||||||||||
Total depreciation, amortisation and impairment | 41.5 | 26.7 | 55% | 123.1 | 114.7 | 7% | ||||||||||||
Of which acquisition-related amortisation | 13.1 | 12.3 | 7% | 52.1 | 50.3 | 3% | ||||||||||||
¹Change percentages are based on non-rounded figures |
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²Includes an impairment of 11 million on certain customer assets recorded as part of cost of sales. |
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Total depreciation, amortisation and impairment amounted to 42 million in the quarter, 55% higher compared with last year (FY '14: 27 million). Acquisition-related amortisation was 13 million in Q4 '15 (Q4 '14: 12 million).
On a full year basis, acquisition-related amortisation amounted to 52 million in 2015, 3% higher compared with last year (FY '14: 50 million). This reflects increased amortisation charges from our Telematics acquisitions as well as the 2015 acquisition of Location Navigation Pty. Ltd., offset by lower amortisation from certain map-making tools that have been fully amortised in 2014.
Financial income and expenses
The net interest charge for the quarter was 0.2 million versus a net interest charge of 1.1 million in Q4 '14. The decrease is mainly due to lower interest rates applied against lower utilised amounts from our credit facility throughout 2015. The other financial result for the quarter was a loss of 2.4 million (Q4 '14: loss of 1.6 million), which consisted primarily of foreign exchange losses from the revaluation of monetary balance sheet items partially offset by our hedging results.
On a full year basis, the total financial income and expense charge amounted to 8 million compared with 7 million in 2014.
Income tax
The net income tax for the quarter was a gain of 23 million versus a net income tax gain of 2 million in Q4 '14. The net income tax for the year was a gain of 26 million, mainly as the result of remeasuring certain deferred tax assets and liabilities to a lower rate due to the application of the innovation box facility in the Netherlands, as well as some other one-off releases of provisions.
Net result and adjusted EPS
( in millions, unless stated otherwise) | Q4 '15 | Q4 '14 |
y.o.y.
|
FY '15 | FY '14 |
y.o.y.
|
||||||||||||
Net result | 20.9 | 0.5 | 18.3 | 22.7 | -19% | |||||||||||||
Net result attributed to equity holders | 20.8 | 0.5 | 18.1 | 22.6 | -20% | |||||||||||||
Remeasurement of deferred tax liability | -7.5 | -7.5 | ||||||||||||||||
Acquisition-related amortisation | 13.1 | 12.3 | 7% | 52.1 | 50.3 | 3% | ||||||||||||
Tax effect of adjustments | -3.3 | -3.1 | 7% | -13.0 | -12.6 | 3% | ||||||||||||
Adjusted net result | 23.1 | 9.7 | 139% | 49.6 | 60.3 | -18% | ||||||||||||
Adjusted EPS, fully diluted | 0.10 | 0.04 | 128% | 0.21 | 0.27 | -20% | ||||||||||||
Change percentages are based on non-rounded figures. |
||||||||||||||||||
The net result for the quarter was 21 million compared with 0.5 million in Q4 '14. The net result adjusted for acquisition-related amortisation & gain on a post-tax basis and the remeasurement of our deferred tax liability was 23 million compared with 10 million in Q4 '14.
Adjusted EPS for the quarter was 0.10 versus 0.04 in Q4 '14. Adjusted EPS for 2015 was 0.21 (FY '14: 0.27).
Balance sheet
At the end of the quarter, trade receivables plus other receivables amounted to 192 million compared with 166 million at the end of Q4 '14. The inventory level was 49 million, slightly higher compared with the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were 148 million versus 153 million at the end of Q4 '14.
Total current liabilities excluding deferred revenue amounted to 293 million compared with 291 million at the end of Q4 '14. The increase mainly came from higher trade payables and short term borrowings balance offset by lower accruals.
Deferred revenue was 187 million at the end of Q4 '15, compared with 146 million at the end of the same quarter last year. The year on year increase reflects the increasing number of products with lifetime service offerings within Consumer, as well as an increased deferred revenue position related to Licensing and Automotive contracts with upfront payments.
Deferred revenue balance by segment
( in millions) | 31 December 2015 | 31 December 2014 |
y.o.y.
|
||||||
Consumer | 130.4 | 104.8 | 25.6 | ||||||
Automotive | 22.6 | 12.6 | 10.0 | ||||||
Licensing | 31.2 | 25.6 | 5.6 | ||||||
Telematics | 2.7 | 2.7 | 0 | ||||||
Total deferred revenue | 186.9 | 145.7 | 41.2 | ||||||
Change amounts are based on non-rounded figures. |
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At 31 December 2015, we reported a net cash position of 98 million (Q4 '14: net cash of 103 million). Net cash is the sum of the cash and cash equivalents at the end of the period (148 million) minus the borrowings (49 million).
Cash flow
The cash flow from operating activities for the quarter was 58 million compared with 32 million in Q4 '14. The year on year increase was mainly driven by lower utilisation of working capital. On a full year basis, cash flow from operating activities remained at the same level as in 2014 and amounted to 119 million.
The cash flow used in investing activities during the quarter increased by 21 million year on year to 55 million mainly due to our recent Telematics acquisition in Poland. On a full year basis, the cash flow used in investing activities was 154 million, an increase of 48 million year on year. The majority of the investments related to two acquisitions as well as investments in our new transactional map-making platform, the NDS-based navigation system and customer specific investments in Automotive.
In the quarter, 0.9 million options related to our long-term employee incentive programmes were exercised resulting in a 4.5 million cash inflow. The net cash inflow from the exercise of options for the full year 2015 amounted to 34 million.
- END
Consolidated condensed statement of income
( in thousands) |
Q4 '15
|
Q4 '14
|
FY '15
|
FY '14
|
||||||||
Revenue | 282,488 | 258,399 | 1,006,607 | 950,292 | ||||||||
Cost of sales | 143,523 | 125,517 | 488,080 | 426,966 | ||||||||
Gross result | 138,965 | 132,882 | 518,527 | 523,326 | ||||||||
Research and development expenses | 46,807 | 45,559 | 185,443 | 174,014 | ||||||||
Amortisation of technology and databases | 19,939 | 19,578 | 76,694 | 88,100 | ||||||||
Marketing expenses | 25,777 | 19,768 | 83,438 | 69,559 | ||||||||
Selling, general and administrative expenses | 46,239 | 46,449 | 172,352 | 170,539 | ||||||||
Total operating expenses | 138,762 | 131,354 | 517,927 | 502,212 | ||||||||
Operating result | 203 | 1,528 | 600 | 21,114 | ||||||||
Interest result | -170 | -1,118 | -925 | -3,145 | ||||||||
Other financial result | -2,437 | -1,581 | -7,343 | -3,720 | ||||||||
Result of associates | 164 | 81 | 167 | 374 | ||||||||
Result before tax | -2,240 | -1,090 | -7,501 | 14,623 | ||||||||
Income tax gain | 23,179 | 1,558 | 25,794 | 8,032 | ||||||||
Net result | 20,939 | 468 | 18,293 | 22,655 | ||||||||
Net result attributable to: | ||||||||||||
Equity holders of the parent | 20,824 | 466 | 18,122 | 22,549 | ||||||||
Non-controlling interests | 115 | 2 | 171 | 106 | ||||||||
Net result | 20,939 | 468 | 18,293 | 22,655 | ||||||||
Basic number of shares (in thousands) | 230,131 | 223,540 | 227,771 | 222,689 | ||||||||
Diluted number of shares (in thousands) | 237,656 | 226,428 | 232,378 | 225,122 | ||||||||
EPS, basic | 0.09 | 0.00 | 0.08 | 0.10 | ||||||||
EPS, diluted | 0.09 | 0.00 | 0.08 | 0.10 | ||||||||
Consolidated condensed balance sheet
( in thousands) |
31 December 2015
|
31 December 2014
|
||||
Goodwill | 403,437 | 381,569 | ||||
Other intangible assets | 810,908 | 800,583 | ||||
Property, plant and equipment | 38,869 | 30,294 | ||||
Investments in associates | 3,546 | 3,289 | ||||
Deferred tax assets | 33,493 | 18,438 | ||||
Total non-current assets | 1,290,253 | 1,234,173 | ||||
Inventories | 48,657 | 46,575 | ||||
Trade receivables | 138,593 | 133,266 | ||||
Other receivables and prepayments | 53,533 | 33,198 | ||||
Other financial assets | 967 | 1,186 | ||||
Cash and cash equivalents | 147,565 | 152,949 | ||||
Total current assets | 389,315 | 367,174 | ||||
Total assets | 1,679,568 | 1,601,347 | ||||
Share capital | 46,099 | 44,714 | ||||
Share premium | 1,035,451 | 986,683 | ||||
Other reserves | 228,216 | 202,289 | ||||
Accumulated deficit | -340,956 | -335,163 | ||||
Equity attributable to equity holders of the parent | 968,810 | 898,523 | ||||
Non-controlling interests | 1,723 | 2,073 | ||||
Total equity | 970,533 | 900,596 | ||||
Borrowings | 44,254 | 48,925 | ||||
Deferred tax liability | 149,806 | 166,551 | ||||
Provisions | 35,065 | 48,496 | ||||
Deferred revenue | 83,726 | 54,963 | ||||
Total non-current liabilities | 312,851 | 318,935 | ||||
Trade payables | 94,951 | 88,218 | ||||
Income taxes | 4,382 | 6,621 | ||||
Other taxes and social security | 13,056 | 11,492 | ||||
Borrowings | 4,287 | 0 | ||||
Provisions | 32,573 | 34,074 | ||||
Deferred revenue | 103,147 | 90,717 | ||||
Accruals and other liabilities | 143,788 | 150,694 | ||||
Total current liabilities | 396,184 | 381,816 | ||||
Total equity and liabilities | 1,679,568 | 1,601,347 | ||||
Consolidated condensed statements of cash flows
( in thousands) |
Q4 '15 Unaudited |
Q4 '14 Unaudited |
FY '15 Audited |
FY '14 Audited |
||||||||
Operating result |
203 |
1,528 |
600 |
21,114 |
||||||||
Financial gains/(losses) |
278 |
-2,452 |
-2,364 |
-1,956 |
||||||||
Depreciation,amortisation and impairment |
41,536 |
26,696 |
123,096 |
114,711 |
||||||||
Equity-settled stock compensation expenses |
1,046 |
1,278 |
3,788 |
4,126 |
||||||||
Change in provisions |
-9,311 |
-3,905 |
-15,386 |
-3,702 |
||||||||
Changes in working capital: |
||||||||||||
Change in inventories |
8,968 |
7,599 |
2,468 |
-3,549 |
||||||||
Change in receivables and prepayments |
17,257 |
3,574 |
-18,038 |
-11,592 |
||||||||
Change in liabilities (excluding provisions)3 |
-1,645 | 3,790 | 29,115 | 15,568 | ||||||||
Cash generated from operations | 58,332 | 38,108 | 123,279 | 134,720 | ||||||||
Interest received | 112 | 158 | 504 | 1,467 | ||||||||
Interest paid | -57 | -1,470 | -958 | -3,817 | ||||||||
Corporate income taxes paid | -830 | -4,416 | -4,050 | -13,741 | ||||||||
Cash flows from operating activities | 57,557 | 32,380 | 118,775 | 118,629 | ||||||||
Investments in intangible assets | -22,889 | -18,528 | -86,154 | -72,700 | ||||||||
Investments in property, plant and equipment | -4,018 | -4,592 | -21,577 | -16,564 | ||||||||
Acquisition of subsidiaries and other businesses | -28,175 | -10,776 | -46,651 | -17,280 | ||||||||
Dividend received | 62 | 58 | 167 | 58 | ||||||||
Cash flows from investing activities | -55,020 | -33,838 | -154,215 | -106,486 | ||||||||
Repayment of borrowings | 0 | -175,000 | 0 | -175,000 | ||||||||
Change in utilisation of credit facility | 15,000 | 50,000 | -5,000 | 50,000 | ||||||||
Change in non-controlling interest | 0 | 0 | -126 | 0 | ||||||||
Dividends paid | 0 | -177 | 0 | -177 | ||||||||
Proceeds on issue of ordinary shares | 4,484 | 977 | 34,397 | 6,794 | ||||||||
Cash flows from financing activities | 19,484 | -124,200 | 29,271 | -118,383 | ||||||||
Net increase / (decrease) in cash and cash equivalents | 22,021 | -125,658 | -6,169 | -106,240 | ||||||||
Cash and cash equivalents at the beginning of period | 124,427 | 278,621 | 152,949 | 257,785 | ||||||||
Effect of exchange rate changes on cash
|
1,117 | -14 | 785 | 1,404 | ||||||||
Cash and cash equivalents at end of period | 147,565 | 152,949 | 147,565 | 152,949 | ||||||||
Accounting policies - basis of accounting
The condensed consolidated financial information for the three-month and twelve-month periods ended 31 December 2015 with related comparative information has been prepared using accounting policies which are based on International Financial Reporting Standards (IFRS). Accounting policies and methods of computation followed in the condensed consolidated financial information, for the period ended 31 December 2015, are the same as those followed in the Financial Statements for the year ended 31 December 2015. Further disclosures as required under IFRS for a complete set of consolidated financial statements are not included in the condensed consolidated financial information. The consolidated and company financial statements of TomTom NV for the year ended 31 December 2015 have been prepared and audited but are not yet published. The quarterly condensed consolidated information in this press release is unaudited.
Audio webcast fourth quarter and full year 2015 results
The information for our fourth quarter and full year 2015 results audio
webcast is as follows:
Date and time: 9 February 2016 at 14.00 CET
corporate.tomtom.com/presentations.cfm
TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN:
NL0000387058 / Symbol: TOM2
About TomTom
TomTom (TOM2) empowers movement. Every day millions of people around the world depend on TomTom to make smarter decisions. We design and develop innovative products that make it easy for people to keep moving towards their goals. Our map-based components include map content, online map-based services, real-time traffic, and navigation software. Our consumer products include PNDs, navigation apps, sports watches and action camera. Our main business products are custom in-dash navigation systems and a fleet management system, which is offered to fleet owners as an online service with integrated in-vehicle cellular devices. Our business consists of four customer facing business units: Consumer, Automotive, Licensing and Telematics. Founded in 1991 and headquartered in Amsterdam, we have over 4,600 employees worldwide. For further information, please visit www.tomtom.com.
Forward-looking statements/Important notice
This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of TomTom NV and its subsidiaries (referred to as 'the company' or the group) and certain of the plans and objectives of the company with respect to these items. In particular the words 'expect', 'anticipate', 'estimate', 'may', 'should', 'believe' and similar expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve risk and uncertainly because they relate to events and depend on circumstances that will occur in the future. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on them. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptions regarding our present and future business strategies, operations and the environment in which we will operate in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, levels of customer spending in major economies, changes in consumer tastes and preferences, changes in law, the performance of the financial markets, the levels of marketing and promotional expenditures by the company and its competitors, raw materials and employee costs, changes in exchange and interest rates (in particular changes in the US dollar and GB pound versus the euro can materially affect results), changes in tax rates, future business combinations, acquisitions or disposals, the rate of technological changes, political and military developments in countries where the company operates and the risk of a downturn in the market. Statements regarding market share, including the company's competitive position, contained in this document are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Market shares are based on sales in units unless otherwise stated. The forward-looking statements contained refer only to the date in which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this document.
1 | Earnings per fully diluted share count adjusted for acquisition-related amortisation & gain on a post-tax basis. | |
2 | Europe refers to EMEA17: AT, CH, DE, BE, NL, FR, IT, GB, ES, PT, TR, CZ, PL, DK, SE, FI, ZA. | |
3 | Includes movements in the non-current portion of deferred revenue presented under Non-Current liabilities. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160208006418/en/
Contact:
TomTom Investor Relations
Email Contact
+31
20 757 5194