TomTom reports fourth quarter and full year 2016 results

Change percentages and totals calculated before rounding.

Total depreciation and amortisation costs amounted to €39 million in the quarter, 6% lower compared with last year (Q4 '15: €42 million). Acquisition-related amortisation was €14 million in Q4 '16 (Q4 '15: €13 million).

On a full year basis, acquisition-related amortisation amounted to €55 million in 2016, 6% higher compared with last year (FY '15: €52 million) due to a Telematics acquisition at the end of 2015.

Financial income and expenses

The net interest charge for the quarter was €0.3 million versus a net interest charge of €0.2 million in Q4 '15. The other financial result for the quarter was a loss of €2.0 million (Q4 '15: loss of €2.4 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 equalled €2.4 million compared with €8.3 million in 2015. The decrease reflects lower foreign exchange loss in 2016 compared with last year.

Income tax

The net income tax for the quarter was a charge of €3.0 million versus a net income tax gain of €23 million in Q4 '15. The income tax for the year was a gain of €4.7 million mainly reflecting a change in the estimated prior years’ taxable income following the finalisation of the tax returns and the remeasurement of deferred tax assets and liabilities to a lower tax rate due to the application of the innovation box facility in the Netherlands.

Net result and adjusted EPS

(€ in millions, unless stated otherwise)   Q4 '16   Q4 '15  

y.o.y.
change

  FY '16   FY '15  

y.o.y.
change

                         
Net result   -5.6   20.9       12.0   18.3   -35 %
Net result attributed to equity holders   -5.5   20.8     12.0   18.1   -34 %
Remeasurement of deferred tax liability 5.3 -7.5 -2.3 -7.5 -70 %
Acquisition-related amortisation 14.2 13.1 8 % 55.3 52.1 6 %
Tax effect of adjustments   -2.7   -3.3   -18 %   -10.9   -13.0   -16 %
Adjusted net result   11.3   23.1       54.1   49.6    
                         
Adjusted EPS, € fully diluted   0.05   0.10       0.23   0.21    

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