TomTom Reports Fourth Quarter and Full Year 2017 Results

The cash flow used in financing activities for the quarter was an outflow of €52 million (Q4 '16: €37 million). This is mainly caused by the cash outflow of €49.8 million related to the share buyback programme. In the quarter, 276 thousand options (Q4 '16: 276 thousand options) related to our long-term employee incentive programmes, were exercised resulting in a €0.6 million cash inflow (Q4 '16: €1.1 million). On a full year basis, 2.4 million options (FY '16: 2.4 million options) were exercised resulting in a €12 million cash inflow (FY '16: €10 million).

- END -

 

Consolidated condensed statement of income

 
(€ in thousands)     Q4 '17
Unaudited
  Q4 '16
Unaudited
  FY '17

Unaudited

  FY '16

Audited

 
                     
Revenue     219,573   265,618   903,392   987,329
Cost of sales     89,020   112,594   339,343   421,101  
Gross result     130,553   153,024   564,049   566,228  
                     
Research and development expenses 52,456 49,585 207,857 190,473
Amortisation of technology and databases 41,062 27,222 112,293 91,526
Marketing expenses 9,741 24,847 57,397 80,609
Selling, general and administrative expenses 56,777 51,868 217,660 194,726
Impairment charge             168,687      
Total operating expenses     160,036   153,522   763,894   557,334  
                     
Operating result     -29,483   -498   -199,845   8,894  
                     
Interest result -261 -285 -1,001 -1,371
Other financial result 926 -2,001 2,667 -1,010
Result of associates     203   178   759   736  
Result before tax     -28,615   -2,606   -197,420   7,249  
                     
Income tax gain / (expense)     -5,838   -2,954   -6,991   4,709  
Net result     -34,453   -5,560   -204,411   11,958  
 
Net result attributable to:                    
Equity holders of the parent -34,190 -5,466 -203,987 11,987
Non-controlling interests -263 -94 -424 -29
Net result     -34,453   -5,560   -204,411   11,958  
                     
Basic number of shares (in thousands) 232,167 232,725 233,722 231,743
Diluted number of shares (in thousands)     235,027   235,430   236,836   234,970  
                     
EPS, € basic -0.15 -0.02 -0.87 0.05

EPS, € diluted 1

    -0.15   -0.02   -0.87   0.05  

_________________

1 In 2017, no additional shares from assumed conversion are taken into account as the effect would be anti-dilutive.
 
 

Consolidated condensed balance sheet

 
(€ in thousands)     31 December 2017

Unaudited

  31 December 2016

Audited

 
             
Goodwill     256,319   400,318
Other intangible assets 752,952 795,771
Property, plant and equipment 33,621 40,398
Deferred tax assets 7,453 12,046
Investments in associates     4,223   3,941  
Total non-current assets     1,054,568   1,252,474  
             
Inventories 31,609 54,078
Trade receivables 114,254 132,424
Other receivables and prepayments 53,114 46,115
Other financial assets 1,210
Cash and cash equivalents     120,850   142,527  
Total current assets     319,827   376,354  
             
Total assets     1,374,395   1,628,828  
             
Share capital 47,064 46,577
Share premium 1,068,149 1,051,890
Treasury shares -48,790
Other reserves 263,164 234,502
Accumulated deficit     -577,193   -338,138  
Equity attributable to equity holders of the parent     752,394   994,831  
Non-controlling interests     2,308   1,906  
Total equity     754,702   996,737  
             
Borrowings 9,586
Deferred tax liability 95,602 97,282
Provisions 43,727 54,406
Deferred revenue     142,059   107,151  
Total non-current liabilities     281,388   268,425  
             
Trade payables 51,441 76,630
Income taxes 1,702 1,289
Other taxes and social security 7,025 9,383
Provisions 37,173 36,410
Deferred revenue 101,572 97,256
Accruals and other liabilities     139,392   142,698  
Total current liabilities     338,305   363,666  
             
Total equity and liabilities     1,374,395   1,628,828  
 
 

Consolidated condensed statements of cash flows

 
(€ in thousands)     Q4 '17

Unaudited

  Q4 '16

Unaudited

  FY '17

Unaudited

  FY '16

Audited

 
                     
Operating result     -29,483   -498   -199,845   8,894
Financial gains / (losses) 615 2,794 -2,303 1,235
Depreciation, amortisation and impairment 66,276 39,052 341,003 132,003
Change in provisions 1,583 10,483 4,788 9,649
Equity-settled stock compensation expenses 1,356 525 8,104 3,275
Changes in working capital:
Change in inventories 10,254 6,830 9,964 -5,817
Change in receivables and prepayments 56,427 42,063 11,255 14,183

Change in liabilities (excluding provisions) 1

    -8,670   -22,325   9,179   -5,301  
Cash generated from operations     98,358   78,924   182,145   158,121  
                     
Interest received 59 57 258 185
Interest (paid) -237 -261 -927 -1,227
Corporate income taxes (paid)     -341   -3,046   -8,654   -12,762  
Cash flows from operating activities     97,839   75,674   172,822   144,317  
                     
Investments in intangible assets -24,141 -21,973 -104,127 -96,444
Investments in property, plant and equipment -5,301 -4,439 -16,116 -21,141
Acquisitions of subsidiaries and other businesses -1 0 -24,494 -2,331
Dividend received     96   60   202   190  
Cash flows from investing activities     -29,347   -26,352   -144,535   -119,726  
                     
Change in utilisation of credit facility -3,000 -38,000 -10,000 -35,000
Repayment of borrowings -708 -4,287
Change in non-controlling interest -121 -244 -98
Dividends paid -138
Proceeds on issue of ordinary shares 563 1,116 12,403 10,039
Repurchase of share capital     -49,831       -49,831      
Cash flows from financing activities     -52,389   -36,884   -48,380   -29,484  
                     
Net increase / (decrease) in cash and cash equivalents 16,103 12,438 -20,093 -4,893
Cash and cash equivalents at the beginning of period 105,220 129,262 142,527 147,565
Exchange rate changes on cash balances held in foreign currencies     -473   827   -1,584   -145  
Cash and cash equivalents at the end of period     120,850   142,527   120,850   142,527  

_________________

1 Includes movements in the non-current portion of deferred revenue presented under Non-Current liabilities.

 

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