TomTom Reports First Quarter 2012 Results

Net debt as of 31 March 2011 decreased slightly to €192 million from €194 million at the end of the previous year. Net debt is the sum of the borrowings (€360 million), minus cash and cash equivalents at the end of the period (€168 million).

The net debt to the last twelve months EBITDA ratio was 0.94 times compared to 0.88 at year end 2011.

Balance sheet

As at the end of Q1 2012, accounts receivable plus other receivables totalled €157 million. This is a decrease of €20 million year on year and a decrease of €80 million sequentially. The inventory level was €55 million, a decrease of €43 million year on year and a decrease of €10 million in comparison to the previous quarter. Cash and cash equivalents at the end of the quarter were €168 million.

Current liabilities were €733 million compared to €635 million at the end of the same quarter last year and €858 million in the previous quarter. The sequential decrease was mainly caused by a decrease of €62 million in accruals and other liabilities and €45 million in other accounts payable.

Cash flow

During the quarter, we recorded a cash inflow from operations of €16 million which was mainly driven by a reduction of inventory.

The cash flow used in investing activities during the quarter decreased to €13 million from €17 million in Q1 2011, mainly driven by lower expenditures on internal development projects.

Cash outflow from financing activities was €28 million as we continued to make repayments on our outstanding borrowings.

Consolidated income statements

 

(in € thousands)       Q1'12       Q1'11
                 
Revenue       232,901       265,146
Cost of sales       118,791       124,224
Gross result       114,110       140,922

 

               
Research and development expenses 38,310 41,729
Amortisation of technology & databases 21,237 18,620
Marketing expenses 12,557 10,248
Selling, general and administrative expenses 40,254 49,320
Stock compensation expense       1,896       2,847
Total operating expenses       114,254       122,764
                 
Operating result       -144       18,158
                 
Interest result -3,480 -6,043
Other finance result 2,576 1,665
Result associates       189       -332
Result before tax       -859       13,448
                 
Income tax       -645       -2,977
Net result       -1,504       10,471
                 
Minority interests       29       -109
Net result attributed to the group       -1,533       10,580
                 
Basic number of shares (in millions) 221.9 221.8
Diluted number of shares (in millions)       221.9       224.1
                 
EPS, € basic -0.01 0.05
EPS, € diluted       -0.01       0.05
 
 

Consolidated balance sheet

 
(in € thousands)      

31 March 2012

     

31 Dec 2011

                 
Goodwill 381,569 381,569
Other intangible assets 861,088 871,528
Property, plant and equipment 30,398 32,555
Deferred tax assets 10,301 10,493
Investments       4,806       4,450
Total non-current assets       1,288,162       1,300,595
 
Inventories 55,383 65,502
Trade receivables 109,318 184,939
Other receivables and prepayments 47,210 51,242
Other financial assets 622 2,784
Cash and cash equivalents       168,014       193,579
Total current assets       380,547       498,046
 
Total assets       1,668,709       1,798,641
                 
Share capital 44,379 44,379
Share Premium 975,260 975,260
Other reserves 131,329 131,213
Retained deficit -445,911 -444,852
Minority interests       2,546       2,451
Total equity       707,603       708,451
 
Provisions 50,182 50,114
Deferred tax liability       178,258       182,273
Total non-current liabilities       228,440       232,387
 
Trade payables 71,673 116,616

Borrowings 3

357,080 383,810
Tax and social security 23,163 20,942
Provisions 57,917 51,213
Other liabilities and accruals       222,833       285,222
Total current liabilities       732,666       857,803
                 
Total equity and liabilities       1,668,709       1,798,641
 

3 The borrowings are fully due in 2012; a forward start facility, which will replace the existing borrowings as from 31
December 2012, is in place.

 
 

Consolidated statements of cash flows

 
(in € thousands)       Q1 '12       Q1 '11
                 
Operating result -144 18,158
Financial gains/(losses) 2,958 -3,194
Depreciation and amortisation 28,237 26,322
Change in provisions -5,244 -2,818
Change in stock compensation reserve 1,582 2,685
Changes in working capital:
Change in inventories 8,684 -5,488
Change in receivables and prepayments 79,392 170,924
Change in current liabilities       -99,357       -201,088
Cash generated from operations       16,108       5,501
                 
Interest received 430 438
Interest paid -2,634 -5,063
Corporate income tax received       1,636       1,588
Net cash flow from operating activities       15,540       2,464
                 
Investments in intangible assets -11,332 -12,469
Investments in property, plant and equipment       -1,866       -4,367
Total cash flow used in investing activities       -13,198       -16,836
                 
Repayment of borrowings       -28,000       0
Proceeds on issue of ordinary shares       0       564
Total cash flow used in financing activities       -28,000       564
                 
Net decrease in cash and cash equivalents -25,658 -13,808
Cash and cash equivalents at beginning of period 193,579 305,600
Exchange rate effect on cash balances held in foreign currencies       93       -2,476
Cash and cash equivalents at end of period       168,014       289,316
 

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