TomTom Reports Third Quarter 2012 Results

Debt financing

On 30 September 2012, the carrying value of our borrowings had decreased to €289 million, compared to €338 million at the end of the previous quarter. This is the result of an early repayment of €50 million during the quarter (€98 million has been repaid year to date). Excluding transaction costs, which are netted against the borrowings, our outstanding borrowings amounted to €290 million (Q2 2012: €340 million).

Net debt on 30 September 2012 was €153 million compared to €191 million at the end of the previous quarter. Net debt is the sum of the borrowings (€290 million), minus cash and cash equivalents at the end of the period (€137 million).

Balance sheet

At the end of Q3 2012 our accounts receivable plus other receivables amounted to €218 million (Q3 2011: €267 million; Q2 2012: €207 million). The year on year decrease of €49 million in the receivables balance is mainly reflecting the year on year decline in revenue. The inventory level was €59 million, a decrease of €14 million year on year and a decrease of €5.0 million compared to the previous quarter. Cash and cash equivalents at the end of the quarter were €137 million.

Current liabilities were €717 million compared to €543 million at the end of the same quarter last year and €741 million in the previous quarter. The year on year increase is mainly caused by the presentation of the remaining outstanding bank loan as short term. A forward start facility, which will replace the existing borrowings as of 31 December 2012, is in place. The sequential decrease in current liabilities was mainly caused by the early debt repayment of €50 million.

Cash flow

Cash flow from operations for the quarter amounted to €53 million compared to €75 million in Q3 2011. The decrease in cash flow was mainly driven by the lower operating result and movements in working capital. Year to date we have consumed €39 million in working capital compared to €102 million in the same period last year.

The cash flow used in investing activities during the quarter decreased to €13 million from €20 million in the same quarter last year and increased sequentially by €2.2 million compared to €10 million in Q2 2012.

Consolidated income statements

(in € thousands)   Q3’12   Q3’11   YTD '12   YTD '11
                 
Revenue   273,561   336,445   768,124   915,815
Cost of sales   123,286   163,625   367,721   442,119
Gross result   150,275   172,820   400,403   473,696
                 
Research and development expenses 40,154 43,573 121,058 126,077
Amortisation of technology & databases 19,900 19,787 62,234 57,612
Impairment charge 0 0 0 511,936
Marketing expenses 14,933 17,159 43,066 57,555
Selling, general and administrative expenses 41,723 49,241 123,017 148,406
Stock compensation expense   1,742   2,324   5,417   7,196
Total operating expenses   118,452   132,084   354,792   908,782
                 
Operating result   31,823   40,736   45,611   -435,086
                 
Interest result -3,187 -5,943 -9,711 -18,036
Other finance result -169 1,529 1,932 5,379
Result associates   356   -65   590   -337
Result before tax   28,823   36,257   38,422   -448,080
                 
Income tax   -6,554   -8,130   -8,743   -2,664
Net result   22,269   28,127   29,679   -450,744
                 
Non-controlling interests   -14   -811   67   -1,013
Net result attributed to the group   22,283   28,938   29,612   -449,731
                 
Basic number of shares (in thousands) 221,895 221,895 221,895 221,869
Diluted number of shares (in thousands)   222,023   221,940   221,983   221,886
                 
EPS, € basic 0.10 0.13 0.13 -2.03
EPS, € diluted   0.10   0.13   0.13   -2.03
 

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