TomTom Reports First Quarter 2013 Results

Change percentages are based on non-rounded figures

TomTom’s Chief Executive Officer, Harold Goddijn

“In the quarter we delivered results in line with expectations and a strong gross margin.

The product unit structure we implemented last year is starting to deliver on its goal of making componentised products out of our map, navigation and traffic assets. The launch of NavKit is a major milestone; our new navigation software is being rebuilt from the ground up and will be available for licensing to automotive and enterprise customers.

We are excited to see the first consumer products based on our new technologies enter the market. The new PND range with its map and traffic centric display will bring more context to navigation. With the sport watches we are combining our GPS knowledge with our expertise in creating products that are easy to use. We will continue to work on bringing innovations to the market and reiterate our outlook for the full year.”

Business review

At TomTom’s Launch event on 17 April, Consumer announced a number of new products. We presented a new range of PNDs that are powered by a new navigation engine, NavKit and come with a redesigned map-centric user interface. NavKit will power the next generations of products across the business and will also be available for third party customers. Additionally we announced a range of new GPS watches for runners, cyclists and swimmers.

Automotive announced that starting this summer, Daimler will equip its upcoming Mercedes-Benz vehicles with our traffic service in 12 European countries. Also Toyota Motor Europe will roll out HD traffic from early 2014 as a standard in all vehicles equipped with its new navigation and infotainment systems. We will continue our four-year partnership with Fiat as a supplier of the navigation solution for the new built-in Uconnect infotainment system, initially available in the Fiat 500L.

Licensing signed a worldwide agreement with Telmap, an Intel company, to supply maps and related content. We announced the extension of our partnership with MiTAC. At the start of the quarter we signed a partnership with Telenav to deliver TomTom Traffic content to Telenav's mobile navigation customers in the US.

In the quarter, Business Solutions reached the 250,000 WEBFLEET-subscribers milestone and delivered growth of 30% year on year. To help companies manage their mobile operations more efficiently, we have extended the integration possibilities of our fleet management solution by enabling third-party developers to create new applications for use in and around the vehicle.

Financial review

Revenue split

(in € millions)   Q1 '13   Q1 '12   Change
Group 202 233 -13%
       
Consumer 101 126 -19%
Automotive 51 58 -13%
Licensing 30 33 -8%
Business Solutions 19 16 21%
       
Hardware 111 135 -18%
Content & Services 91 98 -7%

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