TomTom Reports Second Quarter 2013 Results

The result associates of €2.8 million in H1 2013 included a one off gain of €2.5 million as the result of the remeasurement of the carrying value of our previously held interest in the associate mapIT to its fair value when we acquired the remaining 51% interest.

Income taxes

The net income tax charge in all the jurisdictions in which we operate was €1.4 million in H1 2013, a decrease compared to last year (H1 2012: €2.2 million). The effective tax rate in H1 2013 was 20.0% compared to 22.8% in H1 2012.

Cash flow

The cash flow generated from operations was €55 million versus €35 million in the same period last year. The increase in cash flow was driven by reduced working capital utilisation. Interest paid decreased year on year to €1.5 million in H1 2013 compared to €4.7 million in H1 2012. We received a net corporate income tax refund of €84 million in H1 2013 mainly relating to the refund from a settlement of prior years’ tax discussions as disclosed in our 2012 Annual Report.

The cash flow used in investing activities was €45 million, an increase of €21 million from €24 million in the same period last year mainly due to larger investments in R&D related projects, the acquisition of technology assets in the fitness space, as well as the remaining equity interest in mapIT.

Related party transactions

For related party transactions please refer to note 9 of our interim financial report.

Principal risks and uncertainties H1 2013

A detailed discussion of the group’s principal risks and uncertainties can be found in the 2012 Annual Report.

In the 2012 Annual Report, we described the key business risks which we are aware of, and which could have a material adverse effect on our financial position and results.

Those risk categories and risk factors are deemed incorporated and repeated in this report by reference.

Other risks not known to us, or currently regarded not to be material, could later turn out to have a negative material impact on our business, objectives, revenues, income, assets, liquidity or capital resources.

Responsibility statement

The Board of Management hereby declares that, to the best of their knowledge:

  • the interim financial statements prepared in accordance with IAS 34, “Interim Financial Reporting”, give a true and fair view of the assets, liabilities, financial position, profit and loss of the company and the undertakings included in the consolidation taken as a whole; and
  • the interim management board report gives a fair review of the information required pursuant to section 5:25d(8)/(9) of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

Harold Goddijn, CEO
Marina Wyatt, CFO
Alain De Taeye
25 July 2013

Consolidated condensed statement of income

 
(in € thousands)       Q2 ’13       Q2 ’12       H1 '13       H1 '12
                                 
Revenue       250,246       261,662       451,833       494,563
Cost of sales       122,386       125,643       211,508       244,434
Gross profit       127,86       136,019       240,325       250,129
                                 
Research and development expenses 43,627 42,593 81,808 80,903
Amortisation of technology & databases 19,392 21,096 38,3 42,333
Marketing expenses 11,25 15,576 21,937 28,134
Selling, general and administrative expenses 43,635 41,04 86,805 81,294
Stock compensation expense       2,308       1,78       3,78       3,676
Total operating expenses       120,212       122,085       232,63       236,34
                                 
Operating result       7,648       13,934       7,695       13,789
                                 
Interest result -263 -3,043 -1,38 -6,524
Other finance result -1,299 -475 -2,294 2,101
Result associates       2,56       43       2,813       234
Result before tax       8,646       10,459       6,834       9,6
                                 
Income tax       -977       -1,544       -1,364       -2,189
Net result       7,669       8,915       5,47       7,411
 
Net result attributable to:                                
Equity holders of the parent 7,301 8,863 5,033 7,33
Non-controlling interests 368 52 437 81
Net result       7,669       8,915       5,47       7,411
                                 
Basic number of shares (in thousands) 221,904 221,895 221,899 221,895
Diluted number of shares (in thousands)       224,052       221,993       222,224       221,97
                                 
EPS, € basic 0.03 0.04 0.02 0.03
EPS, € diluted       0.03       0.04       0.02       0.03
 
Consolidated condensed statement of comprehensive income
 
(in € thousands)       Q2’13       Q2’12       H1 '13       H1 '12
                                 
Net result       7,669       8,915       5,47       7,411
 
                                 
Other comprehensive income:

Items that may be reclassified subsequently to
profit or loss

Currency translation differences -4,123 3,239 -4,391 2,03
 
Items that will not be reclassified to profit or loss
Actuarial gains on defined benefit obligations 220 0 220 0
Other comprehensive income for the period -3,903 3,239 -4,171 2,03
 
 
Total comprehensive income for the period       3,766       12,154       1,299       9,441
 
 
Attributable to:                                
Equity holders of the parent 3,587 11,909 1,24 9,103
Non-controlling interests 179 245 59 338
Total comprehensive income for the period       3,766       12,154       1,299       9,441

The items in the statement above are presented net of tax.

 

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