TomTom Reports First Quarter 2014 Results

Deferred revenue for the quarter ended at €109 million (Q4 '13: €114 million). The decrease is mainly related to the timing of payments for some Licensing contracts.

At the end of the first quarter, we had a net cash position of €44 million. Net cash is the sum of the cash and cash equivalents at the end of the period (€219 million) minus the outstanding gross borrowings (€175 million).

Cash flow

For the quarter the net cash used in operating activities was €15 million versus a cash inflow of €92 million in Q1 '13. The cash from operating activities in Q1 '13 included a refund of €70 million from the €80 million tax settlement agreed upon with the Dutch Tax Authorities in 2012. Adjusted for this impact, the year on year decrease was mainly driven by a seasonal shift of working capital utilisation in Q1 '14.

The cash flow used in investing activities during the quarter increased by €3 million year on year to €24 million (Q1 '13: €21 million). The majority of the investments related to our new Map production platform, the Navigation engine NavKit and Customer specific investments in Automotive.

Consolidated condensed statement of income

(€ in thousands)       Q1 '14       Q1 '13
                 
Revenue       205,378       201,589
Cost of sales       88,089       89,123
Gross result       117,289       112,466
                 
Research and development expenses 43,178 38,961
Amortisation of technology and databases 21,182 18,908
Marketing expenses 9,298 10,749
Selling, general and administrative expenses       42,120       43,800
Total operating expenses       115,778       112,418
                 
Operating result       1,511       48
                 
Interest result -1,020 -1,116
Other finance result -1,176 -995
Result of associates       136       254
Result before tax       -549       -1,809
                 
Income tax income/(expense)       8,103       -387
Net result       7,554       -2,196
 
Net result attributable to:                
Equity holders of the parent 7,492 -2,265
Non-controlling interests 62 69
Net result       7,554       -2,196
                 
Basic number of shares (in thousands) 222,191 221,895
Diluted number of shares (in thousands)       224,431       222,143
                 
EPS, € basic 0.03 -0.01
EPS, € diluted       0.03       -0.01
 

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