TomTom reports fourth quarter and full year 2014 results

Change percentages are based on non-rounded figures.

1 Earnings per fully diluted share count adjusted for acquisition-related amortisation & gain on a post-tax basis.
2 €180 million excludes a €80 million one-off tax gain received from the Dutch tax authorities.
3 Segment revenue breakdown reflects TomTom’s new reporting structure as announced on 28 March 2014.
4 Net result adjusted for acquisition-related amortisation & gain on a post-tax basis.

TomTom's Chief Executive Officer, Harold Goddijn

“2014 was a good year for TomTom. We made substantial progress in developing our core technologies across the group, achieving important milestones and positioning TomTom for growth.

“With the introduction of our own branded GPS sport watches we made a successful step into the sport market. We will continue to bring innovative new Consumer products to the market. Our Automotive bookings exceeded €220 million this year, which together with orders secured earlier will deliver growth in our Automotive business from 2016 onwards. Our Telematics business continued to grow strongly, fuelled by a combination of organic growth and acquisitions.

“The progress we made over the past two years gives us confidence for the future and we are committed to deliver top line growth in 2015.

“We expect to have fully replaced our map-making system with a transaction-based platform that will enable near real-time maps, in the second half of 2015. With this technological innovation, TomTom is well positioned to address the need for accurate and up-to-date maps, for navigation applications and driver assistance applications, including Highly Automated Driving.”

Outlook 2015

In 2015, we plan for revenue growth and expect revenue of around €1 billion. Adjusted EPS1 is expected of around €0.20, which is lower than 2014 because of adverse currency movements and the one-off tax settlement of €0.04 that was reported in the first quarter of last year.

In 2015, we will maintain the level of investment (both CAPEX and OPEX) in our core technologies. In particular we are investing in advanced content and software for the automotive industry (e.g. to enable Highly Automated Driving) and in our new map-making platform. We expect these investments to lead in the mid-term to higher Automotive revenue. The 2014 bookings of more than €220 million provides support that we are on the right track.

Financial and business review 3

Group revenue

We generated revenue of €258 million in the fourth quarter, a reduction of 3% compared to €268 million in Q4 '13. On a full year basis, our revenue was €950 million (FY '13: €963 million).

The year on year decline for 2014 was due to modestly lower revenue in Consumer and Licensing partly offset by strong growth in Telematics, whilst Automotive revenue was relatively flat.

Consumer

                         
(€ in millions, unless stated otherwise)   Q4 '14   Q4 '13   y.o.y. change   FY '14   FY '13   y.o.y. change
                         
Consumer products   155.7   165.4   -6%   548.4   567.0   -3%
Automotive hardware   16.4   21.0   -22%   70.7   84.8   -17%
Total Consumer revenue   172.1   186.4   -8%   619.1   651.8   -5%
                         
Consumer segment EBITDA               55.3   56.7   -2%
EBITDA margin (%)               9%   9%    
Consumer segment EBIT               36.2   33.2   9%
EBIT margin (%)               6%   5%    
                         
Key PND market data                        

Europe 5

                       
Market size (# units sold in millions)   2.1   2.2   -6%   7.7   8.4   -9%
TomTom market share   52%   53%       52%   51%    

North America

                       
Market size (# units sold in millions)   1.3   1.8   -28%   4.0   5.2   -23%
TomTom market share   13%   15%       15%   17%    

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