TomTom reports fourth quarter and full year 2014 results

Change percentages are based on non-rounded figures

On a full year basis, acquisition-related amortisation amounted to €50 million in 2014, 7% lower compared to last year (FY '13: €54 million). This year on year decline relates to certain map-making tools that have been fully amortised earlier this year.

Financial income and expenses

The net interest charge for the quarter was €1.1 million versus a net interest charge of €0.8 million in Q4 '13. The increase is mainly due to the acceleration of loan amortisation charges as we fully repaid our previous loan facility. The other financial result for the quarter was a loss of €1.6 million (Q4 '13: gain of €0.3 million), which consisted primarily of foreign exchange losses from the revaluation of monetary balance sheet items partially offset by our hedging results.

On a full year basis, the total financial income and expense charge equalled €6.9 million compared to €4.6 million in 2013.

Income tax

The net income tax for the quarter was a gain of €1.6 million versus a net income tax charge of €0.6 million in Q4 '13. Our normalised full year Effective Tax Rate (ETR) for 2014 was 8.5% when adjusted for one-off releases of tax provisions following the finalisation of an overseas tax audit in Q1 '14 and the finalisation of prior period tax returns (2013: 16.7%). This relatively low ETR reflects benefits from the tax incentives which are made available for companies with significant research and development activities in the Netherlands.

Net result

                         
(€ in millions, unless stated otherwise)   Q4 '14   Q4 '13   y.o.y. change   FY '14   FY '13   y.o.y. change
                         
Net result   0.5   3.2   -85%   22.7   20.1   13%
Net result attributed to equity holders   0.5   3.3   -86%   22.5   19.5   15%
Amortisation of acquired intangibles   12.3   13.8   -11%   50.3   53.9   -7%
Acquisition-related gain   0   0   0%   0   -2.5   -100%
Tax effect of adjustments   -3.1   -3.5   -11%   -12.6   -13.0   -3%
Adjusted net result   9.7   13.6   -29%   60.3   58.0   4%
                         
Adjusted EPS, € fully diluted   0.04   0.06   -30%   0.27   0.26   3%

The net result for the quarter was €0.5 million compared to €3.2 million in Q4 '13. The net result adjusted for acquisition-related amortisation & gain on a post-tax basis was €9.7 million compared to €13.6 million in Q4 '13.

Adjusted EPS for the quarter was €0.04 versus €0.06 in Q4 '13. Adjusted EPS for 2014 was €0.27, and includes the one-off tax settlement of €0.04 related to the above-mentioned release of a tax provision in Q1 '14.

Balance sheet

Trade receivables at the end of the quarter equalled €133 million compared to €115 million at the end of Q4 '13 mainly due to higher DSO. Inventory was €47 million, €4 million higher compared to Q4 '13. Cash and cash equivalents decreased from €258 million at the end of Q4 '13 to €153 million at the end of Q4 '14 as we made a full repayment of our previous term loan and at the same time drew down an amount of €50 million from our new credit facility.

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