TomTom reports fourth quarter and full year 2014 results

The new credit facility comprises of a revolving credit facility of €250 million, which will provide us with the flexibility to manage our operating and investment financing needs. The carrying value of our outstanding borrowings at the end of Q4 '14 was €49 million (Q4 '13: €173 million) net of transaction costs of €1 million.

Current liabilities excluding deferred revenue were €291 million compared to €383 million at the end of Q4 '13. The year on year decrease was mainly driven by the decrease of the short-term borrowings which were €74 million at the end of Q4 '13. Trade payables amounted to €88 million, €6 million higher compared to Q4 '13. Tax and social security liabilities amounted to €18 million compared to €28 million at the end of Q4 '13.

Deferred revenue balance by segment

             
(€ in millions)   31 December 2014   31 December 2013  

y.o.y. change

             
Consumer   104.8   83.9   20.9
Automotive   12.6   6.1   6.5
Licensing   25.6   23.5   2.2
Telematics   2.7   0.4   2.3
Total deferred revenue   145.7   113.8   31.9

Deferred revenue amounted to €146 million at the end of the quarter (Q4 '13: €114 million). The year on year increase mainly related to the increase of deferred revenue from the lifetime maps content and traffic services bundled in our PND ranges.

At 31 December 2014 we had a net cash position of €103 million (Q4 '13: €83 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€153 million) minus the outstanding gross borrowings (€50 million).

Cash flow

Cash flow from operating activities for the quarter was €32 million compared to €51 million in Q4 '13. The year on year decrease was mainly driven by lower results and higher working capital utilisation in Q4 '14. On a full year basis, cash flow from operating activities was €119 million compared to €180 million in 2013 (excluding the €80 million tax refund from the Dutch tax authorities received in 2013).

The cash flow used in investing activities during the quarter increased by €13 million year on year to €34 million. On a full year basis the cash flow used in investing activities was €107 million, an increase of €16 million year on year. The majority of the investments related to our new transactional map-making platform, the navigation engine NavKit, customer specific investments in Automotive and the recent acquisitions in Telematics.

- END -

Consolidated condensed statement of income

                 
(€ in thousands)   Q4 '14 Unaudited   Q4 '13 Unaudited   FY '14 Audited   FY '13 Audited
                 
Revenue   258,399   267,563   950,292   963,454
Cost of sales   125,517   124,126   426,966   442,207
Gross result   132,882   143,437   523,326   521,247
                 
Research and development expenses   45,559   43,655   174,014   168,155
Amortisation of technology and databases   19,578   22,175   88,100   81,436
Marketing expenses   19,768   27,908   69,559   62,796
Selling, general and administrative expenses   46,449   45,466   170,539   183,314
Total operating expenses   131,354   139,204   502,212   495,701
                 
Operating result   1,528   4,233   21,114   25,546
                 
Interest result   -1,118   -800   -3,145   -2,945
Other financial result   -1,581   317   -3,720   -1,619
Result of associates   81   112   374   3,091
Result before tax   -1,090   3,862   14,623   24,073
                 
Income tax gain/(charge)   1,558   -637   8,032   -4,010
Net result   468   3,225   22,655   20,063
                 
Net result attributable to:                
Equity holders of the parent   466   3,255   22,549   19,539
Non-controlling interests   2   -30   106   524
Net result   468   3,225   22,655   20,063
                 
Basic number of shares (in thousands)   223,540   222,061   222,689   221,950
Diluted number of shares (in thousands)   226,428   224,994   225,122   223,307
                 
EPS, € basic   0.00   0.01   0.10   0.09
EPS, € diluted   0.00   0.01   0.10   0.09

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