TomTom Reports First Quarter 2015 Results

The result for the quarter was a loss of €6.9 million compared to a gain of €7.6 million in Q1 '14. The adjusted net result on a post-tax basis was €2.4 million compared to €17.4 million in Q1 '14.

Adjusted EPS for the quarter was €0.01 versus €0.08 in Q1 '14. Q1 '14 included a one-off tax settlement of €0.04.

Balance sheet

Trade receivables at the end of the quarter equalled €117 million compared to €133 million at the end of Q4 '14 mainly due to seasonally lower revenue in the first quarter of the year. Inventory was €47 million which is at the same level as at the end of Q4 '14. Cash and cash equivalents amounted to €117 million at the end of Q1 '15 (Q4 '14: €153 million).

Current liabilities excluding deferred revenue amounted to €243 million compared to €291 million at the end of Q4 '14. The quarter on quarter decrease was mainly driven by lower personnel-related accruals and lower trade payables balances.

Deferred revenue for the quarter amounted €143 million (Q4 '14: €146 million).

The carrying value of outstanding borrowings at the end of Q1 '15 was €39 million compared to €49 million at the end of 2014. The net cash position at the end of the quarter was €77 million (Q4 '14: €103 million).

Cash flow

The net cash used in operating activities during the quarter was €13 million compared to €15 million in Q1 '14.

The cash flow used in investing activities during the quarter was stable at €24 million compared to the same quarter of last year. The majority of the investments related to our new transactional map-making platform, our navigation engine NavKit and customer specific investments in Automotive.

In the first quarter, 2 million options, related to our long-term employee incentive programmes, were exercised resulting in an €11 million cash inflow.

- END -

Consolidated condensed statement of income

             
(€ in thousands)    

Q1 '15
Unaudited

   

Q1 '14
Unaudited

             
Revenue     205,275     205,378
Cost of sales     95,403     88,089
Gross result     109,872     117,289
             
Research and development expenses 43,290 43,178
Amortisation of technology and databases 18,522 21,182
Marketing expenses 9,748 9,298
Selling, general and administrative expenses     43,381     42,120
Total operating expenses     114,941     115,778
             
Operating result     -5,069     1,511
             
Interest result -204 -1,020
Other financial result -2,574 -1,176
Result of associates     97     136
Result before tax     -7,750     -549
             
Income tax gain     845     8,103
Net result     -6,905     7,554
 
Net result attributable to:            
Equity holders of the parent -7,145 7,492
Non-controlling interests 240 62
Net result     -6,905     7,554
             
Basic number of shares (in thousands) 224,429 222,191
Diluted number of shares (in thousands)     228,661     224,431
             
EPS, € basic -0.03 0.03
EPS, € diluted     -0.03     0.03

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