TomTom Reports Fourth Quarter and Full Year 2015 Results

Total depreciation, amortisation and impairment amounted to €42 million in the quarter, 55% higher compared with last year (FY '14: €27 million). Acquisition-related amortisation was €13 million in Q4 '15 (Q4 '14: €12 million).

On a full year basis, acquisition-related amortisation amounted to €52 million in 2015, 3% higher compared with last year (FY '14: €50 million). This reflects increased amortisation charges from our Telematics acquisitions as well as the 2015 acquisition of Location Navigation Pty. Ltd., offset by lower amortisation from certain map-making tools that have been fully amortised in 2014.

Financial income and expenses

The net interest charge for the quarter was €0.2 million versus a net interest charge of €1.1 million in Q4 '14. The decrease is mainly due to lower interest rates applied against lower utilised amounts from our credit facility throughout 2015. The other financial result for the quarter was a loss of €2.4 million (Q4 '14: loss of €1.6 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 amounted to €8 million compared with €7 million in 2014.

Income tax

The net income tax for the quarter was a gain of €23 million versus a net income tax gain of €2 million in Q4 '14. The net income tax for the year was a gain of €26 million, mainly as the result of remeasuring certain deferred tax assets and liabilities to a lower rate due to the application of the innovation box facility in the Netherlands, as well as some other one-off releases of provisions.

Net result and adjusted EPS

                                     
(€ in millions, unless stated otherwise)     Q4 '15     Q4 '14    

y.o.y.
change

    FY '15     FY '14    

y.o.y.
change

                                     
Net result     20.9     0.5           18.3     22.7     -19%
Net result attributed to equity holders     20.8     0.5         18.1     22.6     -20%
Remeasurement of deferred tax liability -7.5 -7.5
Acquisition-related amortisation 13.1 12.3 7% 52.1 50.3 3%
Tax effect of adjustments     -3.3     -3.1     7%     -13.0     -12.6     3%
Adjusted net result     23.1     9.7     139%     49.6     60.3     -18%
                                     
Adjusted EPS, € fully diluted     0.10     0.04     128%     0.21     0.27     -20%
 

Change percentages are based on non-rounded figures.

 

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