TomTom Reports Fourth Quarter and Full Year 2015 Results

At 31 December 2015, we reported a net cash position of €98 million (Q4 '14: net cash of €103 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€148 million) minus the borrowings (€49 million).

Cash flow

The cash flow from operating activities for the quarter was €58 million compared with €32 million in Q4 '14. The year on year increase was mainly driven by lower utilisation of working capital. On a full year basis, cash flow from operating activities remained at the same level as in 2014 and amounted to €119 million.

The cash flow used in investing activities during the quarter increased by €21 million year on year to €55 million mainly due to our recent Telematics acquisition in Poland. On a full year basis, the cash flow used in investing activities was €154 million, an increase of €48 million year on year. The majority of the investments related to two acquisitions as well as investments in our new transactional map-making platform, the NDS-based navigation system and customer specific investments in Automotive.

In the quarter, 0.9 million options related to our long-term employee incentive programmes were exercised resulting in a €4.5 million cash inflow. The net cash inflow from the exercise of options for the full year 2015 amounted to €34 million.

- END –

Consolidated condensed statement of income

(€ in thousands)    

Q4 '15
Unaudited

   

Q4 '14
Unaudited

   

FY '15
Audited

   

FY '14
Audited

                         
Revenue     282,488     258,399     1,006,607     950,292
Cost of sales     143,523     125,517     488,080     426,966
Gross result     138,965     132,882     518,527     523,326
                         
Research and development expenses 46,807 45,559 185,443 174,014
Amortisation of technology and databases 19,939 19,578 76,694 88,100
Marketing expenses 25,777 19,768 83,438 69,559
Selling, general and administrative expenses     46,239     46,449     172,352     170,539
Total operating expenses     138,762     131,354     517,927     502,212
                         
Operating result     203     1,528     600     21,114
                         
Interest result -170 -1,118 -925 -3,145
Other financial result -2,437 -1,581 -7,343 -3,720
Result of associates     164     81     167     374
Result before tax     -2,240     -1,090     -7,501     14,623
                         
Income tax gain     23,179     1,558     25,794     8,032
Net result     20,939     468     18,293     22,655
 
Net result attributable to:                        
Equity holders of the parent 20,824 466 18,122 22,549
Non-controlling interests     115     2     171     106
Net result     20,939     468     18,293     22,655
                         
Basic number of shares (in thousands) 230,131 223,540 227,771 222,689
Diluted number of shares (in thousands)     237,656     226,428     232,378     225,122
                         
EPS, € basic 0.09 0.00 0.08 0.10
EPS, € diluted     0.09     0.00     0.08     0.10
 

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