TomTom Reports Second Quarter 2016 Results

TomTom’s Chief Executive Officer, Harold Goddijn

“Overall, we reported a solid set of results in the second quarter. Our gross margin continued to strengthen, as we are reducing our dependency on hardware products by growing recurring content and services business.

Our Automotive order intake is on track, and we are especially pleased that Volvo Cars selected us as global provider of maps, navigation and traffic.

In this quarter, Telematics added a record number of 27,000 vehicles to its installed base and signed an important agreement with PSA Group to offer value-added fleet management services.”

Outlook 2016

We are reiterating our guidance for the year. We expect to grow our revenue to around €1,050 million and adjusted EPS1 to around €0.23.

We expect the level of investment (both CAPEX and OPEX) in our core technologies to be higher than in 20152. In particular, we are investing in advanced content and software for the automotive industry and in our new map-making platform.

Financial and business review

We generated revenue of €265 million in the second quarter, flat compared with the same quarter last year (Q2 '15: €265 million). The decline in Consumer and Licensing revenue (Licensing included a one-off catch-up of €5 million in Q2 '15) was offset by growth in Automotive and Telematics.

We reported a strong gross margin of 55% in the second quarter (Q2 '15: 51%) mainly driven by a higher share of content and services revenue.

The net result for the quarter was a gain of €12 million (Q2 '15: €2.5 million), which translates to an adjusted earnings per share of €0.10 (Q2 '15: €0.05).

Consumer

(€ in millions, unless stated otherwise)   Q2 '16   Q2 '15  

y.o.y.
change

  H1 '16   H1 '15  

y.o.y.
change

 
                           
Consumer products   138.2   147.8   -7%   235.3   248.6   -5%  
Automotive hardware   19.0   17.1   11%   38.6   38.0   2%  
Total Consumer revenue   157.2   164.9   -5%   273.9   286.6   -4%  
                           
Key PND market data                          

Europe3

                         
Market size (# units sold in millions)   1.3   1.6   -18%   2.4   2.9   -16%  
TomTom market share   54%   52%       53%   52%      

North America

                         
Market size (# units sold in millions)   0.6   0.8   -22%   1.1   1.5   -22%  
TomTom market share   21%   18%       19%   17%      

Change percentages and totals calculated before rounding

             
                           

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