TomTom Reports Second Quarter 2010 Results

Continued growth of Automotive, WORK, and Content & Services revenue

AMSTERDAM — (BUSINESS WIRE) — July 20, 2010Financial highlights Q2 2010

  • Group revenue of €362 million (Q2 2009: €368 million)
  • Strong growth of Automotive and WORK revenue by 82% and 42% respectively
  • Gross margin of 51% with healthy contribution of Content & Services revenue
  • Net result increased 69% to €34 million
  • Net cash flow from operating activities of €67 million

Operational highlights Q2 2010

  • Premium PND range announced based on new software architecture
  • Connected navigation is being rolled out across Europe
  • PND market share growth in both Europe and North America
  • Take up rate of in-dash solutions continues to be strong

Outlook 2010

  • Full year guidance maintained of broadly flat revenue and earnings per share in 20101

TomTom’s Chief Executive Officer, Harold Goddijn

“We made some important steps this quarter with the development of our new software architecture, which will allow us to bring innovations to the market faster. We will bring this new platform to our customers in 33 countries, firstly on our recently announced GO 1000 LIVE. Our new premium range PND will offer our customers a unique suite of services and features including HD Traffic and accelerated routing technology, providing our customers with the best guidance available with no hidden cost or additional charges when travelling abroad.”

Key figures2

(in € millions)   Q2'10   Q2'09  

y.o.y.
change

  Q1'10  

q.o.q.
change

                     
Revenue   362   368   -2%   268   35%
                     
Gross result   185   188   -1%   144   28%
Gross margin   51%   51%       54%    
                     
EBITDA 75 85 -12% 44 72%
EBITDA margin   21%   23%       16%    
                     
EBIT 50 57 -12% 17 192%
EBIT margin   14%   15%       6%    
                     
Net result   34   20   69%   3   992%
                     
EPS, € diluted 0.15 0.13 16% 0.01 993%

Adjusted EPS 3 , € diluted

  0.21   0.22   -8%   0.07   191%
1   In 2009 the full year revenue was €1,480 and the earnings per share were €0.47

2

Operating expenses include restructuring charges of €1.2 million in Q2 ’10, €1.4 million in Q1 ’10 and €2.1 million in Q2 ’09

3

Earnings per share adjusted for acquisition related amortisation, non-cash goodwill impairment and restructuring charges on a post tax basis

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