TomTom Reports Second Quarter 2010 Results

Notes to the consolidated interim financial statements of TomTom NV

1. General

TomTom NV (the “company”) has its statutory seat and headquarters in Amsterdam, the Netherlands. The condensed consolidated interim financial statements comprise the final information of the company and its subsidiaries (together referred to as the “Group”) and have been prepared by the Board of Management and authorised for issue on 21 July 2010.

The condensed consolidated interim financial statements have neither been reviewed nor audited.

2. Summary of significant accounting policies

The principal accounting policies applied in these condensed consolidated interim financial statements are consistent with those applied in the annual financial statements for the year ended 31 December 2009, except as described below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

The condensed consolidated interim financial statements for the six months ended 30 June 2010 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. As permitted by IAS 34, the condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and the notes to these consolidated interim financial statements are presented in a condensed format. Accordingly, the condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2009, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

Change in accounting policies and disclosures

The following new or amended standards are effective for the financial year beginning 1 January 2010.

  • IFRS 3 (revised), ‘Business combinations’, and the consequential amendments to IAS 27, ‘Consolidated and separate financial statements’. The revised standards did not have any impact on the Group for the first half of the year.
  • The 2009 and 2010 ‘Improvements to IFRS’ include various amendments across different standards that largely clarify the required accounting treatment where previous practice had varied and have resulted in a number of changes in the detail of the Group’s accounting policies. The effective dates vary standard by standard but most are effective 1 January 2010. There has been no material impact on the Group’s accounting policies as a result of the amendments included in ‘Improvements to IFRS’.

Other standards and interpretations effective from 1 January 2010 did not have a material impact on the Group.

All other Standards and Interpretations that were in issue but not yet effective for reporting periods beginning on 1 January 2010 have not yet been adopted. The Group anticipates that the adoption of these Standards and Interpretations will have no material impact on the financial statements of the Group in future periods.

Use of estimates

The preparation of these interim financial statements requires that the Group makes assumptions, estimates and judgements that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities as of the date of the interim financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Estimates are used when accounting for items and matters such as revenue recognition, allowances for uncollectible accounts receivable, inventory obsolescence, product warranty costs, depreciation and amortisation, asset valuations, impairment assessments, taxes, earn-out provisions, other provisions, stock-based compensation and contingencies. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and the future periods if the revision affects both current and future periods. For TomTom’s critical accounting estimates and judgments, reference is made to the notes to the Consolidated financial statements contained in the 2009 Annual Report.

3. Segment reporting

Internal management reporting is structured based primarily upon the four customer facing business units – Consumer, Automotive, WORK and Licensing. As part of the integration of the former Tele Atlas operation, certain activities have been restructured among the business units within the Group. The segment information disclosures for the first half of 2010 and the comparative information reflect these changes and are therefore not necessarily comparable with the previously reported segment information.

(in € millions)   H1’10   H1’09
Consumer 459.1 463.6
Automotive* 83.6 36.8
Licensing 63.1 63.0
WORK 24.5 17.8
TomTom   630.3   581.2
Consumer 70.1 64.7
Automotive* -1.0 -14.6
Licensing -9.7 -13.1
WORK 7.3 3.6
TomTom   66.6   40.6

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15  Next Page »

Review Article Be the first to review this article


Featured Video
Software Developer for CHA Consulting, Inc. at Norwell, Massachusetts
Geospatial Analyst/Programmer for LANDIQ at Sacramento, California
Product Manager for CHA Consulting, Inc. at Boston, Massachusetts
GIS Data Analyst for CostQuest Associates, Inc. at Cincinnati, Ohio
System Designer/Engineer for Bluewater at Southfield, Michigan
Mid-Level Mechanical Engineer for Kiewit at lenexa, Kansas
Upcoming Events
Locate 2018 at Pier 27, The Embarcadero San Francisco CA - May 30 - 31, 2018
2nd WY UAV Symposium at UW Convention Center 2229 Grand Ave LARAMIE WY - May 30 - 31, 2018
GeoIntelligence Asia at NEW DELHI India - Jun 4 - 5, 2018
SPAR 3D & AEC Next Technology Expo + Conference at Anaheim Convention Center Anaheim CA - Jun 5 - 7, 2018
Teledyne Optech
Bentley: -YII 2018 Awards

Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise