INTERIM FINANCIAL REPORT
30 JUNE 2010
|Consolidated statement of income of TomTom NV|
|Consolidated statement of comprehensive income of TomTom NV|
|Consolidated balance sheet of TomTom NV|
|Consolidated statement of cash flow of TomTom NV|
|Consolidated statement of changes in stockholders’ equity of TomTom NV|
|Notes to the consolidated interim financial statements of TomTom NV|
TomTom NV (the Company) and its subsidiaries (the Group) is the world’s leading provider of location and navigation solutions. TomTom has over 3000 employees working in its offices across all continents. The commercial activities of the Group are carried out through four customer facing business units – Consumer, Automotive, WORK and Licensing. The first three of these business units sell their navigation products and services to one specific customer group, whilst Licensing sells its content and services to multiple customer groups.
It is our mission to improve people’s lives by using our combined knowledge and expertise in the field of routing, digital content and guidance services. We tailor our activities towards multiple audiences and aim to play a leading role on all platforms where our products and services can be of use.
Market and TomTom outlook 2010
Compared to the same period prior year, both the European and North American PND markets decreased in size during the first half of 2010. Nevertheless we managed to grow our market shares in both geographies. In the second half of the year we expect sales to be strongly weighted towards the fourth quarter as has been the case in previous years.
Financial review for the six month period ended 30 June 2010
Total revenues were €630 million in H1 2010 up from €581 million in H1 2009. The main driver for this revenue increase was our Automotive business unit which showed a revenue increase of 127% to €84 million (H1 2009: €37 million). Revenues from Consumer and Licensing were relatively flat year on year at €459 million (H1 2009: 464 million) and €63 million (H1 2009: €63 million) respectively. WORK revenues were up by 38% to €25 million (H1 2009: €18 million).
Gross profit increased to €329 million in H1 2010 from €295 million in
H1 2009. The gross margin increased 1 percentage point from 51% in H1
2009 to 52% in H1 2010.