TomTom Reports Third Quarter 2014 Results

The cash flow from operating activities for the quarter was €68 million, which is €3.3 million lower compared the same quarter last year (Q3 '13: €71 million).

The cash flow used in investing activities during the quarter was €22 million (Q3 '13: €24 million). The majority of the investments in the quarter related to our new map production platform and the connected navigation system components for the Automotive industry.

In the third quarter, 1.1 million options related to our long-term employee incentive programmes, were exercised resulting in €5 million cash in.

Dividend policy

At the general meeting of 1 May 2014, the Management Board was requested to give further consideration to the topic of ‘shareholders’ remuneration’.

The Management Board has considered this request from a number of points of view, such as business prospects, cash requirements, financial performance, new product development and plans for international expansion. After having considered all these factors, the Management Board has decided not to change the company’s policy, meaning that it has no current plans to distribute a dividend. The company gives priority to increasing technology investments to strengthen its capabilities and competitive position and to pursuing acquisitions in its fleet management business (Telematics), whilst at the same time improving its balance sheet.

Further information can be found on our corporate website.

Consolidated condensed statement of income

(€ in thousands)  

Q3 '14

Unaudited

 

Q3 '13

Unaudited

 

YTD '14

Unaudited

 

YTD '13

Unaudited

                 
Revenue   234,564   244,056   691,893   695,889
Cost of sales   101,271   106,573   301,449   318,081
Gross result   133,293   137,483   390,444   377,808
                 
Research and development expenses 39,052 41,118 128,456 124,500
Amortisation of technology and databases 26,227 20,962 68,522 59,262
Marketing expenses 18,993 12,825 49,790 34,821
Selling, general and administrative expenses   41,178   48,963   124,090   137,915
Total operating expenses   125,450   123,868   370,858   356,498
                 
Operating result   7,843   13,615   19,586   21,310
                 
Interest result -1,017 -765 -2,027 -2,145
Other financial result -657 358 -2,139 -1,936
Result of associates   232   166   294   2,979
Result before tax   6,401   13,374   15,714   20,208
                 
Income tax (expense)/income   -619   -2,009   6,475   -3,373
Net result   5,782   11,365   22,189   16,835
 
Net result attributable to:                
Equity holders of the parent 5,741 11,248 22,085 16,281
Non-controlling interests 41 117 104 554
Net result   5,782   11,365   22,189   16,835
                 
Basic number of shares (in thousands) 222,740 221,940 222,207 221,913
Diluted number of shares (in thousands)   225,914   223,871   224,361   222,751
                 
EPS, € basic 0.03 0.05 0.10 0.07
EPS, € diluted   0.03   0.05   0.10   0.07
 

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