TomTom Reports Second Quarter 2016 Results

Consolidated condensed statements of cash flows

(€ in thousands)	Q2 '16 Unaudited	Q2 '15 Unaudited	H1 '16 Unaudited	H1 '15 Unaudited

Operating result	12,752	579	8,439	-4,490
Financial (losses) / gains	-553	1,974	401	3,944
Depreciation and amortisation	30,941	27,262	60,811	53,755
Change in provisions	4,805	-1,116	1,588	-4,825
Equity-settled stock compensation expenses	987	1,124	1,934	2,070
Changes in working capital:
Change in inventories	6,020	-1,547	-2,112	-724
Change in receivables and prepayments	-58,744	-44,668	-47,072	-31,457
Change in liabilities (excluding provisions)⁴	38,499	44,301	-5,547	-2,261
Cash generated from operations	34,707	27,909	18,442	16,012

Interest received	44	173	86	289
Interest (paid)	-338	-315	-602	-554
Corporate income taxes (paid) / received	-1,151	20	-3,021	-1,189
Cash flows from operating activities	33,262	27,787	14,905	14,558

Investments in intangible assets	-25,678	-22,120	-46,982	-40,911
Investments in property, plant and equipment	-4,558	-5,026	-12,293	-10,188
Acquisition of subsidiaries and other businesses	0	-16,961	-2,331	-16,961
Dividends received	80	0	80	0
Cash flows from investing activities	-30,156	-44,107	-61,526	-68,060

Change in utilisation of credit facility	13,000	5,000	33,000	-5,000
Repayment of borrowings	0	0	-4,287	0
Change in non-controlling interest	0	-126	0	-126
Dividends paid	-271	0	-127	0
Proceeds on issue of ordinary shares	6,433	15,680	7,668	26,878
Cash flows from financing activities	19,162	20,554	36,254	21,752

Net increase / (decrease) in cash and cash equivalents	22,268	4,234	-10,367	-31,750
Cash and cash equivalents at beginning of period	114,630	117,367	147,565	152,949
Exchange rate changes on cash balances held in foreign currencies	-507	26	-807	428
Cash and cash equivalents at end of period	136,391	121,627	136,391	121,627

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