AMSTERDAM — (BUSINESS WIRE) — October 20, 2016 — Financial summary Q3 '16
- Revenue of €239 million (Q3 '15: €254 million)
- Gross margin of 60% (Q3 '15: 53%)
- EBITDA of €33 million (Q3 '15: €33 million)
- Adjusted EPS1 of €0.05 (Q3 '15: €0.05)
- Net cash position of €81 million (Q3 '15: €94 million)
Operational summary Q3 '16
- PND market weaker than expected; Consumer continued to diversify into a multi-product business with the launch of several new products, including its first fitness activity tracker, the new GPS Outdoor Watch and the world’s first PND for scooters
- Subaru's new infotainment platform powered by TomTom maps and navigation software
- Volvo Trucks selected TomTom Maps, Traffic and Navigation software for its new infotainment system
- Traffic service launched in India and Bulgaria; now available in 52 countries
- NVIDIA Partnership announced to develop a cloud-to-car mapping system for self-driving cars
- Telematics recognised by Berg Insight as Europe's leading and most innovative provider of fleet management solutions (for second year running)
Outlook 2016 updated
As previously announced on 13 October 2016, we are updating our guidance.
We now expect full year group revenue of around €980 million, down from previous guidance of around €1,050 million. Outlook for adjusted EPS1 of around €0.23 is unchanged.
Key figures
(€ in millions, unless stated otherwise) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Consumer | 137.1 | 161.2 | -15% | 410.9 | 447.7 | -8% | ||||||
Automotive | 31.3 | 26.0 | 21% | 95.9 | 75.6 | 27% | ||||||
Licensing | 34.4 | 35.2 | -2% | 101.3 | 102.8 | -1% | ||||||
Telematics | 36.5 | 31.8 | 15% | 113.6 | 98.0 | 16% | ||||||
REVENUE | 239.3 | 254.2 | -6% | 721.7 | 724.1 | 0% | ||||||
GROSS RESULT | 144.6 | 135.1 | 7% | 413.2 | 379.6 | 9% | ||||||
Gross margin | 60% | 53% | 57% | 52% | ||||||||
EBITDA | 33.1 | 32.7 | 1% | 102.3 | 82.0 | 25% | ||||||
EBITDA margin | 14% | 13% | 14% | 11% | ||||||||
OPERATING RESULT (EBIT) | 1.0 | 4.9 | -80% | 9.4 | 0.4 | |||||||
EBIT margin | 0% | 2% | 1% | 0% | ||||||||
NET RESULT | 0.6 | 1.7 | -67% | 17.5 | -2.6 | |||||||
ADJUSTED NET RESULT | 11.7 | 11.6 | 1% | 42.8 | 26.5 | 61% | ||||||
EPS, € fully diluted | 0.00 | 0.01 | -67% | 0.07 | -0.01 | |||||||
Adjusted EPS1, € fully diluted | 0.05 | 0.05 | 1% | 0.18 | 0.11 | 59% |
Change percentages and totals calculated before rounding.
1 Earnings per fully diluted share count adjusted for acquisition-related amortisation & gain on a post-tax basis.
TomTom's Chief Executive Officer, Harold Goddijn
“Strong growth in Consumer Sports could not offset PND decline we have seen this quarter.
In Automotive, we continue to make good progress in delivering our connected navigation system components to existing and new customers. Our order intake for this year so far is above €200 million, in line with our expectations; TomTom has won the largest deal available to the market this year. Together with orders secured earlier, this will support continued growth in our Automotive business.
This quarter we announced a partnership with NVIDIA to create a cloud-to-car mapping system for High Definition maps for self-driving cars. This collaboration is an important step for TomTom.
Our revenue mix is shifting towards high gross margin, recurring data, software & services income.”
Outlook 2016 updated
As previously announced on 13 October 2016, we are updating our guidance.
Consumer PND markets have been weak over recent periods.
The European PND market is experiencing a faster rate of unit decline compared with what we have seen in the first half of the year and we now expect this market in units to be down by about -20% for the year as a whole. The rate of unit decline of the North American PND market is broadly in line with what we have seen in the first half of the year and for the year as a whole is expected to be around -23%.
The Automotive, Licensing, and Telematics businesses are developing in line with expectations. Hardware revenues are lower than planned because of weak PND sales; data, software & services revenue reported growth, which resulted in a strong gross margin.
As a result of these developments, we now expect full year group revenue of around €980 million, down from previous guidance of around €1,050 million. Outlook for adjusted EPS1 of around €0.23 is unchanged.
We expect the level of investment (both CAPEX and OPEX) in our core technologies to be higher than in 20152. In particular, we are investing in advanced content and software for the automotive industry and in our new map-making platform.
Financial and business review
Revenue for the third quarter amounted to €239 million, 6% lower compared with the same quarter last year (Q3 '15: €254 million). This decline was mainly driven by lower Consumer PND revenue, which was only partly offset by revenue growth in Consumer Sport, Automotive and Telematics. Licensing showed relatively flat revenue compared to last year. Our gross margin equalled to 60% in the third quarter (Q3 '15: 53%). The net result for the quarter was a gain of €0.6 million, which translates to adjusted EPS¹ of €0.05.
2 In 2015 CAPEX was €108 million (excluding acquisitions) and OPEX was €518 million
Consumer
(€ in millions, unless stated otherwise) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Consumer products | 126.2 | 146.0 | -14% | 361.4 | 394.5 | -8% | ||||||
Automotive hardware | 10.9 | 15.2 | -28% | 49.5 | 53.2 | -7% | ||||||
Total Consumer revenue | 137.1 | 161.2 | -15% | 410.9 | 447.7 | -8% | ||||||
Key PND market data | ||||||||||||
Europe3 |
||||||||||||
Market size (# units sold in millions) | 1.4 | 1.8 | -21% | 3.8 | 4.6 | -18% | ||||||
TomTom market share | 54% | 53% | 54% | 52% | ||||||||
North America |
||||||||||||
Market size (# units sold in millions) | 0.6 | 0.8 | -23% | 1.7 | 2.2 | -22% | ||||||
TomTom market share | 21% | 19% | 20% | 18% |
Change percentages and totals calculated before rounding.
Consumer revenue for the quarter decreased by 15% year on year to €137 million (Q3 '15: €161 million), reflecting decrease in both Consumer products and Automotive hardware revenue. Consumer products revenue in Q3 '16 was down by 14% year on year, driven by a decline in the PND market, partially offset by sharp growth in Sport revenue which more than doubled year on year. The Automotive hardware revenue declined by 28% year on year due to discontinuation of a legacy platform, that went end of life at the start of Q3 '16.
We enhanced our Consumer product range with the introduction of new products in this quarter. In Sports, we refreshed our Running product range with the next generation sport watches that now include route exploration. We also introduced the new GPS Outdoor Watch designed for outdoor activities with dedicated sports modes for hiking, trail running, skiing and snowboarding. Our fitness product offering is extended with the TomTom TOUCH, our first fitness tracker that combines body composition analysis with steps, sleep and all day heart rate tracking.
In Drive, we launched the new TomTom VIO, the world’s first navigation device designed for scooters. We also revealed the GO PND with built-in Wi-Fi®, as well as Siri and Google Now™ integration.
Automotive
(€ in millions) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Revenue | 31.3 | 26.0 | 21% | 95.9 | 75.6 | 27% |
Change percentages and totals calculated before rounding.
Our Automotive business generated revenue of €31 million in the quarter, a 21% growth compared with €26 million in Q3 '15. This increase reflects increasing revenue from new contracts that start to kick in as well as higher revenue on existing contracts.
In the third quarter, we made good progress in delivering our connected navigation components to our existing as well as to our new customers.
Peugeot i-Cockpit® is enhanced with TomTom navigation, 3D Maps and Traffic service. The first car model to introduce the new PEUGEOT i-Cockpit® with our navigation components will be the new PEUGEOT 3008. TomTom Traffic service, already available to sister companies Audi, Volkswagen, Porsche and Bentley, will be extended to all �nbsp;KODA car models across Europe in the course of 2017. We also announced that Subaru’s next generation infotainment platform will be equipped with our global Maps and Navigation software. This platform will launch first in North America with the all-new 2017 Subaru Impreza. Finally, Volvo Trucks selected us as the supplier of Maps, Traffic and Navigation software for their new infotainment system, launching first in Europe in 2017.
3 Europe refers to the following 12 countries: AT, BE, CH, CZ, DE, ES, FR, GB, IT, NL, PL and SE.
We expanded our global footprint in Traffic with the launch of our service in India and Bulgaria in September. TomTom Traffic is now available in 52 countries globally. In addition, we introduced On-Street Parking service, enabled by the vast supply of GPS data that runs through our platforms, to help drivers to find a parking spot more quickly. In the quarter, we also extended the coverage of High Definition (HD) Map and RoadDNA products with motorways in France, and interstates in 13 additional states in the US. This brings the total coverage of HD Map and RoadDNA to over 200,000 kilometres globally.
Licensing
(€ in millions) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Revenue | 34.4 | 35.2 | -2% | 101.3 | 102.8 | -1% |
Change percentages and totals calculated before rounding.
Our Licensing revenue was €34 million in Q3 '16, relatively flat compared with the same quarter last year.
In the quarter we extended the coverage of TomTom City to 100 cities. The traffic portal is a showcase for the extensive range of traffic information available on a city by city basis and provides a platform to connect traffic authorities, businesses and citizens to jointly manage sustainable and efficient mobility.
Telematics
(€ in millions, unless stated otherwise) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Hardware and other services revenue1 | 7.1 | 6.7 | 7% | 26.0 | 26.2 | -1% | ||||||
Subscription revenue | 29.4 | 25.1 | 17% | 87.5 | 71.8 | 22% | ||||||
Total Telematics revenue | 36.5 | 31.8 | 15% | 113.6 | 98.0 | 16% | ||||||
Monthly subscription ARPU (€) | 14.6 | 15.7 | -7% | |||||||||
Subscriber installed base (# in thousands) | 671 | 522 | 29% |
Change percentages and totals calculated before rounding.
1Other
services revenue comprises installation services and separately
purchased traffic service and/or map content.
Telematics revenue for the quarter was €37 million, a 15% increase compared with €32 million in Q3 '15. The recurring subscription revenue for the quarter increased by 17% year on year to €29 million (Q3 '15: €25 million). This increase is driven by the increase of the WEBFLEET subscriber base. At the end of the third quarter Telematics reported an installed base of 671,000 subscribers, a 29% increase compared with 522,000 at the end of Q3 '15.
In this quarter, we announced a collaboration with Sage, the market leader in cloud accounting software, to deliver real-time accounting for companies with fleets of vehicles. We also partnered with Continental/VDO. The alliance brings together Europe’s number one fleet management provider as well as Europe’s leading transportation compliance solution provider. Both organizations have large install bases across Europe and this collaboration will more reliably and efficiently handle the transfer and management of Tachograph data.
In addition, the TomTom PRO 2020, our new entry-level driver terminal, was launched with the first units shipping in the EU during Q4. The TomTom PRO 2020 combines Driver ID, Logbook and Working Times with Active Driver Feedback into a compact terminal.
Data, software & services and Hardware revenue split
(€ in millions) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Data, software & services revenue | 120.9 | 114.8 | 5% | 358.5 | 329.2 | 9% | ||||||
Hardware revenue | 118.4 | 139.4 | -15% | 363.2 | 394.9 | -8% | ||||||
Total revenue | 239.3 | 254.2 | -6% | 721.7 | 724.1 | 0% |
Change percentages and totals calculated before rounding.
Data, software & services revenue for the quarter was €121 million or 51% of total revenue (Q3 '15: 45%).
Gross margin
The gross margin for the quarter was 60%, which is 7 percentage points higher compared with 53% in Q3 '15. The year on year increase was mainly due to a change in our product mix, with relatively higher portion of recurring high gross margin data, software & services revenue.
Operating expenses
Total operating expenses for the quarter were €144 million, €14 million higher compared with €130 million in the same quarter last year. The year on year increase was mainly driven by an increase in personnel expenses, partially offset by lower marketing expenses.
FX sensitivity
Actual Q3 '16 / YTD '16 recalculated based on last year (Q3 '15 /
YTD '15) FX rates
|
Q3 '16
|
Q3 '16
FX rates1 |
YTD '16
|
YTD '16
FX rates1 |
||||
Revenue | 239.3 | 243.6 | 721.7 | 728.0 | ||||
Gross result | 144.6 | 148.7 | 413.2 | 420.4 | ||||
Gross margin | 60% | 61% | 57% | 58% | ||||
EBIT | 1.0 | 3.4 | 9.4 | 14.5 | ||||
EBIT margin | 0% | 1% | 1% | 2% | ||||
P&L RATES IN € | Q3 '16 | Q3 '15 | YTD '16 | YTD '15 | ||||
US dollar | 1.11 | 1.11 | 1.11 | 1.12 | ||||
GB pound | 0.84 | 0.71 | 0.79 | 0.73 |
¹The Q3 '16 / YTD '16 income and expense in US dollar and GB pound have been converted to euro using Q3 '15 / YTD '15 average rates. All other foreign currencies have not been converted.
Depreciation and amortisation
(€ in millions) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Cost of sales | 1.9 | 2.0 | -6% | 6.2 | 7.0 | -11% | ||||||
Research and development | 3.4 | 2.4 | 39% | 9.1 | 6.7 | 37% | ||||||
Amortisation of technology & databases | 22.6 | 19.6 | 15% | 64.3 | 56.8 | 13% | ||||||
Marketing | 0.1 | 0.0 | 0.2 | 0.0 | ||||||||
Selling, general and administrative | 4.3 | 3.8 | 12% | 13.1 | 11.2 | 17% | ||||||
Total | 32.1 | 27.8 | 16% | 93.0 | 81.6 | 14% | ||||||
Of which acquisition-related amortisation | 13.7 | 13.1 | 5% | 41.1 | 38.9 | 6% |
Change percentages and totals calculated before rounding.
Total depreciation and amortisation costs amounted to €32 million compared with €28 million in Q3 '15. This increase results from the go-live of several technology platforms. Acquisition-related amortisation amounted €14 million (Q3 '15: €13 million). The year on year increase is mainly related to the acquisition of Finder in Telematics.
Financial income and expenses
The net interest charge for the quarter was €0.4 million compared with €0.3 million in Q3 '15.
The other financial result was a gain of €0.5 million for the quarter compared with a loss of €2.6 million in Q3 '15.
Income tax
In Q3 '16, the group recorded an income tax charge of €0.6 million compared with a gain of €8 thousand in the same period last year.
Net result
(€ in millions, unless stated otherwise) | Q3 '16 | Q3 '15 | y.o.y. change | YTD '16 | YTD '15 | y.o.y. change | ||||||
Net result | 0.6 | 1.7 | -67% | 17.5 | -2.6 | |||||||
Net result attributed to equity holders | 0.6 | 1.8 | -67% | 17.5 | -2.7 | |||||||
Remeasurement of deferred tax liability | -7.6 | |||||||||||
Acquisition-related amortisation | 13.7 | 13.1 | 5% | 41.1 | 38.9 | 6% | ||||||
Tax effect of adjustments | -2.6 | -3.3 | -20% | -8.2 | -9.7 | -15% | ||||||
Adjusted net result | 11.7 | 11.6 | 1% | 42.8 | 26.5 | 61% | ||||||
Adjusted EPS, € fully diluted | 0.05 | 0.05 | 1% | 0.18 | 0.11 | 59% |
Change percentages and totals calculated before rounding.
The net result for the quarter was a gain of €0.6 million compared with a gain of €1.7 million in Q3 '15. The adjusted net result on a post-tax basis was €12 million compared with €12 million in Q3 '15. This translates to an adjusted EPS of €0.05 for the quarter (Q3 '15: €0.05).
Balance sheet
At the end of the quarter, trade receivables plus other receivables totalled €219 million compared with €199 million at the end of Q3 '15. The inventory level was €61 million, an increase of €7 million compared with €54 million at the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €129 million versus €124 million at the end of Q3 '15.
Current liabilities excluding deferred revenue were €300 million compared with €279 million at the end of Q3 '15.
Deferred revenue was €206 million at the end of Q3 '16, compared with €190 million at the end of the same quarter last year. The year on year increase reflects the increased deferred revenue position related to Automotive contracts with upfront payments or lifetime offerings, as well as an increasing number of products with lifetime service offerings within Consumer.
At 30 September 2016, we reported a net cash position of €81 million (Q3 '15: net cash of €94 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€129 million) minus the nominal amount of the borrowings (€48 million).
Cash flow
The cash flow from operating activities for the quarter was €54 million compared with €47 million in the same quarter last year. This increase is mainly due to lower working capital utilisation partly offset by higher tax payments in the quarter.
The cash flow used in investing activities during the quarter was €32 million (Q3 '15: €31 million).
The cash flow used in financing activities mainly reflects a lower utilisation of €30 million from our credit facility. In the quarter, 340 thousand options (Q3 '15: 649 thousand options), related to our long-term employee incentive programmes, were exercised resulting in an €1.3 million cash inflow (Q3 '15: €3.0 million).
- END -
Consolidated condensed statement of income
(€ in thousands) | Q3 '16 Unaudited | Q3 '15 Unaudited | YTD '16 Unaudited | YTD '15 Unaudited | ||||
Revenue | 239,331 | 254,231 | 721,711 | 724,119 | ||||
Cost of sales | 94,690 | 119,161 | 308,507 | 344,557 | ||||
Gross result | 144,641 | 135,070 | 413,204 | 379,562 | ||||
Research and development expenses | 50,680 | 43,275 | 140,888 | 138,636 | ||||
Amortisation of technology and databases | 22,571 | 19,589 | 64,304 | 56,755 | ||||
Marketing expenses | 19,159 | 22,616 | 55,762 | 57,661 | ||||
Selling, general and administrative expenses | 51,278 | 44,703 | 142,858 | 126,113 | ||||
Total operating expenses | 143,688 | 130,183 | 403,812 | 379,165 | ||||
Operating result | 953 | 4,887 | 9,392 | 397 | ||||
Interest result | -404 | -328 | -1,086 | -755 | ||||
Other financial result | 513 | -2,633 | 991 | -4,906 | ||||
Result of associates | 97 | -210 | 558 | 3 | ||||
Result before tax | 1,159 | 1,716 | 9,855 | -5,261 | ||||
Income tax (expense)/gain | -594 | 8 | 7,663 | 2,615 | ||||
Net result | 565 | 1,724 | 17,518 | -2,646 | ||||
Net result attributable to: | ||||||||
Equity holders of the parent | 595 | 1,812 | 17,453 | -2,702 | ||||
Non-controlling interests | -30 | -88 | 65 | 56 | ||||
Net result | 565 | 1,724 | 17,518 | -2,646 | ||||
Basic number of shares (in thousands) | 232,424 | 229,199 | 231,413 | 226,974 | ||||
Diluted number of shares (in thousands) | 235,265 | 236,881 | 234,898 | 231,610 | ||||
EPS, € basic | 0.00 | 0.01 | 0.08 | -0.01 | ||||
EPS, € diluted | 0.00 | 0.01 | 0.07 | -0.01 |
Consolidated condensed balance sheet
(€ in thousands) |
30 September 2016
Unaudited |
31 December 2015
Audited |
||
Goodwill | 400,770 | 403,437 | ||
Other intangible assets | 807,112 | 810,908 | ||
Property, plant and equipment | 40,934 | 38,869 | ||
Investments in associates | 3,757 | 3,546 | ||
Deferred tax assets | 33,843 | 33,493 | ||
Total non-current assets | 1,286,416 | 1,290,253 | ||
Inventories | 60,933 | 48,657 | ||
Trade receivables | 166,252 | 138,593 | ||
Other receivables and prepayments | 52,632 | 53,533 | ||
Other financial assets | 277 | 967 | ||
Cash and cash equivalents | 129,262 | 147,565 | ||
Total current assets | 409,356 | 389,315 | ||
Total assets | 1,695,772 | 1,679,568 | ||
Share capital | 46,522 | 46,099 | ||
Share premium | 1,050,290 | 1,035,451 | ||
Other reserves | 229,425 | 228,216 | ||
Accumulated deficit | -339,114 | -340,956 | ||
Equity attributable to equity holders of the parent | 987,123 | 968,810 | ||
Non-controlling interests | 1,844 | 1,723 | ||
Total equity | 988,967 | 970,533 | ||
Borrowings | 47,503 | 44,254 | ||
Deferred tax liability | 123,404 | 149,806 | ||
Provisions | 30,257 | 35,065 | ||
Deferred revenue | 104,562 | 83,726 | ||
Total non-current liabilities | 305,726 | 312,851 | ||
Trade payables | 93,581 | 94,951 | ||
Income taxes | 14,938 | 4,382 | ||
Other taxes and social security | 10,321 | 13,056 | ||
Borrowings | 0 | 4,287 | ||
Provisions | 31,843 | 32,573 | ||
Deferred revenue | 100,986 | 103,147 | ||
Accruals and other liabilities | 149,410 | 143,788 | ||
Total current liabilities | 401,079 | 396,184 | ||
Total equity and liabilities | 1,695,772 | 1,679,568 |
Consolidated condensed statements of cash flows
(€ in thousands) |
Q3 '16
Unaudited |
Q3 '15
Unaudited |
YTD '16
Unaudited |
YTD '15
Unaudited |
||||
Operating result | 953 | 4,887 | 9,392 | 397 | ||||
Financial losses | -1,960 | -6,586 | -1,559 | -2,463 | ||||
Depreciation and amortisation | 32,140 | 27,805 | 92,951 | 81,560 | ||||
Change in provisions | -2,422 | -1,250 | -834 | -6,075 | ||||
Equity-settled stock compensation expenses | 816 | 672 | 2,750 | 2,742 | ||||
Changes in working capital: | ||||||||
Change in inventories | -10,535 | -5,776 | -12,647 | -6,500 | ||||
Change in receivables and prepayments | 19,192 | -3,838 | -27,880 | -43,065 | ||||
Change in liabilities (excluding provisions)4 |
22,571 | 33,021 | 17,024 | 38,532 | ||||
Cash generated from operations | 60,755 | 48,935 | 79,197 | 65,128 | ||||
Interest received | 42 | 103 | 128 | 392 | ||||
Interest paid | -364 | -347 | -966 | -901 | ||||
Corporate income taxes paid | -6,695 | -2,031 | -9,716 | -3,399 | ||||
Cash flows from operating activities | 53,738 | 46,660 | 68,643 | 61,220 | ||||
Investments in intangible assets | -27,489 | -23,369 | -74,471 | -64,280 | ||||
Investments in property, plant and equipment | -4,409 | -7,371 | -16,702 | -17,559 | ||||
Acquisitions of subsidiaries and other businesses | 0 | -500 | -2,331 | -17,461 | ||||
Dividends received | 50 | 105 | 130 | 105 | ||||
Cash flows from investing activities | -31,848 | -31,135 | -93,374 | -99,195 | ||||
Change in utilisation of credit facility | -30,000 | -15,000 | 3,000 | -20,000 | ||||
Repayment of borrowings | 0 | 0 | -4,287 | 0 | ||||
Change in non-controlling interest | -98 | 0 |
-98 |
-126 |
||||
Dividends paid | -11 | 0 |
-138 |
0 |
||||
Proceeds on issue of ordinary shares | 1,255 | 3,035 |
8,923 |
29,913 |
||||
Cash flows from financing activities | -28,854 | -11,965 | 7,400 | 9,787 | ||||
Net increase / (decrease) in cash and cash equivalents |
-6,964 |
3,560 |
-17,331 |
-28,188 |
||||
Cash and cash equivalents at beginning of period | 136,391 | 121,627 | 147,565 | 152,949 | ||||
Exchange rate changes on cash balances held in foreign currencies | -165 | -760 | -972 | -334 | ||||
Cash and cash equivalents at end of period | 129,262 | 124,427 | 129,262 | 124,427 |
4 Includes the movement of non-current deferred revenue presented under Non-Current liabilities.
Accounting policies - basis of accounting
The condensed consolidated financial information for the three-month and the nine-month period ended 30 September 2016 with related comparative information has been prepared using accounting policies which are based on International Financial Reporting Standards (IFRS). Accounting policies and methods of computation followed in the condensed consolidated financial information, for the period ended 30 September 2016, are the same as those followed in the Financial Statements for the year ended 31 December 2015. Further disclosures as required under IFRS for a complete set of consolidated financial statements are not included in the condensed consolidated financial information. Unless otherwise indicated, the condensed consolidated financial information in this press release has not been audited nor reviewed.
Audio webcast third quarter 2016 results
The information for results audio webcast is as follows:
Date and
time: 21 October 2016 at 14.00 CET
corporate.tomtom.com/presentations.cfm
TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN:
NL0000387058 / Symbol: TOM2
About TomTom
TomTom (TOM2) empowers movement. Every day millions of people around the world depend on TomTom to make smarter decisions. We design and develop innovative products that make it easy for people to keep moving towards their goals. Our map-based components include map content, online map-based services, real-time traffic, and navigation software. Our consumer products include PNDs, navigation apps, sports watches and action camera. Our main business products are custom in-dash navigation systems and a fleet management system, which is offered to fleet owners as an online service with integrated in-vehicle cellular devices. Our business consists of four customer facing business units: Consumer, Automotive, Licensing and Telematics. Founded in 1991 and headquartered in Amsterdam, we have more than 4,600 employees worldwide. For further information, please visit www.tomtom.com.
Forward-looking statements/Important notice
This document contains certain forward-looking statements with respect to the financial position and results of TomTom’s activities. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptions regarding our present and future business strategies, operations and the environment in which we will operate in the future. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, and you should not place undue reliance on them. Many of these risks and uncertainties relate to factors that are beyond TomTom’s ability to control or estimate precisely, such as levels of customer spending in major economies, changes in consumer preferences, the performance of the financial markets, the levels of marketing and promotional expenditures by TomTom and its competitors, costs of raw materials, employee costs, exchange-rate and interest-rate fluctuations, changes in tax rates, changes in law, acquisitions or disposals, the rate of technological changes, political developments in countries where the company operates and the risk of a downturn in the market. Statements regarding market share, including the company's competitive position, contained in this document are based on outside sources such as specialised research institutes, industry and dealer panels in combination with management estimates.
The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20161020006537/en/
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