TomTom Reports Fourth Quarter and Full Year 2017 Results

The cash flow used in financing activities for the quarter was an outflow of €52 million (Q4 '16: €37 million). This is mainly caused by the cash outflow of €49.8 million related to the share buyback programme. In the quarter, 276 thousand options (Q4 '16: 276 thousand options) related to our long-term employee incentive programmes, were exercised resulting in a €0.6 million cash inflow (Q4 '16: €1.1 million). On a full year basis, 2.4 million options (FY '16: 2.4 million options) were exercised resulting in a €12 million cash inflow (FY '16: €10 million).

- END -


Consolidated condensed statement of income
(€ in thousands)	Q4 '17 Unaudited	Q4 '16 Unaudited	FY '17 Unaudited	FY '16 Audited

Revenue	219,573	265,618	903,392	987,329
Cost of sales	89,020	112,594	339,343	421,101
Gross result	130,553	153,024	564,049	566,228

Research and development expenses	52,456	49,585	207,857	190,473
Amortisation of technology and databases	41,062	27,222	112,293	91,526
Marketing expenses	9,741	24,847	57,397	80,609
Selling, general and administrative expenses	56,777	51,868	217,660	194,726
Impairment charge			168,687
Total operating expenses	160,036	153,522	763,894	557,334

Operating result	-29,483	-498	-199,845	8,894

Interest result	-261	-285	-1,001	-1,371
Other financial result	926	-2,001	2,667	-1,010
Result of associates	203	178	759	736
Result before tax	-28,615	-2,606	-197,420	7,249

Income tax gain / (expense)	-5,838	-2,954	-6,991	4,709
Net result	-34,453	-5,560	-204,411	11,958

Net result attributable to:
Equity holders of the parent	-34,190	-5,466	-203,987	11,987
Non-controlling interests	-263	-94	-424	-29
Net result	-34,453	-5,560	-204,411	11,958

Basic number of shares (in thousands)	232,167	232,725	233,722	231,743
Diluted number of shares (in thousands)	235,027	235,430	236,836	234,970

EPS, € basic	-0.15	-0.02	-0.87	0.05
EPS, € diluted ¹	-0.15	-0.02	-0.87	0.05

_________________

¹ In 2017, no additional shares from assumed conversion are taken into account as the effect would be anti-dilutive.



Consolidated condensed balance sheet
(€ in thousands)	31 December 2017 Unaudited	31 December 2016 Audited

Goodwill	256,319	400,318
Other intangible assets	752,952	795,771
Property, plant and equipment	33,621	40,398
Deferred tax assets	7,453	12,046
Investments in associates	4,223	3,941
Total non-current assets	1,054,568	1,252,474

Inventories	31,609	54,078
Trade receivables	114,254	132,424
Other receivables and prepayments	53,114	46,115
Other financial assets		1,210
Cash and cash equivalents	120,850	142,527
Total current assets	319,827	376,354

Total assets	1,374,395	1,628,828

Share capital	47,064	46,577
Share premium	1,068,149	1,051,890
Treasury shares	-48,790
Other reserves	263,164	234,502
Accumulated deficit	-577,193	-338,138
Equity attributable to equity holders of the parent	752,394	994,831
Non-controlling interests	2,308	1,906
Total equity	754,702	996,737

Borrowings		9,586
Deferred tax liability	95,602	97,282
Provisions	43,727	54,406
Deferred revenue	142,059	107,151
Total non-current liabilities	281,388	268,425

Trade payables	51,441	76,630
Income taxes	1,702	1,289
Other taxes and social security	7,025	9,383
Provisions	37,173	36,410
Deferred revenue	101,572	97,256
Accruals and other liabilities	139,392	142,698
Total current liabilities	338,305	363,666

Total equity and liabilities	1,374,395	1,628,828



Consolidated condensed statements of cash flows
(€ in thousands)	Q4 '17 Unaudited	Q4 '16 Unaudited	FY '17 Unaudited	FY '16 Audited

Operating result	-29,483	-498	-199,845	8,894
Financial gains / (losses)	615	2,794	-2,303	1,235
Depreciation, amortisation and impairment	66,276	39,052	341,003	132,003
Change in provisions	1,583	10,483	4,788	9,649
Equity-settled stock compensation expenses	1,356	525	8,104	3,275
Changes in working capital:
Change in inventories	10,254	6,830	9,964	-5,817
Change in receivables and prepayments	56,427	42,063	11,255	14,183
Change in liabilities (excluding provisions) ¹	-8,670	-22,325	9,179	-5,301
Cash generated from operations	98,358	78,924	182,145	158,121

Interest received	59	57	258	185
Interest (paid)	-237	-261	-927	-1,227
Corporate income taxes (paid)	-341	-3,046	-8,654	-12,762
Cash flows from operating activities	97,839	75,674	172,822	144,317

Investments in intangible assets	-24,141	-21,973	-104,127	-96,444
Investments in property, plant and equipment	-5,301	-4,439	-16,116	-21,141
Acquisitions of subsidiaries and other businesses	-1	0	-24,494	-2,331
Dividend received	96	60	202	190
Cash flows from investing activities	-29,347	-26,352	-144,535	-119,726

Change in utilisation of credit facility	-3,000	-38,000	-10,000	-35,000
Repayment of borrowings			-708	-4,287
Change in non-controlling interest	-121		-244	-98
Dividends paid				-138
Proceeds on issue of ordinary shares	563	1,116	12,403	10,039
Repurchase of share capital	-49,831		-49,831
Cash flows from financing activities	-52,389	-36,884	-48,380	-29,484

Net increase / (decrease) in cash and cash equivalents	16,103	12,438	-20,093	-4,893
Cash and cash equivalents at the beginning of period	105,220	129,262	142,527	147,565
Exchange rate changes on cash balances held in foreign currencies	-473	827	-1,584	-145
Cash and cash equivalents at the end of period	120,850	142,527	120,850	142,527

_________________

¹ Includes movements in the non-current portion of deferred revenue presented under Non-Current liabilities.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 Next Page »