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TomTom Reports Fourth Quarter and Full Year 2013 Results

Financial summary Q4 '13

  • Group revenue of €268 million (Q4 '12: €289 million)
  • Gross margin of 54% (Q4 '12: 53%)
  • EBIT margin of 2% (Q4 '12: 9%)
  • Cash flow from operating activities of €51 million (Q4 '12: €91 million)

Financial summary FY '13

  • Group revenue of €963 million (FY '12: €1,057 million)
  • Gross margin of 54% (FY '12: 52%)
  • EBIT margin of 3% (FY '12: 7%)
  • Adjusted1 EPS of €0.26 (FY '12: €0.40)
  • Cash flow from operating activities of €180 million2 (FY '12: €167 million)
  • Net cash of €83 million (YE '12: net debt of €86 million)

Operational summary Q4 '13

  • TomTom Traffic launched in Brazil
  • TomTom Traffic enters into a partnership agreement with Total Traffic + Weather Network (Clear Channel) in North America
  • Business Solutions grows its installed base by 38% year on year to 330,000 WEBFLEET subscriptions

Outlook 2014

  • Revenue of around €900 million
  • Adjusted1 EPS of around €0.20

Key figures

(€ in millions)   Q4 '13   Q4 '12  


  FY '13   FY '12  


Consumer   165   187   -12%   567   639   -11%
Automotive 46 44 3% 192 212 -9%
Licensing 32 37 -14% 119 133 -10%
Business Solutions   24   20   19%   85   73   16%
REVENUE   268   289   -7%   963   1,057   -9%
GROSS RESULT 143 154 -7% 521 555 -6%
Gross margin   54%   53%       54%   52%    
EBITDA 33 53 -37% 143 181 -21%
EBITDA margin   12%   18%       15%   17%    
OPERATING RESULT (EBIT) 4 25 -83% 26 70 -64%
EBIT margin   2%   9%       3%   7%    
NET RESULT   3   99   -97%   20   129   -84%
EPS, € diluted 0.01 0.45 -97% 0.09 0.58 -85%
Adjusted1 EPS, € diluted   0.06   0.13   -52%   0.26   0.40   -34%

Change percentages are based on non-rounded figures

TomTom’s Chief Executive Officer, Harold Goddijn

“2013 was a solid year for us, both operationally and financially. We launched important new products, such as our new PND range and our first TomTom own branded GPS sports watches, and we increased the velocity and productivity of our development activities. We delivered a strong gross margin and generated significant cash from operations.

We achieved a net cash position mid-way through the year and built on this through to the end of the year. In the year ahead we plan to step up our investments in our new map making platform and navigation software, which will further strengthen TomTom’s capabilities and its competitive position.”

Outlook 2014

For the group we expect full year revenue of around €900 million.

In the Consumer market, our strategy is to maximise value from the PND category and to diversify into other product categories that have a natural fit with our brand, distribution and product design capabilities.

In fleet management (Business Solutions), we achieved market leadership in Europe and our strategy is to continue to grow through a combination of organic growth and targeted acquisitions.

Revenue development in Automotive in 2014 will be muted as we transition ourselves to a pure content and software supplier. Our strategy going forward is to offer individual connected navigation system components, such as maps, traffic services and navigation software, as well as a complete pre-integrated connected navigation system.

In the Licensing segment, which includes mobile device vendors, government organisations and internet service providers, we are working to licence a wider portfolio of products and to capitalise on our flexible approach to partnering.

We expect the gross margin to stay strong, we will maintain tight control on operating costs and we expect to deliver adjusted earnings per share of around €0.20.

Our capital investments are expected to increase to more than €100 million, as we invest at a higher level in our map and navigation software and we continue to target acquisitions in the fleet management area.

Financial and business review

We generated revenue of €268 million in the fourth quarter, a decline of 7% compared to €289 million in Q4 '12. On a full year basis, our revenue, although lower year on year, performed well relative to market trends. The net result for the year was €20 million, which translates to adjusted earnings per share of €0.26 for 2013.


Consumer revenue for the quarter was €165 million, a decline of 12% compared to the same quarter last year (Q4 '12: €187 million). PND is the main revenue contributor in the Consumer segment.

The PND market size in Europe3 was 2.2 million units in the fourth quarter, 14% lower compared to Q4 '12. For the full year, the PND market size in Europe equalled 8.4 million units, 14% lower compared to 2012. Our European PND revenue declined less than the rate of market decline because of increased market share and strengthening of our ASP. We estimate our European market share for the quarter at around 53%, up by three percentage points compared to Q4 '12.

The PND market in size in North America was 1.8 million units in the fourth quarter, 27% lower compared to Q4 '12 and remains a challenging market for our PNDs. The PND market size in North America equalled 5.4 million units in 2013, 26% lower compared to 2012. We estimate our North American market share for the quarter at around 15%, down by four percentage points compared to Q4 '12. We will introduce our new PND range in North America during the first quarter of 2014.


Our Automotive business generated revenue of €46 million in the fourth quarter, which is 3% higher compared to €44 million in Q4 '12. This increase was driven by higher revenue from systems sales.

Automotive revenue in 2013 was €192 million, a decline of 9% compared to €212 million in 2012. Our Automotive business unit is in transition. Although we will continue to manufacture previously-developed in-dash hardware, when quoting for automotive contracts, we focus on maps, traffic and navigation software.


Our Licensing revenue declined to €32 million in Q4 '13 from €37 million in Q4 '12. On a full year basis, Licensing reported total revenue of €119 million, which is €14 million lower compared to €133 million in 2012. This decline mainly resulted from the phasing out of a major contract, which has not yet been fully replaced by new contract wins, and lower GIS Licensing revenue.

In the quarter, we announced a partnership agreement with Clear Channel (Total Traffic + Weather Network) in North America. The agreement combines TomTom’s real-time and predictive traffic flow data with Total Traffic + Weather Network’s traffic incident, construction and congestion data to create the most comprehensive traffic solution available in North America. The combined data offering will be available across multiple platforms including radio, television, automotive, online and mobile.

We continued our commitment to expanding our map and traffic coverage globally. Currently our navigable map covers 41 million km of roads in 114 countries and we expanded our traffic service to Brazil.

Business Solutions

Our fleet management business enjoyed another quarter of strong growth, and reported revenue of €24 million in Q4 '13, a 19% increase compared to €20 million in Q4 '12. This increase is driven by growth in the WEBFLEET subscriber base and the related recurring revenue. The recurring SaaS revenue amounted €16 million for the quarter, 30% higher compared to Q4 '12.

Revenue for 2013 was €85 million, which represents 16% growth year on year (2012: €73 million). The recurring SaaS revenue amounted €57 million, a 25% increase year on year (2012: €46 million). At the end of the year, Business Solutions reported 27,000 customers, the largest managed fleet management systems customer base in the world, and an installed base of 330,000 active subscribers, a 38% increase from 239,000 at the start of 2013.

Hardware and Content & Services revenue split

Hardware revenue for the quarter was €177 million compared to €191 million in Q4 '12. Content & Services revenue in the quarter was €91 million, 8% lower compared to Q4 '12, mainly due to lower Licensing revenue and lower Consumer service revenue. As a percentage of revenue, Content & Services revenue remained at 34%, the same as in Q4 '12.

On a full year basis, revenue from Content & Services was €371 million (FY '12: €400 million) and accounted for 38% of total revenue (FY '12: 38%). Content & Services revenue was impacted by lower Licensing revenue and by the trend towards bundling lifetime maps and traffic on the sale of a PND.

Geographical revenue split

From a regional perspective, 72% of our revenue in the fourth quarter was generated in Europe (Q4 '12: 66%), 21% in North America (Q4 '12: 27%) and the remaining 7% in the rest of the world (Q4 '12: 7%).

On a full year basis, 74% of our revenue was generated in Europe (FY '12: 73%), 18% in North America (FY '12: 20%) and the remaining 8% in the rest of the world (FY '12: 7%).

Gross margin

The gross margin for the quarter was 54%, which is one percentage point higher compared to 53% in Q4 '12. On a full year basis, we reported a gross margin of 54% in 2013 (FY '12: 52%).

Operating expenses

Total operating expenses for the quarter were €139 million, which is €9.5 million higher compared to the same quarter last year (Q4 '12: €130 million). The increase was mainly caused by higher marketing expenses as we ran radio, outdoor and print campaigns to support our recent product launches.

On a full year basis, total operating expenses totalled €496 million compared to €484 million in 2012, explained by higher SG&A (higher variable personnel expenses) and marketing expenses.

Financial income and expenses

The net interest charge for the quarter was €0.8 million versus an interest charge of €2.4 million in Q4 '12. The lower interest charge reflects a lower interest rate applied against lower outstanding borrowing this year. The other financial result for the quarter was a gain of €0.3 million (Q4 '12: charge of €0.3 million), which consisted primarily of foreign exchange gains.

On a full year basis, the total financial income and expense charge equalled €4.6 million compared to €10.4 million in 2012.

Income tax

The net income tax charge for the quarter was €0.6 million versus a net income tax gain of €77 in Q4 '12. The income tax gain in the prior year resulted from settlement of prior years’ tax discussions with the Dutch tax authorities. The effective tax rate (ETR) for the quarter was 16.5% compared to a normalised ETR of 11.7% in Q4 '12, which excludes the one-off €80 million tax settlement from the Dutch tax authorities in 2012. The ETR for the full year equalled 16.7% compared to 18.8% in 2012. Our ETR reflects benefits from the tax incentives which are made available for companies with significant research and development activities in the Netherlands.

Net result and adjusted¹ EPS

The net result for the quarter was €3 million compared to €99 million in Q4 '12. Excluding the impact of the €80 million one-off tax gain in 2012, the net result for Q4 '12 would have been €19 million. The adjusted EPS for Q4 '13 was €0.06 versus an adjusted EPS of €0.13 in Q4 '12. Adjusted EPS for 2013 was €0.26 compared to the adjusted EPS of €0.40 in 2012.

Balance sheet

Trade receivables at the end of the quarter equalled €115 million compared to €150 million at the end of Q4 '12. The year on year decrease is attributed to better collection results and to lower revenue. Inventory was €42 million, €2 million lower compared to Q4 '12. Cash and cash equivalents increased from €164 million at the end of Q4 '12 to €258 million at the end of Q4 '13.

At the end of Q4 '13 the carrying value of our outstanding borrowings was €173 million (Q4 '12: €247 million). The nominal amount of the outstanding borrowings excluding the transaction costs was €175 million (Q4 '12: €250 million).

Current liabilities excluding deferred revenue were €383 million compared to €398 million at the end of Q4 '12. The year on year decrease was mainly driven by lower provisions in 2013. Trade payables amounted to €82 million, €2 million lower compared to Q4 '12. Tax and social security liabilities amounted to €28 million compared to €33 million at the end of Q4 '12. This decrease is mainly due to a lower corporate income tax provision.

Deferred revenue for the quarter ended at €114 million (Q4 '12: €95 million). The main reason for the year on year increase is related to the increase of deferred revenue related to the lifetime maps content and lifetime traffic services bundled in our PND ranges.

At 31 December 2013 we had a net cash position of €83 million (Q4 '12: net debt of €86 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€258 million) minus the outstanding gross borrowings (€175 million).

Cash flow

Cash flow from operating activities for the quarter was €51 million compared to €91 million in Q4 '12. The year on year decrease was mainly driven by lower results and higher working capital utilisation in Q4 '13.

On a full year basis, we generated strong cash flow from operating activities of €260 million compared to €167 million in 2012. Excluding the one-off €80 million refund from the Dutch tax authorities, our cash flow from operating activities was €180 million which represents an 8% increase year on year. The year on year increase is mainly attributed to strong working capital management.

The cash flow used in investing activities during the quarter increased by €7 million year on year to €21 million. On a full year basis the cash flow used in investing activities was €91 million, an increase of €40 million year on year. Maps continues to be our largest area of investment and we also saw increased activity in customer specific Automotive projects and in navigation software development.

Consolidated condensed statement of income

(€ in thousands)   Q4 '13   Q4 '12   FY '13   FY '12
Revenue   267,563   289,010   963,454   1,057,134
Cost of sales   124,126   134,678   442,207   502,398
Gross result   143,437   154,332   521,247   554,736
Research and development expenses 43,324 45,257 165,408 166,315
Amortisation of technology and databases 22,175 21,777 81,436 84,011
Marketing expenses 27,882 14,238 62,577 57,305
Selling, general and administrative expenses 45,288 46,698 178,300 169,716
Stock compensation expense   535   1,723   7,980   7,140
Total operating expenses   139,204   129,693   495,701   484,487
Operating result   4,233   24,639   25,546   70,249
Interest result -800 -2,374 -2,945 -12,084
Other finance result 317 -290 -1,619 1,642
Result of associates   112   137   3,091   726
Result before tax   3,862   22,112   24,073   60,533
Income tax   -637   77,403   -4,010   68,660
Net result   3,225   99,515   20,063   129,193
Net result attributable to:                
Equity holders of the parent 3,255 99,112 19,539 128,724
Non-controlling interests -30 403 524 469
Net result   3,225   99,515   20,063   129,193
Basic number of shares (in thousands) 222,061 221,895 221,950 221,895
Diluted number of shares (in thousands)   224,994   222,316   223,307   222,024
EPS, € basic 0.01 0.45 0.09 0.58
EPS, € diluted   0.01   0.45   0.09   0.58

Consolidated condensed balance sheet

(€ in thousands)   31 December 2013   31 December 2012
Goodwill   381,569   381,569
Other intangible assets 803,635 821,233
Property, plant and equipment 25,804 26,770
Deferred tax assets 9,681 13,610
Investments in associates   2,854   3,880
Total non-current assets   1,223,543   1,247,062
Inventories 42,260 44,383
Trade receivables 115,429 149,834
Other receivables and prepayments 38,121 118,262
Other financial assets 376 444
Cash and cash equivalents   257,785   164,459
Total current assets   453,971   477,382
Total assets   1,677,514   1,724,444
Share capital 44,435 44,379
Share premium 977,087 975,260
Other reserves 160,087 159,011
Accumulated deficit   -329,463   -342,875
Equity attributable to equity holders of the parent   852,146   835,775
Non-controlling interests   2,115   2,642
Total equity   854,261   838,417
Borrowings 99,348 173,437
Deferred tax liability 171,727 170,909
Provisions 55,857 48,268
Deferred revenue   38,300   18,130
Total non-current liabilities   365,232   410,744
Borrowings 74,089 73,703
Trade payables 82,337 84,162
Tax and social security 28,101 33,263
Provisions 23,975 33,192
Deferred revenue 75,516 77,126
Other liabilities and accruals   174,003   173,837
Total current liabilities   458,021   475,283
Total equity and liabilities   1,677,514   1,724,444

Consolidated condensed statements of cash flows

(€ in thousands)   Q4 '13   Q4 '12   FY '13   FY '12
Operating result   4,233   24,639   25,546   70,249
Financial (losses) -3,179 -4,226 -7,757 -784
Depreciation and amortisation 29,083 28,528 117,419 110,670
Change in provisions 1,293 -928 -5,285 -9,428
Equity-settled stock compensation expenses -29 1,210 4,440 5,700
Changes in working capital:
Change in inventories 12,865 12,861 3,753 13,819
Change in receivables and prepayments 21,557 33,058 33,059 47,660

Change in liabilities (excl. Provisions)4

  -7,215   3,249   16,861   -51,210
Cash flow from operations   58,608   98,391   188,036   186,676
Interest received 71 214 1,139 1,197
Interest paid -749 -3,466 -2,863 -9,908
Corporate income taxes (paid)/ received   -7,093   -4,244   73,196   -11,025
Cash flow from operating activities   50,837   90,895   259,508   166,940
Investments in intangible assets -15,380 -11,075 -68,414 -42,990
Investments in property, plant and equipment -5,898 -3,519 -16,184 -9,311
Acquisition of subsidiary 0 0 -6,942 0
Dividend received   35   40   1,036   1,487
Cash flow from investing activities   -21,243   -14,554   -90,504   -50,814
Repayment of borrowings 0 -290,000 -75,000 -388,000
Proceeds of new term loan 0 247,140 0 247,140
Redemption of vested equity instruments 0 -4,605 0 -4,605
Dividends paid -174 -317 -377 -317
Proceeds on issue of ordinary shares   1,351   0   1,508   0
Cash flow from financing activities   1,177   -47,782   -73,869   -145,782
Net increase/(decrease) in cash and cash equivalents 30,771 28,559 95,135 -29,656
Cash and cash equivalents at beginning of period 227,538 136,528 164,459 193,579
Exchange rate effect on cash balances held in foreign currencies   -524   -628   -1,809   536
Cash and cash equivalents at end of period   257,785   164,459   257,785   164,459

Accounting policies - basis of accounting

The condensed consolidated financial information for the three-month and twelve-month periods ended 31 December 2013 with related comparative information have 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 31 December 2013, are the same as those followed in the Financial Statements for the year ended 31 December 2013. Further disclosures as required under IFRS for a complete set of consolidated financial statements are not included in the condensed consolidated financial information. The consolidated and company financial statements of TomTom NV for the year ended 31 December 2013 have been prepared and audited but are not yet published. The quarterly condensed consolidated information in this press release is unaudited.

Audio webcast fourth quarter and full year 2013 results

The information for our fourth quarter and full year 2013 results audio webcast is as follows:
Date and time: 11 February 2014 at 14.00 CET

TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN: NL0000387058 / Symbol: TOM2

About TomTom

TomTom 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, and GPS sports watches. 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 Business Solutions. Founded in 1991 and headquartered in Amsterdam, we have 3,600 employees worldwide and sell our products in over 35 countries. For further information, please visit

Forward-looking statements/Important notice

This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of TomTom NV and its subsidiaries (referred to as 'the company' or ‘the group’) and certain of the plans and objectives of the company with respect to these items. In particular the words 'expect', 'anticipate', 'estimate', 'may', 'should', 'believe' and similar expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve risk and uncertainly because they relate to events and depend on circumstances that will occur in the future. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on them. 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. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, levels of customer spending in major economies, changes in consumer tastes and preferences, changes in law, the performance of the financial markets, the levels of marketing and promotional expenditures by the company and its competitors, raw materials and employee costs, changes in exchange and interest rates (in particular changes in the US dollar and GB pound versus the euro can materially affect results), changes in tax rates, future business combinations, acquisitions or disposals, the rate of technological changes, political and military 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 specialized research institutes, industry and dealer panels in combination with management estimates. Where full-year information regarding 2013 is not yet available to the company, these statements may also be based on estimates and projections prepared by outside sources or management. Market shares are based on sales in units unless otherwise stated. The forward-looking statements contained refer only to the date in which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this document.

1 Earnings per share adjusted for acquisition-related amortisation & gain on a post-tax basis.
2 €180 million excludes a €80 million one-off tax gain received from the Dutch tax authorities.
3 Europe refers to EMEA17: AT, CH, DE, BE, NL, FR, IT, GB, ES, PT, TR, CZ, PL, DK, SE, FI, ZA.
4 Includes the movement of non-current deferred revenue

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