TomTom Reports Fourth Quarter and Full Year Results

AMSTERDAM — (BUSINESS WIRE) — February 27, 2012Financial headlines FY 2011

  • Revenue of €1,273 million and normalised EPS1 of €0.31 at top end of guidance
  • Broadened revenue with growth in all areas except for PNDs
  • Net debt decreased from €294 million to €194 million; leverage ratio of 0.88

Financial headlines Q4 2011

  • Group revenue of €357 million
    • Consumer revenue decreased by 40% year on year to €242 million
    • Automotive revenue increased by 2% year on year to €56 million
    • Licensing revenue increased by 3% year on year to €40 million
    • Business Solutions revenue increased by 19% year on year to €19 million
    • Content and Services revenue increased by 10% year on year to €107 million
  • Net cash flow from operating activities of €134 million

Operational headlines Q4 2011

  • Restructured organisation to reduce costs and increase effectiveness of R&D
  • Signed aftermarket automotive deals with Ford and Opel
  • Secured full control of map operations in India, Indonesia and Thailand
  • Grew HD Traffic installed base to 1.5 million users; available in 23 countries
  • Increased fleet management subscriber base to 180 thousand, up 34%
  • Entered car lease market with telematics services

Outlook full year 2012

  • We expect to deliver revenue of around €1.1 billion and adjusted EPS2 of around €0.35

Key figures

(in € millions)      

Q4 '11

     

Q4 '10

      change       FY '11       FY '10       change
                                                 
Revenue       357       516       -31%       1,273       1,521       -16%
                                                 
Gross result       166       237       -30%       640       744       -14%
                                                 
EBITDA       47       95             206       295      
EBITDA (normalised)       61       96       -37%       221       299       -26%
                                                 
Operating result 10 65 -425 186
Operating result (normalised)       24       66       -64%       102       190       -46%
                                                 
Net result 12 52 -438 108
Net result (normalised)       17       50       -67%       68       107       -36%
                                                 
EPS, € diluted 0.05 0.23 -1.97 0.49
EPS, € diluted (normalised) 0.07 0.22 -66% 0.31 0.48 -35%
Adjusted EPS, € diluted       0.16       0.29       -43%       0.55       0.70       -22%
 

1

 

Normalised results exclude restructuring and impairment charges to match the basis on which we provided
our guidance for 2011. Normalised results exclude restructuring charges of €13.6 million in Q4 '11 (€1.3
million in Q4 '10), €14.8 million in FY '11 (€3.3 million in FY '10), a non-cash impairment charge of €512
million in FY '11 and the tax charge has been adjusted for impairment, restructuring and one-off gains
(Q4 '11: €5.9 million, Q4 '10: €3.0 million, FY '11: €6.3 million, FY '10: €3.0 million)

2

Earnings per share adjusted for impairment, acquisition-related amortisation and restructuring charges on a
post-tax basis


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