TomTom Reports Third Quarter 2012 Results

¹ The borrowings are fully due in 2012; a forward start facility, which will replace the existing borrowings as from 31 December 2012, is in place.

Consolidated statements of cash flows

(in € thousands)     Q3 '12   Q3 '11   YTD’12   YTD’11
                   
Operating result     31,823   40,736   45,611   -435,086
Financial (losses)/gains -134 -2,335 3,442 -3,231
Depreciation and amortisation 26,577 27,684 82,142 82,099
Impairment charge 0 0 0 511,936
Change in provisions -6,615 -896 -8,500 -3,579
Equity-settled stock compensation expenses 1,281 2,124 4,490 6,930
Changes in working capital:
Change in inventories 3,116 26,820 958 18,232
Change in receivables and prepayments -11,074 -17,441 14,602 82,200
Change in current liabilities (excl. provisions)     8,009   -1,621   -54,458   -202,026
Cash generated from operations     52,983   75,071   88,287   57,475
                   
Interest received 433 450 983 1,336
Interest paid -1,715 -4,516 -6,442 -14,462
Corporate income taxes paid     -1,466   -1,265   -6,781   -4,337
Net cash flow from operating activities     50,235   69,740   76,047   40,012
                   
Investments in intangible assets -10,843 -15,490 -31,915 -48,407
Investments in property, plant and equipment -1,779 -4,334 -5,792 -13,130
Dividend received     0   0   1,447   0
Total cash flow used in investing activities     -12,622   -19,824   -36,260   -61,537
                   
Repayments of borrowings -50,000 -100,000 -98,000 -100,000
Acquisition of non-controlling interests¹ 0 -239 0 -239
Proceeds on issue of ordinary shares     0   0   0   724
Total cash flow from financing activities     -50,000   -100,239   -98,000   -99,515
                   
Net increase in cash and cash equivalents -12,387 -50,323 -58,213 -121,040
Cash and cash equivalents at beginning of period 148,910 232,235 193,579 305,600
Exchange rate effect on cash balances held in foreign currencies     5   401   1,162   -2,247
Cash and cash equivalents at end of period     136,528   182,313   136,528   182,313

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