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TomTom reports fourth quarter and full year results

Financial headlines Q4 2012

  • Revenue down 19% year on year to €289 million
  • Gross margin up 7 percentage points year on year to 53%
  • One-off tax gain of €80 million; proceeds to be received in H1 2013
  • EPS of €0.45 and adjusted EPS1 of €0.13 (Q4 2011: €0.05 and €0.16 respectively)
  • Net cash flow from operating activities of €91 million

Financial headlines FY 2012

  • Revenue down 17% year on year to €1,057 million
  • Gross margin up 2 percentage points year on year to 52%
  • OPEX down 12% year on year to €484 million2
  • EPS of €0.58 and adjusted EPS of €0.40 (2011: €-1.97 and €0.55 respectively)
  • Net debt of €86 million compared to €194 million at the end of 2011

Operational headlines Q4 2012

  • HD Traffic 6.0 launched in US powered by 75 million probes
  • New LBS portal launched for developers
  • PND market share in Europe increased to 50%
  • Partnership with LoJack Corporation to drive WEBFLEET sales in North American market

Outlook full year 2013

  • Revenue in the range of €900 million to €950 million
  • Adjusted EPS of around €0.20; €0.25 adjusted for the introduction of lifetime maps

Key figures

                                 
(in € millions)   FY '12   FY ‘11   y.o.y. change   Q4 '12   Q4 ‘11   y.o.y. change   Q3 ‘12   q.o.q. change
                                 
Revenue   1,057   1,273   -17%   289   357   -19%   274   6%
                                 
Gross result   555   640   -13%   154   166   -7%   150   3%
Gross margin   52%   50%       53%   46%       55%    
                                 
EBITDA 181 206 -12% 53 47 12% 58 -9%
EBITDA margin   17%   16%       18%   13%       21%    
                                 
EBIT 70 -425 25 10 137% 32 -23%
EBIT margin   7%   -33%       9%   3%       12%    
                                 
Net result attr. to the group   129   -438       99   12       22    
                                 
EPS, € diluted 0.58 -1.97 0.45 0.05 0.10
Adjusted EPS, € diluted   0.40   0.55   -28%   0.13   0.16   -22%   0.14   -10%

Change percentages are based on non-rounded figures

1 Earnings per share adjusted for impairment, acquisition-related amortisation and restructuring charges on a post-tax basis in 2011 and acquisition-related amortisation on a post-tax basis and the €80 million tax benefit in 2012.

2 Excluding €512 million impairment charge booked in Q2 2011.

TomTom’s Chief Executive Officer, Harold Goddijn

“We delivered financial results in the quarter modestly ahead of expectations with a high gross margin and strong cash flow.

“Early in 2012 we implemented a new product unit structure to increase development efficiency and reduce time to market by componentising our core map, navigation and traffic content and technologies. The year ahead will be a pivotal year as new products start to reach our customers. R&D investments will continue to shift to new technologies, away from legacy technologies, to increase returns.”

Outlook 2013

We expect the macro-economic situation to remain challenging. In this environment Consumer will focus on broadening its revenue base consistent with its brand while limiting the revenue decline from PNDs. We expect our core PND markets to decline by 15–20% in volume year over year. Automotive revenue development will largely depend on the new car sales and take rates of our current partners. For Licensing we expect revenue to be broadly stable. Business Solutions is expected to continue to grow strongly.

For the group we expect full year revenue of between €900 million and €950 million. We expect to deliver adjusted earnings per share of around €0.20. Adjusted for the negative impact of deferred revenue related to PND introductions with lifetime maps in the European market, this would be €0.25.

Business review Q4 2012

Consumer released an update to the Android app, making it available to a broader range of smartphones.

We launched our new cloud-based Location Based Services (LBS) Platform and Developer Portal. The platform provides developers with the content and tools to create location-enabled applications. These applications include map display, routing, traffic and geocoding.

We launched the latest version of our real-time traffic information service in the US. With over 75 million probes in the US alone, HD Traffic 6.0 is able to report the location and length of traffic jams on highways more accurately than the previous version. During the quarter we signed a partnership with Telenav to deliver TomTom HD Traffic to Telenav's mobile navigation customers.

Automotive is affected by tough conditions for its customers in the European car market. It is progressing well with the execution of its modular strategy. We aim to sell OEMs and their tier one suppliers, easy-to-integrate maps, traffic and navigation components that provide low development cost, fast time-to-market and the best end-user experience for their customers.

Business Solutions grew its WEBFLEET subscriber base in the quarter by 33% year on year to 239,000 (Q4 2011: 180,000). The customer base passed the 19,000 mark, the largest in the fleet management services industry. Our partnership with Tracker is developing well and sales in South Africa grew markedly. Just after quarter end, we entered into an alliance with LoJack Corporation. The US based stolen vehicle recovery specialist will add WEBFLEET to its product offering and sell it through its extensive dealership network.

Financial review

Revenue split

                     
(€ millions)   Q4'12   Q4 '11   y.o.y. change   Q3 '12   q.o.q. change
                     
Group   289   357   -19%   274   6%
                     
Consumer   187   242   -23%   172   9%
Automotive 44 56 -21% 49 -10%
Licensing 37 40 -7% 33 12%
Business Solutions   20   19   8%   19   6%
                     
Hardware 191 250 -24% 169 13%
Content & Services   98   107   -8%   105   -6%

Change percentages are based on non-rounded figures

Revenue

Revenue for the quarter was €289 million which is 19% lower compared to the same quarter last year (Q4 2011: €357 million) and 6% higher compared to the previous quarter (Q3 2012: €274 million). The year on year decrease is mainly driven by lower Consumer and Automotive sales.

Consumer revenue for Q4 decreased year on year by 23% from €242 million in Q4 2011 to €187 million in Q4 2012. The year-on-year decrease is mainly the result of PND demand continuing to be less skewed towards the fourth quarter. PND sales in EMEA were relatively strong and we saw revenue from the SportWatch nearly double year on year albeit from a small base. Sequentially, Consumer revenue increased by €15 million or 9%, mainly due to our higher market share in Europe and seasonality in PND demand in the US.

The PND market size in Europe was 2.5 million units compared to 3.2 million units in the same quarter of last year. TomTom’s European market share increased from 47% in Q4 2011 to 50% in Q4 2012. The North American market size was 2.5 million units compared to 3.7 million units last year. Our market share in North America was 19% compared to 27% in the prior year.

Automotive revenue for Q4 2012 was €44 million, which is a decrease of 21% compared to €56 million in Q4 2011 and 10% sequentially (Q3 2012: €49 million). The year on year decline reflects the tough conditions in the European automotive industry which continue to constrain new car sales.

Licensing generated revenue of €37 million in this quarter, a decline of 7% compared to the €40 million in Q4 2011, mainly due to lower revenue coming from third party PND vendors. Sequentially, revenue increased by €4.0 million or 12% (Q3 2012: €33 million) as a result of higher revenue from smartphone and internet customers.

Revenue for Business Solutions in the quarter was €20 million, representing an 8% increase year on year (Q4 2011: €19 million) and a 6% increase sequentially (Q3 2012: €19 million). The year on year increase is the result of the growth in WEBFLEET subscription revenue. The partner model for geo-expansion is increasing the relative contribution of WEBFLEET revenue in the mix.

Hardware revenue development reflected the decline in Consumer PND and Automotive hardware sales. Hardware revenue in the quarter decreased by 24% year on year to €191 million (Q4 2011: €250 million). Sequentially, Hardware revenue increased by 13% (Q3 2012: €169 million).

Revenue from Content & Services for the quarter was €98 million, an 8% decrease year on year (Q4 2011: €107 million) and a 6% decrease sequentially (Q3 2012: €105 million). Content & Services revenue accounted for 34% of revenue for the quarter (Q4 2011: 30%; Q3 2012: 38%).

Gross margin

The gross margin for the quarter was 53% compared with 46% in Q4 2011 and 55% in Q3 2012. The year on year increase is mainly due to the accelerated write-off of pre-paid third party service costs in Q4 2011 and one-off provision releases in the current quarter. Excluding the releases the gross margin for the current quarter was 51%. Foreign exchange currency movements did not have a meaningful impact on the gross margin compared to last year and prior quarter. The normalised gross margin in Q4 2011 was 48%.

Operating expenses

The restructuring program initiated in Q4 2011 has made a visible impact on the lowering of our cost base in 2012. Total operating expenses for the quarter were €130 million compared to €156 million in Q4 2011, representing a 17% decrease year on year. €14 million out of the €26 million decrease is explained by the restructuring costs recognised in Q4 2011. Sequentially, operating expenses increased by €11 million or 9.5%.

The year on year reduction in operating expenses in the quarter was mainly visible in the areas of Marketing (-31%) and SG&A (-23%). In R&D we continue to invest in our innovation projects which resulted in a modest decrease of 3.2% for the quarter compared to Q4 2011. The amortisation of technology and databases decreased by 19% year on year as the result of the accelerated amortisation of certain technologies in Q4 2011.

The sequential increase in operating expenses is mainly due to the timing of R&D projects, which led to higher R&D expenses, and an increase in the SG&A expenses mainly as a result of higher property and personnel expenses.

Financial results

The net interest charge for the quarter was €2.4 million compared with €3.8 million in Q4 2011 and €3.2 million in Q3 2012. Interest paid for the quarter was €3.5 million. The amortisation of transaction costs related to the term loan and revolving credit facility amounted to €0.8 million.

The other financial result for the quarter was a loss of €0.3 million compared with a gain of €0.7 million in Q4 2011.The loss was mainly driven by our hedge results.

Tax

In the quarter we had a normalised income tax charge of €2.6 million, representing an effective tax rate of 11.7%. Due to an €80 million one-off tax gain as a result of a settlement of prior year tax issues with the Dutch tax authority, the total tax result was a gain of €77 million (Q4 2011: gain of €4.6 million). The normalised tax rate in Q4 2011, excluding a €5.9 million one-off tax gain as well as the tax effect of the restructuring charges was 20.7%.

Cash flows

The cash inflow from operations for the quarter was €98 million compared with €138 million in the same quarter last year. The year on year reduction is mainly because the cash inflow from reduced working capital was lower in the quarter than in the corresponding quarter of last year.

The cash flow used in investing activities during the quarter was €15 million, an increase of €3.3 million compared to €11 million in Q4 2011.

Cash flows used in financing activities amounted to €48 million mainly reflecting the net effect of repayments made during the quarter net of the proceeds from our new term loan.

Debt financing

On 31 December 2012 we made the final repayment on the outstanding amount of the loan we entered into in 2008 and we drew down on the new €250 million term loan.

This new term loan is part of the forward-start facility arrangement we signed in April 2011. It additionally includes a €150 million revolving credit facility, which remained unutilised on 31 December 2012. Netted with the transaction costs, the carrying amount of this €250 million loan at year end was €247 million.

Our net debt position on 31 December 2012 was €86 million, down from €194 million at the end of 2011. Our leverage ratio was reduced from 0.9 at the end of 2011 to 0.5 at the end of 2012.

Balance sheet

As at 31 December 2012, accounts receivable plus other receivables were €268 million compared with €236 million at 31 December 2011. The increase is mainly attributed to the income tax receivable balance partly offset by a decrease in the trade receivables balance. The inventory level was reduced to €44 million from €66 million at the end of last year and €59 million at the end of previous quarter. Cash and cash equivalents at the end of the quarter were €164 million compared to €194 million at the end of the prior year.

Current liabilities were €475 million compared to €845 million in the same quarter last year. The year on year decrease is mainly due to the full repayment of our previous borrowings partly offset by the current portion of our new term loan.

At the end of the quarter we had shareholders’ equity of €838 million up from €742 million at the beginning of the quarter.

- END -

Consolidated income statements

                 
(in € thousands)   Q4 ‘12   Q4 ‘11   FY ‘12   FY ‘11
                 
Revenue   289,010   357,401   1,057,134   1,273,217
Cost of sales   134,678   191,426   502,398   633,545
Gross result   154,332   165,975   554,736   639,672
                 
Research and development expenses 45,257 46,745 166,315 172,822
Amortisation of technology & databases 21,777 27,007 84,011 84,619
Impairment charge 0 0 0 511,936
Marketing expenses 14,238 20,507 57,305 78,062
Selling, general and administrative expenses 46,698 60,511 169,716 208,917
Stock compensation expense   1,723   789   7,140   7,985
Total operating expenses   129,693   155,559   484,487   1,064,341
                 
Operating result   24,639   10,416   70,249   -424,669
                 
Interest result -2,374 -3,826 -12,084 -21,862
Other finance result -290 714 1,642 6,093
Result associates   137   -94   726   -432
Result before tax   22,112   7,210   60,533   -440,870
                 
Income tax   77,403   4,583   68,660   1,919
Net result   99,515   11,793   129,193   -438,951
                 
Non-controlling interests   403   -94   469   -1,107
Net result attributed to the group   99,112   11,887   128,724   -437,844
                 
Basic number of shares (in thousands) 221,895 221,895 221,895 221,874
Diluted number of shares (in thousands)   222,316   221,939   222,024   221,874¹
                 
EPS, € basic 0.45 0.05 0.58 -1.97
EPS, € diluted   0.45   0.05   0.58   -1.97

¹ In 2011, 29,686 potential diluted shares were not taken into account as the effect would be anti-dilutive.

Consolidated balance sheet

         
(in € thousands)   31 December 2012   31 December 2011
         
Goodwill   381,569   381,569
Other intangible assets 821,233 871,528
Property, plant and equipment 26,770 32,555
Deferred tax assets 13,610 10,493
Investments in associates   3,880   4,450
Total non-current assets   1,247,062   1,300,595
         
Inventories 44,383 65,502
Trade receivables 149,834 184,939
Other receivables and prepayments 118,262 51,242
Other financial assets 444 2,784
Cash and cash equivalents   164,459   193,579
Total current assets   477,382   498,046
         
Total assets   1,724,444   1,798,641
         
Share capital 44,379 44,379
Share Premium 975,260 975,260
Other reserves 159,011 131,213
Accumulated deficit   -342,875   -444,852
Equity attributable to equity of the parent   835,775   706,000
Non-controlling interests   2,642   2,451
Total equity   838,417   708,451
         
Borrowings 173,437 0
Provisions 48,268 50,114
Deferred tax liability 170,909 182,273
Other long term liabilities   18,130   12,720
Total non-current liabilities   410,744   245,107
         
Trade payables 84,162 116,616
Borrowings¹ 73,703 383,810
Tax and social security 33,263 20,942
Provisions 33,192 51,213
Other liabilities and accruals   250,963   272,502
Total current liabilities   475,283   845,083
         
Total equity and liabilities   1,724,444   1,798,641

¹ The 2011 borrowings were fully due in 2012 and hence the full amount has been presented under current liabilities.

Consolidated statements of cash flows

                 
(in € thousands)   Q4 ‘12   Q4 ‘11   FY ‘12   FY ‘11
                 
Operating result   24,639   10,416   70,249   -424,669
Financial (losses)/gains -4,226 7,786 -784 4,554
Depreciation and amortisation 28,528 36,999 110,670 119,097
Impairment charge 0 0 0 511,936
Change in provisions -928 -6,645 -9,428 -10,224
Equity-settled stock compensation expenses 1,210 1,067 5,700 7,996
Changes in working capital:
Change in inventories 12,861 9,683 13,819 27,915
Change in receivables and prepayments 33,058 31,185 47,660 113,384
Change in current liabilities (excl. provisions)1   3,249   47,253   -51,210   -154,770
Cash flow from operations   98,391   137,744   186,676   195,219
                 
Interest received 214 1,535 1,197 2,871
Interest paid -3,466 -3,997 -9,908 -18,459
Corporate income taxes paid   -4,244   -1,119   -11,025   -5,456
Net cash flow from operating activities   90,895   134,163   166,940   174,175
                 
Investments in intangible assets -11,075 -9,512 -42,990 -57,918
Investments in property, plant and equipment -3,519 -3,370 -9,311 -16,502
Dividend received   40   1,628   1,487   1,628
Total cash flow used in investing activities   -14,554   -11,254   -50,814   -72,792
                 
Repayments of borrowings -290,000 -110,000 -388,000 -210,000
Proceeds of new term loan 247,140 0 247,140 0
Redemption of vested equity instruments -4,605 0 -4,605 0
Dividends paid -317 0 -317 0
Acquisition of non-controlling interests 0 -4,004 0 -4,243
Proceeds on issue of ordinary shares   0   0   0   724
Total cash flow from financing activities   -47,782   -114,004   -145,782   -213,519
                 
Net increase in cash and cash equivalents 28,559 8,905 -29,656 -112,136
Cash and cash equivalents at beginning of period 136,528 182,313 193,579 305,600
Exchange rate effect on cash balances held in foreign currencies   -628   2,361   536   115
Cash and cash equivalents at end of period   164,459   193,579   164,459   193,579

¹ Includes movements in non-current portion of deferred revenue presented under other long term liabilities.

Accounting policies

Basis of accounting

The condensed consolidated financial information for the three-month and twelve-month periods ended 31 December 2012 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 2012, are the same as those followed in the Financial Statements for the year ended 31 December 2012. 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 2012 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 2012 results
The information for our fourth quarter results audio webcast is as follows:
12 February at 14.00 CET
http://corporate.tomtom.com/presentations.cfm

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

About TomTom

Founded in 1991, TomTom is a leading provider of navigation and location-based products and services.

TomTom maps, traffic information and navigation technology power automotive in-dash systems, mobile devices, web based applications and government and business solutions.

TomTom also designs and manufactures its own location-based products including portable navigation devices and fleet management solutions, as well as GPS-enabled sports watches.

Headquartered in Amsterdam, TomTom has 3,500 employees worldwide and sells its products in over 40 countries.

For further information, please visit www.tomtom.com

This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and the industry in which it operates. These statements are based on the Company’s current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words “expect”, “anticipate”, “estimate”, “may”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These include, but are not limited to: the level of consumer acceptance of existing and new and upgraded products and services; the growth of overall market demand for the Company’s products or for personal navigation products generally; the Company’s ability to sustain and effectively manage its recent rapid growth and its relations with third party suppliers, and its ability to accurately forecast the volume and timing of sales. Additional presently unknown factors could also cause future results to differ materially from those in the forward-looking statements.

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