Adjusted EPS for the quarter was €0.05 versus €0.08 in Q2 '14.
Balance sheet
At the end of the quarter, trade receivables plus other receivables totalled €197 million compared with €180 million at the end of Q2 '14. The inventory level was €48 million, an increase of €7 million compared with the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €122 million versus €226 million at the end of Q2 '14.
Current liabilities excluding deferred revenue were €287 million compared with €370 million at the end of Q2 '14. The year on year decrease is mainly due to decrease in the current portion of borrowings and provisions, partly offset by increase in the trade payable balance.
Deferred revenue was €145 million at the end of Q2 '15, compared with €108 million at the end of the same quarter last year. The year on year increase reflects the increasing number of products with lifetime service offerings within Consumer as well as an increased deferred revenue position related to Automotive contracts with upfront payments.
At 30 June 2015, we reported a net cash position of €77 million (Q2 '14: net cash of €51 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€122 million) minus the borrowings (€45 million).
Cash flow
The cash flow from operating activities for the quarter was €28 million compared with €33 million in the same quarter last year.
The cash flow used in investing activities during the quarter increased by €17 million year on year to €44 million (Q2 '14: €27 million). The increase is mainly driven by our recent acquisition of Location Navigation from Sensis in Australia.
In the second quarter, 3.3 million options, related to our long-term employee incentive programmes, were exercised resulting in an €16 million cash inflow.
- END –
TOMTOM NV
INTERIM FINANCIAL REPORT
30 JUNE 2015
(Unaudited)
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Contents: |
| Semi-annual financial report |
| Consolidated condensed statement of income |
| Consolidated condensed statement of comprehensive income |
| Consolidated condensed balance sheet |
| Consolidated condensed statements of cash flows |
| Consolidated condensed statement of changes in equity |
| Notes to the consolidated interim financial statements |
Semi-annual financial report
Introduction
TomTom NV (the ‘Company’) and its subsidiaries (together referred to as ‘the group’) is the world’s leading provider of location and navigation solutions. TomTom has 4,200 employees (FTE) working in its offices across all continents. The commercial activities of the group are carried out through four customer facing business units – Consumer, Automotive, Licensing and Telematics. Consumer generates revenue mainly from the sale of PNDs, sport watches, maps and related navigation products and services. The Automotive business unit develops and sells navigation software, services and content, such as maps and traffic, to car manufacturers and their suppliers worldwide. Licensing generates revenue by licensing digital maps, traffic and other content to a wide range of customers, and Telematics provides fleet management services and related products to fleet owners.
Market and TomTom outlook 2015
Consumer’s focus is to maximise value from the PND category and
establish a multiproduct consumer business. Automotive revenue
development will largely depend on the new car sales and take rates of
our customers. Licensing focuses on maximising its revenue via existing
and new customers and broadening of the product portfolio. Telematics is
expected to continue to grow organically and where opportunities arise,
pursue some smaller acquisitions.
