TomTom reports third quarter 2016 results

Change percentages and totals calculated before rounding.

The net result for the quarter was a gain of €0.6 million compared with a gain of €1.7 million in Q3 '15. The adjusted net result on a post-tax basis was €12 million compared with €12 million in Q3 '15. This translates to an adjusted EPS of €0.05 for the quarter (Q3 '15: €0.05).

Balance sheet

At the end of the quarter, trade receivables plus other receivables totalled €219 million compared with €199 million at the end of Q3 '15. The inventory level was €61 million, an increase of €7 million compared with €54 million at the end of the same quarter last year. Cash and cash equivalents at the end of the quarter were €129 million versus €124 million at the end of Q3 '15.

Current liabilities excluding deferred revenue were €300 million compared with €279 million at the end of Q3 '15.

Deferred revenue was €206 million at the end of Q3 '16, compared with €190 million at the end of the same quarter last year. The year on year increase reflects the increased deferred revenue position related to Automotive contracts with upfront payments or lifetime offerings, as well as an increasing number of products with lifetime service offerings within Consumer.

At 30 September 2016, we reported a net cash position of €81 million (Q3 '15: net cash of €94 million). Net cash is the sum of the cash and cash equivalents at the end of the period (€129 million) minus the nominal amount of the borrowings (€48 million).

Cash flow

The cash flow from operating activities for the quarter was €54 million compared with €47 million in the same quarter last year. This increase is mainly due to lower working capital utilisation partly offset by higher tax payments in the quarter.

The cash flow used in investing activities during the quarter was €32 million (Q3 '15: €31 million).

The cash flow used in financing activities mainly reflects a lower utilisation of €30 million from our credit facility. In the quarter, 340 thousand options (Q3 '15: 649 thousand options), related to our long-term employee incentive programmes, were exercised resulting in an €1.3 million cash inflow (Q3 '15: €3.0 million).

- END -

Consolidated condensed statement of income

                 
(€ in thousands)   Q3 '16 Unaudited   Q3 '15 Unaudited   YTD '16 Unaudited   YTD '15 Unaudited
                 
Revenue   239,331   254,231   721,711   724,119
Cost of sales   94,690   119,161   308,507   344,557
Gross result   144,641   135,070   413,204   379,562
                 
Research and development expenses 50,680 43,275 140,888 138,636
Amortisation of technology and databases 22,571 19,589 64,304 56,755
Marketing expenses 19,159 22,616 55,762 57,661
Selling, general and administrative expenses   51,278   44,703   142,858   126,113
Total operating expenses   143,688   130,183   403,812   379,165
                 
Operating result   953   4,887   9,392   397
                 
Interest result -404 -328 -1,086 -755
Other financial result 513 -2,633 991 -4,906
Result of associates   97   -210   558   3
Result before tax   1,159   1,716   9,855   -5,261
                 
Income tax (expense)/gain   -594   8   7,663   2,615
Net result   565   1,724   17,518   -2,646
 
Net result attributable to:                
Equity holders of the parent 595 1,812 17,453 -2,702
Non-controlling interests -30 -88 65 56
Net result   565   1,724   17,518   -2,646
                 
Basic number of shares (in thousands) 232,424 229,199 231,413 226,974
Diluted number of shares (in thousands)   235,265   236,881   234,898   231,610
                 
EPS, € basic 0.00 0.01 0.08 -0.01
EPS, € diluted   0.00   0.01   0.07   -0.01

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