** Adjusted net result is now calculated as net result attributed to equity holders adjusted for movement of deferred/unbilled revenue, deferred cost of sales, impairments and material restructuring and disposal costs on a post-tax basis. Adjusted EPS is calculated as adjusted net result divided by the weighted average number of diluted shares over the period.
Adjusted EPS definitions used throughout this report are further explained on page 12.
Update share buyback programme
On 8 December 2017, TomTom completed its share buyback programme that was launched on 19 September 2017. Under this programme, a total of 5,384,450 ordinary TomTom shares were repurchased on Euronext Amsterdam at an average price of €9.25 per share, for a total consideration of €49.8 million. TomTom will use the shares to cover its commitments arising from its stock option and share plans.
Financial and business review
TomTom generated revenue of €220 million in the fourth quarter, a decrease of 17% compared with €266 million in Q4 '16. Automotive & Enterprise showed strong year on year revenue growth in Q4, which was offset by a decline in Consumer. On a full year basis, total revenue was €903 million (FY '16: €987 million). Automotive & Enterprise and Telematics revenue delivered a combined year on year revenue growth of 16% in 2017. However, this revenue growth was more than offset by a decline of Consumer revenue of 27% year on year.
Gross margin was 62% in FY '17 (FY '16: 57%) and EBITDA was €141 million in FY '17 (FY '16: €141 million). The adjusted net result for the year was a gain of €61 million, which translates to adjusted EPS of €0.26 in FY '17 (FY '16: €0.23).
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Automotive & Enterprise
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| (€ in millions, unless stated otherwise) | Q4 '17 | Q4 '16 |
y.o.y. change |
FY '17 | FY '16 |
y.o.y. change |
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| Automotive | 53.9 | 36.7 | 47% | 190.6 | 132.6 | 44% | |||||||||
| Enterprise | 32.8 | 35.0 | -7% | 138.2 | 136.3 | 1% | |||||||||
| Total Automotive & Enterprise revenue | 86.6 | 71.7 | 21% | 328.8 | 269.0 | 22% | |||||||||
| Automotive & Enterprise segment EBITDA | 100.0 | 82.1 | 22% | ||||||||||||
| EBITDA margin (%) | 30% | 31% | |||||||||||||
| Automotive & Enterprise segment EBIT | -47.6 | -25.5 | |||||||||||||
| EBIT margin (%) | -14% | -9% | |||||||||||||
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Change percentages and totals calculated before rounding. |
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