TomTom Reports First Quarter 2010 Results

Debt financing

On 31 March 2010, the carrying value of our borrowings amounted to €792 million, an increase of €2 million compared to the previous quarter which results from our amortised transaction costs which are added back to the borrowings over the life time of the borrowings (Q4 2009: €790 million). Excluding transaction costs, which are netted against the borrowings, our outstanding borrowings amounted to €808 million (Q4 2009: €808 million).

Our net debt position as of 31 March 2010 increased to €496 million from €442 million at the end of the previous quarter. The net debt is the sum of the borrowings (€808 million), minus cash and cash equivalents at the end of the period (€313 million) plus our financial lease commitments (€1 million).

The interest rate on the debt was 3.1% in the quarter.

Balance sheet

As of the end of Q1 2010 current assets decreased by €169 million compared to the end of the previous quarter, mainly driven by a strong decrease of €116 million in our trade receivables balance and a decrease of €55 million in the cash balance. Inventories decreased slightly during the quarter by €6 million to €61 million (Q4 2009: €67 million).

Current liabilities decreased by €194 million from €799 million in Q4 2009 to €605 million in Q1 2010. This was mainly caused by a decrease of €99 million in trade payables and €64 million in other liabilities and accruals. At the end of the quarter we had shareholder’s equity of €1,029 million up from €1,018 million at the beginning of the quarter.

- END-

Consolidated income statements

(in € thousands)   Q1’10   Q1’09
         
Revenue   268,356   213,083
Cost of sales   124,105   105,764
Gross result   144,251   107,319
         
Research and development expenses 40,965 37,364
Amortisation of technology & databases 17,413 16,697
Marketing expenses 15,123 17,037
Selling, general and administrative expenses 50,988 51,930
Stock compensation expense   2,761   226
Total operating expenses   127,250   123,254
         
Operating result   17,001   -15,935
         
Interest result -8,486 -17,443
Other finance result -5,655 -16,211
Result associates   929   -245
Result before tax   3,789   -49,834
         
Income tax   -858   12,830
Net result   2,931   -37,004
         
Minority interests   -156   -280
Net result attributed to the group   3,087   -36,724
         
Basic number of shares (in millions) 221.7 149.2
Diluted number of shares (in millions)   222.1   150.8
         
EPS, € basic 0.01 -0.25
EPS, € diluted   0.01   -0.25

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