TomTom reports fourth quarter and full year 2010 results

Total current liabilities increased by €276 million from €558 million in Q3 2010 to €834 million in Q4 2010 (Q4 2009: €799 million). This was caused mainly by the seasonal increase of rebate and revenue-related accruals in our Consumer business and part of our borrowings moving from non-current to current liabilities. At the end of the quarter we had shareholders’ equity of €1,142 million up from €1,088 million at the beginning of the quarter.

Cash flow

During the quarter, we recorded a net cash inflow from operations of €141 million. This was mainly driven by the operating profit of €65 million and a €48 million decrease in working capital resulting from an increase in current liabilities of €128 million partially offset by higher inventories and receivables.

Cash flow used in investing activities during the quarter increased from €16 million in the previous quarter to €22 million in Q4 2010 (Q4 2009: €32 million).

Cash flow used in financing activities amounted to €84 million due to the repayment of borrowings.

- END -

Consolidated income statements

                 
(in € thousands)   Q4'10

(unaudited)

  Q4'09

(unaudited)

  FY'10

(audited)

  FY'09

(audited)

                 
Revenue   515,834   533,312   1,521,083   1,479,660
Cost of sales   279,251   288,568   777,018   748,624
Gross result   236,583   244,744   744,065   731,036
                 
Research and development expenses 44,129 36,531 161,875 139,441
Amortisation of technology & databases 22,723 17,918 77,644 74,998
Marketing expenses 48,287 25,918 104,788 86,363
Selling, general and administrative expenses 53,778 51,909 199,941 198,779
Stock compensation expense   2,940   1,738   13,495   10,567
Total operating expenses   171,857   134,014   557,743   510,148
                 
Operating result   64,726   110,730   186,322   220,888
                 
Interest result -8,074 -11,223 -35,064 -70,815
Other finance result 5,128 -5,722 -15,962 -41,202
Result of associates   707   733   -1,270   2,603
Result before tax   62,487   94,518   134,026   111,474
                 
Income tax   -10,307   -21,883   -26,356   -25,088
Net result   52,180   72,635   107,670   86,386
                 
Minority interests   475   -381   -98   -381
Net result attributed to the group   51,705   73,016   107,768   86,767
                 
Basic number of shares (in millions) 221.7 221.7 221.7 184.0
Diluted number of shares (in millions)   224.0   223.6   222.0   184.9
                 
EPS, € basic 0.23 0.33 0.49 0.47
EPS, € diluted   0.23   0.33   0.49   0.47

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