TomTom Reports First Quarter 2013 Results

Current liabilities were €381 million compared to €733 million at the end of the same quarter last year and €475 million in the previous quarter. The sequential decrease was mainly caused by a decrease in current borrowings to nil as we have already repaid our contractual 2013 repayment. Last year our total borrowings amounted to €357 million and were fully classified as current as repayment was scheduled in 2012.

Cash flow

During the quarter, we recorded a cash inflow from operations of €27 million which was mainly driven by our EBITDA of €29 million. In the quarter we received €70 million of the €80 million total settlement we agreed upon with the tax authorities in relation to prior year tax issues. The remaining €10 million is expected to be received during the second quarter.

The cash flow used in investing activities during the quarter increased to €21 million from €13 million in Q1 2012 and €15 million in the previous quarter. The majority of the investments were related to our Map production platform, the Navigation engine NavKit and Customer specific investments in our automotive segment.

The cash outflow in financing activities was €75 million because of the early repayment on our outstanding borrowings.

- END -

Consolidated income statements

(in € thousands)   Q1'13   Q1'12
     
Revenue 201,589 232,901
Cost of sales 89,123 118,791
Gross result 112,466 114,110
     
Research and development expenses 38,181 38,310
Amortisation of technology & databases 18,908 21,237
Marketing expenses 10,687 12,557
Selling, general and administrative expenses 43,171 40,254
Stock compensation expense 1,471 1,896
Total operating expenses 112,418 114,254
     
Operating result 48 -144
     
Interest result -1,116 -3,480
Other finance result -995 2,576
Result associates 254 189
Result before tax -1,809 -859
     
Income tax -387 -645
Net result -2,196 -1,504
     
Minority interests 69 29
Net result attributed to the group -2,265 -1,533
     
Basic number of shares (in millions) 221.9 221.9
Diluted number of shares (in millions) 222.1 221.9
     
EPS, € basic -0.01 -0.01
EPS, € diluted -0.01 -0.01

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