TomTom Reports Third Quarter 2013 Results

Cash flow

Cash flow from operating activities for the quarter was €71 million compared to €50 million in Q3 '12. The increase was mainly driven by higher working capital from other liabilities.

The cash flow used in investing activities during the quarter increased by €12 million year on year to €24 million. Maps continue to be our largest area of investment and we saw increased activity in customer specific Automotive projects and in navigation software development. Additionally we acquired the Coordina group in Spain.

- END -

Consolidated condensed statement of income

(in € thousands)     Q3 '13     Q3 '12     YTD '13     YTD '12
                         
Revenue     244,056     273,561     695,889     768,124
Cost of sales     106,573     123,286     318,081     367,721
Gross result     137,483     150,275     377,808     400,403
                         
Research and development expenses 40,276 40,154 122,084 121,058
Amortisation of technology & databases 20,962 19,900 59,262 62,234
Marketing expenses 12,758 14,933 34,695 43,066
Selling, general and administrative expenses 46,207 41,723 133,012 123,017
Stock compensation expense     3,665     1,742     7,445     5,417
Total operating expenses     123,868     118,452     356,498     354,792
                         
Operating result     13,615     31,823     21,310     45,611
                         
Interest result -765 -3,187 -2,145 -9,711
Other finance result 358 -169 -1,936 1,932
Result associates     166     356     2,979     590
Result before tax     13,374     28,823     20,208     38,422
                         
Income tax     -2,009     -6,554     -3,373     -8,743
Net result     11,365     22,269     16,835     29,679
 
Net result attributable to:                        
Equity holders of the parent 11,248 22,283 16,281 29,612
Non-controlling interests 117 -14 554 67
Net result     11,365     22,269     16,835     29,679
                         
Basic number of shares (in thousands) 221,940 221,895 221,913 221,895
Diluted number of shares (in thousands)     223,871     222,023     222,751     221,983
                         
EPS, € basic 0.05 0.10 0.07 0.13
EPS, € diluted     0.05     0.10     0.07     0.13
 

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