TomTom reports fourth quarter and full year 2010 results

AMSTERDAM — (BUSINESS WIRE) — February 18, 2011Financial highlights full year 2010

  • Revenue increased by 3% to €1,521 million
  • Net result increased by 24% to €108 million, EPS of €0.49
  • Net debt reduced to €294 million (YE 2009: €442 million)

Financial highlights Q4 2010

  • Revenue decreased by 3% to €516 million (Q4 2009: €533 million)
  • Content & Services revenue grew by 16% to €98 million
  • Automotive revenue grew by 52% to €55 million
  • Gross margin of 46% and EBIT margin of 13%
  • Net result of €52 million
  • Net cash flow from operating activities of €141 million

Operational highlights Q4 2010

  • Expansion of existing automotive partnerships with Fiat, Toyota and Subaru
  • Agreement signed with smartphone manufacturer HTC for provision of content
  • Extension of MiTAC content licensing agreement to include Magellan
  • GPS fitness watch announced in conjunction with Nike

Outlook full year 20111

  • We expect broadly flat revenue and earnings per share in 2011 compared with 2010

Key figures2

                         
(in € millions)   Q4 '10

(unaudited)

  Q4 '09

(unaudited)

  y.o.y.

change

  FY'10

(audited)

  FY'09

(audited)

  y.o.y.

change

                         
Revenue   516   533   -3%   1,521   1,480   3%
                         
Gross result   237   245   -3%   744   731   2%
Gross margin   46%   46%       49%   49%    
                         
EBITDA 95 136 -30% 295 327 -10%
EBITDA margin   18%   26%       19%   22%    
                         
Operating result 65 111 -42% 186 221 -16%
Operating margin   13%   21%       12%   15%    
                         
Net result   52   73   -29%   108   87   24%
                         
EPS, € diluted 0.23 0.33 -29% 0.49 0.47 3%

Adjusted EPS 3

  0.29   0.39   -27%   0.70   0.78   -10%

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