TomTom Reports Second Quarter 2013 Results

1Earnings per share adjusted for impairment, acquisition-related gain & amortisation and restructuring charges on a post-tax basis.

TomTom’s Chief Executive Officer, Harold Goddijn

“Overall our financial performance for the second quarter was better than expected because of solid results in the Consumer division. Automotive continued to be affected by weak European markets.

We started to bring our new Consumer product ranges to market towards the end of the quarter in the form of PNDs and sport watches. We expect to benefit from the new navigation engine and user interface in the PNDs more broadly across our product ranges in the future.

We moved into a cash positive balance sheet position and maintained our outlook for 2013.”

Business review

Consumer started shipping the new range of PNDs that are powered by NavKit (the navigation engine) and have a redesigned map-centric user interface. Initial expert comments and customer reactions are strongly positive. The new GPS watch started shipping in the US in early July and we expect to ramp this up to the rest of the world during the summer.

Automotive continued to be affected by weak car sales in Europe. In the second quarter the Fiat line fit infotainment system (U-Connect) began shipping with TomTom navigation software and map content and the first Daimler cars with our Traffic services were shipped. Looking forward to the second half we see the Renault line fit infotainment system (R-Link) progressively being rolled out across more models with TomTom navigation software, map content, Traffic and other services.

In Licensing we expanded our relationship with BlackBerry adding TomTom’s Traffic service for BB10 customers. TomTom will geocode for “Factual”, a company specialising in enhanced data for global POI (points-of-interest) listings; additionally the Yellow Page Group, with several local search branded websites and apps in Canada, has signed a deal to process millions of geocodes per year.

In the second quarter Business Solutions reached 269,000 WEBFLEET-subscribers and delivered growth of 29% year on year. TomTom launched the Tachograph Manager which allows businesses to manage driving-time compliance efficiently. The Tachograph Manager supports remote and manual download, and archiving and analysis of driver data to comply with national and European legislation.

Financial review

Revenue

 
(in € millions)       Q2 '13       Q2 '12      

y.o.y.
change

      H1 '13       H1 '12      

y.o.y.
change

                                                 
Group       250       262       -4%       452       495       -9%
Consumer       149       155       -4%       250       280       -11%
Automotive 52 60 -13% 103 118 -13%
Licensing 29 29 0% 60 62 -4%
Business Solutions       20       18       13%       39       34       17%
                                                 
Hardware 155 163 -5% 265 297 -11%
Content & Services       96       99       -4%       186       197       -5%

Change percentages are based on non-rounded figures

 

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