TomTom Reports Second Quarter 2017 Results

All shares have a par value of €0.20 per share.

In H1 '17 2,248,980 shares were issued following the exercise of share options by employees (H1 '16: 1,775,105).

7. Share-based compensation

Share-based compensation expenses amounted to €8.0 million in H1 '17 versus an income €1.6 million in the same period last year. In H1 '17 a total number of 2.2 million stock options have been exercised.

In May 2017, the group granted 0.7 million stock options under the stock option plan of which 350,000 stock options were granted to Management Board members. The purpose of the share-based compensation is to attract and retain management and employees and align the interests of management and eligible employees with those of shareholders, by providing additional incentives to improve the group's performance on a long-term basis.

In addition to the stock option grant, the group also granted phantom shares to certain groups of employees. The phantom share plan is classified as a cash-settled plan. The plan has a three-year service period as the only vesting condition.

As part of the acquisition of Autonomos GmbH restricted stock units have been granted to certain employees of Autonomos.

For further information on our share-based compensation, reference is made to note 7 and note 33 in our 2016 Annual Report.

8. Business Combination

On 17 January 2017, the group acquired 100% of the shares of Autonomos GmbH for €26.2 million of which €24.8 million is paid in cash and the remainder in TomTom shares. The company is a Berlin-based autonomous driving start-up.

We have acquired a vast amount of technical expertise that will be of value in the further development of our location technologies. Specifically, the acquisition will give us a fuller understanding of the autonomous driving stack and real-time computer vision technology and allow us to improve quality of our products like TomTom HD Map, RoadDNA localisation technology, navigation, traffic and other cloud services.

9. Related party transactions

Reference is made to note 7 for stock options granted to the members of the Management Board during H1 '17.

In the normal course of business, the group receives map development and support services from its associate Cyient Ltd. Such transactions take place at the normal market conditions and the total payments made for these services in H1 '17 amounted to €7.7 million (H1 '16: €7.8 million).

Transactions and balances with other associates are not material and hence are not disclosed.

10. Seasonality

In the 12 months ended June 2017, the group had revenue of €971 million compared with revenue of €1,019 million for the 12 months period ending June 2016.

The group’s sales within the Consumer segment are traditionally higher in the second half of the year due to the holiday sales in the fourth quarter and traditionally low sales in the first quarter. This trend has become less apparent in recent years. In the 12 months ended 30 June 2017, Consumer had revenue of €514 million compared with €611 million in the same period ended 30 June 2016.

Other operating segments’ revenue is generally not materially affected by seasonality.

Besides the normal market seasonality, the group revenue can also be affected by new product launches.

11. Commitments and contingent liabilities

In the first half of 2017, there were no material changes to the group’s commitments and contingent liabilities from those disclosed in note 32 of our 2016 Annual Report.

12. Fair value and fair value estimation

The fair values of our monetary assets and liabilities as at 30 June 2017 are estimated to approximate their carrying value. There has been no change in the fair value estimation technique and hierarchy of the input used to measure the financial assets/liabilities carried at fair value through profit or loss compared with the method and hierarchy disclosed in our 2016 Annual Report.

13. Subsequent events

There has been no subsequent event from 30 June 2017 to the date of issue that affect the consolidated interim financial statements.

- END -

Accounting policies - basis of accounting

The condensed consolidated financial information for the three-month and six-month period ended 30 June 2017 with related comparative information has been prepared using accounting policies which are based on International Financial Reporting Standards (IFRS) as endorsed by the EU. Accounting policies and methods of computation followed in the condensed consolidated financial information, for the period ended 30 June 2017, are the same as those followed in the Financial Statements for the year ended 31 December 2016. Further disclosures as required under IFRS for a complete set of consolidated financial statements are not included in the condensed consolidated financial information. The quarterly and interim condensed consolidated information in this press release is unaudited.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23  Next Page »



Review Article Be the first to review this article
Aldec

 True Circuits: Ultra PLL

Featured Video
Latest Blog Posts
Bob Smith, Executive DirectorBridging the Frontier
by Bob Smith, Executive Director
Virtual 2020 CEO Outlook Set for June 17
Colin WallsEmbedded Software
by Colin Walls
Multiple constructors in C++
Jobs
Senior Application Engineer Formal Verification for EDA Careers at San Jose and Austin, California
Senior Analog Design Engineers #5337 for EDA Careers at EAST COAST, California
Senior Layout Engineer for EDA Careers at EAST COAST, California
Software Engineer for EDA Careers at RTP, North Carolina
Upcoming Events
Sensors Expo & Conference at McEnery Convention Center 150 W. San Carlos Street SAN JOSE CA - Jun 22 - 24, 2020
Nanotech 2020 Conference and Expo at National Harbor MD - Jun 29 - 1, 2020
IEEE Computer Society Annual Symposium on VLSI (ISVLSI) 2020 at Limassol Hotel, Amathus Area, Pareklisia Cyprus - Jul 6 - 8, 2020
57th Design Automation Conference 2020 at San Francisco CA - Jul 19 - 23, 2020



© 2020 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise