TomTom announces Q1 results and details of intended IPO on Euronext Amsterdam
- Strong increase in Q1 2005 revenues and net profit as compared with Q1 2004
- Offer price expected to be in the range of €14.0 and €18.5 per share(inclusive)
- Subscription for the shares will open on Monday, 16 May 2005
| Key figures (in € millions) unaudited | Q1 2005 | Q1 2004 |
| Revenues | 66.2 | 14.2 |
| Operating profit | 18.5 | 2.8 |
| Net profit | 13.8 | 2.0 |
Amsterdam, 13 May, 2005 TomTom NV (“TomTom”), a leading provider of personal navigation products and services, today announced its financial results for the first quarter of 2005. TomTom’s revenues for the first quarter increased from € 14.2 million in 2004 to € 66.2 million in 2005. The year on year growth was due primarily to sales of the TomTom GO, which started shipping in the second quarter of 2004. Net profit for the quarter rose from € 2.0 million in 2004 to € 13.8 million in 2005.
TomTom also announced details of its intended initial public offering on Euronext Amsterdam. The offer price is expected to be in the price range of € 14.0 to € 18.5 per share (inclusive). The subscription period for the shares starts on 16 May 2005, at 09.00 hours CET. Harold Goddijn, the CEO of TomTom said: “Our early focus on the personal navigation market has enabled us to build a strong consumer brand associated with high quality and easy to use navigation products. In the fast growing market of personal navigation products, we have been able to capture a leading position. The anticipated listing marks an important step in the company’s development, enabling us to further expand our business.”
The global offer
The global offer comprises up to 7,142,857 new ordinary shares offered by TomTom, and up to 20,945,946 existing ordinary shares offered by the selling shareholders. The global offer will comprise of at least 26,351,351 shares in total. The right is reserved to proceed with the global offer if the minimum number of shares cannot be placed; in this instance a lower number of shares may be placed. Immediately after the global offer, TomTom expects to have 106,153,846 shares outstanding (assuming the mid-point of the price range). In connection with the global offer, the selling shareholders have granted to the joint book runners an over-allotment option, pursuant to which the underwriters may require the selling shareholders to sell up to 4,017,857 additional existing ordinary shares.
Goldman Sachs International and Lehman Brothers have been asked by TomTom to act as joint global coordinators and joint bookrunners in connection with the global offer. Fortis Bank, Kempen & Co and Rabo Securities have been appointed as co-lead managers. The offer price will be determined on the basis of a book-building process. The subscription period for the shares lasts from 09.00 hours CET on 16 May 2005, to 16.00 hours CET on 26 May 2005. TomTom reserves the right to close the subscription period at an earlier date and time or to extend the subscription period. TomTom also reserves the right to change the price range of the offer, or the maximum number of shares being offered prior to the end of the subscription period, all in accordance with Euronext rules. TomTom expects to announce the offer price and the exact number of shares being offered on 26 May 2005. Application has been made to list all TomTom’s ordinary shares on Eurolist by Euronext Amsterdam under the symbol TOM2. The first day of trading is expected to be on 27 May 2005.
Use of proceeds
TomTom intends to use the net proceeds from the global offer primarily for general corporate purposes, including research and development into new products and technologies, international expansion and for working capital. In addition, TomTom may use a portion of the net proceeds to acquire or invest in businesses, products, technologies or innovations which complement its business and support its growth strategy.
Preliminary prospectus
For more information on the global offer and TomTom we refer to the preliminary prospectus and the advertisement regarding the general availability of the preliminary prospectus, which is published today. Prospective investors should base their decision whether to buy shares in the global offer solely on the prospectus. The preliminary prospectus and, when published, the final prospectus will be available at TomTom (Rembrandtplein 35, 1017 CT Amsterdam), Fortis Bank (Rokin 55, 1012 KK Amsterdam, tel: +31 20 527 2467), Kempen & Co (Beethovenstraat 300, 1077 WZ, Amsterdam, tel: +31 20 348 8500) and Rabo Securities (Amstelplein 1, 1096 HA, Amsterdam, tel: +31 20 462 4602). The electronic version of the preliminary prospectus and, when published, the final prospectus will be available on the website of Euronext, www.euronext.com.
Company Description
TomTom is a leading provider of personal navigation products and services to the consumer market. TomTom’s products are developed with an emphasis on innovation, quality, ease of use and value. TomTom’s products include all-in-one navigation devices which enable customers to navigate right out of the box, as well as navigation software products which integrate with third party devices such as PDAs and smartphones. TomTom’s portfolio of products and services includes the award-winning TomTom GO family of integrated navigation devices, the TomTom Navigator software for PDAs, TomTom MOBILE navigation software for smartphones and TomTom Plus, a location-based content and services offering for TomTom’s navigation products. TomTom was founded in 1991 in Amsterdam and has offices in the Netherlands, the United Kingdom, the United States and Taiwan. TomTom’s products are sold through a network of leading retailers in 17 countries and online.
To learn more about TomTom, visit: www.tomtom.com.
For further information, please contact:
Citigate First Financial
Martha van Dijk
Telephone: +31 20 575 4014
This announcement is not an offer to sell or a solicitation of any offer to buy the securities of TomTom (the “Company”, and such securities, the “Securities”) in the United States or in any other jurisdiction.
The Securities have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. No public offering of Securities of the Company is being made in the United States.
This communication is directed only at (i) persons outside the United Kingdom, or (ii) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 or (iii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with such persons and persons within the United Kingdom who receive this communication (other than persons falling within (ii) and (iii) above) should not rely on or act upon this communication. Stabilisation / FSA.
Certain statements in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Goldman Sachs International and Lehman Brothers are acting for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Goldman Sachs International and Lehman Brothers.
All investment is subject to risk. The value of the securities offered may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.