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TomTom Reports second quarter 2009 Results

Jul 22, 2009

TomTom reports second quarter 2009 results

 

 Second quarter 2009 financial highlights1
·         Revenue of €368 million, up 73% sequentially
·         Operating expenses reduced by 18% year-on-year
·         Operating result of €59 million, operating margin of 16%
·         Adjusted EPS of €0.22
·         Net cash flow from operating activities of €96 million
·         Net debt of €1,006 million (Q1 ’09: €1,159 million)

Second quarter 2009 operational highlights
·         HD Traffic introduced into mid range PNDs
·         LIVE Services seamlessly available for pan-European use
·         First in-dash product well received by Renault and its customers
·         50% of PNDs sold with IQ Routes technology
·         Good progress in integrated map production process
·         TomTom iPhone application announced at Apple’s WWDC

Post second quarter 2009 events
·         €430 million equity offering successfully completed
·         Pro forma net debt of €672 million post rights issue 

 
 
Chief Executive Officer, Harold Goddijn
“In the second quarter we delivered strong profitability and cash generation driven by new products, the expected seasonal uplift in PND sales and tight management of costs and working capital. In recent weeks we have successfully raised capital to substantially strengthen our balance sheet.
 
We started volume shipments of our first line fitted car navigation product with Renault and initial feedback from customers is encouraging. Our IQ Routes technology is gaining recognition as the only fact based routing solution available for car drivers to choose efficient routes to their destinations. Tele Atlas had a solid quarter with stable year on year revenues.
 
Market conditions continue to be challenging but so far this year end user demand has been in line with our expectations. We are making good progress with diversifying our revenue base and our strengthened balance sheet enables us to focus on the continued execution of our strategy.’’