Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  TomTom NV    TOM2   NL0013332471

TOMTOM NV

(TOM2)
  Report
Delayed Quote. Delayed Euronext Amsterdam - 03/27 12:35:00 pm
6.927 EUR   -4.77%
03/24TOMTOM : share buyback periodic update, 16-20 March
PU
03/17TOMTOM : share buyback periodic update, 9-13 March
PU
03/17TOMTOM NV : Share buyback
CO
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

TomTom : Q4 2019 Results Presentation

share with twitter share with LinkedIn share with facebook
share via e-mail
02/05/2020 | 10:01am EDT

Harold Goddijn - CEO Taco Titulaer - CFO

5 FEBRUARY 2020

Operational highlights

  • Automotive backlog increased to around €1.8 billion
  • Fiat Chrysler Automobiles embeds our maps, navigation software and services globally
  • Daimler Trucks adopted our ADAS Map to create a smart cruise control for its vehicles
  • Subaru selected our maps and navigation software for its next generation IVI platform

1 / 15

Continue to invest in strategic areas whilst generating cash

  • Further mapmaking system automation to provide better maps at lower cost per modification
  • Advance our online navigation system offering, allowing for fresher maps andup-to-date software
  • Assist OEMs in delivering a better user experience
  • Further improve our Maps APIs, especially map display and search

2 / 15

Financial highlights

  • Group revenue of €156 million (Q4 '18: €174 million)
  • Gross margin of 79% (Q4 '18: 67%)
  • Free cash flow of €48 million (Q4 '18: €66 million1)
  • Deferred revenue position of €369 million (Q4 '18: €281 million)
  • Net cash position of €437 million (Q4 '18: €252 million)
  • New share buyback program of €50 million

The figures presented above are for continuing operations only.

3 / 15

1Q4 '18 Free cash flow from continuing operations is indicative.

Total Revenue €701 million

(initial outlook ~€675 million)

Gross Margin 74%

(initial outlook > 70%)

Adjusted EPS €0.20

(initial outlook ~€0.15)

FCF 9%

(initial outlook 10%)

4 / 15

  • We reiterate ourmid-term revenue guidance for Location
    Technology to grow its revenue to around €500 million by 2021, which represents a CAGR of around 10% for the period between 2018 and 2021. Our expectations are supported by an
    Automotive backlog of around €1.8 billion
  • We will continue to invest to improve our competitive position and capture market opportunities. We forecast for 2020 a limited increase in our cash spend compared with 2019
  • Double digit FCF as a % of group revenue as amid-term target

2020 Outlook

Actuals 2019

Revenue

€650 - €675 million

€701 million

of which from

€450 - €475 million

€426 million

Location Technology

FCF as % of

Mid to high single digit

9%

Group revenue

5 / 15

Estimated Automotive IFRS backlog phasing of revenues (in %)

1,800

66%

16% 18%

Today

2020E

2021E

>2022E

  • Automotive backlog is defined as the cumulative expected IFRS revenue from all awarded Automotive deals
  • Automotive awards do not provide minimum volume or purchase requirements. Volumes are based on our and our clients' estimates of car sales and take rates
  • Year on year change of the backlog is the result of the following:
    • Revenue recognition during the year
    • Estimate of cumulative value of all awarded contracts during the year
    • Reassessment of the value of awarded contracts from previous periods

Values € in millions, unless stated otherwise

6 / 15

Continuously refreshed content and releasable software leads to a different balance sheet profile

697

38

PP&E

Lease

292

assets

442

30

Intangible

290

assets

182

30

80

132

Year-end

CAPEX

D&A

Year-end

CAPEX

D&A

Year-end

CAPEX

D&A

Year-end

2018

& Lease

2019

& Lease

2020e

& Lease

2021e

2019

2020e

2021e

Values € in millions

7 / 15

We will continue to invest in our transactional mapmaking platform to realize a higher degree of automation in content creation and further develop our online navigation software and Maps APIs

504

A

Content (70%)

443

Sourcing

Today Trend

347

25%

Processing

25%

299

Engineering

50%

B Application layer (30%)

2018

2019

2020e

2018

2019

2020e

Values € in millions, unless stated otherwise. Cash spend excludes Cost of Sales

8 / 15

FY '18

FY '19

46%

39%

€687m 54%

€701m

61%

Location Technology

Consumer

FY '18

FY '19

36%

31%

€687m

€701m

64%

69%

Software & content

Hardware

10 / 15

(€ in thousands)

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

REVENUE

176,330

173,999

169,527

210,803

164,206

156,223

Automotive

59,365

73,397

65,126

75,944

55,404

69,190

Enterprise

33,906

33,225

37,833

40,156

41,141

41,187

Consumer

83,059

67,377

66,568

94,703

67,661

45,846

Cost of sales

50,275

56,638

48,273

68,759

36,277

32,249

GROSS RESULT

126,055

117,361

121,254

142,044

127,929

123,974

Gross margin

71%

67%

72%

67%

78%

79%

Research and development expenses

50,637

71,902

72,498

78,840

80,272

91,175

Amortisation of technology and databases

27,126

31,200

24,474

106,561

65,038

65,120

Marketing expenses

7,570

7,439

6,945

6,432

7,057

9,002

Selling, general and administrative expenses

30,521

19,568

30,529

33,170

32,647

36,398

TOTAL OPERATING EXPENSES

115,854

130,109

134,446

225,003

185,014

201,695

OPERATING RESULT (EBIT)

10,201

-12,748

-13,192

-82,959

-57,085

-77,721

EBIT margin

6%

-7%

-8%

-39%

-35%

-50%

EBITDA

43,778

27,774

18,779

30,983

15,854

-4,588

EBITDA margin

25%

16%

11%

15%

10%

-3%

Net result from continuing operations

4,535

-9,184

-15,325-65,254-43,429

-68,958

Net result tax profit from discontinued operations

12,625

10,607

18,615

807,237

NET RESULT

17,160

1,423

3,290

741,983

-43,429

-68,958

EPS FROM CONTINUING OPERATIONS (in €)

Diluted EPS

0.02

-0.04

-0.07

-0.34

-0.33

-0.52

Diluted Adjusted EPS1

0.10

0.09

0.00

-0.01

0.33

-0.07

Net result from continuing operations

4,535

-9,184

-15,325

-65,254

-43,429

-68,958

Movement of deferred and unbilled revenue

12,931

28,700

6,578

-10,736

60,632

20,070

Acquisition related amortization

11,643

11,643

11,643

91,999

51,821

51,822

Tax impact

-5,701

-9,360

-3,826

-17,017

-24,740

-11,549

Adjusted net result

23,408

21,799

-930

-1,008

44,284

-8,619

FY '19

FY '18

700,759

686,798

265,665

245,046

160,317

127,226

274,777

314,526

185,557

211,471

515,202

475,327

74%

69%

322,785

220,853

261,194

108,200

29,436

28,015

132,744

115,354

746,159

472,422

-230,957

2,905

-33%

0%

61,028 142,042

9% 21%

-192,965

-2,862

825,852

47,622

632,887

44,760

-1.13

-0.01

0.20

0.32

-192,965-2,862

76,544 53,200

207,283 46,572

-57,134-23,074

33,728 73,836

1Earnings per fully diluted share count adjusted for movement of deferred and unbilled revenue, impairments and acquisition related amortization on a post-tax basis.

11 / 15

(€ in thousands)

30-Sep-18

31-Dec-18

31-Mar-19

30-Jun-19

30-Sep-19

31-Dec-19

ASSETS

Goodwill

255,858

192,294

192,294

192,294

192,294

192,294

Intangible assets

684,229

634,728

613,978

509,597

444,646

380,160

Other contract related assets

20,896

24,497

27,715

21,606

23,679

23,923

Other non-current assets

86,175

70,968

75,281

73,421

72,125

71,454

Inventories

35,717

26,400

25,571

19,033

27,483

25,315

Trade receivables

128,868

92,530

99,631

111,981

136,755

99,776

Unbilled receivables

26,375

22,512

26,169

42,621

33,359

34,374

Other receivables and prepayments

34,088

54,998

45,522

56,891

59,435

45,351

Cash and cash equivalents and fixed term deposits

178,522

247,675

206,593

372,030

392,865

436,520

Assets held for sale

128,323

155,325

TOTAL ASSETS

1,450,728

1,494,925

1,468,079

1,399,474

1,382,641

1,309,167

TOTAL EQUITY

771,266

774,109

780,425

774,619

735,016

665,932

Deferred tax liability

84,506

80,436

78,827

57,605

42,764

27,283

Lease liability

40,647

38,730

38,938

36,757

34,672

34,268

Provisions

65,841

74,412

70,353

67,261

56,809

55,020

Trade payables

49,903

51,076

46,383

52,871

46,651

47,085

Deferred revenue

284,694

280,910

291,145

296,861

348,230

369,317

Other contract related liabilities

48,376

38,665

36,376

40,519

37,692

26,745

Accruals and other liabilities

105,495

101,180

76,631

72,981

80,807

83,517

Liabilities associated with assets held for sale

55,407

49,001

TOTAL LIABILITIES

679,462

720,816

687,654

624,855

647,625

643,235

TOTAL EQUITY AND LIABILITIES

1,450,728

1,494,925

1,468,079

1,399,474

1,382,641

1,309,167

Net cash

178,522

252,112

240,551

372,030

392,865

436,520

Net cash classified as held for sale

4,437

33,958

Net cash of continuing operations

178,522

247,675

206,593

372,030

392,865

436,520

12 / 15

(€ in thousands)

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Operating result

23,782

-45

5,824

-82,959

-57,085

-77,721

Financial gains/(losses)

523

1,420

-437

-208

1,424

-1,098

Depreciation and amortisation

38,654

43,666

31,971

113,942

72,939

73,133

Other

2,569

7,530

-196

-1,764

-12,608

-9,031

Changes in working capital1

-7,387

37,898

-34,186

-6,830

23,431

68,062

CASH GENERATED FROM OPERATIONS

58,141

90,469

2,976

22,181

28,101

53,345

Interest received

187

32

277

213

339

357

Interest (paid)

-506

-517

-437

-1,203

-262

-409

Corporate income taxes (paid)/received

-1,407

-2,711

-1,887

-6,816

-1,062

-2,034

CASH FLOWS FROM OPERATING ACTIVITIES

56,415

87,273

929

14,375

27,116

51,259

CASH FLOWS FROM INVESTING ACTIVITIES

-27,915

-9,112

-9,913

867,491

-4,445

-226,046

CASH FLOWS FROM FINANCING ACTIVITIES

-5,307

-4,657

-2,902

-750,221

-2,231

-3,762

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

23,193

73,504

-11,886

131,645

20,440

-178,549

FY '19

-211,941-319 291,985 -23,599 50,477

106,603

1,186 -2,311-11,799

93,679

627,087

-759,116

-38,350

FY '18

55,513

269

158,188

4,349

20,918

239,237

429 -1,593-9,100

228,973

-83,893

-14,771

130,309

Free cash flow

Cash flow from operating activties

56,415

87,273

929

14,375

27,116

51,259

93,679

228,973

Investments in intangible assets

-22,149

-4,762

-4,851

-3,530

-1,573

-1,462

-11,416

-64,117

Investment in tangible assets

-5,841

-4,459

-5,062

-2,592

-2,872

-2,118

-12,644

-20,035

Free cash flow from total operations

28,425

78,052

-8,984

8,253

22,671

47,679

69,619

144,821

Free cash flow from discontinued operations

-13,337-12,027-11,244

7,378

-3,866

-55,205

Free cash flow from continuing operations

15,088

66,025

-20,228

15,631

22,671

47,679

65,753

89,616

FCF from continuing operations as a % revenue

9%

38%

-12%

7%

14%

31%

9%

13%

1Includes the movement of non-current deferred revenue.

22018 Free cash flows from continuing operations are indicative.

13 / 15

Q4 '19

YTD '19

Common shares outstanding at the end of the period

132,366,672

132,366,672

Shares in issue at the beginning of the period

131,447,251

231,240,514

Shares in issue at the end of the period

131,541,998

131,541,998

Average shares in issue during the period1

131,483,105

170,973,367

[A]

In the money share options at the beginning of the period

2,803,141

2,805,980

In the money share options at the end of the period

2,709,084

2,709,084

Average potential dilutive share options outstanding during the period2

2,686,700

1,713,877

Average non-dilutive share options during the period

1,557,453

398,160

Average shares outstanding from dilution of options3

1,129,247

1,315,717

[B]

Average shares outstanding from dilution of restricted stock units

729,049

591,306

[C]

Average fully diluted shares outstanding during Q4 '19 and YTD '19 4

133,341,401

172,880,390

[A+B+C]

  1. Shares held in treasury of 824,674 are taken into account when calculating the weighted average shares outstanding.
  2. In the money options based on average share price for the period.
  3. Weighted average diluted options based on the period outstanding.

4The average share price for the quarter was €9.85 and the average share price for the year was €9.09.

14 / 15

This document contains certain forward-looking statements with respect to the financial position and results of TomTom's activities. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptions regarding our present and future business strategies, operations and the environment in which we will operate in the future. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, and you should not place undue reliance on them. Many of these risks and uncertainties relate to factors that are beyond TomTom's ability to control or estimate precisely, such as levels of customer spending in major economies, changes in consumer preferences, the performance of the financial markets, the levels of marketing and promotional expenditures by TomTom and its competitors, costs of raw materials, employee costs, exchange-rate and interest-rate fluctuations, changes in tax rates, changes in law, acquisitions or disposals, the rate of technological changes, political developments in countries where TomTom operates and the risk of a downturn in the market. Statements regarding market share, including TomTom's competitive position, contained in this document are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates.

The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.

You will be solely responsible for your own assessment of the market and the market position of TomTom and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of TomTom's business. This document does not constitute or form part of, and should not be constructed as, an offer or invitation to subscribe for or purchase any TomTom securities.

The financial information in this report includes measures, which are not defined by generally accepted accounting principles (GAAP) such as IFRS. We believe this information, along with comparable GAAP measurements, gives insight to investors because it provides a basis for evaluating our operational performance. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures.

Automotive operational revenueis IFRS Automotive revenue adjusted for the movement of deferred and unbilled revenue Automotive backlogis the cumulative expected IFRS revenue from all awarded Automotive deals

Gross marginis calculated as gross profit divided by revenue EBITis equal to our operating result

EBIT marginis calculated as operating result divided by revenue

EBITDAis equal to our operating result plus depreciation and amortization charges

EBITDA marginis calculated as operating result plus depreciation and amortization charges divided by revenue

Adjusted net resultis calculated as net result of continuing operations attributed to equity holders adjusted for movement of deferred/unbilled revenue, impairments and acquisition related

amortization on a post-tax basis

Adjusted EPSis calculated as adjusted net result divided by the weighted average number of diluted shares over the period

Net cashis defined as our cash and cash equivalents, including cash classified as held-for-sale (IFRS 5) minus the nominal value of our outstanding bank borrowings

Free cash flowis cash from operating activities from continuing operations minus capital expenditure (investments in intangible assets and property, plant and equipment) of continuing

15 / 15

operations

TomTom NV

De Ruijterkade 154

1011 AC Amsterdam

The Netherlands

ir@tomtom.com

+31 20 757 5194 www.tomtom.com/investors

Disclaimer

TomTom NV published this content on 05 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2020 15:00:07 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on TOMTOM NV
03/24TOMTOM : share buyback periodic update, 16-20 March
PU
03/17TOMTOM : share buyback periodic update, 9-13 March
PU
03/17TOMTOM NV : Share buyback
CO
03/10TOMTOM : share buyback periodic update, 2-6 March 2020
PU
03/10TomTom, Toyota Research Institute - Advanced Development, Inc. and DENSO Coll..
GL
03/02TOMTOM : starts share buyback program of up to €50 million
PU
02/12TOMTOM : Annual report & accounts 2019
PU
02/06TOMTOM : Earnings Q4 2019 Transcript
PU
02/05TOMTOM : Q4 2019 Results Presentation
PU
02/05TOMTOM : Q4 2019 Results
PU
More news
Financials (EUR)
Sales 2020 638 M
EBIT 2020 -223 M
Net income 2020 -231 M
Finance 2020 317 M
Yield 2020 -
P/E ratio 2020 -3,86x
P/E ratio 2021 -47,0x
EV / Sales2020 0,93x
EV / Sales2021 0,84x
Capitalization 911 M
Chart TOMTOM NV
Duration : Period :
TomTom NV Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TOMTOM NV
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 9,78  €
Last Close Price 6,93  €
Spread / Highest target 55,9%
Spread / Average Target 41,2%
Spread / Lowest Target 15,5%
EPS Revisions
Managers
NameTitle
Harold Goddijn Chief Executive Officer
Peter N. Wakkie Chairman-Supervisory Board
Taco Titulaer Chief Financial Officer
Charles W. Davies Group Chief Technology Officer
Jacqueline A. Tammenoms Bakker Deputy Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
TOMTOM NV-26.47%1 010
CISCO SYSTEMS, INC.-19.06%164 631
FOXCONN INDUSTRIAL INTERNET CO., LTD.-28.46%36 571
ZTE CORPORATION1.50%25 889
ERICSSON AB-7.31%24 602
MOTOROLA SOLUTIONS, INC.-16.18%23 040