Financial headlines FY 2011
- Revenue of €1,273 million and normalised EPS
1
of €0.31 at top end of guidance
- Broadened revenue with growth in all areas except for PNDs
- Net debt decreased from €294 million to €194 million; leverage ratio of 0.88
Financial headlines Q4 2011
- Group revenue of €357 million
o Consumer revenue decreased by 40% year on year to €242 million
o Automotive revenue increased by 2% year on year to €56 million
o Licensing revenue increased by 3% year on year to €40 million
o Business Solutions revenue increased by 19% year on year to €19 million
o Content and Services revenue increased by 10% year on year to €107 million
- Net cash flow from operating activities of €134 million
Operational headlines Q4 2011
- Restructured organisation to reduce costs and increase effectiveness of R&D
- Signed aftermarket automotive deals with Ford and Opel
- Secured full control of map operations in India, Indonesia and Thailand
- Grew HD Traffic installed base to 1.5 million users; available in 23 countries
- Increased fleet management subscriber base to 180 thousand, up 34%
- Entered car lease market with telematics services
Outlook full year 2012
- We expect to deliver revenue of around €1.1 billion and adjusted EPS
of around €0.35
2

Key figures
(in € millions) Q4 '11 Q4 '10 change FY '11 FY '10 change
Revenue 357 516 -31% 1,273 1,521 -16%
Gross result 166 237 -30% 640 744 -14%
EBITDA 47 95 206 295
EBITDA (normalised) 61 96 -37% 221 299 -26%
Operating result 10 65 -425 186
Operating result (normalised) 24 66 -64% 102 190 -46%
Net result 12 52 -438 108
Net result (normalised) 17 50 -67% 68 107 -36%
EPS, € diluted 0.05 0.23 -1.97 0.49
EPS, € diluted (normalised) 0.07 0.22 -66% 0.31 0.48 -35%
Adjusted EPS, € diluted 0.16 0.29 -43% 0.55 0.70 -22%

1
Normalised results exclude restructuring and impairment charges to match the basis on which we provided
our guidance for 2011. Normalised results exclude restructuring charges of €13.6 million in Q4 '11 (€1.3
million in Q4 '10), €14.8 million in FY '11 (€3.3 million in FY '10), a non-cash impairment charge of €512
million in FY ’11 and the tax charge has been adjusted for impairment, restructuring and one-off gains
(Q4 ’11: €5.9 million, Q4 ’10: €3.0 million, FY ’11: €6.3 million, FY ’10: €3.0 million)
2
Earnings per share adjusted for impairment, acquisition-related amortisation and restructuring charges on a
post-tax basis.

TomTom’s Chief Executive Officer, Harold Goddijn
“Our business units performed as expected during the quarter in tough market conditions. In the period we executed a restructuring programme designed to reduce costs and organise the company around its products.
The new product unit structure enables us to better adapt to the fast changing industries we operate in. It equips us better to bring new products to the market and to leverage our key map, traffic and navigation assets.
Looking to the coming year we will increase our focus on the growth parts of our business, in order to claim a leading position in the rise of the connected car, and to grow our position as a fleet management services and location and navigation content provider. At the same time, we will continue to fully leverage our leading position in the PND market.”

Outlook 2012
We expect continued growth in Automotive, Licensing and Business Solutions. In Automotive we will continue to roll out solutions with our partners into new models. In addition we expect to win new contracts that will drive revenue growth in future years. In Licensing we aim to grow revenue through new customer wins and by bringing new products to the market.
Business Solutions is expected to continue to grow strongly, both by increasing its WEBFLEET subscriber base and by growing in areas beyond fleet management services.
The visibility in our core PND markets is limited as there remains great uncertainty about the rate of decline of customer demand for the category in the year ahead. This is exacerbated by an uncertain macro-economic climate in our core markets.
As a result we expect full year revenue of around €1.1 billion. We reduced operating expenses in 2011 to €538 million and we aim for around €500 million in 2012. We target full year capital expenditure of approximately €65 million. We expect to deliver adjusted earnings per share of around €0.35 (2011: €0.55). The adjusted earnings per share range assumes an effective tax rate of 22% (2011: 19%) and a full year EUR/USD currency exchange rate of 1.30 (2011:1.40).

Note: We believe adjusted earnings provide a better view on the underlying performance of our business and a better measure for future cash flows. The adjustments reverse the effectson profits on a post-tax basis of non-cash acquisition related amortisation, exceptional items and other one-offs such as impairments and restructuring charges. The expected acquisition related amortisation charge for 2012 is approximately €55 million. In 2011 the adjustments were: non-cash impairment charge of €512 million, acquisition related amortisation of €64 million and one-off restructuring charges of €15 million.

Financial results
The net interest charge for the quarter was €3.8 million. Interest paid on our term loan for the quarter was €3.4 million. The amortisation of the transaction costs related to the term loan amounted to €1.3 million and the interest income was €0.9 million.
The other financial result for the quarter was a gain of €0.7 million, which mainly came from a foreign exchange gain resulting from the revaluation of monetary items on our balance sheet.

Tax
The normalised tax rate, which excludes one-off tax items of €5.9 million (Q4 2010: €3.0 million) as well as the tax effects of our restructuring charge, for the fourth quarter was 20.7%
(Q4 2010: 21.3%; Q3 2011: 22.1%).

Cash flows
The cash inflow from operations for the quarter was €138 million compared with €143 million in the same quarter last year. The decrease resulted from the lower operating result (Q4 2011:
€10 million versus Q4 2010: €65 million), which was almost fully offset by a year on year decrease in working capital.
The cash flow used in investing activities during the quarter was €11 million, down by €11million compared to the same quarter last year (Q4 2010: €22 million) and €9 million lower compared to the previous quarter (Q3 2011: €20 million). The decrease was driven by lower capitalisation of technologies.
Cash flows used in financing activities amounted to €114 million representing a €110 millionrepayment of our borrowings and €4 million related to the buy-out of some minority shareholders in our map-making business.

Debt financing
Following the 2011 repayment of €210 million, the carrying value of our borrowings as of 31 December 2011 was €384 million (31 December 2010: €588 million). This carrying value includes the transaction costs, which are netted against the borrowings. The nominal value of the outstanding borrowings was €388 million. Net debt as at year end 2011 was €194 million, down from €294 million at the end of 2010.
The net debt to the last twelve months EBITDA ratio was 0.88 times compared to 0.98 at year end 2010.

Balance sheet
As at year end 2011, accounts receivable plus other receivables totalled €236 million, down by €112 million compared to €348 million at the end of 2010. The inventory level was reduced to €66 million from €94 million at the end of last year and €73 million at the end of the previous quarter. Cash and cash equivalents at the end of the quarter were €194 million.
Current liabilities were €858 million compared to €834 million in the same quarter last year and €543 million in the previous quarter. The sequential increase was mainly caused by the reclassification of our remaining outstanding borrowings to current liabilities as they become due at the end of 2012. A forward start facility agreement comprising of a €250 million term loan facility and a €150 million revolving credit facility is in place to replace our current facilities from the end of 2012.
At the end of the quarter we had shareholders’ equity of €708 million up from €694 million at the beginning of the quarter.