Third quarter 2017 results TomTom.

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Algemeen advies 20/10/2017 08:45
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Financial summary Q3 '17
• Revenue of €218 million (Q3 '16: €239 million)
• Gross margin of 65% (Q3 '16: 60%)
• EBITDA of €31 million (Q3 '16: €33 million)
• Adjusted EPS1 of €0.08 (Q3 '16: €0.05)
• Net cash position of €102 million (Q3 '16: €81 million)
• Deferred revenue position of €240 million (Q3 '16: €206 million)
Operational summary Q3 '17
• Traffic service expanded to 68 countries
• Launch of TomTom EV Service providing real-time availability for charging points for drivers of electric vehicles
• Telematics recognised by Berg Insight as Europe's leading and most innovative provider of fleet management solutions (for the third
year running)
• Strategic review of Consumer Sports in progress
Outlook 2017
Full year revenue outlook updated. Due to recent reorganisation of Consumer Sports, revenue is now expected of around €900 million.2
Outlook for adjusted EPS1 of around €0.25 is unchanged.

Key figures
(€ in millions, unless stated otherwise) Q3 '17 Q3 '16 y.o.y.
change YTD '17 YTD '16 y.o.y. change
Automotive & Licensing 81.1 65.7 23% 242.2 197.2 23%
Telematics 39.4 36.5 8% 120.1 113.6 6%
Consumer 97.2 137.1 –29% 321.5 410.9 –22%
REVENUE 217.7 239.3 –9% 683.8 721.7 –5%
GROSS RESULT 140.5 144.6 –3% 433.5 413.2 5%
Gross margin 65% 60% 63% 57%
EBITDA 31.2 33.1 –6% 104.4 102.3 2%
EBITDA margin 14% 14% 15% 14%
OPERATING RESULT (EBIT) –6.0 1.0 –170.4 9.4
EBIT margin –3% 0% –25% 1%
NET RESULT –5.3 0.6 –170.0 17.5
ADJUSTED NET RESULT 18.8 11.7 60% 46.8 42.8 9%
DATA PER SHARE (in €)
EPS - fully diluted –0.02 0.00 –0.72 0.07
Adjusted EPS1 - fully diluted 0.08 0.05 59% 0.20 0.18 8%
Change percentages and totals calculated before rounding.
This report includes the following non-GAAP measures: gross margin, EBIT (margin), EBITDA (margin), adjusted net result, adjusted EPS and net cash,
which are further explained on page 11 of this report.

TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN
“Our strategy is to build on our leading position in providing navigation technologies to business customers. We are setting our priorities
for the future, strengthening support for our growing B2B products. In the quarter, combined revenue of Automotive, Licensing and
Telematics grew by 18% year on year and the gross margin that we generate as a Group improved from 60% to 65%. Our Consumer
segment will represent less than half of total revenue in the running year. Consumer Drive will continue to provide a valuable platform
for consumer insight and collecting location data.”
OUTLOOK 2017
We are updating our revenue guidance for the year. Due to recent reorganisation of Consumer Sports, we now expect to deliver full year
revenue of around €900 million. Previous full year revenue guidance was around €925 million.
Despite lower revenue, adjusted EPS3 of around €0.25 remains unchanged.
We now expect the level of investments (CAPEX and OPEX combined) to show a marginal increase compared with 20164, excluding
acquisitions and restructuring charges.
UPDATE SHARE BUYBACK PROGRAMME
On 19 September 2017, TomTom announced the start of its share buyback programme to repurchase ordinary TomTom shares on Euronext
Amsterdam for an amount up to €50 million.
The share buyback programme will ultimately end on 29 December 2017, unless the maximum number of 5,384,450 shares has been
repurchased prior to that date. TomTom will use the shares to cover its commitments arising from its stock option and share plans.
The total number of shares repurchased under this programme at the end of Q3 '17 is 663,797 shares for a total consideration of €6.1
million.5
FINANCIAL AND BUSINESS REVIEW
Revenue for the third quarter amounted to €218 million, 9% lower compared with the same quarter last year (Q3 '16: €239 million).
Automotive, Licensing and Telematics jointly grew by 18% year on year, which was offset by lower Consumer revenue. Gross margin for
the quarter equalled 65% (Q3 '16: 60%). The net result for the quarter was a loss of €5.3 million and included a one-off restructuring
charge of €15.4 million related to Consumer Sports. Adjusted EPS1 in Q3 '17 was €0.08, compared with €0.05 in the same quarter last
year.
Automotive & Licensing
(€ in millions) Q3 '17 Q3 '16 y.o.y. change YTD '17 YTD '16 y.o.y. change
Automotive 47.2 31.3 51% 136.7 95.9 43%
Licensing 33.8 34.4 –2% 105.5 101.3 4%
Total Automotive & Licensing revenue 81.1 65.7 23% 242.2 197.2 23%
Change percentages and totals calculated before rounding.
Automotive & Licensing combined revenue in the quarter was €81 million (Q3 '16: €66 million). Automotive generated revenue of €47
million in the quarter, representing a 51% increase year on year. This increase mainly came from the ramp-up of a new contract that went
live last year. Licensing revenue in Q3 '17 remained flat at €34 million compared with the same quarter last year.

3 Earnings per fully diluted share count adjusted for acquisition-related expenses & gains, impairments and material restructuring costs on a post-tax basis.
4 In 2016, CAPEX was €118 million and OPEX was €557 million. Year to date in 2017, we spent €24.5 million on acquisition-related CAPEX and €15.4 million on restructuring charges.
5 The cash outflow related to this share buyback programme will occur in the fourth quarter of this year.

In the quarter, we announced that Daimler selected TomTom Maps for its Mercedes infotainment platform, in a range of the automaker’s
A, C, B and E-class vehicles for the North American market. The new contract marks the strengthening of the relationship with Daimler,
after the announcement of the TomTom Traffic deal for Europe, North America and Africa in March 2017.
During this year’s IAA Frankfurt, we announced that our products are now available in the Peugeot 5008 SUV, through the new generation
of Peugeot i-Cockpit®, the in-vehicle infotainment and control system with TomTom navigation.
We also announced at the IAA Frankfurt that we are working with Renault on the SYMBIOZ autonomous driving programme by providing
the TomTom HD Map with RoadDNA, as well as engineering support and other products and services.
In the quarter, TomTom EV Service was launched which has been developed to assist drivers in making informed decisions about when
and where to charge their vehicles. The real-time availability information is sourced from market leaders in EV charging locations and then
integrated with the TomTom Map. The service will initially be available in Europe, with a geo-expansion planned to North America early
next year. After this expansion, TomTom EV Service will list 35,000+ charging stations with real-time availability information, globally.
Our Traffic service is now available in 68 countries, after the expansion to four new countries - Egypt, Morocco, Macau and Iceland.
We have also announced that TomTom Traffic is increasingly providing Lane-Level traffic information, a feature that is critical for
Autonomous Driving. Already able to detect traffic on different lanes at junctions, TomTom Traffic can now also differentiate between
traffic flow on High Occupancy Vehicles (HOV) lanes and regular lanes.
Licensing announced collaborations with Sony, TripAdvisor and Michelin. TomTom Online Routing API is providing advanced routing
technology to Sony, which is currently beta testing a biking navigation device (Future Lab Program N) for users in the San Francisco Bay
Area. By leveraging on the geocoding capabilities of the TomTom Online Search API, TripAdvisor will be able to access TomTom’s precise
global address data, capable of handling millions of requests daily. TomTom Online APIs and map data will power Michelin’s new mobile
application specifically tailored for oversized vehicles called Michelin RoadConnect. The new service will employ our location technology
to enable truck drivers to identify suitable routes and improve mobility.
Telematics
(€ in millions, unless stated otherwise) Q3 '17 Q3 '16 y.o.y.
change
1 YTD '17 YTD '16 y.o.y.
change
Subscriptions 31.6 29.4 7% 93.6 87.5 7%
Hardware and other services2 7.8 7.1 10% 26.5 26.0 2%
Total Telematics revenue 39.4 36.5 8% 120.1 113.6 6%
Monthly revenue per subscription (€) 13.6 14.6 –7%
Subscriber installed base (# in thousands) 785 671 17%
1 Change percentages and totals calculated before rounding.
2 Other services revenue comprises installation services and separately purchased traffic service and/or map content.
Telematics revenue for the quarter was €39 million, 8% higher compared with the same quarter last year. The recurring subscription
revenue for the quarter increased by 7% year on year to €32 million (Q3 '16: €29 million). Hardware and other services revenue increased
by 10% year on year in the third quarter mainly due to a one-off service revenue. Monthly revenue per subscription decreased by 7% year
on year, mainly due to a mix effect caused by growing aftermarket connected car volumes, which are priced at lower levels compared
with the traditional fleet management services.
At the end of Q3 '17, Telematics reached 785,000 fleet management and connected car subscriptions. This represents a 17% year on
year increase, from 671,000 subscriptions at the end of Q3 '16.
We continue to invest in our main Fleet Management Solution WEBFLEET. In the quarter, we provided access to all of our customers to
the open beta version of the New WEBFLEET 2018, offering a complete new user interface.

In September, market research firm Berg Insight recognised TomTom Telematics as Europe's leading provider of fleet management
solutions, for the third year running. According to its “Fleet Management in Europe” report, Telematics is currently twice as large as the
second player.
Continuing on the Connected Car strategy, in Q3, we worked with LeasePlan on new Connected Car apps and gave them access to our
cloud-based TomTom Telematics Services Platform.
Consumer
(€ in millions) Q3 '17 Q3 '16 y.o.y.
change
YTD '17 YTD '16 y.o.y.
change
Consumer products 88.4 126.2 –30% 286.8 361.4 –21%
Automotive hardware 8.8 10.9 –20% 34.7 49.5 –30%
Total Consumer revenue 97.2 137.1 –29% 321.5 410.9 –22%
Change percentages and totals calculated before rounding.
Consumer revenue for the quarter decreased by 29% year on year to €97 million (Q3 '16: €137 million), reflecting a decrease in both
Consumer products as well as Automotive hardware revenue.
As communicated earlier this year, the wearables market has fallen short of expectations. In line with the previously announced strategic
review, our Sports business has been reduced in size. We are aligning our cost base with the current market developments while we
continue to sell sports products and support our customers. We reported a restructuring charge of €15.4 million in the quarter and are
further evaluating our strategic options for Consumer Sports.
We will continue to develop portable navigation devices, as the Drive business will continue to provide a valuable platform for consumer
insight and collecting location data.
In the quarter, TomTom BRIDGE Hub was launched, enabling customers and partners in various industries - transportation, emergency,
logistics and utilities - to connect with regular smartphones and tablets (BYOD), rugged professional devices or even HDMI displays, to
create enhanced connected mobility solutions.
Data, software & services and Hardware revenue split
(in € millions) Q3 '17 Q3 '16 y.o.y.
change
YTD '17 YTD '16 y.o.y.
change
Data, software & services 138.9 120.9 15% 407.7 358.5 14%
Hardware 78.8 118.4 –33% 276.1 363.2 –24%
Total revenue 217.7 239.3 –9% 683.8 721.7 –5%
Change percentages and totals calculated before rounding.
Data, software & services revenue in the quarter was €139 million, 15% higher compared with €121 million in Q3 '16, mainly due to
increase in Automotive revenue. Data, software & services accounted for 64% of the revenue in Q3 '17 compared with 51% in Q3 '16.
Hardware revenue for the quarter was €79 million, 33% lower compared with €118 million in Q3 '16.
Gross result
Our gross result decreased by 3% to €141 million in the quarter compared with €145 million in Q3 '16. Cost of sales in Q3 '17 included
a one-off restructuring charge of €3.6 million related to the announced reorganisation in Consumer Sports.
The gross margin for the quarter was 65%, five percentage points higher compared with 60% in Q3 '16, reflecting the shift of revenue
mix towards higher margin data, software & services revenue.

Operating expenses
Total operating expenses for the quarter were €147 million, €2.8 million higher compared with €144 million in the same quarter last year.
Operating expenses included a one-off restructuring charge of €11.8 million related to the announced reorganisation in Consumer Sports.
Excluding this restructuring charge, operating expenses declined by €9.0 million year on year mainly due to lower marketing expenditure
in the quarter.
FX sensitivity
(€ in millions, unless stated otherwise) Q3 '17
actual
Q3 '17
recalculated at
Q3 '16
FX rates
1 YTD '17
actual
YTD '171
recalculated at
YTD '16
FX rates
Revenue 217.7 220.7 683.8 687.8
Gross result 140.5 140.7 433.5 437.8
Gross margin 65% 64% 63% 64%
EBIT (YTD excl. impairment charge) –6.0 –7.1 –1.7 0.9
EBIT margin (YTD excl. impairment charge) –3% –3% 0% 0%
FX RATES IN € Q3 '17 Q3 '16 YTD '17 YTD '16
US dollar 1.17 1.11 1.11 1.11
GB pound 0.90 0.84 0.87 0.79
1 The Q3 '17 / YTD '17 income and expenses in US dollar and GB pound have been converted to euro using Q3 '16 / YTD '16 average exchange rates. All other foreign currencies have not been converted.
Depreciation, amortisation and impairment
(€ in millions) Q3 '17 Q3 '16 y.o.y.
change
YTD '17 YTD '16 y.o.y.
change
Cost of sales 4.3 1.9 129% 10.3 6.2 66%
Research and development 3.0 3.4 –10% 9.2 9.1 2%
Amortisation of technology and databases 24.4 22.6 8% 71.2 64.3 11%
Marketing 0.1 0.1 11% 0.3 0.2 7%
Selling, general and administrative 5.4 4.3 26% 15.0 13.1 15%
Impairment charge 168.7
Total 37.2 32.3 16% 274.7 93.0
Of which acquisition-related 13.8 13.7 1% 210.3 41.1
Change percentages and totals calculated before rounding.
Total depreciation and amortisation was €37 million in Q3 '17, compared with €32 million in the same quarter last year. Acquisitionrelated
amortisation remained flat at €14 million in the quarter (Q3 '16: €14 million).
Financial income and expenses
Financial income and expenses, excluding results of associates, amounted to an expense of €0.4 million in Q3 '17 compared to a gain of
€0.1 million in Q3 '16.
Income tax
The net income tax for the quarter was a gain of €0.8 million versus a net income tax expense of €0.6 million in the same quarter last year.


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www.tomtom.com


AND
TomTom Telematics named Europe’s largest provider of fleet management solutions for third year running
Amsterdam, The Netherlands, 20 October 2017 – TomTom Telematics has been recognised as the largest provider of fleet management solutions in Europe for the third successive year by market analyst firm Berg Insight.

The declaration was made in the recently published 12th edition of the Berg Insight Fleet Management in Europe report.

“The European fleet management market has continued its rapid growth in 2017, driven by an increasing understanding of the business benefits the connected vehicle can bring to organizations,” said Johan Fagerberg, CEO at Berg Insight.

“TomTom Telematics has been very successful at capitalizing on this and has experienced solid revenue growth year-on-year, outpacing its competition. The company’s innovative telematics solutions have been instrumental in helping grow its subscriber base over the past few years and it now has twice as many subscribers as the closest competitor.”

Thomas Schmidt, Managing Director at TomTom Telematics, added: “TomTom Telematics continues to build on its enviable reputation as a trusted fleet management partner with specialist solutions to help businesses of all sizes, across all industry sectors, reduce costs and optimise their operations.”

“This achievement is testament to the power of WEBFLEET and our secure, ISO/IEC 27001:2013 certified, telematics service platform. As we continue to raise the bar in market-leading, innovative technology, our commitment to the very highest standards of service and customer support remains unwavering.”

-ENDS-

tijd 09.02
De Midcap 827,32 +1,85 +0,22% TomTom EUR 9,104 -22ct vol.135.000



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