TomTom, fourth quarter and full year 2019 results.

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Algemeen advies 05/02/2020 07:50
– Group revenue decreased by 10% to €156 million (Q4 '18: €174 million)
– Location Technology revenue of €110 million (Q4 '18: €107 million)
– Automotive operational revenue increased by 20% to €116 million (Q4 '18: €97 million)
– Free cash flow is an inflow of €48 million (Q4 '18: inflow of €66 million)

– Group revenue of €701 million (FY '18: €687 million)
– Location Technology revenue increased by 14% to €426 million (FY '18: €372 million)
– Free cash flow is an inflow of €66 million, 9% of group revenue (FY '18: inflow of €90 million)
– Net cash position of €437 million (FY '18: €252 million)

– Automotive backlog increased from €1.6 billion 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 global maps and navigation software for its next generation IVI platform

TomTom will start a share buyback up to an amount of €50 million, representing 4% of total issued share capital.

"2019 was an important year for TomTom. We finalized the Telematics divestment and became a more focused Location Technology business, our advanced mapping platform technology translated into a leading HD Map market position and the Enterprise business showed strong revenue growth.
We are pleased with our 2019 financial results, in line with our latest guidance, and are excited to see our Automotive backlog growing to €1.8 billion. For 2020 we expect our Location Technology business to continue to grow."

(€ in millions, unless stated otherwise) Q4 '19 Q4 '18 y.o.y. change FY '19 FY '18 y.o.y. change
Location Technology 110.4 106.6 4 % 426.0 372.3 14 %
Consumer 45.9 67.4 -32 % 274.8 314.5 -13 %
Revenue 156.2 174.0 -10% 700.8 686.8 2%
Gross result 124.0 117.4 6% 515.2 475.3 8%
Gross margin 79% 67% 74% 69%
EBITDA -4.6 27.8 61.0 142.0 -57%
EBITDA margin -3% 16% 9% 21%
Net result1
-69.0 1.4 632.9 44.8
Adjusted EPS, € fully diluted -0.07 0.09 0.20 0.32
Free cash flow (FCF) 47.7 66.0 -28% 65.8 89.6 -27%
FCF as a % of revenue 31% 38% 9% 13%

1 All figures presented in the table above relate to continuing operations, except for the figures presented for Net result.

(€ in millions, unless stated otherwise) Outlook 2020 Actuals 2019
Group revenue 650 - 675 701
Of which Location Technology 450 - 475 426
FCF as % of Group revenue Mid to high single digit 9%
This year, we expect the revenue of our Location Technology business to be between €450 million and €475 million and we reiterate our mid-term revenue guidance for this segment, to grow revenu to around €500 million by 2021, which represents a CAGR of around 10% for the period between 2018 and 2021.
Free cash flow (FCF) for the year is expected to be a mid to high single digit percentage of group revenue, with a double digit FCF as a % of group revenue as a mid-term target.
During our Capital Markets Day, we introduced Automotive backlog as a new KPI to give better visibility on our future Automotive revenue development. Our Automotive backlog increased since the end of Q2 '19 from around €1.6 billion to around €1.8 billion. The Automotive backlog represents the sum of the total expected IFRS revenue resulting from all existing awarded Automotive deals.
Changes in the backlog are the result of revenue recognition during the period, an estimate of the cumulative value of newly awarded contracts during the period and a reassessment of the value of previously awarded contracts. We will give an update of the Automotive backlog on an annual basis during our full-year results.

We intend to repurchase ordinary TomTom shares on Euronext Amsterdam for an amount up to €50 million. Based on the closing price of the TomTom share on Euronext Amsterdam on 4 February 2020, the repurchase represents approximately 4% of TomTom’s issued share capital. Our aim is to start the repurchase by the end of Q1 '20. The repurchase will be executed within the limits of relevant laws and regulations and the existing authority granted by the Annual General Meeting on 17 April 2019. We will inform the market about the actual start of the repurchase and the progress made in the execution of this program through a press release and our corporate website. The share buyback will be used to cover commitments arising from its long-term employee incentive plans.

Revenue for the fourth quarter amounted to €156 million, a 10% decrease compared with the same quarter last year (Q4 '18: €174 million).

Location Technology
(€ in millions) Q4 '19 Q4 '18
y.o.y. change FY '19 FY '18 y.o.y. change
Automotive 69.2 73.4 -6 % 265.7 245.0 8 %
Enterprise 41.2 33.2 24 % 160.3 127.3 26 %
Location Technology revenue 110.4 106.6 4% 426.0 372.3 14%
Location Technology segment EBITDA -3.4 87.2
EBITDA margin (%) -1% 23%
Location Technology segment EBIT -293.6 -46.0
EBIT margin (%) -69% -12%
Location Technology revenue in the quarter increased by 4% to €110 million (Q4 '18: €107 million).
Automotive generated revenue of €69 million in the quarter, representing a 6% decrease year on year as a result of a higher net deferral in the quarter. Automotive operational revenue increased by
20% to €116 million (Q4 '18: €97 million).
Enterprise revenue in Q4 '19 was €41 million, 24% higher than the same quarter last year (Q4 '18:
€33 million), mainly due to a significant increase in revenue from one of our major customers.

In Q4 '19, the free cash flow (FCF) from continuing operations was an inflow of €48 million versus an inflow of €66 million in the same quarter last year. This year on year decline is mainly the result of higher personnel expenses in Q4 '19 and the cash in related to the one-off litigation settlement in Q4 '18.
The cash flow used in investing activities for continuing operations in the quarter was €226 million, a €217 million increase compared with the same quarter last year. The increase is due to fixed term deposits, partially offset by lower investments in intangible assets, property, plant and equipment.
The cash flow from financing activities for the quarter was an outflow of €3.8 million (Q4 '18: outflow of €4.7 million) mainly relating to lease liability payments offset by the cash inflow from options exercises. In the quarter, 379 thousand options relating to our long-term employee incentive programs were exercised (Q4 '18: 71 thousand options).
On 31 December 2019, the Group had no outstanding bank borrowings and reported a net cash position of €437 million (Q4 '18: net cash of €252 million).

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tijd 09.26
TomTom Eur 9,399 -65,1ct vol. 340.000

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