FINANCIAL SUMMARY
Group Revenue increased by 14% to €170 million (Q1 '18: €149 million)
Location Technology revenue increased by 29% (Q1 '19: €103 million; Q1 '18: €80 million)
Free cash flow for the quarter is an outflow of €20 million (Q1 '18: outflow of €7 million*)

OPERATIONAL SUMMARY
First HD map deals announced with leading OEMs
New deals with Volkswagen Group, Nissan, FCA and MG for driver navigation announced
TomTom IQ Maps launched, allowing for seamless over-the-air map updates to in-dash navigation systems
Divestment of Telematics to Bridgestone completed on the 1st of April

OUTLOOK
Full year outlook reiterated; expected Group revenue of €675 million, of which Location Technology revenue of €430 million, and around 10% FCF as a percentage of Group revenue.

TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN
“We had a good start of the year, winning the first two available HD map deals, which gives us an early position in this growth market.

Additionally, a number of driver navigation deals were announced. Revenue in our core activities was up 29% year on year.

We will continue to invest in further improving the efficiency of our map-making platform and launch innovative products to enable driver navigation, automated driving and Maps APIs.”

KEY FIGURES - Continuing operations

(€ in millions, unless stated otherwise) Q1 '19 Q1 '18 y.o.y. change
Location Technology 102.9 79.8 29 %
Consumer 66.6 69.2 -4 %
Revenue 169.5 148.9 14%
Gross result 121.3 100.6 21%
Gross margin 72% 68%
EBITDA 18.8 25.7 -27%
EBITDA margin 11% 17%
Free cash flow (FCF)*
-20.2 -7.5
FCF as a % of revenue -12% -5%
Adjusted EPS, € fully diluted 0.00 0.08
* Q1 '18 FCF from continuing operations is an estimate

OUTLOOK 2019
We are reiterating our full year guidance for our continuing operations.
(€ in millions, unless stated otherwise) Outlook 2019 Actuals 2018
Revenue 675 687
Of which Location Technology 430 372
Adjusted EPS, € fully diluted 0.15 0.32
FCF as % of revenue 10% 13%
Location Technology revenue continues to grow by around 15% year on year, due to ramp-up of existing Automotive contracts and the extension of a partnership in Enterprise. Consumer is expected to continue its declining trend. We expect a gross margin of at least 70% in the year.
In order to advance our competitive positioning and further improve the efficiency of our mapmaking platform, OPEX and CAPEX will accelerate by around 10% year on year.
We reiterate our FCF guidance as a percentage of revenue of around 10%. The year started with an expected cash outflow and due to seasonality of customer payments, cash inflow materializes in the remainder of the year.

FINANCIAL AND BUSINESS REVIEW
REVENUE
Revenue for the first quarter amounted to €170 million, a 14% increase compared with the same quarter last year (Q1 '18: €149 million). Both Automotive and Enterprise showed strong year on year revenue increase, while Consumer showed a limited year on year decline.
Location Technology
(€ in millions) Q1 '19 Q1 '18 y.o.y. change
Automotive 65.1 49.7 31 %
Enterprise 37.8 30.1 26 %
Location Technology revenue 102.9 79.8 29%

Location Technology revenue in the quarter was €103 million (Q1 '18: €80 million). Automotive generated revenue of €65 million in the quarter, representing a 31% increase year on year. The strong growth was the result of contracts that started at the end of 2018 and higher volumes from existing customers. Automotive operational revenue increased by 12% year on year (Q1 '19 €87 million vs Q1 '18 €78 million). Automotive operational revenue is impacted by the timing of invoicing.
Enterprise revenue in Q1 '19 was €38 million, 26% higher than the same quarter last year (Q1 '18: €30 million), mainly due to the expansion of our partnership with Microsoft.
Automotive business announced a series of new deals with OEMs during the quarter. At the Geneva Motor show, we disclosed that Nissan chose TomTom to provide Maps, Traffic, Online Search and EV Service for its Nissan LEAF. We were also awarded a multi-year global deal to provide traffic service to Volkswagen Group car brands, including Volkswagen, Audi, Porsche, Skoda, Lamborghini and Bentley. In addition, we will supply connected navigation solutions to Fiat Chrysler Automobiles’ Jeep Renegade and Compass Plug-in Hybrid Electric Vehicles.
We made headways and secured market leadership in HD mapping with the announcement that we have closed two deals with top 10 car makers for HD maps. Furthermore, in collaboration with Elektrobit, we released an industry-first HD map horizon using our AutoStream technology, for automated driving. An HD map horizon helps vehicles to build a highly accurate virtual picture of the road ahead, enhancing driver safety and comfort.
After quarter-end, we announced that our full stack of navigation components was chosen by MG Motor to power its first ever car in India, the connected car MG Hector. The launch also marks our ground-breaking new service, TomTom IQ Maps.
In Enterprise, we announced a collaboration with Moovit and Microsoft for the first comprehensive multi-modal trip planner, a solution to reduce congestion in cities around the world that will enable

developers to build richer apps for consumers to get around their cities. The solution identifies all of the driving, parking, and public transit options, and surfaces them in a single package for map users.
Enterprise also launched Geo-fencing APIs during Developer Week 2019 in Silicon Valley, as well as continuing to make strides in the process of building our developer community by launching a dedicated blog and a Twitter handle, both valuable developer engagement tools.

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TomTom’s shareholders vote in favour of all voting items


Amsterdam, The Netherlands, 17 April 2019 - TomTom (Tom2) announces that the Annual General Meeting held today voted in favour of all voting items. This includes the re-appointment of Taco Titulaer, CFO, as a member of the Management Board for a second term of four years, ending after the Annual General Meeting in 2023.

Peter Wakkie retired as Chairman and Member of the Supervisory Board at the conclusion of today’s meeting. Peter is succeeded as Chairman by Derk Haank.

“We have been very fortunate to have had Peter on our Supervisory Board for ten years,” commented Harold Goddijn, CEO, TomTom. “Peter is one of the most gifted people I have had the opportunity to work with. I am grateful for all his contributions, the generous availability of his time and all he taught me over the last decade.”

The adopted resolutions, with detailed voting results, can be found on our corporate website

tijd 16.27
TomTom EUR 8,254 +8,4ct vol. 1,7 miljoen