- TomTom's Location Technology revenue grows 10%
TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN
"Looking back on the first half of 2021, our Enterprise unit showed a strong performance and while we have seen a marked improvement in Automotive, full recovery will take longer.
Our innovative technology, including ADAS features, continues to be incorporated by leading brands. We have started to see multiple carlines feature our over-the-air map updates, contributing to a better end-user experience. This success validates our decision to accelerate our online product offerings.
We are investing in opportunities to significantly improve our mapmaking platform, leading to more detailed and fresher maps to address a broader set of market segments."
The launch of the new Nissan Qashqai featuring TomTom maps, including ADAS features, and real-time traffic
A new deal with Genesis, one of Hyundai-Kia Motor Group’s premium brands, to provide maps, including ADAS features, and real-time traffic
A new deal providing maps and traffic data to Loop, an AI-based auto insurance provider
A new product launch, TomTom Virtual Horizon, an all-in-one solution for Intelligent Speed Assistance
The completion of our share buyback program
FINANCIAL SUMMARY SECOND QUARTER 2021
Group revenue increased by 8% to €133 million (Q2 '20: €124 million)
Location Technology revenue increased by 10% to €103 million (Q2 '20: €94 million)
Automotive operational revenue increased by 63% to €63 million (Q2 '20: €39 million)
Free cash flow is an outflow of €16 million (Q2 '20: outflow of €54 million)
Net cash of €319 million (Q1 '21: €352 million)
(€ in millions, unless stated otherwise)
Q2 '21 Q2 '20 y.o.y. change H1 '21 H1 '20 y.o.y. change
Location Technology 103.2 93.8 10 % 208.0 185.1 12 %
Consumer 29.9 29.9 0 % 56.3 69.8 -19 %
Revenue 133.1 123.7 8 % 264.3 254.9 4 %
Gross result 102.7 105.8 -3 % 209.2 208.3 0 %
Gross margin 77 % 86 % 79 % 82 %
EBITDA -2.3 7.3 5.0 1.9
EBITDA margin -2 % 6 % 2 % 1 %
Operating result (EBIT) -21.1 -64.2 -35.3 -141.9
Operating margin -16 % -52 % -13 % -56 %
Net result -23.6 -62.0 -35.1 -124.8
Free cash flow (FCF) -15.8 -54.0 -19.7 -40.3
FCF as a % of revenue -12 % -44 % -7 % -16 %
TOMTOM’S CHIEF FINANCIAL OFFICER, TACO TITULAER
"Automotive revenue increased year-on-year, although full recovery is taking longer because of industry-wide shortages in semiconductors that are needed for car production.
During the quarter, one of our Automotive customers started production of several carlines that utilize our software. This triggered the release of customer-specific costs from our balance sheet, temporarily lowering our gross margin.
Our net cash position decreased quarter-on-quarter due to the completion of our share buyback program and the seasonality of free cash flow.
We have updated our guidance and now expect to achieve Location Technology revenue of between €400 million and €430 million and free cash flow of around 5% of group revenue. This takes into account the uncertainty within the Automotive supply chain, which is expected to lead to lower Automotive (operational) revenue and lower free cash flow."
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