TomTom Reports Third Quarter Results 2007

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Beleggingsadvies 24/10/2007 08:13
Record units shipped and record profits
Third quarter 2007 financial highlights
• Revenue of €427 million, up 12% sequentially and up 21% year on year
• Portable Navigation Device (PND) volume of 2.2 million, up 20% sequentially and up 83% year on year
• Gross margin of 49%, up 4 points sequentially and up 5 points year on year
• Operating margin of 31%, up 7 points sequentially and up 3 points year on year
• Net profit of €99 million, up 44% sequentially and up 36% year on year
• Fully diluted EPS of €0.83, up 42% sequentially and up 33% year on year
• Net cash inflow of €153 million

Third quarter 2007 operational highlights
• Continued strong market demand for PNDs
• New TomTom GO family and ONE 3rd Edition well received by the market
• Map ShareTM technology introduced, strong initial response
• Announcement of first embedded navigation solution for Toyota

Outlook 2007
• European market for PNDs expected to almost double to 15-16 million units and US market to triple to 8-9 million units
• TomTom expects to sell between 9 and 10 million units worldwide
• Revenue expected to be between €1.7 and €1.8 billion
• Gross margin expected to be more than 40% and operating margin well in excess of 20%

Update on Tele Atlas acquisition
• TomTom was advised that the waiting period required by the US HSR Antitrust Improvements Act for TomTom's proposed acquisition of Tele Atlas had been terminated early without a request for additional information
• TomTom has notified the transaction with the European Commission in accordance with the planned timetable

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