TomTom reports second quarter 2019 results

Group revenue increased by 12%

FINANCIAL SUMMARY
• Group revenue increased by 12% to €211 million (Q2 ’18: €188 million)
• Location Technology revenue increased by 25% to €116 million (Q2 ’18: €93 million)
• Free cash flow from continuing operations for the quarter is an inflow of €16 million (Q2 ’18: inflow of €16 million)
• Net cash inflow from the Telematics transaction was €873 million; net book gain €807 million

OPERATIONAL SUMMARY
• Divestment of Telematics and capital repayment to shareholders completed
• Record number of mapping updates: 1.9 billion modifications in a single month
• Global map database extended to more than 67 million kilometers in 194 countries and territories
• Maps SDK for website applications enhanced

OUTLOOK
Updated full year outlook; expected Group revenue of at least €700 million, of which Location Technology revenue of €435 million, and around 9% FCF as a percentage of Group revenue.

TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN
“The positive revenue trend continued into the second quarter, with Location Technology growing 25%.
Our map-making platform matured further during the quarter. We made 1.9 billion modifications to the map database in a single month. Investments in machine learning resulted in higher degree of automation, faster cycle times and lower operational costs per modification.
We finalized the Telematics divestment and returned close to 90% of the net cash proceeds to shareholders.”

SOURCE: TomTom

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