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TomTom NV — Interim / Quarterly Report 2024
Feb 4, 2025
3890_rns_2025-02-04_532a1209-1d8e-4546-a911-dda570eaa1fa.pdf
Interim / Quarterly Report
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tomtom
Amsterdam
4 February 2025 | TOM2
FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Stable Location Technology revenue in 2024, amidst challenging automotive market
TOMTOM'S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN
"We are pleased with the development of our Enterprise business. The continued adoption of our platform by customers like Microsoft and Esri is driving growth. With our mapmaking technology, based on the Overture open-source specification, we are delivering added value across a broadening set of use cases.
In contrast, our Automotive business has been facing challenging market conditions. Mainly as a result of lowered expectations for near-term volumes, our Automotive backlog decreased to €2.1 billion. Despite this, our deep and unique relationships with our customers give us good visibility across the range of medium-term commercial opportunities that we see continuing to develop. Our recently unveiled 3D map layers will enable us to support next-generation automated driving solutions and advanced visualization use cases across industries. As we unlock these opportunities, this will drive top-line growth and cash generation over time."
OPERATIONAL SUMMARY
- We partnered with Esri to deliver advanced location analytics to governments and businesses
- Our applications saw increased uptake in the fleet and logistics space by the likes of YellowFox and FleetLab
- We significantly enhanced TomTom Orbis Maps, offering immersive, true 3D lane geometry for any road
FINANCIAL SUMMARY FOURTH QUARTER 2024
- Group revenue decreased by 1% to €142 million (Q4 '23: €143 million)
- Location Technology revenue decreased by 2% to €122 million (Q4 '23: €125 million)
- Automotive operational revenue increased by 6% to €88 million (Q4 '23: €83 million)
FINANCIAL SUMMARY FULL YEAR 2024
- Group revenue decreased by 2% to €574 million (FY '23: €585 million)
- Location Technology revenue decreased to €489 million (FY '23: €491 million)
- Automotive operational revenue decreased by 5% to €326 million (FY '23: €343 million)
- Free cash flow¹ is an outflow of €4 million (FY '23: inflow of €32 million)
- Net cash decreased, mainly due to a €39 million share buyback cash-out, to €264 million (FY '23: €315 million)
- Automotive backlog decreased to €2.1 billion (FY '23: €2.5 billion)
KEY FIGURES
| (€ in millions, unless stated otherwise) | Q4 '24 | Q4 '23 | y.o.y. change | FY '24 | FY '23 | y.o.y. change |
|---|---|---|---|---|---|---|
| Location Technology | 122.2 | 125.2 | -2% | 489.4 | 490.7 | 0% |
| Automotive | 79.3 | 87.8 | -10% | 328.0 | 342.3 | -4% |
| Enterprise | 42.9 | 37.4 | 15% | 161.4 | 148.4 | 9% |
| Consumer | 20.0 | 18.2 | 10% | 85.0 | 94.1 | -10% |
| Revenue | 142.2 | 143.4 | -1% | 574.4 | 584.8 | -2% |
| Gross result | 124.4 | 126.9 | -2% | 487.5 | 495.8 | -2% |
| Gross margin | 87% | 88% | 85% | 85% | ||
| Operating expenses | 130.4 | 137.2 | -5% | 507.8 | 515.8 | -2% |
| Operating result (EBIT) | -6.1 | -10.4 | -20.3 | -20.0 | ||
| Operating margin | -4% | -7% | -4% | -3% | ||
| Net result | -5.7 | -11.6 | -17.3 | -21.0 | ||
| Free cash flow¹ (FCF) | -5.1 | 5.5 | -4.2 | 32.0 | ||
| FCF¹ as a % of revenue | -4% | 4% | -1% | 5% |
¹ Free cash flow in 2023 excludes restructuring payments related to the Maps realignment announced in June 2022.
This report includes non-GAAP measures, which are further explained at the end of this report.
Investor Relations
Phone | +31 20 757 5194
Email | [email protected]
tomtom
TOMTOM'S CHIEF FINANCIAL OFFICER, TACO TITULAER
"Our fourth-quarter top-line performance met our expectations, leading to stable full-year Location Technology revenue. While our Enterprise business realized marked growth, Automotive revenue was hampered by industry challenges. Free cash flow was influenced by the phasing of revenue in the fourth quarter, resulting in a higher-than-anticipated receivables position at year-end.
Given market conditions in Automotive, we continue to have limited visibility for 2025. We remain cautious of near-term developments and potential volume growth. In Enterprise, we are confident about the commercial traction across our platform, which is expected to continue to drive growth. Combined, we expect lower revenue performance and we will focus on initiatives to continue to deliver on our product roadmap and drive cost efficiencies. Our strong cash position stands us in good stead to invest and pursue commercial opportunities. We will be disciplined and focused on achieving break-even free cash flow in 2025.
We remain optimistic about the structural trends we see in the market. Electric vehicle adoption, self-driving advancements and the growth of location-based use cases across Enterprise domains all call for a deeper integration of our technologies. With our versatile product portfolio, we are well-positioned to capitalize on these trends as they materialize over the medium-term."
OUTLOOK
| (€ in millions) | Outlook 2025 | Actual 2024 |
|---|---|---|
| Revenue | 505 - 565 | 574 |
| Location Technology revenue | 440 - 490 | 489 |
| Free cash flow | Break-even | -4 |
REVENUE AND SEGMENT PERFORMANCE FOR THE PERIOD
Revenue for the fourth quarter amounted to €142 million, a marginal decrease of 1% compared with the same quarter last year (Q4 '23: €143 million). Full-year revenue amounted to €574 million, a decrease of 2% compared with the previous year (FY '23: €585 million).
LOCATION TECHNOLOGY
Location Technology revenue in the quarter decreased by 2% to €122 million (Q4 '23: €125 million). Full-year revenue was €489 million, relatively stable compared with last year (FY '23: €491 million). Location Technology segment EBIT in 2024 showed a year-on-year decrease, as we continued investments in R&D to be able to support more advanced automated driving feature sets and ramped up our sales activities to drive growth.
| (€ in millions, unless stated otherwise) | Q4 '24 | Q4 '23 | y.o.y. change | FY '24 | FY '23 | y.o.y. change |
|---|---|---|---|---|---|---|
| Automotive | 79.3 | 87.8 | -10% | 328.0 | 342.3 | -4% |
| Enterprise | 42.9 | 37.4 | 15% | 161.4 | 148.4 | 9% |
| Location Technology revenue | 122.2 | 125.2 | -2% | 489.4 | 490.7 | 0% |
| Segment EBITDA | 14.7 | 31.1 | -53% | |||
| EBITDA margin (%) | 3% | 6% | ||||
| Segment EBIT | -20.3 | -11.3 | ||||
| EBIT margin (%) | -4% | -2% |
tomtom
Automotive generated revenues of €79 million in the quarter, representing a 10% decrease year on year. Automotive operational revenue in the quarter increased by 6% to €88 million (Q4 '23: €83 million). For full year 2024, Automotive generated €328 million in revenue, representing a 4% year-on-year decrease. This decrease was caused by a continued weakening of the global automotive industry. Additionally, delays in the launch of new car models to which we are supplying negatively impacted our Automotive business. These factors combined led to a decline in our Automotive operational revenue as well. Full-year Automotive operational revenue decreased by 5% to €326 million (FY '23: €343 million).
Automotive operational revenue is calculated as follows:
| (€ in millions, unless stated otherwise) | Q4 '24 | Q4 '23 | y.o.y. change | FY '24 | FY '23 | y.o.y. change |
|---|---|---|---|---|---|---|
| Automotive revenue | 79.3 | 87.8 | -10% | 328.0 | 342.3 | -4% |
| Movement of Automotive deferred revenue | 8.9 | -4.5 | -2.3 | 0.5 | ||
| Automotive operational revenue | 88.2 | 83.3 | 6% | 325.7 | 342.8 | -5% |
In the fourth quarter, Enterprise revenue increased by 15% year on year, to €43 million (Q4 '23: €37 million). Full-year Enterprise revenue increased by 9% to €161 million (FY '23: €148 million). This growth was driven by the expanded utilization of our maps and applications by various existing customers, in addition to continued commercial traction with new customers.
Our innovative maps and location technology products continue to see broadening adoption. During the quarter, we announced the development and expansion of various commercial relationships in industries such as market research, consultancy, and travel. Further, our applications saw increased uptake in the fleet and logistics space, with YellowFox, FleetLab and Smart Cargo all leveraging our APIs and SDKs in their business processes. These successes underscore the value of our solutions in optimizing fleet management and logistics operations, driving efficiencies and improving service delivery for clients.
We were pleased to highlight a further milestone in early 2025, announcing our partnership with Esri. Together, we are delivering advanced location analytics to governments and businesses. By integrating TomTom's innovative, future-proof maps and traffic data into Esri's ArcGIS applications, location-intelligent insights are generated for a wide range of needs, from maintaining vital infrastructure to optimizing retail site selection.
Innovation remains at the core of what we do. At the Consumer Electronics Show, we successfully unveiled significant enhancements to TomTom Orbis Maps, offering immersive, true 3D lane geometry for any road type. These enhancements leverage AI-enabled updates and fundamental vision models to provide continuously-refreshed, lane-level precision measured in centimeters, available on a global scale. This facilitates advanced automated driving features, setting us up to support increased levels of vehicle automation. Additionally, the granular, immersive maps benefit last-mile logistics, urban planning, and many other use cases beyond the car.
CONSUMER
Consumer reported revenue of €20 million for the quarter, 10% higher compared with the same quarter last year (Q4 '23: €18 million). Full-year revenue decreased by 10% to €85 million (FY '23: €94 million), in line with our expectations given the declining market for PNDs. In 2024, Consumer EBITDA and EBIT decreased year on year. This decrease reflected the decline in revenue, partly offset by cost efficiencies, resulting in stable margins.
| (€ in millions, unless stated otherwise) | Q4 '24 | Q4 '23 | y.o.y. change | FY '24 | FY '23 | y.o.y. change |
|---|---|---|---|---|---|---|
| Consumer revenue | 20.0 | 18.2 | 10% | 85.0 | 94.1 | -10% |
| Segment EBITDA | 6.8 | 7.8 | -13% | |||
| EBITDA margin (%) | 8% | 8% | ||||
| Segment EBIT | 6.2 | 6.9 | -11% | |||
| EBIT margin (%) | 7% | 7% |
tomtom
RESULT FOR THE PERIOD
GROSS MARGIN
The gross margin for the quarter was 87%, down one percentage point with the same quarter last year (Q4 '23: 88%). In the fourth quarter, we experienced a relatively higher proportion of Consumer revenue in our sales mix. Full-year gross margin was 85%, equal to last year (2023: 85%).
OPERATING RESULT
Operating result (EBIT) in the quarter was a loss of €6 million (Q4 '23: loss of €10 million). Total operating expenses in the quarter were €130 million, a decrease of €7 million compared with the same quarter last year (Q4 '23: €137 million), as Q4 '23 included a restructuring charge of €10 million.
Full-year operating result (EBIT) was -€20 million (FY '23: -€20 million), as the decrease in gross profit was offset by lower operating expenses. Total operating expenses were €508 million, versus €516 million in 2023. This year-on-year decrease was mainly explained by lower depreciation and amortization expenses.
FINANCIAL INCOME, EXPENSES AND INCOME TAX
The financial result for the quarter was an income of €1.5 million (Q4 '23: income of €0.3 million). The financial result for the year was an income of €8.7 million (FY '23: income of €6.0 million). In both the quarter and the full year, the year-on-year improvement stemmed from increased interest income on our cash balances, partially offset by foreign exchange losses resulting from the revaluation of balance sheet items.
The income tax expense for the quarter was €1.1 million, compared with €1.6 million in Q4 '23. The income tax expense for the year was €5.7 million, compared with €7.0 million in 2023.
CASH FLOW, LIQUIDITY, AND WORKING CAPITAL
In Q4 '24, free cash flow was an outflow of €5 million versus an inflow of €5 million in the same quarter last year. This year-on-year decrease in free cash flow is mainly explained by an increase in trade receivables and unbilled revenue.
Full-year free cash flow was an outflow of €4 million, versus an inflow of €21 million last year. The year-on-year decline in free cash flow resulted from lower Automotive operational revenue, driven by the dynamics in the automotive industry, in combination with the aforementioned higher receivables position as compared with the position at year-end 2023.
A reconciliation from operating result to free cash flow, to net cash movement is presented below:
| (€ in millions) | Q4 '24 | Q4 '23 | FY '24 | FY '23 |
|---|---|---|---|---|
| Operating result (EBIT) | -6.1 | -10.4 | -20.3 | -20.0 |
| Depreciation and amortization | 8.9 | 10.1 | 35.6 | 43.6 |
| Equity-settled stock compensation expenses | 1.1 | 3.6 | 11.2 | 12.8 |
| Other non-cash items | -4.2 | -3.1 | -5.6 | -4.2 |
| Movements in working capital (excl. deferred revenue) | -7.0 | 14.6 | -19.8 | 8.7 |
| Movements in deferred revenue | 5.0 | -6.7 | -0.7 | -5.4 |
| Interest and tax | -0.5 | 0.1 | 1.0 | -2.9 |
| Investments in property, plant and equipment, and intangible assets | -2.3 | -3.3 | -5.6 | -11.9 |
| Free cash flow | -5.1 | 5.1 | -4.2 | 20.8 |
| Lease payments | -2.4 | -2.3 | -9.0 | -11.8 |
| Cash flow from other investing and financing activities | -0.1 | -12.1 | -38.9 | 3.3 |
| Exchange rate differences on cash and fixed-term deposits | 0.8 | -1.0 | 0.6 | -0.9 |
| Net cash movement | -6.8 | -10.2 | -51.5 | 11.5 |
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tomtom
During the fourth quarter, the deferred revenue position increased by €5 million, from €428 million to €432 million. The full-year movement in deferred revenue was a decrease of €1 million, from €433 million at the end of 2023 to €432 million.
The following table presents the deferred revenue including the effect of netting unbilled revenue:
| (€ in millions) | 31 December 2024 | 30 September 2024 | 31 December 2023 |
|---|---|---|---|
| Automotive | 429.5 | 420.6 | 431.8 |
| Enterprise | 19.2 | 22.5 | 10.3 |
| Consumer | 20.8 | 21.4 | 19.6 |
| Gross deferred revenue | 469.6 | 464.6 | 461.7 |
| Less: Netting adjustment to unbilled revenue | 37.1 | 37.0 | 28.4 |
| Deferred revenue | 432.5 | 427.5 | 433.3 |
Both in the fourth quarter and in the full year, investments in property, plant and equipment decreased compared with the same period last year, due to capital expenditures on office refurbishments in 2023.
Cash flow from other investing and financing activities for the full year included cash outflows related to our €50 million share buyback program. Of this program, €39 million was executed in 2024 and €12 million in 2023.
On 31 December 2024, the Group had no outstanding bank borrowings and reported a net cash position of €264 million (Q4 '23: €315 million).
- END -
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CONSOLIDATED CONDENSED STATEMENT OF INCOME
| (€ in thousands) | Q4 '24
Unaudited | Q4 '23
Unaudited | FY '24
Audited | FY '23
Audited |
| --- | --- | --- | --- | --- |
| Revenue | 142,239 | 143,379 | 574,382 | 584,760 |
| Cost of sales | 17,885 | 16,511 | 86,876 | 88,992 |
| Gross profit | 124,354 | 126,868 | 487,506 | 495,768 |
| Research and development expenses - Geographic data | 45,690 | 42,957 | 176,967 | 174,596 |
| Research and development expenses - Application layer | 46,736 | 45,485 | 185,144 | 184,619 |
| Sales and marketing expenses | 16,930 | 15,760 | 60,052 | 57,080 |
| General and administrative expenses | 21,067 | 33,026 | 85,633 | 99,481 |
| Total operating expenses | 130,423 | 137,228 | 507,796 | 515,776 |
| Operating result | -6,069 | -10,360 | -20,290 | -20,008 |
| Financial result | 1,450 | 332 | 8,749 | 6,000 |
| Result before tax | -4,619 | -10,028 | -11,541 | -14,008 |
| Income tax | -1,107 | -1,608 | -5,744 | -7,000 |
| Net result¹ | -5,726 | -11,636 | -17,285 | -21,008 |
| Earnings per share (in €): | | | | |
| Basic | -0.05 | -0.09 | -0.14 | -0.16 |
| Diluted² | -0.05 | -0.09 | -0.14 | -0.16 |
¹ Fully attributable to the equity holders of the parent.
² When the net result is a loss, no additional shares from assumed conversion are taken into account as the effect would be anti-dilutive.
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CONSOLIDATED CONDENSED BALANCE SHEET
| (€ in thousands) | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Audited | Audited | |
| Goodwill | 192,294 | 192,294 |
| Other intangible assets | 2,233 | 20,275 |
| Property, plant and equipment | 22,018 | 24,313 |
| Lease assets | 41,111 | 44,624 |
| Other contract-related assets | 24,688 | 24,384 |
| Deferred tax assets | 1,288 | 1,206 |
| Total non-current assets | 283,632 | 307,096 |
| Inventories | 13,311 | 14,823 |
| Trade receivables | 78,538 | 69,156 |
| Unbilled receivables | 48,441 | 42,778 |
| Other contract-related assets | 6,211 | 10,635 |
| Prepayments and other receivables | 30,632 | 36,209 |
| Fixed-term deposits | 207,740 | 227,662 |
| Cash and cash equivalents | 55,913 | 87,532 |
| Total current assets | 440,786 | 488,795 |
| Total assets | 724,418 | 795,891 |
| Total equity | 138,847 | 181,588 |
| Lease liabilities | 34,552 | 38,441 |
| Deferred tax liability | 0 | 1,040 |
| Provisions | 13,516 | 14,841 |
| Deferred revenue | 285,782 | 267,059 |
| Total non-current liabilities | 333,850 | 321,381 |
| Trade payables | 21,168 | 21,168 |
| Lease liabilities | 8,964 | 8,272 |
| Provisions | 6,883 | 10,879 |
| Deferred revenue | 146,701 | 166,171 |
| Other contract-related liabilities | 14,282 | 17,078 |
| Income taxes | 1,881 | 1,594 |
| Accruals and other liabilities | 51,842 | 67,760 |
| Total current liabilities | 251,721 | 292,922 |
| Total equity and liabilities | 724,418 | 795,891 |
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tomtom
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
| (€ in thousands) | Q4 '24
Unaudited | Q4 '23
Unaudited | FY '24
Audited | FY '23
Audited |
| --- | --- | --- | --- | --- |
| Operating result | -6,069 | -10,360 | -20,290 | -20,008 |
| Foreign exchange adjustments | -50 | -1,343 | 547 | -1,214 |
| Depreciation and amortization | 8,923 | 10,091 | 35,553 | 43,616 |
| Change in provisions | -4,117 | -1,754 | -6,119 | -2,598 |
| Equity-settled stock compensation expenses | 1,109 | 3,622 | 11,152 | 12,801 |
| Other non-cash movement | 0 | 0 | 0 | -341 |
| Changes in working capital: | | | | |
| Change in inventories | 1,272 | 844 | 3,816 | 2,288 |
| Change in receivables and prepayments | -22,960 | 967 | -5,154 | -303 |
| Change in liabilities¹ (excluding provisions) | 19,597 | 6,149 | -19,202 | 1,340 |
| Cash flow from operations | -2,295 | 8,216 | 303 | 35,581 |
| Interest received | 2,564 | 3,053 | 10,882 | 9,679 |
| Interest paid | -447 | -479 | -2,425 | -1,734 |
| Corporate income taxes paid | -2,638 | -2,427 | -7,408 | -10,831 |
| Cash flow from operating activities | -2,816 | 8,363 | 1,352 | 32,695 |
| Investments in property, plant and equipment | -2,293 | -3,281 | -5,576 | -11,857 |
| Proceeds from sale of investments | 0 | 0 | 0 | 14,965 |
| (Increase)/decrease in fixed-term deposits | -1,873 | 8,192 | 19,921 | -56,662 |
| Cash flow from investing activities | -4,166 | 4,911 | 14,345 | -53,554 |
| Payment of lease liabilities | -2,379 | -2,279 | -9,014 | -11,766 |
| Proceeds on issue of ordinary shares | 0 | 0 | 0 | 368 |
| Purchase of treasury shares | -68 | -12,060 | -38,880 | -12,060 |
| Cash flow from financing activities | -2,447 | -14,339 | -47,894 | -23,458 |
| Net decrease in cash and cash equivalents | -9,429 | -1,065 | -32,197 | -44,317 |
| Cash and cash equivalents at the beginning of period | 64,585 | 89,573 | 87,532 | 132,729 |
| Exchange rate changes on foreign cash balances | 757 | -976 | 578 | -880 |
| Total cash and cash equivalents at the end of the period | 55,913 | 87,532 | 55,913 | 87,532 |
| Cash held in fixed-term deposits | 207,740 | 227,662 | 207,740 | 227,662 |
| Net cash at the end of the period | 263,653 | 315,194 | 263,653 | 315,194 |
¹ Includes movements in the non-current portion of deferred revenue presented under non-current liabilities.
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ACCOUNTING POLICIES
The condensed consolidated financial information for the three- and twelve- month period ended 31 December 2024 and the related comparative information has been prepared using accounting policies and methods of computation which are based on International Financial Reporting Standards (IFRS) as disclosed in the Financial Statements for the year ended 31 December 2024.
The consolidated and company financial statements of TomTom N.V. for the year ended 31 December 2024 have been prepared and audited and are authorized for issue on 4 February 2025. The quarterly condensed consolidated information in this press release is neither audited nor reviewed. Due to rounding, amounts may not add up precisely to totals. All change percentages are calculated before rounding.
NON-GAAP MEASURES
The financial information in this report includes measures which are not defined by generally accepted accounting principles (GAAP) such as IFRS. We believe this information, along with comparable GAAP measurements, gives insight to investors as it provides a basis for evaluating our operational performance. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures.
Automotive backlog is the cumulative expected IFRS revenue from all awarded Automotive deals.
Operational revenue is IFRS revenue adjusted for the movement of gross deferred revenue
Gross margin is calculated as gross profit divided by IFRS revenue
EBIT is equal to our operating result
EBIT margin is calculated as operating result divided by IFRS revenue
EBITDA is equal to our operating result plus depreciation and amortization charges
EBITDA margin is calculated as operating result plus depreciation and amortization charges divided by IFRS revenue
Free cash flow is cash from operating activities minus investments in intangible assets and property, plant and equipment
| (€ in thousands) | Q4 '24 | Q4 '23 | FY '24 | FY '23 |
|---|---|---|---|---|
| Cash flow from operating activities | -2,816 | 8,363 | 1,352 | 32,695 |
| Investments in intangible assets | 0 | 0 | 0 | 0 |
| Investments in property, plant and equipment | -2,293 | -3,281 | -5,576 | -11,857 |
| Free cash flow | -5,109 | 5,082 | -4,224 | 20,838 |
| Restructuring-related cash flow^{1} | 0 | 399 | 0 | 11,178 |
| Free cash flow excl. restructuring^{1} | -5,109 | 5,481 | -4,224 | 32,016 |
Net cash is cash and cash equivalents, plus cash held in fixed-term deposits
Gross deferred revenue is deferred revenue² before the netting of unbilled receivables
- Restructuring-related cash flows are related to the Maps realignment announced in June 2022.
- Deferred revenue reflects amounts not yet recognized as revenue as services still need to be delivered. Unbilled revenue represents amounts accrued for when a contractual right to invoice exists. When a single contract has both an accrual, based on contractual invoicing terms, and a deferral, because the underlying services are not yet fully delivered, the unbilled and the deferred positions are netted for presentation on the balance sheet.
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tomtom
FOR MORE INFORMATION
TomTom Investor Relations
Email: [email protected]
Phone: +31 20 757 5194
AUDIO WEBCAST FOURTH QUARTER 2024 RESULTS
The information for our audio webcast is as follows:
Date and time: February 4, 2025 at 13:00 CET
https://corporate.tomtom.com/investors/financial-publications/quarterly-results
TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN: NL0013332471 / Symbol: TOM2
ABOUT TOMTOM
Billions of data points. Millions of sources. Hundreds of communities.
We are the mapmaker bringing it all together to build the world's smartest map. We provide location data and technology to drivers, carmakers, businesses, and developers. Our application-ready maps, routing, real-time traffic, APIs and SDKs enable the dreamers and doers to shape the future of mobility.
Headquartered in Amsterdam with 3,600 employees around the globe, TomTom has been helping people find their way in the world for over 30 years.
For further information, please visit www.tomtom.com.
FORWARD-LOOKING STATEMENTS / IMPORTANT NOTICE
This document contains certain forward-looking statements with respect to the financial position and results of TomTom's activities. We have based these forward-looking statements on our current expectations and projections about future events, including numerous assumptions regarding our present and future business strategies, operations and the environment in which we will operate in the future. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, and you should not place undue reliance on them. Many of these risks and uncertainties relate to factors that are beyond TomTom's ability to control or estimate precisely, such as levels of customer spending in major economies, changes in consumer preferences, the performance of the financial markets, the levels of marketing and promotional expenditures by TomTom and its competitors, costs of raw materials, employee costs, exchange-rate and interest-rate fluctuations, changes in tax rates, changes in law, acquisitions or disposals, the rate of technological changes, political developments in countries where the company operates and the risk of a downturn in the market. Statements regarding market share, including the company's competitive position, contained in this document are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates.
The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.
This document contains inside information as meant in clause 7 of the Market Abuse Regulation.
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