TomTom Reports Second Quarter 2016 Results

Depreciation and amortisation

(€ in millions)   Q2 '16   Q2 '15  

y.o.y.
change

  H1 '16   H1 '15  

y.o.y.
change

 
                           
Cost of sales   2.3   2.5   -6%   4.3   5.0   -14%  
Research and development   3.1   2.5   22%   5.8   4.3   34%  
Amortisation of technology & databases   21.1   18.6   13%   41.7   37.1   12%  
Marketing   0.1   0.0   n.a.   0.2   0.0   n.a.  
Selling, general and administrative   4.3   3.7   20%   8.8   7.4   20%  
Total   30.9   27.3   13%   60.8   53.8   13%  
Of which acquisition-related amortisation   13.7   13.0   6%   27.4   25.9   6%  

Change percentages and totals calculated before rounding

 
                           

Total depreciation and amortisation costs amounted to €31 million in the second quarter, 13% higher compared with last year (Q2 '15: €27 million). The increase mainly results from an increase in amortisation of technology and databases of €2.5 million to €21.1 million. This increase results from the go-live of several technology platforms. Acquisition-related amortisation amounted €14 million (Q2 '15: €13 million), the increase is mainly related to the acquisition of Finder in Telematics.

Financial income and expenses

The net interest charge for the quarter was €0.4 million compared with €0.2 million in Q2 '15.

The other financial result was a loss of €1.2 million for the quarter (Q2 '15: €0.3 million gain), which consisted primarily of a foreign exchange loss on the revaluation of monetary balance sheet items.

Income tax

In Q2 '16, the group recorded an income tax gain of €0.9 million versus €1.8 million in the same period last year.

Net result

(€ in millions, unless stated otherwise)   Q2 '16   Q2 '15  

y.o.y.
change

  H1 '16   H1 '15  

y.o.y.
change

 
                           
Net result   12.2   2.5   n.a.   17.0   -4.4   n.a.  
Net result attributed to equity holders   12.1   2.6   n.a.   16.9   -4.5   n.a.  
Remeasurement of deferred tax liability               -7.6          
Acquisition-related amortisation   13.7   13.0   6%   27.4   25.9   6%  
Tax effect of adjustments   -2.6   -3.2   -20%   -6.0   -6.5   -7%  
Adjusted net result   23.2   12.4   87%   30.7   14.9   106%  
                           
Adjusted EPS, € fully diluted   0.10   0.05   87%   0.13   0.06   102%  

Change percentages and totals calculated before rounding

 
                           

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