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TomTom announces 2009 results

by diane 2010-02-18 00:32

According to the Dutch company’s announcement during the fourth quarter 2009 the company revenue was €533 million, up one percent against the previous year. The operating result was €113 million (against €70 million in Q4 2008) and the operating margin 21 percent.    
For the full year TomTom revenue was €1,480 million, a 15 percent decrease. The full year operating result was €231 million and the operating margin 16% (2008: €244 million, 14%). The net debt was reduced to €442 million against €1,109 million the previous year.

TomTom also gave guidance for 2010: “We expect broadly flat revenue and earnings per share in 2010 compared with 2009”, adding that “we made our assumptions bearing in mind that free turn-by-turn navigation on some smartphone platforms will be available in our major markets.”

According to TomTom, “In the fourth quarter the European and North American markets for PNDs combined were flat year on year, at 12.9 million units. In Europe we saw a decrease of 13% from 4.9 million to 4.3 million units. In North America the market increased by 8% from 8.0 million to 8.6 million units. Our market share in Europe increased sequentially from 45% to 46%. In North America our market share increased sequentially from 20% to 29%.”

In terms of guidance the Dutch PND manufacturer expects to sell in 2010 as much units as in 2009. The company also expects the average sales price to decline at a slower pace.

According to TomTom’s CEO Harold Goddijn, the increasing number of second time PND buyers is pushing towards sales of higher end devices since these buyers tend to upgrade to more sophisticated products.

Other TomTom revenue, which consists of Automotive, WORK, map and traffic subscriptions, map downloads, and mobile applications and peripherals, increased by 175% compared to the same quarter in the prior year (Q4 2008: €29 million).
During the fourth quarter TomTom sold 100,000 downloads of its iPhone application. In the quarter the number of TomTom WORK subscribers also grew by 9,000 to 96,000.

Tele Atlas revenue was €50 million in the fourth quarter, a 8-percent decrease year-on-year. This revenue spreads into €12 million for PNDs, €15 million for Automotive and €24 million for other. The number of automotive and PND map licenses sold is 1.48 million, a 10 percent decrease over the same quarter last year.

The financial earnings were also the occasion for TomTom’s CEO to officially announce that Tele Atlas would be able to produce before year’s end a new map update every 48 hours instead of every quarter.

After a year of reduced marketing and R&D spending, TomTom’s management also indicated they are willing to increase their investments.

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