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Annual Report & Accounts 2019

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Annual Report & Accounts 2019 Annual report & accounts 2019 Location technology for a safer, cleaner, congestion-free world 1 Table of contents WE ARE TOMTOM WE ARE TOMTOM WE ARE TOMTOM FINANCIALS Highlights ............................................. 02 CONSOLIDATED FINANCIAL STATEMENTS Message from the CEO ................................... 03 Consolidated statement of income ........................ 61 Consolidated statement of comprehensive income .......... 62 MANAGEMENT BOARD REPORT BOARD MANAGEMENT MANAGEMENT BOARD REPORT BOARD MANAGEMENT MANAGEMENT BOARD REPORT Consolidated balance sheet .............................. 63 Management Board biographies .......................... 05 Consolidated statement of cash flows ..................... 64 Business model ......................................... 06 Consolidated statement of changes in equity ............... 65 Core technologies ....................................... 10 Notes to the consolidated financial statements ............. 66 Growth opportunities ................................... 15 People and culture ...................................... 18 COMPANY FINANCIAL STATEMENTS OF TOMTOM NV Responsible business .................................... 21 Company statement of income ........................... 98 Privacy and data governance ............................. 26 Company balance sheet ................................. 99 Financial review ........................................ 27 Notes to the company financial statements ................ 100 SUPERVISORY BOARD REPORT BOARD SUPERVISORY SUPERVISORY BOARD REPORT BOARD SUPERVISORY Risk management and control ............................ 31 OTHER INFORMATION Corporate governance ................................... 37 Statements ............................................ 43 Other information ...................................... 103 Independent auditor’s report ............................. 104 SUPERVISORY BOARD REPORT FINANCIALS FINANCIALS SUPPLEMENTARY INFORMATION Supervisory Board biographies ............................ 44 Supervisory Board report ................................ 46 Investor relations ....................................... 111 Remuneration report .................................... 51 Key figures overview 2012 – 2019. .113 Statement ............................................. 59 Quarterly statement of income 2019 ...................... 114 Quarterly statement of cash flows 2019 ................... 115 Definitions and abbreviations ............................ 116 Non-GAAP measures .................................... 117 Other notices ........................................... 118 SUPPLEMENTARY INFORMATION SUPPLEMENTARY SUPPLEMENTARY INFORMATION SUPPLEMENTARY 2 HIGHLIGHTS Our Location Technology business WE ARE TOMTOM WE ARE TOMTOM continues to grow, with revenue increasing by 14% in 2019 OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS MANAGEMENT BOARD REPORT BOARD MANAGEMENT MANAGEMENT BOARD REPORT BOARD MANAGEMENT Nearly 70% of our revenue Group revenue Location Technology revenue Gross margin* mix is now derived from data, software & services €701m €426m 74% Over 60% of our revenue 2018: €687m 2018: €372m 2018: 69% mix is derived from Location Technology Total R&D cash spend Free cash flow* Net cash* Automotive backlog* SUPERVISORY BOARD REPORT BOARD SUPERVISORY SUPERVISORY BOARD REPORT BOARD SUPERVISORY totaled €347 million in 2019, representing a 16% €66m €437m €1.8bn increase year on year 2018: €90m 2018: €252m (2018: €299 million) FINANCIALS FINANCIALS The figures presented throughout the report are for continuing operations only. * Non-GAAP measures; see page 117 for more information. SUPPLEMENTARY INFORMATION SUPPLEMENTARY SUPPLEMENTARY INFORMATION SUPPLEMENTARY 3 MESSAGE FROM THE CEO Positioned for WE ARE TOMTOM WE ARE TOMTOM continuous growth “Mobility will be autonomous, 2.3bn+ This year we achieved a connected and electric. TomTom’s record of more than 2.3 billion modifications to our map leading location technologies database in a single month MANAGEMENT BOARD REPORT BOARD MANAGEMENT MANAGEMENT BOARD REPORT BOARD MANAGEMENT are accelerating this revolution, together with drivers, cities and 1.5m+ our partners.” Today, more than 1.5 million vehicles are powered by our ADAS Map HAROLD GODDIJN CHIEF EXECUTIVE OFFICER, TOMTOM NV SUPERVISORY BOARD REPORT BOARD SUPERVISORY SUPERVISORY BOARD REPORT BOARD SUPERVISORY DEAR STAKEHOLDERS, We operate in a fast-moving industry. Heightened competition Maps remain central to everything we do. We have built a and rapid technological developments are constant. We are leading and efficient mapmaking platform which is continuously FINANCIALS FINANCIALS excited by the resulting market opportunities, as we continue improved. Investments in machine learning means that the cost creating the most innovative technologies to help shape per modification is declining while the quality of our maps is tomorrow’s mobility. Our position for future growth is improving rapidly. The efficiency of our mapmaking capabilities is substantiated by a more simplified business model following the a significant competitive advantage for TomTom. divestment of our Telematics business, longer-term contracts in We continue to progress in our product offerings. In connected both Automotive and Enterprise businesses, as well as a strong driver navigation, we announced multiple new deals and launched balance sheet. a new service, TomTom IQ Maps, which is a machine learning- We continue working towards our vision of a safe, connected, based mechanism that allows seamless over-the-air map updates autonomous world that is free of congestion and emissions. to in-dash navigation systems. Our electric vehicle (EV) solutions This isn’t possible without our people. We go to great lengths are helping EVs reach the mainstream sooner, with our APIs to make sure we hire the right talent, and ensure we retain serving as tools to reduce range anxiety for EV drivers. them through training and by advancing their careers within our organization. SUPPLEMENTARY INFORMATION SUPPLEMENTARY SUPPLEMENTARY INFORMATION SUPPLEMENTARY 4 MESSAGE FROM THE CEO CONTINUED WE ARE TOMTOM WE ARE TOMTOM What differentiates TomTom from the competition is not only We are excited about our technology platform. We can play the role of consolidator of data as a result of our technology, but also due to the the trends that are independent nature of our company. The data we collect are used exclusively to improve our products, and not to feed alternative shaping our industry business models. That, in short, makes us a trusted and non- competing partner at the heart of the alternative mapping community. As a result, we have close relationships with top and which provide us technology companies and most of the top 25 automakers and with significant growth tier 1 suppliers. Moreover, with nearly three decades of experience, we know what drivers want and need better than anyone else. User experience MANAGEMENT BOARD REPORT BOARD MANAGEMENT MANAGEMENT BOARD REPORT BOARD MANAGEMENT opportunities today, is a fundamental part of our DNA and heritage. We interact with tomorrow and into end-users directly to test, develop and refine our content and products. This competitive advantage distinguishes TomTom the future. from some of our peers, especially in the automotive context. We are excited about the trends that are shaping our industry and which provide us with significant growth opportunities Today, more than 1.5 million level 1 and 2 assisted driving today, tomorrow and into the future. I am proud of what we have systems have integrated our ADAS Map. Our ADAS Map contains achieved this year. We love what we do and are better prepared information on curvature, gradient, and speed restrictions to than ever to face the future. further automate the driving experience, allowing for better path planning, improving safety and fuel efficiency. I would like to thank all our stakeholders: our shareholders for their continued support and confidence in TomTom; our We won multiple HD Maps deals this year, securing market FOR MORE INFORMATION SUPERVISORY BOARD REPORT BOARD SUPERVISORY SUPERVISORY BOARD REPORT BOARD SUPERVISORY customers for their loyalty and valuable feedback that keeps us leadership in the autonomous driving evolution. Our HD Maps for Our company innovating; and our employees for their commitment, energy and autonomous driving help automated vehicles know where they tomtom.com/company/ hard work. are on the road, plan their path, and determine what’s happening company-profile/ around the corner. To advance our automated driving solutions, we launched our fully autonomous testing vehicle, named Trillian, during the year. Multiple laser scanners, cameras and FINANCIALS FINANCIALS radars are built into the vehicle. This vehicle will allow us to test and improve our autonomous technologies and services. Our APIs and location-based technologies are central to the work of developers and we maintain strong relationships with location HAROLD GODDIJN technology players across the automotive and enterprise CHIEF EXECUTIVE OFFICER, TOMTOM NV industries. Extending our Maps API partnership with Microsoft is a strong proof point of the competitiveness of our portfolio. During the year, we integrated our technology with Microsoft Connected Vehicle Platform and together, we can offer a system that seamlessly connects the in-car experience with the cloud back-end for services, analytics and more. SUPPLEMENTARY INFORMATION SUPPLEMENTARY SUPPLEMENTARY INFORMATION
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