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Tomtom Annual Report and Accounts 2018

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Tomtom Annual Report and Accounts 2018 TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 We are the leading location technology specialist, keeping the world moving with highly accurate maps, navigation software, real-time traffic information and services. TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 MANAGEMENT SUPERVISORY SUPPLEMENTARY WE ARE TOMTOM BOARD REPORT BOARD REPORT FINANCIALS INFORMATION WE ARE TOMTOM FINANCIALS 2018 Highlights 2 CONSOLIDATED FINANCIAL STATEMENTS Message from the CEO 3 Consolidated statement of income 59 At a glance 4 Consolidated statement of comprehensive income 60 MANAGEMENT BOARD REPORT Consolidated balance sheet 61 Consolidated statement of cash flows 62 Management Board biographies 8 Consolidated statement of changes Our Business Model 9 in equity 63 Our core technologies 12 Notes to the consolidated Growth opportunities 15 financial statements 64 Our people and culture 18 COMPANY FINANCIAL STATEMENTS OF TOMTOM NV Sustainability 22 Company statement of income Privacy and data governance 24 of TomTom NV 99 Group financial review 25 Company balance sheet of TomTom NV 100 Business units review 27 Notes to the company financial statements 101 Risk management and control 29 OTHER INFORMATION Corporate governance 34 Other information 103 Statements 42 Independent auditor’s report 105 SUPERVISORY BOARD REPORT SUPPLEMENTARY INFORMATION Supervisory Board biographies 44 Investor relations 110 Supervisory Board report 46 Key figures overview 2014-2018 112 Remuneration report 52 Quarterly statement of income 2018 113 Statement 57 Quarterly statement of cash flows 2018 114 Definitions and abbreviations 115 Non-GAAP measures 116 Forward-looking statements 117 TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 MANAGEMENT SUPERVISORY SUPPLEMENTARY WE ARE TOMTOM BOARD REPORT BOARD REPORT FINANCIALS INFORMATION 1 2 2018 Highlights 3 Message from the CEO 4 At a glance WE ARE TOMTOM TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 MANAGEMENT SUPERVISORY SUPPLEMENTARY WE ARE TOMTOM BOARD REPORT BOARD REPORT FINANCIALS INFORMATION 2 2018 HIGHLIGHTS TOTAL LOCATION GROSS 1 Our data, software and services REVENUE TECHNOLOGY REVENUE MARGIN business continues to grow, €687m €372m 69% strengthening our free cash flow1 2017: €739m 2017: €333m 2017: 60% to €90 million in 2018. EBITDA1 FCF1 NET CASH1,2 €142m €90m €252m 2017: €87m 2017: –€4m 2017: €121m 64% of our revenue mix Over 54% of our revenue mix Adjusted net result is now derived from data, is derived from Automotive & totaled €83 million in 2018, software & services. Enterprise business units. representing a 97% increase year on year. Unless otherwise stated, the figures presented throughout the report are for continuing operations only. 1 Non-GAAP measures; see page 116 for more information. 2 Net cash includes cash classified as held for sale. TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 MANAGEMENT SUPERVISORY SUPPLEMENTARY WE ARE TOMTOM BOARD REPORT BOARD REPORT FINANCIALS INFORMATION 3 MESSAGE FROM THE CEO Positioning the business for strong future growth DEAR STAKEHOLDERS, The unrivalled quality of our technology sets Third, our approach to data privacy is very us apart from our competitors – our APIs different, as user data is utilized to improve 2018 has been a turbulent year with and location-based technologies are central our core products only; privacy, trust, and heightened competition and rapid technological to the work of developers and designers in responsible use of data are critical to our developments. We’ve made great strides to all kinds of companies. operations. Finally, with nearly three decades transform our business and will continue of experience, we know what drivers want to focus on creating the most innovative In September 2018 we announced that we and need better than anyone else. technologies to help shape tomorrow’s mobility. were looking for strategic options for our Our business continues to shift towards higher Telematics business. After a thorough review, Through our renewed positioning and brand gross margins and better predictability due we’ve agreed to sell the business to Bridgestone. refresh, showcased in this report, and the to longer term contracts. This sale is subject to customary closing streamlining of our business operations, we conditions including the relevant regulatory will continue to strengthen our status as the All this was done without losing focus on our approvals, consultation with employee world’s location technology specialist. core purpose as a company. Our vision is a safe, representative bodies and the approval of connected, autonomous world, free of congestion I would like to thank all our stakeholders: TomTom’s shareholders, but I don’t see any and emissions. To realize this, we rely on the our shareholders for their continued support reason why it shouldn’t go ahead, most likely unique skills of our workforce worldwide and and confidence in TomTom; our customers for in Q2 2019. that workforce’s capacity to design and create their loyalty and valuable feedback that keeps technology and services that are precise, agile, I’m delighted to have found a buyer who us innovating; and our employees for their and available in real time. recognizes and respects the talent and skills commitment, energy and hard work. in the Telematics team, and intends to foster Maps remain at the heart of our company. and grow the business to its full potential. At the Our transactional mapmaking system is being same time, the transaction means that TomTom used for standard definition (SD) and high will become a more agile company, focused on definition (HD) maps, enabling operational In 1991, we set out to change cementing its position as the leading location productivity and shorter map update cycle times. technology specialist, shaping the future of the world with technology. This year we reached a major milestone, making driving with highly accurate maps, navigation 1.5 billion changes in a single month to our digital Harold Goddijn Today, we have. Tomorrow, we software and real-time traffic information maps, which are delivered to customers on a Chief Executive Officer, TomTom NV and services. will again. Our eyes are focused weekly basis. Our transactional map production on the road ahead, accelerating platform, with continuous integration, uses Competition defines our industry. However, into the future of mobility.” machine learning and artificial intelligence to we believe we have clear advantages over our ensure short cycle times between detecting competition. First, as the only independent Harold Goddijn changes in the real world and updating the mapmaker, we are an attractive partner to the Chief Executive Officer, TomTom NV map. This level of scalability allows us to deal automotive industry as well as the technology with any level of detail in both SD and HD maps. industry. Second, the investments we made in Our maps for automated driving already power our mapping platform have transformed our over half a million Level 1 and Level 2-enabled core product offering. automated vehicles on the road today. FOR MORE INFORMATION https://www.tomtom.com/company/company-profile/ TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 MANAGEMENT SUPERVISORY SUPPLEMENTARY WE ARE TOMTOM BOARD REPORT BOARD REPORT FINANCIALS INFORMATION 4 AT A GLANCE Our real-time maps, navigation software, traffic information and services keep the world moving REVENUE BY BUSINESS UNIT REVENUE BY GEOGRAPHY OUR GLOBAL PRESENCE Headquartered in Amsterdam, we are present €687m in 29 countries with 43 offices. 2017: €739m EMPLOYEES BY REGION Europe 65% Asia Pacific 27% Americas 8% Automotive & Enterprise 54% Europe 77% Consumer 46% North America 16% Rest of World 7% EBITDA BY BUSINESS UNIT* TOTAL R&D CASH SPEND €142m €299m 2017: €87m 2017: €292m 2018 €299m 2017 €292m 2016 €276m * The breakdown excludes non-allocated group costs TomTom HQ Automotive & Enterprise 55% of €15 million. EBITDA is a non-GAAP measure, see page 116 for more information. TomTom offices Consumer 45% TOMTOM ANNUAL REPORT AND ACCOUNTS 2018 MANAGEMENT SUPERVISORY SUPPLEMENTARY WE ARE TOMTOM BOARD REPORT BOARD REPORT FINANCIALS INFORMATION 5 AT A GLANCE CONTINUED Our business units AUTOMOTIVE & ENTERPRISE CONSUMER TELEMATICS Harnessing location-based technologies Managing for cash Capitalizing on the opportunity Our Automotive and Enterprise businesses Key customers – Automotive Our Consumer business offers drivers directions, Our Telematics business provides a range of provide maps, navigation software and services Our Automotive business unit licenses to guidance, information and inspiration for their services for businesses with fleets, including such as traffic information as components to automotive customers, both original equipment journeys on the road. By creating the world’s fleet management and other connected car be integrated into customers’ applications. manufacturers (OEMs) and head unit (Tier 1) largest connected driving community, we help services. Through one platform, we facilitate We offer these components in a flexible way and, vendors, components for embedded navigation people make smarter decisions to get where different user interfaces, solutions and when combined, they create the most advanced systems, mobile applications, advanced driver- they want to be effortlessly, quickly and safely. applications to support multi-car-brand, connected navigation system available today. assistance systems (ADAS), and autonomous The Consumer business is an important source multi-car-type and multi-car-age use cases. driving (AD) applications. Customers include: of cash
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