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TomTom Profits Boosted by One-Off Tax Gain
Published on:
Digital navigation services vendor, TomTom has reported that its fourth-quarter revenues fell by 19 percent to EUR289 million, although net profits jumped to EUR99 million - from EUR 12 million a year ago.
The profits were boosted by a one-off tax gain of EUR80 million.
TomTom's Chief Executive Officer, Harold Goddijn: "Early in 2012 we implemented a new product unit structure to increase development efficiency and reduce time to market by componentising our core map, navigation and traffic content and technologies. The year ahead will be a pivotal year as new products start to reach our customers. R&D investments will continue to shift to new technologies, away from legacy technologies, to increase returns."
For the full year, the company posted revenues that were down by 17% to EUR1.06 billion, while net profits rose to EUR129 million, compared to a loss of EUR438 million in 2011.
Looking ahead, the company expects that its core PND markets to decline by 15-20% in volume year over year. Automotive revenue development will largely depend on the new car sales and take rates of our current partners.
Net debt at the end of 2012 was EUR86 million.
Tags: [tomtom] [Netherlands]
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