TomTom reports second quarter 2011 results

All shares have a par value of €0.20 per share.

In the period ended 30 June 2011, 86,927 shares were issued following the exercise of share options by employees.

9. Share-based compensation

Share-based compensation expenses amounted to €4.9 million in H1 2011 versus €6.0 million in the same period last year.

In May 2011 the Group issued 3.1 million stock options under the 2009 share option plan. The 2009 share option plan was adopted for members of management and eligible employees. The plan aims to encourage members of the Management Board and selected employees to focus on the Group’s long-term success by providing such individuals an economic interest in any growth of equity value of the Company, subject to terms and conditions of the 2009 Share Option Plan.

The 2009 share option plan qualifies as an ‘Equity-settled share based payment plan’. The options granted in 2011 under the 2009 plan will vest after three years (cliff vesting) while the previously granted options in 2010 and 2009 vest in three equal yearly portions, the first third after one year, the second third after two years and the remaining third after three years from the grant date. These terms result in options under the plan that cannot be transferred, pledged or charged and may be exercised only by the option holder over a period of seven years from the grant date but only after completion of the vesting period. Options expire after the exercise period. The options will be covered at the time of exercise by issuing new shares.

In addition to the stock options grant, the Group also issued new performance shares and restricted stock units to certain groups of employees. The performance shares plan is classified as a cash-settled plan and the restricted stock plan is an equity-settled plan. Both plans have a three years service period as the only vesting condition.

For further information on our share based compensation, see the Annual Report 2010, note 22.

10. Related party transactions

There were no related party transactions other than transactions with key management personnel. Refer to note 4 for transactions with key management personnel.

11. Seasonality

The Group’s sales are impacted by seasonal trends in the consumer electronics and automotive industries, typically resulting in higher revenues in the second half of the year. Seasonality is largely driven by higher sales in the holiday season in the fourth quarter and traditionally low sales in the first quarter of the year. New products also drive increases in sales.

In the 12 months ended June 2011, the Group had revenues of €1,470 million compared to revenues for the year ending June 2010 of €1,529 million.

12. Commitments and contingent liabilities

In the first half of 2011 there were no material changes to the Group’s commitments and contingent liabilities from those disclosed in our Annual Report 2010, note 29.

Audio web cast Second quarter 2011 results

The information for our Second quarter results audio web cast is as follows:
Date and time: 22 July 2011 at 14:00 CET

TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN: NL0000387058 / Symbol: TOM2

About TomTom

Founded in 1991, TomTom (AEX:TOM2) is the world’s leading supplier of in-car location and navigation products and services focused on providing all customers with the world’s best navigation experience. Headquartered in Amsterdam, TomTom has over 3,500 employees and sells its products in more than 40 countries.

This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and the industry in which it operates. These statements are based on the Company’s current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words “expect”, “anticipate”, “estimate”, “may”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to: the level of consumer acceptance of existing and new and upgraded products and services; the growth of overall market demand for the Company’s products or for personal navigation products generally; the Company’s ability to sustain and effectively manage its recent rapid growth; and the Company’s relationship with third party suppliers, and its ability to accurately forecast the volume and timing of sales. Additional factors could cause future results to differ materially from those in the forward-looking.


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