07/15/2022 | Press release | Distributed by Public on 07/15/2022 01:17
TOMTOM FINANCIAL DATA PACK Q2 '22 |
Key figures | ||||||
Second quarter and half year 2022 results | ||||||
Key figures | ||||||
(€ in millions, unless stated otherwise) | Q2 '22 | Q2 '21 | y.o.y. change | H1 '22 | H1 '21 | y.o.y. change |
Location Technology | 105.3 | 103.2 | 2% | 210.5 | 208.0 | 1% |
Consumer | 27.3 | 29.9 | -9% | 50.5 | 56.3 | -10% |
Revenue | 132.6 | 133.1 | 0% | 261.0 | 264.3 | -1% |
Gross profit | 109.8 | 102.7 | 7% | 218.9 | 209.2 | 5% |
Gross margin | 83% | 77% | 84% | 79% | ||
Operating expenses | 165.2 | 123.8 | 33% | 294.2 | 244.5 | 20% |
EBITDA | -41.1 | -2.3 | -45.7 | 5.0 | ||
EBITDA margin | -31% | -2% | -18% | 2% | ||
EBITDA | -55.5 | -21.1 | -75.3 | -35.3 | ||
EBITDA margin | -42% | -16% | -29% | -13% | ||
Net result | -55.0 | -23.6 | -76.5 | -35.1 | ||
Free cash flow (FCF) | 0.2 | -15.8 | -23.1 | -19.7 | ||
FCF as a % of revenue | 0% | -12% | -9% | -7% | ||
Location Technology | ||||||
(€ in millions, unless stated otherwise) | Q2 '22 | Q2 '21 | y.o.y. change | H1 '22 | H1 '21 | y.o.y. change |
Automotive | 60.0 | 61.0 | -2% | 120.4 | 123.6 | -3% |
Enterprise | 45.3 | 42.2 | 8% | 90.1 | 84.4 | 7% |
Location Technology revenue | 105.3 | 103.2 | 2% | 210.5 | 208.0 | 1% |
Segment EBIT | -46.0 | -42.8 | ||||
EBIT margin (%) | -22% | -21% | ||||
(€ in millions) | Q2 '22 | Q2 '21 | y.o.y. change | H1 '22 | H1 '21 | y.o.y. change |
Automotive reported revenue | 60.0 | 61.0 | -2% | 120.4 | 123.6 | -3% |
Movement of Automotive deferred revenue | 10.6 | 2.1 | 18.4 | 13.9 | ||
Operational revenue | 70.6 | 63.1 | 12% | 138.8 | 137.5 | 1% |
Consumer | ||||||
(€ in millions, unless stated otherwise) | Q2 '22 | Q2 '21 | y.o.y. change | H1 '22 | H1 '21 | y.o.y. change |
Consumer products | 26.1 | 27.7 | -6% | 47.7 | 51.1 | -7% |
Automotive hardware | 1.2 | 2.2 | -45% | 2.8 | 5.2 | -47% |
Consumer revenue | 27.3 | 29.9 | -9% | 50.5 | 56.3 | -10% |
Segment EBIT | 4.9 | 10.9 | ||||
EBIT margin (%) | 10% | 19% | ||||
Operating expenses excluding D&A and restructuring charge | ||||||
(€ in millions) | Q2 '22 | Q2 '21 | y.o.y. change | H1 '22 | H1 '21 | y.o.y. change |
Research and development expenses - Geographic data | 46.3 | 44.0 | 5% | 93.7 | 85.4 | 10% |
Research and development expenses - Application layer | 43.0 | 33.6 | 28% | 81.4 | 65.8 | 24% |
Sales and marketing expenses | 12.1 | 11.3 | 7% | 22.6 | 21.5 | 5% |
General and administrative expenses | 18.7 | 16.2 | 15% | 36.2 | 31.5 | 15% |
Total excluding D&A and restructuring | 120.1 | 105.0 | 14% | 233.9 | 204.2 | 14% |
Depreciation and amortization | 14.4 | 18.8 | -23% | 29.6 | 40.3 | -26% |
Restructuring | 30.7 | 100% | 30.7 | 100% | ||
Total operating expenses | 165.2 | 123.8 | 33% | 294.2 | 244.5 | 20% |
Deferred revenue | ||||||
(€ in millions) | 30 June 2022 | 31 December 2021 | ||||
Automotive | 413.4 | 395.0 | ||||
Enterprise | 16.0 | 41.5 | ||||
Consumer | 22.2 | 25.5 | ||||
Gross deferred revenue | 451.6 | 461.9 | ||||
Less: Netting adjustment to unbilled revenue | 17.4 | 21.2 | ||||
Deferred revenue | 434.2 | 440.7 | ||||
Free cash flow | ||||||
(€ in millions) | Q2 '22 | Q2 '21 | H1 '22 | H1 '21 | ||
Cash flow from operating activities | 1.2 | -13.1 | -15.7 | -13.8 | ||
Investments in intangible assets | -5.1 | |||||
Investments in property, plant and equipment | -1.0 | -2.7 | -2.3 | -5.8 | ||
Free cash flow | 0.2 | -15.8 | -23.1 | -19.7 |
Consolidated condensed statement of income | ||||||||
Second quarter and half year 2022 results | ||||||||
(€ in thousands) | Q1 '21 | Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | H1 '22 | H1 '21 |
Automotive | 62,654 | 60,983 | 52,368 | 47,063 | 60,511 | 59,951 | 120,462 | 123,637 |
Enterprise | 42,142 | 42,267 | 42,994 | 43,513 | 44,733 | 45,344 | 90,077 | 84,409 |
Location Technology | 104,796 | 103,250 | 95,361 | 90,577 | 105,244 | 105,295 | 210,539 | 208,046 |
Consumer | 26,395 | 29,853 | 32,108 | 24,586 | 23,205 | 27,283 | 50,488 | 56,248 |
Revenue | 131,191 | 133,102 | 127,469 | 115,164 | 128,449 | 132,578 | 261,028 | 264,293 |
Cost of sales | 24,681 | 30,367 | 23,842 | 20,931 | 19,313 | 22,825 | 42,138 | 55,048 |
Gross profit | 106,510 | 102,735 | 103,627 | 94,233 | 109,136 | 109,753 | 218,890 | 209,245 |
Gross margin | 81% | 77% | 81% | 82% | 85% | 83% | 84% | 79% |
Research and development expenses - Geographic data | 53,268 | 55,261 | 55,822 | 55,457 | 56,531 | 54,945 | 111,476 | 108,528 |
Research and development expenses - Application layer | 34,831 | 35,839 | 37,040 | 38,499 | 39,365 | 43,658 | 83,023 | 70,670 |
Sales and marketing expenses | 10,230 | 11,312 | 10,994 | 12,645 | 10,506 | 12,077 | 22,583 | 21,542 |
General and administrative expenses1 | 22,421 | 21,383 | 22,315 | 22,979 | 22,567 | 54,539 | 77,107 | 43,806 |
Total operating expenses | 120,750 | 123,795 | 126,171 | 129,580 | 128,969 | 165,219 | 294,189 | 244,546 |
Operating result (EBIT) | -14,240 | -21,060 | -22,544 | -35,347 | -19,833 | -55,466 | -75,299 | -35,301 |
EBIT margin | -11% | -16% | -18% | -31% | -15% | -42% | -29% | -13% |
Financial result | 4,400 | -1,764 | 2,213 | 1,480 | -279 | 2,160 | 1,880 | 2,638 |
Result before tax | -9,840 | -22,824 | -20,331 | -33,867 | -20,112 | -53,306 | -73,419 | -32,663 |
Income tax expense | -1,641 | -791 | -452 | -4,907 | -1,378 | -1,670 | -3,049 | -2,432 |
Net result2 | -11,481 | -23,615 | -20,783 | -38,774 | -21,490 | -54,976 | -76,468 | -35,095 |
1 Includes €31 million restructuring charge in Q2 '22 and H1 '22. | ||||||||
2 Net result is fully attributable to equity holders of the parent. | ||||||||
Weighted average number of shares (in thousands) | ||||||||
Basic | 129,716 | 127,335 | 126,912 | 126,933 | 126,991 | 127,779 | 127,387 | 128,519 |
Diluted | 131,194 | 128,476 | 128,157 | 128,392 | 128,739 | 129,356 | 129,180 | 129,926 |
Earnings per share (in €) | ||||||||
Basic | -0.09 | -0.19 | -0.16 | -0.31 | -0.17 | -0.43 | -0.60 | -0.27 |
Diluted3 | -0.09 | -0.19 | -0.16 | -0.31 | -0.17 | -0.43 | -0.60 | -0.27 |
3 When the net result is a loss, no additional shares from assumed conversion are taken into account as the effect would be anti-dilutive. |
Consolidated condensed statement of income | ||||
Second quarter and half year 2022 results | ||||
(€ in thousands) | Q2 '22 Unaudited | Q2 '21 Unaudited | H1 '22 Unaudited | H1 '21 Unaudited |
NET RESULT | -54,976 | -23,615 | -76,468 | -35,095 |
OTHER COMPREHENSIVE INCOME 1 | ||||
Items that will not be reclassified to profit or loss | ||||
Actuarial gain on defined benefit plans | 1,933 | 1,933 | ||
Fair value remeasurement of financial instruments | -2,038 | 2,768 | -3,105 | 4,403 |
Items that may be subsequently reclassified to profit or loss | ||||
Currency translation differences | 2,766 | -318 | 5,478 | 2,003 |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD | 2,661 | 2,450 | 4,306 | 6,406 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD2 | -52,315 | -21,165 | -72,162 | -28,689 |
1 Items of other comprehensive income are presented net of tax (if applicable). | ||||
2 Fully attributable to equity holders of the parent. |
Consolidated condensed balance sheet | |||||||
Second quarter and half year 2022 results | |||||||
(€ in thousands) | 31-Dec-20 | 31-Mar-21 | 30-Jun-21 | 30-Sep-21 | 31-Dec-21 | 31-Mar-22 | 30-Jun-22 |
Goodwill | 192,294 | 192,294 | 192,294 | 192,294 | 192,294 | 192,294 | 192,294 |
Other intangible assets | 117,475 | 104,403 | 91,933 | 80,771 | 70,478 | 66,521 | 58,010 |
Property, plant and equipment | 22,220 | 22,938 | 23,186 | 23,585 | 26,241 | 25,199 | 24,369 |
Lease assets | 43,609 | 38,909 | 37,488 | 33,248 | 31,488 | 28,148 | 27,277 |
Other contract-related assets | 19,130 | 18,296 | 17,124 | 17,909 | 18,769 | 20,335 | 21,470 |
Other investments | 8,733 | 10,917 | 14,602 | 18,533 | 17,982 | 16,541 | 13,795 |
Deferred tax assets | 4,273 | 4,299 | 4,287 | 4,400 | 4,115 | 4,066 | 3,175 |
Total non-current assets | 407,734 | 392,056 | 380,914 | 370,740 | 361,367 | 353,104 | 340,390 |
Inventories | 26,146 | 23,500 | 23,554 | 18,815 | 19,585 | 18,872 | 14,975 |
Trade receivables | 79,661 | 60,706 | 65,378 | 130,234 | 56,179 | 65,575 | 66,134 |
Unbilled receivables | 58,313 | 73,541 | 67,809 | 65,925 | 67,311 | 64,472 | 63,537 |
Other contract-related assets | 6,950 | 8,003 | 3,115 | 4,348 | 5,049 | 5,447 | 7,164 |
Other receivables and prepayments | 26,765 | 33,617 | 27,295 | 23,330 | 25,429 | 28,051 | 24,194 |
Fixed-term deposits | 140,930 | 121,313 | 60,000 | 60,000 | 150,000 | 150,000 | 136,000 |
Cash and cash equivalents | 231,520 | 230,657 | 258,908 | 242,187 | 205,820 | 180,652 | 193,364 |
Total current assets | 570,285 | 551,337 | 506,059 | 544,839 | 529,373 | 513,069 | 505,368 |
Total assets | 978,019 | 943,393 | 886,973 | 915,579 | 890,740 | 866,173 | 845,758 |
Total equity | 387,616 | 364,950 | 333,008 | 317,477 | 282,723 | 265,960 | 218,174 |
Lease liabilities | 28,801 | 25,116 | 25,273 | 21,662 | 20,004 | 17,356 | 17,257 |
Deferred tax liability | 1,344 | 1,293 | 1,464 | 1,342 | 3,934 | 3,561 | 2,907 |
Provisions | 41,014 | 39,821 | 37,698 | 35,862 | 33,484 | 32,791 | 28,369 |
Deferred revenue | 238,793 | 232,433 | 219,265 | 242,272 | 259,628 | 266,195 | 262,247 |
Total non-current liabilities | 309,952 | 298,663 | 283,700 | 301,138 | 317,050 | 319,903 | 310,780 |
Trade payables | 21,998 | 15,337 | 21,799 | 15,374 | 14,022 | 12,677 | 12,676 |
Lease liabilities | 14,872 | 15,823 | 14,211 | 13,513 | 13,335 | 12,555 | 11,717 |
Provisions | 7,918 | 7,481 | 6,181 | 5,518 | 6,537 | 7,600 | 36,714 |
Deferred revenue | 164,913 | 165,497 | 158,067 | 190,956 | 181,099 | 173,600 | 171,965 |
Other contract-related liabilities | 19,084 | 18,790 | 18,393 | 18,506 | 19,782 | 19,695 | 23,926 |
Income taxes | 1,893 | 2,622 | 2,427 | 2,676 | 1,273 | 2,511 | 3,072 |
Accruals and other liabilities | 49,773 | 54,230 | 49,187 | 50,421 | 54,919 | 51,672 | 56,734 |
Total current liabilities | 280,451 | 279,780 | 270,265 | 296,964 | 290,967 | 280,310 | 316,804 |
Total equity and liabilities | 978,019 | 943,393 | 886,973 | 915,579 | 890,740 | 866,173 | 845,758 |
Additional information: | |||||||
Deferred revenue breakdown | |||||||
Automotive | 335,611 | 345,833 | 341,975 | 357,184 | 378,389 | 389,886 | 398,096 |
Enterprise | 28,370 | 17,934 | 5,073 | 48,653 | 36,872 | 27,205 | 13,921 |
Consumer | 39,726 | 34,163 | 30,284 | 27,391 | 25,466 | 22,704 | 22,196 |
Net deferred revenue | 403,706 | 397,930 | 377,332 | 433,228 | 440,727 | 439,795 | 434,213 |
Automotive | 16,096 | 17,618 | 23,610 | 14,180 | 16,561 | 12,916 | 15,257 |
Enterprise | 6,500 | 5,711 | 6,025 | 5,533 | 4,656 | 3,290 | 2,090 |
Netting adjustment to unbilled revenue | 22,596 | 23,329 | 29,635 | 19,713 | 21,218 | 16,206 | 17,347 |
Automotive | 351,707 | 363,451 | 365,584 | 371,363 | 394,950 | 402,801 | 413,352 |
Enterprise | 34,870 | 23,645 | 11,098 | 54,186 | 41,528 | 30,495 | 16,011 |
Consumer | 39,726 | 34,163 | 30,284 | 27,391 | 25,466 | 22,704 | 22,196 |
Gross deferred revenue | 426,302 | 421,259 | 406,966 | 452,940 | 461,944 | 456,000 | 451,559 |
Net cash | |||||||
Cash and cash equivalents at the end of the period | 231,520 | 230,657 | 258,908 | 242,187 | 205,820 | 180,652 | 193,364 |
Cash placed in fixed term deposits | 140,930 | 121,313 | 60,000 | 60,000 | 150,000 | 150,000 | 136,000 |
Net cash at the end of the period | 372,450 | 351,970 | 318,908 | 302,187 | 355,820 | 330,652 | 329,364 |
Consolidated condensed statement of cash flows | ||||||||
Second quarter and half year 2022 results | ||||||||
(€ in thousands) | Q1 '21 | Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | H1 '22 | H1 '21 |
Operating result | -14,240 | -21,060 | -22,544 | -35,347 | -19,833 | -55,466 | -75,299 | -35,301 |
Financial gains/ (losses) | 3,084 | -970 | 2,753 | 3,037 | 1,392 | 4,574 | 5,965 | 2,114 |
Depreciation and amortization | 21,520 | 18,756 | 17,210 | 16,185 | 15,244 | 14,369 | 29,613 | 40,276 |
Change in provisions | 759 | -4,277 | -2,166 | -1,790 | -590 | 29,745 | 29,155 | -3,518 |
Equity-settled stock compensation expenses | 1,596 | 1,457 | 955 | 1,926 | 1,774 | 2,713 | 4,487 | 3,053 |
Other non-cash movements | -154 | 2 | 106 | -42 | -42 | -154 | ||
Changes in working capital: | ||||||||
Change in inventories | 3,217 | 1,019 | 4,969 | -433 | 2,876 | 2,633 | 5,509 | 4,236 |
Change in receivables and prepayments | -3,447 | 12,692 | -61,340 | 69,978 | -10,311 | 152 | -10,159 | 9,245 |
Change in liabilities (excluding provisions) | -11,135 | -19,241 | 50,777 | 11,888 | -6,018 | 3,108 | -2,910 | -30,376 |
Cash flow from operations | 1,354 | -11,778 | -9,384 | 65,550 | -15,466 | 1,786 | -13,681 | -10,425 |
Interest received | 39 | 267 | 14 | 6 | 5 | 64 | 69 | 306 |
Interest paid | -437 | -469 | -418 | -392 | -365 | -307 | -672 | -906 |
Corporate income taxes paid | -1,736 | -1,078 | -1,109 | -3,646 | -1,107 | -345 | -1,452 | -2,814 |
Cash flow from operating activities | -780 | -13,058 | -10,897 | 61,518 | -16,933 | 1,198 | -15,736 | -13,839 |
Investments in intangible assets | -5,053 | -24 | -5,077 | |||||
Investments in property, plant and equipment | -3,117 | -2,732 | -2,612 | -4,813 | -1,258 | -998 | -2,256 | -5,849 |
Dividends received | 228 | 138 | 224 | 224 | ||||
Decrease in fixed-term deposits | 21,465 | 61,465 | -90,000 | 14,000 | 14,000 | 82,930 | ||
Cash flow from investing activities | 18,348 | 58,733 | -2,384 | -94,675 | -6,311 | 13,202 | 6,891 | 77,081 |
Payment of lease liabilities | -3,814 | -3,552 | -3,741 | -3,678 | -3,586 | -3,599 | -7,185 | -7,366 |
Proceeds on issue of ordinary shares | 577 | 3,891 | 93 | 1,464 | 1,650 | 3,114 | 4,468 | |
Purchase of treasury shares | -17,294 | -16,137 | -33,431 | |||||
Cash flow from financing activities | -20,531 | -15,798 | -3,741 | -3,585 | -2,122 | -1,949 | -4,071 | -36,329 |
Net increase/(decrease) in cash and cash equivalents | -2,963 | 29,877 | -17,022 | -36,742 | -25,366 | 12,451 | -12,916 | 26,913 |
Cash and cash equivalents at the beginning of period | 231,520 | 230,657 | 258,908 | 242,187 | 205,820 | 180,652 | 205,820 | 231,520 |
Exchange rate changes on cash balances held in foreign currencies | 2,100 | -1,626 | 301 | 375 | 198 | 261 | 460 | 475 |
Cash and cash equivalents at the end of the period | 230,657 | 258,908 | 242,187 | 205,820 | 180,652 | 193,364 | 193,364 | 258,908 |
Reconciliation to net cash | ||||||||
Fixed-term deposits | 121,313 | 60,000 | 60,000 | 150,000 | 150,000 | 136,000 | 136,000 | 60,000 |
Net cash | 351,970 | 318,908 | 302,187 | 355,820 | 330,652 | 329,364 | 329,364 | 318,908 |
Additional information: | ||||||||
Free cash flow | ||||||||
Cash flow from operating activities | -780 | -13,058 | -10,897 | 61,518 | -16,933 | 1,198 | -15,736 | -13,839 |
Investments in intangible assets | -5,053 | -24 | -5,077 | |||||
Investments in property, plant and equipment | -3,117 | -2,732 | -2,612 | -4,813 | -1,258 | -998 | -2,256 | -5,849 |
Free cash flow | -3,897 | -15,790 | -13,509 | 56,705 | -23,244 | 176 | -23,069 | -19,688 |
% of revenue | -3% | -12% | -11% | 49% | -18% | 0% | -9% | -7% |
Consolidated statement of changes in equity | ||||||
Second quarter and half year 2022 results | ||||||
(€ in thousands) | Share capital | Share premium | Treasury shares | Other reserves1 | Accumulated deficit | Total equity |
BALANCE AS AT 1 JANUARY 2021 | 26,473 | 338,124 | -14,312 | 127,598 | -90,267 | 387,616 |
COMPREHENSIVE INCOME | ||||||
Result for the year | -35,095 | -35,095 | ||||
OTHER COMPREHENSIVE INCOME² | ||||||
Currency translation differences | 2,003 | 2,003 | ||||
Fair value remeasurement of financial instruments | 4,403 | 4,403 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 6,406 | 6,406 | ||||
TOTAL COMPREHENSIVE INCOME | 6,406 | -35,095 | -28,689 | |||
TRANSACTIONS WITH OWNERS | ||||||
Stock compensation related movements | 6,767 | 73 | 672 | 7,512 | ||
Repurchase of shares | -33,431 | -33,431 | ||||
OTHER MOVEMENTS | ||||||
Transfers between reserves | -23,526 | 23,526 | ||||
BALANCE AS AT 30 JUNE 2021 | 26,473 | 338,124 | -40,976 | 110,551 | -101,164 | 333,008 |
(€ in thousands) | Share capital | Share premium | Treasury shares | Other reserves1 | Accumulated deficit | Total equity |
BALANCE AS AT 1 JANUARY 2022 | 26,473 | 338,124 | -40,746 | 99,172 | -140,300 | 282,723 |
COMPREHENSIVE INCOME | ||||||
Result for the year | -76,468 | -76,468 | ||||
OTHER COMPREHENSIVE INCOME² | ||||||
Currency translation differences | 5,478 | 5,478 | ||||
Actuarial gain on defined benefit plans | 1,933 | 1,933 | ||||
Fair value remeasurement of financial instruments | -3,105 | -3,105 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 2,373 | 1,933 | 4,306 | |||
TOTAL COMPREHENSIVE INCOME | 2,373 | -74,535 | -72,162 | |||
TRANSACTIONS WITH OWNERS | ||||||
Stock compensation related movements | 8,028 | -3,634 | 3,219 | 7,613 | ||
OTHER MOVEMENTS | ||||||
Transfers between reserves | -15,412 | 15,412 | ||||
BALANCE AS AT 30 JUNE 2022 | 26,473 | 338,124 | -32,718 | 82,499 | -196,204 | 218,174 |
1 Other reserves include the Legal reserve, the Stock compensation reserve, and the Revaluation reserve. | ||||||
2 The items of other comprehensive Income are presented net of tax (if applicable). |
Segment reporting | ||
Second quarter and half year 2022 results | ||
(€ in millions) | H1 '22 | H1 '21 |
Revenue | 261.0 | 264.3 |
Location Technology | 214.7 | 213.4 |
External customers | 210.5 | 208.0 |
Inter-segment | 4.2 | 5.4 |
Consumer | 50.5 | 56.3 |
Eliminations | -4.2 | -5.4 |
Revenue by nature | 261.0 | 264.3 |
License revenue | 143.6 | 140.5 |
Service revenue | 81.3 | 86.2 |
Sale of goods revenue | 36.1 | 37.6 |
Revenue by timing of revenue recognition | 261.0 | 264.3 |
Goods and services transferred at a point in time | 48.5 | 56.7 |
Goods and services transferred over time | 212.5 | 207.6 |
EBIT | -41.1 | -31.9 |
Location Technology | -46.0 | -42.8 |
Consumer | 4.9 | 10.9 |
EBITDA | -11.6 | 8.2 |
Location Technology | -16.9 | -3.2 |
Consumer | 5.3 | 11.4 |
Total segment EBIT | -41.1 | -31.9 |
Unallocated expenses¹ | -34.2 | -3.4 |
Financial income | 1.9 | 2.6 |
RESULT BEFORE TAX | -73.4 | -32.7 |
¹ Unallocated expenses in H1 '22 include restructuring charges for an amount of €31 million. |
Earnings per share | ||
Second quarter and half year 2022 results | ||
H1 '22 | H1 '21 | |
Earnings (€ in thousands) | ||
Net result attributed to equity holders | -76,468 | -35,095 |
Number of shares (in thousands) | ||
Weighted average number of ordinary shares for basic EPS | 127,387 | 128,519 |
Effect of dilutive potential ordinary shares (in thousands) | ||
Share options and restricted stocks | 1,768 | 1,407 |
Weighted average number of ordinary shares for diluted EPS | 129,180 | 129,926 |
Shareholder's equity | ||||
Second quarter and half year 2022 results | ||||
30 June 2022 | 30 June 2022 | 31 December 2021 | 31 December 2021 | |
Unaudited | Unaudited | Audited | Audited | |
Number | (€ in thousands) | Number | (€ in thousands) | |
Ordinary shares | 300,000,000 | 60,000 | 300,000,000 | 60,000 |
Preferred shares | 150,000,000 | 30,000 | 150,000,000 | 30,000 |
Total authorised | 450,000,000 | 90,000 | 450,000,000 | 90,000 |
Issued and fully paid | ||||
Ordinary shares | 132,366,672 | 26,473 | 132,366,672 | 26,473 |
Of which held in treasury | 4,242,600 | 5,417,122 |
Operational performance | ||||||
Second quarter and half year 2022 results | ||||||
(€ in thousands) | Q1 '21 | Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 |
Total IFRS revenue | 131,191 | 133,102 | 127,469 | 115,164 | 128,449 | 132,578 |
Automotive | 62,654 | 60,983 | 52,368 | 47,063 | 60,511 | 59,951 |
Enterprise | 42,142 | 42,267 | 42,994 | 43,513 | 44,733 | 45,344 |
Consumer | 26,395 | 29,853 | 32,108 | 24,586 | 23,205 | 27,283 |
Movement of deferred revenue | -5,044 | -14,293 | 45,974 | 9,004 | -5,944 | -4,441 |
Automotive | 11,744 | 2,133 | 5,779 | 23,587 | 7,851 | 10,551 |
Enterprise | -11,225 | -12,547 | 43,088 | -12,658 | -11,033 | -14,484 |
Consumer | -5,563 | -3,879 | -2,893 | -1,925 | -2,762 | -508 |
Total operational revenue | 126,147 | 118,809 | 173,443 | 124,168 | 122,505 | 128,137 |
Automotive | 74,398 | 63,116 | 58,147 | 70,650 | 68,362 | 70,502 |
Enterprise | 30,917 | 29,720 | 86,082 | 30,855 | 33,700 | 30,860 |
Consumer | 20,832 | 25,974 | 29,215 | 22,661 | 20,443 | 26,775 |
Cost of sales | 24,681 | 30,367 | 23,842 | 20,931 | 19,313 | 22,825 |
Operational gross profit | 101,466 | 88,442 | 149,601 | 103,237 | 103,192 | 105,312 |
Total cash spend | 106,161 | 111,323 | 115,314 | 121,886 | 123,622 | 155,471 |
Operating expenses excluding D&A | 99,230 | 105,039 | 108,961 | 113,395 | 113,725 | 150,850 |
CAPEX | 3,117 | 2,732 | 2,612 | 4,813 | 6,311 | 1,022 |
Lease payments | 3,814 | 3,552 | 3,741 | 3,678 | 3,586 | 3,599 |
Operational result | -4,695 | -22,881 | 34,287 | -18,649 | -20,430 | -50,159 |
Reconciliations: | ||||||
Operational result to Free Cash Flow (FCF) | ||||||
Working capital movements | -6,321 | 8,763 | -51,568 | 72,429 | -7,509 | 10,334 |
Interest and Tax payments | -2,134 | -1,280 | -1,513 | -4,032 | -1,467 | -588 |
Lease payments | 3,814 | 3,552 | 3,741 | 3,678 | 3,586 | 3,599 |
Other non-cash items | 5,439 | -3,944 | 1,544 | 3,279 | 2,576 | 36,990 |
FCF | -3,897 | -15,790 | -13,509 | 56,705 | -23,244 | 176 |
FCF to net cash movement | ||||||
Lease payments | -3,814 | -3,552 | -3,741 | -3,678 | -3,586 | -3,599 |
Cash flow from other investing and financing activities | -16,717 | -12,246 | 228 | 231 | 1,464 | 1,874 |
Exchange rate differences on cash and fixed-term deposits | 3,948 | -1,474 | 301 | 375 | 198 | 261 |
Net cash movement | -20,480 | -33,062 | -16,721 | 53,633 | -25,168 | -1,288 |
Movement in net cash to movement in cash equivalents | ||||||
Movement in fixed-term deposits | 19,617 | 61,313 | -90,000 | 14,000 | ||
Exchange rate changes on cash balances held in foreign currencies | -2,100 | 1,626 | -301 | -375 | -198 | -261 |
Net increase/(decrease) in cash and cash equivalents | -2,963 | 29,877 | -17,022 | -36,742 | -25,366 | 12,451 |