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Company financial statements of TomTom NV

1 Company statement of income of TomTom NV

for the year ended 31 December

Table_68 Company statement of income TomTom NV

 
 
(€ in thousands) Notes 2015 2014
Result of subsidiaries after taxation B 25,229 46,405
Other income and expenses after tax C -7,107 -23,856
NET RESULT   18,122 22,549
 

The Notes to the Company Financial Statements are an integral part of these company financial statements.

2Company balance sheet of TomTom NV

as at 31 December (before proposed appropriation of result)

Table_69 Company balance sheet of TomTom NV

 
 
(€ in thousands) Notes 2015 2014
Investments in subsidiaries B 2,972,475 2,936,534
TOTAL NON-CURRENT ASSETS   2,972,475 2,936,534
       
Receivables   74,807 24,617
Cash and cash equivalents   1,610 2,183
TOTAL CURRENT ASSETS   76,417 26,800
       
TOTAL ASSETS   3,048,892 2,963,334
       
Share capital   46,099 44,714
Share premium   1,035,451 986,683
Other reserves F 228,216 202,289
Accumulated deficit   -359,078 -357,712
Result for the year   18,122 22,549
TOTAL SHAREHOLDERS' EQUITY   968,810 898,523
       
Borrowings G 44,254 48,925
Intercompany payable H 2,034,084 2,013,724
Provisions   0 26
Deferred tax liability D 186 269
TOTAL NON-CURRENT LIABILITIES   2,078,524 2,062,944
       
Other liabilities   1,558 1,867
TOTAL CURRENT LIABILITIES   1,558 1,867
       
TOTAL EQUITY AND LIABILITIES   3,048,892 2,963,334
 

The Notes to the Company Financial Statements are an integral part of these company financial statements.

3Notes to the company financial statements

3.1A. Presentation of financial statements and recognition and measurement principles

The description of the activities of TomTom NV (the company) and the company structure, as included in the notes to the consolidated financial statements, also applies to the company financial statements.

The company has prepared its company financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code and, specifically, in accordance with section 362.8 of the Dutch Civil Code. In doing so, it has applied the principles of recognition and measurement as adopted in the consolidated financial statements (IFRS). Investments in subsidiaries are accounted for using the equity method. For more information on the accounting policy applied, and on the notes, please refer to the notes to the consolidated financial statements section.


3.2B. Investments in subsidiaries

The movements in the 'Investments in subsidiaries' were as follows:

Table_70 Investments in subsidiaries

 
 
(€ in thousands) 2015 2014
BALANCE AS AT 1 JANUARY 2,936,534 2,873,122
Result of subsidiaries 25,229 46,405
Transfer to stock compensation reserve 2,335 4,126
Legal entity restructuring -5,476 0
Currency translation differences 12,087 13,967
Other direct equity movements 1,766 -1,086
BALANCE AS AT 31 DECEMBER 2,972,475 2,936,534
 


A list of subsidiaries and affiliated companies prepared in accordance with the relevant legal requirements (the Dutch Civil Code Book 2, Part 9, sections 379 and 414) is deposited at the office of the Chamber of Commerce in Amsterdam, the Netherlands.


3.3C. Other income and expenses after tax

The employees of the company comprise only the members of the Management Board.

Other income and expenses consist of the remuneration of the Management Board and the Supervisory Board, the interest expense on the borrowings and the interest income on the company's outstanding cash balances. For the remuneration of the Management Board and Supervisory Board, please refer to note 33. Remunerations of members of the Management Board and the Supervisory Board of the consolidated financial statements.


3.4D. Deferred taxation

As at 31 December 2015, the company had a deferred tax liability of €0.2 million (2014: €0.3 million). The deferred tax liability results from a temporary difference between the tax treatment and the accounting treatment of the borrowing cost.  The movement of the deferred tax liability has been credited  to the income statement. 

3.5E. Shareholders' equity

For the statement of changes in consolidated equity for the year ended 31 December 2015, please refer to Consolidated statement of changes in equity in the consolidated financial statements. Additional information on the shareholders' equity is disclosed in note 24. Shareholder's equity in the consolidated financial statements.


3.6F. Other reserves


Table_71 Other reserves

 
 
(€ in thousands) Legal reserve participations Cumulative translation adjustment Total Legal reserve Stock compensation reserve Total
BALANCE AS AT 31 DECEMBER 2013 133,942 -3,296 130,646 29,441 160,087
Currency translation differences 0 13,967 13,967 0 13,967
Transfer from retained earnings 28,271 0 28,271 0 28,271
Stock compensation expenses 0 0 0 4,126 4,126
Transfer to retained earnings and share premium 0 0 0 -4,162 -4,162
BALANCE AS AT 31 DECEMBER 2014 162,213 10,671 172,884 29,405 202,289
           
Currency translation differences 0 12,087 12,087 0 12,087
Transfer from retained earnings 25,903 0 25,903 0 25,903
Stock compensation expenses 0 0 0 3,788 3,788
Transfer to retained earnings and share premium 0 0 0 -15,851 -15,851
BALANCE AS AT 31 DECEMBER 2015 188,116 22,758 210,874 17,342 228,216
 

Legal reserves

Legal reserves are the non-distributable reserves that are recorded for an amount equal to the restricted reserves of the company's subsidiaries and the cumulative translation adjustment reserve.

Stock compensation reserve

The stock compensation reserve represents the cumulative expense of issued stock options that have been granted but not exercised.


3.7G. Borrowings

Please refer to note 27. Borrowings in the consolidated financial statements.


3.8H. Intercompany payable

'Intercompany payable' comprises of loans provided by subsidiaries. The interest rate on the loan during 2015 is based upon the applicable inter-bank offered rate plus a margin of 0.7% (2014: 1.3%). Although no repayment period has been agreed the loan has a long-term nature.

3.9I. Off-balance sheet commitments

The company has issued bank guarantees for a total amount of €14 million.

The company has also issued several declarations of joint and several liability for various group companies, in compliance with section 403 of Part 9 of Book 2 of the Dutch Civil Code. Besides these declarations, TomTom NV has given a guarantee as described in article 479C of the UK Companies Act for UK subsidiary TomTom Software Ltd. 

In addition, a German subsidiary, TomTom Germany GmbH & Co. KG., applies the exemption as described in section 264b of the German Commercial Code (HGB) with regard to the publication of the annual financial statements.

The company forms a fiscal unity for corporate income tax and value added tax (VAT) purposes with several of its Dutch subsidiaries. Each company within the fiscal unity is jointly and severally liable for the fiscal liability of the fiscal unity.


Amsterdam, 9 February 2016

Amsterdam, 9 February 2016

The Management Board

The Supervisory Board

Harold Goddijn

Peter Wakkie

Taco Titulaer

Doug Dunn

Alain De Taeye

Guy Demuynck

 

Ben van der Veer

 

Jacqueline Tammenoms Bakker

 

Anita Elberse

 TomTom NV  

Amsterdam