Tele Atlas N.V.
Tele Atlas Reports First Quarter Revenues of €64.0 Million
TELE ATLAS N.V. / Quarter Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Tele Atlas Reports First Quarter Revenues of €64.0 Million ‘s-Hertogenbosch, The Netherlands, May 3, 2007 – Tele Atlas NV (FSE: TA6, EUNV: TA), a leading global provider of digital maps and dynamic content for navigation and location based solutions, today reported results for the first quarter of 2007. First Quarter Highlights: · Revenues increased 13% over the prior year to €64.0 million (Q1 2006: €56.5 million). · Adjusted EBITDA increased 19% over the prior year to €5.1 million (Q1 2006: €4.3 million). · Net loss decreased 22% over the prior year to €8.4 million (Q1 2006: €11.0 million loss). · Personal navigation revenues increase 56% over the prior year showing continued strong growth in that market. · Previous 2007 full year guidance of approximately €315 million in revenues, Adjusted EBITDA of approximately €65 million and operating profit (EBIT) of approximately €3 million remains unchanged. Key Figures In millions of Euros, except otherwise noted Three months ended Three months ended Change March 31, 2007 March 31, 2006 % Revenues 64.0 56.5 13% Adjusted EBITDA1 5.1 4.3 19% Operating result (EBIT) (10.2) (11.0) 7% Net result (8.4) (11.0) 22% Average number of employees 1,612 1,413 14% Earnings per share (in €) (0.09) (0.12) 24% 1 Adjusted EBITDA is the operating result before capitalization, depreciation and amortization and before costs related to share-based payments. Alain De Taeye, Chief Executive Officer, said: : 'The personal navigation market continued to perform strongly, especially in North America, in what historically has been our slowest quarter in the year. We launched new services for application developers and content providers that facilitate the delivery of content-rich map-based applications. I am confident that we are on track for yet another good year.' Financial Highlights Starting 2007, certain changes have been made to segmentation and presentation. These changes are further clarified in the notes to these interim financial statements. Comparative information for 2006 has been restated to reflect these changes retroactively. Restated key quarterly financials by operating segment are summarized in the annex to this release. Revenues Tele Atlas' revenues for the first quarter of 2007 increased by 13% to €64.0 million compared to €56.5 million in the same period last year. Revenues grew 16% after adjusting for a €1.8 million effect of currency exchange rate changes. EMEA (Europe, Middle East & Africa) revenues for the quarter increased by 13% over the prior year to €44.4 million as a result of growth in the personal navigation segment. Americas revenues for the first quarter increased 8% from the prior year to €18.0 million, primarily due to increases in the automotive and personal navigation segments. Americas revenues grew 19% after adjusting for the effect of currency exchange rates changes. Revenues for the quarter in the Asia Pacific (APAC) area increased by 145% over the prior year to €1.6 million. Revenues Per Segment In thousands of Euros Three months ended Three months ended March 31, 2007*1 March 31, 2006*1 EMEA Americas APAC Total EMEA Americas APAC Total Automotive navigation 8,270 2,774 485 11,529 10,483 1,633 456 12,572 Data products navigation 4,248 46 42 4,336 5,760 101 - 5,861 Personal navigation 27,230 5,002 15 32,247 18,559 1,919 141 20,619 Enterprise and government 2,057 9,371 - 11,428 2,694 10,564 40 13,298 Other segments 2,057 2,432 - 4,489 1,613 2,552 - 4,165 43,862 19,625 542 64,029 39,109 16,769 637 56,515 Intra-company Commissions 541 (1,588) 1,047 - 96 (107) 11 - Net Revenue Total 44,403 18,037 1,589 64,029 39,205 16,662 648 56,515 *1 Segment revenues reflect revenues by database area. Intra-company commissions are for customer and technical support between areas. Personal Navigation: During the first quarter of 2007, worldwide revenues in the personal navigation segment increased by 56% over the same period in the prior year to €32.2 million. These 2007 first quarter revenues represent map license fees on 2.2 million personal navigation units as compared to 1.2 million units in the same quarter of the previous year. EMEA personal navigation revenues for the quarter were €27.2 million, an increase of 47% over the same period last year. Americas personal navigation revenues were €5.0 million, an increase of 161% over the same period last year. Automotive Navigation: As previously announced, Tele Atlas is phasing out its compilation and conversion activities. The impact of this phase out during the quarter was a reduction of approximately €1.9 million in compilation and conversion revenues. This reduction was offset by a similar reduction in cost of revenues and operating expenses. Worldwide revenues in the automotive navigation segment decreased by 8% to €11.5 million or approximately 1.0 million compared to the same period last year. Worldwide, the number of map licenses sold by Tele Atlas in the automotive segment grew 8% to over 0.5 million units compared to the same period last year. EMEA revenue in this segment was €8.3 million, a 21% or €2.2 million decrease from the same period in the prior year. Americas automotive navigation revenue increased by 70% to €2.8 million, resulting principally from growing sales to DENSO for General Motors. Enterprise and Government: First quarter revenue for the enterprise and government sectors (business-to-business) decreased 14% to €11.4 million from €13.3 million during the same period last year, mainly as a result of the Euro impact of changes in exchange rates. Americas revenue in this segment decreased by 11% to €9.4 million compared to last year due to these changes in exchange rates. EMEA revenue in this segment was €2.1 million compared to €2.7 million in the same quarter last year. Data Products Navigation: Revenues during the quarter from automotive navigation data products, a segment that today exists primarily in EMEA, decreased by 26% to €4.3 million compared to €5.9 million the same period last year due to reduced demand for map updates for older CD based systems. Other Segments: Revenue in the other segments, consisting of Internet and consumer wireless markets, increased by 8% to €4.5 million compared to €4.2 million during the same period last year. Operating Expenses Operating expenses excluding cost of revenues, depreciation, amortization, capitalization and employee stock option expense ('Adjusted Operating Expenses'), increased by 14% to €52.5 million for the first quarter of 2007 from €45.9 million in the same period in 2006. Excluding the effect of changes in exchange rates, Adjusted Operating Expenses increased by 19%. Cost of revenue increased by 2% to €6.4 million in the first quarter from €6.3 million in the first quarter of 2006. Cost of revenue decreased as a percentage of revenue in the first quarter as a result of the reduction of compilation and conversion revenues from services performed for one customer. These reductions were partially offset by increased royalties paid to data partners for areas where the company sources data from third parties and for additional content, such as points of interest. Including employee stock option expense, personnel expenses in the first quarter of 2007 increased by 15% to €35.4 million from €30.6 million in 2006. Expense related to share based payments in the first quarter of 2007 amounted to €5.2 million as compared to €4.8 million during the same period in 2006. Excluding employee stock option expense, personnel expenses in the first quarter of 2007 increased by 17% to €30.1 million from €25.8 million in 2006 as a result of an increased number of employees, including temporary personnel. The increased number of employees is partly due to the acquisitions in the second half of 2006 and demands associated with the growing business. Adjusted for the effect of changes in exchange rates, personnel expenses, excluding employee stock option expense, increased by 22% year year over. Other operating expenses during the quarter increased by 11% to €22.3 million from €20.1 million in the same period during 2006. Excluding the effect of changes in exchange rates, other operating expenses increased by 15%. This increase was primarily the result of legal cost incurred in connection with on-going litigation and a €1.3 million addition to the Company’s provision for doubtful accounts. Net Result Earnings before interest, taxes, depreciation, amortization, share based payments and capitalization of database and tool development costs (Adjusted EBITDA) for the first quarter of 2007 increased by 19% to a profit of €5.1 million from €4.3 million for the same period last year. Adjusted EBITDA for the EMEA region increased 30% to €19.9 million for the first quarter of 2007 compared to €15.3 million for the first quarter of 2006 as a result of increased sales revenues. The Adjusted EBITDA for the Americas increased 38% to €2.9 million in the first quarter of 2007 from €2.1 million in the same quarter during 2006. First quarter 2007 Adjusted EBITDA for APAC was a loss of €2.3 million versus a loss of €0.7 million in the same quarter in 2006, mainly as a result of increased personnel expenses, acquisitions and provisions for doubtful accounts. The consolidated operating result (EBIT) for the first quarter was a loss of €10.2 million, an improvement of 7% over the same period last year, principally due to the higher Adjusted EBITDA. Net financial income, including interest paid and received, along with other financing charges, amounted to a gain of €1.8 million during the first quarter of 2007, compared to €1.2 million in the same period of the previous year. The net result from the re-measurement of the investment in Infotech at fair value was a profit of €0.6 million, compared to a loss of €0.1 million the prior year. Tax charges for the quarter were €0.5 million as compared to a charge of €0.9 million in the first quarter of 2006. Tele Atlas’ consolidated after tax net loss during the first quarter of 2007 improved to €8.4 million, compared with a net loss of €11.0 million for the same period in 2006. Cash Flow Overall cash flow from operating activities for the first quarter of 2007 increased to an inflow of €9.6 million as compared to an inflow of €0.5 million during the same period during 2006 primarily as a result of increased Adjusted EBITDA and improvement in working capital movements. Cash outflow from investing activities which included investments in tangible fixed assets of €3.6 million and capitalized databases and tools of €2.8 million decreased to €6.5 million from €9.3 million in the first quarter of 2006. Personnel As of March 31, 2007 Tele Atlas had 1,629 full time employees world wide (December 31, 2006 1,628). First Quarter Operational Highlights Personal Navigation Tele Atlas provides digital maps and location based content to leading personal navigation brands such as TomTom, Mio, Navman and ViaMichelin. TomTom remained Tele Atlas’s largest customer with 30% of revenue in the first quarter of 2007. During the quarter, Tele Atlas and TomTom executed an amended agreement for the supply of map products to TomTom’s personal navigation product line. Under the agreement Tele Atlas will supply maps to the new TomTom ONE XL regional and the TomTom ONE XL Europe which were launched during the quarter. Other TomTom navigation devices using Tele Atlas maps include the TomTom GO 910, 715, 710, 510, the One Regional, and the One Europe. In February, Quantum, a provider of high-quality, innovative multimedia and mobile 'Personal TV' devices, and AvMap, the Italian leader in satellite navigation systems, announced the launch of QTM 1000 Nav. This is one of the world’s first device to integrate portable TV and advanced satellite navigation technologies. The device will feature digital maps and content from Tele Atlas. Enterprise and Government Tele Atlas continues to be the leading digital map supplier to the enterprise and government segment. In January, Tele Atlas announced an agreement to integrate MCH GeoPoints’ data within Tele Atlas’ digital maps and points of interest (POI) products. Through the agreement, federal, state and local governments and commercial enterprises such as insurance and utility companies will have access to information designed to assist with their map-based applications. During the quarter the company also renewed contracts with El Paso Gas and the US Department of Health and Human Services in North America. Coverage Advances, New Products and Innovations. Tele Atlas announced the expansion of its digital map coverage in South America as part of its ongoing global expansion strategy and in response to increased demand from global customers seeking maps of all major countries. Coverage was increased significantly in Brazil with Tele Atlas Brazil maps now reaching more than 65 percent of the country’s population. The maps feature street-level map coverage for more than 1,000 municipalities including navigable data for more than 150 cities, such as Brasília, Curitiba, Porto Alegre, Recife, Rio de Janeiro, Salvador and São Paulo. The availability of Tele Atlas Connect™ was announced during the quarter. Tele Atlas Connect™ provides basic mapping and routing functionalities for digital map coverage of more than 140 countries and is a complement to the company’s comprehensive MultiNet™ product which currently covers 64 countries. Tele Atlas Connect has already been selected by Nokia for the N95 multimedia device, the first product to leverage the data and help users initiate local searches all over the world. During the first quarter, Tele Atlas launched a European truck transport product. Tele Atlas Logistics carries information on limits for vehicle height, width, length, and weight. In addition, the product offers a range of truck-specific points of interest including the locations of appropriate service stations, truck stops and truck wash facilities. The Tele Atlas Logistics database is planned to be commercially available in July 2007 for the main road networks of Belgium, Denmark, France, Luxembourg, the Netherlands, and Switzerland. The Company also launched Tele Atlas ContentLink, a Web-based program for content collection, integration and distribution that gives location-based application developers access to a wide range of specialized content and points of interest. (POIs). Tele Atlas ContentLink is designed to streamline time-to-market by allowing developers to rapidly discover and obtain the latest content provided by publishers such as entertainment, lodging and services data. Expansion into South East Asia is ongoing and underscored by the opening of offices in Singapore and Seoul, South Korea and database enhancements in Malaysia, Thailand and Singapore. Full Year 2007 Outlook Previous 2007 full year guidance of approximately €315 million in revenues, Adjusted EBITDA of approximately €65 million and operating profit (EBIT) of approximately €3 million remains unchanged. These amounts exclude the impact of any acquisitions which may be completed in 2007 and unforeseen circumstances. Subsequent to 2007, Tele Atlas’ current expectation is that, barring unforeseen circumstances, the Company can grow revenues in excess of 20% on an annual basis for the next several years and that Adjusted EBITDA for each year will increase by approximately 50% of incremental revenue. This outlook is based on current circumstances, business estimates and expectations of future market and business, and is subject to revision based upon unforeseen circumstances. For more information, please contact: Jasper Vredegoor Investor Relations Manager, Tele Atlas NV Phone: + 31 73 640 21 70 jasper.vredegoor@teleatlas.com Webcast Q1 results 2007: 3 May 14:00 CET, www.teleatlas.com/investors Ticker Symbols ISIN: NL0000233948 Eurolist by Euronext Symbol: TA Geregelter Markt in Frankfurt (TecDax) Symbol: TA6 WKN: 927101 About Tele Atlas Tele Atlas delivers the digital maps and dynamic content that power some of the world’s most essential navigation and location-based services. The information is the foundation for a wide range of personal and in-car navigation systems and mobile and Internet map applications that help users find the people, places, products, and services they need, wherever they are. The company also works with business partners who trust its digital map data to deliver critical applications for emergency, business, fleet, and infrastructure services. Founded in 1984, Tele Atlas has approximately 2,400 full-time staff and contract cartographers at offices in 24 countries and uses a sophisticated network of professional drivers, mobile mapping vans, and more than 50,000 data resources to deliver highly accurate and up-to-date digital maps. Tele Atlas is listed on the Frankfurt Stock Exchange (TA6) and on Euronext Amsterdam (TA). For more information, visit www.teleatlas.com. Forward Looking Statements This release contains certain forward-looking statements. These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections about the industry, the Company’s beliefs and its assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'outlook,' 'plans,' 'believes,' 'seeks,' 'may,' 'will,' 'should' and 'estimates,' and variations of these words and similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control, are difficult to predict and could cause actual results to differ materially from those expressed, implied or forecast in the forward-looking statements. In addition, the forward-looking events discussed in this press release might not occur. These risks and uncertainties include, among others, those set forth under 'Risk Profile' in the Company’s 2006 annual report. Readers are cautioned not to place undue reliance on these forward-looking statements. Readers should read this press release with the understanding that actual future results and events may be materially different from what we currently expect. The forward-looking statements included in this press release reflect Tele Atlas’ views and assumptions only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Tele Atlas and the Tele Atlas logo are registered trademarks and trade names of Tele Atlas N.V. Other trademarks and trade names are the property of the owners of those trademarks and trade names. DGAP 01.06.2007 ---------------------------------------------------------------------- Language: English Issuer: TELE ATLAS N.V. Reitscheweg 7F NL-5232 BX `s-Hertogenbosch Niederlande Phone: +31 736 402 170 Fax: +31 736 402 122 E-mail: investor.relations@teleatlas.com www: www.teleatlas.com ISIN: NL0000233948 WKN: 927101 Indices: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-Bremen, Stuttgart, München, Hamburg, Düsseldorf; Foreign Exchange(s) Amsterdam End of News DGAP News-Service ---------------------------------------------------------------------------
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