TomTom 2008 Annual Report Download - page 68

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66 / NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OF TOMTOM NV
18. OTHER FINANCIAL ASSETS
The Group utilises currency derivatives to manage significant risks related to future transactions and cash flows
denominated in non-functional currencies. The Group is exposed to USD currency exchange risk on the
procurement side and to currency exchange risk related to sales in GBP, USD, AUD and some European
currencies on the revenue side. The Group does not purchase or hold financial instruments for trading purposes.
The Group is party to foreign currency forward contracts and plain option contracts for the management of its
exchange rate exposures. At the balance sheet date the total net fair value relating to outstanding foreign
exchange option and forward contracts to which the Group was committed, was a net asset of €36.0 million
(of which €0.6 million is included in other liabilities) compared to a net asset of €25.0 million in 2007.
At the balance sheet date, the notional value of outstanding foreign exchange option and forward contracts to
which the Group was committed was as follows.
(€ in thousands) 2008 2007
Rights and obligations to buy US dollars 384,400 748,000
Rights and obligations to sell US dollars -350,000 -348,000
Rights and obligations to sell GB pounds -132,900 -138,500
Rights and obligations to sell AU dollars -38,500 -96,500
19. CASH AND CASH EQUIVALENTS
(€ in thousands) 2008 2007
Cash and equivalents 194,322 173,337
Deposits 126,717 290,002
321,039 463,339
Cash and cash equivalents consist of cash held by the Group partly invested in short-term bank deposits with an
original maturity of three months or less.
All cash and cash equivalents are available for immediate use by the Group.
20. SHAREHOLDERS’ EQUITY
2008 2008 2007 2007
(€ in (€ in
No. thousands) No. thousands)
Authorised:
Ordinary shares 333,000,000 66,600 333,000,000 66,600
Preferred shares 166,500,000 33,300 166,500,000 33,300
499,500,000 99,900 499,500,000 99,900
Issued and fully paid:
Ordinary shares 123,316,000 24,663 121,785,000 24,357
All shares have a par value of €0.20 per share (2007: €0.20 per share).
In 2008, 1,530,689 shares were issued following the exercise of share options by employees (2007: 707,370).
Our reserves are freely distributable except for €32.7 million of legal reserves. Refer to note 6 in our company
Financial Statements for an overview of our non-distributable reserves.