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ANNUAL REPORT AND ACCOUNTS
2009
THE AUTHORITY IN LOCATION
AND NAVIGATION SOLUTIONS

Table of contents

  • Page 1
    ANNUAL REPORT AND ACCOUNTS 2009 THE AUTHORITY IN LOCATION AND NAVIGATION SOLUTIONS

  • Page 2
    CONTENTS REVIEW 01 02 04 06 Introduction CEO letter Profile and strategy Our business units 06 Consumer 08 Automotive 10 Licensing 12 WORK Management Board report Corporate social responsibility Internal control report Business risks Corporate governance Profile of the Management Board and ...

  • Page 3
    ...-TomTom available on the new Renault car lines LIVE Services made available on mid-range TomTom XL LIVE Fiat Group Automobiles and TomTom jointly develop the integrated portable navigation solution Blue&Me - TomTom TomTom application for Apple iPhone launched Samsung Electronics selects Tele Atlas...

  • Page 4
    ...our map production process and to improve the time to market from the current quarterly batch release to a 48-hour update cycle. OUR CHANGING INDUSTRY The industry we operate in is going through substantial change. Increasingly, digital maps are being deployed in the battle for mobile phone screens...

  • Page 5
    ...my gratitude to our shareholders, who recognised the value of our assets and supported us during the year. Finally, I would like to voice my appreciation to our partners and, of course, our customers who helped us to round off the year successfully. Harold Goddijn Chief Executive Officer, TomTom NV

  • Page 6
    ... more customers. Our company structure consists of four customerfacing business units - Consumer, Automotive, Licensing and WORK. The first three units sell their navigation products and services to one specific group of customers, whilst Licensing sells its content and services to multiple customer...

  • Page 7
    ... heart of our strategy and with the input we receive from our large community of users, combined with our own technologies, we are able to make this a reality. By increasing the number of countries where we offer our real time services and by increasing the number of connected devices in the market...

  • Page 8

  • Page 9
    ... entry level TomTom Start and ONE through to our mid range XL IQ Routes edition and to our premium TomTom GO LIVE series. Our product range also features the best selling TomTom for iPhone application and car kit. The origins of this business unit lie in the development of software applications...

  • Page 10

  • Page 11
    ... We lead in innovation, offering the best navigation, services and content in the market with the high level of quality this market demands. OUTLOOK We expect strong revenue growth in the future. Our existing customer base will continue to sell our products in Europe, North America and Asia-Pacific...

  • Page 12

  • Page 13
    ... of map updates to 48-hour incremental updates and to deliver the best overall navigation experience available. We will continue to deliver more differentiated offerings that provide a new generation of maps, dynamic content and routing intelligence. Working with the other TomTom business units, we...

  • Page 14

  • Page 15
    PROFILE The WORK business unit offers professional solutions for commercial fleets. Our connected WORK navigation products and services allow enterprises to monitor, manage and communicate with their drivers and fleets of vehicles, thereby increasing the overall efficiency, safety and ...

  • Page 16
    ...upgrade for line-fitted navigation, delivering IQ Routesâ„¢ and advanced lane guidance features. These features can easily be added to the device, thanks to its removable SD card drive and TomTom's desktop software application TomTom HOME. In March 2009, we also announced our second generation parts...

  • Page 17
    ... the new TomTom GO 7000 TRUCK device designed for trucks and large vehicles. It provides routing which takes into account truck specific road restrictions and which favours major roads, avoids sharp turns and reflects the lower speeds that trucks typically travel. BRAND The TomTom brand is...

  • Page 18
    16 / MANAGEMENT BOARD REPORT (CONTINUED) FINANCIAL REVIEW Since completing the acquisition of Tele Atlas in June 2008, TomTom has reported three main revenue lines: TomTom, which is split into PND and Other revenue, and Tele Atlas. For comparative reasons, this review presents pro-forma figures ...

  • Page 19
    ... out the Carminat-TomTom solution in multiple Renault car models and sold its first products for selected Fiat vehicles. Other revenue, excluding WORK and Automotive increased and was mainly driven by map and traffic subscription sales and our application for the Apple iPhone. Tele Atlas third party...

  • Page 20
    ... the combination of TomTom and Tele Atlas and from innovation in map production techniques. In 2009 TomTom lowered its total R&D expenses without undermining strategic R&D activities. We continued to invest in key R&D activities and increased the level of investment activities where needed. Total...

  • Page 21
    ...were moved to the group-wide shared service centres during the year. The decrease was mainly driven by our cost reduction programme but there was also a benefit of some one-off releases. STOCK COMPENSATION CHARGES TomTom's foreign exchange risk management policy is approved by the Supervisory Board...

  • Page 22
    ... was invested in technology and development and â,¬19 million on property plant and equipment. Our main investments in 2009 were in our map database, HD Traffic, navigation technologies and the acquired technology from ilocal. 368 Cash flow from financing activities mainly consists of the net...

  • Page 23
    ... and compensation. HUMAN RESOURCES ORGANISATION COMPENSATION AND BENEFITS Compensation Our approach to compensation is set up to support the company's worldwide strategy, and consists of a mixture of base salary and performance-related bonus, plus a long-term incentive for certain employees. In...

  • Page 24
    ...Map Share™ to map production and Speed Profiles®, these units are pivotal to TomTom's development of its core technologies. In addition, they are responsible for developing and delivering the platforms for services and content delivery such as our LIVE Services and HOME device management software...

  • Page 25
    ... into the inclusion of HD Traffic there in due course. At the end of the year over 400,000 consumers actively used our services. AUGUST > 3 August WORK announced a new connected navigation device for commercial vehicle fleets, the TomTom GO 9000. The GO 9000 is specifically developed to meet the...

  • Page 26
    ... products. We have developed various safety features which are included in all TomTom devices. These include our Help Me! emergency menu, advanced lane guidance and voice command and control features. We partner with roadside assistance service automobile clubs in all relevant countries to give car...

  • Page 27
    ... its end-users on the appropriate disposal of devices. SUPPLY CHAIN MANAGEMENT COMMUNITY As part of our CSR strategy we take our responsibility towards the communities in which we live and work seriously. We promote road safety and encourage local charitable activities. When it comes to corporate...

  • Page 28
    ... systems are designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and can provide reasonable, but not absolute, assurance against material misstatement or loss. The company views the management of risk as a key management activity. The Board reviews the...

  • Page 29
    ... RISK MANAGEMENT We expect competition to increase as new companies target this market in response to the perceived potential for growth. Many of the current and potential future competitors for our products are large, well-known companies with greater financial, technical and human resources than...

  • Page 30
    ... different business units through our shared technologies production units that focus on creating innovative benefits to enhance the navigation experience for our customers. Average selling price decline We expect the prices we charge for our products to decrease over time, as supply and range of...

  • Page 31
    ... be free and open to everyone. OPERATIONAL RISKS We have moved into new markets, diversifying our product portfolio by rolling out realtime products such as HD Trafficâ„¢, IQ Routesâ„¢ and dynamic routing and our connected navigation solution to business clients (TomTom WORK) in a growing number of...

  • Page 32
    ...level of automation. Over the past few years we acquired Tele Atlas (for map data), Applied Generics (for HD Traffic) and ilocal (for enriched map content), and additionally we launched Map Shareâ„¢. In order to facilitate producing higher quality maps at lower production costs we are in the process...

  • Page 33
    ...fees, costs and expenses and diversion of management's attention from the operation of our business. The use of map data by, and provision of route instructions to, vehicle drivers carries an inherent risk of product liability claims and associated adverse publicity. Claims could be made by users of...

  • Page 34
    ... of Tele Atlas. The facility agreement includes a â,¬174 million revolving credit facility which remained entirely undrawn as of 31 December 2009. The terms of the facility agreement were amended in June 2009 and the net cash proceeds from a rights issue in July 2009 were used to reduce our level of...

  • Page 35
    ...Executive Officer of Tele Atlas and his remuneration at that time were considered. 3. Best practice provision IV.1.1 provides that a company's General Meeting of Shareholders may pass a resolution to set aside the binding nature of a nomination for the appointment of a member of the Management Board...

  • Page 36
    ...OF THE MANAGEMENT BOARD The Management Board is responsible for the day-to-day management of the operations of the company, which means, among other things, that it is responsible for achieving the company's aims, the strategy associated risk profile, the development of results and corporate social...

  • Page 37
    ... its decision making process, which are posted on the website. The main task of the Supervisory Board is to supervise the activities of the Management Board and the general course of affairs of TomTom and its business. The Supervisory Board assists the Management Board by providing it with advice...

  • Page 38
    ... Bergh owns 5,000 shares in the company. These shares are held as a long-term investment within the meaning of best practice provision III.7.2 of the Corporate Governance Code and were not granted as part of his remuneration. Joost Tjaden is a management board member of a Dutch company called "Flevo...

  • Page 39
    ... six months of the end of each financial year. An Extraordinary General Meeting of Shareholders may be convened, whenever our interests so require, by the Management Board or the Supervisory Board. Shareholders representing alone or in aggregate at least one-tenth of our issued and outstanding share...

  • Page 40
    ... Board, is authorised to grant rights to subscribe for ordinary shares up to 6,500,000 ordinary shares for the purpose of implementing and the execution of the TomTom Employee Stock Option Plan 2009 and the TomTom Management Board Stock Option Plan 2009 (the "Stock Option Plans 2009") during 2009...

  • Page 41
    ...information on this authority of the Management Board, see the Protection Mechanism section below. PRE EMPTIVE RIGHTS Stock exchange price means: the average of the closing price of the TomTom share according to the Official Price List of NYSE Euronext Amsterdam on the five consecutive trading days...

  • Page 42
    ... Articles of Association, a resolution of our Management Board to issue preference shares, or to grant rights to subscribe for preference shares, as a result of which the aggregate nominal value of the issued preference shares will exceed 50% of the outstanding capital of ordinary shares at the time...

  • Page 43
    ... of the assets, liabilities, financial position and profit or loss and the undertakings included in the consolidation taken as a whole, and the Management Report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in...

  • Page 44
    ... headed the Tele Atlas group, successfully introducing the company on the Frankfurt and the Amsterdam Stock Exchanges. In 2008, TomTom acquired Tele Atlas and Alain was appointed as a member of the Management Board in October 2008. The Management Board is responsible for the day-to-day management...

  • Page 45
    ..., Guy was Chief Executive Officer of Kroymans Corporation BV, a company active in the automotive industry. Guy currently is a member of the Management Board of Belgacom NV, a member of the Advisory Board of the Acceleration Group and Chief Executive Director of Liquavista BV, a company active in the...

  • Page 46
    ... in June 2009, Joost Tjaden joined the Supervisory Board. As is customary in TomTom, the new members were offered the opportunity to gain insight into the company, its various business units and the all important technology portfolio through one-on-one meetings and talks with key managers within the...

  • Page 47
    ...Governance Code of December 2008, necessitated the discussion of such items as the company's approach toward corporate social responsibility, the review of the Supervisory Board profile and the update of the Management Board and Supervisory Board rules as well as the new policy on bilateral contacts...

  • Page 48
    ... for comparable positions in Dutch listed companies. Base salary levels that are not in line with median market practice shall be aligned with these levels in a well-considered manner. Annually, the base salary levels shall be reviewed, taking into account developments in the pay market and the job...

  • Page 49
    ... was key to keep the company financially healthy and allow it to focus on its strategy and future. Applying the pre-determined performance criteria to the 2009 results of the company, as published in this Annual Report, the Supervisory Board has awarded an overall pay out ratio of 30% of the target...

  • Page 50
    ... in 2009. As the company's financial position is more balanced, the first steps will be taken to align base salary levels for the CEO and CFO with median market practices in the Netherlands. The Supervisory Board has decided to add a top-line performance-related target as a financial key performance...

  • Page 51
    ... the Management Board members, the Director of Business Assurance and the external auditor. The CIO, Head of Tax & Treasury (Director of Corporate Finance), Head of Investor Relations, the CFO of Tele Atlas and the Director of Legal Services presented and reported to the Audit Committee. Activities...

  • Page 52
    ...2009. The Annual Report for 2009 is available at the company's offices on request and on the company's website. Upon adoption of the Annual Accounts for 2009, and in accordance with article 2:394 of the Dutch Civil Code and article 5:25o of the Financial Markets Supervision Act, the Management Board...

  • Page 53
    ... of TomTom NV COMPANY FINANCIAL STATEMENTS OF TOMTOM NV 88 89 90 92 93 94 96 Company statement of income of TomTom NV Company balance sheet of TomTom NV Notes to the company Financial Statements Other information Auditor's report to the Financial Statements SHAREHOLDER INFORMATION KEY FIGURES...

  • Page 54
    ... STATEMENT OF INCOME OF TOMTOM NV for the year ended 31 December (â,¬ in thousands) Notes 5 6 2009 20082 Revenue Cost of sales Gross result Operating expenses Research and development expenses Amortisation of technology and databases Marketing expenses Selling, general and administrative...

  • Page 55
    ... Attributable to: - Equity holders of the parent - Minority interest Total comprehensive income for the year The notes on pages 57 to 87 are an integral part of these consolidated financial statements. 86,386 -872,048 -925 -4,956 -5,881 80,505 80,375 130 80,505 7,783 0 7,783 -864,265 -864,133...

  • Page 56
    ... BALANCE SHEET OF TOMTOM NV as of 31 December (â,¬ in thousands) Notes 2009 2008 Assets Non-current assets Goodwill Other intangible assets Property, plant and equipment Investments in associates Deferred tax assets Total non-current assets Current assets Inventories Trade receivables Other...

  • Page 57
    ...) Notes 2009 2008 Cash flow from operating activities Operating result Financial (losses) / gains Impairment charge Amortisation of intangible assets Depreciation of property, plant and equipment Change to provisions Change to stock compensation reserve Changes in working capital: Change in...

  • Page 58
    ... / CONSOLIDATED STATEMENT OF CHANGES IN EQUITY OF TOMTOM NV Share capital Share premium Other reserves Retained earnings / (deficit) Minority interests Total equity (â,¬ in thousands) Notes Total Balance as at 31 December 2007 Comprehensive income Result for the year Other comprehensive income...

  • Page 59
    ... OF TOMTOM NV 1. GENERAL TomTom NV (the "company") has its statutory seat and headquarters in Amsterdam, the Netherlands. The activities of the company include the development and sale of location and navigation solutions. The consolidated financial statements of the company for the year ended 31...

  • Page 60
    ... obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the group. All inter-company transactions, balances, income and expenses are eliminated on consolidation. Business combinations The...

  • Page 61
    ... by the licensing of geographic content of the Tele Atlas database to customers. Licensing takes the form of selling products (CDs and DVDs) to end users for perpetual use or for a fixed period of time. Revenue is recognised when the product is sold to the end-user. Where the data is licensed for...

  • Page 62
    ... value of each element is determined based on the current market price of each of the elements when sold separately. The amount of revenues allocated to the hardware element is recognised in line with the accounting policy for the sale of goods as described above. The revenue relating to the service...

  • Page 63
    ... adjustment to equity (stock compensation reserve) over the remaining vesting period. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium when the options are exercised. Performance share plan Cash-settled...

  • Page 64
    ... are as follows: Databases and tools Brand name Customer relationships Computer software Acquired technology 10-20 years 20 years 20-27 years 2-5 years 4-5 years Customer relationships include customers for Tele Atlas maps, there is a high cost to change map providers and historically there is high...

  • Page 65
    ... value is a positive number; otherwise the derivative is classified as a financial liability. Regular purchases and sales of financial assets are recognised on the trade date - the date in which the group commits to purchase or sell the asset. Financial assets carried at fair value through profit...

  • Page 66
    ... any excess stock. Net realisable value represents the estimated selling price less an estimate of the costs of completion and direct selling costs. Trade receivables Trade receivables are initially recognised at fair value, and subsequently measured at amortised cost (if the time value is material...

  • Page 67
    ... of sales incentives. We offer sales incentives, including channel rebates and end-user rebates for our products. The estimate is based on our historical experience taking into account future expectations on rebate payments. If there is excess stock at retailers when a price reduction becomes...

  • Page 68
    ... management reporting is structured based upon two main segments, TomTom and Tele Atlas (Licensing). TomTom generates revenue primarily from the sale of navigation solutions whilst Tele Atlas develops and licenses the use of geographic database to its customers. Although the group has activities...

  • Page 69
    ... of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. Total segment assets for management reporting are measured consistently with the assets measure on the balance sheet. Assets are only allocated to TomTom and Tele Atlas segments which...

  • Page 70
    ...of the target bonus. Key management summary of salaries, performance-related bonuses and other emoluments Short term employee benefits Post employment benefits Other long term benefits Termination benefits Total remuneration Share plan Options 2009 Management Board and senior management 2,697,274...

  • Page 71
    ... The following tables summarise information about share options and performance shares granted to members of the Management Board. Stock option plan Outstanding 1 Jan 2009 Granted In 2009 Liffe Adjustment Exercised in 2009 Forfeited Outstanding in 2009 31 Dec 2009 Exercise price Expiry date Harold...

  • Page 72
    70 / NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF TOMTOM NV 8. ADDITIONAL INFORMATION REGARDING OPERATING EXPENSES (continued) Average number of employees The average number of employees in 2009 was 3,294 (2008: 2,703). At 31 December 2009, the group had 3,089 (2008: 3,498) employees. ...

  • Page 73
    ... share is not an IFRS performance measure and thus is not comparable across companies. Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares outstanding during the year...

  • Page 74
    ... have been acquired at fair value (determined as the average annual market share price of the company's shares), based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would...

  • Page 75
    ...'s cash generating units (CGUs) identified according to the core business activities as monitored by management. A segment-level summary of the goodwill allocation for our main segments is presented below. 2009 (â,¬ in thousands) TomTom Tele Atlas Total TomTom 2008 Tele Atlas Total / 73 Goodwill...

  • Page 76
    ... 569 402 3,398 -3,821 -45 503 Balance as at 31 December 2009 Investment cost Accumulated depreciation 16,249 -11,030 5,219 No impairment of property, plant and equipment was identified during the accounting period. The carrying value of fixed assets held under finance leases at 31 December...

  • Page 77
    ...unrecoverable amounts from the sale of goods. The carrying amount of trade receivables approximates their fair value. The group does not hold any collateral over these balances. The group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. There is some...

  • Page 78
    ... TO THE CONSOLIDATED FINANCIAL STATEMENTS OF TOMTOM NV 17. TRADE RECEIVABLES (continued) The following table sets out details of the age of trade accounts receivable that are not overdue, as the payment terms specified in the terms and conditions established with our customers have not been exceeded...

  • Page 79
    ... at the maturity date of the financial instruments (note 24). A 0.5% decrease or increase in the average Euribor rate over 2009 would cause our 2009 equity balance to increase or decrease by â,¬6.6 million (2008: nil) as a result of the change in the market to market value of the interest rate swap...

  • Page 80
    ...compensation is to retain employees and align the interests of management and eligible employees with those of shareholders, by providing additional incentives to improve the group's performance on a long-term basis. In July 2009 TomTom finalised a rights issue in which shares were issued at â,¬4.21...

  • Page 81
    ...covered at the time of exercise by issuing new shares. The following table summarises information about the stock options outstanding at 31 December 2009: Number outstanding at 31 Dec 2009 1 Exercise Weighted price per average share 1 remaining life Number exercisable at 31 Dec 2009 Weighted average...

  • Page 82
    ... for listed peer group companies, as well as the historic volatility of the TomTom NV stock price. The group's employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value...

  • Page 83
    ... our financial condition. The performance indicators relate to interest cover and leverage. In case of a breach of these covenants the banks are contractually entitled to request early repayment of the outstanding amount. The carrying amount of the group's borrowings is denominated in euros. In 2009...

  • Page 84
    ... rate paid by comparable companies on borrowings with comparable terms. Since we hedged our exposure to movement in Euribor rate as from 31 July 2009 to 31 December 2011, our exposure to interest rate risk was limited to the first seven months period of the year. A 0.5% increase or decrease in...

  • Page 85
    ...). The deferred tax asset and deferred tax liability result from timing differences between the tax and accounting treatment of the amortisation of intangible assets, tax loss carry forwards and certain provisions. (â,¬ in thousands) 2009 2008 / 83 Deferred tax: To be recovered after more than...

  • Page 86
    84 / NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF TOMTOM NV 26. PROVISIONS Claims, Litigation & Other (â,¬ in thousands) Warranty Total Opening balance at 1 January 2008 Increases in provisions Utilised Released Opening balance at 1 January 2009 Increases in provisions Utilised Released ...

  • Page 87
    ...at 31 December 2009, the group had open purchase commitments with our contract manufacturers for certain products and components. Based on our forecasts of the number of units we will require, our contract manufacturers order the requisite component parts from their suppliers. Our manufacturers have...

  • Page 88
    ... database. This technology will complement TomTom's existing in-house and third party sourced Points of Interest datasets which in turn will enrich the quality of our navigation content. The fair value of the net assets acquired amounted to â,¬15.1 million which comprise mainly of: intangible assets...

  • Page 89
    ... directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The fair value of the financial assets/(liabilities) carried at fair value through profit...

  • Page 90
    88 / COMPANY STATEMENT OF INCOME OF TOMTOM NV for the year ended 31 December (â,¬ in thousands) Notes 2 3 4 2009 2008 Result of subsidiaries after taxation Result of associate Other income and expenses after tax Net result 164,254 0 -77,487 86,767 -802,388 -13,455 -56,742 -872,585

  • Page 91
    ... SHEET OF TOMTOM NV as of 31 December (before proposed appropriation of result) / 89 (â,¬ in thousands) Notes 2009 2008 Assets Non-current assets Investments in subsidiaries Deferred tax asset Other financial assets Total non-current assets Current assets Receivables Inter-company receivable...

  • Page 92
    ...STATEMENTS AND PRINCIPLE ACCOUNTING POLICIES 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 apply to the company financial statements. In accordance with section 362.8 of Part 9 of Book...

  • Page 93
    NOTES TO THE COMPANY FINANCIAL STATEMENTS / 91 5. SHAREHOLDERS' EQUITY For the statement of changes in consolidated equity for the year ended 31 December 2009, please refer to page 56 in the Consolidated Financial Statements. 6. OTHER RESERVES Legal reserve participations Cumulative translation ...

  • Page 94
    ...description of the Stichting Continüiteit TomTom (the "Foundation"), reference is made to the Corporate Governance section in the Annual Report. AUDITOR'S REPORT Reference is made to the auditor's report on page 93. Amsterdam, 18 February 2010 Management Board: Harold Goddijn Marina Wyatt Alain De...

  • Page 95
    ... to the company financial statements In our opinion, the company financial statements give a true and fair view of the financial position of TomTom NV as at 31 December 2009, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Report on other...

  • Page 96
    ...Management Board in April 2009 to issue preference shares and to grant rights to subscribe for such shares until 28 October 2010, which authority is limited to 50% of the number of issued ordinary shares at the time of issue. More information on the protection mechanism can be found in the corporate...

  • Page 97
    ... 2005 Year end share price Year high Year low Average volume (in millions) 6.25 13.33 2.21 3.2 4.30 42.73 3.08 2.3 42.56 56.02 23.86 1.5 27.04 31.41 19.36 1.1 23.97 33.42 13.60 0.8 Information about our current share price is available on our website: (http://investors.tomtom.com/stockquote...

  • Page 98
    ... Provisions Borrowings Trade payables Total equity and liabilities Key ratios Average Sales Price (PND) # PNDs sold (thousands) Days sales of inventory (DSI) Days sales outstanding (DSO) Creditor days Share price At end of period Volume (million) Number of employees At end of period 1,480...

  • Page 99
    ... to safeguard the environment through all their processes. They have also registered and have had audits done by the Carbon Trust to reduce their Carbon Footprint. The coated paper used in this report contains material sourced from responsibly managed forests, certified in accordance with the FSC...

  • Page 100
    TomTom NV Oosterdoksstraat 114 1011 DK Amsterdam The Netherlands Tel: +31 (0)20 757 5000 WWW.TOMTOM.COM