TomTom 2013 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2013 TomTom annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

15. Investments in associates
As at 31 December 2013, the group held interest in a number of associates: Infotech Enterprises Ltd ('Infotech'), Beijing Golden Tom
Information Technology Co. Ltd. (Beijing Golden Tom) and WayTag (Pty) Ltd. (WayTag). Infotech provides content development and support
services while Beijing Golden Tom provides support in licensing TomTom map and traffic content in the Chinese market. WayTag is a South
Africa-based company that allows people and businesses to create a unique location identifier which either refers to a fixed location or to an
individual's current location.
The movements in the investments in associates can be specified as follows:
(€ in thousands) 2013 2012
BALANCE AS AT 1 JANUARY 3,880 4,450
Investments in associates 0 160
Result of associates13,091 726
Transfer to subsidiary2–2,957 0
Dividend received –1,036 –1,487
Other direct equity movements –124 31
BALANCE AS AT 31 DECEMBER 2,854 3,880
1Total comprehensive income equalled the net result of the associates, as there were no other items recognised in 'Other comprehensive income' of the associates. The 2013 result included a gain of € 2.5 million
relating to remeasurement of previously held interest in mapIT to its fair value.
2Following the acquisition of 51% interest in mapIT, this associate company is now included as a subsidiary in the consolidated financial statements.
As the associates are not material to the group, no further information is provided other than those detailed below. The (estimated) full-year
revenues and net profits of the associates and their assets (excluding goodwill) and liabilities are as follows:
Name of associate Country of
incorporation
Assets Liabilities Revenues Net result Interest held
2013
Infotech1India 189,492 33,879 220,454 27,195 1.35%
Beijing GoldenTom China 5,878 5,401 1,524 –636 49.00%
WayTag South Africa 167 41 0 –271 16.00%
2012
Infotech¹ India 193,408 33,919 216,442 22,236 1.35%
MapIT¹ South Africa 4,664 306 3,374 972 49.00%
Beijing GoldenTom China 5,547 5,531 2,288 –364 49.00%
WayTag South Africa 192 767 0 –435 16.00%
1This associate has a 31 March year-end. Data for calculating the result of associate, based on the equity method, is obtained from January through to December. The summarised financial information presented
above is based on financial statements for the years ending 31 March 2013 and 31 March 2012.
Infotech is regarded as an associate as TomTom is represented in the Board of Directors. The fair value of the investment in Infotech is €6.2
million (2012: € 3.7 million).
WayTag is regarded as an associate as TomTom is represented in the Board of Directors.
16. Inventories
(€ in thousands) 2013 2012
Finished goods 21,492 26,036
Components and sub-assemblies 20,768 18,347
INVENTORIES 42,260 44,383
Notes to the Consolidated Financial Statements / Continued
ANNUAL REPORT AND ACCOUNTS 2013 / 66