En nog zijn er klotskoppen, die zeggen de cash van Tom tom moet je gebruiken voor dividend of aandelen inkoop voor de schrap
Als je geen cash hebt maar een bankschuld heb je te maken met bankconvenanten en kun je independent vergeten.
Zie je het al voor je.
bankschuld 200 miljoen en een ebitda van - 10.
Taco zei er op de laatste CMD het volgende over.
Maarten Verbeek – the IDEA! – Research Analyst
Maarten Verbeek, the IDEA!. Firstly, looking at your capital allocation. And to understand you correctly?
You say that you first want to do something about returning cash to shareholders when you have a stable
free cash flow, does that imply that it won't be before 2025? So, as of 2026?
Taco Titulaer – TomTom – Chief Financial Officer
Well, I think there are a couple of things. So, two things are important. Independence. So, no debt and a
strong cash position. Now, we've reached that. The second is, knowing that you're in an operation where
you create free cash flow, and also have the forecast that that will continue. That could be in 2024, but not
in 2023. And if we reach our target as we explained, it will be in 2025.
On capital allocation, our balance sheet is strong, we don't have any debt. So, we have a little bit over €300
million of cash. Some of that cash is, of course, used to run our business, to fund our bank accounts. The
rest, with the benefit of hindsight, is needed to be ready for an unplanned events like pandemics and supply
chain issues, but also to make sure that we can be independent. What we have done in the last years, is
that we have bought back shares. But that is purely to prevent the dilutive effects of our share option plans
– RSU plans, that we have internally. We have enough treasury shares in house to compensate for that for
the coming years. So, I don't expect to buy back any shares in 2023. If we reach that level of profitability,
and it is sustainable, and there's kind of a short- to mid-term outlook that we can continue on that path, we
will we think and rediscuss capital allocation. But for now, we do not have any short term plans.
Taco Titulaer – TomTom – Chief Financial Officer
Oh, okay. Now, I think that the effect that we've seen – the split between operational growth and IFRS
growth will get smaller over time, first of all
Dus de 300 miljoen cash is nodig om onafhankelijk te blijven.
Verschil tussen operationel automotive omzet en IFRS omzet wordt kleiner.
Als de FCF komt uit de omzet en niet of minder uit deferred en we zien, dat dat blijvend is, gaan we denken aan kapitaal teruggaven.
Dus helemaal eens met Taco :-)