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's-Hertogenbosch, Netherlands, Feb 28, 2008 - (ABN Newswire) - Tele Atlas Reports Record Fourth Quarter and Full Year 2007
2007 Net Income €24.4 million, Revenue Increases 17%
's-Hertogenbosch, The Netherlands, February 28, 2008 - Tele Atlas NV (EUNV: TA, FSE: TA6), a leading global provider of digital maps and dynamic content for navigation and location based solutions, today reported results for the fourth quarter and full year of 2007.
Highlights of the full year and fourth quarter 2007:
* Full year revenues increased 17% to €308.0 million from €264.3 million in 2006 * Full year Adjusted EBITDA increased 45%, to €63.6 million in 2007 * Positive full year net income of €24.4 million * Fourth quarter revenues increased 17% to €96.9 million * Fourth Quarter Adjusted EBITDA increased 49% to €31.3 million * Portable Navigation grew 35% and Internet and Wireless grew 66% over 2006 * TomTom transaction in phase two review by European Commission * Outlook 2008: Estimated revenues will grow to €375 - €385 million and Adjusted EBITDA will grow to €85 - €95 million
[1] Adjusted EBITDA is the operating result before capitalization, depreciation and amortization, costs related to Share-based Payments and before transaction costs related to the proposed TomTom transaction.
Alain De Taeye, Chief Executive Officer, said: "This was a landmark year for Tele Atlas. We saw record numbers of portable navigation devices sold worldwide, strong growth in the wireless and Internet sectors, innovation in automotive navigation, and the announcement that TomTom intends to acquire the company. Tele Atlas stands ready to lead a new era in the digital map industry, one in which interaction with and feedback from the end user community helps us get closer to the ideal of creating maps in real time that accurately reflect the ever-changing world around us."
Financial Highlights
Beginning with fiscal 2007, certain changes have been made to segmentation and presentation in our reporting. These changes are further clarified in the notes to our financial statements. Comparative information for 2006 has been restated to reflect these changes retroactively.
Revenues
Worldwide revenues increased by 17% to €308.0 million in 2007 from €264.3 million in 2006. Excluding the effect of changes in exchange rates worldwide revenue growth was 19%. Revenues in EMEA increased by 12% to €216.7 million compared to €193.0 million in 2006, largely due to growth in portable navigation. Revenues in the Americas increased by 20% to €79.1 million in 2007 compared to €66.2 million in 2006. Excluding the effect of changes in exchange rates, revenue growth in The Americas was 31%. In APAC, revenues grew from €5.2 million to €12.3 million. Our largest customer in 2007 was TomTom, representing 32% of our revenues (2006: 26%). The only other customer with a share in our revenues of more than 10% in 2007 was Mio/Navman with 13%.
[1] Segment revenues reflect revenues by database area. Intra-company commissions are for customer and technical support among areas. Rounding differences may occur.
Portable Navigation
During the fourth quarter of 2007, worldwide revenues in the portable navigation segment increased by 27% over the same period in the prior year to €60.4 million. Revenues in the segment grew 38% after adjusting for the €4.4 million effect of currency exchange rate changes. Fourth quarter segment revenues in 2007 reflect map license fees from the sale of 6.2 million portable navigation units during the quarter as compared to 3.1 million units in the same period during the previous year. EMEA portable navigation revenues for the quarter were €44.6 million, an increase of 10% over the same period last year. Americas portable navigation revenues were €14.9 million, an increase of 141% over the same period last year (a 211% increase, excluding exchange rate effect). The difference between portable navigation unit and revenue growth rates resulted from a movement towards lower cost portable navigation systems, coupled with product price reductions in effect during the quarter.
Full year revenues in portable navigation increased by 35% to €171.0 million from €127.1 million in 2006. The 2007 revenues represent 15.3 million units versus 7.5 million units in 2006. Revenues in the EMEA portable navigation segment grew by 22% to €137.4 million from €112.2 million in 2006. Revenues in the Americas portable navigation segment grew by 136% to €32.5 million from €13.8 million in 2006 as a result of the rapid growth in the market for portable navigation systems. In APAC revenues in this segment remained level with the prior year.
Automotive navigation
Revenues in the automotive segment for the quarter decreased 13% from the same quarter the prior year to €11.7 million. After adjusting for the effects of changes in currency exchange rate, revenues decreased by 10%. Worldwide, the number of map licenses sold by Tele Atlas in the automotive segment grew to 0.5 million units. EMEA revenue in this segment was €7.5 million, a 16% decrease from the same period in the prior year. This decline was primarily the result of the loss of the Volkswagen midline business. The Americas automotive navigation revenues decreased by 16% to €3.3 million. After adjustment for the effects of changes in exchange rates, the decrease in the Americas automotive revenue was 6%.
For the full year, revenues in the automotive navigation segment decreased by 11% to €45.8 million from €51.7 million in 2006. The 2007 revenues represent 2.0 million units as compared to 1.5 million units in the prior year. Revenues in the EMEA automotive navigation segment decreased by 18% to €31.4 million as compared to €38.3 million in 2006. This decline was primarily the result of the loss of the Volkswagen midline business and the phasing out of the compilation and conversion activities in 2007. The compilation and conversion decrease was offset by a similar reduction in cost of revenues and operating expenses. Revenues in the the Americas automotive navigation segment increased by 8% to €12.0 million compared to €11.1 million in 2006. In APAC, revenues for the automotive segment increased by 11% to €2.5 million.
Enterprise and government
Fourth quarter worldwide revenue from the enterprise and government sectors remained stable at €12.1 million. Revenues increased 8% after adjusting for a €1.0 million effect of currency exchange rate changes.
Full year revenues in the enterprise and government sector declined by 4% to €45.9 million from €47.6 million in 2006. This was mainly caused by exchange rate effects. Excluding exchange rates revenues in this segment increased by 3%.
Data Products Navigation
Fourth quarter revenues from navigation data products decreased by 9% to €4.6 million compared to €5.1 million the same period last year.
Full year revenues in the data products navigation segment, a segment which today exists primarily in EMEA, decreased by 10% to €20.9 million from €23.2 million in 2006 due to reduced demand for map updates for older CD based systems and a shift in sales from the dealer and consumer channel towards the platform channel.
Other Segments Revenue in the fourth quarter in the other segments, consisting of consumer wireless and Internet segments, increased by 70% to €8.1 million compared to €4.8 million during the same period last year as a result of strong growth in the consumer wireless segment in the EMEA and Americas regions.
Full year revenues in this segment increased by 66% to €24.4 million as compared to €14.7 million in 2006. EMEA revenues in this segment grew 79% in 2007 to €13.4 million from €7.5 million in 2006 while the Americas revenues increased 48% in 2007 to €9.2 million from €6.2 million in 2006. Growth in this segment for APAC was €0.8 million to €1.8 million.
Operating Expenses
Total operating expenses, excluding depreciation and amortization charges and the reversal of recognized impairment charges which were recognized in 2003, increased by 10% to €267.7 million from €242.5 million in 2006. Employee stock option expense included in operating expenses in 2007 amounted to €16.8 million, compared to €21.9 million in 2006. Excluding employee stock option expense, operating expenses increased by 11% to €250.9 million from €220.5 million in 2007. Included in 2007 operating expenses is an amount of €6.5 million related to the proposed acquisition by TomTom. The effect of changes in exchange rates for operating expenses was a €8.3 million reduction. The cumulative full year impact on operating expenses of the acquisitions in 2007 in Taiwan, Thailand and South Africa was €0.6 million. Cost of revenue increased to €31.8 million from €25.7 million in 2006. As a percentage of revenues, cost of revenues remained stable at 10%.
Personnel expenses excluding stock option expenses, increased by 11% to €120.8 million from €109.2 million in 2006. This increase was primarily due to increases in headcount as our operations grew.
Other operating expenses increased by 15% to €98.4 million in 2007 from €85.7 million in 2006. Excluding the cost of €6.5 million related to the proposed acquisition by TomTom other operating expenses would have increased with 7%, in line with the growth of the business.
Operating Result
In the fourth quarter of 2007 Adjusted EBITDA (operating result before capitalization, depreciation and amortization, costs related to share-based payments, the reversal of impairment charges and transaction costs related to the proposed TomTom transaction) for the Company improved from €21.0 million to €31.3 million.
For the full year Adjusted EBITDA improved to a profit of €63.6 million in 2007 from €43.8 million in 2006. The Adjusted EBITDA for our EMEA region improved to a profit of €111.6 million in 2007 from a profit of €95.3 million in 2006. The Adjusted EBITDA attributable to the Americas increased to a profit of €14.9 million from a profit of €6.5 million in 2006. In the APAC region, Adjusted EBITDA improved to a loss of €0.5 million in 2007 from a loss of €4.0 million in 2006. The Adjusted EBITDA at the corporate level was a loss of €62.4 in 2007 versus a loss of €54.1 in 2006.
Fourth quarter operating profit was €38.3 million compared to €6.7 million in the same period in 2006. This includes the €23.1 million effect of the reversal of previously recognized impairment losses on intangible assets in the Americas.
The Company's full year operating profit for the year was €25.0 million compared to a loss of €17.3 million in 2006, mainly because of the improvement in EBITDA and the €23.1 million effect of a reversal of previously recognized impairment losses on intangible assets.
Net financial income for the year increased to €7.8 million in 2007 from €4.7 million in 2006. This increase was primarily the result of improved cash management and increased interest rates.
In 2007, a net tax charge of €8.3 million was included in the Income Statement, compared to a benefit of €1.4 million in the previous year. The benefit in 2006 included the recognition of a €10.7 million tax benefit which was recognized following approval by the tax authorities of the reclassification for tax purposes of certain intercompany financing in the Netherlands.
In the fourth quarter of 2007 net income was €35.9 million compared to €5.4 million in the fourth quarter in 2006. Net income for 2007 was a profit of €24.4 million in 2007 compared to a loss of €19.0 million in 2006.
Cash Flow
The net cash flow from operating activities in 2007 declined to a cash inflow of €34.0 million in 2007 from €39.3 million in 2006. This resulted primarily from an increase in working capital and higher taxes, which were partially offset by a higher EBITDA. Working capital and other changes increased by €33.5 million as compared to an increase of €19.7 million in 2006.
2007 Operational Review
Tele Atlas achieved many operational goals in 2007, again led by the portable navigation segment. Gains were also realized in the Company's other market segments, including key wins in the automotive market. For example, under a contract signed in 2007, the first BMW vehicles with Tele Atlas map data are due to arrive in North American showrooms at the end of 2008. The Company also announced further progress in the growing Internet and wireless markets with Google now using Tele Atlas maps for Google Maps for Mobile and for Google Earth in EMEA, and new and expanded agreements in the enterprise/public sector market.
Portable Navigation Market
The portable navigation market continued its rapid growth throughout 2007. A record of around 20 million dedicated portable navigation units were sold in EMEA, representing market growth of more than 65% compared to 2006. Tele Atlas currently expects, barring unforeseen circumstances, that this market growth should continue into 2008 with unit growth rates of approximately 40%. Six of the eight leading portable navigation device providers worldwide use Tele Atlas maps. These include TomTom, Mio, Garmin and ViaMichelin. In 2007, Tele Atlas worldwide revenues in the portable navigation segment increased by 35% to €171.0 million, compared to €127.1 million in 2006.
In 2007, TomTom remained Tele Atlas' largest customer accounting for 32% of the Company's revenue in 2007. Tele Atlas and TomTom executed an amended agreement for the supply of map products for TomTom's portable navigation product line. Current TomTom navigation devices using Tele Atlas maps include the TomTom GO 920, 720, 520, the ONE Third edition devices, and all ONE XL devices. Customers can choose from regional maps, European maps or maps covering the United States.
TomTom also introduced the TomTom ONE in South Africa, which is the first navigation device launched with Tele Atlas map data in this region. Additionally, as of 2007, TomTom users can update maps conveniently through TomTom HOME or via the TomTom website. TomTom users with a device with map version 6.75 or higher can use TomTom Map Share(TM), a unique map improvement technology that enables users to easily and instantly improve maps directly on their device.
Mio introduced several new units including the C320, C520 and the C520t, which are all equipped with 4.3 inch screens and the most recent versions of Tele Atlas maps. To reach the low cost segment of this market, Mio launched the C220. This unit is priced at €199, making it one of most affordable units on the market. Mio currently ranks number three in the European market and has grown to become one of Tele Atlas' largest customers.
Additionally, Mio introduced the C620 with MioMap 2008, featuring the recently released Tele Atlas Digital Elevation Model and 3D Landmarks. Tele Atlas will also provide Mio with digital maps and rich navigation content including millions of POIs for its new devices the Mio DigiWalker(TM) C720t, Mio DigiWalker(TM) C230 and Mio DigiWalker(TM) C320, which were unveiled at the DigitalLife technology conference.
Navman introduced its new S-series navigation devices featuring Tele Atlas maps. The new models, S30, S50, S70 and S90i, include over 500 improvements in areas such as design, intelligence and user interfaces.
Tele Atlas partner Nav N Go signed an agreement with Sony PlayStation® Portable Go! Explore in August, opening the fast-growing gaming sector to mapping applications and navigation. This solution will feature Tele Atlas digital maps and POI content, as well as 3D City Maps, 3D Landmarks and turn-by-turn routing.
The Company also announced that Garmin International will deploy Tele Atlas digital maps for its GVN 52 devices in Malaysia, Singapore, Indonesia and Thailand.
In 2007, Tele Atlas announced it will provide digital maps for the United States and Canada and content for more than 12 million POIs, as well as turn-by-turn directions and text-to-speech verbal guidance for the new HP iPAQ 300 Series Travel Companion. The device's HP Navigation System combines high-performance GPS technology, a high-resolution 4.3-inch touch screen display and a premium audio/visual entertainment system for a complete mobile navigation and multimedia offering.
In February 2008, 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 devices to integrate portable TV and advanced satellite navigation technologies. The device will feature digital maps and content from Tele Atlas.
Automotive Navigation Market
Revenues from the automotive navigation market were €45.8 million in 2007, compared to €51.7 million in 2006, a decrease of 11%. This decline was primarily the result of the loss of the Volkswagen midline business and Tele Atlas has phased out its compilation and conversion activities in 2007. The compilation and conversion decrease was offset by a similar reduction in cost of revenues and operating expenses.
In 1995, Tele Atlas first supplied digital maps to Mercedes-Benz through its partner Blaupunkt. Today, Tele Atlas supplies maps to many leading automotive brands and OEM equipment manufacturers including Audi, Bentley, Bosch/ Blaupunkt, BMW, Mercedes-Benz, Denso, Ford, General Motors, Harman/Becker Automotive, Pioneer, Porsche, SiemensVDO, Toyota, Volkswagen and many others.
Tele Atlas announced a tier one relationship with BMW. Under this agreement, BMW will begin to use Tele Atlas map data in the Americas, with initial introduction expected in late 2008. Tele Atlas map data is currently used in BMW models in several markets in APAC and Russia.
The Company's achievements in this sector during 2007 also included the launch of the first automotive navigation system in EMEA with full voice recognition. This solution is powered by Tele Atlas Voice Map data and was released by Mercedes-Benz for the new C-class which will be available in the summer of 2008.
Ford launched a new Blaupunkt/Tele Atlas DVD system in Europe for the new Ford Mondeo. The system will become available on other Ford models later in the year and gives purchasers the option of using SD-card systems as an alternative for CDs. The Company also reported a key win at a major French auto maker for a new low-end in-car navigation platform.
In Russia and APAC, the first Tele Atlas products were released by Mercedes-Benz for the new C-class with the Mitsubishi Electric Platform. Also in Russia, the addition of Audi as a Tele Atlas customer means that all German premium brands (Audi, BMW, Mercedes-Benz and Porsche) now source Tele Atlas data of Russia in their navigation systems.
Internet/Wireless Market
Revenue in the Internet/wireless market increased by 66% to €24.4 million in 2007, compared to €14.7 million in 2006. Although volume in this market segment remained limited in 2007, Tele Atlas firmly believes that the quality of its map data, combined with its relationships with companies such as Google, RIM, Mappy and Wayfinder, leave it well positioned in this emerging market. Tele Atlas is already a leading supplier in the Internet/wireless market, providing maps to four of the five top Internet mapping providers.
In 2007, Google Inc. selected Tele Atlas digital maps to power its Google Maps for Mobile and Google Earth in Europe. The Company's growing relationship with Google is expected to produce unique business opportunities in the future.
Tele Atlas also closed an agreement with Sony Ericsson for their P1i Smart Phone, which can be bundled with a Bluetooth GPS mouse and the Wayfinder Navigator application. This bundle provides users with a complete navigation solution on this mobile phone including GPS mapping in over 150 countries, turn-by-turn navigation in over 50 countries and more than 20 languages, and a power search feature to help users locate selected local services and POIs. In 2007, Tele Atlas sold more than 200,000 regional maps for navigation as a result of this partnership.
Tele Atlas digital map data is also used in the SFR Navigation solution launched by Mappy and SFR in France. SFR Navigation is an all-inclusive GPS service for mobile phones. This solution combines the latest GPS device functionality with European geographic coverage of 16 countries, hundreds of thousands of POIs, real-time traffic information for more than 70,000 kilometers of roads, and fixed and mobile speed cameras throughout France.
In 2007, the Company conducted the Wireless GPS Study, which revealed that the vast majority of consumers, 84%, view built-in GPS as a valuable feature for their mobile phones, and 75% want to use their mobile phones to find POIs or other information about their surroundings. These findings, as well as an expanding roster of industry leading wireless partners, reinforce the Company's belief that this market remains poised for strong growth.
Enterprise and Government Market
In 2007, Tele Atlas continued to be the leading digital map supplier to the enterprise and government segment, and the Company's leadership in that market stabilized during the year. Revenues for these markets declined 4% to €45.9 million in 2007, compared to €47.6 million in 2006 due to the decline of the dollar against the euro.
In January, Tele Atlas announced an agreement to integrate MCH GeoPoints' data within Tele Atlas' digital maps and 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.
Additionally, the Company renewed enterprise agreements with the States of Connecticut and Tennessee, demonstrating continued trust in Tele Atlas for important public safety applications. The United States Department of Justice awarded a new three-year agreement to Tele Atlas which allows all United States law enforcement officials to use the Company's maps to geographically coordinate their respective investigations.
Tele Atlas' ability to deliver quality datasets for critical emergency services applications was demonstrated by the American Medical Response's expansion of their Tele Atlas agreement to enable ambulance dispatch services beyond their initial state of California. Tele Atlas also renewed enterprise license agreements with The United States Environmental Protection Agency and the United States Army Corps of Engineers.
The Company also renewed contracts with El Paso Gas and the United States Department of Health and Human Services in the Americas.
Update on TomTom's Cash Offer for All Outstanding Shares in Tele Atlas
On October 2, 2007 TomTom launched its cash offer for all outstanding shares in Tele Atlas. On October 15, 2007, TomTom and Tele Atlas were advised that the initial 15-day waiting period pursuant to the US Hart Scott Rodino Antitrust Improvements Act (as amended) for TomTom's proposed acquisition of Tele Atlas had been terminated early without the issuance of a request for additional information or documentary material.
Following referral by the national competition authorities in the relevant EU member states to the European Commission as announced on September 24, 2007, parties have notified the transaction to the European Commission in accordance with the planned timetable.
The acceptance period under the Revised Offer commenced on November 19, 2007. On November 28, 2007, the European Commission decided to initiate a second phase review allowing the Commission to carry out an in-depth examination of the transaction and its market impact. TomTom subsequently extended the acceptance period, which would initially end on December 18, 2007, until March 31, 2008 (inclusive). TomTom and Tele Atlas have indicated in their press release of November 28, 2007 that they estimate that they may have reasonable insight about the likely outcome of the second phase review towards the end of the first quarter 2008. On October 15, 2007 TomTom and Tele Atlas completed the United States anti-trust procedure pursuant to the Hart Scott Rodino Antitrust Improvements Act (as amended). Tele Atlas is confident that competition approval will be obtained from the European Commission.
On December 7, 2007 an extraordinary meeting of shareholders was held during which, inter alia, the Revised Offer of TomTom was discussed. The general meeting of shareholders passed all resolutions proposed to them, including a change in the composition of the Supervisory Board, subject to the condition precedent that the Revised Offer is declared unconditional by TomTom. The changes to the Supervisory Board become effective as of the settlement of the Revised Offer.
TomTom may extend the acceptance period one or more times in the event that one or more of the offer conditions as set out in the offer memorandum are not fulfilled. Obtaining anti-trust approval from the European Commission is one of the offer conditions.
Full Year 2008 Outlook
At the time of this writing, the proposed purchase of Tele Atlas by TomTom remains under review by the European Commission competition authorities. We are not able at this time to assess the effect of the proposed purchase on periods after the closing of the transaction. The following guidance has been developed on the basis of Tele Atlas as a standalone independent company.
With this assumption and based on the 2007 results and our current expectations for 2008, we estimate revenues will grow to between €375 and €385 million during 2008 and Adjusted EBITDA will grow to between €85 and €95 million.
This outlook includes the impact of the Taiwan, Thailand and South Africa transactions which were concluded in 2007. All together, these transactions are expected to increase 2008 revenues by €5 million and increase 2008 Adjusted EBITDA by €1 million
The Company's expenditures for property and equipment for 2008 are expected to be approximately €15 million and working capital requirements for accounts receivables are expected to increase in proportion to the expected increase in revenues.
This outlook excludes the impact of unforeseen circumstances as well as the impact of any acquisitions which may be completed in 2008.
Subsequent to 2008, our current expectation is that, barring unforeseen circumstances, we can grow revenues in excess of 20% on an annual basis for the next several years and that our Adjusted EBITDA for each year will increase by approximately 50% of incremental revenue.
Due to the pending transaction with TomTom, Tele Atlas will not host a conference call relating to the fourth quarter / full year results. A presentation summarizing the results will be posted on the company's web site.
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 (LBS). The information is the foundation for a wide range of portable 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. Through a combination of its own products and partnerships, Tele Atlas offers digital map coverage of more than 200 countries and territories worldwide. The company was founded in 1984 and today has approximately 2,500 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.
This press release includes an announcement of Tele Atlas pursuant to the provisions of section 9b paragraph 1 of the Dutch Securities Markets Supervision Decree 1995 (Besluit toezicht effectenverkeer 1995) in connection with the recommended public offer by TomTom for all outstanding shares in the share capital of Tele Atlas (the "Shares") (the "Offer"). This press release does not constitute an offer to purchase nor a solicitation of an offer to sell shares. Any offer will be made only by means of the Offer Memorandum dated October 2, 2007 ("Offer Memorandum"). Not for release, distribution or publication, in whole or in part to Australia, Canada or Japan.
The Offer is not being made, and the Shares will not be accepted for purchase from or on behalf of any Shareholder, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority not expressly contemplated by the terms of this Offer Memorandum. Persons obtaining the Offer Memorandum are required to take due note and observe all such restrictions and obtain any necessary authorizations, approvals or consents. Neither TomTom, nor Tele Atlas, nor any of their advisers accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who would or otherwise intend to forward the Offer Memorandum or any related document to any jurisdiction outside The Netherlands should carefully read Section 1 (Restrictions and Important Information) of the Offer Memorandum before taking any action. The distribution of the Offer Memorandum in jurisdictions other than The Netherlands may be restricted by law and therefore persons into whose possession the Offer Memorandum comes should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the law of any such jurisdiction.
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 herein and under "Risk Profile" in the Company's 2007 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. There are no assurances that any of the matters about which forward-looking statements are made will occur. 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.
The press release can be downloaded from the following link:
