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Stable in Collection Solutions, Sorting Solutions backlog increases from fourth quarter 2012

Revenues in the first quarter 2013 were 966 MNOK, compared to 836 MNOK in first quarter 2012. Organic and currency adjusted, revenues decreased 4% for TOMRA Group, with a stable performance in TOMRA Collection, and down 14% in TOMRA Sorting.

Gross margin was 44 % in the quarter, down from 47 % in the corresponding period last year. This is mainly due to the acquisition of BEST.

Operating expenses increased from 256 MNOK in first quarter 2012 to 314 MNOK in first quarter 2013. This is explained by the ongoing geographic expansion in TOMRA Sorting, as well as the integration of BEST. Cashflow from operations was 11 MNOK, compared to 25 MNOK in first quarter 2012.

EBITA was 113 MNOK in first quarter 2013, versus 133 MNOK in the first quarter 2012.

TOMRA Sorting Solutions reports an order backlog of 560 MNOK, which is all time high and up from 525 MNOK in fourth quarter 2012.

Collection Solutions: Continued stable performance

Revenues equaled 598 MNOK in first quarter 2013, compared to 611 MNOK in first quarter 2012. Adjusted for currency, revenues were stable. Gross margin was unchanged from the same quarter last year, with continued positive support from the ongoing cost reduction program, but offset by product/market mix effects and negative currency development. EBITA decreased from 105 MNOK in first quarter 2012 to 92 MNOK.

In Europe, somewhat lower activity in the Nordic region was offset by higher activity in Central Europe. With adjustments for currency, revenues increase by 2%. In North America, revenues were down from 244 MNOK in the same quarter last year to 225 MNOK this quarter. This is mainly due to lower throughput volumes in the lease portfolio, partly explained by severe weather in New England and New York.

“No new markets are expected to generate significant revenues for Collection Solutions in the coming quarters, and consequently activity is assumed to be stable”, says Stefan Ranstrand, TOMRA President and CEO. “As usual, however, the second half of the year is expected to be stronger than the first half both for revenues and profit”, Ranstrand comments.

Sorting Solutions: Mixed momentum but healthy order backlog

Adjusted for currencies and the BEST acquisition, revenues decreased 14% from first quarter 2012. EBITA was down from 33 MNOK in 1q 2012 to 27 MNOK in the same quarter 2013. Gross margin decreased from 56% in fourth quarter 2012 to 47% in first quarter 2013. This is mainly due to the operating model of BEST being based on sales agents. Order backlog continued its positive development, with an increase from 525 MNOK in 4q 2012 to 560 MNOK in 1q 2013.

Business stream “Food” is affected by seasonal variations in the beginning of the year, as winter in the Northern Hemisphere means lower harvesting and food producing activities. Momentum is currently mixed with significant variations between geographies and product lines.

Business stream “Recycling” experiences continued low activity within the metals segment, while the waste segment reports stable activity compared to last year.

“Due to seasonality in Food and a somewhat lower order book in Recycling, revenues in first quarter 2013 are lower than in third and fourth quarter 2012”, says Stefan Ranstrand. “We see a mixed momentum going forward, but a healthy order backlog indicates a positive development for the second half of the year.”

For questions, please contact: Deputy CEO/CFO Espen Gundersen +47 66 79 92 42 / +47 97 68 73 01

Asker, 23 April 2013


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