Stable performance in Collection Solutions, all time high order intake in Sorting Solutions and increased dividend
Revenues in fourth quarter 2013 amounted to 1,228 MNOK, compared to 1,188 MNOK in fourth quarter 2012, down 4%. Organic and currency adjusted, Collection Solutions revenues remained unchanged, while revenues in Sorting Solutions were down 11%.
Gross margin was 44% in the quarter, down from 46% in the corresponding period 2012. This is primarily explained by changes in product and market mix.
Operating expenses in the quarter were 330 MNOK, currency adjusted down 3% compared to same quarter 2012.
EBITA was 204 MNOK versus 231 MNOK in fourth quarter 2012, driven by lower gross margin in both business areas.
Cash flow from operations was 234 MNOK, down from 235 MNOK in fourth quarter 2012.
All time high order intake of 509 MNOK in fourth quarter 2013 in TOMRA Sorting, up from 464 MNOK in fourth quarter 2012.
Order backlog of 475 MNOK at the end of fourth quarter 2013 in TOMRA Sorting, down from 525 MNOK at the end of fourth quarter 2012.
Proposed dividend of NOK 1.35, up from NOK 1.25 last year.
Collection Solutions: Solid revenue growth in fourth quarter
Revenues in fourth quarter 2013 amounted to 760 MNOK compared to 699 MNOK in fourth quarter last year. This represents an increase of 9% (unchanged currency adjusted).
Gross margin was 42% in the quarter, down from 44% in the corresponding period last year due to changes in market and product mix.
At the end of third quarter 2013, TOMRA announced the launch of T-9, the first of a new generation of reverse vending machines (RVM) based on TOMRA Flow Technology. T-9 features the first ever 360 degree recognition system applied inside an RVM and enables faster and cleaner collection of beverage containers, also including containers that until now could not be collected in RVMs.
“Market acceptance has been good, and TOMRA expects a significant share of orders received in 2014 to be on the new T-9 platform”, says Stefan Ranstrand, TOMRA President and CEO.
Sorting Solutions: All time high order intake
After three consecutive quarters with lower order intake, signed orders during fourth quarter increased significantly and ended at 509 MNOK.
Revenues in the quarter decreased by 4% compared to same quarter in 2012. Adjusted for currency effects, revenues decreased 11%.
Gross margin decreased from 48% in fourth quarter 2012 to 46% in fourth quarter 2013, due to changes in the product mix. Operating expenses increased to 156 MNOK from 145 MNOK same quarter last year due to stronger EUR versus NOK, and integration charges of 4 MNOK.
EBITA decreased from 90 MNOK in fourth quarter 2012 to 59 MNOK in fourth quarter 2013, due to lower revenue and lower gross margin.
“All time high order intake in fourth quarter 2013, indicates improved momentum in the Sorting markets”, comments Ranstrand.
Asker, 19 February 2014
TOMRA Systems ASA
For questions, please contact:
Deputy CEO/CFO Espen Gundersen +47 66 79 92 42 / +47 97 68 73 01
Webcast link: http://presenter.qbrick.com/?pguid=19b81f36-a089-4b21-89ce-1874245ff6b3
The Webcast will also be made available through on our webpage www.tomra.com. We will open up for Q&A after the presentation.
TOMRA was founded on an innovation in 1972 that began with design, manufacturing and sale of reverse vending machines (RVMs) for automated collection of used beverage containers. Today TOMRA has ~150,000 installations in over 80 markets worldwide and had total revenues of ~4.6 billion NOK in 2013. The Group employs ~2,470 globally, and is publicly listed on the Oslo Stock Exchange. (OSE: TOM) The TOMRA Group continues to innovate and provide cutting-edge solutions for optimal resource productivity within two main business areas: Collection Solutions (reverse vending, material recovery and compaction) and Sorting Solutions (recycling, mining and food sorting). For further information about TOMRA, please see www.tomra.com