||Revenues fourth quarter 2011 amounted to 935 MNOK compared to 833 MNOK in fourth quarter last year. After adjustment for currency changes, revenue growth was 16% (organic growth was 6%). The increase was driven by higher activity in Material Handling and Industrial Processing Technology.
Gross margin was 45% in the quarter, unchanged from the corresponding period last year.
EBITA was 167 MNOK in fourth quarter 2011 versus 125 MNOK in the fourth quarter 2010 (or 155 MNOK adjusted for one-offs and currency effects).
Cashflow from operations in fourth quarter 2011 equaled 133 MNOK, compared to 225 MNOK in fourth quarter 2010. The reduction from last year is mainly explained by prepayments in Collection Technology, resulting in strong cashflow in third quarter 2011.
US West Coast activities within Material Handling (Tomra Pacific) were divested late December for a total consideration of 28 MUSD.
Continued strong IPT order backlog of 283 MNOK by the end of fourth quarter.
Revenues in 2011 amounted to 3,690 MNOK compared to 3,050 MNOK last year. After adjustment for currency changes, revenue growth was 25% (organic growth was 13%). The increase was driven by higher activity in all segments. Gross margin was 45% in 2011, unchanged from 2010. EBITA amounted to 669 MNOK, up from 497 MNOK last year.
"We have seen higher activity in all segments in 2011, and adjusted for currency effects we see a year on year profit increase by 44%. This is encouraging in a year where we have had strong focus on strategic direction," says CEO Stefan Ranstrand
Revenues in the segment equaled 520 MNOK in the fourth quarter 2011, down from 527 MNOK in fourth quarter last year. After adjustment for currency change, the organic growth in revenues was 1%. Gross margin was 49%, up from 48% last year.
Revenues for 2011 increased 12% compared to 2010 (adjusted for currencies and acquisitions). EBITA increased from 341 MNOK to 444 MNOK (up 30% adjusted for currencies and acquisitions).
The cost reduction program, targeting cost of goods, is resulting in increased gross margin.
Industrial Processing Technology
Revenues in the quarter increased by 51%. Adjusted for the Odenberg acquisition and currency changes, the growth was 19%.
Gross margin was 51% in fourth quarter 2011, down from 52% in fourth quarter 2010.
EBITA increased from 33 MNOK to 42 MNOK.
Revenues for year 2011 came in at 1,100 MNOK, up 59% from 2010. Adjusted for currencies and the Odenberg acquisition, the growth was 24%. EBITA increased from 125 MNOK to 176 MNOK.
The order backlog in the segment increased from 260 MNOK at the end of third quarter 2011 to 283 MNOK at the end of fourth quarter 2011.
Material Handling (US East)
Revenues were 23.1 MUSD in fourth quarter 2011, compared to 20.1 MUSD in fourth quarter 2010. The increase of 15% was due to higher volumes (accounts for 1.6 MUSD) as well as the effect from the acquisition of RSI (accounts for 1.4 MUSD).
For the full year 2011, revenues ended at 100.4 MUSD, up from 86.0 MUSD in 2010. EBITA increased from 7.8 MUSD to 11.6 MUSD.
Discontinued operations and new reporting segments
On 31 December 2011, TOMRA sold its US West Coast activities (Tomra Pacific) within Material Handling to rePlanet, LLC.
Total consideration for the transaction was 28 MUSD, of which 11 MUSD was paid at closing, another 15 MUSD would be paid during first quarter 2012 and the remaining 2 MUSD would be paid as a subordinated seller note, due three years after closing.
Change in dividend policy
"TOMRA has a strong and rather stable cash flow, and it's the Boards opinion that TOMRA can sustain a higher dividend payout ratio than the current level of around 20% of EPS. This can be done without jeopardizing the ability to grow the business, both organically, and through selected acquisitions," says CEO Stefan Ranstrand
The Board will consequently propose a dividend of 1.05 NOK per share, up from 0.60 NOK per share last year. In the future, the Board target a dividend of 40-60% of EPS.
For questions, please contact: Espen Gundersen +47 66 79 92 42 / +47 97 68 73 01
Asker, 17 February 2012