TOMRA SECOND QUARTER 2012: CONTINUED IMPROVED PROFITABILITY
(Thomson Reuters ONE) -
SECOND QUARTER 2012
RESULTS ANNOUNCEMENT
Continued improved profitability in both business areas
Revenues in the second quarter 2012 amounted to 948 MNOK compared to 952 MNOK in
second quarter last year. Revenues in Sorting Solutions increased by 5% (4%
currency adjusted), while revenues in Collection Solutions were down 2%. Gross
margin was 47.1% in the quarter, up from 44.6% in the corresponding period last
year, driven by better margins in both business areas.
Operating expenses increased from 246 MNOK in second quarter 2011 to 267 MNOK in
second quarter 2012 due to the ongoing geographic expansion in TOMRA Sorting, as
well as a one-time charge of 6 MNOK in acquisition cost related to the purchase
of Best Kwadraat NV (BEST).
EBITA margin of 19.0% in second quarter 2012, slightly up from 18.8% in second
quarter 2011. EBITA was 180 MNOK in second quarter 2012 versus 179 MNOK in the
second quarter 2011. Ordinary cashflow from operations in second quarter 2012
equaled 109 MNOK, up from 95 MNOK in second quarter 2011.
"Compared to the particularly strong performance in 2011, we see revenues in the
same range as same period last year, but we are reporting higher margins on
group level. Both business areas are contributing to this", says TOMRA CEO
Stefan Ranstrand
Collection Solutions: Flat topline but improved margins
Revenues in the segment equaled 672 MNOK in the second quarter, down from 689
MNOK in second quarter last year. After adjustment for currency changes,
revenues were down 2%.
Gross margin was 44%, compared to 42% last year, supported by the ongoing cost
reduction program. EBITA was MNOK 135, up from 131 MNOK in second quarter 2011.
"Margins continue to improve as a consequence of our COGS cutting program.
Discipline on the cost side and other active measures taken have resulted in a
doubling of the EBITA contribution from this segment over the last four-year
period", comments Ranstrand.
Sorting Solutions: Q2 gross margin increase explained by product mix
Revenues in the quarter increased by 5% compared to second quarter 2011.
Adjusted for currency effects, revenues increased 4%.
Gross margin increased from 51% in second quarter 2011 to 54% in second quarter
2012, mainly due to changes in the product mix.
Operating expenses increased from 82 MNOK to 99 MNOK due to the ongoing
geographic expansion, as well as a one-time charge of 6 MNOK in acquisition cost
related to the purchase of BEST. EBITA decreased from 52 MNOK in second quarter
2011 to 50 MNOK in second quarter 2012.
The order backlog in the segment increased from 279 MNOK at the end of second
quarter 2011 to 295 MNOK at the end of second quarter 2012. The backlog
including BEST came in at 498 MNOK.
"Year to date, Sorting Solutions delivers a 15% top line increase. Comparing to
Q2 2011, which was an all-time high for our Sorting division, we deliver 4%
growth. Although visibility on our backlog is limited to about three months, we
are pleased to see that the backlog has proven itself quite resilient,
especially after having seen commodity prices coming down year on year",
comments Ranstrand.
Acquisition of BEST
TOMRA signed 31 May 2012 an agreement to acquire 100% of the shares in Best
Kwadraat N.V. The transaction was closed 2July 2012 and the Belgian food sorting
company will be consolidated in the TOMRA accounts from third quarter 2012.
TOMRA paid a consideration corresponding to an enterprise value of EUR 138
million, free of cash and interest bearing debt. Acquisition costs of 6 MNOK
were expensed in second quarter 2012.
Established in 1996, BEST is a leading provider of advanced optical sorting
technology for use in multiple applications (nuts, vegetables, dried/frozen
fruit, fresh cut, tobacco, seafood, etc.). Using a wide range of self-developed
technologies (laser, camera, fluo, LED, X-Ray, SWIR Laser), the company provides
its solutions through a network of 60+ exclusive sales agents in a broad range
of geographic locations.
With over 300 employees across Belgium, Spain, USA, the Netherlands, China,
Turkey and Japan, the company serves several of the world's top 10 food
manufacturers. About 3,800 BEST sorting systems have been sold worldwide. The
company generated a 2011 EBITA of 13 MEUR on total revenue of 87.8 MEUR.
"The combination of BEST and Odenberg enables us to offer a broad portfolio of
product that can sort a vast array of applications. By joining forces we now
have access to new geographies and will benefit from economies of scale both on
the technology and operation side. For our customers this results in a TOMRA
that is able to provide better product solutions and service level through
leveraging the combined technology platform and geographical reach. In sum,
these factors will contribute to positioning TOMRA as a leading player in food
sorting and enable further organic growth", says CEO Stefan Ranstrand.
For questions, please contact:
Deputy CEO/CFO Espen Gundersen +47 66 79 92 42 / +47 97 68 73 01
Asker, 19 July 2012
TOMRA Systems ASA
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 installations in over 80 markets worldwide
and had total revenues of ~3.7 billion NOK in 2011. TOMRA has approximately
2,100 employees and is publicly listed on the Oslo Stock Exchange. 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).
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2nd quarter 2012:
http://hugin.info/162/R/1627734/521019.pdf
Presentation of 2nd quarter:
http://hugin.info/162/R/1627734/521020.pdf
Pressrelease:
http://hugin.info/162/R/1627734/521021.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Tomra Systems ASA via Thomson Reuters ONE
[HUG#1627734]
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