TOMRA - Summary of 2nd quarter 2002
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- Revenues from continuing operations 670 MNOK (+ 4%)
- Europe 258 MNOK (+ 14%)
- North America 323 MNOK (- 3%)
- South America 89 MNOK (+ 3%)
- Adjusted for currency impact, year-on-year revenue growth in the second quarter equaled 14%
- Profit before tax 110 MNOK (- 22%)
On 2 July 2002 the German authorities announced the refillable container statistic for 1998 (63.8%), which was significantly below the minimum required refillable quota of 72%. As a consequence of the quota breach, deposit on non-refillable containers will be implemented as of 1 January 2003.
Earlier this year different industry groups filed a lawsuit in the Constitutional Court in Karlsruhe with the aim to stop the implementation of deposit on non-refillable containers. On 27 June 2002 the Constitutional Court rejected the industry's plea. Other filed lawsuits are currently being reviewed by various courts. According to the German Government, the likelihood of these court cases being concluded in favor of industry is low.
The German market continued its flat development in the second quarter of 2002. TOMRA expects this trend to continue in the third quarter until a clarification from industry triggers investments in machines for non-refillable containers.
Revenues in Denmark in the first half of 2002 increased by 427% to 153 MNOK driven by deliveries for the start-up date for deposit on non-refillable on August 24th 2002.
Operations in California were profitable during the second quarter 2002. The operating profit of 2.9 MNOK was 2.5 MNOK better than previously forecasted and driven largely by improvements in operating costs. TOMRA anticipates continued improved profitability in California during the third quarter.
During the first half of 2002 TOMRA successfully rolled out approximately one hundred TOMRA 83 HCp machines. Based on orders from several retailers we anticipate placing at least an additional four hundred TOMRA 83 HCp machines in 2002. In total, TOMRA anticipates installing approximately 1,800 machines in 2002.
Walmart test pilot
On 1 June 2002 TOMRA in association with Walmart, Anheuser-Busch and Coca-Cola opened two test-site RePlanet centers in Florida. The test sites are scheduled to run for six months with the main objective of mapping consumer behaviour in a non-deposit environment. Results from the test period will form the basis for discussion of additional RePlanet roll-outs. Initial reactions from consumers have been positive.
Recently Tomra Latasa entered into an agreement with Imco Recycling Inc., a leading international aluminum recycler, to acquire ten collection centers in Brazil. The centers are located in areas where Tomra Latasa previously was not represented and thereby gives the company an expanded marked presence. The acquisition price is currently undisclosed in anticipation of final regulatory apporval, but the total investment for Tomra Latasa is minimal. Tomra Latasa has entered into a partnership agreement with Imco securing Tomra Latasa processing and smelting capacity.
2nd Quarter Report: http://reports.huginonline.com/866515/105586.pdf
2nd Quarter Presentation: http://reports.huginonline.com/866518/105588.pdf