FIRST QUARTER 2011 RESULTS
First Quarter 2011 Results
Robust revenue growth of 23% in local currencies. 880 MNOK in revenues (731 in first quarter 2010). 16% organic growth in local currencies. Gross contribution 41%, unchanged from first quarter 2010. 32% growth in EBITA to 120 MNOK (91 MNOK first quarter 2010). 32% growth in EBIT to 112 MNOK (85 MNOK in first quarter 2010). Cashflow from operations of 40 MNOK (109 MNOK first quarter 2010). Acquired Odenberg, a Dublin based provider of food sorting technology. All time high order backlog in IPT
Revenues in the segment equaled 450 MNOK in the first quarter 2011, up from 395 MNOK in first quarter last year. After adjusting for currency change and the acquisition of CBSI, revenues were up 14%. Gross margin was 49%, unchanged from last year.
Industrial Processing Technology
Revenues in the quarter increased by 60%, compared to same quarter in 2010. Adjusted for Odenberg (acquired in first quarter 2011), Presona (divested in second quarter 2010) and currency effects, revenues increased with 38%. Gross margin decreased from 53% in first quarter 2010 to 51% in first quarter 2011, due to somewhat lower gross margin in Odenberg. The EBITA margin increased from 9% to 12% in the same period, as a consequence of higher activities.
Revenues in the business area were 220 MNOK in first quarter 2011, up from 205 MNOK last year. In USD, revenues were up 10%, or up 5% adjusted for the acquisition of RSI. Gross margin was 17%, down from 19% in the same period last year, due to weaker performance in California and somewhat higher diesel prices.
TOMRA's 2011 Capital Markets day will take place on 20 May in Oslo.
Asker, 28 April 2011
Tomra Systems ASA
Attached please find the report and presentation for 1st quarter 2011. A live broadcast of the presentation is available on www.tomra.com (investor relation page). A record of the broadcast will be available as soon as the live broadcast has ended.