Third Quarter 2008 Results
Revenues of 881 MNOK (861 MNOK in third quarter 2007). Revenue up 5% in third quarter 2008 compared to third quarter 2007, when disregarding currency effects.
Operating profit of 137 MNOK in third quarter 2008, before restructuring charges of 22 MNOK, up from 130 MNOK in third quarter 2007.
Gross margin 38.5%, up from 37.4% in third quarter 2007.
Restructuring charges of 22 MNOK in third quarter 2008 will yield a cost reduction effect of 60 MNOK in 2009.
Operating profit up 8% in third quarter 2008 compared to third quarter 2007 when disregarding currency effects and restructuring charges.
Cash flow from operations of 106 MNOK, up from 83 MNOK in third quarter 2007.
Collection Technology - Deposit Solutions
Revenues in the segment equaled 420 MNOK in the third quarter, down from 426 MNOK third quarter last year. Adjusted for currency change, revenues were down 1 percent. Gross margin was 45%, the same in third quarter last year. Operating profit decreased from 100 MNOK in third quarter 2007 to 76 MNOK in third quarter 2008, negatively impacted by restructuring charges of 15 MNOK.
Revenues in the segment equaled 274 MNOK in third quarter 2008, down from 301 MNOK third quarter last year. Adjusted for currency change, revenues were down two percentage. Gross margin in the quarter was down one percentage point compared to same quarter last year. Main reason for the decrease in gross margin was increased diesel fuel prices. Operating profit decreased to 31 MNOK in third quarter 2008 from 39 MNOK third quarter last year. This is a decline of 5 percent measured in local currency.
Industrial Processing Technology
Third quarter 2008 showed an organic revenue growth of 32% from third quarter 2007. Revenue growth was driven by solid performance in all companies. Operating profit was 34 MNOK in third quarter 2008, up from 14 MNOK in third quarter 2007.
Collection Technology - Non-deposit Solutions
Revenues in the third quarter amounted to 6 MNOK from sale and service activities in Europe and Japan. Operating expenses were 24 MNOK in third quarter 2008, including restructuring charges of 7 MNOK from cost reductions in the technology development function. The restructuring will result in cost reductions of 20 MNOK per year from 2009.
Asker, 15 October 2008
Tomra Systems ASA
Attached please find the report and presentation for 3rd quarter 2008. A live broadcast of the presentation is available on www.tomra.com (investor relation page) and on www.oslobors.no/webcast. A record of the broadcast will be available as soon as the live broadcast has ended.