TOMRA: Continued Strong Performance in Q2
Revenues in the second quarter 2016 amounted to 1,769 MNOK compared to 1,472 MNOK in second quarter last year. Revenues in TOMRA Collection increased by 27% (up 18% currency adjusted), while revenues in TOMRA Sorting were up 10% (up 2% currency adjusted).
Gross margin was 43% in the quarter, up from 42% in the corresponding period last year, explained by slightly higher margins in TOMRA Collection (from product mix).
Operating expenses increased from 382 MNOK in second quarter 2018 to 439 MNOK in second quarter 2016, up 7% currency adjusted.
EBITA was 319 MNOK in second quarter 2016 versus 240 MNOK in the second quarter 2015, up 22% currency adjusted.
Net finance was positive by 8 MNOK in the quarter, positively influenced by currency gains of 12 MNOK.
Cash flow from operations in second quarter 2016 equaled 239 MNOK, up from 137 MNOK in second quarter 2015.
Collection Solutions: Continued High Activity Level
Revenues in the business area equaled 1,089 MNOK in the second quarter, up from 855 MNOK in second quarter last year. After adjustment for currency changes, revenues were up 18%.
Gross margin was 42%, up from 41% same period last year, positively influenced by product mix effects.
EBITA was MNOK 237, up from 164 MNOK, due to higher revenues and positive currency impact.
“The replacement demand in Germany is expected to continue into 2017, and we have seen a good activity level during also this quarter. The replacement demand from Sweden is however expected to phase out towards the end of this year as the new system with shape recognition is implemented from January 2017”, says Stefan Ranstrand, TOMRA President and CEO.
Sorting Solutions: Food Momentum is Still Strong, Recycling Eases Off on the Back of Lower Commodity Prices
Revenues in the quarter increased by 10% compared to same quarter in 2015. Adjusted for currency effects, revenues were up 2%.
Gross margin was stable at 45%.
EBITA increased from 84 MNOK in second quarter 2015 to 92 MNOK in second quarter 2015, driven by higher volumes and positive currency effects.
“We saw a continued high activity level in our Food segment, however the continuing low commodity prices has had a somewhat negative influence upon our performance in the Recycling segment”, Ranstrand comments
Asker, 19 July 2016
TOMRA Systems ASA
For questions, please contact:
Espen Gundersen, Deputy CEO/CFO: +47 66 79 92 42 / +47 97 68 73 01
Elisabet V. Sandnes, Vice President Investor Relations Officer / M&A: +47 97 55 79 15
We will open up for Q&A after the presentation and the recorded webcast will be made available on our webpage www.tomra.com after broadcast is concluded.
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 ~86,000 installations in over 80 markets worldwide and had total revenues of ~6.1 billion NOK in 2015. The Group employs ~2,600 globally, and is publicly listed on the Oslo Stock Exchange. (OSE: TOM). The TOMRA Group continues to innovate and provide cutting-edge solutions for optimal resource productivity within two main business areas: Collection Solutions (reverse vending and material recovery) and Sorting Solutions (recycling, mining and food sorting). For further information about TOMRA, please see www.tomra.com