4th Quarter 1999
- Operating revenues of 2 502 MNOK (up 45%)
- Europe 952 MNOK (up 56%)
- America 1 550 MNOK (up 39%)
- Profit before tax of 406 MNOK (up 60%)
- Tomra Pacific identified losses of USD 4 million
related to 1998 and first half year 1999
- Reduced tax expenses, 30.2% effective rate for 1999
- California test indicated 37% volume growth
- Sale of 50% interest in Wise Recycling, Letter of
Intent signed February 3, 2000, gain of 12 MNOK
to be recorded 1Q2000
- February 17, 2000, TOMRA signed an agreement
to acquire 50.5% of its Swiss distributor Tomra AG.
REPORTING ADJUSTMENTS
Norwegian GAAP has been changed with effect from 1999. The main changes have been described in previous quarterly reports. TOMRA has in addition decided to make the following adjustments to its internal accounting principles:
- Scrap sales income related to container materials
owned by the beverage industry are eliminated against
cost of goods sold
- Handling fees from the industry and the State of
California are recorded as a cost reduction instead of
as operating revenues
Figures for previous periods have been adjusted accordingly and the quarterly figures for the last two years along with annual figures for the last five years are available at our home page www.tomra.no.
FINANCIALS 1999
Operating revenues for 1999 amounted to 2 502 MNOK, up from 1 728 MNOK in 1998 (up 45%). The adjusted operating revenues amounted to 2 169 MNOK against 1 456 MNOK in 1998. The operating profit increased to 381 MNOK from 271 MNOK in 1998 (up 41%). Profit before tax increased by 60%, from 254 MNOK in 1998 to 406 MNOK in 1999.
In December 1999 Tomra Pacific Inc identified a substantial loss related to previous reporting periods. The total loss amounted to USD 4 million, of which USD 2.5 million (19 MNOK) were related to 1998 and USD 1.5 million (12 MNOK) were related to the first two quarters of 1999. The losses have been charged to the relevant previous reporting periods, and a full spesification of the reallocations is included in the restated figures at the web page.
Net financial income consists of net interest expenses of 3 MNOK and net currency exchange gains of 15 MNOK. Net profit from affiliated companies was negatively impacted by a weak development in Wise Recycling LLC during 4th quarter. TOMRA did not experience any unexpected effects or additional expenses tied to Y2K.
Earnings per share increased by 64% in 1999, from the restated NOK 2.04 to NOK 3.34. The tax rate was reduced from 32.1% to 30.2%, primarily because taxable US employee benefits are deductible for the US subsidiary. Total assets increased by 29% during the year and amounted 2 348 MNOK. Liquidity improved to 270 MNOK and the equity ratio stood at 66.4% at year-end.
For report with tables please follow the enclosed link: