Fourth Quarter 2010 Results
Revenues of 939 MNOK (893 MNOK in fourth quarter 2009). Up 9% in local currencies
Gross contribution 41%, up from 33% in fourth quarter 2009 (in local currencies)
Operating profit before other items of 122 MNOK (29 MNOK in fourth quarter 2009)
Strong cashflow from operations of 225 MNOK (235 MNOK in fourth quarter 2009)
Signed option to acquire Odenberg, a Dublin based provider of food sorting technology
Completed two acquisitions in USA: CBSI and RSI
Collection Technology
Revenues in the segment equaled 527 MNOK in the fourth quarter 2010, up from 508 MNOK in fourth quarter last year. After adjustment for currency change, revenues were up 10%. Gross margin was 47%, up from 38% last year (43% adjusted for one-offs and currency). Operating expenses increased to 159 MNOK from 110 MNOK in fourth quarter 2009, partly due to legal expenses in USA and acquisition costs (which accounts 26 MNOK combined) and partly due to higher activity within R&D and market-initiatives.
Industrial Processing Technology
Revenues in the quarter increased with 11%, adjusted for the divestment of Presona (sold in second quarter 2010) and currency effects. Gross margin increased to 51%, and operating margin increased from 5% in fourth quarter 2009 to 16% in fourth quarter 2010 due to higher volumes.
Compared to last year, the order book in the segment increased from 130 MNOK at the end of fourth quarter 2009 to 181 MNOK at the end of fourth quarter 2010.
The geographic expansion continues, with 39% of revenues outside Europe in fourth quarter 2010, compared to 29% in fourth quarter 2009.
Material Handling
Revenues in the business area were 225 MNOK in fourth quarter 2010, up from 186 MNOK last year. In USD, revenues were up 16%. Gross margin was 18%, up from 3% in the same period last year. The increase was mainly a result of higher commodity prices, reinstated handling fees and efficiency gains in California.
The Board proposes a dividend of 0.60 NOK per share, up from 0.55 NOK last year.
Asker, 18 February 2011
Tomra Systems ASA
Attached please find the report and presentation for 4th quarter 2010. 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.