Third Quarter 2010 Results
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Revenues of 946 MNOK, up 15% from third quarter last year (currency adjusted).
Gross contribution of 42%, up from 38% in third quarter last year (currency adjusted).
Operating profit before other items of 172 MNOK, up 46% from third quarter last year (currency adjusted).
All time high operating margins in both IPT (21%) and Material handling (14%).
Accrued NOK 226 million for EU penalty. Decision to be appealed.
Strong cashflow from operations of 180 MNOK (194 MNOK in third quarter 2009).
Signed a EUR 70 million contract for reverse vending systems with European retailer.
Collection technology
Revenues in the segment equaled 471 MNOK in the third quarter 2010, down from 494 MNOK in third quarter last year. After adjustment for currency change, revenues were up 1%. Gross margin was 47%, flat from last year. Operating expenses increased to 124 MNOK from 110 MNOK in third quarter 2009, due to increased R&D and marketing activities, as well as the establishment of operations in China.
Material handling
Revenues in the business area were 280 MNOK in third quarter 2010, up from 236 MNOK last year. In USD, revenues were up 18%. Gross margin was 26%, up from 13% in the same period last year. The increase was a result of higher commodity prices, reinstated handling fees and efficiency gains in California.
Industrial processing technology
Revenues in the quarter increased to 195 MNOK from 126 MNOK last year. This represents a 55% increase, driven by significant increased activity in both TiTech and Orwak.
Adjusted for currency change and the divestment of Presona (sold in second quarter 2010), revenues were up 76%. Gross margin maintained stable at 52%, but operating margin increased from 8% in third quarter 2009 to 21% in third quarter 2010 due to higher volumes. Compared to last year, order intake improved in both companies and the order book in the segment increased from 134 MNOK at the end of third quarter 2009 to 186 MNOK at the end of third quarter 2010.
Asker, 19 October 2010
Tomra Systems ASA
Attached please find the report and presentation for 3rd 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.