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TOMRA - First Quarter results 2005

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Please find a short version of the quarterly report below. For more detailed information, please find links to the whole quarterly report and presentation at the end of the summary.

                            
  • Revenues 599 MNOK (+1 percent relative to first quarter 2004)
  • Operating profit 10 MNOK (42 MNOK last year)
  • Acquisition of Orwak Group completed in February 2005
  • Preparations for national deposit system in Germany continue
  • 7 percent revenue growth in USD in North American operations
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    RVM Technology
    Revenue in RVM Technology amounted to 250 MNOK in the first quarter 2005 versus 318 MNOK in 2004 - a decrease of 21 percent. Revenue adjusted for currency fluctuations declined by 18 percent primarily due to lower machine sales in Europe. As a direct result of the decline in revenue, operating profit fell to 31 MNOK in the first quarter 2005 against 59 MNOK in first quarter 2004.
     
    Revenue in Europe equaled 169 MNOK in the first quarter 2005--a decline of 26 percent versus first quarter 2004.
     
    Revenue in US East and Canada equaled 12.8 MUSD in the first quarter 2005--unchanged from first quarter 2004. Revenue measured in NOK decreased by 9 percent to 81 MNOK.
     
    Constructive processes in Germany related to establishing a national deposit system as of May 2006 are underway. TOMRA continues to assist industry stakeholders with technology and system competency.
     
    Collection & Materials Handling
    Revenue within Collection & Materials Handling in the first quarter 2005 increased by 10 percent to 29.8 MUSD. Revenue measured in NOK decreased by 1 percent to 187 MNOK. Margins also improved in the first quarter 2005 compared to 2004 due to improved performance in California and effects from cost cutting programs, which were implemented in 2004 in the materials handling operations (US East & Canada).
     
    Recycling Technology
    Traditionally, the first quarters within the recently acquired companies in Recycling Technology have had the lowest activity levels. This trend has also been evident in 2005 where revenue equaled 66 MNOK. As a consequence of the lower activity level, the Recycling Technology-segment had an operating loss of 9 MNOK.
     
    The formal closing of the acquisition of Orwak Group AB occurred on 21 February 2005. The purchase price was based on an enterprise value of SEK 175 million and a conditional payment of up to SEK 20 million based on 2005 and 2006 earnings. TOMRA consolidated Orwak Group as of 1 January 2005.
     
    Other non-deposit activities
    Revenue within TOMRA's other non-deposit activities increased by 12 percent to 96 MNOK mainly due to higher collection volumes in Brazil. Nearly all revenue in this segment is generated in Brazil. Operating loss decreased to 11 MNOK due to improved profitability in Brazil.
     
    The TRC (Tomra Recycling Center) pilot being tested together with Tesco in the UK has shown promising results with respect to center performance, consumer response and stakeholder interest.
     
    The collection test centers operated by TOMRA and Sumitomo in the Tokyo / Yokohama region in Japan, have been deemed a success. A decision on a cooperation model between TOMRA and Sumitomo is targeted for conclusion in the middle of 2005.
     
     
    For presentation of 1st quarter 2005 please use the following link:
     
    For full report with tables of 1st quarter 2005, please use the following link:
     
    To view the web cast live on internet, please use the following link:
     
    A record of the broadcast will be available as soon as the live broadcast has ended 

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