TOMRA - Second Quarter 2006 results
Please find a short version of the quarterly report below. For more detailed information, please find links to the complete quarterly report and presentation at the end of the summary.
Revenues of 1021 MNOK (+72 percent relative to 593 MNOK in second quarter 2005)
Operating profit of 203 MNOK (-22 MNOK in second quarter 2005)
Cash flow from operations of -65 MNOK (44 MNOK in second quarter 2005)
Collection Technology
Revenues equaled 656 MNOK in second quarter 2006, up 136 percent versus last year. Year-to date revenues are up 120 percent. Increased sales in Germany is the main reason for the growth in revenues. The operating profit in the quarter came in at 179 MNOK versus last year's loss of 20 MNOK.
Europe
Revenues amounted to 570 MNOK in second quarter 2006, up 206 percent versus second quarter 2005. In Germany TOMRA installed ~2400 new machines and upgraded 600 existing machines during the second quarter.
US East & Canada
Revenues equaled 13.8 MUSD in second quarter 2006, down 5 percent compared to second quarter 2005. Year-to-date revenues are up 2 percent measured in USD and 4 percent measured in NOK.
Materials Handling
Revenues in second quarter 2006 increased by 16 percent to 38.5 MUSD. Year-to-date revenues are up 13 percent measured in USD and 15 percent measured in NOK. The main driver is increased volumes in California. Although gross margin and operating profit are lower in second quarter 2006 versus last year, the underlying performance is stronger this year as 2005 numbers were positively impacted by one-time supplemental processing fees in California.
Industrial Processing Technology
Revenues amounted to 122 MNOK, an increase of 21 percent versus 2005. Year-to-date revenues are up 33 percent. Gross margins are fairly stable and increased revenues do not trigger corresponding increases in operating expenses. Therefore operating profits are up from 12 MNOK in second quarter 2005 to 22 MNOK this year.
Development initiatives
Revenues from this segment during second quarter 2006 amounted to 2 MNOK. Overall costs were reduced from 30 MNOK last year to 12 MNOK this year. The second quarter 2006 marked the final breakthrough for TOMRA's collection technology in markets without deposit on beverage containers.
Japan
In May 2006 TOMRA and Sumitomo Corporation signed a partnership agreement. Under the agreement TOMRA and Sumitomo will commit joint resources to a project aiming at installing 100 reverse vending machines in the Tokyo area before June 2007. 8 machines were installed in the second quarter of 2006 and in early July TOMRA and Sumitomo received an order for 15 machines from Adachi Ward.
TRC pilot in the UK
On 2 June 2006 Tesco Plc placed an order for 100 Tomra Recycling Centers (TRC). The order is worth approximately 100 MNOK. 15 centers will be delivered during 2006, the remaining 85 centers during second and third quarter 2007.
Greece
A privately owned company will put in place more than 70 recycling centers using TOMRA technology. The initial potential for TOMRA is 210 RVMs delivered in 3 batches during 2006/2007. The first 39 machines have already been shipped and will most likely be installed in autumn 2006.
For presentation of 2nd quarter 2006 please use the following link:
For full report with tables of 2nd quarter 2006, 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.