TOMRA - THIRD QUARTER RESULTS 2002

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

-   Revenues from continuing operations 716 MNOK (+3%)
  - Europe 233 MNOK (+13%)
  - North America 363 MNOK (-6%)
  -  South America 120 MNOK (+14%)
 
-   Adjusted for currency impact, revenue growth in the third quarter equaled 19% relative to the third quarter 2001 (continuing operations)
 
-   Operating profit 104 MNOK compared to 112 MNOK in third quarter 2001
 
 
 
Germany
The German elections were won by the incumbent government, which firmly supports the implementation of deposit on non-refillable containers as of 1 January 2003. The beverage and retail industries have continued their campaign to stop the implementation of deposit through legal complaints. Recently however, members of the retail industry suggested that all court cases with the exception of one case at the Federal Administrative Court in Leipzig, would be either dropped or included in the case at the Federal Adminstrative Court in Leipzig.
Recently, industry stakeholders confirmed increased activity to prepare for deposit. These activities combined with continued political support for deposit, indicate an increased probability for a deposit system start-up.
 
Denmark
The new deposit system for non-refillable containers in Denmark was implemented on 23 September 2002. In third quarter TOMRA installed and upgraded close to 600 machines in Danish supermarkets, bringing the total number of installations and upgrades this year to approximately 2 100 machines. TOMRA expects a significantly lower activity level in Denmark in the fourth quarter.
 
Finland
Finland had a strong third quarter with revenues of 38 MNOK, up 81 percent from last year. Openings of several new retail outlets with a private deposit system on one-way PET is the main driver. Additional retail outlet openings are expected in the fourth quarter of 2002.
 
 
North America - US East
Successful large scale roll-out of TOMRA 83 HcP in Michigan. TOMRA installed close to 200 TOMRA 83 HcP machines during third quarter, most of them in Michigan. An additional 200 machines are expected to be installed in 2002.
 
North America - US West
Operations in California were profitable during the third quarter 2002 with an operating profit in line with the forecast of 6.8 MNOK. Recycling center volumes were 2.6% higher during the third quarter, while aluminum prices and commercial volumes were slightly lower than plan. TOMRA anticipates break-even operations in California for the year.
 
South America
Revenues in South America during the third quarter 2002 amounted to 120 MNOK. The integration of Imco Recycling's ten collection centers into Tomra Latasa's operations was successfully completed at the beginning of August and has positively impacted revenues during the third quarter.
 
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Asker, October 17th 2002 <!-- hugin-supplied --><br> Tomra Systems ASA

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