TOMRA: FOURTH QUARTER 2014 RESULTS ANNOUNCEMENT
Strong performance in both business areas
Revenues in the fourth quarter 2014 amounted to 1,400 MNOK compared to 1,169 MNOK in fourth quarter last year. Revenues in TOMRA Collection Solutions increased by 17% (up 10% currency adjusted), while revenues in TOMRA Sorting Solutions were up 25% (up 18% currency adjusted).
Gross margin was 44% in the quarter, unchanged from the corresponding period last year, with stable margins in both business areas.
Operating expenses increased from 313 MNOK in fourth quarter 2013 to 344 MNOK in fourth quarter 2014. Adjusted for currency (stronger EUR and USD vs NOK) and one-time costs, operating expenses were up 3%.
EBITA was 266 MNOK in fourth quarter 2014 versus 199 MNOK in the fourth quarter 2013.
TOMRA Compaction was sold in fourth quarter 2014, with closing of the transaction in first quarter 2015.
Cash flow from operations in fourth quarter 2014 equaled 312 MNOK, up 33% from 234 MNOK in fourth quarter 2013.
The Board proposes a dividend of 1.45 NOK per share
TOMRA Collection Solutions
The business area reported an increase in revenue of 17% in fourth quarter 2014, compared to same period last year. After adjustment for currency changes, revenues were up 10%.
Gross margin was stable at 42%. Operating expenses were up 3%, after adjusting for currency and one-time costs.
EBITA was 172 MNOK, up from 146 MNOK last year.
TOMRA Sorting Solutions
Revenues in the quarter increased by 25% compared to same quarter in 2013. Adjusted for currency effects, revenues were up 18%.
Order intake during fourth quarter 2014 totaled 568 MNOK, up from 509 MNOK during the same quarter last year.
Gross margin was stable at 46%. Operating expenses increased in the same period from 156 MNOK to 167 MNOK, adjusted for currency and one-time costs, operating expenses were up 5%.
EBITA increased from 59 MNOK in fourth quarter 2013 to 101 MNOK in fourth quarter 2014.
“This is the best quarter in Tomra’s history, with strong performance in both business areas and topped with very healthy cashflow” comments Stefan Ranstrand (President and CEO).
Asker, 18 February 2015
TOMRA Systems ASA
For questions, please contact:
Deputy CEO/CFO Espen Gundersen: +47 66 79 92 42 / +47 97 68 73 01
Webcast link: http://presenter.qbrick.com/?pguid=11cf0834-f2e2-4ef6-bbb1-0092a132a387
We will open up for Q&A after the presentation and the recorded webcast will be made available on our webpage www.tomra.com after broadcast is concluded.
TOMRA was founded on an innovation in 1972 that began with design, manufacturing and sale of reverse vending machines (RVMs) for automated collection of used beverage containers. Today TOMRA has ~170,000 installations in over 80 markets worldwide and had total revenues of ~4.6 billion NOK in 2013. The Group employs ~2,500 globally, and is publicly listed on the Oslo Stock Exchange. (OSE: TOM) The TOMRA Group continues to innovate and provide cutting-edge solutions for optimal resource productivity within two main business areas: Collection Solutions (reverse vending, material recovery and compaction) and Sorting Solutions (recycling, mining and food sorting). For further information about TOMRA, please see www.tomra.com