Third Quarter October 2008

Transcription

1 Third Quarter October 2008

2 Financial Highlights g Profit and loss statement Figures in NOK million 3Q Q 2007 YTD 2008 YTD 2007 Revenues Collection Technology, Deposit Solutions Material Handling Industrial Processing Technology Collection Technology, Non-Deposit Solutions Gross contribution Gross margin % % % Operating expenses 223 * * % Operating profit Operating margin 13% 15% 13% 12% * Includes restructuring charges of 22 MNOK Year on year growth adjusted for currency and restructuring charges Revenues Operating profit 5% 8% 6% 15% 2 2

3 Financial highlights - Balance sheet, cash flow and capital structure Figures in NOK million 30 Sep Sep 2007 ASSETS Intangible assets Leasing equipment Other fixed assets Inventory Short-term receivables Cash and cash equivalents LIABILITIES AND EQUITY Equity Interestbearing liabilities Non-interestbearing liabilities Cashflow from operations 106 MNOK in 3Q 2008 versus 83 MNOK in 3Q 2007 Cash flow from finance 81 MNOK spent on share buy-backs in 3Q 2008 Strong financial position >50% equity Current holding of treasury shares of 4.6 million Balancesheet Acquisition of Ultrasort results in goodwill/intangibles of 150 MNOK Weaker NOK at balancesheet date gives increased NOK value of balancesheet items => % $ +7.0% 3

4 D e p o s i t S o l u t i o n s Collection Technology - Collection Technology - Deposit Solutions

5 Collection Technology - Deposit Solutions Financialsi Figures in NOK million 3Q Q 2007 YTD 2008 YTD 2007 Revenues Nordic Central Europe & UK US East/Canada Rest of the world Gross contribution in % % % % % Operating expenses 111* * 302 Operating profit in % 76 18% % % % * Including 15 MNOK in one-off restructuring charges 5 5

6 Highlights Collection Technology - Deposit Overall 2007 figures impacted by Finnish pet race Central support function in Norway re-organized One-off restructuring expense of 15 MNOK, with cost saving of 40 MNOK in 2009 Germany RVM has become standard equipment for German retailers Potential of 3000 machines installed 2009/2010 by two remaining discount chains Service agreement with reaction time guaranty a necessity, due to high UBC volumes Inclusion of dietary products in deposit systems from April 1, 2009 will increase UBC volumes by 10-15% Other markets Donation/lottery under implementation on >7000 machines in Europe Service revenue in Europe (ex Germany) about 50% of total revenue Adjusting US replacement strategy to reflect potential slowdown in investment by US retailers Volume orders on UNO start to materialize in some markets 6

7 Materials Handling

8 Materials Handling Financials Figures in NOK million 3Q Q 2007 YTD 2008 YTD 2007 Revenues US East/Canada US West (California) i Gross contribution in % 58 21% 67 22% % % Operating expenses Operating profit in % 31 11% 39 13% 58 8% 78 9% Currency impact Minus 7% in third quarter 2008 compared to third quarter

9 Materials Handling Financials Figures in USD million 3Q Q 2007 YTD 2008 YTD 2007 Revenues US East/Canada US West (California) i Gross contribution in % 21% 22% 19% 20% Operating expenses Operating profit in % 11% 13% 8% 9% 9 9

10 Highlights Materials Handling Overall Commodity prices unstable and currently 20% down from 2008 year to date average levels Gasoline prices high during the quarter, but now returning to normal level Operational focus gives satisfactory efficiency US East Stable volumes and material mix Excluding increased gasoline prices, efficiency acceptable Complementary operation to our RVM base California Aluminum volumes price hedged until end October Collected volumes increased Slight increase in OPEX due to preparing for higher volumes 10

11 Industrial Processing Industrial Processing Technology

12 Industrial Processing Technology - Financials Figures in NOK million 3Q Q 2007 YTD 2008 YTD 2007 Revenues Nordic Central Europe & UK Rest of Europe US/Canada US West Rest of World Gross contribution in % 50% 49% 50% 51% Operating expenses Operating profit in % 19% 11% 19% 17% 12 12

13 Highlights Industrial Processing Technology Recognition and sorting (Titech Group) Integration of Ultrasort successfully completed Strongest growth in US, UK and Asia Weak order inflow in Quarter 3, of temporary nature? 60% of large (17 MNOK) metal recycling contract installed during the quarter Favorable completion of projects in the quarter Volume reduction (Orwak & Presona) Orwak had a revenue growth of 17% in Q3 and 15% YTD Presona had a revenue growth of 26% in Q3 and 32% YTD Performance improvements continue in both companies 13

14 Industrial Processing Technology - Order book NOK million 14 14

15 o n - D e p o s i t S o l u t i o n s Collection Technology - Non-deposit Solutions

16 Collection Technology Non-deposit Solutions - Financials Figures in NOK million 3Q Q 2007 YTD 2008 YTD 2007 Revenues Central Europe & UK Rest of Europe US East & Canada Rest of World Gross contribution in % 2 33% (2) % Operating expenses 24* 17 68* 59 (13) - Operating profit (22) (19) (52) (72) in % * Including 7 MNOK in one-off restructuring charges 16 16

17 Highlights Collection Technology - Non-deposit Solutions Overall Performance improvements continue ARC product from R&D phase to engineering i and customizing i phase Reduced R&D spending on ARC for 2009 by 20 MNOK, one-off 7 MNOK cost this quarter UK Tesco continues roll-out of ARC, 16 in Q4 and remaining centers in Q Adjusted incentive scheme reduces volume and increases commodity value Business model improved for both Tesco and TOMRA Japan Increased activity level related to municipalities budget process US Consumer pressure on stakeholders to be more environmental Increasing our marketing efforts and resources Placement of 16 ARC by Waste Management still pending Discussions with large volume potential stakeholders continue Other markets Commercial installations in Greece/Italy/Bulgaria New pilots/distributors in Spain/Portugal/Holland 17

18 Summary Strong quarterly performance in most markets/ business areas and limited impact from current financial turbulence Parts of TOMRA s business have limited exposure to a potential slowdown in the economy, while other parts are more exposed Current currency rates give a significant upside compared to 2008 average currency levels 18

19 Addendum slides

20 Addendum slide - Major shareholders 1 Orkla ASA % 2 Folketrygdfondet % 3 The Northern Trust C Treaty Account % 4 State Street Bank AN A/C Client Omnibus D % 5 Tomra Systems ASA % 6 FERD AS Invest P610AK % 7 Mellon Bank AS Agent Mellon Bank NA A/C Mellon % 8 Bank of New York ADR department % 1.6% 9 Danske Bank A/S 3887 Operations SEC % 10 Clearstream Banking CID Dept, Frankfurt % SUB-TOTAL % Other shareholders % TOTAL (9,019 shareholders) % Total foreign ownership % 20

21 Addendum slide - Shareholders by nationality 1 Norway 52.5% Great Britain 15.6% 74 3 USA 12.4% Luxembourg 4.1% 28 5 Sweden 2.8% Denmark 2.5% 45 7 France 2.5% 19 8 Italy 1.8% 13 9 Ireland 1.0% Finland 0.6% 19 TOTAL 95.9%