Tomra Systems ASA: Second Quarter 2011 Results
Robust revenue growth (local currencies) of 27%. 1059 MNOK in revenues, 13% organic growth in local currencies.
Gross margin of 42%, up from 41% in second quarter 2010.
32% growth in EBITA to 188 MNOK (142 MNOK in second quarter 2010).
EBITA margin of 18%, up from 16% in second quarter 2010.
14% organic growth in Collection Technology, currency adjusted.
19% organic growth in Industrial Processing Technology and new all time high order backlog.
Cashflow from operation of 95 MNOK (11 MNOK in second quarter 2010).
Revenues in the segment equaled 500 MNOK in the second quarter, up from 446 MNOK in second quarter last year. After adjustment for currency changes and the acquisition of CBSI, revenues were up 14 percent. Gross margin was 48%, compared to 46% last year, supported by the cost reduction program. EBITA was 109 MNOK, up from 77 MNOK in second quarter 2010 (up from 75 MNOK currency adjusted).
Industrial Processing Technology
Revenues in the quarter increased by 74% compared to same quarter in 2010. Adjusted for Odenberg (acquired in February 2011) and currency effects, revenues increased 19%. Gross margin decreased from 55% in second quarter 2010 to 48% in second quarter 2011. The decrease was a consequence of change in portfolio and geography-mix, somewhat lower margins in the food segment (Odenberg not consolidated in 2010), lower margins in Orwak (due to increased steel prices and stronger SEK), as well as a weaker USD (~40% of revenues in the segment is nominated in USD). EBITA increased from 37 MNOK in second quarter 2010 to 52 MNOK in second quarter 2011 as a consequence of higher activity.
The order backlog in the segment increased from 216 MNOK at the end of second quarter 2010 to 297 MNOK at the end of second quarter 2011 (of which 59 MNOK relates to Odenberg).
Revenues in the business area were 45.8 MUSD in second quarter 2011, up from 41.1 MUSD last year. Adjusted for the RSI acquisition, revenues were up 6% in local currencies. Gross margin was 23%, down from 24% same period last year. EBITA improved from 5.1 MUSD in second quarter 2010 to 5.7 MUSD in second quarter 2011. The improved performance was mainly due to higher volumes on the East Coast.
Asker, 15 July 2011
Tomra Systems ASA
Attached please find the report and presentation for 2nd quarter 2011. A live broadcast of the presentation is available on www.tomra.com (http://www.tomra.com/) (investor relation page). A record of the broadcast will be available as soon as the live broadcast has ended.
2nd quarter 2011 (http://hugin.info/162/R/1531194/465972.pdf)
Presentation of 2nd Quarter (http://hugin.info/162/R/1531194/465973.pdf)
Media questions, corporate:
President and CEO, Tomra Systems ASA
Tel.: +47 66 79 92 00