1 First Quarter 2005. 2 Financial highlights – First quarter 2005 Revenues of 599 MNOK –RVM...
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Transcript of 1 First Quarter 2005. 2 Financial highlights – First quarter 2005 Revenues of 599 MNOK –RVM...
1
First Quarter First Quarter 20052005
First Quarter First Quarter 20052005
2
Financial highlights – First quarter 2005
Revenues of 599 MNOK– RVM Technology 250 MNOK– Collection & Materials Handling 187 MNOK– Recycling Technology 66 MNOK– Other non-deposit activities 96 MNOK
Operating profit 10 MNOK
Cash flow from operations 1 MNOK
Total assets 3,370 MNOK– Cash balance 766 MNOK
Note: All figures based on IFRS
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Segment: RVM Technology
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RVM Technology
(In MNOK) 1Q05 1Q04
Revenue 250 318
- Nordic 85 128
- Central Europe & UK 84 100
- Rest of Europe - 1
- US East / Canada 81 89
Gross contribution (in %) 123 (49%) 159 (50%)
Operating profit (in %) 31 (12%) 59 (19%)
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RVM Technology – Highlights
Revenue decrease of 26% to 169 MNOK in first quarter 2005
Nordic revenue down 34% to 85 MNOK to due to exceptionally high volumes in first quarter 2004
Deliveries of machines to Estonia to start in April 2005
Revenue unchanged in USD in the first quarter 2005 vs. 2004, decrease of 9% to 81 MNOK
Lower RVM sales due to postponed timing of key account installations was off-set by higher service/ administration revenue
Europe North America
New generation of RVM’s launched at Euroshop
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TOMRA at Euroshop 2005
T-820
Uno
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Germany update
Retail and beverage industries have set up three working groups to finalize preparation for national deposit system to start as of May 2006
Working groups to focus on:– Operational issues (IT, clearing, etc.)– Legal issues– Security system for marking and recognition of deposit
containers
Conclusion on security standard will be an important milestone in preparing for automated handling in a national deposit system
8
Segment: Collection & Materials Handling
Collection Materials Handling
Pick-up & transport Baling
Sorting
9
Collection & Materials Handling
(In MNOK) 1Q05 1Q04
Revenue 187 189
- US East / Canada 101 110
- US West 86 79
Gross contribution (in %) 34 (18%) 36 (19%)
Operating profit (in %) 8 (4%) 5 (2%)
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Collection & Materials Handling – Highlights
Revenue in Collection (US West) up by 20% to 13.7 MUSD; up 9% measured in NOK to 86 MNOK– Improved profitability due to continued volume
growth & positive development in aluminum prices
Revenue increase of 3% in USD terms in Materials Handling operations (US East & Canada); in NOK terms, down 9% to 101 MNOK– Improved profitability due to cost
reduction/efficiency program executed in 2004
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Segment: Recycling Technology
TiTech sorting unit
Presona baler
Orwak compactorMorinders compactor
Orwak Group
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Recycling Technology
(In MNOK) 1Q05 1Q04
Revenue 66 -
- Nordic 14 -
- Central Europe & UK 39 -
- Rest of Europe 4 -
- US East 3 -
- Rest of World 6 -
Gross contribution (in %) 28 (43%) -
Operating profit (9) -
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Recycling Technology – Highlights
TiTech
Seasonality impacting 1Q-05 performance
Stronger order intake and order backlog expected to lead to growth in 2005
Orwak Group
Consolidated as of 1 January 2005
Strong 4Q-04 performance influencing weak 1Q-05 activity level
Order inflow / order backlog in 1Q-05 in line with 2004, which is expected to lead to improved performance throughout rest of 2005
Integration process of TiTech/Orwak Group with TOMRA
Focus on improved profitability and continued revenue growth
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Segment: Other non-deposit activities
TOMRA Wharehouse
Collection
TOMRA Recycling Plant -
Pindamonhangaba
NovelisRexam Can
Factory
Brazilian operations
TRC project
Business development
15
Other non-deposit activities
(In MNOK) 3m05 3m04
Revenue 96 86
Gross contribution (in %)
14 (15%) 10 (12%)
Operating profit (11) (18)
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Other non-deposit activities – Highlights
Brazil
Improved profitability with operating profit of 5 MNOK
Japan
Initial pilot in Tokyo positively concluded
Next phase: Securing initial orders & concluding on Sumitomo partnership agreement by middle of 2005
UK / TRC
Technical performance as targeted & consumer response positive
Next five pilot centers to be installed April-July 2005
Pilot phase to run up to March 2006
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1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
0 %
5 %
10 %
15 %
20 %
25 %
Revenue, MNOK EBIT margin
Revitalize & achieve profitable growth
History Future
NO
K m
illion
s
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19
Addendum slides
20
1Q05 segment financials
(in MNOK) RVM Tech
Collection &
Materials
handling
Recycling Tech
Other non-
deposit activitie
s
Group functions
TOTAL
Revenues 250 187 66 96 599
Gross contribution (in %)
123
(49%)
34
(18%)
28
(43%)
14
(15%)
199
(33%)
Operating profit (in %)
31
(12%)
8
(4%)
(9) (11) (9) 10
(2%)
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1Q04 segment financials
(in MNOK) RVM Tech
Collection &
Materials
handling
Recycling Tech
Other non-
deposit activitie
s
Group functions
TOTAL
Revenues 318 189 - 86 593
Gross contribution (in %)
159
(50%)
36
(19%)
- 10
(12%)
205
(35%)
Operating profit (in %)
59
(19%)
5
(2%)
- (18) (4) 42
(7%)
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Major shareholders*
Shares Ownership
1. Folketrygdfondet 18 923 100 10.6%
2. JP Morgan Chase Bank Clients Treaty Account 10 437 715 5.8%
3. Vital Forsikring ASA DnB NOR Kapitalforvaltning 3 802 589 2.1%
4. Clearstream Banking CID Dept, Frankfurt 3 220 938 1.8%
5. State Street Bank & Client Omnibus D 3 094 340 1.7%
6. Nordea Bank Denmark S/A Nordea (DK) CCA 2 782 529 1.6%
7. VPF DNB NORNorge 2 737 738 1.5%
8. Orkla ASA 2 200 000 1.2%
9. VPF Avanse Norge 2 079 927 1.2%
10. Lombard Odier Darier General Dossier 2 035 590 1.1%
SUB-TOTAL 51 314 466 28.7%
Other shareholders 127 172 093 71.3%
TOTAL (17 238 shareholders) 178 486 559 100.0%
Total foreign ownership 53 866 454 30.2%
*Registered 31 March 2005
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Shares & shareholders*
Country Shares Ownership
Number of shareholders
1. Norway 124 620 105 69.8% 16 370
2. Great Britain 18 579 945 10.4% 76
3. USA 10 631 037 6.0% 179
4. Luxembourg 5 579 722 3.1% 40
5. Denmark 4 834 888 2.7% 75
6. Switzerland 3 403 338 1.9% 24
7. Sweden 2 705 564 1.5% 126
8. Belgium 2 156 278 1.2% 13
9. Germany 1 953 478 1.1% 98
10. The Netherlands 602 623 0.3% 57
TOTAL 98.1% 17 058
*Registered 31 March 2005