0

FY 2005FY 2005

1

Checklist 2005

• Revitalize and achieve profitable growth• Improve TiTech/Orwak performance • Secure permanent installations in Tokyo• Conclude partnership agreement with Sumitomo

• New organizational structure to increase focus/create momentum• Ensure 80 MNOK in cost savings, restructuring charges of ~50 MNOK• Write-down of assets estimated to 114• Divest Brazilian operations• Finalize product portfolio harmonization• Strengthen California business model

• Achieve 50-70% market share in Germany• Decide on future of UK project

1H 2006

2006/2007

1Q 2006

To-do list 2005 Status

• Integrate TiTech and Orwak Group into TOMRA• Successfully complete pilots in the UK and Japan• Execute on German opportunity

Q404

Q105

Q205

Q305

2

Back to sustainable profitable growth...Operating revenues – 12 month rolling averageNOK million

Gross Margin – 12 month rolling averagePercent

34.0%

34.5%

35.0%

35.5%

36.0%

36.5%

37.0%

37.5%

38.0%

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

2,400

2,450

2,500

2,550

2,600

2,650

2,700

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

660

680

700

720

740

760

780

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

0

50

100

150

200

250

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

Aug-05

Sep-05

Oct-05

Nov-05

Dec-05

Operating expenses – 12 month rolling averageNOK million

Operating profit – 12 month rolling averageNOK million

NOTE: One-time effects of -159 MNOK not included in the charts

3

Financial highlights (IFRS, continued and discontinued operations)NOK million

4Q 05 4Q 04 FY 2005 FY 2004

Revenues 675 663 2662 2512

• RVM Technology 356 328 1183 1250

• Collection & Materials Handling 201 189 848 821

• Recycling Technology 117 44 379 68

• Other non-deposit activities 1 102 252 373

Operating profit excludingrestructuring charges

93 70 226 236

Operating profit includingrestructuring charges

79 58 67 217

Cash flow (from cont. ops.)Total assets (from cont. ops.)EPS (from cont. ops.) in NOK

131

0.31

75

0.22

2432,9940.05

4083,2571.00

4

SEGMENT: RVM Technology

5

RVM Technology – Financials

NOK million4Q 05 4Q 04 FY 2005 FY 2004

Revenues 356 328 1183 1250

• Nordic 97 104 377 439

• Central Europe & UK 157 128 433 438

• Rest of Europe - 4 - 9

• US East/Canada 102 92 373 364

Gross contribution(in %)

159(45%)

166(51%)

541c)

(46%)635

(51%)

Operating expenses 93a) 107b) 424d) 416e)

Operating profit (in %)

66(19%)

59(18%)

117(10%)

219(18%)

a) Including restructuring charges of 6 MNOK b) Including restructuring charges of 12 MNOKc) Including inventory write-downs of 12 MNOK in 2Q 05 d) Including total restructuring charges of 46 MNOKe) Including total restructuring charges of 19 MNOK

6

RVM Technology – Highlights

• Revenues of 810 MNOK, 9% decline versus last year; adjusted for currency effects revenues decreased by 5%– Market share maintained– Declining sales in Sweden, Finland and refillable markets in Central

Europe– Strong performance in second half 05

• Strong year in Holland driven by upgrades of old machines due to introduction of new deposit legislation

• Orders for ~4,000 RVMs received from Germany during 2005, 4,000 additional RVMs ordered in January 2006 – minimal impact on 4Q figures

Europe

• Revenues of 373 MNOK, 2% increase versus 2004; measured in USD revenues increased 7% to 57.9 MUSD– Strong HCp sales in core Northeast markets primary driver for

improvement– Contract with largest lease customer renewed

• 1,270 RVMs placed during 2005• 70 MNOK replacement contract in Michigan signed in January 2006

North America

7

RVM Technology – Order situation in Germany

Number of machines Contract value (ex. service)NOK billion

Total market potential

Ordered so far

Total market potential

Ordered so far

30,000-40,000

~12,000?~1.7?

4.5-7.0

TOMRA

Others~8,000

~4,000?~0.5?~1.2TOMRA

Others

ESTIMATES

Our expectations

remain unchanged

TOMRA is on the right track towards delivering on the 50% - 70% market share ambition in Germany

8

RVM Technology – Timing of German orders to P&L

ROUGH ESTIMATESEstimated number of machines taken to P&L in Germany

4Q05

1Q06

2Q06

3Q06

4Q06

TOTAL (so far)

~ 80

~ 1,000*

~ 2,500*

~ 2,500

~ 2,000

~ 8,000

Exact timing of installations and upgrades still partly a moving target

Majority of current order backlog expected to be taken to P&L during 2Q and 3Q this year

Available production capacity in second half of 2006

* Includes several upgrades of refillable RVMs

9

RVM Technology – UNO and T-820 status

• Product targeting small retail stores, gas stations and convenience stores (potentially also schools, large corporate cantinas etc.)

• Low cost machine produced in Poland and sold for ~4,000-5,000 EURO plus installation fee

• Target markets are the Nordic countries, Germany and Estonia• Orders for ~260 UNO machines received in 2005 and orders for ~200

additional machines received so far 2006• Ongoing tests with several customers (25+) including gas station

chains and retailers with several thousand outlets

• Product targeting high volume retail stores• High-end machine with new recognition technology and new user

interface for easy, accurate and fast operations• Important machine for accelerating replacement of old equipment• Commercial deliveries started early 2006, orders received in Norway

and Austria

SEGMENT: Collection and Materials Handling

11

Collection & Materials Handling – Financials

NOK million

4Q 05 4Q 04 FY 2005 FY 2004

Revenues 201 189 848 821

• US East/Canada 105 107 469 484

• US West 96 82 379 337

Gross contribution(in %)

43(21%)

41(22%)

196(23%)

184(22%)

Operating expenses 38* 37 134* 134

Operating profit (in %)

5(2%)

4(2%)

65(8%)

50(6%)

* Including 6 MNOK in restructuring charges

12

Collection & Materials Handling – Highlights

• Revenues of 469 MNOK, down 3% versus 2004; measured in USD revenues increased 1% to 72.8 MUSD

• Record profitability due to further streamlining oftransportation and processing activities

• Consolidation of processing plants in 2005 will yield furthercost savings in 2006

US East/ Canada

• Revenues of 379 MNOK, up 12% versus 2004; measured in USD revenues increased 18% to 58.9 MUSD due to strong volume growth and attractive commodity pricing

• Total container volumes grew by 15% over the prior year and the total site count grew by 10% to 433

• Work related claims in California reduced by 24% over prior year – will impact insurance rates positively in the long term

• 2005 was a record year in terms of profitability, and TOMRA anticipates positive trend to continue in 2006 due to commodity pricing and volume/new site growth

US West/ California)

13

Collection in California – Commodity prices

1400

1600

1800

2000

2200

2400

2600

2800

3000

Jan-

05

Feb-

05

Mar

-05

Apr

-05

May

-05

Jun-

05

Jul-0

5

Aug-

05

Sep

-05

Oct

-05

Nov

-05

Dec

-05

Jan-

06

Feb-

06

Aluminum price development (London Metal Exchange – Cash prices)USD/metric tonne

In California, where TOMRA takes ownership of collected materials, the aluminum price increase is positively impacting revenues and profits

As a general rule of thumb, a 100 USD/ton increase in the LME increases TOMRA’s operating profit by approximately 1 MUSD

14

SEGMENT: Recycling Technology

15

Recycling Technology – Financials

4Q 05 4Q 04 FY 2005 FY 2004

Revenues 117 44 379 68

• Nordic 27 - 83 -

• Central Europe & UK 74 31 203 41

• Rest of Europe 1 8 30 18

• US/Canada 10 4 23 7

• Rest of World 5 1 40 2

Gross contribution(in %)

53(45%)

27(61%)

174(46%)

43(63%)

Operating expenses 34* 12 137** 23

Operating profit (in %)

19(16%)

15(34%)

37(10%)

20(29%)

NOK million

* Including restructuring charges of 2 MNOK** Including total restructuring charges of 5 MNOK

16

Recycling Technology – Highlights

• 3rd consequtive year of record revenues and profits driven by strongsales in Germany and the US

• Market share of ~70% maintained• New markets entered in 2005 include Korea, Australia and Norway• Cooperation with TOMRA in materials handling in North America• Several technology innovations in 2005 ensured TiTech’s position as

the industry leader in optical sorting

TiTech

• Stable revenue development versus previous year; Presonacontinued to perform well, AB Orwak faced certain challenges and Morinders had weak sales

• 2Q-4Q performance according to expectations after weak 1Q• Market share of 20-25% maintained• 2005 cost reduction efforts have created a platform from which

Orwak Group can grow profitably• Potential cooperation with TOMRA regarding depots for handling of

uncompacted deposit containers in Germany in 2006

Orwak Group

17

Recycling Technology - Order book

0

10

20

30

40

50

60

70

80

90

4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05

Order book value NOK million

Timing

Although first quarter is generally weak, 1Q 2006 should be significantlybetter than 1Q 2005 based on value of order book entering 2006

18

SEGMENT: Other non-deposit activities

19

Other non-deposit activities - Financials

NOK million

4Q 05 4Q 04 FY 2005 FY 2004

Revenues 1 102 252 373

Gross contribution (in %) - 10(10%)

39(15%)

49(13%)

Operating expenses 9 26 171* 105

Operating profit (8) (16) (132) (56)

* Including total restructuring charges of 86 MNOK in 2Q 05

20

Other non-deposit activities – Highlights

Brazil• Brazilian operations defined as non-core during second quarter due to

limited technology content• TOMRA’s two subsidiaries sold to Aleris in August 2005 for 122 MNOK

in cash

• 5 TRCs installed during 2005, bringing the total number of centers to 6• Feedback from consumers and TESCO is positive, and the business

model is becoming more attractive as the gap between required and actual collection volumes is narrowed

• TOMRA is discussing an expansion of the TRC program with TESCO, conclusion expected during 1Q 2006

UK

• Test program in Tokyo/Yokohama successfully completed early 2005 with Sumitomo as TOMRA’s partner

• First 10 permanent collection centers sold to wards in Tokyo • TOMRA is currently in discussions with several wards in Tokyo for

deliveries of additional centers in 2006• The discussions with Sumitomo regarding future structure of partnership

and business model will be concluded during first half 2006

Japan

21

UK collection volumes – Approaching break-even

Number of units collected per center per monthThousand units

ROUGH ESTIMATES

Start-up period (Nov 04 – Mar 05)

Mid-term period(Apr 05-Oct 05)

Current(Nov 05-Feb 06)

250

70

Assumed break-even

volume

Actual volume per

center (average)

200

80

Assumed break-even

volume

Actual volume per

center (average)

120

90

Assumed break-even

volume

Actual volume per

center (average)

180

120

30

22

Proposed dividend for 2005

•At the Annual General Assembly in May, The Board will– Recommend a 2005 dividend of NOK 0.35 per share– Ask for a cancellation of the 4,498,000 treasury shares acquired in

connection with the share buy-back program in 2005– Ask for a new authorization to buy back 10 million additional shares

(on top of the 10 million authorized in 2005) with the purpose of cancelling them.

• In 2006, TOMRA will replace its option program with a cash-based 3-5 years bonus system linked to extraordinary financial performance in the Tomra Group

23

TOMRA focus areas in 2006

• New segments and markets for TiTech

• Focused sales and marketing efforts in Orwak Group

• Selected M&A

• Sign agreement withSumitomo during 1H 2006

• Obtain TESCO decision onexpansion of TRC program during 1Q 2006

• Invest in selected newinitiatives - several newprojects under evaluation

Recycling Technology

Development initiatives

• Maximize value of Germanopportunity

• Accelerate Nordic and US replacement sales

• Roll out UNO & T-820• Reduce COGS through

continued production/ sourcing improvements

• Capitalize on Holland opportunity

• Consolidate sorting plant operations

• Outsource certain labor-intensive activities

• Maximize commodity pricing opportunities

RVM Technology

Collection &Materials Handling

24

Addendum slides

26

Major shareholders*

Shares Ownership

1. Folketrygdfondet 18 103 100 10,1%

2. Orkla ASA 7 228 800 4,1%

3. State Street Bank & Client Omnibus D 6 767 984 3,8%

4. JP Morgan Chase Bank Clients Treaty Account 5 316 448 3,0%

5. Tomra Systems ASA 4 498 000 2,5%

6. Danske Bank A/S 3887 Operations Sec. 4 492 028 2,5%

7. Vital Forsikring ASA DnB NOR Kapitalforvaltning 3 826 289 2,1%

8. Clearstream Banking CID Dept, Frankfurt 3 606 259 2,0%

9. DnB NOR Norge (IV) VPF 2 782 708 1,6%

10. Deutsche Bank AG LON 2 496 390 1,4%

SUB-TOTAL 59 118 006 33,1%

Other shareholders 119 368 553 66,9%

TOTAL (15,003 shareholders) 178,486,559 100.0%

Total foreign ownership 61 840 476 34,6%

*Registered 31 December 2005

27

Shares & shareholders*

Country Shares OwnershipNumber of

shareholders

1. Norway 116 646 083 65.4% 14 162

2. Great Britain 21 552 513 12.1% 82

3. USA 12 138 624 6.8% 181

4. Denmark 7 350 946 4.1% 66

5. Luxembourg 5 965 047 3.3% 39

6. Switzerland 4 569 107 2.6% 19

7. Sweden 2 552 803 1.4% 117

8. Ireland 1 602 548 0.9% 18

9. Finland 1 077 920 0.6% 24

10.

Germany 1 045 794 0.6% 97

TOTAL 97.7% 14 805

*Registered 31 December 2005