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continues to be a success factor for our customers and the demand for TOMRA’s
solutions is strong across all business segments.
Revenues in the first quarter 2021 amounted to 2,291 MNOK compared to 2,302 MNOK
in first quarter last year. Currency adjusted revenues were up 3% for TOMRA
Group. At division level, currency adjusted revenues were up 21% in TOMRA
Collection Solutions, down 33% in TOMRA Recycling Mining and flat in TOMRA Food.
Gross margin was 42% in the first quarter 2021, similar to the same period last
year, with higher margins in TOMRA Collection Solutions and lower in TOMRA
Recycling Mining.
Operating expenses amounted to 733 MNOK in first quarter 2021, compared to 745
MNOK in first quarter last year - flat when adjusting for currencies.
EBITA was 240 MNOK in first quarter 2021, up from 228 MNOK in the same period
last year.
Cash flow from operations was 269 MNOK in first quarter 2021, compared to 265
MNOK in first quarter 2020.
“TOMRA started the year with quarter over quarter growth and a record high order
backlog. We are still in pandemic times, yet it is astounding how well things
are running. TOMRA is serving resilient and important markets, we have a strong
offering, and we have fantastic people and culture. This is the core of what we
do. In addition, we have maintained focus on future growth and nourished our
strategic investments. The society needs a green recovery and TOMRA is even
better positioned to be a strong partner for circular economy solutions and
sustainable food production.”, says Stefan Ranstrand, TOMRA President and CEO.
Collection Solutions: Solid growth driven by European markets
Revenues in the business area equaled 1,364 MNOK in the first quarter, up from
1,168 MNOK in first quarter last year. After adjustment for currency changes,
revenues were up 21%.
Gross margin increased to 42% in the first quarter from 40% in the same period
last year as a result of mix and operating leverage. Operating expenses amounted
to 317 MNOK, compared to 311 MNOK last year, up 4% currency adjusted.
The strong momentum in Europe continues into 2021. The deposit expansion to
small bottles in The Netherlands has been an important contributor to the
revenue growth in the first quarter of 2021. Northern European and German
markets have been growing in the first quarter 2021 compared to the same period
last year which was mostly unaffected by the Covid-19 pandemic. The operations
in North America are at similar levels to last year and the volumes in Australia
have been steadily growing quarter over quarter from last year.
On April 9[th], 2021, it was announced thar TOMRA was selected as reverse
vending technology provider for the new Latvia deposit return system. A
negotiation period will follow with the contract set to be signed by July 1[st],
2021.
EBITA was 256 MNOK in the first quarter, up from 151 MNOK last year.
Recycling Mining: All time high order backlog, Covid-19 impact on the quarter
Revenues equaled 318 MNOK in first quarter 2021, down 33% in local currencies
compared to last year. Gross margin was 50%, down from 51% in first quarter
2020.
Operating expenses in the first quarter amounted to 136 MNOK versus 137 MNOK
last year, flat when adjusted for currency effects.
EBITA was 23 MNOK, down from 112 MNOK in first quarter 2020.
Order intake was 498 MNOK in the first quarter, compared to 623 MNOK in the same
period last year, an increase of 6% in local currencies driven by good momentum
in waste sorting and recovery in the metal recycling and mining segments. The
order backlog increased to 732 MNOK at the end of first quarter 2021, up 20%
currency adjusted from the end of first quarter 2020.
The waste sorting and plastic recycling business is a healthy segment driven by
legislation and the push for circularity. The order intake in the Metal sorting
and Mining segments has improved as a result of increased industrial demand and
better commodity prices.
Food: Good momentum in both the fresh and processed food segments
Revenues equaled 609 MNOK in first quarter 2021, compared to 649 MNOK in the
same period last year, flat when adjusting for currencies. Gross margin was 40%,
stable compared to first quarter 2020.
Operating expenses in the first quarter was 252 MNOK versus 274 MNOK in the same
period last year, down 6% when adjusted for currencies.
EBITA was -11 MNOK in first quarter 2021 compared to -12 MNOK in first quarter
2020.
Order intake was 887 MNOK in the first quarter, compared to 968 MNOK in the same
period last year. The order backlog was 1,196 MNOK at the end of first quarter
2021, compared 1,213 MNOK in first quarter 2020, an increase of 10% when
measured in local currencies.
Home consumption has boosted the grocery business and sustained the good
momentum in fresh food throughout the Covid-19 pandemic. The momentum in the
food service sector has turned to an increasingly positive one, both segments
contributing positively to the development in the order intake and backlog
compared to pre-pandemic levels.
Asker, 23 April 2021
TOMRA Systems ASA
For questions, please contact:
Espen Gundersen, Deputy CEO/CFO: +47 66 79 92 41 / +47 97 68 73 01
Georgiana Radulescu, Director Investor Relations: +47 94 10 16 43
Webcast link: WN Event
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There will be a Q&A after the presentation and the recorded webcast will be made
available on TOMRA’s webpage www.TOMRA.com.
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 provides technology-led solutions that enable
the circular economy with advanced collection and sorting systems that optimize
resource recovery and minimize waste in the food, recycling and mining
industries.
TOMRA has approximately 100,000 installations in over 80 markets worldwide and
had total revenues of ~9.9 billion NOK in 2020. The Group employs ~4,300
globally and is publicly listed on the Oslo Stock Exchange. (OSE: TOM). For
further information about TOMRA, please see www.tomra.com
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