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some impact on the business, though to a lesser extent than previously. The
component shortage situation is overall under control but represents a risk.
Revenues in the third quarter 2021 amounted to 2,883 MNOK compared to 2,578 MNOK
in third quarter last year. Currency adjusted revenues were up 15% for TOMRA
Group. At division level, currency adjusted revenues were up 21% in TOMRA
Collection, up 21% in TOMRA Recycling Mining and up 3% in TOMRA Food.
Gross margin was 44% in the third quarter 2021, down from 46% in the same period
last year, with all divisions slightly down compared to a strong third quarter
2020.
Operating expenses amounted to 748 MNOK in third quarter 2021, compared to 676
MNOK in third quarter last year.
EBITA was all-time high at 529 MNOK in third quarter 2021, up from 501 MNOK in
the same period last year.
Cash flow from operations was 596 MNOK in third quarter 2021, compared to 432
MNOK in third quarter 2020.
“TOMRA achieved record high revenues and EBITA in third quarter. We have a high
activity level in all divisions and the pipeline of projects is strong. Our
markets have a good momentum, we expand our operations and continue to invest in
future development. There is a great amount of competence at TOMRA, as well as a
strong sense of ownership, and I am confident that we have a solid foundation to
develop the business and advance our strategic position.”, says Tove Andersen,
TOMRA President and CEO.
Collection: Growth in Europe and high activity level in the markets
Revenues in the business area equaled 1,514 MNOK in the third quarter, up from
1,287 MNOK in third quarter last year. After adjustment for currency changes,
revenues were up 21%.
Gross margin was 43% in the third quarter, from 45% in the same period last
year, due to product/customer mix, some volume loss in Australia due to
temporary lockdowns, and a strong margin in third quarter 2020.
Operating expenses equaled 307 MNOK, compared to 258 MNOK last year, mainly due
to business expansion.
The good momentum in Europe continued in third quarter 2021. Northern European
and German markets have been growing in the third quarter 2021 compared to the
same period last year. The preparations for the new deposit introduction in
Slovakia are on-going and new sales have been a positive contributor to revenue
growth in third quarter. The North American business is running at similar
levels as last year. Volumes in Australia were slightly down in third quarter
due to temporary lockdown measures following COVID-19 outbreaks.
EBITA was 337 MNOK in the third quarter, up from 316 MNOK last year.
Recycling Mining: Order intake up 50% and a solid order backlog
Revenues equaled 493 MNOK in third quarter 2021, up 21% in local currencies
compared to last year. Gross margin was 54%, slightly down from 55% in third
quarter 2020.
Operating expenses in third quarter 2021 amounted to 146 MNOK versus 133 MNOK in
third quarter 2020, driven by driven by increased activity level and investment
into circular economy initiatives.
EBITA was 119 MNOK in the period, compared to 98 MNOK in third quarter 2020.
Order intake was 484 MNOK in the third quarter 2021, compared to 348 MNOK in the
same period last year, an increase of 50% in local currencies. The order backlog
increased to 813 MNOK at the end of third quarter 2021, up 42% currency adjusted
from the end of third quarter 2020.
High commodity prices, legislation, the need for better waste management and
demand for circular solutions have a positive impact on the recycling business.
Food: Good momentum in both fresh and processed food maintained
Revenues equaled 876 MNOK in third quarter 2021, compared to 874 MNOK in the
same period last year, up 3% when adjusting for currencies. Gross margin was 42%
in third quarter, slightly down from 43% in the same period last year.
Operating expenses in the third quarter 2021 amounted to 263 MNOK, compared to
260 MNOK in third quarter last year.
EBITA was 104 MNOK in the period, compared to 112 MNOK in third quarter 2020.
Order intake was 874 MNOK in third quarter 2021, up 28% currency adjusted
compared to 754 MNOK in the same period last year which was affected by COVID
-19. The order backlog was 1,209 MNOK at the end of third quarter 2021, compared
931 MNOK in third quarter 2020, an increase of 42% 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. Confidence in
the demand for food service has been driving investments. Travel restrictions
remained a challenge when meeting new customers. Freight and supply chain
disruptions have been a pressure point as well.
Organizational announcement
Espen Gundersen, TOMRA Group CFO since 2003 and Deputy CEO since 2009, has
informed that he is considering stepping down from his position during 2022.
Espen Gundersen is committed to remain in the role until a suitable successor
has been appointed and onboarded. A process will be initiated to evaluate both
internal and external candidates for the position.
Asker, 22 October 2021
TOMRA Systems ASA
For questions, please contact:
Espen Gundersen, Deputy CEO/CFO: +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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