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Revenues in the second quarter 2022 amounted to 3,054 MNOK compared to 2,685
MNOK in second quarter last year. Currency adjusted revenues were up 10% for
TOMRA Group. At division level, currency adjusted revenues were up 6% in
Collection, up 25% in Recycling, and up 7% in Food.
Gross margin was 42% in the second quarter 2022, down from 45% in the same
period last year, with lower margins in Collection and Recycling, and higher
margins in Food. Supply chain challenges and inflation have continued to be a
pressure point in the short term, while mitigating actions are being implemented
across the organization.
Operating expenses amounted to 841 MNOK in second quarter 2022, compared to 746
MNOK in second quarter last year, up 11% currency adjusted.
EBITA was 438 MNOK in second quarter 2022, down from 465 MNOK in the same period
last year.
Cash flow from operations was 310 MNOK in second quarter 2022, compared to 286
MNOK in second quarter last year.
“The good momentum at the beginning of the year has continued in the second
quarter of 2022. Implementation of new and extended deposit systems, demand for
recycled material, and automation in the food value chain generate good growth
opportunities. There is high activity level and pipeline building with the
reopening of country borders, in-person trade fairs, and sales events. At the
same time, we have set ambitious targets to double our business over five years
and will continue to invest in future-oriented activities and in developing new
opportunities.”, says Tove Andersen, TOMRA President and CEO.
Collection: All-time high revenues, while component cost and inflation put
pressure on margins
Revenues in the business area equaled 1,519 MNOK in second quarter 2022, up from
1,379 MNOK in the same period last year. After adjustment for currency changes,
revenues were up 10%.
The momentum has been good in the period. European sales were close to last year
levels, where new sales in Romania contributed positively. North American
volumes had a positive development, whereas in Australia heavy rainfalls had a
somewhat negative impact on volume levels.
Gross margin was 38% in the first quarter 2022, from 44% in the same period last
year. The lag between cost inflation and price increases impacts negatively and
accounts for the largest portion of the margin variance. In addition, product
and business mix had a negative effect in the quarter compared to the same
period last year.
Operating expenses equaled 347 MNOK in second quarter 2022, compared to 325 MNOK
in the same period last year.
EBITA was 225 MNOK in the period, down from 278 MNOK in second quarter 2021.
Recycling: Top line growth of 25%, all-time high order intake and order backlog
Revenues equaled 552 MNOK in second quarter 2022 compared to 439 MNOK in the
same period last year, up 25% currency adjusted.
Gross margin was 49% in second quarter 2022, down from 53% in second quarter
2021, negatively impacted by sourcing costs and inflationary pressure and a less
favorable product mix compared to the same period last year.
Operating expenses amounted to 172 MNOK in second quarter 2022 compared to 140
MNOK in the same period last year, mainly the result of business expansion and
higher marketing and sales activities.
EBITA was 100 MNOK in second quarter 2022, compared to 94 MNOK in the same
period last year.
The order intake was 675 MNOK in second quarter 2022, up 19% currency adjusted
from the same quarter last year and all-time high. The order backlog increased
to 980 MNOK at the end of second quarter 2022 from 822 MNOK in the same period
last year, up 17% currency adjusted and all-time high.
There is continued high demand for recycled materials. The waste sorting and
plastic segment continues to drive order intake growth, and elevated price
levels for commodities sustain a strong momentum in metals recycling and
upgrading.
Food: All-time high revenues and order backlog, positive margin development
Revenues equaled 983 MNOK in second quarter 2022, compared to 867 MNOK in the
same period last year, up 7% adjusted for currencies.
Gross margin was 44% in second quarter 2022, up from 43% in the same period last
year. Increased sales volumes, as well as pricing measures and a favorable
product and project mix have had a positive effect in the period.
Operating expenses amounted to 283 MNOK in the period, compared to 252 MNOK in
second quarter last year.
EBITA was 151 MNOK in second quarter 2022, compared to 122 MNOK in the same
period last year.
Order intake was 1,043 MNOK in second quarter 2022, compared to 881 MNOK in the
same quarter last year, up 12% currency adjusted, and all-time high. The order
backlog increased to 1,380 MNOK at the end of second quarter 2022, up 12%
currency adjusted from end of second quarter 2021, and all-time high.
Food sustains a good momentum on the back of good market demand and increased
labor costs supporting investments in automation. The demand signals are good in
both the fresh food and processed food segments.
Asker, 15 July 2022
TOMRA Systems ASA
For questions, please contact:
Eva Sagemo, CFO: +47 934 39 911
Georgiana Radulescu, VP Head of IR: +47 941 01 643
Webcast link:
Tomra Systems ASA Q2 Presentation 2022 • WN Event
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 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 ~10.9 billion NOK in 2021. The Group employs ~4,600
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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