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Revenues in the fourth quarter 2022 amounted to 3,477 MNOK compared to 3,050
MNOK in fourth quarter last year. Currency adjusted revenues were up 7% for
TOMRA Group. At division level, currency adjusted revenues were up 6% in
Collection, up 4% in Recycling, and up 9% in Food.
Gross margin was 42.4% in fourth quarter 2022, down from 43.6% in fourth quarter
2021. Lower margins in Collection and Recycling, negatively impacted by cost
inflation, and higher margins in Food, mainly due to volume, as well as product
and customer mix.
Operating expenses equaled 979 MNOK in fourth quarter 2022, compared to 794 MNOK
in the same period last year - up 18% currency adjusted. The increase is mainly
driven by business expansion and optimization initiatives.
EBITA was 496 MNOK in fourth quarter 2022 - down from 535 MNOK in the same
period last year.
The EPS was NOK 1.23 per share in fourth quarter 2022, compared to NOK 1.24 per
share in fourth quarter 2021.
Cash flow from operations in fourth quarter 2022 equaled 350 MNOK, down from 627
MNOK in fourth quarter 2021, mainly due to higher working capital.
“Fourth quarter 2022 marked record quarterly revenues in all divisions. The
order backlog into 2023 is solid and the pipeline of projects is at healthy
levels. We see good growth opportunities and will continue to invest in driving
the top line expansion. Inflation is still a pressure point requiring focus on
implementing pricing measures and improving efficiency. We are entering 2023
with high activity level and an overall positive outlook.”, says Tove Andersen,
TOMRA President and CEO.
Collection: Top line growth offset by lower margin levels
Revenues in the business area equaled 1,693 MNOK in fourth quarter 2022, up from
1,481 MNOK in fourth quarter last year. After adjustment for currency changes,
revenues were up 6%, key contributors being new sales in The Netherlands and
Romania.
Existing markets in Collection were stable compared to the same period last
year. Top line growth stems from continued sales of new equipment in Romania,
with implementation scheduled for November 2023, as well as deposit extension in
The Netherlands, which is planned to be operational in April 2023.
Gross margin was 37% in fourth quarter 2022, down from 40% in the same period
last year. The margin variance is mainly the result of price increases lagging
cost inflation, as well as a less favorable business and product mix.
Operating expenses equaled 388 MNOK in fourth quarter 2022, compared to 346 MNOK
last year, up 8% currency adjusted.
EBITA was 246 MNOK in fourth quarter 2022, at the same level as in fourth
quarter 2021.
Recycling: All-time high revenues and strong end of the year with 37% higher
order backlog
Revenues equaled 681 MNOK in fourth quarter 2022 compared to 631 MNOK, up 4%
currency adjusted from a strong fourth quarter 2021.
Gross margin was 51% in fourth quarter 2022, down from 54% in fourth quarter
2021, negatively impacted by cost inflation and a slightly less favorable mix.
Operating expenses amounted to 206 MNOK in fourth quarter 2022 compared to 160
MNOK in the same period last year, mainly the result of business expansion and
capacity build-up in second half 2022.
EBITA was 141 MNOK in fourth quarter 2022, compared to 178 MNOK in the same
period last year.
The momentum in Recycling has been good both in traditional regions like Europe
and North America, and in emerging markets. The order intake was 639 MNOK in
fourth quarter 2022, up 23% compared to 521 MNOK in fourth quarter 2021.
The order backlog was 965 MNOK in fourth quarter 2022, up 37% compared to 702
MNOK in fourth quarter 2021.
Food: Solid organic growth, good margins, and high activity level
Revenues equaled 1,103 MNOK in fourth quarter 2022, compared to 938 MNOK in the
same period last year, up 9% when adjusted for currencies.
Gross margin was 45% in fourth quarter 2022, up from 43% in the same period last
year, mainly due to volume, as well as product and customer mix.
Operating expenses amounted to 337 MNOK in fourth quarter 2022, compared to 254
MNOK in the same period last year, stemming from investment in business
improvement initiatives, as well as a normalized post-pandemic activity level.
EBITA was 157 MNOK in fourth quarter 2022, compared to 145 MNOK in the same
period last year.
The need for automation continued to create opportunities and drive a good
pipeline across categories. Order intake was 886 MNOK in fourth quarter 2022, up
14% compared to 777 MNOK in the same quarter last year, mainly explained by
currency effects. The processed food segment was above last year levels, whereas
the fresh food order intake was below.
The order backlog was 1,083 MNOK at the end of fourth quarter 2022, up 4%
compared to fourth quarter 2021. Currency changes had a positive effect on
reported performance.
Dividend:
The Board of Directors recommends an ordinary dividend of NOK 1.80 per share for
2022. The dividend for 2021 was NOK 1.65 per share ordinary dividend and NOK
1.35 per share extraordinary dividend, in total NOK 3.00 per share.
Presentation:
The President & CEO Tove Andersen and CFO Eva Sagemo will present the results
today at 08:00 CET (UTC+1). The presentation will be sent via live webcast
at WN Event
-presentation-2022.
Questions to the speakers can be directed using the Q&A-tool embedded in the
webcast and will be addressed towards the end of the presentation. A recorded
version of the webcast will be available shortly after the webcast has
concluded.
Asker, 24 February 2023
TOMRA Systems ASA
For questions, please contact:
Eva Sagemo, CFO: +47934 39 911
Georgiana Radulescu, VP Head of IR: +47941 01 643
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