third quarter 2002 - cisionmb.cision.com/main/4659/9327211/60732.pdf · third quarter 2002 4...
TRANSCRIPT
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Third Quarter 20021
Third Quarter 2002Third Quarter 2002
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Third Quarter 20022
Financial highlights -3rd quarter 2002� Revenues of 716 MNOK, up 3%
– Europe 233 MNOK, up 13%– North America 363 MNOK, down 6% – South America 120 MNOK, up 14%
� 19% revenue growth adjusted for currency impact
� Operating profit 104 MNOK, down 7%– ~(33) MNOK currency impact during 3Q02
� Cash flow from operations 166 MNOK� Total assets 3,271 MNOK, up 1% from 2Q02
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Third Quarter 20023
9-month revenue(Continuing operations)
14331687
1895 2016
0
400
800
1200
1600
2000
2400
1999 +54%
2000 +18%
2001 +12%
2002 +6%
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Third Quarter 20024
Revenues by activity(Continuing operations)
9m019m029m019m029m019m02
2233061,047995625715Total
93126546550--Mat. Handl.
--76511210Adm./Prom.
127178196151--Rec. Centers
--9983202211Service
32130160411494Sales/lease
South AmericaNorth AmericaEurope
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Third Quarter 20025
Business activities revenue split(Continuing operations)
43,0
18,9
23,3
9,0
5,7
33,7
16,5
34,5
10,3
4,9
29,6
16,5
33,2
16,4
4,4
32,6
14,6
33,5
16,3
3,0
0 %
20 %
40 %
60 %
80 %
100 %
1999 2000 2001 9m02
Sales/lease Service Mat. Hand. Rec. Ctrs. Adm./prom.
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Third Quarter 20026
Operating profit(Continuing operations)
282334
313
248
0
100
200
300
400
9m99 +43%
9m00 +18%
9m01 -6%
9m02 -21%
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Third Quarter 20027
Total assets
270
849
251
351
627
712
1118
253
405
784
698
971
263
579
982
814
1039
193
389
836
0
500
1000
1500
2000
2500
3000
3500
1999 2000 2001 3Q 2002
Cash Curr. assets Lease equip. Intangibles Fixed assets
2,348 3,272 3,493 3,271
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Third Quarter 20028
Major shareholders*
60.14%107,340,951Total foreign ownership
100.00%178,486,559TOTAL (11,882 shareholders)
65.62%117,119,551Other shareholders
34.38%61,367,008SUB-TOTAL
1.51%2,703,740Vital Forsikring ASA v/ DnB Asset Management10.
1.72%3,074,660Deutsche Bank AG Kundendepot9.
1.83%3,288,516Clearstream Banking, CID Department, Frankfurt8.
1.95%3,480,525Danske Bank A/S 3887 Operations Sec.7.
1.98%3,538,200J.P. Morgan Bank Lux S/A Carnegie’s FCP’s6.
2.10%3,755,450ABN Amro Bank – Copenhagen Clients Account5.
3.24%5,790,000CDC IXIS c/o Sparebanken NOR4.
5.42%9,677,529State Street Bank & Client Omnibus Depodit Account3.
5.83%10,408,088JP Morgan Chase Bank Clients Treaty Account2.
8.76%15,650,300Folketrygdfondet1.
OwnershipShares
*Registered 30.09. 2002
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Third Quarter 20029
Shares & shareholders*
11,65595.81%171,005,564TOTAL
192.05%3,666,835Belgium10.
872.84%5,072,539Germany9.
183.20%5,712,155Switzerland8.
1093.28%5,862,930Sweden7.
213.89%6,948,125France6.
567.41%13,236,188Luxembourg5.
567.59%13,555,667Denmark4.
19411.95%21,330,557USA3.
7013.71%24,474,960Great Britian2.
11,02539.86%71,145,608Norway1.
Number of shareholdersOwnershipSharesCountry
*Registered 30.09. 2002
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Third Quarter 200210
BU Europe
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Third Quarter 200211
BU Europe - Highlights
� 14% revenue growth– Key growth drivers: DK, FIN, AUS & SWE
� Red/Green German election victory on 22 September
� 386% 9-month growth in Denmark� 81% 3Q02 growth in Finland due to new store
openings� First hearing of EU Packaging Directive
completed by EU Parliament– 65% recycling rate requirement by YE 2006
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Third Quarter 200212
BU Europe – Sales by marketGrowth
in local
Figures in MNOK 9m02 9m01 currency
Norway 45 60 (25%)Sweden 100 88 22%Finland 80 62 38%Denmark 214 44 412%The Netherlands 54 136 (57%)Germany 137 142 4%Austria 40 35 24%Switzerland 25 28 -Belgium 14 27 -Others 6 3 -Total BU Europe 715 625 21%*
*Total currency impact in 2002
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Third Quarter 200213
German election thriller……..
Whom would you vote for next Sunday?
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Third Quarter 200217
Highlights - Germany
� Re-elected Red/Green government stead-fast on deposit implementation as planned
� Industry suggestion points to one last legal stance at Federal Administrative Court in Leipzig– No suspensive effect on deposit implementation
� Industry preparation for deposit has increased– Higher probability of deposit implementation
TOMRA expects the need for 30-40,000 RVM’s in Germany over 2-3 year period
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Third Quarter 200218
Minimum requirements under Packaging Ordinance
� Return of empty containers to any point of sale or the immediate vicinity (i.e. parking lot)
� Deposit starts with payment from wholesaler to filler and is passed on to retailer and finally to consumer
� The amount of the depsoit is 0.25 EUR for containers �1,5 liters and 0.50 EUR for containers > 1,5 liters
� Minimum recycling quotas required for each material– Alu 60%– Steel 70%– Glass 75%– Plastcis 60%
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Third Quarter 200219
Danish deposit system implemented as planned
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Third Quarter 200220
Highlights - Denmark
� Deposit implemented on September 23� TOMRA installed/upgraded ~600 machines
during 3Q02� ~2,100 installations/upgrades in Denmark so
far � ~97% market share� High market share result of TOMRA’s existing
high RVM penetration– Not necessarily to be expected in other markets
� Remaining work to be completed– Back-room equipment– Compactors
200 MNOK opportunityover 2-3 years
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Third Quarter 200221
BU North America
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Third Quarter 200222
BU North America - Highlights
� 9-month revenue of 995 MNOK (-5%)� ~13% 3rd quarter revenue growth measured
in USD� ~200 TOMRA 83 HcP machine placements in
Michigan� Improved profitability in California� Successful integration of QSDA volumes, but
growth lagging � Encouraging preliminary results from
Wal*Mart test pilot
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Third Quarter 200223
BU North America –Sales by market
Figures in MNOK 9m02 9m01
New York 325 365Connecticut 64 68Massachusetts 82 83Michigan 206 181California 239 271Canada 71 75Others 8 4Total BU North America 995 1047
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Third Quarter 200224
13% 3Q Y-o-Y revenue growth in USD
Figures in MUSD 3Q02 3Q01 � in %
New York 14.6 14.8 (1%)Connecticut 3.6 3.1 15%Massachusetts 3.6 3.2 11%Michigan 12.8 6.9 85%California 9.8 11.2 (12%)Canada 3.2 3.4 (7%)Others 0.7 0.1 499%Total BU North America 48.2 42.7 13%
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Third Quarter 200226
California – developing as planned
� 6.8 MNOK operating profit� Continued cost control in all areas� 2.6% 3Q02 volume growth
– Plan assumes flat volume development
� USD 1,312/t aluminum LME during 3Q02– Plan assumes USD 1,315/t
� Discussions with DoC continuing as planned– Likely decision during 2Q03
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Third Quarter 200227
Canada – preparing for growth
� QSDA agreement first step in laying foundation for growth
� Additional growth potential– Replacement of existing machine base in Quebec
(bar code discussion)– Placement of machines at Ontario beer stores– Placement of machines at Alberta beer & liquor
stores and depots– Joint venture discussions with beverage industry in
all of Canada
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Third Quarter 200229
Canadian growth potentialR
even
ue
Base Business
2003
Technology sales
Ontario
Base Business
Replacement sales
Technology sales
Ontario
Technology sales
Alberta
2004
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Third Quarter 200230
Wal*Mart test pilot update
� Volume average of ~225,000 containers / center / month – Equivalent to a good CA RePlanet center with 2.5¢
incentive vs. 1 ¢ in FL
� Key preliminary findings– 25:75 PET-Alu collection ratio – Overall volume still building but rate of growth is
slowing (~15% in September)– PET volume growing faster than aluminum– PET volume trending to reflect actual market share in
Florida (28%)
� Consumer response very positive
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Third Quarter 200231
BU South America
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Third Quarter 200232
BU South America - Highlights
� Revenues of 306 MNOK, up 83 MNOK� Healthy, profitable base business� IMCO Recycling volumes integrated as
planned� Future Brazilian financial condition
might potentially slow down growth in aluminum can consumption
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Third Quarter 200233
Tomra Latasa collection centers
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Third Quarter 200234
New product launch: TOMRA 710
Advantages:� All container / crate
capability� Compact design based
on T-83 configuration� Flexible compatibility
with back-room solutions� Higher recognition speed
– Higher peak capacity
� Improved production logistics
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Third Quarter 200235
TOMRA product portfolio 2003
T-710 T-710
TEMPO
T-X2
MINICAN
Hypermarkets
Smalloutlets
One-way Container Markets
Refillable Only Markets
Shop size
Investment
TRIO
All Container Markets
QUATTROBRAVO
T-6x0 T-6x0
T-83
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Third Quarter 200236
TOMRA Group organization
Morthen JohannessenExecutive VP & COO
ERIK THORSENPresident & CEO
Ragnhild RingheimExecutive Assistant
André P. LøvestamPresident Europe
Fredrik WitteVP Investor Relations
Gregory G. KnollPresident North America
Espen GundersenSVP Finance
Terje HanserudChief Technology Officer
Svànaug BerglandSVP Org. Development &Corporate Communications
GBD
BU South America
Asia/ Pacific
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