07.05.2019 kl 07:12 4567

TOMRA Q1: Good start of the year positioning for further growth
Revenues in the first quarter 2019 ended at 2,081 MNOK, up 19% from 1,754 MNOK
in first quarter last year. Organic, currency adjusted revenues were up 14% for
the group, 8% for TOMRA Collection Solutions and 20% for TOMRA Sorting

Gross margin was 42% in the quarter compared to 41% in first quarter 2018,
reflecting stable margins in TOMRA Collection Solutions and improved margins in
TOMRA Sorting Solutions.

Operating expenses amounted to 667 MNOK in the quarter, an increase from 580
MNOK in first quarter last year due to higher business activity, currencies and
acquisition of BBC (BBC consolidated into group financials from 1 March 2018).

EBITA reached 207 MNOK in first quarter 2019, up 46% from same period last

Cash flow from operations in first quarter 2019 were 229 MNOK, compared to 120
MNOK in first quarter 2018.

IFRS 16 was introduced in first quarter 2019 and had a positive effect of 64
MNOK on cash flow from operations and 7 MNOK on EBITA respectively.

On 27th of March, the EU Single-use Plastics Directive was formally approved by
the European Parliament. "With the new regulation, EU has proven its leadership
role on environment by setting ambitious targets on collection rates and amount
of recycled content in new products. We see great potentials to benefit from the
legislative framework by pursuing our strategy on the circular economy and
developing a sustainable business model.", says Stefan Ranstrand, President and

Collection Solutions: Good growth in Australia and stable elsewhere

Revenues equaled 1,042 MNOK in the first quarter 2019, up from 934 MNOK in first
quarter last year. After adjustment for currency changes, revenues were up 8%.

Gross margin was 40%, unchanged from last year. Operating expenses amounted to
278 MNOK, up from 253 MNOK last year, mainly due to currencies and cost related
to the preparation for new deposit markets. EBITA was 139 MNOK, an increase from
121 MNOK first quarter last year.

The ramp-up in New South Wales was completed in 2018 with an installed base of
1,200 RVMs, in addition to approx. 100 RVMs in Queensland operational from
November 2018. Both markets have enjoyed good throughput volumes through the
summer season, contributing to the year-over-year growth in Collection

Sorting Solutions: Continued strong momentum in Recycling

Revenues equaled 1,039 MNOK in first quarter 2019, up 20% in local currencies,
adjusted for acquisitions (BBC). Gross margin was 44%, up 42% from same period
last year.

Operating expenses were up from 307 MNOK to 365 MNOK, due to higher activity,
the acquisition of BBC and currency effects.

EBITA increased from 41 MNOK in first quarter 2018 to 92 MNOK in first quarter
2019, positively influenced by topline growth and gross margin improvements.

Order intake was 1,104 MNOK in first quarter 2019, compared to 1,188 MNOK in
first quarter last year. The order backlog decreased slightly from 1,515 MNOK to
1,464 MNOK end of first quarter 2019.

Revenues in the Food business stream improved year-over-year, while order
backlog decreased due to lower order intake in US and more orders taken to P/L.
The order intake improved in Recycling year-over year with both revenues and
order backlog significantly up compared to same period last year.

Asker, 7 May 2019

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