TOMRA Systems — Interim / Quarterly Report 2009

Feb 19, 2010

TOMRA

Helping the world recycle

FOURTH QUARTER 2009

Highlights from fourth quarter 2009:

• Solid performance in Collection Technology
• Continued improved performance and order inflow in Industrial Processing Technology
• California adversely affected by reduced handling fees
• Non Deposit break even by end of 2009
• Restructuring charges and other one-time costs of 95 MNOK
• Revenues of 893 MNOK (1076 MNOK in fourth quarter 2008). Down 8% after adjustment for currency change
• Operating expenses of 196 MNOK before restructuring and one-time charges (244 MNOK in fourth quarter 2008). Down 15% after adjustment for currency
• Operating profit of 124 MNOK before restructuring and one-time charges (136 MNOK in fourth quarter 2008), flat after adjustment for currency
• Strong cashflow from operations of 235 MNOK (255 MNOK in fourth quarter 2008)

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TOMRA FOURTH QUARTER 2009

CONSOLIDATED FINANCIALS

Revenues in the fourth quarter 2009 amounted to 893 MNOK compared to 1076 MNOK in fourth quarter 2008. After adjusting for currency changes, revenue growth was minus 8 percent. The decrease was mainly driven by lower volume within the Material Handling business area.

Gross margin (before restructuring charges and other one-time costs) was 35.8 percent in the quarter up from 35.3 percent in fourth quarter 2008.

Operating expenses (before restructuring charges and other one-time costs) were down from 244 MNOK in fourth quarter 2008 to 196 MNOK in fourth quarter 2009, or down 15% after adjustment for currency change.

Operating profit (before restructuring charges and other one-time costs) for the quarter was 124 MNOK versus 136 MNOK in the fourth quarter 2008.

Net financial income was 27 MNOK for the quarter, positively influenced by currency gains on EUR and USD of 30 MNOK.

Fourth quarter cashflow was as usual strong, mainly due to the seasonality in the US business, which ties up more working capital during the summer than during the winter. Cashflow from operations in fourth quarter 2009 equaled 235 MNOK, compared to 255 MNOK in fourth quarter 2008.

In fourth quarter 2009 Tomra booked a total of 95 MNOK in restructuring charges and other onetime costs. The costs are mainly related to restructuring of the operations in California (Material Handling), goodwill write-off in Presona (Industrial Processing Technology) and write-down of machine-parts in USA (Collection Technology)

The equity ratio remained strong at 59 percent, up from 56 percent at the end of 2008. During fourth quarter 2009 TOMRA purchased 317,000 own shares. Net interestbearing debt was 321 MNOK at the end of fourth quarter 2009, down from 505 MNOK at the end of third quarter 2009, due to strong cashflow.

SEGMENT REPORTING

Collection Technology

Revenues in the segment were 508 MNOK in the fourth quarter, down from 553 MNOK in fourth quarter 2008. After adjustment for currency change, revenues were flat. Gross margin decreased from 42% in fourth quarter 2008 to 38% in fourth quarter 2009. Excluding the 19 MNOK write-down of machine parts in US, margins were stable.

Past restructuring efforts continued to pay off, with 18% reduction in operating expenses compared to fourth quarter 2008.

Figures in NOK million	4q09	4q08	2009	2008
Revenues	508	553	1906	1819
- Nordic	119	158	505	601
- Central Europe	308	303	1044	889
- Rest of Europe	1	4	8	8
- US East & Canada	77	86	343	313
- Rest of the world	3	2	6	8
Gross contribution	193	231	849	798
- in %	38%	42%	45%	44%
Operating expenses	110	134	469	536
Operating profit	83	97	380	262
- in %	16%	18%	20%	14%
Including restructuring/ onetime costs
- in gross contribution	19	-	19	-
- in operating expenses	-	-	-	22

Europe

The fourth quarter saw strong performance in Europe, fuelled by high activity in Germany. TOMRA installed around 750 machines in Germany, including some 150 UNO machines.

Nordic revenues were down in fourth quarter 2009 compared to fourth quarter 2008 partly due to completion of the installations in Finland that followed the introduction of deposit on one-way containers in 2008.

US East & Canada

Revenues in fourth quarter 2009 were 77 MNOK, down from 86 MNOK last year. Measured in local currency, revenues were up 7 percent. Sales of RVMs as well as throughput volumes developed positively.

In fourth quarter 2009, Connecticut and New York expanded their bottle-bills by including water bottles. Within these states, most installed reverse vending machines are on through-put leases, where Tomra's income is based on the number of containers going through the machines. Consequently the

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expansion will gradually lead to higher volumes through the existing infrastructure, thereby increasing utilization and revenues in 2010.

In 2009 Tomra accelerated the placement of new T-X3 machines in the US market, as part of a program for replacing the existing portfolio of T-X2 machines. As a result, parts for the old machines were written down by 19 MNOK in fourth quarter.

Non-deposit

From fourth quarter 2009, TOMRAs deposit and non-deposit activities were merged for reporting purposes into one segment called "Collection Technology". Non-deposit activities accounted for 19 MNOK in revenues and a loss of 3 MNOK in the quarter.

TOMRA is nearing completion of the TRC installation program with Tesco in the UK and is also exploring new programs. Recent cost-cutting efforts and improvements did impact Tomra's non-deposit business model favorably.

Technology

New projects were launched for developing the next generation of RVMs seeking a common platform which utilize state of the art hardware, software and communication technologies.

Material Handling

Revenues in the business area were 177 MNOK in fourth quarter 2009, down from 310 MNOK last year. In USD, revenues were down 32%. Gross margin was 3%, down from 13% in fourth quarter 2008. The decrease was a result of lower volumes in both regions, and lower handling fees in California.

Figures in NOK million	4q09	4q08	2009	2008
Revenues	177	310	856	1010
- US East & Canada	100	165	471	465
- US West	77	145	385	545
Gross contribution	6	39	85	175
- in %	3%	13%	10%	17%
Operating expenses	66	31	157	109
Operating profit	(60)	8	(72)	66
- in %	-	3%	-	7%
Including restructuring/onetime costs
- in operating expenses	42	-	42	-

US East & Canada

Revenues were 17.6 MUSD in fourth quarter 2009, compared with 24.3 MUSD in fourth quarter 2008. The decrease was due to higher fraction of low margin material in the volumes processed on behalf of third party recyclers in fourth quarter 2008. The traditional TOMRA processed volume was relatively flat.

US West

Revenues were 13.6 MUSD in fourth quarter 2009, down 36% from 21.3 MUSD in fourth quarter 2008, due to lower handling fees, fewer sites and lower commercial volumes.

The operating expenses were negatively influenced by 7.3 MUSD (42 MNOK) due to restructuring and other onetime charges. Consequently, margins and profit were materially below last year.

In California Tomra and other recyclers receives handling fees from the bottle fund for operating the Convenience Zone infrastructure.

Due to deficits within the bottle fund, mainly created by the state raiding the fund for monies, the Californian lawmakers reduced handling fees by 85% effective 1 July 2009, and by 100% from 1 November 2009. The reduction had a negative impact of approximately 1 MUSD per month for Tomra.

Tomra has during the last six months evaluated all strategic options as consequence of the situation. In addition Tomras has sued the state, demanding the state to reimburse the 415 MUSD taken out of the fund.

8 January 2010 the Governor's office released his draft for the state's 2010/2011 budget. In the draft, the Governor communicated a plan to rebalance the bottle fund.

Short term, a combination of reimbursements of loans previously taken from the fund and accelerated payments into the fund, should enable the fund to balance.

Long term, the Governor proposes to give the recyclers' handling fees status as Core Function Payments, with priority when there is a deficit in the fund. Such change will require legislative approval.

As communicated in the third quarter report, Tomra has been working on streamlining the Californian operations; reducing costs and improving efficiencies to strengthen financial performance.

As part of this effort, Tomra outsourced two of its four processing facilities, closed down 50 sites and reduced overheads. These initiatives are expected to improve EBIT by approximately 5 MUSD per year when fully implemented.

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Page 4

Industrial Processing Technology

Revenues in the quarter decreased to 199 MNOK from 213 MNOK last year. Revenues were slightly down in all three units within the segment.

But compared to the first three quarters of 2009, fourth quarter 2009 was strong, with revenues 69% above the average of the previous three quarters.

Order intake improved during the quarter and the order book was 130 MNOK at the end of fourth quarter 2009, up from 102 MNOK at the end of fourth quarter 2008.

Figures in NOK million	4q09	4q08	2009	2008
Revenues	199	213	550	793
- Nordic	16	39	56	120
- Central Europe & UK	88	94	258	355
- Rest of Europe	38	29	94	132
- US East & Canada	16	16	35	51
- US West	15	13	41	39
- Rest of World	26	22	66	96
Gross contribution	96	111	279	403
- in %	48%	52%	51%	51%
Operating expenses	86	76	279	259
Operating profit	10	35	0	144
- in %	5%	16%	0%	18%
Including restructuring/ onetime costs
- in gross contribution	5	-	5	-
- in operating expenses	29	-	40	-

Recognition & sorting platform

Increasing commodity prices during the second half of 2009 had a positive impact on both the recycling industry and the mining industry, with customers somewhat more willing to place orders.

The increased order intake indicates that a rebound is starting to take place.

TiTech Group restructured during 2009, streamlining the organization. The process was finished during fourth quarter 2009, by co-locating the TiTech HQ with the Tomra HQ in Asker, Norway. 9 MNOK was booked as restructuring charges in the fourth quarter 2009.

Volume reduction platform

Orwak and Presona experienced substantial falls in revenues during the first three quarters of 2009, with Presona being hit harder than Orwak. Presona is mainly a supplier to the recycling industry, while Orwak has a more diversified customer base.

Both companies experienced somewhat higher activity during fourth quarter 2009, but the market outlook for Presona's large horizontal bailers is challenging. Consequently 25 MNOK of goodwill and inventory items was written off in fourth quarter 2009.

OUTLOOK

In Collection Technology Tomra expects that a somewhat slower development in Europe will be partly offset by the positive effect of the deposit expansions in the US.

Material Handling on the East Coast will also benefit from the deposit expansion, while the West Coast operations will gain from higher aluminium prices.

In Industrial Processing Technology order intake has increased, partly fuelled by higher commodity prices. Activity levels and performance are therefore expected to improve throughout 2010, although first quarter may be slow since the orderbook as of end December 2009 partly will be installed in second quarter 2010.

A stronger NOK relative to both EUR and USD will negatively impact performance in all segments going into 2010.

SHARES AND SHAREHOLDERS

The total number of issued shares at the end of fourth quarter 2009 was 150,020,078 shares, including 1,880,979 treasury shares.

The Board will ask for a cancellation of these shares at the 2010 Annual General Meeting. Both the solidity of and cashflow generated by TOMRA are strong and the Board finds the financial capacity sufficient to implement the company's plans and strategies. In order to secure flexibility regarding adjustment of the capital structure of the company, the Board will ask for a renewal of the authorisation to acquire treasury shares at the upcoming AGM, limited to a total of 10,000,000 additional shares.

The Board proposes a dividend of 0.55 NOK per share, up from 0.50 NOK in 2009. The total number of shareholders decreased from 8,711 at the end of third quarter 2009 to 8,464 at the end of fourth quarter 2009. 47 percent of the shares were held by Norwegian residents at the end of fourth quarter 2009.

TOMRA's share price increased from NOK 27.00 to NOK 27.70 during fourth quarter

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1. The number of shares traded at the Oslo Stock Exchange in the period was 37 million shares compared to 31 million in the same period in 2008.

Asker, 18 February 2010

The Board of Directors
TOMRA SYSTEMS ASA

Svein Rennemo
Chairman of the Board

Stefan Ranstrand
President & CEO

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FINANCIAL STATEMENT – FOURTH QUARTER 2009

| INCOME STATEMENT
(Figures in NOK million) | Note | 4^{th} Quarter | | Accumulated 31 Dec | |
| --- | --- | --- | --- | --- | --- |
| | | 2009 | 2008 | 2009 | 2008 |
| Operating revenues | 4) | 893.2 | 1076.4 | 3321.3 | 3621.9 |
| Cost of goods sold | | 556.1 | 670.9 | 2001.3 | 2170.6 |
| Depreciations/write-down | | 42.2 | 25.3 | 107.1 | 75.0 |
| Gross contribution | | 294.9 | 380.2 | 1212.9 | 1376.3 |
| Operating expenses | | 239.0 | 222.6 | 830.2 | 839.1 |
| Depreciations/write-down | | 27.0 | 21.6 | 91.2 | 81.0 |
| Operating profit | 4) | 28.9 | 136.0 | 291.5 | 456.2 |
| Net financial income | | 27.0 | (5.6) | 99.0 | (24.1) |
| Profit before taxes | | 55.9 | 130.4 | 390.5 | 432.1 |
| Taxes | | 7.8 | 39.2 | 122.2 | 140.3 |
| Net profit for the period | | 48.1 | 91.2 | 268.3 | 291.8 |
| Minority interest | | (3.2) | (5.9) | (19.5) | (13.6) |
| Earnings per share (NOK) | | 0.31 | 0.57 | 1.67 | 1.82 |
| BALANCE SHEET
(Figures in NOK million) | 31 December | |
| --- | --- | --- |
| | 2009 | 2008 |
| ASSETS | | |
| Intangible assets | 874.8 | 941.4 |
| Leasing equipment | 111.8 | 110.6 |
| Other fixed assets | 627.4 | 703.4 |
| Inventory | 505.6 | 624.4 |
| Short-term receivables | 923.8 | 1099.9 |
| Cash and cash equivalents | 68.1 | 114.1 |
| TOTAL ASSETS | 3111.5 | 3593.8 |
| LIABILITIES & EQUITY | | |
| Equity | 1844.8 | 2019.2 |
| Minority interests | 57.9 | 65.2 |
| Deferred taxes | 28.6 | 38.3 |
| Long-term interest-bearing liabilities | 350.0 | 567.1 |
| Short-term interest-bearing liabilities | 38.9 | 23.4 |
| Other liabilities | 791.3 | 880.6 |
| TOTAL LIABILITIES & EQUITY | 3111.5 | 3593.8 |
| CASH FLOW STATEMENT
(Figures in NOK million) | Note | 4^{th} Quarter | | Accumulated 31 Dec | |
| --- | --- | --- | --- | --- | --- |
| | | 2009 | 2008 | 2009 | 2008 |
| Profit before taxes | | 55.9 | 130.4 | 390.5 | 432.1 |
| Changes in working capital | | 128.9 | 101.0 | 47.0 | (121.7) |
| Other operating changes | | 46.8 | 23.6 | 16.2 | 64.4 |
| Total cash flow from operations | | 234.7 | 255.0 | 456.8 | 374.8 |
| Total cash flow from investments | | (40.5) | (68.7) | (162.6) | (325.9) |
| Cashflow from repurchase of shares | 3) | (9.4) | (22.7) | (47.0) | (191.5) |
| Dividend paid | 2) | - | - | (74.7) | (69.8) |
| Other cashflow from financing | | (120.2) | (58.1) | (215.9) | 133.1 |
| Total cash flow from financing | | (129.6) | (80.8) | (337.6) | (128.2) |
| Total cash flow for period | | 64.6 | 105.5 | (43.4) | (79.3) |
| Exchange rate effect on cash | | (0.1) | (3.7) | (2.6) | 2.6 |
| Opening cash balance | | 3.6 | 12.3 | 114.1 | 190.8 |
| Closing cash balance | | 68.1 | 114.1 | 68.1 | 114.1 |

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(Continued)

FINANCIAL STATEMENT – FOURTH QUARTER 2009

| EQUITY
(Figures in NOK million) | 4^{th} Quarter | | Accumulated 31 Dec | |
| --- | --- | --- | --- | --- |
| | 2009 | 2008 | 2009 | 2008 |
| Opening balance | 1818.1 | 1659.7 | 2019.2 | 1623.8 |
| Net profit after minorities | 44.9 | 85.3 | 248.8 | 278.2 |
| Translation difference | (8.8) | 286.5 | (301.5) | 378.5 |
| Dividend paid | - | - | (74.7) | (69.8) |
| Net purchase of own shares | (9.4) | (12.3) | (47.0) | (191.5) |
| Closing balance | 1844.8 | 2019.2 | 1844.8 | 2019.2 |
| EQUITY
(Figures in NOK million) | Paid in capital | Transl. reserve | Retained earnings | Total majority equity | Minority interest | Total equity |
| --- | --- | --- | --- | --- | --- | --- |
| Balance per 31 December 2008 | 1068.3 | 101.9 | 849.0 | 2019.2 | 65.2 | 2084.4 |
| Net profit | | | 248.8 | 248.8 | 19.5 | 268.3 |
| Changes in translation difference | | (301.6) | | (301.6) | (11.4) | (313.0) |
| Dividend minorities | | | | | (15.4) | (15.4) |
| Purchase of own shares | (2.0) | | (47.6) | (49.6) | | (49.6) |
| Own shares sold to employees | 0.1 | | 2.6 | 2.7 | | 2.7 |
| Dividend to shareholders | | | (74.7) | (74.7) | | (74.7) |
| Balance per 31 December 2009 | 1066.4 | (199.7) | 978.1 | 1844.8 | 57.9 | 1902.7 |
| STATEMENT OF OTHER COMPREHENSIVE INCOME
(Figures in NOK million) | 4^{th} Quarter | | Accumulated 31 Dec | |
| --- | --- | --- | --- | --- |
| | 2009 | 2008 | 2009 | 2008 |
| Net profit | 48.1 | 91.2 | 268.3 | 291.8 |
| Other comprehensive income | | | | |
| Translation differences | (9.2) | 297.5 | (313.0) | 395.0 |
| Total comprehensive income | 38.9 | 388.7 | (44.7) | 686.8 |
| Attributable to: | | | | |
| Minority interest | 3.2 | 18.1 | 8.1 | 30.1 |
| Shareholders of the parent company | 35.7 | 370.6 | (52.8) | 656.7 |
| Total comprehensive income | 38.9 | 388.7 | (44.7) | 686.8 |
| INTERIM RESULTS
(Figures in NOK million) | 4^{th} Quarter 2009 | 3^{rd} Quarter 2009 | 2^{nd} Quarter 2009 | 1^{st} Quarter 2009 | 4^{th} Quarter 2008 |
| --- | --- | --- | --- | --- | --- |
| Operating revenues (MNOK) | 893.2 | 855.6 | 818.1 | 754.4 | 1076.4 |
| EBITDA (MNOK) | 98.1 | 173.7 | 122.9 | 95.1 | 182.9 |
| Operating profit (MNOK) | 28.9 | 131.6 | 80.5 | 50.5 | 136.0 |
| Sales growth (year-on-year) (%) | (17.0) | (2.9) | (6.4) | (4.6) | 13.6 |
| Gross margin (%) | 33.0 | 38.5 | 38.6 | 36.1 | 35.3 |
| Operating margin (%) | 3.2 | 15.4 | 9.8 | 6.7 | 12.6 |
| EPS (NOK) | 0.31 | 0.58 | 0.29 | 0.49 | 0.57 |
| EPS (NOK) fully diluted | 0.31 | 0.58 | 0.29 | 0.49 | 0.57 |

NOTE 1 Disclosure

The 2009 and 2008 financial figures have been prepared and presented based upon International Financial Reporting Standards (IFRS). This quarterly report has been prepared in accordance with IAS34, and in accordance with the principles used in the annual accounts for 2009. The quarterly figures do not however include all information required for a full annual financial statement of the Group and should be read in conjunction with the annual financial statement for 2009. The quarterly figures have not been audited. The quarterly reports require management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in preparing these condensed consolidated interim financial statements in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ending 31 December 2009.

A number of new standards, amendments to standards and interpretations are not effective for the company for the period ending 31 December 2009, and have not been applied in preparing these consolidated financial statements:

IAS 32 (R 2009) Classification of Rights Issues

IAS 39 (amended 2009) Eligible Hedged Items

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IFRS 1 (R 2008) First-time Adoption of International Financial Standards
IFRS 1 (R 2009) Additional Exemptions for First-time Adopters
IFRS 2 (R 2009) Group Cash-settled Share-based Payment Transactions
IFRS 3 (R 2008) Business Combinations
IAS 27 (amended 2008) Consolidated and Separate Financial Statements
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 17 Distribution of Non-Cash Assets to Owners
IFRS 9 Financial Instruments
IFRIC 14 (amended 2009) Prepayments of a Minimum Funding Requirement
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IAS 24 (R 2009) Related Party Disclosure
IFRS 1 (R 2010) Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters

Improvements of IFRSs 2008 – IFRS 5: Plan to sell the controlling interest in a subsidiary
Improvements of IFRSs 2009

The implementation on revised IAS1 (presentation of Financial Statement) and IFRS 8 (Segmentreporting) has not had any effect on the reported figures.

Revenue recognition: Revenues from sales and sales-type leases of the company's products are generally recognized at the time of installation. Revenues from service contracts and operating leases of the company's products are recognized over the duration of the related agreements. Other service revenues are recognized when services are provided.

Use of financial instruments: The Group does not apply hedge accounting in accordance with IAS39 on any contracts as of 31 December 2009.

Seasonality: The Material Handling operations, and to some extent the US Collection Technology operations, are influenced by seasonality. The seasonality mirrors the beverage consumption pattern in the US, which normally is higher during the summer (2Q and 3Q) than during the winter (1Q and 4Q).

Financial exposures: TOMRA is exposed to currency risk, as only ~3% of its income is nominated in NOK. A strengthening/ weakening of NOK toward other currencies of 10% would normally decrease/increase operating profit with 15-20%. An increase in NIBOR with 1 percentagepoint, would increase financial expenses with NOK 5 million per year.

Commodity exposures: TOMRA are exposed to the change in commodity prices. Most important are aluminum, where a USD100 decrease in the LME will have an USD 800,000 to 1,000,000 negative impact on operating profit per year.

Oil prices: Even though high energy prices in general benefits recycling, TOMRA is hit, particularly with higher operating costs in the Material Handling Segment, when oil prices increase due to the cost of diesel to the truck fleet. 1 USD increase in the price per gallon of diesel, will reduce the EBIT by USD 1,300,000 per year.

EU Commission: In September 2004, TOMRA received the EU Commission's Statement of Objections (SO) relating to the EU Commission investigation in 2001. The Commission was of the opinion that TOMRA had exploited its dominant market position in several European markets by entering into certain supply agreements with customers. The alleged abuse is partly due to having entered into exclusive purchase agreements with customers and partly due to use of loyalty rebate schemes. In November 2004, TOMRA filed its written response to the Statement of Objections where TOMRA rejected the Commission's arguments. The EU Commission concluded in March 2006 that TOMRA in their opinion had foreclosed competition in the period 1998 to 2002 on the market for reverse vending machines in Austria, Germany, the Netherlands, Norway and Sweden by implementing an exclusionary strategy. Consequently, the Commission decided to fine TOMRA EUR 24 million. TOMRA has appealed the decision into the European Court of Justice. The hearing took place in January 2010, and it's expected that the Court will communicate its decision during 2010. Supported by legal opinions, TOMRA believe it is more likely than not that we will win the appeal. Consequently, no accrual has been made in the balances as of 31 December 2009 related to the penalty.

Segment reporting: TOMRA has divided its primary reporting format into four business segments: Collection Technology – Deposit Solutions, Material Handling, Industrial Processing Technology and Collection Technology – Non-Deposit Solutions. In addition, the corporate overhead costs are reported in a separate column. The split is based upon the risk- and return profile of the Group's different activities; also taking into consideration TOMRA's internal reporting structure.

• Collection Technology consists of the sale, lease and servicing of RVMs to retail stores in Europe and North America plus related data management systems, which monitor container collection volumes and related cash flows.
• Material Handling consists of pick-up, transportation and processing of empty beverage containers on behalf of beverage producers/fillers on the US East Coast and in Canada. In addition, this segment includes the collection activities in California, where TOMRA owns and operates a number of collection centers outside retail stores.
• Industrial Processing Technology consists of TiTech, CommoDaS and Ultrasort, which provide advanced optical sorting systems, and Orwak Group, a leading provider of compaction solutions for recyclables such as cardboard, paper and plastic.
• Group Functions consist of costs related to corporate functions at TOMRA's headquarters.

Assets and liabilities are distributed on the different business segments, except for cash, interest-bearing debt and tax-positions, which are allocated to Group Functions. There are no material segment revenues from transactions with other segments.

There are no material related party transactions in 2009.

NOTE 2 Dividend paid

Paid out May 2008: 0.45 NOK x 155.1 million shares = NOK 69.8 million
Paid out May 2009: 0.50 NOK x 149.3 million shares = NOK 74.7 million

NOTE 3 Net purchase of own shares

	# shares	Average price	TOTAL
4q 2008
Gross purchased*	389,000	NOK 28.49	NOK 11.1 million
Sold to employees
Net purchased	389,000	NOK 28.49	NOK 11.1 million
4q 2009
Gross purchased	317,000	NOK 29.65	NOK 9.4 million
Sold to employees	-	-	-
Net purchased	317,000	NOK 29.65	NOK 9.4 million
12 months 2008
Gross purchased	5,700,042	NOK 35.44	NOK 202.1 million
Sold to employees	-313,472	NOK 36.73	NOK -11.5 million
Net purchased	5,386,570	NOK 35.36	NOK 191.5 million
12 months 2009
Gross purchased	1,995,450	NOK 24.86	NOK 49.6 million
Sold to employees	-110,717	NOK 24.02	NOK -2.7 million
Net purchased	1,884,733	NOK 24.91	NOK 47.0 million

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NOTE 4 SEGMENT FINANCIALS

| SEGMENT
(Amounts in NOK million) | Collection Technology | | Material Handling | | Industrial Processing Technology | | Group Functions | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | 4^{th} Quarter | | 4^{th} Quarter | | 4^{th} Quarter | | 4^{th} Quarter | | 4^{th} Quarter | |
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
| Revenues | 508 | 553 | 186 | 310 | 199 | 213 | - | - | 893 | 1076 |
| - Nordic | 119 | 158 | - | - | 16 | 39 | - | - | 135 | 197 |
| - Central Europe & UK | 308 | 303 | - | - | 88 | 94 | - | - | 396 | 397 |
| - Rest of Europe | 1 | 4 | - | - | 38 | 29 | - | - | 39 | 33 |
| - US East & Canada | 77 | 86 | 109 | 165 | 16 | 16 | - | - | 202 | 267 |
| - US West | - | - | 77 | 145 | 15 | 13 | - | - | 92 | 158 |
| - Rest of World | 3 | 2 | - | - | 26 | 22 | - | - | 29 | 24 |
| Gross contribution | 193 | 231 | 6 | 39 | 96 | 111 | - | - | 295 | 381 |
| - in % | 38% | 42% | 3% | 13% | 48% | 52% | - | - | 33% | 35% |
| Operating expenses | 110 | 134 | 66 | 31 | 86 | 76 | 4 | 4 | 266 | 245 |
| Operating profit | 83 | 97 | (60) | 8 | 10 | 35 | (4) | (4) | 29 | 136 |
| - in% | 16% | 18% | - | 3% | 5% | 16% | - | - | 3% | 13% |
| SEGMENT
(Amounts in NOK million) | Collection Technology | | Material Handling | | Industrial Processing Technology | | Group Functions | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Accumulated 31 Dec | | Accumulated 31Dec | | Accumulated 31 Dec | | Accumulated 31 Dec | | Accumulated 31 Dec | |
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
| Revenues | 1906 | 1819 | 865 | 1010 | 550 | 793 | - | - | 3321 | 3622 |
| - Nordic | 505 | 601 | - | - | 56 | 120 | - | - | 561 | 721 |
| - Central Europe & UK | 1044 | 889 | - | - | 258 | 355 | - | - | 1302 | 1244 |
| - Rest of Europe | 8 | 8 | - | - | 94 | 132 | - | - | 102 | 140 |
| - US East & Canada | 343 | 313 | 480 | 465 | 35 | 51 | - | - | 858 | 829 |
| - US West | - | - | 385 | 545 | 41 | 39 | - | - | 426 | 584 |
| - Rest of World | 6 | 8 | - | - | 66 | 96 | - | - | 72 | 104 |
| Gross contribution | 849 | 798 | 85 | 175 | 279 | 403 | - | - | 1213 | 1376 |
| - in % | 45% | 44% | 10% | 17% | 51% | 51% | - | - | 37% | 38% |
| Operating expenses | 469 | 536 | 157 | 109 | 279 | 259 | 16 | 16 | 921 | 920 |
| Operating profit | 380 | 262 | (72) | 66 | 0 | 144 | (16) | (16) | 292 | 456 |
| - in% | 20% | 14% | - | 7% | 0% | 18% | - | - | 9% | 13% |
| Assets | 1369 | 1598 | 657 | 796 | 922 | 986 | 164 | 214 | 3112 | 3594 |
| Liabilities | 518 | 584 | 72 | 63 | 123 | 131 | 496 | 731 | 1209 | 1509 |
| Investments | 127 | 103 | 49 | 84 | 40 | 179 | - | - | 216 | 366 |

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