TOMRA Systems — Interim / Quarterly Report 2014

Oct 17, 2014

17.10.2014

HIGHLIGHTS

3Q 2014

• All time high order intake of 550 MNOK in TOMRA Sorting, compared to 403 MNOK same period last year
• All time high order backlog of 672 MNOK in TOMRA Sorting, up from 615 MNOK at the end of second quarter 2014
• Revenues of 1,236 MNOK (1,231 MNOK in third quarter 2013). Currency adjusted revenues were:
• Down 3% for TOMRA Group
• Down 5% in TOMRA Collection
• Up 2% in TOMRA Sorting
• Gross margin 43%, up from 42% in third quarter 2013
• Stable margin in TOMRA Collection
• Stable margin in TOMRA Sorting
• Operating expenses of 317 MNOK (306 MNOK in third quarter 2013) — Up 1% adjusted for currency
• EBITA of 210 MNOK (217 MNOK in third quarter 2013)
• Cash flow from operations of 236 MNOK (202 MNOK in third quarter 2013)
• Compaction defined as non-strategic

CONSOLIDATED FINANCIALS

Third quarter

Revenues in the third quarter 2014 amounted to 1,236 MNOK compared to 1,231 MNOK in third quarter last year. Revenues in TOMRA Collection decreased by 2% (down 5% currency adjusted), while revenues in TOMRA Sorting were up 5% (up 2% currency adjusted).

Gross margin was 43% in the quarter, up from 42% in the corresponding period last year, with stable marginsin both business areas.

Operating expenses increased from 306 MNOK in third quarter 2013 to 317 MNOK in third quarter 2014. Adjusted for currency (stronger EUR and USD vs NOK), operating expenses were up 1%.

EBITA was 210 MNOK in third quarter 2014 versus 217 MNOK in the third quarter 2013. EPS decreased from NOK 0.82 to NOK 0.80 in the same period.

Cash flow from operations in third quarter 2014 equaled 236 MNOK, up from 202 MNOK in third quarter 2013.

The equity ratio decreased from 50% at year end 2013 to 48% at the end of September 2014, positively influenced by earnings in 2014 but negatively influenced by a dividend of 200 MNOK paid out in May 2014 (NOK 1.35 per share).

Net interest bearing debt was unchanged over the same period; negatively influenced by the dividend payment, but positively influenced by cashflow from operations. At the end of third quarter 2014 NIBD/EBITDA on a rolling 12 month basis was equal to 1.7.

TOMRA Group
(MNOK)	3Q14	3Q13	YTD14	YTD13
Revenues
- Nordic	116	123	389	409
- Central Europe & UK	464	481	1 320	1 279
- Rest of Europe	53	32	164	88
- North America	453	441	1 280	1 238
- Rest of World	150	154	335	360
Total revenues	1 236	1 231	3 488	3 374
Gross contribution	527	523	1 493	1445
- in %	43 %	42 %	43 %	43 %
Operating expenses	317	306	1021	943
EBITA	210	217	472	502
- in %	17 %	18 %	14 %	15 %
Incl. integration/ onetime costs
- In operating exp.	0	0	25	8

BUSINESS AREA REPORTING

TOMRA Collection Solutions Third quarter

The business area reported a decline in revenue of 2% in third quarter 2014, compared to same period last year. After adjustment for currency changes, revenues were down 5%.

Gross margin was stable at 42%. Operating expenses were unchanged, currency adjusted. EBITA was MNOK 151, down from 161 MNOK.

Europe

Currency adjusted revenues in third quarter were down 8% in Europe, compared to a strong third quarter 2012, with somewhat slower sales in both Nordic and Central Europe. Tomra has maintained marketshare.

North America

Activity within the RVM business stream has been negatively influenced by lower through-put revenues from the portfolio of reverse vending machines on operational lease. The lower volumes are explained by more containers being redeemed at conventional sites that do not utilize standard reverse vending technology.

The North American organization has launched a volume builder project to offset these effects. TOMRA is also planning to capture a higher share of conventional volumes by leveraging the recently developed depotsolution.

New markets

The existence of deposit systems is a crucial driver for most of the activities within TOMRA Collection Solutions. The creation of new systems, and changes to established systems, will consequently impact TOMRA's performance significantly. TOMRA might benefit from planned activities in the following markets:

Lithuania

Lithuania is expected to introduce a national deposit system from February 2016. TOMRA is currently in negotiations with a potential system operator to provide equipment. The market is expected to need up to 1,000 reverse vending machines over time. Most of the machines will be on operational lease contracts.

TOMRA Collection Solutions

(MNOK)	3Q14	3Q13	YTD14	YTD13
Revenues
- Nordic	112	117	380	389
- Central Europe & UK	317	340	899	856
- Rest of Europe	9	3	24	9
- North America	292	291	810	783
- Rest of World	13	10	32	21
Total revenues	743	761	2 145	2058
Gross contribution	310	316	900	862
- in %	42 %	42 %	42 %	42 %
Operating expenses	159	155	510	482
EBITA	151	161	390	380
- in %	20 %	21 %	18 %	18 %

Croatia

Croatia implemented deposit for one-way beverage containers back in 2006. However, the system has so far been unsuitable for automation as barcodes cannot be used for identification of containers and compaction has not been permitted. These hurdles are expected to be removed in 2015, thus opening up for more extensive use of reverse vending machines. TOMRA has formed a joint venture with a local distributor in the Croatian market to capture a significant share of what is believed to be a 1,000 machine opportunity over time.

Massachusetts

The current deposit law in Massachusetts does not cover water, tea and non-carbonated sports drinks. A ballot initiative, which will be voted on in the MA general election on November 4th, aims at including these beverage categories in the existing deposit system. This means an estimated 1.4 billion containers per year would be added to the system.

Compaction

As part of a strategy to become a leading global provider of recycling technology equipment and solutions, TOMRA acquired Orwak Group in 2005. Orwak Group, a provider of compaction solutions for recyclables such as cardboard, paper and plastics, sold large horizontal balers under the brand name Presona and smaller vertical balers under the brand name Orwak. Orwak Group would together with TiTech (a provider of sensor based sorting systems for the recycling industry acquired in 2004) form the basis for the newly established business area "Industrial Processing Technology".

The synergies between TiTech and Orwak Group were, however, limited and TiTech became instead the first building block of what is today known as TOMRA Sorting Solutions. After divesting Presona in 2010, the remaining parts of Orwak Group were integrated with TOMRA Collection Solutions. The main reason for this was to integrate sale and service of vertical balers with sale and service of reverse vending systems, hence leveraging potential frontend synergies based on overlapping customer segments.

In retrospect the actual synergies between compaction and reverse vending have proven to be insignificant. Moreover, TOMRA's former strategy of providing recycling technology equipment has changed into creating sensor-based solutions for optimal resource productivity. Selling compaction equipment does not fill a natural role in this strategy. As a consequence of TOMRA's strategic shift and the lack of tangible synergies between compaction solutions and reverse vending solutions, TOMRA will start a process to divest TOMRA Compaction (Orwak).

BUSINESS AREA REPORTING

TOMRA Sorting Solutions Third quarter

Revenues in the quarter increased by 5% compared to same quarter in 2013. Adjusted for currency effects, revenues were up 2%.

Gross margin was stable at 44%. Operating expenses increased in the same period from 145 MNOK to 151 MNOK, adjusted for currency, operating expenses were up 1%.

EBITA increased from 62 MNOK in third quarter 2014 to 66 MNOK in third quarter 2014.

Order intake TOMRA Sorting

Order backlog TOMRA Sorting

After three consecutive quarters with lower order intake in 2013, the business area has now experienced four consecutive quarters with significantly better order intake. Order intake during third quarter 2014 totaled 550 MNOK, up from 403 MNOK during the same quarter last year.

TOMRA Sorting Solutions
(MNOK)	3Q14	3Q13	YTD14	YTD13
Revenues
- Nordic	4	6	9	20
- Central Europe & UK	147	141	421	423
- Rest of Europe	44	29	140	79
- North America	161	150	470	455
- Rest of World	137	144	303	339
Total revenues	493	470	1 343	1316
Gross contribution	217	207	593	583
- in %	44 %	44 %	44 %	44 %
Operating expenses	151	145	490	443
EBITA	66	62	103	140
- in %	13 %	13 %	8 %	11 %
Incl. integration/ onetime costs
- In operating exp.	0	0	25	8

As a consequence of higher order intake and somewhat fewer orders taken to P/L, the order backlog at the end of third quarter 2014 is at an all time high (672 MNOK, up from 615 MNOK at the end of second quarter 2014).

Businessstreams

Food

Revenues in the Food business stream were slightly down in third quarter 2014 compared to third quarter 2013. The order intake continues to improve, ending third quarter with a strong order backlog, significantly higher than end of third quarter 2013.

Recycling

Revenues in third quarter 2014 were in line with third quarter 2013. Order intake has been stable, and the order backlog at the end of third quarter is in line with the order backlog one year ago.

Year to date order intake within the business stream has been slightly up, positively influenced by waste recycling. Activity within metal recycling has however been negatively influenced by lower metal prices over a longer period, and activity remainslow.

Mining

As a result of a strategic focus on industrial minerals, gem stones and standard products, Mining has experienced a significant increase in order intake in all areasso far in 2014.

In third quarter 2014, TOMRA signed an order for 9 sorters to a greenfield phosphate plant at Umm Wu'al in Saudi Arabia. The machines will sort more than 70% of the run-of mine material by removing flint stones from the phosphate, enabling the customer to obtain a high purity level in sorted materials irrespectively of size, moisture or contamination. The machines will according to plan be installed during second quarter 2015.

MARKET OUTLOOK

The long term demand for better resource productivity is a result of megatrends such as population increase, a growing middle class consumer base and greater urbanization. TOMRA, as a leader in sensor based solutions, is favorably positioned to capitalize on these trends.

TOMRA Collection Solutions

In Collection Solutions, no new markets are expected to generate significant revenues in the coming quarters and activity is consequently assumed to be stable and in line with previous quarters.

TOMRA Sorting Solutions

The combination of a stronger order intake four consecutive quarters combined with a limited number of orders taken to P/L, has led to an all time high order backlog at the end of third quarter 2014.

Revenues and profit in TOMRA Sorting are consequently expected to improve in fourth quarter 2014, compared to the previousthree quarters.

THE TOMRA SHARE

The total number of issued shares at the end of third quarter 2014 was 148,020,078 shares, including 144,685 treasury shares. The total number of shareholders decreased from 5,854 at the end of second quarter 2014 to 5,843 at the end of third quarter 2014. Norwegian residents held 24% of the shares at the end of third quarter 2014.

TOMRA's share price decreased from NOK 49.90 to NOK 49.00 during third quarter 2014. The number of shares traded on the Oslo Stock Exchange in the period was 7 million compared to 6 million in the same period in 2013.

Asker, 17 October 2014

The Board of Directors TOMRA SYSTEMS ASA

Svein Rennemo	Stefan Ranstrand
Chairman of the Board	President & CEO

Condensed Consolidated interim financial statements

STATEMENT OF PROFIT AND LOSS		3rd Quarter		YTD		Full year
(MNOK)	Note	2014	2013	2014	2013	2013
Operating revenues	(5)	1 235,8	1 230,7	3 487,5	3 373,8	4 602,1
Cost of goods sold		693,6	693,4	1 947,2	1 886,5	2 562,3
Depreciations/write-down		15,9	14,8	47,2	42,8	60,9
Gross contribution		526,3	522,5	1 493,1	1 444,5	1 978,9
Operating expenses		294,2	283,9	954,5	875,3	1 180,9
Depreciations/write-down		22,4	22,0	66,6	67,2	92,0
EBITA before other items	(5)	209,7	216,6	472,0	502,0	706,0
Amortizations		28,3	27,5	83,4	79,1	105,0
EBIT (Results from operating activities)	(5)	181,4	189,1	388,6	422,9	601,0
Net financial income		(8,2)	(8,8)	(25,2)	(27,2)	(39,9)
Profit before tax		173,2	180,3	363,4	395,7	561,1
Taxes		42,4	46,9	89,0	102,9	139,0
Profit from continuing operations		130,8	133,4	274,4	292,8	422,1
Discontinued operations		-	-	-	-	(9,7)
Net profit		130,8	133,4	274,4	292,8	412,4
Non-Controlling interest (Minority interest)		(12,9)	(11,9)	(25,0)	(28,8)	(35,7)
Earnings per share (EPS)		0,80	0,82	1,69	1,78	2,55

STATEMENT OF OTHER COMPREHENSIVE INCOME	3rd Quarter YTD			Full year
(MNOK)	2014	2013	2014	2013	2013
Net profit for the period	130,8	133,4	274,4	292,8	412,4
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss
Translation differences	(6,0)	44,4	(2,6)	205,5	300,3
Other comprehensive income that will not be reclassified to profit or loss
Remeasurements of defined benefit liability (assets)	0,0	0,0	0,0	0,0	(27,0)
Total comprehensive income	124,8	177,8	271,8	498,3	685,7
Attributable to:
Non-controlling interest	17,0	11,6	30,0	34,6	42,5
Shareholders of the parent company	107,8	166,2	241,8	463,7	643,2
Total comprehensive income	124,8	177,8	271,8	498,3	685,7

STATEMENTS OF FINANCIAL POSITION	30 September		31 Dec
(MNOK)	2014	2013	2013
ASSETS
Intangible non-current assets	2 479,0	2 450,4	2 486,8
Tangible non-current assets	616,0	591,1	607,9
Financial non-current assets	284,5	261,6	266,6
Inventory	923,1	902,5	873,5
Receivables	1 487,7	1 371,2	1 224,3
Cash and cash equivalents	172,4	146,9	164,1
TOTAL ASSETS	5 962,7	5 723,7	5 623,2
EQUITY & LIABILITIES
Equity	2 790,0	2 573,3	2 740,9
Non-controlling interest	90,9	83,7	82,6
Deferred taxes	113,3	113,5	97,4
Long-term interest bearing liabilities	1 565,1	1 154,3	1 004,4
Short-term interest bearing liabilities	-	500,0	552,1
Other liabilities	1 403,4	1 298,9	1 145,8
TOTAL EQUITY & LIABILITIES	5 962,7	5 723,7	5 623,2

Condensed Consolidated interim financial statements (continued)

STATEMENT OF CASHFLOWS		3rd Quarter			YTD	Full year
(MNOK)	Note	2014	2013	2014	2013	2013
Profit before income tax		173,2	180,3	363,4	395,7	561,1
Changes in working capital		(53,7)	(42,4)	(109,3)	(177,3)	(136,3)
Other operating changes		116,4	63,9	130,4	115,0	142,2
Total cash flow from operations		235,9	201,8	384,5	333,4	567,0
Cashflow from purchase of subsidiaries		0,0	0,0	0,0	3,7	3,7
Cashflow from sales of subsidiaries/reclass Tomra Japan		0,0	0,0	(7,7)	0,0	0,0
Other cashflow from investments		(67,9)	(57,6)	(197,8)	(160,4)	(234,4)
Total cash flow from investments		(67,9)	(57,6)	(205,5)	(156,7)	(230,7)
Cashflow from sales/repurchase of treasury shares	(3)	0,0	0,0	7,0	10,2	0,6
Dividend paid out	(2)	0,0	0,0	(199,6)	(185,0)	(185,0)
Other cashflow from financing		(187,2)	(135,9)	28,2	(43,1)	(177,8)
Total cash flow from financing		(187,2)	(135,9)	(164,4)	(217,9)	(362,2)
Total cash flow for period		(19,2)	8,3	14,6	(41,2)	(25,9)
Exchange rate effect on cash		(5,7)	3,7	(6,3)	10,9	12,8
Opening cash balance		197,3	134,9	164,1	177,2	177,2
Closing cash balance		172,4	146,9	172,4	146,9	164,1

EQUITY (MNOK)	Paid in capital	Transl. reserve	Actuarial Gain / (Loss)	Retained earnings	Total majority equity	Minority interest	Total Equity
Balance per 31 December 2013	1 066,1	(24,8)	(27,0)	1 726,6	2 740,9	82,6	2 823,5
Net profit				249,4	249,4	25,0	274,4
Changes in translation difference		(7,6)			(7,6)	5,0	(2,6)
Remeasurement defined benefit liability			0,0		0,0		0,0
Dividend non-controlling interest						(21,7)	(21,7)
Purchase of treasury shares					0,0		0,0
Treasury shares sold to employees	0,1			6,8	6,9		6,9
Dividend to shareholders				(199,6)	(199,6)		(199,6)
Balance per 30 September 2014	1 066,2	(32,4)	(27,0)	1 783,2	2 790,0	90,9	2 880,9

EQUITY	3rd Quarter		YTD	Full year
(MNOK)	2014	2013	2014	2013	2013
Opening balance	2 682,2	2 407,1	2 740,9	2 283,3	2 283,3
Net profit	117,9	121,5	249,4	264,0	376,7
Translation difference	(10,1)	44,7	(7,6)	199,7	293,5
Remeasurement defined benefit liability	0,0	0,0	0,0	1,0	(27,0)
Dividend paid	0,0	0,0	(199,6)	(184,9)	(184,9)
Net purchase of own shares	0,0	0,0	6,9	10,2	(0,7)
Closing balance	2 790,0	2 573,3	2 790,0	2 573,3	2 740,9

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTE 1 DISCLOSURE

This interim report has been prepared in accordance with IAS34, and in accordance with the principles used in the annual accounts for 2013. The quarterly reports 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 2013. The quarterly reports 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 for the year ending 31 December 2013.

A number of new standards, amendments to standards and interpretations are not effective for the company for the period ending 30 September 2014, and have not been applied in preparing these consolidated financial statements:

IFRS 9 Financial Instruments IFRS 14 Regulatory Deferral Accounts IFRS 15 Revenues from contracts Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to IFRS 11 Accounting for Acquisitions of Interest in Joint Operations Defined Benefit Plans: Employee Contributions

The new standards are not expected to have any material effects on the financial statements.

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.

Seasonality: The Material Recovery operations, and to some extent the US Reverse Vending 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). Also the Food business stream within Sorting Solutions is influenced by seasonality, with somewhat higher activity during the harvest season in the northern hemisphere.

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 by 10-20%. An increase in NIBOR and EURIBOR of 1 percentage point, would increase financial expenses by ~NOK 14 million per year.

Segment reporting: TOMRA has divided its primary reporting format into two business areas: Collection Solutions and Sorting 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 Solutions consists of the business streams Reverse Vending (development, production, sales and service of Reverse Vending Machines and related data management systems) + Material Recovery (pick-up, transportation and processing of empty beverage containers on behalf of beverage producers/fillers on the US East Coast and in Canada) + Compaction (small and mid-size compaction machines)
• Sorting Solutions consists of the business streams Food, Recycling and Mining, all providing advanced optical sorting systems
• Group Functions consists of costs related to corporate functions at TOMRA's headquarters.

Assets and liabilities are distributed to the different business streams, except for cash, interest-bearing debt and tax-positions, which are allocated to Group Functions. There are no material revenues from transactions with other business streams. There are no material related party transactions in 2014.

NOTE 2 DIVIDEND PAID

Paid out May 2013: 1.25 NOK x 147.9 million shares = NOK 184.9 million Paid out May 2014: 1.35 NOK x 147.9 million shares = NOK 199.6 million

NOTE 3 CHANGE IN ACCOUNTING PRINCIPLES – IFRS 11 Joint Arrangements

In accordance with IFRS 11, TOMRA has changed accounting principles for joint arrangements. Tomra Japan Ltd. has up until 2013 been proportionally consolidated in the Group accounts. From 2014, the equity method has been applied. When making the assessment, the structure of the arrangement, the legal form, the contractual terms of the arrangement and other relevant facts and circumstances have been taken into consideration.

Tomra Japan Ltd. was included in the balance sheet and income statement with the following amounts:

Amounts in NOK million	31.12.2012	31.12.2013
Intangible non-current assets	0.1	0.2
Tangible non-current assets	20.5	23.9
Financial non-current assets	0.1	0.1
Inventory	20.7	13.4
Receivables	4.3	6.3
Cash and cash equivalents	6.5	7.7
TOTAL ASSETS	52.2	51.5
Equity	0.3	1.8
Non-controlling interest	0.0	0.0
Deferred taxes	0.0	0.0
Long-term interest bearing liabilities	17.3	34.9
Short-term interest bearing liabilities	4.3	5.1
Other liabilities	30.3	9.7
TOTAL EQUITY & LIABILITIES	52.2	51.5

Amounts in NOK million	2013
OPERATING REVENUES	26.6
Cost of goods sold	13.4
Employee benefits expenses	3.9
Ordinary depreciation	4.6
Other operating expenses	2.3
TOTAL OPERATING EXPENSES	24.2
OPERATING PROFIT	2.4
Net financial items	0.8
PROFIT FOR THE PERIOD	1.6

NOTE 4 NET PURCHASE OF OWN SHARES

Net purchase of own shares	# shares	Average price				Total (MNOK)
2013
Gross purchased	200 000	NOK	54.00	10.8
Sold to employees	(181 368)	NOK 56.25		(10.2)
Net purchased	18 632			0.6
2014
Sold to employees	(123 104)	NOK	56.25	(6.9)
Net purchased	(123 104)	NOK 56.25		(6.9)

NOTE 5 OPERATING SEGMENTS

SEGMENT	Collection Solutions		Sorting Solutions		Group Functions		Group Total
(MNOK)	3Q14	3Q13	3Q14	3Q13	3Q14	3Q13	3Q14	3Q13
Revenues
- Nordic	112	117	4	6			116	123
- Central Europe & UK	317	340	147	141			464	481
- Rest of Europe	9	3	4 4	2 9			5 3	3 2
- North America	292	291	161	150			453	441
- Rest of World	1 3	1 0	137	144			150	154
Total revenues	743	761	493	470			1 236	1 231
Gross contribution	310	316	217	207			527	523
- in %	42 %	42 %	44 %	44 %			43 %	42 %
Operating expenses	159	155	151	145	7	6	317	306
EBITA	151	161	6 6	6 2	(7)	(6)	210	217
- in %	20 %	21 %	13 %	13 %			17 %	18 %
EBIT	142	152	4 7	4 4	(7)	(6)	182	190
- in %	19 %	20 %	10 %	9 %			15 %	15 %

SEGMENT	Collection Solutions		Sorting Solutions		Group Functions		Group Total
(MNOK)	YTD14	YTD13	YTD14	YTD13	YTD14	YTD13	YTD14	YTD13
Revenues
- Nordic	380	389	9	2 0			389	409
- Central Europe & UK	899	856	421	423			1 320	1 279
- Rest of Europe	2 4	9	140	7 9			164	8 8
- North America	810	783	470	455			1 280	1 238
- Rest of World	3 2	2 1	303	339			335	360
Total revenues	2 145	2 058	1 343	1 316			3 488	3 374
Gross contribution	900	862	593	583			1 493	1 445
- in %	42 %	42 %	44 %	44 %			43 %	43 %
Operating expenses	510	482	490	443	2 1	1 8	1 021	943
EBITA	390	380	103	140	(21)	(18)	472	502
- in %	18 %	18 %	8 %	11 %			14 %	15 %
EBIT	364	355	4 6	8 6	(21)	(18)	389	423
- in %	17 %	17 %	3 %	7 %			11 %	13 %
Assets	2 498	2 450	3 135	2 994	330	280	5 963	5 724
Liabilities	802	735	517	480	1 763	1 852	3 082	3 067

NOTE 6 INTERIM RESULTS

(MNOK)	3Q14	2Q14	1Q14	4Q13	3Q13
Operating revenues (MNOK)	1 236	1 187	1 065	1 228	1 231
EBITA (MNOK)	210	156	106	204	217
EBIT (MNOK)	181	129	7 8	178	189
Sales growth (year-on-year) (%)	0 %	1 %	10 %	3 %	12 %
Gross margin (%)	43 %	43 %	43 %	44 %	42 %
EBITA margin (%)	17 %	13 %	10 %	17 %	18 %
EPS (NOK)	0,80	0,56	0,33	0,77	0,82
EPS (NOK) fully diluted	0,80	0,56	0,33	0,77	0,82

About TOMRA

TOMRA was founded on an innovation in 1972 that began with design, manufacturing and sale of reverse vending machines (RVMs) for automated collection of used beverage containers.

Today, TOMRA has ~170,000 installations in over 80 markets worldwide and had total revenues of ~4.6 billion NOK in 2013.

The Group employs ~2,500 globally, and is publicly listed on the Oslo Stock Exchange. (OSE: TOM)

The TOMRA Group continues to innovate and provide cutting-edge solutions for optimal resource productivity within two main business areas: Collection Solutions (reverse vending, material recovery and compaction) and Sorting Solutions (recycling, mining and food sorting).

For further information about TOMRA, please see www.tomra.com

REVERSE VENDING		COMPACTION		RECYCLING		MINING		FOOD
Nordic	~15.100	Nordic	~17.125	Europe	~2.450	Europe	~173	Europe	~23,535
Germany	$-26,000$	UK	$-18,040$	US/Canada	$-650$	US/Canada	~10	US/Canada	$-3,020$
Other Europe	$-12,700$	Other Europe	$-30,810$	Asia	$-310$	Australia	~25	Asia/Oceania	~575
Japan	~1700	Asia/Oceania	$-4.250$	Other	~535	South Africa	~52	South America	~245
North America	$-17,200$	North America	$-4.490$			Other	~30	Middle East/	~510
South America	$-1.070$	Middle East/Africa	~505					Africa
TOTAL	~12.770	TOTAL	$-75.220$	TOTAL	$-4.045$	TOTAL	$-220$	TOTAL	$-8.085$

The results announcement will be broadcasted on October 17 08:00 CET via live webcast from Hotel Continental, Stortingsgaten 24/26, Oslo. This and previous releases are available at http://tomra.com/en/investor-relations/financial-information/quarterly-reports

For further information contact:

Espen Gundersen, Deputy CEO / CFO, Tel: +47 97 68 73 01