TOMRA Systems — Interim / Quarterly Report 2015

Jul 17, 2015

17.07.2015

HIGHLIGHTS

2Q 2015

• All time high order intake of 646 MNOK in TOMRA Sorting, up from 502 MNOK same period last year
• All time high order backlog of 851 MNOK in TOMRA Sorting, up from 822 MNOK at the end of first quarter 2015
• Revenues of 1,472 MNOK (1,139 MNOK in second quarter 2014). Currency adjusted revenues were: —Up 16% for TOMRA Group —Up 13% in TOMRA Collection —Up 22% in TOMRA Sorting
• Gross margin 42%, down from 43% in second quarter 2014
• —Slightly down in TOMRA Collection
• —Slightly up in TOMRA Sorting
• EBITA of 240 MNOK (158 MNOK in second quarter 2014)
• —Including 13 MNOK one-time cost in 2014
• Cash flow from operations of 137 MNOK (136 MNOK in second quarter 2014)

1H 2015

• Revenues of 2,579 MNOK (2,161 MNOK in first half 2014). Currency adjusted revenues were:
• —Up 8% for TOMRA Group
• —Up 6% in TOMRA Collection
• —Up 10% in TOMRA Sorting
• Gross margin 42%, down from 43% in first half 2014
• —Slightly down in TOMRA Collection
• —Slightly up in TOMRA Sorting
• EBITA of 344 MNOK (265 MNOK in first half 2014)
• —Including 25 MNOK one-time cost in 2014
• Cash flow from operations of MNOK 187 (149 MNOK in first half 2014)
• Divestment of Compaction completed
• Dividend of NOK 1.45 per share approved by the Annual General Assembly

CONSOLIDATED FINANCIALS

Second quarter

Revenues in the second quarter 2015 amounted to 1,472 MNOK compared to 1,139 MNOK in second quarter last year. Revenues in TOMRA Collection increased by 26% (up 13% currency adjusted), while revenues in TOMRA Sorting were up 34% (up 22% currency adjusted).

Gross margin was 42% in the quarter, down from 43% in the corresponding period last year, explained by slightly reduced margins in TOMRA Collection (currency related), partly offset by slightly improved marginsin TOMRA Sorting (volume related).

Operating expenses increased from 329 MNOK in second quarter 2014 to 382 MNOK in second quarter 2015, including a one time integration cost of 13 MNOK in TOMRA Sorting in 2014. The increase was mainly driven by currency effects (stronger EUR and USD vs NOK).

EBITA was 240 MNOK in second quarter 2015 versus 158 MNOK in the second quarter 2014.

Cash flow from operations in second quarter 2015 equaled 137 MNOK, up from 136 MNOK in second quarter 2014.

First half

Revenues in first half 2015 amounted to 2,579 MNOK compared to 2,161 MNOK in first half last year. Revenues in TOMRA Collection increased by 19% (up 6% currency adjusted), while revenues in TOMRA Sorting were up 21% (up 10% currency adjusted).

Gross margin was 42% in first half 2015, down from 43% in the corresponding period last year.

Operating expenses increased from 667 MNOK in first half 2014 to 751 MNOK in first half 2015, including a one time integration cost of 25 MNOK in TOMRA Sorting in 2014. Adjusted for currency effects and one-time costs, operating expenses increased by 7%.

EBITA was 344 MNOK in first half 2015 versus 265 MNOK in first half 2014.

Cash flow from operations in first half 2015 equaled 187 MNOK, compared to 149 MNOK in same period last year.

TOMRA Group
(MNOK)	2Q15	2Q14	YTD15	YTD14
Revenues	1 472	1 139	2 579	2 161
Gross contribution	622	487	1 095	932
- in %	42 %	43 %	42 %	43 %
Operating expenses	382	329	751	667
EBITA	240	158	344	265
- in %	16 %	14 %	13 %	12 %
Incl. onetime costs
- In operating exp.	0	13	0	25

The equity ratio decreased from 49% at year end 2014 to 47% at the end of June 2015, mainly due to dividend of 214 MNOK paid out in May 2015.

Net interest bearing debt increased by 13 MNOK during the same period, as the free cash flow almost offset the dividend payment. At the end of second quarter 2015 NIBD/EBITDA on a rolling 12 month basis was equal to 1.25.

Reporting in NOK and with some NOK cost base, TOMRA will in general benefit from a weak NOK, measured particularly against the EUR and somewhat against the USD. First half 2015 vs first half 2014, EUR and USD strengthened 4% and 28% respectively, positively influencing revenues by approximately 12% points and EBITA by approximately 13% points.

Excluding one time cost

3

BUSINESS AREA REPORTING

TOMRA Collection Solutions Second quarter

Revenues in the business area equaled 855 MNOK in the second quarter, up from 678 MNOK in second quarter last year. After adjustment for currency changes, revenues were up 13%.

Gross margin was 41%, down from 42% same period last year, negatively influenced by more lowermargin USD nominated revenues (Material recovery). Currency adjusted gross margin was stable.

Operating expenses were up 6%, currency adjusted.

EBITA was MNOK 164, up from 131 MNOK, due to higher revenues and positive currency impact.

First half

Driven by stronger USD and EUR vs NOK and increased sales in Germany, the business area reported a revenue growth of 19% in first half 2015, compared to same period last year. After adjustment for currency changes, revenues were up 6%.

Gross margin was 41, down from 42%. EBITA was 272 MNOK, up from 242 MNOK last year.

Europe

The momentum in the German market has been good. Germany implemented deposit on nonrefillable beverage containers in 2006 and TOMRA installed 8,800 machines in that market during that year. These machines are currently in the process of being replaced, positively influencing TOMRA's performance, particularly in the last months of the period.

North America

Revenues in local currencies were stable, compared to first half 2014, but significantly up measured in NOK. Severe weather in the beginning of the year has negatively influenced volumes, but with limited effect measured against first half 2014, which also experienced bad weather conditions.

Divestment of TOMRA Compaction (Orwak)

TOMRA signed 12th December 2014 an agreement with San Sac Nordic AB to sell 100% of the shares in TOMRA Compaction Group AB for a consideration of 110 MSEK (free of cash and interest bearing debt).

TOMRA Collection Solutions

(MNOK)	2Q15	2Q14	YTD15	YTD14
Revenues
- Nordic	128	107	246	208
- Europe (ex Nordic)	358	284	630	578
- North America	356	277	655	511
- Rest of World	13	10	23	14
Total revenues	855	678	1 554	1 311
Gross contribution	347	285	638	556
- in %	41 %	42 %	41 %	42 %
Operating expenses	183	154	366	314
EBITA	164	131	272	242
- in %	19 %	19 %	18 %	18 %

Closing took place 30th January 2015. Revenues and expenses related to this business stream have been reclassified as discontinued operations in the comparable 2014 figures.

BUSINESS AREA REPORTING

TOMRA Sorting Solutions

Second quarter

Revenues in the quarter increased by 34% compared to same quarter in 2014. Adjusted for currency effects, revenues were up 22%.

Gross margin increased from 44% in second quarter 2014 to 45% in second quarter 2015, mainly due to higher volumes.

EBITA increased from 34 MNOK in second quarter 2014 to 84 MNOK in second quarter 2015, driven by higher volumes, better gross margin and positive currency effects.

First half

Revenues in first half 2015 increased with 21% compared to same period in 2014. Adjusted for currency effects, revenues were up 10%.

Gross margin increased from 44% in first half 2014 to 45% in first half 2015, mainly due to higher volumes.

EBITA increased from 37 MNOK in first half 2014 to 88 MNOK in first half 2015, driven by higher volumes, better gross margin and positive currency effects.

TOMRA Sorting Solutions

(MNOK)	2Q15	2Q14	YTD15	YTD14
Revenues
- Europe	280	212	488	375
- North America	219	163	330	309
- South America	9	3	22	9
- Asia	81	48	140	107
- Oceania	17	21	28	26
- Africa	11	14	17	24
Total revenues	617	461	1 025	850
Gross contribution	275	202	457	376
- in %	45 %	44 %	45 %	44 %
Operating expenses	191	168	369	339
EBITA	84	34	88	37
- in %	14 %	7 %	9 %	4 %
Incl. onetime costs
- In operating exp.	-	13	-	25

5

Order intake TOMRA Sorting

Order backlog TOMRA Sorting

Revenues TOMRA Sorting

The overall momentum in TOMRA Sorting has been good in second quarter 2015.

Despite a high number of orders taken to P/L (all time high revenues of 617 MNOK in second quarter 2015), the order backlog at the end of the quarter is still strong (all time high of 851 MNOK) due to good order intake (all time high of 646 MNOK).

Businessstreams

Food

Revenues in the Food business stream were significantly up in second quarter 2015 compared to second quarter 2014. The order intake was slightly down, compared against a high order intake in second quarter 2014.

Recycling

Revenues in Recycling in second quarter 2015 were down compared to second quarter 2014. Despite continuing low prices on several commodities, the order intake has been high and above last year.

Mining

Revenues in Mining in second quarter 2015 were up versus same quarter last year. The order intake was significantly up, compared to a low order intake in second quarter 2014.

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

The replacement demand in Germany in assumed to continue and the outlook for third quarter is consequently good. Both revenues and EBITA are expected to be better than both third quarter 2014 and second quarter 2015.

TOMRA Sorting Solutions

Due to the all time high backlog at the end of second quarter 2015, third quarter revenue is expected to be good. The order intake in third quarter is however assumed to go somewhat down, on the back of several quarters with strong order intake.

Currency

Reporting in NOK and with some NOK cost base, TOMRA will in general benefit from a weak NOK, measured particularly against EUR. TOMRA will consequently continue to gain from a weak NOK, provided current exchange rate levels are maintained.

ANNUAL GENERAL ASSEMBLY

The annual general assembly took place 23 April in Asker. All agenda points were approved, including a dividend of NOK 1.45 per share.

At the meeting Svein Rennemo stepped down as chairman of the Board after six years service. The new chairman is Jan Svensson.

THE TOMRA SHARE

The total number of issued shares at the end of second quarter 2015 was 148,020,078 shares, including 141,082 treasury shares. The total number of shareholders decreased from 5,796 at the end of first quarter 2015 to 5,725 at the end of second quarter 2015. Norwegian residents held 30% of the shares at the end of second quarter 2015.

TOMRA's share price increased from NOK 67.75 to NOK 71.75 during second quarter 2015. The number of shares traded on the Oslo Stock Exchange in the period was 8 million compared to 11 million in the same period in 2014.

Asker, 16 July 2015

The Board of Directors TOMRA SYSTEMS ASA

Jan Svensson Stefan Ranstrand Chairman of the Board President & CEO

Condensed Consolidated interim financial statements

STATEMENT OF PROFIT AND LOSS		2nd Quarter			1st Half
(MNOK)	Note	2015	2014	2015	2014	2014
Operating revenues	(5)	1 472,0	1 138,9	2 578,9	2 160,7	4 749,0
Cost of goods sold		829,9	635,6	1 443,8	1 196,6	2 636,2
Depreciations/write-down		19,9	15,5	40,2	31,3	63,3
Gross contribution		622,2	487,8	1 094,9	932,8	2 049,5
Operating expenses		357,8	308,8	700,4	625,2	1 225,2
Depreciations/write-down		24,4	20,7	50,1	42,3	87,8
EBITA	(5)	240,0	158,3	344,4	265,3	736,5
Amortizations		29,1	27,2	57,9	55,1	109,0
EBIT	(5)	210,9	131,1	286,5	210,2	627,5
Net financial income		(7,2)	(8,2)	(15,2)	(17,0)	(24,1)
Profit before tax		203,7	122,9	271,3	193,2	603,4
Taxes		52,2	29,6	69,5	46,6	148,4
Profit from continuing operations		151,5	93,3	201,8	146,6	455,0
Discontinued operations	(3)	(1,8)	(2,0)	(3,0)	(3,0)	(60,7)
Net profit		149,7	91,3	198,8	143,6	394,3
Non-Controlling interest (Minority interest)		(13,2)	(8,0)	(17,6)	(12,1)	(33,4)
Earnings per share (EPS)		0,92	0,56	1,22	0,89	2,44
Earnings per share (EPS) continuing operations		0,94	0,58	1,25	0,91	2,85
STATEMENT OF OTHER COMPREHENSIVE INCOME		2nd Quarter		1st Half		Full year
(MNOK)		2015	2014	2015	2014	2014
Net profit for the period		149,7	91,3	198,8	143,6	394,3
Other comprehensive income that may be reclassified to profit or loss
Translation differences		(26,7)	68,7	4,7	3,4	368,3
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	(10,1)
Total comprehensive income	123,0	160,0	203,5	147,0	752,5
Attributable to:
Non-controlling interest	9,6	10,2	24,3	13,0	51,7
Shareholders of the parent company	113,4	149,8	179,2	134,0	700,8
Total comprehensive income	123,0	160,0	203,5	147,0	752,5
			-0	-

STATEMENTS OF FINANCIAL POSITION		30 June		Full year
(MNOK)		2015	2014	2014
ASSETS
Intangible non-current assets		2 609,8	2 527,9	2 622,6
Tangible non-current assets		687,1	613,1	682,9
Financial non-current assets		297,2	292,7	307,3
Inventory		1 112,8	955,5	912,9
Receivables		1 736,2	1 357,8	1 536,9
Cash and cash equivalents		339,1	197,3	436,3
Assets held for sale	(3)	-	-	125,8
TOTAL ASSETS		6 782,2	5 944,3	6 624,7
EQUITY & LIABILITIES
Equity		3 216,0	2 682,2	3 244,0
Non-controlling interest		138,1	95,9	115,4
Deferred taxes		139,8	114,9	140,3
Long-term interest bearing liabilities		1 028,6	1 739,5	1 558,2
Short-term interest bearing liabilities		536,0	-	90,4
Other liabilities		1 723,7	1 311,8	1 452,0
Liabilities held for sale	(3)	-	-	24,4
TOTAL EQUITY & LIABILITIES		6 782,2	5 944,3	6 624,7

STATEMENT OF CASHFLOWS			2nd Quarter		1st Half	Full year
(MNOK)	Note	2015	2014	2015	2014	2014
Profit before income tax*		201,9	120,9	268,3	190,2	542,7
Changes in working capital		(108,8)	(13,6)	(134,3)	(55,6)	(0,1)
Other operating changes		43,9	29,1	52,6	14,0	153,6
Total cash flow from operations		137,0	136,4	186,6	148,6	696,2
Cashflow from (purchase)/sales of subsidiaries		(11,0)	0,0	81,2	(7,7)	(19,6)
Other cashflow from investments		(64,5)	(68,3)	(128,7)	(129,9)	(266,1)
Total cash flow from investments		(75,5)	(68,3)	(47,5)	(137,6)	(285,7)
Cashflow from sales/repurchase of treasury shares	(4)	0,0	0,0	7,1	7,0	2,0
Dividend paid out	(2)	(214,3)	(199,6)	(214,3)	(199,6)	(199,6)
Other cashflow from financing		200,6	243,5	(29,8)	215,4	33,4
Total cash flow from financing		(13,7)	43,9	(237,0)	22,8	(164,2)
Total cash flow for period		47,8	112,0	(97,9)	33,8	246,3
Exchange rate effect on cash		(2,0)	6,3	0,7	(0,6)	25,9
Opening cash balance		293,3	79,0	436,3	164,1	164,1
Closing cash balance		339,1	197,3	339,1	197,3	436,3

Condensed Consolidated interim financial statements (continued)

* Including loss from discontinued operations

EQUITY	Paid in	Transl.	Actuarial	Retained	Total	Minority	Total
(MNOK)	capital	reserve	Gain /	earnings	majority	interest	Equity
Balance per 31 December 2014	1 066,1	325,2	(37,1)	1 889,8	3 244,0	115,4	3 359,4
Net profit				181,2	181,2	17,6	198,8
Changes in translation difference		(2,0)			(2,0)	6,7	4,7
Remeasurement defined benefit liability					0,0		0,0
Dividend non-controlling interest					0,0	(1,6)	(1,6)
Purchase of treasury shares					0,0		0,0
Treasury shares sold to employees	0,1			7,0	7,1		7,1
Dividend to shareholders				(214,3)	(214,3)		(214,3)
Balance per 30 June 2015	1 066,2	323,2	(37,1)	1 863,7	3 216,0	138,1	3 354,1

EQUITY	2nd Quarter		1st Half	Full year
(MNOK)	2015	2014	2015	2014	2014
Opening balance	3 316,9	2 732,0	3 244,0	2 740,9	2 740,9
Net profit	136,5	83,3	181,2	131,5	360,9
Translation difference	(23,1)	66,5	(2,0)	2,5	350,0
Remeasurement defined benefit liability	0,0	0,0	0,0	0,0	(10,1)
Dividend paid	(214,3)	(199,6)	(214,3)	(199,6)	(199,6)
Net purchase of own shares	0,0	0,0	7,1	6,9	1,9
Closing balance	3 216,0	2 682,2	3 216,0	2 682,2	3 244,0

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 2014. 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 2014. 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 2014.

A number of new standards, amendments to standards and interpretations are not effective for the period ending 30 June 2015 and have not been applied in preparing these consolidated financial statements. Those which may be relevant to the Group are set out below. The Group does not plan to adopt these standards early. These will be adopted in the period that they become mandatory unless otherwise indicated:

IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers Amendments to IFRS 11 – Accounting for Acquisitions of Interests in Joint Operations Amendments to IFRS 16 and 38 – Clarification of Acceptable Methods of Depreciation and Amortisation

TOMRA is considering the effects of the future adoption of these standards. The current assessment is that TOMRA does not expect any material effects in the financial statements from the new standards.

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 10-12%. An increase in NIBOR and EURIBOR of 1 percentage point, would increase financial expenses by ~NOK 12 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
• 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 areas. There are no material related party transactions in 2015.

The divested Compaction business is classified as discontinued operations in the profit and loss statement and as assets/liabilities held for sale in the balance sheet, and classifies under Group Functions in the segment reporting.

NOTE 2 DIVIDEND PAID Paid out May 2014: 1.35 NOK x 147.9 million shares = NOK 199.6 million Paid out May 2015: 1.45 NOK x 147.8 million shares = NOK 214.3 million

NOTE 3 Discontinued operations

TOMRA signed 12th December 2014 an agreement with San Sac Nordic AB to sell 100% of the shares in TOMRA Compaction Group AB for a consideration of SEK 110 million (free of cash and interest bearing debt). Closing took place 30 January 2015. TOMRA will continue to operate as a distributor in some markets in a period of up to two years. The P/L impact from the Compaction business is reported as discontinued operations in both 2014 and 2015. TOMRA has given representations and warranties in line with what's is considered normal in such transactions. In the balance sheet, the assets and liabilities related to the Compaction business was classified as "held for sale" at the end of 2014.

		2014
		TOMRA	Continued
	TOTAL	Compaction	operations	Spesification of divestment loss
Operating revenues	4 953,1	204,1	4 749,0	Goodwill written off	39,0
Cost of goods sold	2 765,3	129,1	2 636,2	Transaction cost	9,2
Depreciations/write-down	63,3	-	63,3	Contingent liabilities	3,7
Gross contribution	2 124,5	75,0	2 049,5	Post closing costs	5,0
Operating expenses	1 290,4	65,2	1 225,2	Other divestment cost	7,1
Depreciations/write-down	91,6	3,8	87,8	Divestment loss	64,0
EBITA	742,5	6,0	736,5
Amortizations	110,4	1,4	109,0
EBIT	632,1	4,6	627,5	Sales price (SEK million)	110,0
Net financial income	(24,1)	-	(24,1)	Restruct. charge (SEK million)	(5,0)
Profit before tax	608,0	4,6	603,4	W/C adjustment (SEK million)	0,6
Taxes	149,7	1,3	148,4	Salesprice (SEK million)	105,6
Profit from continuing operations	458,3	3,3	455,0	Salesprice (NOK million)	101,4
Discontinued operations	(64,0)	(3,3)	(60,7)
Net profit	394,3	-	394,3	Assets held for sale	125,8
Non-Controlling interest	(33,4)	-	(33,4)	Liabilities held for sale	24,4
Earnings per share (EPS)	2,44	-	2,44	Net assets held for sale	101,4

ASSETS
Intangible non-current assets	2 662,9	40,3	2 622,6
Tangible non-current assets	701,6	18,7	682,9
Financial non-current assets	307,4	0,1	307,3
Inventory	947,2	34,3	912,9
Receivables	1 569,3	32,4	1 536,9		Second quarter
Cash and cash equivalents	436,3		436,3		2015	2014
Assets held for sale	-	(125,8)	125,8	Revenues	10,9	48,0
TOTAL ASSETS	6 624,7	0,0	6 624,7	Profit after tax	(1,8)	(2,0)
EQUITY & LIABILITIES
Equity	3 244,0		3 244,0		First half
Non-controlling interest	115,4		115,4		2015	2014
Deferred taxes	142,8	2,5	140,3	Revenues	28,3	91,0
Long-term interest bearing liabilities	1 558,2		1 558,2	Profit after tax	(3,0)	(3,0)
Short-term interest bearing liabilities	90,4		90,4
Other liabilities	1 473,9	21,9	1 452,0
Liabilities held for sale	-	(24,4)	24,4
TOTAL EQUITY & LIABILITIES	6 624,7	0,0	6 624,7

	Second quarter

	First half

NOTE 4 Purchase of treasury shares

Net purchase of own shares	# shares	Average price		Total (MNOK)
2014
Gross purchased	100 000	NOK	50,10	5,0
Sold to employees	(123 104)	NOK	56,25	(7,0)
Net purchased	(23 104)	NOK	56,25	(7,0)
2015
Sold to employees	(103 603)	NOK 68,59		(7,1)
Net purchased	(103 603)	NOK 68,59		(7,1)

NOTE 5 Operating segments

SEGMENT	Collection Solutions		Sorting Solutions		Group Functions		Group Total
(MNOK)	2Q15	2Q14	2Q15	2Q14	2Q15	2Q14	2Q15	2Q14
Revenues	855	678	617	461			1 472	1 139
Gross contribution	347	285	275	202			622	487
- in %	41 %	42 %	45 %	44 %			42 %	43 %
Operating expenses	183	154	191	168	8	7	382	329
EBITA	164	131	8 4	3 4	(8)	(7)	240	158
- in %	19 %	19 %	14 %	7 %			16 %	14 %
Amortization	9	8	2 0	1 9			2 9	2 7
EBIT	155	123	6 4	1 5	(8)	(7)	211	131
- in %	18 %	18 %	10 %	3 %			14 %	12 %

SEGMENT	Collection Solutions		Sorting Solutions		Group Functions		Group Total
(MNOK)	YTD15	YTD14	YTD15	YTD14	YTD15	YTD14	YTD15	YTD14
Revenues	1 554	1 311	1 025	850			2 579	2 161
Gross contribution	638	556	457	376			1 095	932
- in %	41 %	42 %	45 %	44 %			42 %	43 %
Operating expenses	366	314	369	339	1 6	1 4	751	667
EBITA	272	242	8 8	3 7	(16)	(14)	344	265
- in %	18 %	18 %	9 %	4 %			13 %	12 %
Amortization	1 8	1 7	4 0	3 8			5 8	5 5
EBIT	254	225	4 8	-1	(16)	(14)	286	210
- in %	16 %	17 %	5 %	0 %			11 %	10 %
Assets	2 718	2 407	3 547	3 184	517	353	6 782	5 944
Liabilities	949	752	647	534	1 832	1 880	3 428	3 166

NOTE 6 Interim results

(MNOK)	2Q15	1Q15	4Q14	3Q14	2Q14
Operating revenues (MNOK)	1 472	1 107	1 401	1 188	1 139
EBITA (MNOK)	240	104	266	206	158
EBIT (MNOK)	211	7 6	240	177	131
Sales growth (year-on-year) (%)	29 %	8 %	20 %	0 %	1 %
Gross margin (%)	42 %	43 %	44 %	43 %	43 %
EBITA margin (%)	16 %	9 %	19 %	17 %	14 %
EPS (NOK)	0,92	0,30	0,75	0,80	0,56
EPS (NOK) fully diluted	0,92	0,30	0,75	0,80	0,56

STATEMENT BY THE BOARD OF DIRECTORS AND THE CEO

We hereby confirm that the half-yearly financial statements for the Group for the period 1 January through 30 June 2015 to the best of our knowledge have been prepared in accordance with IAS 34 Interim Financial Reporting, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the company taken as a whole.

To the best of our knowledge, the half-yearly report gives a true and fair:

• Overview of important events that occurred during the accounting period and their impact on the half-yearly financial statements
• Description of the principal risks and uncertainties facing the Group over the next accounting period
• Description of major transactions with related parties.

Asker, 16 July 2015

Jan Svensson Aniela Gjøs Bodil Sonesson Pierre Couderc Linda Bell Chairman Board member Board member Board member Board member

David Williamson	Ingrid Solberg	Stefan Ranstrand
Board member	Board member	President and CEO
Employee	Employee

Representative representative

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 ~85,000 installations in over 80 markets worldwide and had total revenues of ~4.7 billion NOK in 2014.

The Group employs ~2,400 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 and material recovery) and Sorting Solutions (recycling, mining and food sorting).

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

The results announcement will be broadcasted on Friday 17 July 2015 at 08:00 CET via live webcast. 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