TOMRA Systems — Investor Presentation 2010

Feb 19, 2010

Fourth Quarter 2009

19 February 2010

TOMRA

Helping the world recycle

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TOMRA Helping the world recycle

Highlights from the quarter include:

• Solid performance in Collection Technology
• Continued improved performance in Industrial Processing Technology
• California negatively influenced by reduced handling fees
• Restructuring charges and other one-time costs of 95 MNOK

4th Quarter Presentation

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TOMRA
Helping the world recycle

Financial Highlights – Profit and loss statement

Amounts in NOK million	4Q 2009	4Q 2008	YTD 2009	YTD 2008
Revenues	893	1076	3321	3622
• Collection Technology	508	553	1906	1819
• Material Handling	186	310	865	1010
• Industrial Processing Technology	199	213	550	793
Gross contribution	295	381	1213	1376
Gross margin	33%	35%	37%	38%
Operating expenses	266	245	921	920
Operating profit	29	136	292	456
Operating margin	3%	13%	9%	13%
Including restructuring/onetime costs:
- In cost of goods sold	24	-	24	-
- In operating expenses	71	-	82	22

4th Quarter Presentation

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TOMRA
Helping the world recycle

Financial Highlights – Balance sheet, cash flow and capital structure

Amounts in NOK million	31 Dec 2009	31 Dec 2008
ASSETS	3112	3594
• Intangible assets	875	942
• Leasing equipment	112	111
• Other fixed assets	627	703
• Inventory	506	624
• Short-term receivables	924	1100
• Cash and cash equivalents	68	114
LIABILITIES AND EQUITY	3112	3594
• Equity	1845	2019
• Interest bearing liabilities	389	591
• Non-interest bearing liabilities	878	984

• Cash flow from operations
• 235 MNOK in 4Q 2009 versus 255 MNOK in 4Q 2008
• Seasonality in material handling operations
• Cash flow from finance
• Net interest bearing debt decreased by 184 MNOK during 4Q 2009
• Strong financial position
• 59% equity
• Currently holding 1,880,979 treasury shares
• Currency gain of 30 MNOK
• Related to strengthening of NOK vs USD/EUR

4th Quarter Presentation

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TOMRA
Helping the world recycle

Collection Technology

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TOMRA
Helping the world recycle

Collection Technology - Financials

Amounts in NOK million	4Q 2009	4Q 2008	YTD 2009	YTD 2008
Revenues	508	553	1906	1819
• Nordic	119	158	505	601
• Central Europe & UK	308	303	1044	889
• Rest of Europe	1	4	8	8
• US East/Canada	77	86	343	313
• Rest of 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 cost of goods sold	19	-	19	-
- In operating expenses	-	-	-	22

4th Quarter Presentation

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TOMRA
Helping the world recycle

Highlights Collection Technology

Overall

• Strong performance in most markets
• 2008 restructuring efforts continue to pay off
• Non-deposit and deposit segment merged

Europe

• High activity in Germany, with 750 machines installed
• Slow quarter in Nordic, partly due to completion of the Finnish race

US

• Revenue increase of 7% in local currency (USD)
• Accelerated replacement of old T-x2 machines with the new T-x3 platform
• Write down of old T-x2 parts of 19 MNOK

4th Quarter Presentation

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TOMRA
Helping the world recycle

Material Handling

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TOMRA
Helping the world recycle

Material Handling - Financials

Amounts in USD million	4Q 2009	4Q 2008	YTD 2009	YTD 2008
Revenues	31.2	45.6	136.1	179.1
• US East/Canada	17.6	24.3	74.9	82.5
• US West (California)	13.6	21.3	61.2	96.6
Gross contribution
in %	1.0	5.8	13.6	31.0
	3%	13%	10%	17%
Operating expenses	11.6	4.6	25.0	19.3
Operating profit
in %	(10.6)	1.2	(11.4)	11.7
	-	3%	-	7%
Including restructuring/one time costs:
- In operating expenses	7.3		7.3

Currency impact

Fourth quarter 2009 compared to fourth quarter 2008: +16.4%

4th Quarter Presentation

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TOMRA Helping the world recycle

Highlights Material Handling

East Coast/Canada

California

• Revenue down from 24.3 MUSD to 17.6 MUSD due lower volumes of low margin commercial volumes
• Traditional TOMRA volumes flat
• Revenues down 36% as a consequence of
• Reduced handling fees
• Fewer sites
• Reduced commercial volumes
• Restructuring program completed
• 50 sites closed
• Two processing plants outsourced
• Reduced overheads
• Governors proposal for making the bottle fund in balance:
• Short term:
• Reimbursements of loans previously taken from the fund
• Accelerated payments from distributors
• Medium/Long term:
• Continue to reimburse the loan taken from the fund
• Upgrade the status of handling fees to be Core Function Payments
• Establish a CRF (Container Recycling Fee), where the consumer contributes to finance the bottle fund based upon the cost or recycle the different commodities

4th Quarter Presentation

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TOMRA
Helping the world recycle

Industrial Processing Technology

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TOMRA
Helping the world recycle

Industrial Processing Technology - Financials

Amounts in NOK million	4Q 2009	4Q 2008	YTD 2009	YTD 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/Canada	16	16	35	51
• US West	15	13	41	39
• Rest of World	26	22	66	96
Gross contribution
in %	96	111	279	403
	48%	52%	51%	51%
Operating expenses	86	76	279	259
Operating profit
in %	10	35	0	144
	5%	16%	-	18%
Including restructuring/onetime costs:
- In cost of goods sold	5	-	5	-
- In operating expenses	29	-	40	-

4th Quarter Presentation

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TOMRA Helping the world recycle

Highlights Industrial Processing Technology

Recognition & sorting platform (TiTech Group)

• Revenues slightly down compared to fourth quarter 2008
• Revenues however significantly up compared to first three quarters of 2009
• Volumes to recycling industry now starting to pick up
• Positive order development during fourth quarter
• Restructuring process completed, TiTech HQ co-located with Tomra in Asker, Norway. Restructuring charge of 9 MNOK booked in fourth quarter 2009

Volume reduction (Orwak & Presona)

• Modest market recovery during fourth quarter
• Market outlook for large horizontal boiler challenging
• Goodwill and inventory items written off with 25 MNOK

4th Quarter Presentation

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TOMRA
Helping the world recycle

Industrial Processing Technology – Order book

4th Quarter Presentation

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TOMRA
Helping the world recycle

Addendum slides

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TOMRA Helping the world recycle

Addendum slide Major shareholders

1	Orkla ASA	23 000 000	15.3%
2	Folketrygdfondet	15 641 200	10.4%
3	The Northern Trust C Treaty Account	12 067 730	8.0%
4	JP Morgan Chase Bank Nordea Treaty Account	8 969 240	6.0%
5	Bank of New York MEL ADR Department	2 961 858	2.0%
6	Clearstream Banking CID Dept, Frankfurt	2 961 234	2.0%
7	Holberg Norge v/Holberg Forndsforvaltning	2 545 000	1.7%
8	Euroclear Bank S.A./25% Clients	2 330 796	1.6%
9	State Street Bank AN A/C Client Omnibus F	2 276 613	1.5%
10	Skagen Vekst	2 150 000	1.4%
	SUB-TOTAL	74 903 671	49.9%
	Other Shareholders	75 116 407	50.1%
	TOTAL (8,464 shareholders)	150 020 078	100.0%
	Total foreign ownership	78 346 712	52.9%

4th Quarter Presentation

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TOMRA Helping the world recycle

Addendum slide Shareholders by nationality

1	Norway	47.1%	7 754
2	Great Britain	19.8%	68
3	USA	10.2%	153
4	Luxembourg	7.4%	31
5	France	2.3%	21
6	Belgium	2.2%	11
7	Finland	1.9%	21
8	Denmark	1.8%	44
9	Italy	1.4%	10
10	Sweden	1.2%	112
	TOTAL	95.3%	8 225

4th Quarter Presentation