Slide 1: Investor Presentation
INVESTOR PRESENTATION TOMRA SYSTEMS ASA 21 October 2016 © TOMRA
Slide 2: World population and standard of living increasing dramatically
THE WORLD POPULATION AND STANDARD OF LIVING IS INCREASING DRAMATICALLY
Slide 3: World resources are under unprecedented pressure
WORLD RESOURCES ARE UNDER UNPRECEDENTED PRESSURE
Slide 4: Resource productivity must increase to ensure sustainable development
RESOURCE PRODUCTIVITY MUST INCREASE TO ENSURE SUSTAINABLE DEVELOPMENT
Slide 5: The dawn of the resource revolution
THE DAWN OF THE RESOURCE REVOLUTION THE CHALLENGE: THE OPPORTUNITY: 3 billion more middle-class $2.9 trillion of savings in consumers expected to be in the 2030 from capturing the resource global economy by 2030 productivity potential Up to $1.1 trillion At least $1 trillion spent annually on resour
Slide 6: TOMRA creates sensor-based solutions for optimal resource productivity
TOMRA creates sensor-based solutions for optimal resource productivity
Slide 7: K&S TOMRA leading the resource revolution
K&S TOMRA LEADING THE RESOURCE REVOLUTION
Slide 8: TOMRA impact in numbers
• Our solutions, in use around the globe, helped keep ~25 millions of tons of CO₂ from being released into the atmosphere in 2015 • ~35 bn used beverage containers are captured every year through our reverse vending machines • Our steam peelers process ~15 million tons of potatoes per year with a 1%
Slide 9: TOMRA in short
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Slide 10: Creating value through two strong business areas
CREATING VALUE THROUGH TWO STRONG BUSINESS AREAS* 2015 Revenue 2015 EBITA 100 % 100 % • High growth ~30% 80 % ~40% • High margins 80 % • Medium cyclicality 60 % 60 % 40 % 40 % • Stable ~70% ~60% • High margins • Low cyclicality 20 % 20 % 0% 0% Collection Sorting Collection Sorting High technology -
Slide 11: The TOMRA transformation journey
THE TOMRA TRANSFORMATION JOURNEY 2000 2004 2008 2014 2015 FROM: TO: 5% 18 % 40 % 38 % 100% 95 % 82 % 60 % 62 % Collection Collection Collection Collection A house of Collection A branded brands Sorting Sorting Sorting Sorting house 11
Slide 12: TOMRA worldwide
TOMRA WORLDWIDE* Head Office TOMRA Collection Solutions offices (19) TOMRA Sorting Solutions offices (24) Production entities (6) Test centers (13) (TSS) Agents/distributors (~60) Food test center Mining test center Recycling test center in Leuven, Belgium in Hamburg, Germany in Koblenz, Germany * N
Slide 13: TOMRA's two business areas
TOMRA’S TWO BUSINESS AREAS FOOD* REVERSE VENDING Share of ‘15 sales ~25% ~45% Employees 525 1,285 Customers Food growers, packers and processors Grocery retailers Market share ~25% ~75% RECYCLING MATERIAL RECOVERY Share of ‘15 sales ~12% ~15% Employees 165 445 Customers Material recovery facilities,
Slide 14: TOMRA installed base
TOMRA INSTALLED BASE REVERSE VENDING RECYCLING MINING FOOD* Nordic ~15,200 EMEA ~3,250 Europe ~10 EMEA ~2,750 Germany ~28,400 Americas ~650 US / Canada ~30 Americas ~2,600 Other Europe ~14,000 Asia ~550 Australia ~5 Asia ~510 North America ~15,500 Other ~20 South Africa ~25 Rest of the world ~2,700
Slide 15: Using the power of business to do good
USING THE POWER OF BUSINESS TO DO GOOD EMPLOYEES ETHICAL BUSINESS BEHAVIOUR • 77% of our employees say • Member of UN Global Compact TOMRA is a “Great Place to since end 2009 Work” (2015) • Implementing ethical policies worldwide ENVIRONMENT INCREASING CUSTOMER VALUES • We contribute to avoided emis
Slide 16: TOMRA in depth
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Slide 17: TOMRA Collection Solutions
TOMRA Collection Solutions 17
Slide 18: Reverse vending advantages
REVERSE VENDING ADVANTAGES 18
Slide 19: Recycling of beverage packaging in a deposit system
RECYCLING OF BEVERAGE PACKAGING IN A DEPOSIT SYSTEM 19
Slide 20: Elements of a modern reverse vending system
ELEMENTS OF A MODERN REVERSE VENDING SYSTEM User communication Recognition system Sorting & processing Data administration 20
Slide 21: Used beverage container recycling value chain
THE USED BEVERAGE CONTAINER RECYCLING VALUE CHAIN Generic used beverage container (UBC) recycling value chain RVM-based UBC recycling value chain RVM SERVICE/ DATA ADMIN/ MATERIAL MATERIAL MATERIAL MATERIAL TECHNOLOGY SUPPORT CLEARING PICK-UP PROCESSING BROKERAGE RECYCLING 21
Slide 22: T-9: first of a new generation of machines
T-9: THE FIRST OF A NEW GENERATION OF MACHINES • In fourth quarter 2013, TOMRA presented the first machine of the new generation of machines to come • T-9 features the first 360 degree recognition system applied in an RVM and a completely new industrial design • The machine is faster, cleaner and ta
Slide 23: Complete transformation of the product portfolio in progress
A COMPLETE TRANSFORMATION OF THE PRODUCT PORTFOLIO IN PROGRESS 2012 Portfolio 2015/2016 Portfolio 23
Slide 24: Current deposit markets
CURRENT DEPOSIT MARKETS Northwest Territories (2005) Quebec Sweden (1984) Norway (1984) Yukon (1992) (1999) Finland Iceland (1996) (1989) Newfoundland Ontario (1997) Denmark Estonia (2007) (2002) (2005) British Columbia (1970) Prince Edwardian Lithuania Netherlands (2016) Island (2008) (2005) Nova S
Slide 25: Competitive landscape
COMPETITIVE LANDSCAPE* >70,000 10,000- 70,000 # of installed RVS 5,000- 10,000 500- 5,000 KANSMACKER MAX COMPACTION <500 INCOM RVM TECH DIGI 1-10 11-20 22-30 31-40 >40 Number of RVS markets Annual revenue from RVS sales Source: TOMRA estimates and analysis * Estimates 25
Slide 26: RVM: our strategy 2013-2018
RVM: OUR STRATEGY 2013 -2018 Defend and nurture core • Increase differentiation towards competition 1 deposit market business • Further reduce the cost of reverse vending systems • Increase scope of existing deposit markets Ensure continued relevance 2 • Assist in developing new deposit markets of d
Slide 27: Sourcing turnaround completed
SOURCING TURNAROUND COMPLETED COGS distribution by region (sourcing) 100% 90% 30% 80% 42% 47% 47% 70% 60% 60% 80% Rest of the World 35% 50% 26% East Europe 40% 29% 28% Asia 30% 23% 20% 32% 35% 15% 24% 25% 10% 17% 5% 0% 2009 2011 2012 2013 2014 2015 Source: TOMRA analysis 27
Slide 28: Ensure continued relevance of automated deposit systems
ENSURE CONTINUED RELEVANCE OF AUTOMATED DEPOSIT SYSTEMS Handling method for deposit containers Share of containers sold with deposit Percent of total Percent of total 15 % 40 % 60 % 85 % Handled with RVS Containers sold with deposit Handled manually Containers sold without deposit ILLUSTRATIVE Sourc
Slide 29: Enter new segments
ENTER NEW SEGMENTS Depot segment >200,000 opportunity 50,000- TOMRA’s current 200,000 sweet spot Price (EUR) 10,000- 50,000 3,000- 5,000 Small stores Hypermarkets, C&C Large depots, Discounters/Supermarkets RCs, small depots etc. counting centers 0.1 -0.3 M UBC/year 0.3 -1 M UBC/year 1-3 M UBC/year
Slide 30: Create new revenue streams from SW/IT
CREATE NEW REVENUE STREAMS FROM SW/IT TOMRAPlus TOMRA ReAct/PANTO Integrating hardware and software into attractive and engaging combos 30
Slide 31: TOMRA machines installed in the German market
TOMRA MACHINES INSTALLED IN THE GERMAN MARKET GERMANY REPLACEMENT UPDATE 9 months 2016 PER YEAR 2700 – 3700 MACHINES 31
Slide 32: Potential new deposit markets
POTENTIAL NEW DEPOSIT MARKETS Recently approved Nearly approved In progress North America: Scotland: Lithuania: Possible expansion of Opportunity for ~2 000 Opportunity for deposit system in machines from 2018 ~1,000 machines from Quebec from 2017 2H 2015 Croatia: Opportunity for ~1,000 machines fro
Slide 33: Collection Solutions – financial dashboard
COLLECTION SOLUTIONS – FINANCIAL DASHBOARD Material Material RVM RVM Recovery Recovery Dashboard Industry growth Market share 0-10% 0-3% 75% 60% Geographical Recurring diversity revenue ~75% 90-100% 20-30 markets 10 markets Profitability Cyclicality (ROCE)* 30-40% ~15% Low Low TARGETS 2013 -2018 Yea
Slide 34: TOMRA Sorting Solutions
TOMRA Sorting Solutions IE TOMRA
Slide 35: Strong revenue growth since inception in 1996
STRONG REVENUE GROWTH SINCE INCEPTION IN 1996 Revenue development and key milestones MNOK • Total revenue growth BEST 2,340 (organic plus inorganic) CAGR acquired of ~32% per year from 2004- Odenberg 2015 acquired — Average annual organic Ultrasort growth for the same acquired period was ~21% • Tech
Slide 36: Sorting value proposition
SORTING VALUE PROPOSITION 36
Slide 37: How does sensor based separation work?
HOW DOES SENSOR BASED SEPARATION WORK? • High-tech sensors to identify objects • High speed processing of information (material, shape, size, color, defect, damage and location of objects) • Precise sorting by air jets or mechanical fingers • Product specific equipment design often including multipl
Slide 38: Adoption of sensor-based sorting at different maturity levels
ADOPTION OF SENSOR-BASED SORTING AT DIFFERENT MATURITY LEVELS Maturity/ industry adoption FOOD RECYCLING MINING* Time * In certain mining sub-segments, such as industrial minerals and diamonds, sensor-based sorting is a more mature technology. 38
Slide 39: Cutting-edge technology driven by significant investments in R&D
CUTTING-EDGE TECHNOLOGY DRIVEN BY SIGNIFICANT INVESTMENTS IN R&D… SENSOR PORTFOLIO Electromagnetic Sensor (EM) Radiometry (RM) Material property detected: Material property detected: Natural • In-house R&D department with more than electromagnetic properties like Gamma-Radiation 20% of all employees
Slide 40: Products serving a wide range of detection parameters
…TO DEVELOP PRODUCTS SERVING A WIDE RANGE OF DETECTION PARAMETERS Color Shape & Size Removal of discolorations in mono- Sort on length, width, diameter, area, and mixed-color material broken-piece recognition, … Blemishes Biometric Characteristics Objects with spots or other (small) Sort based on wa
Slide 41: A common sensor based technology portfolio
A COMMON SENSOR BASED TECHNOLOGY PORTFOLIO Sensor/ Material Property Segment [m] Technology Gamma- 10-12 RM (Radiometric) Natural Gamma Radiation Mining radiation 10-11 10-10 XRT (X-ray transmission) Atomic Density Recycling, Mining, Food Low Energy X-ray X-ray 10-9 10-8 XRF X ray fluorescence (Elem
Slide 42: Cross utilizing our portfolio technologies
CROSS UTILIZING OUR PORTFOLIO TECHNOLOGIES TITECH NIR + ODENBERG BEST LASER + TOMRA TITECH NIR + BEST LASER platform mining platform Field Potato Sorter PRO Laser Duo Nimbus BSI • The NIR technology allows • The LASER technology • An NIR sensor has been added efficient removal of rocks, allows detec
Slide 43: Sorting unwashed potatoes: working principle
SORTING UNWASHED POTATOES: WORKING PRINCIPLE • The Field Potato Sorter is ODENBERG’s first venture into the unwashed potato market • The machine uses unique near infra-red technology to remove soil clods, stones and rotten potatoes, in addition to the foreign material commonly found in fields such a
Slide 44: Market size and potential
MARKET SIZE AND POTENTIAL Total annual market size Market growth EUR million • Market expected to grow at rate of around 7-9% per year • A large part of growth from unlocking ~1 320 of dormant potential – only possible by developing new applications and technologies • Some growth in “old world”, but
Slide 45: Sorting Solutions: our strategy
SORTING SOLUTIONS: OUR STRATEGY Food Recycling Mining More than doubling of emerging markets revenue (but North America and Europe still 60% of business in 2018) New applications representing Significant expansion of sales 1 Revenue growth 25% of revenue in 2018 15 M€ growth in new segments network
Slide 46: Backlog development and momentum
46 BACKLOG DEVELOPMENT AND MOMENTUM • Order intake of 613 MNOK in the quarter (up from 572 MNOK same quarter last year) • Revenues were 636 MNOK (compared to 638 MNOK in 3Q16 • Order backlog of 793 MNOK, down from 816 MNOK at the end of second quarter 2016 • Estimated backlog conversion ratio in 4Q1
Slide 47: Financial dashboard – Sorting Solutions
FINANCIAL DASHBOARD – SORTING SOLUTIONS Dashboard Food Recycling Mining Industry Market share Growth 5-15% 40-50 %⁽ⁱ⁾ 55-65 % 40-50 % Recurring Geographical revenue diversity 15-20% 45-50 markets 40-50 markets 45-50 markets Profitability (ROCE)* 45-55% Cyclicality Medium High High TARGETS 2013 -2018
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Slide 49: Growth in global food demand will spur investments in automation
GROWTH IN GLOBAL FOOD DEMAND WILL SPUR INVESTMENTS IN AUTOMATION Drivers and trends • Increasing food consumption in emerging markets, more mid-class consumers • Industry focus on increased productivity and reducing costs through automation & quality control • Higher quality demands from the consume
Slide 50: Market size food sorting
MARKET SIZE FOOD SORTING* Total annual market size Market growth EUR million • Total market for food sorting growing around 6- 8% per year • Approximately a third of total growth is dormant potential ~1 100 — only unlocked by development of new applications and technologies • New world share grows b
Slide 51: Uniquely positioned to serve the entire value chain
WE ARE UNIQUELY POSITIONED TO SERVE THE ENTIRE VALUE CHAIN WITH OUR PRODUCT PLATFORM Sales of potato-related products account for about 25% of the sales in the food division 51
Slide 52: Introduction to Compac
INTRODUCTION TO COMPAC (ANNOUNCED 12.10.16) Introduction Spectrim: Compac’s latest sorter • Compac is a New Zealand-based provider of post-harvest solutions and • The sorter was launched in 2015 services to the global fresh produce industry • Represents an unmatched capability of external • Founded
Slide 53: Transaction rationale elaborated
TRANSACTION RATIONALE ELABORATED • Lane sorting is a fast-growing adjacent segment with a ~8% historical CAGR and strong future outlook Attractive • Key market trends drive further growth, especially in the developing markets as a substitute for Market manual labor as we see wages increase • The ind
Slide 54: TOMRA has the broadest footprint within the food sorting universe
TOMRA HAS THE BROADEST FOOTPRINT WITHIN THE FOOD SORTING UNIVERSE A B C Free fall Belt Lane SK NDF PFV Fresh Rice, Seeds & Nuts & Processed Fruit, Vegetables and Potatoes Kernels Dried Fruit Fruits & Veg Circa 40%* of annual global Circa 30%* of annual global Circa 25%* of annual sorter sales revenu
Slide 55: Three ways of sorting within the food segment
THREE WAYS OF SORTING WITHIN THE FOOD SEGMENT Free fall (Channel / Chute) Free fall Application Seeds, rice, grains 60 % Companies Buhler, Key, Best, Satake, Daewon, Hefei, A Sensor tech. Orange Camera (simple) B Belt Belt Application Prepared /preserved veg. and fruit 20 % Companies Best, Key, Oden
Slide 56: Food competitive landscape
FOOD COMPETITIVE LANDSCAPE A >3,000 B TOMRA competitive positioning • Size (revenues) # of installed machines • Widest range of applications (150+) 1,000- 3,000 • Broadest technology base • Geographic reach (~80 countries) • Market share in targeted segments • Transformative solutions (Q-Vision) • M
Slide 57: Broad coverage and technology base setting us apart
OUR BROAD COVERAGE AND TECHNOLOGY BASE IS SETTING US APART DRIED FRUIT NUTS FRESH CUT FRUIT VEGETABLES MEAT POTATOES SEAFOOD • Apricots • Almonds • Baby • Apples • Beans • Bacon bits • Washed • Mussels FOOD • Craisins • Cashews leaves • Blackberries • Beet • Beef • French fries • Scallops • Figs • H
Slide 58: Our customers
OUR CUSTOMERS We are active in five continents and 80 markets • 6 of the 10 largest, global food companies are our customers • We have ~2,000 customers globally TSS Food provides sorting solutions for: • Growers: Harvester mounted tomato, onion and garlic sorters - ~5% of our customers • Packers: So
Slide 59: Specialty products applications
SPECIALTY PRODUCTS APPLICATIONS Peeling RAW MATERIALS TOBACCO 15 % APPLICATIONS • Virgin plastics • Threshing lamina Meat (Process Analytics) • Synthetic rubber • Threshing stems 5% • Virgin wood • Oriental leaf • Specialty chemicals • Primary lamina Raw materials and tobacco • Primary stems Vegetab
Slide 60: Reducing complexity: merging platforms for next generation machines
REDUCING COMPLEXITY: MERGING PLATFORMS FOR OUR NEXT GENERATION MACHINES High-Level Product Roadmap FOOD (Illustrative) Simplification of Product Landscape PRODUCT 1 PRODUCT 2 NEXT GENERATION PRODUCT 3 PRODUCT 4 NEXT GENERATION PRODUCT 5 NEXT GENERATION PRODUCT 6 PRODUCT 7 PRODUCT 8 PRODUCT 1 NEXT GE
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Slide 62: Global drivers for the recycling segment
GLOBAL DRIVERS FOR THE RECYCLING SEGMENT Drivers and trends • Consumption and industry production level increase • Favorable changes in regulatory framework (DSD, WEEE, ELV, etc) • Commodity price levels and fluctuation • Access to financing • Demand for recycled raw materials • Increasing labor cos
Slide 63: Only a fraction of waste volume handled by sensor based sorting
ONLY A FRACTION OF THE WASTE VOLUME IS HANDLED BY SENSOR BASED SORTING Sensor based sorting is competing with different technologies Landfill Incineration Separate Collection Scavengers Hand Sorting 63
Slide 64: Legislative framework promoting recycling
LEGISLATIVE FRAMEWORK - PROMOTING RECYCLING Description Target • Recycling and reuse of municipal • Rules on the production, marketing, use, recycling and refilling waste: 70% by 2030 of containers of liquids for human consumption and on the • Recycling and reuse of packaging Packaging disposal of u
Slide 65: Market size recycling
MARKET SIZE RECYCLING Total annual market size Market growth EUR million • Market expected to grow at around 7-9% per year, lower than previous expectations due to economic slowdown • Demand in old world flattening, while new markets expected to drive growth • Existing segments will serve as a base,
Slide 66: Recycling: applications and sensor technology
RECYCLING: APPLICATIONS AND SENSOR TECHNOLOGY HOUSEHOLD AUTOMOBILE ELECTRONIC WASTE PACKAGING C&D SHREDDER SCRAP MATERIAL • Hard plastics • Plastics • Inert material • NF metal • Printed circuit • Plastic film • Plastic film • Plastic film • Stainless steel boards • Mixed paper • Cardboard • Metals
Slide 67: Automated with TOMRA sorting units
AUTOMATED WITH TOMRA SORTING UNITS NIR for packaging waste Baler Focus on the PET stream PP Mixed Paper cleaning PE Colored PE Natural ONP Cleaning PET Manual sorting for oversize materials Sorting of Municipal Solid Waste, Cyprus Packaging ONP Double Deck Screen Ballistics (removing films) Input 67
Slide 68: Recycling competitive landscape
RECYCLING COMPETITIVE LANDSCAPE >3,000 TOMRA competitive positioning # of installed machines • Largest installed base • Highest revenues 1,000- 3,000 • Broadest technology platform • Highest number of applications and markets served • Leading brand • Market share: 55-65% 0-1,000 10-25 25-50 >50 mark
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Slide 70: Global drivers for the mining segment
GLOBAL DRIVERS FOR THE MINING SEGMENT • Energy costs and water stress are major drivers • Demand of all commodities is expected to grow with increased population and urbanization in the drivers seat • Increasing labor costs in emerging world drive adoption of automatic sorting technologies • Mining
Slide 71: Market size mining
MARKET SIZE MINING Total annual market size Market growth EUR million • Capex has declined recent years • Sensor based machines sales expected to grow at around 15% per year — Growth is however conditional on new applications and technologies being developed • Sensor based sorting is still a technol
Slide 72: Mining: applications and sensor technology
MINING: APPLICATIONS AND SENSOR TECHNOLOGY INDUSTRIAL BASE & FUEL/ PRECIOUS DIAMONDS MINERALS Fe METALS ENERGY METALS & GEMS METAL SLAG • Calcite •Copper • Coal • Gold • Diamonds • Stainless steel COMMODITY • Quarts • Zinc • Uranium • Platinum • Tanzanite • Copper • Feldspar • Nickel • Colored • Chr
Slide 73: The concept of sensor-based sorting in mining
THE CONCEPT OF SENSOR-BASED SORTING IN MINING Mining process: Mining process: Industrial minerals Metal mining Run of Mine (ROM) Run of Mine (ROM) Primary Crushing Primary Crushing Secondary Crushing Sensor Based Sorting Waste Sensor Based Sorting • 15% to 50% of the ROM Beneficiation Plant: can be
Slide 74: Mining competitive landscape
MINING COMPETITIVE LANDSCAPE >200 TOMRA competitive positioning # of installed machines • Wide geographical coverage • Broadest technology platform 50-200 • Leading brand • Pioneering in developing high volume sorter in corporation with Rio Tinto • Market share: 40-50% 0-50 10-25 25-50 >50 markets m
Slide 75: Historical financial performance
Historical financial performance 75
Slide 76: Key financials development
KEY FINANCIALS DEVELOPMENT Revenues Gross Contribution and margin 7 000 3 000 50% 45% 6 000 2 500 40% 5 000 2 000 35% 30% MNOK 4 000 MNOK 1 500 25% 3 000 20% 1 000 15% 2 000 10% 500 1 000 5% 0 0% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 EBITA and margin Earnings per share 1 200 20% 4,5 18% 4,0
Slide 77: Financial highlights
FINANCIAL HIGHLIGHTS BALANCE SHEET, CASH FLOW AND CAPITAL STRUCTURE 30 Sept 30 Sept 31 Dec Amounts in NOK million 2016 2015 2015 ASSETS 7,206 7,318 7,317 • Intangible non-current assets 2,745 2,816 2,891 • Tangible non-current assets 755 721 837 • Financial non-current assets 322 309 316 • Inventory
Slide 78: Currency
78 CURRENCY +1.6%* Limited impact from currencies in 3Q16 vs 3Q15 +1.2%* -4.2%* 3Q15 4Q15 1Q16 2Q16 3Q16 * Average rate 2Q16 vs average rate 2Q15 Revenues and expenses per currency; NOTE: Rounded figures EUR** USD NOK SEK OTHER TOTAL Revenues 45 % 30 % 5% 10 % 10 % 100 % Expenses 45 % 25 % 10 % 10 %
Slide 79: Currency exposure
CURRENCY EXPOSURE Revenues and expenses per currency; NOTE: Rounded figures EUR* USD NOK SEK OTHER TOTAL Revenues 45 % 30 % 5% 10 % 10 % 100 % Expenses 45 % 25 % 10 % 10 % 10 % 100 % EBITA 45% 50 % - 15 % 10 % 10 % 100 % * EUR includes DKK 10% change in NOK towards other currencies will impact; Reve
Slide 80: Collection Solutions – segment financials
COLLECTION SOLUTIONS – SEGMENT FINANCIALS Revenue development Gross and EBITA margin development NOK million Percent 4000 50 44 3500 45 41 42 42 42 42 39 40 40 40 3000 35 2500 30 2000 25 21 19 20 20 20 20 1500 20 16 14 14 15 1000 10 500 5 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 20
Slide 81: Sorting Solutions – segment financials
SORTING SOLUTIONS – SEGMENT FINANCIALS Revenue development Gross and EBITA margin development NOK million Percent 2500 70 64 62 62 58 60 54 2000 51 50 45 45 45 1500 40 28 30 26 1000 22 17 18 17 20 11 11 12 500 10 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 201
Slide 82: TOMRA shareholder structure
TOMRA SHAREHOLDER STRUCTURE Top 10 shareholders as of 30th of September 2016 Shareholders by country 1 Investment AB Latour 38 130 000 25.8% 3% 2 Skandinaviska Enskilda A/C Clients account 10 344 242 7.0% (NOM) 4% 6% 3 Folketrygdfondet 9 529 819 6.4% 5% 36% 4 The Bank of New York BNYM, Stitching Dep
Slide 83: Disclaimer
DISCLAIMER Copyright The material in this Document (which may be a presentation, video, brochure or other material), hereafter called Document , including copy, photographs, drawings and other images, remains the property of TOMRA Systems ASA or third party contributors where appropriate. No part of