Annual Report
2023
Powered by
Resourcefulness
SEARCHBROWSESTARTPAGE 2
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
2023 adjusted
1
2023 2022 2021 2020 2019
Operating revenues NOK million
14,756 14,756 12,188 10,909 9,941 9,346
EBITA NOK million
1,873 1,380 1,625 1,769 1,522 1,381
Operating profit (EBIT) NOK million
1,666 1,172 1,450 1,552 1,300 1,177
Profit before taxes NOK million
1,481 987 1,401 1,524 1,070 1,130
Net profit (profit for the period) NOK million
1,244 750 1,068 1,133 798 858
Total assets NOK million
16,513 16,513 13,932 11,589 10,977 10,867
Equity NOK million
6,638 6,638 6,380 5,993 5,429 5,076
Return on equity %
18.3 10.7 16.6 19.1 14.8 16.2
Return on total assets before tax %
11.2 7.9 11.8 14.4 11.9 11.8
Earnings per share NOK
3.63 2.36 3.48 3.70 2.63 2.78
Earnings per share fully diluted NOK
3.63 2.36 3.48 3.70 2.63 2.78
Net cash flow from operating activities NOK million
1,801 1,586 1,150 1,779 1,710 1,313
Number of employees as of 31 December
5,370 5,370 5,015 4,610 4,307 4,328
Female employees %
23 23 23 22 21 21
Female managers (of all managers) %
25 25 25 24 24 23
Number of reportable injuries
105 105 147 101 71 142
GHG emissions Scope 1 & 2 Metric tons
27,751 27,751 25,820 24,020 24,100 26,200
1) Adjusted for one-off expenses from cyberattack and Food restructuring
Key figures
SEARCHBROWSESTARTPAGE 3
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Our values
Innovation
We believe in creatively solving today’s challenges
to shape a better future. We encourage trying,
learning, and sharing.
We embrace change by pushing boundaries
and challenging the status quo to advance and
continuously improve. We strive to make every day
better than yesterday.
Passion
We believe people make the greatest impact when
they care deeply about what they do.
We inspire one another through teamwork, and build
on each other’s differences, strengths and expertise.
We can be ourselves and thrive on the diversity of
our culture.
We respect and care about each other. We have fun
and celebrate our achievements together.
Resposibility
We believe that each one of us is responsible for
making a difference for our customers, people and
planet. We keep each other safe, and our health
and wellbeing come first.
We always meet our commitments in an ethical
and trustworthy way. We challenge ourselves to act
sustainably in everything we do.
SEARCHBROWSESTARTPAGE 4
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Powered by resourcefulness
It may be a gloomy picture we are presented with. The good
thing is that there are concrete actions that can be taken.
Proven systems and technology that enable circularity and
optimize resource productivity exist. These should be applied
at greater scale while we push for more solutions to be
developed. By reducing dependency on virgin resources,
these solutions can help us reduce carbon emissions and
support our efforts to align with the Paris Agreement. At
TOMRA, it is with passion and a great sense of responsibility
that we lead the way and use our resourcefulness to innovate
and develop solutions that make an impact.
In 2022 we launched our updated ambitions and strategic
priorities for the years until 2027. With efforts stepping up
worldwide to increase circularity and reduce waste and
greenhouse gas emissions, we target to double our business
by accelerating growth in our divisions and develop new
adjacent opportunities. In 2023, we made material progress
on our ambitions despite the challenges we faced.
ACCELERATING GROWTH IN OUR CORE BUSINESS
Deposit return systems have proven to be an effective way
to achieve circularity. Beverage containers are recycled in a
closed loop, allowing new containers to be produced over-
and-over again from the same material. Never has there been
more activity around the world in planning, implementing, and
expanding deposit systems. Romania and the state of Victoria
in Australia both implemented a deposit system in 2023, with
Hungary and Ireland having prepared for their launch at the
start of 2024. Eight existing markets expanded their deposit
systems during or at the turn of the year and more countries
will surely follow.
2023 was a record year for TOMRA Collection, with all-time
high revenues, delivering 18% currency adjusted growth. To
maintain our position as the leading technology provider, we
have continued to innovate several new concepts for a better
recycling experience, including the next generation multi-feed
reverse vending machine “TOMRA R2” and the new backroom
solution Rollpac.
As consumers and global brands take action to reduce
their carbon footprint, and legislative measures focusing on
increased recycling of resources continue to be implemented,
the demand for recyclates will increase. An important step to
enable recycling is to recover the resources that should be
recycled from waste and sort them into high quality fractions.
In 2023, TOMRA Recycling had another great year with record
high revenues, growing 18% currency adjusted, and a record
strong bottom line. We launched new promising products,
including our INNOSORT FLAKE for plastics recycling and the
AUTOSORT PULSE which can become transformative for the
aluminum recycling industry.
Overall, TOMRA grew revenues by 11% (currency adjusted)
in 2023 to a record high NOK 14,8 billion. While TOMRA
Collection and Recycling accelerated, a challenging
environment held us back in Food.
RISING UP TO CHALLENGES
Macroeconomic circumstances and climate events posed
significant headwinds for our customers and inevitably for
TOMRA Food. Without growth in the market, and with 7%
decline in our revenues (currency adjusted), we decided
to restructure the division to increase both profitability and
ultimately customer satisfaction. This has not stopped us
Global warming is on track for 2.9 degrees Celsius as greenhouse gases keep rising.
1
Meanwhile, the
world has consumed as much materials over the past six years as we did in the entire 20th century. Only
seven percent of these resources are consumed circularly.
2
How we obtain, use, and reuse resources must
be transformed.
1) Emissions Gap Report 2023, UN Environment Programme.
2) The Circular Gap Report 2024, Circle Economy Foundation.
SEARCHBROWSESTARTPAGE 5
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
from continuing to innovate and maintain our position as a
technology leader. In 2023, we expanded our AI offering,
LUCAi®, to help our customers obtain more value through
increasingly precise grading and sorting of food. As the world
population grows and the middle class rises, and as stricter
food safety and quality requirements evolve, we expect a shift
to more automation within food production – taking TOMRA
Food back on an accelerating growth track.
Entering the year, we worked our way out of the supply chain
disruption and inflation challenges of 2022. While some
potential is still to materialize, gross margins have mostly
been recuperated. Midway through 2023 we were faced
with an unprecedented challenge no CEO wants to meet. We
were subject to an extensive cyberattack. Thanks to the hard
work and resilience of our people and partners, we managed
to keep most services and equipment operational under
difficult circumstances and we were able to keep producing
and delivering equipment to our customers. In the aftermath,
TOMRA has fortified its defenses against cyber threats. We are
grateful to be back to normal operations where we instead can
focus our efforts on innovating solutions for a more sustainable
future.
DEVELOPING NEW ADJACENT OPPORTUNITIES
As part of our strategy, TOMRA is developing new business
opportunities within TOMRA Horizon that leverage our
technology and decades of know-how. Each of the three
initiatives that we have launched focuses on solving a concrete
problem our planet is facing while building a profitable business.
TOMRA Feedstock, which aims to turn plastic waste into
valuable resources, announced its second investment into an
advanced sorting plant in 2023. This plant will be in Norway
and is being built in cooperation with the Norwegian producer
responsibility organization Plastretur. TOMRA Feedstock
leverages our waste sorting technology to create new
value chains that recover the plastic waste which is typically
incinerated or landfilled today.
TOMRA Reuse, which seeks to reduce waste and optimize
resources in urban areas, entered into an agreement with the
city of Aarhus in Denmark to launch the world’s first open-
managed reuse system for takeaway packaging. To achieve
this, we leverage our reverse vending technology and develop
the complete infrastructure for reusable takeaway packaging.
In TOMRA Textiles, we are still in an early phase where we
have built a team which is aiming to launch circular solutions
for textiles by leveraging our waste sorting technology. The
textile industry is one of the largest CO2 emitters, with less
than 1% of textile waste being recycled today.
IMPROVING OUR OWN FOOTPRINT
In line with our ambition to be leading the resource revolution,
we seek to become a fully circular business that is safe, fair,
and inclusive.
Safety in TOMRA has greatly improved in 2023, with increased
reporting of potential hazards but fewer people being injured
at work. Increased awareness and mitigating actions are
key to avoid injuries amongst our own employees and the
employees of our customers. No one should get injured while
working for TOMRA or when operating our machines.
Development of our science-based targets has been a priority
over the past year, which we will submit for independent
validation by the Science-based Targets initiative (SBTi) in
2024. We have several ambitious projects running to design
and produce our machines more sustainably, reducing
transportation emissions and energy consumption, and using
more sustainable materials. In 2023, 30 new decarbonization
projects were initiated with an estimated expected saving of
1,300 tons CO2 scope 1 and 2 emissions.
POWERED BY RESOURCEFULNESS
Despite 2023 being a year with extraordinary circumstances,
we have stayed true to our strategic ambitions and set the
course for TOMRA’s five-year journey towards 2027. We have
delivered on our growth ambition and made progress on our
profitability target in both TOMRA Collection and Recycling. In
TOMRA Food, we have taken actions to refocus the course to
build a robust organization for the future. At the same time, we
are developing exciting and promising adjacent businesses.
In 2023, we delivered earnings per share of NOK 3.63
excluding one-off costs
3
and NOK 2.36 including, compared to
NOK 3.48 in 2022. We propose a dividend to our shareholders
of NOK 1.95 per share, an increase of 8% from 2022 and
which is equivalent to a payout ratio of 54% of EPS adjusted
for one-off costs.
We are determined to continue create value for both
shareholders and society. We have a mindset in TOMRA that
there is no problem we can’t solve. We will keep innovating
and developing solutions for increased circularity and
resource optimization, accelerating growth both in our core
and our new adjacent business opportunities - powered by
resourcefulness.
Tove Andersen
President and CEO TOMRA Systems ASA
3) One-off costs include costs related to the cyberattack and Food restructuring program.
SEARCHBROWSESTARTPAGE 6
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Leading the resource revolution
Only seven percent of the world’s precious
resources are circular today and more than 30%
of all consumable food is wasted each year.
1
With efforts stepping up worldwide to reduce
waste and greenhouse gas emissions, TOMRA’s
solutions help to enable circular economies and
optimal resource productivity – turning waste
into valuable resources.
TOMRA operates in markets where we take a leading global
position and make a meaningful impact – providing thought
leadership and pushing the boundaries with innovative
technology to transform how resources are obtained, used,
and reused.
For decades, TOMRA has pioneered solutions to enable
automated identification, collection, grading, and sorting
of resources in our three divisions: Collection, Recycling
and Food. Over the past 20 years, we have increased our
revenue five-fold, grown our net profit by 7% annually, and
have consistently paid dividends at a rate above 40% of EPS.
Our strategy is to accelerate growth in our three divisions
and in parallel develop profitable adjacent business
activities by leveraging our technology and know-how –
creating value for customers, shareholders, and society for
generations to come.
Creating value through three divisions
14.8
100+
110,000
~5,400
billion NOK
countries installations
employees
Revenue 2023
Locations in Operating
Employees 2023
Our strategy
Accelerate growth in core
and develop adjacent
opportunities while becoming
a fully circular business that is
safe, fair and inclusive.
Collection
Revenue
2003 2011 20192005 2013 20212007 2015 20232009 2017
2.5
billion NOK
14.8
billion NOK
Recycling
Food
1) Source: The Circular Gap Report 2024, Circle Economy Foundation and Technical
Platform on the Measurement and Reduction of Food Loss and Waste, Food and
Agriculture Organization of the United Nations, 2024.
SEARCHBROWSESTARTPAGE 7
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA
Recycling
TOMRA
Collection
TOMRA
Food
TOMRA
Horizon
Our company
SEARCHBROWSESTARTPAGE 8
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Executive Leadership Team
Tove Andersen (b. 1970) Eva Sagemo (b. 1975) Lars Kversøy Enge (b. 1984) Stefan Schrahe (b. 1974)
POSITION
President and Chief Executive Officer of
TOMRA Group.
EDUCATION
MBA from the BI Norwegian Business
School (1997); Master of Science Degree
(Sivilingeniør) in Physics and Mathematics
from the Norwegian University of Science
and Technology NTNU (1994).
CAREER HISTORY
2021: joined TOMRA as President and CEO;
1997-2021 Yara International ASA (previously
Hydro Agri); Executive Vice President Europe
(2020-2021), EVP Production (2018-2020),
EVP Supply Chain (2016-2018), as well as
diverse management roles with responsibility
for marketing, business development and
finance.
SHARES
29,480 shares and 20,000 share options.
BOARD MEMBERSHIPS
Publicly listed: Equinor ASA (member),
Borregaard ASA (member).
POSITION
Chief Financial Officer of TOMRA Group.
EDUCATION
Executive Master of Management with
specialization in tax law, BI Norwegian
Business School (2021) and Bachelor’s degree
in Audit, Oslo Metropolitan University (2000).
CAREER HISTORY
2022: appointed CFO of TOMRA; 2012-2022
TOMRA Systems ASA; Group Controller
TOMRA Group (2018-2022), Group Controller
TOMRA Sorting (2012-2018), as well as various
financial roles in BDO, Aibel, and Fugro.
SHARES
6,628 shares.
BOARD MEMBERSHIPS
None.
POSITION
Executive Vice President, Head of Group
Strategy.
EDUCATION
MSc in Industrial Economics and Technology
Management from the Norwegian University
of Science and Technology NTNU (2009).
CAREER HISTORY
2022: joined TOMRA as EVP Group Strategy;
2014-2022 Yara International ASA; CFO
Yara Europe (2018-2022), VP Corporate
Performance and Risk (2018-2020), CFO
Yara Industrial (2016-2018), Project Leader
and later Head of Group M&A at Yara (2014-
2016), as well as experience from McKinsey
& Company (2009-2014).
SHARES
2,926 shares.
BOARD MEMBERSHIPS
Kezzler AS (member).
POSITION
Executive Vice President, People &
Organization.
EDUCATION
Degree in Business Administration, majoring
Human Resources and Organizational
Development from AKAD University in
Rendsburg (2001).
CAREER HISTORY
2023: joined TOMRA as EVP People &
Organization; 2019-2023 Aptiv PLC; VP
Human Resources EMEA (2021-2023), HR
Director EMEA (2019-2021); 2000-2019
GKN plc; SVP Human Resources at GKN
ePowertrain (2017-2019), HR Director at GKN
Land Systems (2014-2016), as well as various
international management positions within
Human Resources across the automotive,
aerospace, agriculture and industrial
mechanical engineering industries.
SHARES
4,200 shares.
BOARD MEMBERSHIPS
None.
SEARCHBROWSESTARTPAGE 9
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Harald Henriksen (b. 1963) Marius Fraurud (b. 1971) Volker Rehrmann (b. 1961)
POSITION
Executive Vice President, Head of TOMRA
Food.
EDUCATION
BSc Electronics, University of Salford,
Manchester (1985).
CAREER HISTORY
2023: appointed EVP Head of TOMRA
Food; 2016: appointed EVP Head of TOMRA
Collection; 2004-2016 TOMRA Systems
ASA as CEO and President TOMRA North
America (2011-2016) and SVP Technology
TOMRA (2004-2011); 2000-2004: VP Business
Unit Tactical Radio at Kongsberg Defense
and Communications AS, VP Product
Management and VP R&D at Kongsberg
Ericsson Communications ANS (1997-
2000); Technical management and project
management NFT-Ericsson ANS (1990-1997).
SHARES
91,230 shares.
BOARD MEMBERSHIPS
Non-listed: Jets Vacuum AS (member).
POSITION
Executive Vice President, Head of TOMRA
Collection.
EDUCATION
MSc Electronics from the Norwegian
University of Science and Technology NTNU
(1999).
CAREER HISTORY
2023: appointed EVP Head of TOMRA
Collection; 2016-2023 TOMRA Systems ASA
as SVP Head of EMEA (2023), SVP Head of
The Solution Hub (2020-2023), SVP Head
of RVM Technology (2019-2020), VP R&D
(2016-2019); 2012-2016 Aker Solutions ASA
as R&D Manager (2014-2016) and Manager
(2012-2014); 2005-2010 Ericsson as Chief
Architect (2010-2012) and System Manager
(2005-2010); 2001-2005 AXXESSIT ASA as
System Design Manager (2004-2005) and
FPGA designer.
SHARES
6,173 shares.
BOARD MEMBERSHIPS
None.
POSITION
Executive Vice President, Head of TOMRA
Recycling.
EDUCATION
PhD in Computer Science, University of
Koblenz, Master’s in Computer Science,
University of Paderborn.
CAREER HISTORY
2019: appointed EVP Head of Tomra
Recycling; 2004-2019 TOMRA Systems
ASA as Chief Technology Officer and Head
of Business Area Sorting Solutions; prior
to joining TOMRA through the acquisition
of TITECH in 2004, he was founder and
Managing Director of Real Vision Systems
GmbH from (1998-2002).
SHARES
33,104 shares.
BOARD MEMBERSHIPS
None.
SEARCHBROWSESTARTPAGE 10
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Sustainable
development is at the
core of our business
model and strategy
SEARCHBROWSESTARTPAGE 11
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Introduction
At TOMRA, we firmly believe that corporate sustainability
is not only our moral duty but also a strategic advantage. It
enables us to build a thriving business while creating value
for all stakeholders and our planet.
Sustainability at TOMRA involves two critical aspects:
maximizing the positive impacts of our products and
solutions on the environment and society (our handprint),
and diligently minimizing any negative sustainability effects
resulting from our activities (our footprint). Anchored in our
vision of “Leading the Resource Revolution,” sustainability
lies at the core of our business model and strategy.
As a technology and solutions provider, TOMRA plays a
crucial role in the necessary transition toward a resource-
efficient, low-carbon, and circular economy. Our commitment
to sustainability also serves as a cultural driver, attracting and
retaining top talent while positioning us as industry leaders.
2023 was a year of operationalizing projects and initiatives
to begin delivery on commitments made in our sustainability
strategy update from 2022, and accelerating progress
toward our 2030 targets. The year also saw further
integration of sustainability topics in our organization
and management practices, including people and planet
performance indicators and ringfenced sustainability
budgets. Furthermore, climate action has been a key priority
on our sustainability agenda this year, with efforts to improve
greenhouse gas data across all emission scopes, develop
science-based net-zero targets
1
and chart out a roadmap to
guide our decarbonization journey.
More details about this work is presented on the following
pages, along with information about sustainability
management, strategy actions, and performance at TOMRA.
Sustainability at TOMRA involves
two critical aspects: maximizing
the positive impacts of our products and
solutions on the environment and society
(our handprint), and diligently minimizing
any negative sustainability effects resulting
from our activities (our footprint).
Nicolai Prytz – Vice President, Head of
Sustainability, TOMRA Group
1) To be submitted for external validation by the Science Based Targets initiative in 2024.
Corporate Sustainability report
SEARCHBROWSESTARTPAGE 12
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA’s approach to sustainability
SUSTAINABILITY AMBITION
At TOMRA, our sustainability ambition is three-fold: Leading
the Resource Revolution while becoming a fully circular
business and being safe, fair and inclusive.
Leading the Resource Revolution:
TOMRA’s mission is to transform how we all obtain, use
and reuse the planet’s resources to enable a world without
waste. We create lasting social and environmental value
through our products and services, driving increased
resource productivity in all sectors that we serve.
Becoming a fully circular business:
TOMRA is committed to minimizing the environmental
footprint of our products and operations. We work to
embed circular and eco-design principles in our product
development processes and decision-making, which
includes all materials and machine parts along their value
chain. We focus on circularity of our own products, targeting
net-zero GHG emissions by 2050.
Safe, fair, and inclusive:
TOMRA operates with integrity and fairness to be an employer
of choice and a trusted business partner. We recognize the
importance of creating an environment that supports our
people’s well-being and ensures they have a safe working
environment every day, and the same for workers in our
supply chain. We take action to promote a work environment
that embraces cultural diversity, equity, and inclusiveness.
SUSTAINABILITY CONTEXT
TOMRA is well positioned with regards to key megatrends
affecting the global economy today and into the foreseeable
future. We offer solutions that help address sustainability
challenges related to resource scarcity and depletion,
unsustainable consumption, climate change, urbanization,
and waste in nature. At the same time, new business
opportunities for TOMRA arise with the increasing global
focus on circular economy, low-carbon transition, food safety
and food security.
Leading the Resource Revolution
while
becoming a fully circular business
and being
safe, fair and inclusive
SEARCHBROWSESTARTPAGE 13
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The regulatory landscape surrounding corporate
sustainability is rapidly evolving and stakeholder
expectations are increasing. This is a development that
we wholeheartedly welcome as it is pushing businesses
to think, act and operate more sustainably, and global
corporations need to be leading the way into a greener
and more sustainable world economy. We believe
that our responsibility to continuously improve the
sustainability performance of TOMRA’s operations also
brings opportunities. Evolving standards for transparency,
sustainability governance, reporting, and risk management
are driving innovation and progress across industries. Of
particular current focus for TOMRA is the EU Corporate
Sustainability Reporting Directive (CSRD) and rollout of the
European Sustainability Reporting Standards (ESRS) which,
for us, will come into force as of next year’s reporting (fiscal
year 2024). See more information about TOMRA’s efforts in
relation to CSRD and ESRS-readiness on page 17.
SUSTAINABILITY GOVERNANCE
TOMRA defines corporate sustainability as the management
of business relevant environmental (E), social (S) and corporate
governance (G) issues. With the recognition that relevant
ESG issues occur across business functions and can have
impact on various parts of the organization, we have taken an
integrated approach to sustainability management, anchored
in Group Strategy. This structure ensures that sustainability
considerations are embedded in our corporate strategy
development and implementation processes. Efforts to
identify, assess, and manage sustainability-related impacts,
risks and opportunities are largely integrated in the company-
wide risk management process and strategic planning at
Group and division levels.
The overall governance and organization structure for
sustainability at TOMRA is described in figure 1, with defined
management bodies and teams operating across three levels.
Direction and decision
The Board of Directors is ultimately responsible to ensure
that the Group’s corporate governance, environmental, social,
and ethical practices are adequate. For oversight, we have a
Corporate Sustainability Board Committee, which assists the
Board by monitoring and reviewing TOMRA’s practices and
policies on sustainability matters, including regular reviews of
progress. The Committee Chair fulfills the formal requirements
linked to sustainability expertise in the committee.
The CEO is responsible for decisions on sustainability
strategy, incl. Group targets, and budget. These matters are
reviewed annually by the Executive Leadership Team (ELT) as
part of the strategy and business plan process. Furthermore,
the ELT is kept informed about ongoing sustainability
projects and performance through brief reports at ELT
meetings from the Sustainability Council Chair.
The Sustainability Council is mandated to make decisions on
behalf of ELT in relation to sustainability management and
strategy execution. With bi-monthly meetings, the council
acts as steering group for larger sustainability projects and
regularly reviews performance reporting across the TOMRA
Group. Sustainability Council members include EVP Group
Strategy (Chair), Group CFO, Heads of Strategy from each
division, Head of Group Controlling, and Head of Group
Sustainability.
Coordination and collaboration
To ensure company-wide coordination and collaboration
we have two fora: Firstly, the Sustainability Working Group
is a cross-divisional team comprising everyone working in
dedicated sustainability roles and is chaired by the Head of
Group Sustainability. This team acts as a collaboration forum
to align, coordinate, share best practices, and support each
other across the sustainability agenda.
Secondly, the Sustainability Network is a voluntary network
ELT
CS Board
Committee
Sustainability
Council
Sustainability
Working
Group
Sustainability
Network
TOMRA
Collection
Direction & Decision
Coordination & Collaboraiton Execution
TOMRA
Food
TOMRA
Recycling
Group
Sustainability
TOMRA
Horizon
Figure 1
SEARCHBROWSESTARTPAGE 14
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
of ‘local sustainability champions’, open to anyone interested
across the group. Participants help promote the TOMRA
sustainability agenda within their parts of the organization by
sharing relevant information with colleagues and acting as
driving agents for local sustainability initiatives.
Execution
The Group Sustainability function has overall responsibility
to lead and coordinate corporate sustainability efforts at
TOMRA, including Group-level strategy development and
execution plans, ESG integration into corporate governance
and processes, sustainability reporting, communications, and
engagement. Importantly, Group Sustainability works closely
with the divisional sustainability teams to guide and support
strategy implementation efforts.
The divisional sustainability teams are responsible to lead
divisional strategy development and execution, cascade
Group targets, drive implementation efforts, and report on
progress. The ownership and management responsibility of
specific sustainability projects, incl. most decarbonization
initiatives, lies at the division level.
INCENTIVE SCHEMES PEOPLE, PLANET, AND PROFIT
This year we launched people and planet performance
indicators in TOMRA. This means that when we measure and
follow up performance, we don’t only review the financial
targets (Profit), we focus as well on the targets set on safety,
diversity, engagement (People), and our own greenhouse
gas emissions (Planet). People and planet reporting is now
part of quarterly business reviews for each division and will
as of 2024 link directly to variable compensation for the
divisional leadership teams.
SUSTAINABILITY TARGETS
To focus our sustainability agenda and direct efforts where
they matter most, TOMRA has outlined five strategic focus
areas for action (our most material topics) and defined
specific targets for each area. This framework builds on
insights gained from our latest materiality assessment, which
helped us to better understand where we have the biggest
sustainability impact and what specific issues are most
important, both from business and stakeholder perspectives.
2
2) As part of TOMRA’s preparations for ESRS reporting we are currently working to update the materiality assessment in line with CSRD guidelines and the principle of double materiality. This
project will be completed within the first half of 2024 and reflected in next year’s Annual Report.
The targets below represent our commitment at TOMRA to
ensure that sustainability is embedded in everything we do.
It is what we must effectively achieve to realize our ambition
– to be Leading the Resource Revolution while Becoming a
Fully Circular Business and being Safe, Fair and Equal.
We know that achieving these targets will require hard
work, innovation, investments, and not least collaboration.
Furthermore, we acknowledge significant uncertainty
regarding how we will meet some of the targets, and that it
will require taking the first steps without knowing necessarily
where the subsequent steps will lead us. Nevertheless, it
is a firmly held belief at TOMRA that this is the direction we
need to move in – to continue our leading position, to attract
and retain talent, and to deliver the best solutions for optimal
resource productivity.
The targets were launched in June 2022, and we have since
then worked to operationalize them through dedicated
projects and initiatives, ESG data collection and improvement
efforts, and internal reporting. A regularly updated document
is available at www.tomra.com/sustainability providing details
about the current status of strategy implementation efforts,
and descriptions of planned or initiated actions to achieve
our sustainability targets.
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2030
Targets
Double the avoided emissions enabled by TOMRA
products in use.
Enable the global rate of plastic packaging collected
for recycling to reach 40% and 30% closed loop
recycling.
Enable post-harvest food loss reduction of 50%.
Collect 500 billion used beverage containers
annually for Clean Loop Recycling.*
Commitment to Net Zero emissions and setting
Science Based Targets (to be externally verified in
2024).
100% renewable electricity.
>80% reduction in operational transport emissions.
>90% sustainable materials and components in all
new products.
>50% of our products are circular at their end of life.
Grow female representation in senior management
to >30%.
Improve employee satisfaction with top quartile NPS
score.
Strive for zero work-related injuries and illness in
providing a safe place for people and the
environment.*
Attract diverse talents from all facets of humanity,
with a goal of 50% women and men joining annually.*
Please note the Supply Chain Sustainability targets
are in the process of being defined.
*This is an aspirational goal, not bound by the
2030 target timeline.
Figure 2
SEARCHBROWSESTARTPAGE 15
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
MATERIALITY
Our latest materiality assessment, conducted in 2020,
has been important in identifying key sustainability risks,
impacts and opportunities, guiding our strategic approach
to sustainability and focusing efforts where they matter
most. Our five strategic focus areas and target framework
cover the sustainability topics considered most material
for TOMRA, as represented in the upper right corner of the
materiality matrix (figure 3).
Double Materiality and ESRS-
readiness
Looking ahead, TOMRA is in the process of
conducting a comprehensive double materiality
assessment in accordance with the Corporate
Sustainability Reporting Directive (CSRD) and
European Sustainability Reporting Standards
(ESRS). This represents an evolution in our
approach by systematically considering the financial
implications of material environmental, social, and
governance topics, alongside broader societal and
environmental impacts, risks, and opportunities.
This strategic initiative will further refine our focus,
ensuring that our sustainability agenda remains
anchored in an up-to-date understanding of what
are the most material sustainability issues for
TOMRA, and aligned with best practice in the rapidly
evolving landscape of corporate sustainability
management and reporting.
The ongoing double materiality assessment project
is expected to conclude within the first half of 2024
and will be reflected in the Annual Report 2024
which will also be our first year of ESRS reporting.
The project also includes important updates to our
value chain ESG mapping and sustainability-related
stakeholder engagement. Both aspects are central
to the process of a double materiality assessment.
Community
engagement
Workplace
sustainability
Importance to stakeholders
Importance to TOMRA (business impact)
Governance
Moderately important Important Most important
Cross-cutting Environment Social
Intellectual
property rights
Sustainable
marketing
Machine end
of life
Product
safety
Data
privacy
Human & labor
rights, own
operations
Sector & category
impacts
Partnerships for
sustainability
Ethics & anti-
corruption
Diversity,
equality &
inclution
Health & safety,
own operations
Employee value
proposition
Supply chain
sustainability
Sustainability
product design
Climate impact
Resource
productivity
Digital innovations
for sustainability
Operational
resource footprint
Figure 3
SEARCHBROWSESTARTPAGE 16
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
VALUE CHAIN IMPACTS
Mapping our value chain impacts is a process of
identifying all relevant sustainability impacts, including
both risks and opportunities, across the value chains in
each of our divisions. Figure 4 provides a summary of
the ESG issues considered across different stages of
TOMRA’s value chain. This helps to inform our growing
understanding of how ESG risks and opportunities have
impact on TOMRA, and how our operations may affect the
world around us.
PRODUCT DESIGN SUPPLY CHAIN PRODUCTION LOGISTICS
SALES, MARKETING
AND ADMINISTRATION
CUSTOMER USE PHASE
INCL. END OF LIFE
• Sustainable material
selection
• Product circularity
• Design for repairability
and recyclability
• Design for operational
resource efficiency
• Human rights
• Labor rights
• Health and safety
• Supply chain GHG
emissions (Scope 3)
• Anti-corruption and
bribery
• Business integrity
• Human and labor rights
• Health and safety
• Operational GHG
emissions (Scope 1+2)
• Energy use
• Waste generation
• Overstocking/obsolete
parts
• Sustainable packaging
• GHG emissions from
transport and distribution
(Scope 3)
• Anti-corruption and
bribery
• Business integrity
• Diversity & inclusion,
attracting and retaining
talent
• Office sustainability
• Emissions from business
travel and commuting
(Scope 3)
• “Walking the talk”
• Resource productivity
• Product energy use
• Product safety
• End-of-life product
management
Figure 4
SEARCHBROWSESTARTPAGE 17
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
STAKEHOLDER ENGAGEMENT
Dialogue and collaboration with our key stakeholder
groups is imperative to understanding and improving
TOMRA’s sustainability impact and is also an important
means of building trust. We are regularly in dialogue with
key stakeholders to discuss important topics that relate to
TOMRA’s business, understand what sustainability related
concerns they have, and find solutions in partnership. Inclusive
collaboration enables much greater impact than what TOMRA
as an organization can achieve on its own.
We are committed to incorporating stakeholder feedback
into our decision-making processes, ensuring that TOMRA’s
sustainability initiatives resonate with the expectations and
needs of our diverse stakeholder community. Table 1 provides
a summary of key stakeholder interactions in 2023, ESG
topics of special interest or concern, feedback received, and
TOMRA’s response.
Suppliers and Partners Investors Employees Customers Public opinion & Governments
How we bonded/interacted
• Supplier committment to Group Principles for
Suppliers and Partners, and to Code of Conduct
• Sustainability provisions supplier self-
assessment questionnaire
• Regular dialogue with strategic suppliers
• Recycling division third party assessment
through EcoVadis
• Ongoing engagement to understand and
reduce emissions
• Engaging closely with organizations involved in
the end-of-life management of our products
• Responding to selected rating agency
questionnaires
• Dedicated ESG calls and inquiries
• General ESG information provided on
request
• Gallup Employee Engagement
Survey
• Employee Resource Groups, each
sponsored by member of Executive
Leadership Team
• CEO and Executive Leadership Team
communication with employees
(town halls and information
campaigns
• Workshops and trainings across a
breadth of internal stakeholders
• Industry association networks
• Regular customer communication
• Exhibitions and industry trade shows
(incl. EuroShop, WasteExpo, N-EXPO,
Pollutec, Linga, PRS, ~200 total for the
Group)
• Engagement of major customers on
material topics
• Direct contact with sales, supply chain,
sustainability and management
• Participation in global trade associations and
business leaders’ networks (WBCSD, GAA -
Equitable Livelihoods, Friends of Champion
12.3, Ellen MacArthur Foundation, AEPW)
• Signatory and active member of Business
Coalition for a Global Plastics Treaty
• Dialogues with public authorities on material
issues for TOMRA and our ecosystem
High materiality aspects
• Fair and safe working conditions
• Compliance
• Environmental protection
• Supply chain sustainability
• Ethics & anti-corruption
• Sustainable logistics
• Sustainable packaging
• Long-term financial performance
• ESG risk management
• Transparency and reporting
• Sustainable products and services
• Strong focus on governance,
transparency and innovation
• Employee engagement and
wellbeing
• Occupational purpose
• ‘Walking the talk’
• Health & Safety
• Diversity, Equity & Inclusion
• Community Engagement
• Resource productivity
• Product safety
• Climate impact
• Supply chain transparency and
sustainability
• Product circularity
• Product innovation
• Supply chain disruptions
• Business ethics
• Human & labour rights
• Transparency & reporting
• Diversity, Equity & inclusion
• Resource productivity
• Sustainable product design
• Climate & energy smart solutions
• Food security
• Circular economy
Stakeholder’s expectations
• Collaboration and guidance on sustainability
provisions
• Long-term perspectives and strategies
• Scope 3 emission reductions
• Innovation to accelerate reducing climate
impact of products
• Prioritizing safety for employees and end-users
• Compliance with the reporting
frameworks ESRS and CSRD
• Engagement with ESG rating providers
and own ESG teams in evaluating the
company’s ESG profile
• Consistent disclosure of ESG metrics, with
concrete KPIs and teargets
• Remuneration linked to sustainability
• Engagement on DEI topics
• Activities to increase representation
of women and people from minority
groups
• Engagement on sustainability topics
from top management
• Strong focus on HSE
• Leadership and talent development
• Increasing number of Collection (B2C)
customers express need for innovative
solutions for increase consumer
convenience
• Collaboration on technology
development and innovation
• Solutions that enable operational and
sustainability ambitions
• Solutions that enable customers to
reduce their emissions, such as lower
energy consumption
• Acceleration of actions to reduce greenhouse
gas emissions and address climate change
• Introduction of metrics to describe progress
on sustainability strategic targets
• Contribute with thought leadership and
best practice on circular economy and food
security
• Stakeholder collaboration
• Acknowledgment of the climate impact that
sits outside of scope 1+2, including limiting
business travel activities
Our response
• Engagement and dialogue with strategic
suppliers and partners
• Onboarding program for all new suppliers,
including IDD processes
• Annual physical audits of strategic suppliers
• Health and safety initiatives
• Committment to setting Science Based
Targets and Net Zero ambition by 2050
• Sustainability strategy with targets for
2030
• Performance targets on both People,
Planet and Profit
• EU taxonomy assessments
• Preparing for ESRD/CSRS, in process
of conducting a double materiality
assessment
• DE&I physical workshops and online
trainings
• TOMRA Safe program: Safe Place,
Safe People and Safe Processes
• Individual development plans and
leadership development framework
• Global hybrid working principles
• EcoVadis assessment invitation
to strategic suppliers for Food &
Recycling
• Compliance with Norwegian
Transparency Act
• Sustainability strategy and targets for
product sustainability
• Procurement compliant with REACH
and RoHS
• Resources on industry thought leadership
publicly available at website Circular Economy
Resource Hub, including whitepapers,
factsheets, podcast TOMRA Talks
• Webcast and communication materials
on reuse systems for takeaway food and
beverage packaging
• Video and social media articles on the Global
Plastics Treaty
• Updating TOMRA Travel Policy
Table 1
SEARCHBROWSESTARTPAGE 18
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
MANAGEMENT SYSTEMS ISO CERTIFICATIONS
TOMRA acknowledges the importance of international
standards certifications, considering them vital to our quality
and environmental management systems. Such standards
are key in systematically managing risks and identifying
opportunities. Certifications enhance our ability to align
with customer needs, set clear quality and environmental
goals, and demonstrate our commitment to excellence.
They also contribute to our proactive risk management and
position TOMRA as a reliable, quality-driven organization.
Table 2 provides an overview over ISO certificates obtained
across TOMRA Group. Further to this list, it is worth noting
that TOMRA Collection’s main production partner, Scanfil
(operating in Poland and Estonia), is certified according to
ISO 14001, ISO 9001 and ISO 45001.
COMMITMENT TO INTERNATIONAL STANDARDS AND
FRAMEWORKS
As a longstanding member of the UN Global Compact
(UNGC), TOMRA is committed to promoting responsible
business practices and adhering to the ten principles set
forth by the UNGC. This report forms part of our yearly
Communication on Progress to the UNGC.
In addition, TOMRA actively pursues the realization of the
United Nations Sustainable Development Goals (SDGs),
aligning our strategies with global efforts for a sustainable
future. See tomra.com/sustainability for more information
about how and where TOMRA contributes toward
achievement of the SDGs.
TOMRA respects internationally recognized human rights
principles, including those articulated in the International Bill
of Human Rights and the International Labor Organization
(ILO) Core Conventions on Labor Standards. TOMRA
endorses the principles of both the UN Guiding Principles on
Business and Human Rights (UNGP) and the Organization
for Economic Co-operation and Development’s (OECD)
Guidelines for Multinational Enterprises on Responsible
Business Conduct. Upholding these principles underscores
our commitment to creating a positive impact on both a local
and global scale. To ensure that TOMRA is not complicit in
human rights abuses, TOMRA bases its human rights due
diligence processes on the OECD Due Diligence Guidance
for Responsible Business Conduct.
Overview over TOMRA’s certificates
Country Location Area certified Certificates
TOMRA
Collection
TOMRA
Food
TOMRA
Recycling
Germany Koblenz TOMRA Recycling Sorting: all processes
TOMRA Recycling Mining: only production
ISO 14001,
ISO 9001,
ISO 45001
Slovakia Senec Separate certificates:
TOMRA Recycling Sorting: operations
TOMRA Food: operations
ISO 9001,
ISO 14001,
ISO 45001
China Xiamen TOMRA Sorting Solutions: research and
development, sales and service
TOMRA Sorting and Collection Solutions:
manufacturing and sales
ISO 9001
Norway Lier TOMRA Production AS: production ISO 14001,
ISO 9001
Norway Asker TOMRA System ASA, Head office, Research
and development and operations
ISO 14001,
ISO 9001,
ISO 27001
Table 2
SEARCHBROWSESTARTPAGE 19
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Leading the Resource Revolution
This chapter describes how TOMRA technology
and solutions enable positive environmental and
social impact – our sustainability handprint.
The common denominator for all TOMRA products is that
they increase the resource productivity of the value chains
and applications which they serve. The use of resources
and consumption patterns in modern human societies are
grossly unsustainable and a cause of serious environmental
concern. Over-consumption leads to the depletion of natural
resources, degradation of ecosystems, and increase of
greenhouse gas emissions. Utilizing the planet’s resources
more productively is imperative to avoid these adverse
environmental impacts and can serve as a means – across
industries – to increase efficiency, reduce waste, and
promote more sustainable consumption.
At TOMRA, we are committed to maximizing sustainable
value creation and the handprint of our solutions. We do
this by driving resource productivity through our three core
divisions, Recycling, Collection, and Food; through our new
business ventures in TOMRA Horizon; and in partnership
with other businesses, think tanks, and NGOs.
SEARCHBROWSESTARTPAGE 20
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA RECYCLING
TOMRA Recycling designs and manufactures sensor-
based sorting technologies for the global recycling, waste
management and mining industries.
Once waste has been collected, sorting is an essential
step in achieving circularity. The more waste is sorted by,
for example, material type, shape or color, and the cleaner
the sorted fractions, the more material can be recovered,
recycled and turned into new products. Our sorting
applications range from polymers, metals, paper, wood and
more. By continuously innovating, making our technology
smarter and harnessing the potential of digital solutions,
TOMRA Recycling is helping to enable the transition to a
circular economy and to comply with recycling legislation
(e.g. regulations on recycled content in products).
Within the mining industry, we support our customers on
their journey to maximize resource recovery and minimize
their environmental footprint. Our sorting solutions
extract valuable minerals from waste materials and make
a significant contribution to reducing the use of water,
chemicals and energy.
TOMRA COLLECTION
TOMRA Collection provides reverse vending technology
to enable the efficient collection of beverage containers
for Clean Loop Recycling - where they are continually
recycled back into new beverage containers - and reused,
often as part of deposit return systems. This helps reduce
the potential for packaging waste to end up in our streets,
oceans, landfills, or incinerators, where among many other
negative impacts, they release greenhouse gases into the
atmosphere as they break down or are burned.
At the same time, efficient collection of used beverage
containers works to reduce reliance on virgin materials for
producing new containers, enabling further climate impact,
since beverage containers made from recycled materials
have a much lower carbon footprint than those made from
virgin materials.
TOMRA solutions captured approximately 46 billion
containers last year. Our long-term ambition is to collect
500 billion used beverage containers for recycling and
reuse every year. With approximately 1.4 trillion beverage
containers produced annually, the potential to expand our
impact is significant.
TOMRA FOOD
TOMRA Food specializes in sensor-based sorting and
integrated post-harvest solutions, excelling in the detection
and removal of unwanted materials during manufacturing
and processing. Our advanced technology sorts foods
based on color, shape, size, structure, and even biological
characteristics, setting industry standards for food safety and
quality. By seamlessly integrating post-harvest solutions, we
significantly reduce food loss in the production stage.
Food loss occurs across the entire value chain, starting from
post-harvest losses on the farm to the retail stage. TOMRA
Food’s solutions positively impact these stages by sorting and
grading foods to optimize yields and profits. Our commitment
extends beyond technology; we actively connect with
customers and the industry to capture voices on sustainability
related to food loss, shaping our value proposition.
This year we conducted a study focused on capturing and
understanding customer and market insights concerning the
topic of food waste. Moving forward, we aim to collaboratively
define and pursue shared sustainability goals across the food
processing industry. This approach enables TOMRA Food to
align its strategies, offerings, and practices with the evolving
needs and expectations of our customers. Our focus is on
fostering sustainable growth and creating enduring value for
both customers and the industry, thereby contributing to the
reduction of food loss and the improvement of operational
efficiency.
TOMRA HORIZON
TOMRA Horizon is our platform to explore new business
areas and to create new business ventures that are adjacent
to our three core divisions. Each new business idea initiated
under TOMRA Horizon will be focused on solving a problem
our planet is facing and on building a profitable business
while doing so. Furthermore, the business ventures we
initiate will build on and complement the knowledge and
technology developed in TOMRA’s core divisions over
decades. Currently we have initiated three new business
ventures: TOMRA Feedstock, TOMRA Reuse and TOMRA
Textiles.
• TOMRA Feedstock seeks to close the gap in plastics
by enabling the recovery of plastics from incinerators
and operating large scale sorting plants. The recovered
and sorted plastics will then be of a quality that enables
recycling into new products. So far, TOMRA has committed
80m€ into two projects, one in Germany and one in
Norway. Together the plants will have a capacity of 170kt
per year.
• TOMRA Reuse seeks to facilitate a shift from single-use
packaging to reusable packaging in cities through building
a “Circularity-as-a-Service” solution for the restaurant, café,
and takeaway food segment. A first pilot has been initiated
in the city of Aarhus, Denmark, and will go live in 2024.
• TOMRA Textiles seeks to close the gap in fiber-to-fiber
circularity in the textile industry by applying TOMRA’s
leading sorting solution capabilities in the value chain
for textile waste. A team has been established and is
exploring various business opportunities and partnerships.
PARTNERSHIPS
In 2023, TOMRA Group became a full member of the World
Business Council for Sustainable Development (WBCSD).
The WBCSD is a global CEO-led organization of over 200
leading businesses working together to accelerate the
transition to a sustainable world. TOMRA is an active member
in the Circular Products and Materials pathway, engaging in
topics around a global circularity protocol, digital product
passport and more. Along with over 1900 delegates and
observers, TOMRA is participating in the UN Environment
Program’s Intergovernmental Negotiating Committee that
will craft a global plastics treaty to end plastic waste and
drive investment to create a circular economy. Furthermore,
TOMRA is an active member of the Alliance to End Plastic
Waste (AEPW) as well as the Ellen MacArthur foundation.
ENABLING AVOIDED EMISSIONS
Through both our collection and sorting solutions, TOMRA
machines recover and collect materials at high volumes, in
turn enabling the avoidance of greenhouse gas emissions.
When more materials like plastics or metals are recycled it
significantly reduces their embedded carbon intensity, both
at production stage (less virgin raw material input) and in
SEARCHBROWSESTARTPAGE 21
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
waste management (diverted from landfill or incineration). In
2023, the avoided carbon emissions enabled from TOMRA
products in use by customers was close to 23 million tonnes
of CO2 equivalents, representing an 8,7% increase from
2022. The total avoided emissions compare to about 47% of
Norway’s greenhouse gas emissions in 2022.
3
It should be noted that this calculation of TOMRA’s avoided
emissions is based on several assumptions and intended
solely as an aid to illustrate the environmental handprint of
TOMRA Group installations in use by our customers. It does
not constitute a full life cycle analysis of the materials. Based
on the number of installed machines we estimate the total
weight of different material types collected/ sorted per year
and multiply with industry emission factors.
To further improve the data accuracy for this metric we
have in 2023 initiated a project together with environmental
consultancy, Eunomia, with the aim to develop a more
granular and robust methodology for calculating our avoided
emissions. We have started the work with a focus only on
TOMRA Collection but will expand the scope and aim to
cover avoided emission reporting for all of TOMRA Group
with the new methodology as of 2024 reporting. The new
approach is being developed in line with the recently
published Guidance on Avoided Emissions developed by the
WBCSD and Net Zero Initiative,
4
and is expected to result
in more modest numbers than what is reported for TOMRA
Group today.
For TOMRA Collection, one of the key differences between
the currently used and new methodology relate to the
reference scenarios which we compare against. With the
current methodology we assess emissions related to the
globally returned or handled mass of materials and the
recycling benefit from virgin material displacement only. The
new methodology considers a minimum level of collection
and recycling in a market without TOMRA Collection’s
presence, and that the role we play in several markets to
enable functional DRS has a significant positive impact on the
collection and recycling rates.
Furthermore, the new methodology also considers the
added value from compaction solutions that reduce transport
emissions, the energy-saving effects of early material sorting,
and country-specific emission factors and recycling rates.
TOMRA’s products, values, and
company purpose are well-aligned
with Scanfil. TOMRA is a pioneer in the
cleantech industry, which is also extremely
important to Scanfil and identified as one
of the fastest-growing industry sectors.
TOMRA is a trendsetter, actively paving the
way and setting new standards and trends
for the circular economy and the efficient
use of natural resources. Scanfil is proud
to collaborate with TOMRA for close to 20
years, and we hope that we together can
continue to have a positive impact on the
environment.
Ákos Sifter - Global Account Manager at Scanfil
(TOMRA strategic supplier)
3) Source: Statistics Norway.
4) https://www.wbcsd.org/Imperatives/Climate-Action/Resources/Guidance-on-Avoided-Emissions
SEARCHBROWSESTARTPAGE 22
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Becoming fully circular
This chapter describes how we work at
TOMRA to manage and reduce any negative
environmental impact resulting from our
business and operations – our footprint.
We focus on circularity of our own products, working to
embed circular and eco-design principles in our product
development processes and decision-making, and we are
targeting net-zero GHG emissions across our value chain
by 2050. We believe that our responsibility to continuously
improve the sustainability performance of our operations is
also a driver of new business opportunities for TOMRA.
CLIMATE CHANGE
Climate change is one of the defining issues of the 21st
century. Approaching 1.5° C warming, the IPCC’s sixth
assessment report stresses the need for swift and substantial
emissions reductions to meet the targets of the Paris
Agreement. The window of opportunity for changing the
trajectories of climate change is rapidly reducing, as global
emissions are reported to have fully bounced back to close
to record highs after the drop seen due to COVID. We
have a responsibility and an opportunity to help deliver on
the critical 1.5-degree pathway – and all companies must
decarbonize over the coming decades, irrespective of what
sector they are in.
Net-zero commitment
TOMRA Group committed in 2022 to become a net-zero
company by 2050 and setting science-based targets
(SBT) to reduce greenhouse gas emissions across our
entire value chain – in line with the global target of
the Paris Agreement to stay below 1.5 degrees global
warming. Development of our SBT and a corresponding
decarbonization roadmap has been one of our top
sustainability priorities over the past year. We are preparing
to submit targets for independent validation by the Science-
based Targets initiative (SBTi) within 2024 and will expand
annual reporting of indirect emissions (scope 3) to cover all
relevant emission categories across TOMRA’s value chain.
While we are still only at the starting blocks of TOMRA’s
decarbonization journey, we know that the efforts and time
invested now will be crucial to meet our long-term net-zero
commitment. Through ongoing work on the decarbonization
roadmap we are deepening our understanding of key levers
that TOMRA can and must operate over the next twenty-five
years to reduce our climate impact, and which key initiatives
to plan for and getting started on immediately.
2023 GHG footprint
In 2023 we have seen an increase in TOMRA’s overall GHG
footprint. Scope 1 and 2 emissions combined increased
by about 7%, while emissions from business travel and the
use of sold products (which are the two Scope 3 categories
included in current reporting) increased by almost 70%.
For our direct emissions (scope 1) a significant part of the
increase can be attributed to business ramp-up in new and
recently established TOMRA markets, incl. TOMRA Collection
activities in Romania, Hungary, and Poland. Growth in our
operational vehicle fleet, from 1,560 in 2022 to 1,813 in 2023
has also driven up emissions from fuel consumption. 31 of
the new vehicles added to our fleet this year are electric
vehicles, which is also reflected in the Scope 2 emissions
increase, especially for TOMRA Recycling Germany, where
also a facility expansion in 2023 has added to the footprint.
We believe that the increase in Scope 3 emissions from
business air travel continues to be influenced by changes in
travel regulations and restrictions from those during the height
of the Covid pandemic. We see a decrease in domestic travel,
but an upswing in international and inter-continental travel
(especially notable increase to and from China) paired with
increased transportation by employee-owned vehicles.
As for scope 3 emissions from the use of sold products we
have updated the reporting methodology in line with GHG
Protocol guidance. Previously we have reported this figure
based on the total installed base of TOMRA machines. Now,
we instead calculate the CO2 emissions impact based on
machines sold within the reporting year, multiplied by their
LCA-based lifetime expectancy, and estimated average
energy consumption per year (same factor as previously
used). With this new reporting methodology there will be
a significant degree of volatility in reported emissions,
depending on the number of machines sold.
Finally, the eco-intensity of TOMRA’s operations (scope 1+2
emissions divided by value added to society) shows a 1,5%
increase, which reflects the increase of direct emissions
as well as the overall growth of the organization. See the
Environmental Report on pages 33-34 for more details.
2023 reduction target and actions
To ignite action in 2023 and kickstart the net-zero journey we
set a target for the year to reduce scope 1 and 2 emissions
by a minimum of 2,000 tCO2 (equal to approx. 7% of scope
1 and 2 emissions in 2022); and to support this we allocated
a budget of NOK 30 million to finance near-term emission
reduction projects across the organization. Even though
we were not able to meet this target, important progress
was made with 30 new projects approved for funding and
launched, totaling estimated GHG savings of 1,309 t CO2.
At the beginning of the year, we launched a call to action,
inviting TOMRA team members in all divisions to contribute
their innovative ideas and project proposals. The response
and level of engagement was fantastic. New initiatives
launched include solar energy generation installed at several
offices, warehouses, and other TOMRA facilities around
the world. Increased electrification of our service fleets
and logistical operations has also contributed, with electric
vehicles (from vans to trucks to bicycles) deployed across
our global operations, and charging facilities being installed
to support this development. Meanwhile, route optimization
projects are ongoing. Scope 2 emission reductions were also
facilitated through energy efficiency projects like warehouse
lighting being upgraded to low-consumption alternatives,
optimizing ventilation systems, and the sourcing of certified
100% renewable energy.
SEARCHBROWSESTARTPAGE 23
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Climate risk
The impacts of climate change on business materialize not
only as physical climate risks (damages related to extreme
weather and climate events), but also as transition risk
(regulatory and market changes) and liability risk (legal
responsibility towards those who are adversely affected by
climate change). As any global company, TOMRA is exposed
to some level of physical risk in terms of severe climate
events that could damage business facilities or disrupt supply
chains, or risk of drought and chronic heatwaves that could
regionally affect agricultural viability and as such have impact
on the customer base for TOMRA Food.
Although the general level of climate risk for TOMRA (both
physical, transition, and liability) is considered relatively
low, we did see in 2023 that extreme and irregular regional
weather events had a negative impact on our business. The
New Zealand apple industry was decimated by a cyclone,
causing catastrophic floods, and destroying both orchards
and infrastructure. Record rains and snow have disrupted
many harvests in California, resulting in unpredictable yields
and quality. Both events have significantly impacted TOMRA
Food’s customer base.
Looking ahead
In 2024 our efforts to manage and reduce TOMRA’s climate
impact will focus on: i) securing SBTi validation for our climate
targets, ii) improving Scope 3 data collection and reporting
processes, and iii) finalizing and launching a net-zero and
SBT-aligned decarbonization roadmap. Work to develop this
roadmap involves broad internal stakeholder engagement
with workshops and brainstorming across key departments
and functions. The aim is to identify, analyze, and plan for
high-impact initiatives and projects that will drive TOMRA’s
decarbonization in the coming years.
SUSTAINABLE PRODUCT DESIGN
To achieve our ambition of becoming a fully circular
company, we must embed sustainability principles in our
product design and development processes. By focusing on
sustainable product design, we aim to increase the circularity
of TOMRA machines and optimize their environmental
impact throughout their life cycle. Last year, we made a
commitment to use at least 90% sustainable materials and
Coop Trading is pleased to have TOMRA as
one of our selected partner suppliers and
a key enabler in our efforts to promote the circular
movement agenda. We look forward to taking our
partnership and cooperation further and becoming
even more ambitious on the climate agenda.
Anni Mikkelsen – QA and CR Manager at Coop Trading
(TOMRA Collection customer)
components in all new products and ensure that at least 50%
of our products are circular at their end of life by 2030.
5
To
achieve these goals, we need to manage impacts throughout
the product value chains until the end of life and establish
baselines of environmental impact. Building on new insights
gained from Life Cycle Assessments (LCAs) conducted in
2022 for core products from each division, we have in 2023
launched several initiatives and are planning to pilot new
solutions to further evolve our knowledge and understanding
of product circularity and sustainability.
TOMRA Collection
Building on both the TOMRA Group Sustainable Product
Design targets and new insights garnered through LCAs,
product innovation teams at TOMRA Collection have
begun to address opportunities to reduce the negative
environmental impacts of our solutions. Such concerns were
reflected in the concepts we unveiled at EuroShop 2023,
with the Single- and Multi-Feed Concept machines exhibiting
less overall material used in their production, the inclusion
of power-saving modes, and other innovations. These
products are now reaching market readiness and are already
deployed in test markets.
In search of longer-term transformation, we also began the
exploratory process of establishing a circular material stream
for the polymer parts found in TOMRA reverse vending
machines. After some initial failures in our efforts to establish
an efficient recycling loop for these plastic components, we
entered collaborations with stakeholders across the plastics
value chain, leading to the forging of new partnerships
bringing us closer to closing the loop on this material. By
exploring the viability and scalability of a circular polymer
setup, we can gain insight into how to approach the many
5) Read more about target definitions, specific implementation efforts and status at www.tomra.com/sustainability
SEARCHBROWSESTARTPAGE 24
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
other material streams associated with our products, not
just the plastics. While we have just started working on this
and it will require significant efforts going forward to meet
our targets, these are important initial steps to put us on a
path towards closing the loop on as many material types as
possible.
A number of other ongoing projects initiated across the
TOMRA Collection organization seek to further reduce
our products’ footprints, from their design, through their
production and use, all the way to their end of life.
TOMRA Recycling
In TOMRA Recycling we have embarked on a journey
to establish a product sustainability baseline for all our
products, by quantifying the environmental impact of their
entire life cycle - from manufacture to use and eventual end-
of-life. To support this objective, we are investing to develop
internal competency and capacity to more regularly perform
product LCAs. This strategic initiative not only improves
our understanding of the key hotspots, but also enables us
to develop innovative solutions that address the identified
challenges head-on. It is a crucial step towards a more
sustainable and informed approach to product design and
development.
Another key focus area of product development this year has
been to reduce the overall use-phase energy consumption
of our future machines by aiming to optimize and reduce the
amount of pressured air that is used for ejection valves.
In the business area of TOMRA Ore Sorting, we have this
year launched a new ejection module for our COM Tertiary
XRT Sorter. This machine is developed specifically for sorting
small particle sizes, down to 4mm in size. One of the highest
operational costs for such a sorter is the compressed air
needed to eject a certain percentage of material. The new
ejection module is designed to operate in high-capacity
applications and this new technology can deliver a 70%
reduction in energy use for compressed air proven on a
production scale.
SEARCHBROWSESTARTPAGE 25
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Being safe, fair and inclusive
Being fair, safe, and inclusive is a fundamental
part of TOMRA’s sustainability ambition. In
this chapter, we will discuss our commitment
to compliance, people, health and safety, and
supply chain sustainability.
Since our founding in 1972, TOMRA has always been guided
by the principles of honesty and integrity, with the central
aim to develop sustainable solutions for businesses and
the world. We believe that sustainable business is only
possible when we prioritize the well-being of our employees,
customers, and the communities we serve.
COMPLIANCE AND BUSINESS CONDUCT
The TOMRA culture is rooted in the principles of honesty and
respect for all people. Successful businesses are profoundly
dependent on trust and a good reputation. TOMRA’s
operations demand a high degree of care, honesty, and
integrity.
In 2023, the Group Compliance team experienced an
increase in its workforce, bolstering its capabilities and
reinforcing its presence within the organization. TOMRA
maintains elevated standards of performance and ethical
behavior for all employees, spanning its own operations
as well as interactions with suppliers and partners. These
standards are guided by the Code of Conduct, Business
Principles for Suppliers and Partners, and the Human
and Labor Rights Policy, ensuring fair business and labor
practices. Further details can be found on our website.
The Code of Conduct, available on our website and
translated into 20 languages, comprehensively covers key
business conduct topics including HSE, Equal Opportunities,
Human Rights, Harassment, Data Privacy, Anti-Bribery and
Corruption, Gifts and Hospitality, Anti-Money Laundering, and
Conflict of Interests. Our commitment to raising awareness
of key compliance issues is evident through mandatory
training for all employees. In 2023, TOMRA achieved a 98%
completion rate for our Code of Conduct e-learning course,
emphasizing the importance of ethical conduct.
Other key e-learning courses, such as Anti-Bribery &
Corruption, Competition Law & Antitrust, Confidential
Information & IP, Anti-Money Laundering, and the newly
launched course in Trade Compliance, are strategically
assigned to key employees based on a mapping of functions
at risk, achieving a close-to-100% completion rate.
Promoting openness and transparency, TOMRA encourages
all employees and business partners to report any violations
of the Code of Conduct or other policies, including concerns
about human and labor rights. The TOMRA Notification Portal
serves as a platform for reporting, accessible both internally
and externally, allowing anonymous reporting. Retaliation
against individuals raising concerns in good faith is strictly
prohibited, and the Compliance department investigates all
reported concerns. The notifier remains engaged throughout
the investigation, being informed of relevant conclusions
and actions taken by TOMRA. The process adheres to the
internal policy on incident management.
Throughout 2023, there has been an increase in reported
cases to the Compliance team, reflecting the positive
outcomes of efforts to raise awareness and improve
accessibility of important policies for all TOMRA employees.
There were no confirmed cases of corruption reported
through the Notification Portal in 2023.
POLITICAL ENGAGEMENT INCLUDING LOBBYING ACTIVITIES
TOMRA’s commitment to sustainability and transparency is
also reflected in our involvement in political arenas. We firmly
believe that meaningful engagement with policymakers and
diverse stakeholders is pivotal to advancing the transition
towards a circular economy, characterized by minimal
waste and efficient resource utilization. As a technology
and systems solutions provider, we actively endorse and
contribute to ambitious circular economy policies.
Throughout the 2023 financial year, TOMRA actively
participated in advocacy initiatives at the European Union
(EU) level, particularly concerning the revision of key
legislative frameworks related to waste and circular economy.
Our involvement spanned contributions to consultations,
attendance at relevant meetings and events, and membership
in industry associations and networks. We interacted with the
European Commission, Parliament, and other EU institutions,
leveraging our practical experience and expertise to champion
solutions that address waste reduction, strengthen recycling
efforts, and promote circular practices. Additionally, we
advocated for policies that encourage innovation, job creation,
and environmental protection.
A notable highlight of our engagement occurred within the
context of the proposed Packaging and Packaging Waste
Regulation. On September 6, 2023, TOMRA organized a
lunchtime briefing at the European Parliament in Brussels.
This event spotlighted the impact of single-use and
reusable takeaway food packaging on climate change when
implemented at scale. Furthermore, it showcased TOMRA’s
cutting-edge technologies, currently deployed on a local scale,
for a deposit system catering to reusable takeaway packaging.
By fostering a dialogue on the environmental implications of
packaging choices and presenting tangible solutions, we aim
to contribute to a more sustainable and circular future.
TOMRA complies with the EU Transparency Register
under registration number 828715012462-94. This
commitment reflects our dedication to openness, integrity,
and accountability in our interactions, ensuring that
our stakeholders can trust in the transparency of our
engagements and initiatives.
HEALTH AND SAFETY
In 2021, TOMRA launched the TOMRA Safe program, driven
by the belief that all workplace injuries and illnesses are
preventable. The primary goal was to instill a health, safety,
and environmental mindset in every employee, fostering
an actively lived and shared safety culture. Our target for
SEARCHBROWSESTARTPAGE 26
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
occupational health and safety is to strive for zero work-
related injuries and illness in providing a safe place for
people and the environment. This target is not bound by the
2030 timeline, as other sustainability targets. As of the latest
report for 2023, we are pleased to present the following key
highlights.
Cultural Integration
Our commitment to the health and safety of every employee
is evident in the integration of safety into our core values.
Emphasizing respect, care, and prioritizing employee well-
being, we have created a culture that places safety at the
forefront. Communication efforts were intensified through
TOMRA Safe platforms, with SharePoint sites established
at both group and business unit levels for easy access to
real-time health and safety information incident statistic,
performance results and automations for incident reporting.
Training and Awareness
Deepening our safety culture, focused health and safety
training initiatives were implemented across the organization.
These initiatives aimed at building awareness, capability,
and capacity within our workforce ensuring safety leadership
through fostering collaboration and engagement with our
people leaders and employees and empowering everyone
in the business to identify hazards and seek out controls
to make the workplace safer. In April 2023, we celebrated
World Health & Safety Day at Work to emphasize and
prioritize safety awareness.
Safety Surveys and Initiatives
In 2023 TOMRA took a significant step by introducing a
comprehensive safety survey. This initiative was designed
to enhance our understanding of employee perceptions
regarding health and safety throughout the organization
and to assess our current safety maturity. The survey not
only facilitated comparisons with industry averages and best
practices but also offered valuable insights into potential
safety improvement opportunities.
The active engagement of our workforce was evident, with a
robust 74% participation rate, signifying a strong commitment
to making TOMRA a safer workplace. Following the survey,
teams across the organization were entrusted with the
task of unpacking and analyzing the results. Subsequently,
presentations were conducted with leaders at various
levels, and workshops were facilitated with employees to
collaboratively devise strategies for improvement.
Additionally, in 2023, we introduced Critical Control
Management, a targeted risk management initiative. This
program is specifically designed to analyze and evaluate
critical risks with the potential to cause serious injuries
or fatalities. The initiative aims to implement high-level
systematic controls surrounding these critical risks, providing
structured guidelines to enhance safety measures across the
organization.
Safety Performance
Over the past year, there has been a notable improvement
in safety performance. In 2023, TOMRA witnessed a decline
in both medical treatment incidents (MTI) and lost time
incidents (LTI), with 41 MTIs and 64 LTIs, compared to 79 and
68, respectively, in 2022. Furthermore, our total reportable
incidents decreased from 147 in 2022 to 105 in 2023,
reflecting a reduction in frequency rates from 11.46 in 2022 to
8.46 in 2023.
Under the framework of our TOMRA Safe program,
internal campaigns were conducted to encourage
proactive measures, accompanied by the establishment
of key performance indicators (KPIs) for hazard reporting.
This proactive approach resulted in an increase in the
identification and reporting of hazards, growing from 2,324
instances in 2022 to 2,525 instances in 2023. Additionally,
there was a rise in the reporting of near-miss incidents,
increasing from 171 in 2022 to 272 in 2023.
These noteworthy changes indicate not only a significant
decrease in total reportable incidents but also an increase in
hazard and near-miss reporting, emphasizing a heightened
awareness of health and safety risks. This positive trend
underscores the establishment of a robust reporting culture
founded on trust and collaboration within the organization.
While striving for continuous improvement, we acknowledge
the regrettable occurrence of two severe incidents in TOMRA
Collection during 2023. One incident involved a fall from
a ladder, necessitating a significant recovery period. The
other incident resulted in the amputation of a fingertip due
to a crushing injury. All affected employees have received
treatment and are either in recovery or have fully recovered.
We remain resolute in our pursuit of zero work-related
injuries and are actively implementing corrective actions in
response to these incidents.
Incident and fatality
2022 FR* 2023 FR*
Severe Incident & Fatality (SIF) 4 0.31 2 0.16
Total Reportable Incidents (TRI) 147 11.46 105 8.46
Lost Time Incidents (LTI) 68 5.30 64 5.16
Medical Treatment Incident (MTI) 79 41
First Aid Incident (FAI) 209 225
Near Miss Incident (NMI) 171 272
Hazards identified / reported 2,324 2,525
* Frequency Rate
Table 3
SEARCHBROWSESTARTPAGE 27
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PEOPLE AT TOMRA
At TOMRA, our mission is not only to excel in our business
operations but also to embody our core values and foster
a workplace culture that is caring, safe, fair, diverse, and
inclusive. Our commitment is to create an environment that
attracts, develops, and retains TOMRA talents, encouraging a
flexible work setting that embraces innovative technologies,
supports personal freedom, and champions teamwork
and agility. Through continuous employee development,
competitive compensation and benefits, and a strong focus
on health, safety, and well-being, we strive to provide holistic
support, allowing our employees to perform at their best
while learning, growing, and feeling fully engaged.
With a global workforce of approximately 5,370 individuals
operating in more than 100 countries, we are privileged to
work across diverse cultures and geographies, spanning
various sectors. Our business serves a broad customer base,
ranging from local farmers and municipal waste treatment
plants to large multinational corporations.
Organized into three divisions and group functions, our
workforce distribution stands as follows:
• TOMRA Collection: 2,770 employees (24% female)
• TOMRA Food: 1,530 employees (21% female)
• TOMRA Recycling: 900 employees (24% female)
• TOMRA Group: 170 employees (35% female)
TOMRA employees working from the Asker
headquarters who participated in our
annual environmental cleanup campaign on
September 14, 2023.
SEARCHBROWSESTARTPAGE 28
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA´s Culture and Values
We firmly believe that a strong and clear purpose serves as
the bedrock for a robust culture, playing a pivotal role in the
long-term success of our business. TOMRA’s culture, rooted
in a set of distinct values and behaviors, guides our actions
and decisions. It is a central pillar that promotes consistent
leadership behavior across our diverse businesses.
In 2023, we initiated culture training workshops for the
Executive Leadership Team, setting the stage to extend this
program to all leaders in 2024. This strategic move aims to
equip newly appointed managers with a deep understanding
of TOMRA’s values and behaviors, fostering their growth
as effective leaders. We strive to create a culture where
our leaders actively solicit and value feedback at all
organizational levels, using insights to continually enhance
employee engagement and operational efficiency.
Recognizing the ongoing importance of sustaining a
leadership culture, senior executives and leaders throughout
the company dedicate time, resources, and attention to
ensure that our culture continues to distinguish TOMRA as
an exceptional workplace.
Diversity, Equity, and Inclusion
TOMRA is committed to develop a workplace that embraces
diversity, promotes equity, and champions inclusion. We
recognize that our strength lies in the rich tapestry of
experiences and perspectives that our employees bring.
Our commitment to fairness, respect, and engagement is
integral to our culture, and we are dedicated to continuous
improvement.
In pursuit of these values, we have two targets to reinforce
our commitment:
• Attracting Diverse Talents: TOMRA aims to sustain growth
by attracting diverse talents, with a goal of achieving a
balanced representation of 50% women and men annually.
• Senior Management Representation: We aspire to grow
female representation in senior management to exceed
30%, further enhancing diversity and inclusivity in
leadership positions.
Employee Resource Groups
TOMRA have initiated several Employee Resource Groups (ERGs) each sponsored by one of our Executive Leadership
Team Members, to amplify the voices of underrepresented communities:
• LGBTQ+ ERG: Established in September 2022, TOMRA’s LGBTQ+ Employee Resource Group (ERG) comprises 33
members across 8 countries and 4 continents. The group, consisting of LGBTQ+ individuals and allies, fosters a
supportive community within the organization. Its primary objectives include providing member support and serving
as an anonymous liaison to the Executive Leadership Team (ELT), ensuring a safe and inclusive work environment.
The ERG aims to create a workplace where individuals freely express their authentic selves, contributing to
TOMRA’s culture of inclusivity.
• Women’s ERG: Established in 2022, TOMRA’s Woman’s Employee Resource Group (ERG) has grown to 210
members globally. Dedicated to empowering women, the dynamic group fosters inclusivity through connections,
mentorship, collaboration, and insightful discussions. The ERG aims to break down barriers, inspire personal and
professional growth, and develop strong female leaders within TOMRA. This commitment aligns with TOMRA’s
broader dedication to diversity, equity, and inclusion.
• Roots ERG: Established in 2022, TOMRA’s Roots Employee Resource Group (ERG) comprises 42 members
across EMEA, Americas, and APAC. The ERG enhances intercultural awareness, fostering cultural sensitivity and
competence. Roots plays a crucial role in leading inclusively, supporting initiatives for organizational learning and
effectiveness. In each region, priorities include elevating awareness (EMEA), celebrating diversity (Americas), and
recognizing diversity in the workplace (APAC). Roots ERG actively contributes to TOMRA’s commitment to diversity,
shaping a more inclusive and globally connected community.
To drive these initiatives, TOMRA places openness, equal
opportunities, and mutual respect at the core of our
organizational values. Throughout 2023, we actively listened
to our employees, soliciting feedback through annual
engagement surveys, talent management activities, and exit
interviews to work on further improvements on our Diversity,
Equity, and Inclusion Strategy. We employed a variety of
formats to raise awareness of diversity and strengthen
psychological safety and a sense of belonging and inclusion,
celebrating events like Diversity Day, International Women’s
Day, and Pride month. Beyond gender representation, our
commitment extends to fostering a culture that actively
denounces racism and is inherently anti-racist. We want
everyone who works for us to feel free and be able to reach
their full potential – irrespective of origin, gender, skin color,
religious beliefs, political or other convictions, disabilities,
age, sexual orientation and identity and other factors.
Increasing female representation
At TOMRA, our commitment to Diversity, Equity, and Inclusion
(DEI) is not just a statement but a practice that starts at the
highest levels of leadership. Our Executive Leadership
Team (ELT) is a testament to this commitment, with women
representing 29% of TOMRA’s executive positions.
To further encourage gender representation across the
organization, we have set a clear target: achieving at least
30% female representation in senior leadership roles by
the year 2030. Removing barriers for underrepresented
employees is a priority, and we actively implement equitable
programs, provide training and development opportunities,
and offer avenues for growth and promotion.
We actively monitor female participation in the workforce.
In 2023, women constituted 23% of the TOMRA workforce,
SEARCHBROWSESTARTPAGE 29
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
maintaining stability compared to the previous year. Female
representation among all people leaders at TOMRA,
individuals with direct reports, also remained steady at 25%.
Encouragingly, the representation of women in our new hires
increased by 1% compared to the previous year, reaching
28% in 2023.
In 2023, TOMRA marked International Women’s Day with
local events in at least 10 offices, alongside a streamed
panel open to all employees. The theme, “Embrace Equity,”
resonated, emphasizing fairness, respect, and equal
opportunities. This inclusive celebration aimed to raise
awareness, aligning with our core value of “responsibility”.
Through these initiatives, TOMRA actively contributes to
fostering a workplace that celebrates diversity, ensuring
every individual is empowered for a more inclusive future.
In 2023, TOMRA’s Collection Division met its goal of
achieving 30% female leaders, with a matching gender
distribution among new hires. Collaborative efforts, including
unconscious bias training and inclusive language in job
ads, enhanced the recruitment process. TOMRA Collection
integrated a DEI workshop into onboarding and established
a global DEI network for knowledge sharing. Celebrating
diversity, Collection embraced initiatives like Woman’s Day
and Cultural Diversity Day.
Expanding efforts, TOMRA Recycling conducted DE&I
awareness workshops for Recycling employees in Germany,
UK, Slovakia, China, Italy, South Korea, Japan, South Africa,
US, Spain, Poland, and France, reinforcing the company’s
commitment to an inclusive workplace culture.
Wage gap
At TOMRA, we firmly believe in the principle that individuals
should be compensated equitably for their contributions,
regardless of gender, race, or other protected characteristics.
To uphold this commitment, we employ a comprehensive
approach, benchmarking and setting pay ranges based
on relevant market data while considering factors such as
role, experience, and performance. We regularly review
our compensation practices across our entire workforce,
ensuring that our pay structure is just and equitable at both
the collective and individual levels. Our commitment to pay
equity is a dynamic process that evolves with the changing
landscape, emphasizing our commitment to fostering an
inclusive work environment.
Total for TOMRA in 2023 was an average gender wage
gap of -2.3% across our global workforce. Notably, in the
European region, which houses approximately 60% of our
employees, the wage gap is positive at +2.0%, indicating
a favorable position for our female employees. Similarly,
in North America, where around 20% of our workforce is
located, the wage gap stands at -2.6%. This means that for
approximately 80% of our employees, the wage gap falls
within the narrow range of +/-3%.
However, we recognize that challenges persist in certain
continents, where the wage gap ranges from -7% to -29%.
These variations are, in part, attributed to lower female
representation at senior levels in specific geographical
regions. As part of our ongoing commitment to addressing
potential concerns, our salary compensation process are
regularly reviewed and addressed, with the aim to ensure
that all employees are remunerated fairly based on their
skills, qualifications, and experience.
Recruiting and onboarding
In 2023, TOMRA experienced significant growth, welcoming
over 600 new colleagues into our global family. Recognizing
that every candidate interaction is a potential future customer
or colleague, we are dedicated to ensuring equal, valued,
and respectful treatment for all. To promote consistency in
our communication with prospective candidates, we initiated
a comprehensive group-wide harmonization of our Employer
Branding Guidelines.
In Germany, the Collection entity took proactive steps to support
new hires by introducing a monthly newsletter as an additional
resource alongside our primary onboarding practices. This
initiative aims to provide valuable insights and foster a sense of
belonging from the very beginning of the employment journey.
Within TOMRA Food, a structured survey cycle has been
implemented in specific regions to gather feedback on
onboarding practices and training programs. This includes
measures of job satisfaction and reviews of job expectations,
We are working systematically
on increasing the percentage
of women in the TOMRA workforce,
with the goal of 50% women and men
joining annually.
Eva Sagemo – Chief Financial Officer, TOMRA
Group and Executive Sponsor of Women’s ERG
SEARCHBROWSESTARTPAGE 30
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
ensuring continuous improvement in the onboarding
experience. Moreover, comprehensive training sessions
covering various aspects of recruitment and onboarding,
such as interview experiences and best practices for hiring
that promote Diversity, Equity, and Inclusion (DEI), have been
rolled out to all hiring managers in the Food division.
Talent and development
At TOMRA, we recognize that our people are at the heart of
our mission to lead the resource revolution and transition into
a fully circular business model, all while fostering a culture
that prioritizes safety, fairness, and inclusivity. Through talent
development we aim to create the next generation of leaders
who will drive our mission forward.
Through our leadership programs, we equip our leaders with
the essential tools needed for effective leadership in the
present, while also preparing them for the challenges of the
future. Leveraging TOMRA Learn, our comprehensive online
learning management system, we offer a blend of in-person
and virtual learning opportunities across our business,
ensuring a flexible and accessible approach to continuous
development.
The focus on developing individuals remains a cornerstone
of our strategy to enhance organizational effectiveness.
As part of our regular operating cadence, we integrate
succession planning to identify and nurture emerging
leaders. Annual reviews of top leadership succession plans
with the Board of Directors further exemplify our commitment
to ensuring a robust leadership pipeline.
TOMRA provides continuous coaching and mentoring
opportunities at all levels of the organization. Internal
job opportunities, including global rotations and stretch
assignments, are actively promoted to encourage our
employees to explore new horizons, develop their skills, and
advance their careers.
By continually investing in the growth and development
of our people, TOMRA aims to create a workplace where
talents flourish, innovation is sparked, and each employee is
empowered to contribute meaningfully to our shared mission
and vision for a sustainable future.
Employee engagement
In TOMRA we remain dedicated to actively listening to
our employees, gauging their engagement, and taking
decisive actions to ensure their well-being. This year marks
the third consecutive year of measuring global employee
engagement, employing consistent tools and questions to
monitor our progress and gain valuable insights into our
workforce.
Regrettably, our overall participation rate experienced a
decline in 2023, down from 90% to 79%. This dip, however,
is not unexpected when considered in the context of the
transformative events at TOMRA this year, including the
aftermath of a cyber-attack and the restructuring at TOMRA
Food.
Changes in leadership at TOMRA Food, coupled with the
implementation of a new operating model, resulted in
diminished scores compared to the previous year. On Group
level the engagement score in 2023 is 3.89 compared to
3.94 in 2022.
TOMRA Leadership is acutely aware of these challenges and
is committed to proactive monitoring, ensuring that action
planning remains a top priority for our leaders. As part of our
ongoing commitment to our workforce, we have equipped
our leaders with enhanced tools for effective action planning
following the survey results. Global training sessions have
been delivered to local P&O organizations and people
leaders, fostering a unified and seamless global approach to
best practices in action planning.
Throughout the year, we observed a stabilization in the
global turnover rate, settling at 13%.
6
A notable positive
development was witnessed in voluntary turnover, with a
decrease from 10% to 7%. This reduction reflects a positive
trend in employee retention and satisfaction. It is central to
highlight that turnover is not a uniform challenge but rather
6) Excluded non-permanent positions, specific exclusion for TOMRA Collection.
SEARCHBROWSESTARTPAGE 31
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
exhibits significant variations among different regions and
across various divisions within the company. Understanding
these nuances is vital for effective management strategies
and targeted interventions. By identifying and addressing
specific turnover patterns, TOMRA can tailor its approach to
each region and division.
Employee wellbeing
At TOMRA, our ambition is a workplace that is not only safe
and fair but also inclusive, taking into account both physical
and mental well-being. Recognizing the critical importance
of mental health, we have embraced a holistic approach to
safety, extending our commitment beyond physical safety to
include the psychological well-being of our workforce.
In response to the insights from the TOMRA Safe
Perception survey conducted earlier this year, it became
evident that burnout emerged as a significant concern
among our employees. We have actively listened to and
carefully reviewed these survey results, and in line with our
commitment to continuous improvement, we are taking
decisive actions to address these concerns.
As part of our proactive response, TOMRA extended an
invitation to a renowned physician, recognized for expertise
in stress management, burnout prevention, and mental
health to join us for World Mental Health Day in 2023.
This speaker engaged with our resource revolutionaries
at TOMRA, providing valuable insights and knowledge on
these critical topics. Through this educational initiative, we
empowered our workforce with the tools and understanding
needed to navigate the challenges of stress, prevent
burnout, and prioritize mental health.
This initiative not only exemplifies our commitment to creating
a workplace that values the safety and well-being of our
employees but also underscores our dedication to continuous
learning and improvement. As we move forward, we remain
resolute in our pursuit of a workplace that is safe, fair, inclusive,
and supportive of both physical and mental health.
Community engagement
In 2023, TOMRA proudly witnessed the active participation
of employees worldwide in our annual global cleanup
initiative, dedicated to picking up litter in their local
communities throughout the entire month of September.
As part of our commitment to community service, TOMRA
allocates a half day for employees to contribute to these
meaningful efforts.
Our dedicated workforce engaged in the cleanup with
enthusiasm, whether through individual endeavors, joining
locally organized events during work hours, or taking the
initiative to create their own events in collaboration with
local community groups or schools. The collective impact
was remarkable, with colleagues logging items picked up in
a specially designed app. We are pleased to report that our
colleagues surpassed expectations, achieving an impressive
95% of our cleanup goal—an increase from our 2022 results
of 77%, showcasing our collective dedication to making a
positive impact.
Acknowledging and celebrating the outstanding efforts of
our teams, the top three locations in litter collection were
identified as China, Germany, and Slovakia. As a token
of appreciation and in alignment with our commitment to
environmental sustainability, TOMRA will plant 1,000 trees in
the continent of the top location, and 500 trees each for the
second and third places. This initiative reflects our ongoing
dedication to nurturing and preserving the health of our
planet.
At TOMRA, we believe in the power of collective action, and
through initiatives like the annual global cleanup, we are
proud to contribute to the well-being of our local and global
communities. As we continue this positive trajectory, we are
resolute in our commitment to fostering a sustainable future
for generations to come.
SUPPLY CHAIN SUSTAINABILITY
In 2023, our commitment to enhancing value chain
performance persisted. Recognizing the key role of supply
chain governance in ensuring fair working conditions,
human rights protection, and environmental preservation,
we continued to prioritize these aspects. At TOMRA, supply
TOMRA has the possibility to
be a true pioneer and walk
the talk when it comes to all areas of
its business. Amongst other things, it
will require that TOMRA engages in
more active dialogues with suppliers
and strengthens the cross-national
collaboration across the group.
Jürgen Resch – Vice Presedent Supply Chain,
TOMRA Collection
SEARCHBROWSESTARTPAGE 32
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
chain sustainability is part of our sustainability strategy, and
we actively work on integrating Environmental, Social, and
Governance (ESG) considerations into our supply chain
management processes.
Our commitment to supply chain governance is evident in
the formulation of policies and procedures. For instance,
Compliance clauses are implemented in standard terms and
conditions for contracts across all TOMRA subsidiaries, with
explicit references to our Code of Conduct and Business
Principles for Suppliers & Partners. We have developed
an analysis tool supporting our governance of compliance
though Integrity Due Diligence procedures for all new
customers, suppliers, and partners, described in our Integrity
Due Diligence Policy.
A key aspect of our supply chain governance involves
the evaluation and engagement of suppliers based on
sustainability criteria. TOMRA Group’s Business Principles for
Suppliers and Partners clearly delineate expectations for fair
and safe working conditions, human rights, compliance, and
environmental protection. In alignment with internationally
recognized principles, TOMRA adheres to the International
Bill of Human Rights and the International Labor Organization
(ILO) Core Conventions on Labor Standards. To prevent
complicity in human rights abuses, TOMRA implements
human rights due diligence processes based on the
Organization for Economic Co-operation and Development’s
(OECD) Guidelines for Responsible Business Conduct.
Ongoing efforts are made to understand, map, and address
risks within our supply chain for continuous improvement.
TOMRA’s Human and Labor Rights Policy, in conjunction with
the Business Principles for Suppliers and Partners, outlines
expectations for sustainability matters across our operations
and supply chain. The Human and Labor Rights Due Diligence
Report, accessible on our website, offers transparency into
our risk management system, recent evaluation results, and
details about implemented and planned measures to mitigate
risks. Additionally, the report underscores our commitment to
strengthening the risk management system and encourages
stakeholders to request information or report concerns
about human and labor rights in the TOMRA supply chain.
Sustainability criteria are integrated into supplier qualification
processes and ongoing engagement across all divisions,
recognizing the variability in product portfolios and supply
chains across divisions.
TOMRA Collection
In 2023, TOMRA Collection continued its commitment to
sustainability by building upon the initiatives of the previous
year. The Supplier Self-Assessment questionnaire, refined in
2022, plays a central role in ensuring that our suppliers align
with our social and sustainability values. This commitment
extends to sub-suppliers, subcontractors, and partners
involved in delivering goods and services to TOMRA.
TOMRA Collection intensified efforts in 2023 to establish
sourcing and assembly procedures closer to markets, aiming to
reduce shipping and minimize the use of packaging materials.
These strategic initiatives, geared towards environmental
sustainability, are set to further expand in the future.
Within the TOMRA Collection division, a comprehensive
survey was conducted among the supplier network to gain
insights into their ongoing efforts to minimize environmental
impact. The survey results were compiled into a detailed
report, subsequently shared with our supplier network. This
report not only served as a baseline, outlining established
practices and operational norms but also provided a
foundation for future progress. TOMRA Collection is
committed to working collaboratively with our suppliers,
whether through specific strategies, material optimization,
improved manufacturing processes, waste reduction, or the
adoption of more environmentally friendly practices, to bring
about meaningful change.
TOMRA Collection sets high ethical standards for employees,
partners, and suppliers, emphasizing adherence to our Code
of Conduct and policies that respect and safeguard human
and labor rights. In line with the Norwegian Transparency Act
of 2021 and OECD Due Diligence Guidance, our supply chain
due diligence efforts aim for transparency and risk mitigation.
In 2023, additional supplier engagement efforts were
undertaken to ensure active participation and improvement,
aligning with our commitment to continuously enhance
sustainability practices.
TOMRA Recycling and Food
In 2023, TOMRA Food and TOMRA Recycling intensified
efforts to strengthen sustainability practices in supplier
engagement. Our commitment to responsible business
practices is reflected in our longstanding practice of
evaluating sustainability considerations during supplier
assessments.
The combined site in Slovakia, housing both the Food and
Recycling divisions, earned an EcoVadis Gold Medal in
2023, as well as TOMRA Recycling in Germany achieving
a EcoVadis Silver Medal showcasing our dedication to
sustainability. Also, TOMRA Recycling has furthered its
partnership with EcoVadis in 2023 to enhance our supplier
assessment framework and deepen engagement with key
strategic partners. Currently, 63% of our strategic suppliers
have joined EcoVadis. Education initiatives and additional
guidelines aim to support partners in navigating assessments
and improving sustainability scores.
Looking forward, our goal for 2024 is to increase EcoVadis
participation among strategic suppliers to at least 70%. We
plan to conduct screenings of our top 100 suppliers, with a
targeted invitation to the top 50 to join EcoVadis.
SEARCHBROWSESTARTPAGE 33
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Environmental report 2023
NOTES
Emissions have been calculated using the GHG Protocol calculation tools (www.ghgprotocol.org).
Calculations are based on actual and estimated consumption.
Data fields marked with an asterisk(*) have been restated from the Annual Report 2022.
The provision of information on carbon dioxide emission avoidance is illustrative only, and intended
solely as an aid to illustrate the benefit to society generated by TOMRA Group installations in use by its
customers. The below information does not constitute a full Life Cycle Analysis.
Greenhouse gas emissions - consolidated activities
Tonnes carbon dioxide equivalents (tCO2e) 2023 2022
Scope 1 GHG emissions
21,351 20,120
Stationary combustion Natural gas (Scope 1)
1,700 2,200
Stationary combustion Propane (Scope 1)
150 200
Transportation Petrol vehicles (Scope 1)
4,300 3,500
Transportation Diesel vehicles (Scope 1)
15,200 14,200
Transportation CNG vehicles (Scope 1)
1 20
Scope 2 GHG emissions
Electricity Location-based emissions (Scope 2)
6,400 5,700
Electricity Market-based emissions (Scope 2)
10,100 9,200
Scope 3 GHG emissions
1,201,200 712,800
Business travel Vehicles (Scope 3)
4,300 4,100
Business travel Air travel (Scope 3)
10,900 5,700
Use of sold products* Emissions during use-phase (Scope 3)
1,186,000 703,000
Total Scope 1 & 2 GHG emissons (Location-based) (Scope 1 & 2)
27,751 25,820
Total Scope 1 & 2 GHG emissons (Market-based) (Scope 1 & 2)
31,451 29,320
Total Scope 1, 2 & 3 GHG emissons (Location-based) (Scope 1, 2 & 3)
1,228,951 738,620
Total Scope 1, 2 & 3 GHG emissons (Market-based) (Scope 1, 2 & 3)
1,232,651 742,120
Energy consumption - consolidated activities
Megawatt hours (mWh) 2023 2022
Energy consumption, own operations
82,703 83,620
Natural gas (Scope 1)
8,460 11,870
Propane (Scope 1)
630 910
Petrol vehicles (Scope 1)
16,890 14,690
Diesel vehicles (Scope 1)
56,720 56,050
CNG vehicles (Scope 1)
3 100
Energy consumption, purchased grid electricity
23,580 22,000
Purchased grid electricity (Scope 2)
23,580 22,000
Indirect energy consumption
2,053,000 1,226,000
Third party vehicles (Scope 3)
13,700 12,800
Air travel (Scope 3)
23,300 18,200
Energy during use-phase (Scope 3)
2,016,000 1,195,000
Total energy consumption
2,159,283 1,331,620
Greenhouse Gas Emissions from
Operations per unit of value added
Tonnes CO2 / VA
2019
2020
2021
2022
2023
0
4
8
12
Energy Consumption per unit of
value added
barrels oil / VA
2019
2020
2021
2022
2023
0
5
10
15
20
25
SEARCHBROWSESTARTPAGE 34
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Avoided emissions through product use
Tonnes carbon dioxide equivalents (tCO2e) 2023 2022
Beverage container collection through RVMs (1)
3,977,000 3,977,000
Plastic bottles
1,393,000 1,393,000
Glass bottles
349,000 349,000
Aluminium cans
2,191,000 2,191,000
Steel cans
44,000 44,000
Packaging material transport and handling (2)
968,300 891,500
Glass bottles
59,000 60,000
Aluminium cans
804,000 730,000
Plastic bottles, PET
104,000 100,000
Other
1,300 1,500
Material sorted for recycling from mixed sources (3)
17,909,000 16,270,000
Glass
148,000 130,000
Aluminium
7,194,000 6,540,000
PET
4,437,000 4,030,000
HDPE
763,000 690,000
Fiber
418,000 380,000
Non-ferrous metal
1,835,000 1,670,000
Other
3,114,000 2,830,000
Total emission avoidance
22,854,300 21,138,500
Waste generated in operations
Tonnes waste 2023 2022
Waste generated in operations (4)
3,690 3,115
Paper, recycled
410 130
Plastics, recycled
970 1,700
Wood, recycled
300 240
Electric and electronic waste, recycled
30 20
Metal scrap, recycled
780 580
Hazardous waste, recycled
20 5
Glass, recycled
190 130
Unsorted
990 310
Water used in operations
Cubic metres water 2023 2022
Water used in operations (5)
26,600 25,300
Europe
14,900 14,200
North America
5,400 5,100
Rest of World
6,300 6,000
1. BEVERAGE CONTAINER COLLECTION THROUGH RVM’S, TOMRA COLLECTION REVERSE VENDING
Calculated carbon dioxide savings are based on the total number of beverage containers collected
through TOMRA’s RVM installations. Due to the cyber attack, number of beverage containers collected
in 2023 are conservatively estimated to be the same as for 2022. All glass beverage containers are
assumed to be non-refillable, giving significantly lower assumed weight. The split between packaging
types is based on beverage consumption data and TOMRA estimates. The full benefit of collecting and
recycling the beverage containers into new material, versus landfill, is included in the calculation.
2. PACKAGING MATERIAL TRANSPORT AND HANDLING, TOMRA COLLECTION MATERIAL HANDLING
Carbon dioxide saving are based on the tonnage of beverage container material transported and handled
by TOMRA in USA, Canada and Australia. The full benefit of collecting and recycling beverage containers
into new material, as opposed to landfill, is included in the calculation, meaning that some of the saving is
also included under Beverage container collection through RVMs.
3. MATERIAL SORTED FOR RECYCLING FROM MIXED SOURCES, TOMRA SORTING RECYCLING
Estimated material throughput in TOMRA Recycling installations is used in the calculation of avoided
carbon dioxide emissions. The full benefit of sorting materials and recycling into new is included in the
calculation.
4. WASTE GENERATION
Data excludes material collected from recycling centers. Waste data includes for the first time in 2023
our new TOMRA Feedstock plant. 200 tons plastic waste processed through the plant is included in the
reported waste data for 2023.
5. WATER CONSUMPTION
Includes estimates for locations where data is unavailable.
6. EMISSION FROM PRODUCTS DURING USEPHASE
TOMRA’s methodology on “Emisisons from products during use phase” has been to a greater extent
aligned with guidance from the GHG protocol for Scope 3 Category 11. When calculating emissions from
use-phase we have used market-based emissions factors per country to calculate lifecycle GHG emissions
for all machine sales within the reporting year 2023, as well as 2022 to restate the numbers from last year.
SEARCHBROWSESTARTPAGE 35
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Taxomony report
INTRODUCTION
The EU Taxonomy serves as a key component of the
European Commission’s action plan on Sustainable Finance
and aims at redirecting capital flows towards environmentally
sustainable activities. The Taxonomy serves as a
classification framework with pre-defined business activities
under six environmental objectives and can be seen as a
five-step process to assess eligibility and alignment.
TOMRA has closely followed the development and
implementation of the EU Taxonomy regulation and have
continuously made internal assessments, however this year
is the first mandatory year of reporting. As a non-financial
publicly listed parent company, TOMRA reports on revenue
(turnover), capital expenditure (CAPEX) and operating
expenses (OPEX) that are associated with Taxonomy-eligible
and Taxonomy-aligned economic activities, in accordance with
regulation EU (2020/852) and supplementing delegated acts.
ELIGIBLE ACTIVITIES
TOMRA has identified the following Taxonomy eligible activities:
2.3 Collection and transport of non-hazardous and
hazardous waste (CE)
TOMRA performs development, manufacturing, installation,
service and maintenance, as well as physical and digital
upgrade of reverse vending machines (RVMs) with advanced
sensor technology. The RVMs are used to collect empty
beverage containers in deposit markets and is a crucial
component in an efficient deposit return system (DRS). In some
markets we also offer end-of-life treatment for RVMs, in the
form of a take-back program. Manufacturing and installation
of TOMRA RVM solutions is deemed as an essential part of
collecting and sorting materials in the deposit return system,
where we consider the RVM solution to be a collection and
sorting facility. The facility for collecting empty beverage
containers is designed with TOMRA machines, and we install,
setup, calibrate and integrate the RVM solutions. TOMRA is
also often engaged in the initial architectural planning of larger
installations/facilities.
In addition to manufacturing and installation, TOMRA ensures
continued operation with physical and digital upgrade of the
RVMs through our service offerings, which is essential for
ensuring not only the longevity, but also a stable and efficient
operation of the RVM solution.
TOMRA evaluates eligibility on the basis of our contribution
to construction, operation, and upgrade of facilities.
2.7 Sorting and material recovery of non-hazardous waste (CE)
TOMRA provides advanced sensor-based sorting machinery
for waste, plastics and metal sorting. Waste sorting enables
material recovery from waste streams as well as sorting
of mixed waste in separate fractions. Our technology is
used to sort paper, metals, plastic, and wood into separate
fractions of high-quality secondary materials. For plastics
and metal sorting the target is to upgrade materials for
reuse. The sorting machines distinguish between different
types of plastic (e.g. PET, PE, PP, PS) and metals, including
alloys. Our technology is primarily employed in the sorting
of non-ferrous metals such as aluminum, copper, brass, and
stainless steel. High quality sorting is also able to sort flakes
which have a purity above 99% and can be further employed
in a compounding (melting) process in which recycled
granulates are produced for use in new products.
TOMRA Feedstock, one of our Horizon ventures, is in the
process of constructing two plants for sorting of post-
consumer plastic material. We will source pre-sorted mixed
plastic material and through a sorting process upgrade the
material and sell it to recyclers. The output will consist of
different polymer fractions, both flexible and rigid plastics.
TOMRA Feedstock aims at converting more than 50% of
the processed material into secondary raw materials. The
output material can be used by recyclers to produce flakes
IDENTIFY ELIGIBLE
ACTIVITES
ASSESS SUBSTANTIAL
CONTRIBUTION
DO NO SIGNIFICANT
HARM DNSH
COMPLY WITH MINIMUM
SAFEGUARDS
KPI’s (TURNOVER, OPEX
& CAPEX)
SEARCHBROWSESTARTPAGE 36
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
and pellets for applications such as packaging material.
TOMRA Feedstock seeks to enable closing the quantity and
quality gaps in plastic recycling by producing high quality
plastic fractions out of plastic waste that is typically lost to
incineration or landfill. TOMRA is investing in building one
mid-scale plant in Germany, and one in Norway. Neither of
the plants are yet operational but are expected to begin
operations in 2025.
TOMRA evaluates eligibility for activities related to waste
sorting, and plastics and metal sorting on the basis of our
contribution to construction, operation, and upgrade of
facilities, as well as for TOMRA Feedstocks activities.
5.5 Collection and transport of non-hazardous waste in
source segregated fractions (CCM)
TOMRA carries out Material Recovery activities on the US
East Coast and in Canada. Material Recovery comprises the
pick-up, transportation, and processing of empty beverage
containers on behalf of beverage producers/fillers. The
activity covers logistics from the retail collection points and
redemption centers to the processing facilities owned by
TOMRA. The material collected and processed for recycling
consists of glass, aluminum, plastic, and cardboard. Glass
goes into a beneficiating process in our own facilities, plastic
is baled and can be flaked, while aluminum is primarily baled.
The material is subsequently sold for recycling.
TOMRA’s material recovery activities as described above
are considered eligible as it collects and transports non-
hazardous waste in accordance with the activity description
in the Taxonomy regulation.
7.7 Acquisition and ownership of buildings (CCM)
TOMRA has operations and offices in a number of
geographical locations around the world. As TOMRA owns
and/or leases property to support its own operation in these
locations, we consider these activities to fall under activity
7.7 - Acquisition and ownership of buildings based on our
interpretation of the activity description and supplementing
FAQs. Buildings directly related to any of the other eligible
activities are included in the capital expenditure KPI for that
specific activity.
DETERMINING ALIGNMENT
Alignment is considered on the basis of our interpretation of
the substantial contribution and DNSH criteria, as they are
currently presented in the EU Taxonomy regulation. Climate
risk is considered on a group level by the Board of Directors,
as described in the Consolidation and accounting principles
section of the annual report.
2.3 Collection and transport of non-hazardous and
hazardous waste (CE)
TOMRA RVM solutions are specifically designed to collect
and sort used beverage containers as defined by the local
deposit return system for the purpose of reuse or recycling
of the material. The RVM solutions sort and store the sorted
materials separately. Materials and fractions collected by the
RVMs are continuously monitored, and regularly reported
to relevant stakeholders. A good monitoring system is
essential to a well-functioning deposit return system. TOMRA
machines are essentially assessed on how well they are able
to perform the intended sorting, and any deviations would be
identified and corrected.
Health and safety is of the outmost importance to TOMRA,
not only for our own employees but also for our customers
and the end-users of our products. As such, information
about the proper use of our products is provided to relevant
stakeholders. Environmental risks are also considered in the
proper use of machines, especially through our maintenance
and cleaning services.
TOMRA’s assessment is that all eligible activities under 2.3
Collection and transport of non-hazardous and hazardous waste
(CE) are aligned with the EU Taxonomy, according to substantial
contribution and do no significant harm (DNSH) criteria.
2.7 Sorting and material recovery of non-hazardous waste (CE)
Plastic, metal and waste sorting enables material recovery
from waste streams and save materials that would otherwise
end up in landfill or incineration. TOMRA’s sensor-based
technology is in the forefront of sorting accuracy, and our
sorters are able to produce a yield above what is required
across all material types we operate in. TOMRA sorters
provide state-of-the-art sorting technology covering a
number of advanced technologies, including but not limited
to near-infrared (NIR), spectroscopy and X-ray, in order
to achieve the required quality standards. All aspects of
TOMRA’s contribution to both construction and operation of
facilities are considered aligned with substantial contribution,
as well as DNSH criteria.
5.5 Collection and transport of non-hazardous waste in
source segregated fractions (CCM)
All materials collected and transported through material
recovery activities in the relevant markets are for the
purpose of reuse or recycling. In the collection process some
materials that are not initially intended for the DRS may be
collected and dealt with in an appropriate manner, however
the volume is considered insignificant. Throughout the
material recovery processes, materials are kept separate and
not mixed with materials with different properties. The activity
does not significantly harm any of the other environmental
objectives, hence the activity is deemed aligned with the EU
Taxonomy criteria for substantial contribution and DNSH.
7.7 Acquisition and ownership of buildings (CCM)
The amount of detailed information required by the EU
Taxonomy about our locations has not been available in time
for reporting. Therefore, we have not been able to assess the
substantial contribution criteria, and TOMRA has not included
these activities as aligned under 7.7 Acquisition and ownership
of buildings (CCM) due to a lack of information.
SEARCHBROWSESTARTPAGE 37
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
MINIMUM SAFEGUARDS
Human rights
TOMRA employees are required to complete training on our
Code of Conduct through an introductory e-learning course.
TOMRA complies with the Norwegian Transparency Act that
came into effect 1 July, 2022, which requires companies to
make sure human rights and decent working conditions are
respected in their operations and supply chains. TOMRA
works with suppliers and sub-suppliers with a risk-based
approach to address potential violations of human rights and
labor conditions.
Bribery and corruption
TOMRA provides introductory e-learning courses for
employees covering Anti-Bribery and Corruption,
Competition Law and Antitrust, Confidential Information and
IP, and Anti-Money Laundering, as well as more advanced
courses on Anti-Bribery and Competition law. TOMRA utilizes
an advanced analysis tool to support and ensure Integrity
Due Diligence procedures into our business processes for all
new customers, suppliers, and partners.
Taxation
TOMRA interacts with a wide variety of different taxation
structures globally. TOMRA considers its approach to taxation
to be responsible and take a cautious approach where the
legislation offers choices or is open for interpretation. TOMRA
seeks to comply with relevant tax legislation where we
operate and cooperate with tax authorities.
Fair competition
TOMRA has an Antitrust and Competition Law policy and
operates in compliance with applicable competition laws
and regulations where free enterprise and fair competition
is protected. As per our code of conduct, we expect TOMRA
employees to play their part in combating illegal practices
and ensuring fair competition.
On the basis of the above mentioned due-diligence measures
and the absence of negative impacts or convictions,
we consider TOMRA to be compliant with the minimum
safeguards as they are currently defined in the EU taxonomy.
SEARCHBROWSESTARTPAGE 38
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PERFORMANCE AND KPIS
Our disclosures on Revenue, OPEX and CAPEX for
Taxonomy-eligible activities are based on our interpretation
of the Disclosures Delegated Act annex I (Commission
Delegated Regulation (EU) 2021/4987) and additional
guidance documents from the European Commission.
TOMRA’s activities are related to the boundaries of the
reporting entity in accordance with IFRS and as described
in the Group financial statements. Information about
our consolidation principles can be found under the
Consolidation and Accounting principles section of the
annual report.
In our disclosure of the numerator for revenue, OPEX,
and CAPEX we use an activity-based split to avoid double
counting of financial numbers.
Revenue
TOMRA’s revenue related to eligible activities includes the
following elements:
• Revenue from sale and lease of RVM solutions and sorters,
as well as associated services including service and
maintenance, spare parts, upgrades, and digital services.
• Revenue in form of handling and processing fees, as well
as commodity sales.
TOMRA’s main eligible revenue comes from RVM solutions
and sorters, which are sold or leased to customers in
different segments. Service is usually sold directly to
customers through a service agreement or performed as ad-
hoc service upon request.
Revenue from material recovery is threefolded and
comprises handling fee, material processing and commodity
sales following the activities performed by TOMRA in the
relevant markets.
Taxonomy aligned revenue is adjusted for green output
(i.e. revenue) associated with assets financed using funds
from Green Bonds. Green bond financing of our leasing
portfolio in Australia, Lithuania, Latvia, Canada and the USA
means that related revenue is excluded in the adjusted
KPI’s. TOMRA discloses both aligned and adjusted aligned
revenue, in accordance with our interpretation of the
Taxonomy regulation and supplementing FAQs.
OPEX
OPEX according to the EU Taxonomy represents direct
non-capitalized costs related to research and development,
building renovation measures, short-term leases and
maintenance and repair, and any other direct expenditures
relating to the day-to-day servicing of assets of property,
plant and equipment that are necessary to ensure the
continued and effective operations of such assets.
In context of TOMRA’s operations we interpret this to be:
• Relevant research and development projects that do not
qualify for capitalization, consisting of employee expenses,
consumables, and other services relevant for maintenance
and repair.
• Building renovation measures related to production
facilities, or facilities otherwise directly linked to eligible
activities.
• Short-term leases related to our assets or processes for
taxonomy eligible activities.
• Maintenance and repair OPEX for assets or property, plant,
and equipment.
CAPEX
The capital expenditures (CAPEX) KPI entails additions to:
• Property, Plant and Equipment (PPE),
• Intangibles
• Capitalized leases (as required under IFRS).
In accordance with the taxonomy regulation, goodwill is
excluded from this KPI. Our aligned CAPEX is related to assets
associated with taxonomy aligned activities, however any
other non-eligible taxonomy investments aimed at reducing
our environmental footprint are not included. TOMRA’s CAPEX
KPI as it is presented mainly includes investments in our
leasing portfolio in the Collection division, investments in the
Feedstock venture and research and development projects in
both Recycling Sorting and Collection. Some investments are
also related to our fleet of service vehicles, leased offices, and
redemption center locations.
Revenue
72%
28%
Eligible (72%)
Not eligible (28%)
OPEX
CAPEX
53%
47%
61%
39%
Eligible (53%)
Not eligible (47%)
Eligible (61%)
Not eligible (39%)
PERFORMANCE AND KPIS FIGURES
Aligned (72%)
Aligned (53%)
Aligned (54%)
Not aligned (7%)
SEARCHBROWSESTARTPAGE 39
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Taxonomy-aligned CAPEX is adjusted for funding through
Green Bonds, as such TOMRA discloses both aligned and
adjusted aligned CAPEX, in accordance with our interpretation
of the Taxonomy regulation and supplementing FAQs.
Performance
The percentage share of our taxonomy-aligned revenue was
72% in 2023.
As our Ore Sorting and Food business areas are not yet
taxonomy eligible (i.e. covered by the EU Taxonomy)
approximately 28% of our total revenue is excluded from
alignment.
Taxonomy-aligned CAPEX was 54%, however adjusted
for funds from Green Bonds, the aligned CAPEX was 31%.
The main initiatives financed through Green Bonds were
our leasing portfolio and the Feedstock venture. Capital
expenditure related to activity 7.7 is reported as not aligned
on the basis of lack of information to assess against the
technical screening criteria.
Aligned OPEX was 53% in 2023, and mainly consists of
non-capitalized R&D projects for the Recycling Sorting and
Collection business areas.
Green bond adjusted KPI disclosures
2023 total (MNOK) Revenue OPEX CAPEX
Taxomony-aligned
10,638 30 894
Taxonomy-aligned adjusted
9,275 30 512
Taxomony-eligible
10,638 30 1,019
Non-eligible
4,118 27 647
SEARCHBROWSESTARTPAGE 40
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
KPI – Revenue
Financial year N 2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
MNOK %
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
"Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c) Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE
ACTIVITIES
A.1. Environmentally
sustainable activities
(Taxonomy-aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3 6,356 43% N/EL N/EL N/EL N/EL Y N/EL N/A Y Y Y - N/A Y -
Sorting and material recovery
of non-hazardous waste
CE
2.7 2,767 19% N/EL N/EL N/EL N/EL Y N/EL N/A Y Y Y - Y Y -
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 1,515 10% Y N N/EL N/EL N/EL N/EL - Y N/A N/A Y N/A Y -
Acquisition and ownership of
buildings
CCM
7.7 0 0% Y N N/EL N/EL N/EL N/EL - Y N/A N/A N/A N/A Y -
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1) 10,638 72% 10% 0% 0% 0% 62% 0% -
Of which enabling
0% 0% 0% 0% 0% 0% 0% E
Of which transitional
0% 0% 0% 0% 0% 0% 0% - T
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of
Taxonomy aligned
(A.1.) or eligible (A.2.)
turnover year N-1 (18)
Turnover (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of
Turnover Year N (4)
Water (7)
Water (13)
Minimum Safeguards
(17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
SEARCHBROWSESTARTPAGE 41
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial year N 2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
A.2 Taxonomy-Eligible but not
environmentally sustainable
activities (not Taxonomy-
aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3 0 0% EL N/EL N/EL N/EL N/EL N/EL
Sorting and material recovery
of non-hazardous waste
CE
2.7 0 0% EL N/EL N/EL N/EL N/EL N/EL
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 0 0% EL N/EL N/EL N/EL N/EL N/EL
Acquisition and ownership of
buildings
CCM
7.7 0 0% EL N/EL N/EL N/EL N/EL N/EL
Turnover of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2) 0 0% 0% 0% 0% 0% 0% 0%
Total Turnover of Taxonomy
eligible activities (A.1+A.2) 10,638 72% 10% 0% 0% 0% 62% 0%
B. TAXONOMYNON
ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-
eligible activities 4,118 28% -
Total (A+B)
14,756 100% -
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of
Taxonomy aligned
(A.1.) or eligible (A.2.)
turnover year N-1 (18)
Turnover (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of
Turnover Year N (4)
Water (7)
Water (13)
Minimum Safeguards
(17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
KPI – Revenue cont.
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
SEARCHBROWSESTARTPAGE 42
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
KPI – OPEX
Financial year N 2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
MNOK %
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
"Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c) Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE
ACTIVITIES
A.1. Environmentally
sustainable activities
(Taxonomy-aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3 22 39% N/EL N/EL N/EL N/EL Y N/EL N/A Y Y Y - N/A Y -
Sorting and material recovery
of non-hazardous waste
CE
2.7 8 14% N/EL N/EL N/EL N/EL Y N/EL N/A Y Y Y - Y Y -
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 0 0% Y N N/EL N/EL N/EL N/EL - Y N/A N/A Y N/A Y -
Acquisition and ownership of
buildings
CCM
7.7 0 0% Y N N/EL N/EL N/EL N/EL - Y N/A N/A N/A N/A Y -
OpEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1) 30 53% 0% 0% 0% 0% 53% 0% -
Of which enabling
0% 0% 0% 0% 0% 0% 0% E
Of which transitional
0% 0% 0% 0% 0% 0% 0% - T
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of
Taxonomy aligned (A.1.)
or eligible (A.2.) OpEx
year N-1 (18)
OpEx (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of
OpEx Year N (4)
Water (7)
Water (13)
Minimum Safeguards
(17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
SEARCHBROWSESTARTPAGE 43
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial year N 2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
A.2 Taxonomy-Eligible but not
environmentally sustainable
activities (not Taxonomy-
aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3 0 0% EL N/EL N/EL N/EL N/EL N/EL
Sorting and material recovery
of non-hazardous waste
CE
2.7 0 0% EL N/EL N/EL N/EL N/EL N/EL
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 0 0% EL N/EL N/EL N/EL N/EL N/EL
Acquisition and ownership of
buildings
CCM
7.7 0 0% EL N/EL N/EL N/EL N/EL N/EL
OpEx of Taxonomy-eligible
but not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0%
Total OpEx of Taxonomy
eligible activities (A.1+A.2) 30 53% 0% 0% 0% 0% 53% 0%
B. TAXONOMYNON
ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities 27 47% -
Total (A+B)
57 100% -
KPI – OPEX cont.
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of
Taxonomy aligned (A.1.)
or eligible (A.2.) OpEx
year N-1 (18)
OpEx (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of
OpEx Year N (4)
Water (7)
Water (13)
Minimum Safeguards
(17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
SEARCHBROWSESTARTPAGE 44
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
KPI – CAPEX
Financial year N 2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
MNOK %
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c)
"Y; N;
N/EL
(b) (c)
Y; N;
N/EL
(b) (c) Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE
ACTIVITIES
A.1. Environmentally
sustainable activities
(Taxonomy-aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3 626 38% N/EL N/EL N/EL N/EL Y N/EL N/A Y Y Y - N/A Y -
Sorting and material recovery
of non-hazardous waste
CE
2.7 229 14% N/EL N/EL N/EL N/EL Y N/EL N/A Y Y Y - Y Y -
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 39 2% Y N N/EL N/EL N/EL N/EL - Y N/A N/A Y N/A Y -
Acquisition and ownership of
buildings
CCM
7.7 0 0% N N N/EL N/EL N/EL N/EL - N N/A N/A N/A N/A Y -
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1) 894 54% 2% 0% 0% 0% 52% 0% -
Of which enabling
0% 0% 0% 0% 0% 0% 0% E
Of which transitional
0% 0% 0% 0% 0% 0% 0% - T
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of
Taxonomy aligned (A.1.)
or eligible (A.2.) CapEx
year N-1 (18)
CapEx (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of
CapEx Year N (4)
Water (7)
Water (13)
Minimum Safeguards
(17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
SEARCHBROWSESTARTPAGE 45
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial year N 2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
EL;
N/EL
(f)
A.2 Taxonomy-Eligible but not
environmentally sustainable
activities (not Taxonomy-
aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3 0 0% EL N/EL N/EL N/EL N/EL N/EL
Sorting and material recovery
of non-hazardous waste
CE
2.7 0 0% EL N/EL N/EL N/EL N/EL N/EL
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 0 0% EL N/EL N/EL N/EL N/EL N/EL
Acquisition and ownership of
buildings
CCM
7.7 125 7% EL N/EL N/EL N/EL N/EL N/EL
CapEx of Taxonomy-eligible
but not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2) 125 7% 7% 0% 0% 0% 0% 0%
Total CapEx of Taxonomy
eligible activities (A.1+A.2) 1,019 61% 9% 0% 0% 0% 52% 0%
B. TAXONOMYNON
ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities 647 39% -
Total (A+B)
1,666 100% -
KPI – CAPEX cont.
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of
Taxonomy aligned (A.1.)
or eligible (A.2.) CapEx
year N-1 (18)
CapEx (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of
CapEx Year N (4)
Water (7)
Water (13)
Minimum Safeguards
(17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
SEARCHBROWSESTARTPAGE 46
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Corporate governance report
Corporate governance is important to align
the interests of shareholders, management,
employees, customers, and suppliers, and forms
the basis for a healthy corporate culture at
TOMRA. The Board of Directors is responsible
for corporate governance.
IMPLEMENTATION AND REPORTING OF CORPORATE
GOVERNANCE
TOMRA is subject to the requirements of §3-3b of the
Norwegian Accounting Act, the Norwegian Code of Practice
for Corporate Governance and the Continuing Obligations
of Stock Exchange Listed Companies, which are available at
lovdata.no, nues.no and Euronext.com, respectively.
This report follows the system used in the Code of Practice
of 14 October 2021. The only known deviation from the Code
is described under “General Meetings” below.
At TOMRA, corporate governance is defined as the
processes and control features that have been established
to protect the interests of TOMRA’s shareholders and other
stakeholders such as employees, suppliers, and customers.
TOMRA’s Corporate Governance Policy has been approved
by the Board of Directors and is available on TOMRA’s
corporate website.
Our values are described in the corporate vision, mission,
core values and policies, which can be found on the TOMRA
website. We aim to lead the resource revolution, enabling
better utilization of the world’s natural resources, and we
are committed to doing business ethically and with zero
tolerance for corruption. The Board of Directors will ensure
that the company complies with the requirements of the
applicable laws and regulations. To support these aims,
we have developed and implemented a Code of Conduct
and Corporate Responsibility Statement. This and further
information on our sustainability strategy can be found under
“About TOMRA / Corporate Governance” on the TOMRA
website.
BUSINESS DESCRIPTION
TOMRA is a leading global supplier of sensor-based solutions
for optimal resource productivity within the business areas
reverse vending, material recovery, recycling, ore sorting, and
food. The Directors’ Report describes the company’s activities
in more detail, including goals and main strategies.
The Board of Directors defines clear objectives, strategies,
and risk profiles for the company’s business activities.
The company’s compliance with these objectives, risks
profile and strategy, as well as the adjustments of them, are
monitored by the Board of Directors throughout the year.
The Articles of Association are published on Tomra.com.
EQUITY AND DIVIDENDS
As of 31 December 2023, Group equity totaled NOK 6,904
million, up NOK 333 million from last year, with an equity ratio
of 42 percent. TOMRA’s policy is to distribute between 40
to 60 percent of the Group’s earnings per share as dividend
while maintaining investment grade. When deciding the
annual dividend level, the Board of Directors takes into
consideration expected cash flows, capital expenditure
plans, financing requirements and the need for appropriate
financial flexibility. For 2022, an ordinary dividend of NOK
1.80 was paid out per share. For 2023, the Board of Directors
has proposed an ordinary dividend of NOK 1.95 per share.
Dividend in percentage of EPS is 83 percent which is above
the target range, however adjusting for one-off costs related
to the cyberattack and Food restructuring the proposal
represents 54 percent of adjusted EPS.
The Board of Director’s authorizations to increase share
capital and to buy back shares are limited to specific
purposes and are given by the Annual General Meeting and
is granted for a period no longer than to the next general
meeting. At the 2023 Annual General Meeting, the Board of
Directors was granted the right to acquire and dispose of up
to 1 million treasury shares, for the purpose of fulfilling the
employee share purchase program. In addition, the Board
of Directors was granted the right to issue up to 29.6 million
shares in connection with any mergers and acquisitions.
These authorizations are valid until the Annual General
Meeting in 2024.
EQUAL TREATMENT OF SHAREHOLDERS AND
TRANSACTIONS WITH CLOSE ASSOCIATES
TOMRA has only one class of shares and each share entitles
the holder to one vote. The nominal value is NOK 0.5.
Transactions in treasury shares have taken place on the
market at stock exchange prices, according to good stock
exchange practice in Norway.
Related party transactions are covered by TOMRA’s Code
of Conduct, which also applies to Board members. Any
member of the Board of Directors or Executive Leadership
Team should immediately notify Group Compliance if a
potential conflict of interest occurs. There were no material
transactions between the company and related parties that
required a third-party evaluation during 2023.
FREELY TRADED SHARES
The shares of TOMRA Systems ASA are listed on the Oslo
Stock Exchange and all shares confer equal rights and are
freely negotiable. There are no provisions in the Articles of
Association restricting the free negotiability of shares as long
as the insider regulations are adhered to.
TOMRA’s Long Term Incentive Plan (LTIP) requires
participants to purchase TOMRA shares equal to 25 percent
of the gross amount and restricting the sale of such shares
for three years following the purchase.
GENERAL MEETINGS
In accordance with TOMRA’s Articles of Association, the
Annual General Meeting shall be held no later than the end
SEARCHBROWSESTARTPAGE 47
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
of June each year, with at least 21 days written notice given
to each shareholder. The 2023 General Meeting was held
on the 27th of April as a hybrid meeting where shareholders
could participate either physically or digitally.
The General Meeting notice is sent to all shareholders with a
known address and is also available on TOMRA’s website no
later than 21 days before the Annual General Meeting. The
meeting notice includes documents regarding matters to be
considered, information regarding shareholders’ rights and
guidelines for meeting registration and voting.
Shareholders have the right to cast votes for the number
of shares owned and registered in Verdipapirsentralen five
working days prior to the General Meeting.
Shareholders unable to attend the General Meeting may
either appoint a proxy or submit a vote in advance. The
deadline for registration of physical attendance, advance
votes, proxies and instructions is 2 working days prior to the
Annual General Meeting.
Shareholders have the right to have matters dealt with by the
General Meeting. The matters have to be reported in writing
to the Board of Directors at the latest 28 days before the
General Meeting.
The Chair of the Board, the President and CEO, the external
auditor and the Chair of the Nomination Committee will be
present at the General Meeting to the extent the agenda
items make such attendance relevant.
In line with the Code of Practice, the General Meeting elects
an independent person to chair the meeting.
TOMRA does not follow the Code’s recommendation to vote
separately on each candidate nominated for election to the
Board of Directors. The Nomination Committee consider the
Board’s composition in relation to TOMRA’s business and
strategy, and competence areas like international operations,
relevant industries and value chains, sustainability, finance
and capital markets as well as having experience as a senior
executive. The voting should therefore consider the Board
as a collegium. In addition, according to Norwegian law,
the Board of Directors must comprise of at least 40 percent
female members, which TOMRA is compliant with.
NOMINATION COMMITTEE
According to the Articles of Association TOMRA shall have
a Nomination Committee consisting of two to four members
elected for one year at a time by the General Meeting. The
charter for the Nomination Committee is approved by the
General Meeting.
The Nomination Committee consists of four members, each
elected for one year. The composition meets the Code’s
requirements for independence of the majority of the
members. None of the members of the Nomination Committee
are members of the Board of Directors, nor does the
Nomination Committee include the company’s President and
CEO or any other executive personnel.
The Nomination Committee proposes candidates for
shareholder-elected Board members and its Chair, candidates
for members of the Nomination Committee and its Chair,
and remuneration for the Board of Directors, the Nomination
Committee, and the Board Committees.
The Nomination Committee meets with the Chair of the Board,
Board members and the President and CEO and CFO to
evaluate the work and composition of the Board of Directors.
The membership of the committee and details of how to
submit proposals for new board members are available on
TOMRA.com under “About TOMRA – Board of Directors.”
BOARD OF DIRECTORS
The shareholder-elected Board members are proposed by
the Nomination Committee based on a number of criteria
with the aim of safeguarding the interests of the shareholders
and the company’s need for competence, capacity and
diversity. The shareholder-elected Board members and
the Chair of the Board are ultimately selected by the
shareholders at the Annual General Meeting. The Board of
Directors and the Chair are all elected for one year at a time
(employee-elected members for two years at a time).
SEARCHBROWSESTARTPAGE 48
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The Board of Directors consists of five shareholder-elected
members, and three members elected among and by the
employees in Norway. The composition of the Board of
Directors meets statutory requirements and the Code of
Practice. The majority of the shareholder-elected members
are independent of the company’s management, main
shareholders and important business associates. The
exception is Johan Hjertonsson, which is President and
CEO of Latour AB, TOMRA’s largest shareholder and Bodil
Sonesson which is President and CEO of AB Fagerhult,
where Latour AB is the largest shareholder.
The Annual Report provides information about Board
members’ qualifications, background, share ownership, other
board memberships, and how long they have been members
of the Board of TOMRA.
The Articles of Association do not require members of the
Board of Directors to own shares in the company. However,
the General Meeting has decided that external board
members are required to invest in TOMRA shares equal to
20% of their annual gross board fee. The requirement no
longer applies once the value of the shareholding exceeds
the gross annual board fee.
THE WORK OF THE BOARD OF DIRECTORS
The Board of Directors has prepared instructions which
define the responsibilities and obligations of the Board of
Directors and that comply with the duties stated in the Public
Limited Liability Companies Act.
Board members and the President and CEO cannot
participate in considerations or decisions of matters of such
specific importance to them personally or to their close
associates, where they are considered to have a direct or
indirect personal or financial interest in the matter. In case of
a conflict of interest, the Board member needs to alert the
Chair of the Board and not take part in addressing that issue.
The Board of Directors has established an annual cycle
which includes all planned meetings and a regular agenda.
The annual cycle covers strategic work, commercial issues
and governance. The Board of Directors meets at least four
times a year. In 2023, eight board meetings were held, and
the attendance at the meetings was 97 percent.
The Board of Directors has established three subcommittees,
the Audit Committee, the Sustainability Committee, and the
Compensation & Organizational Development Committee.
The Board Committees consist of members of TOMRA’s
Board of Directors, chosen by the Board of Directors to
reflect a balance of abilities and interests. Charters for each
of the Board committees have been prepared and duly
approved by the relevant body.
Audit Committee
The Audit Committee supports the Board of Directors in
supervision of financial reporting, internal accounting controls,
compliance, and audit matters. The Audit Committee also
evaluates the performance of the internal audit function, the
compliance function and information security risk.
SEARCHBROWSESTARTPAGE 49
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The Audit Committee is chaired by Pierre Couderc with Hege
Skryseth and Pauline Bergan as members. Hege Skryseth
fulfills the formal requirements linked to financial expertise
in the committee. The composition of the committee
complies with the requirements in the Code of Practice for
independence and competence.
The Audit Committee held five meetings during 2023. The
participation rate in the meetings was 100 percent.
Sustainability Committee
The Sustainability Committee supports the Board of Directors
in supervision of sustainability ambitions and targets. The
committee ensures sustainability is embedded in all strategy
planning for future growth and reviews the sustainability
reporting.
The Committee is chaired by Bodil Sonesson with
Alexander Verlo as a member. Bodil Sonesson fulfills the
formal requirements linked to sustainability expertise in
the committee, and Alexander Verlo is a member of the
Sustainability Task Force within TOMRA Collection.
The Sustainability Committee met twice during 2023 and had
a participation rate of 100 percent.
Compensation & Organizational Development Committee
The Compensation and Organizational Development
Committee supports the Board of Directors in reviewing
the performance and remuneration of the President and
CEO, CFO and Executive Leadership Team. The committee
determines TOMRA’s compensation policy and any share
option programs, bonus programs and relevant pension
programs for senior leadership team. The committee
evaluates the remuneration and other incentive plans for
the Executive Leadership Team and monitor leadership,
development, and succession planning.
The Compensation & Organizational Development
Committee is chaired by Johan Hjertonsson with Bjørn Matre
and Kjell Korneliussen as members.
The committee held three meetings during the year with
89 percent participation. The composition of the committee
complies with the Code of Practice and all members are
independent of the Executive Leadership Team.
Internal evaluation by the Board of Directors
The Board of Directors and each of its committees conduct
an annual self-performance evaluation to determine whether
the Board of Directors and each of its committees are
functioning effectively. The review is discussed with the full
Board of Directors once a year.
RISK MANAGEMENT AND INTERNAL CONTROL
The Board of Directors oversees the company’s internal
control and overall risk management and assurance, and
through the Audit Committee, reviews and monitors the
effectiveness of the company’s policies and practices in such
regard. Responsibility for individual areas of control has been
delegated through the CEO down to the respective members
of the Executive Leadership Team.
Information and communication
All internal policies and procedures are made available to
employees on our TOMRA SharePoint site. The policies are
regularly updated and communicated.
Risk Management
The Board of Directors is responsible for approving the
Group’s strategy, its principal markets, and the level of
acceptable risk. Risk management shall ensure that risks
relevant to TOMRA’s objectives are identified, analyzed,
and managed. A sound risk culture is a prerequisite for
a successful risk management process. The Board of
Directors and its committees monitor and assess risks
including environmental, social, strategic, financial, legal and
operational risks and the associated control measures put in
place to manage them.
The Board of Directors conducts a review of the Group’s
most important risk exposures and internal control systems
at least annually. The risk assessment is consolidated and
reviewed by the Executive Leadership Team before being
submitted to the Board of Directors.
SEARCHBROWSESTARTPAGE 50
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Control Environment
TOMRA risk management system is designed to ensure that
business activities are conducted in compliance with external
and internal standards and requirements, and in a safe and
secure manner. The aim is to avoid unwanted incidents while
creating value. The Board of Directors and the Executive
Leadership Team recognize that any controls and procedures,
no matter how well designed and operated, can only provide
reasonable assurance that the desired control objectives will
be achieved, and that it cannot provide absolute assurance
that no control issues will remain undetected.
TOMRA’s Code of Conduct is an important part of the internal
control systems. The Code of Conduct and other internal
policies are made available for all TOMRA employees.
TOMRA also runs mandatory global employee training
programs. Integrity Due Diligence process, which covers
both existing and new business partners and activities, is
integrated as part of our internal control procedures.
A Chart of Authority describes each level of authority
throughout the organization. TOMRA has a dual control
principle for approvals, and our ERP systems enforce this
principle. Matters reserved for the Board of Directors are
clearly defined and appropriate authorization limits and
reporting procedures are implemented.
TOMRA’s internal control framework have been tailored to
the requirements of its individual business activities. Controls
for areas possessing particularly high inherent risk include
clear guidelines for delegation of authority, segregation of
duties, and requirements for regular reporting and reviews.
Internal systems and procedures related to sustainability
and quality are implemented and described in more detail in
TOMRA’s Corporate Sustainability report on pages 11-32.
TOMRA has established whistleblowing channels where any
unethical behavior or other breach of the Code of Conduct
can be reported. Concerns can be reported through an
online portal, e-mail and phone. Whistleblowers have full
confidentiality, are protected against retaliation, and may
request anonymity. Such requests will always be respected.
Control Activities
Legal entities submit various reports into the consolidation
system every month. The reports are then reviewed in
monthly meetings. The input from these meetings forms the
basis for the monthly and quarterly reporting to the Board
of Directors. The Board of Directors reviews the monthly
reports and follows up with management on any actions to
be taken to address identified weaknesses.
TOMRA’s Group Accounting is responsible for the
preparation of the Financial Statement and to ensure
reporting according to applicable laws and regulations and in
accordance with adopted accounting principles.
The Audit Committee assists the Board of Directors in
monitoring the process for identifying, evaluating, and
managing risks. The Audit Committee reviews the Financial
Statement, audit plans for both external and internal audits,
reporting of any identified weaknesses, and the Compliance
program and plans.
All Board members receive minutes from each Audit
Committee meeting.
Monitoring Systems
Line management is responsible for monitoring the internal
control routines and for assessing the need for corrective
actions within their responsibility.
The internal audit team performs independent audits
of subsidiaries, as well as reviews of specific themes,
including assessments of risk and the adequacy of the
internal controls. Internal audit reports functionally to the
Audit Committee and administratively to the CFO. The
internal audit team has no direct operational responsibility
or authority over any of the activities it reviews. While
performing internal audits the team has unrestricted access
to all records, personnel, and property of the company to
collect such information as is necessary for the performance
of its tasks.
The external auditor presents the main elements in the audit
and observations on TOMRA’s internal controls related to the
financial reporting process to the Audit Committee.
The Audit Committee, on behalf of the Board of Directors,
has reviewed the effectiveness of the TOMRA’s systems of
internal control for 2023 and the period leading up to the
presentation of the 2023 financial statements.
REMUNERATION TO MEMBERS OF THE BOARD
The General Meeting approves the Board of Directors’
annual remuneration based on a proposal from the
Nomination Committee. The Board of Directors’
remuneration is based on comparable international entities
of TOMRA’s size and complexity and is not dependent on the
company’s financial results. No share options are granted
to the Board of Directors, however the shareholder-elected
Board members are required to purchase TOMRA shares.
See above under Board of Directors for more details.
No members of the Board of Directors have taken on any
assignments for TOMRA besides the Board membership,
and no remuneration for such additional services has been
received.
Further information on Remuneration to Board members is
provided in note 4 and in the Remuneration report 2023,
available on TOMRA’s website (Annual General Meeting
documentation).
SEARCHBROWSESTARTPAGE 51
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SENIOR EXECUTIVE REMUNERATION
The Compensation and Organizational Development
Committee monitors decisions and matters regarding
remuneration and terms and conditions for senior executives.
The Board of Directors annually assesses the President and
CEO’s remuneration.
The TOMRA guidelines for remuneration of senior executives
have been proposed by the Board of Directors, and
approved by the Annual General Meeting, and contribute
to achieving TOMRA’s long-term goals. The Guidelines are
available on the TOMRA website.
Further information on remuneration to senior executives is
provided in note 4 and in the Remuneration Report 2023,
available on TOMRA’s website (Annual General Meeting
documentation).
Both the Guidelines and the Remuneration Report are
subject to approval at the General Meeting.
INFORMATION AND COMMUNICATION
Communication with financial markets is based on
the principles of openness and equal treatment of all
shareholders. In order to give the public a good basis
for making adequate decisions related to valuation and
trade of the TOMRA share, TOMRA shall provide accurate,
comprehensive and timely information.
TOMRA’s accounting procedures are transparent and comply
with the International Financial Reporting Standards (IFRS).
The Audit Committee monitors the company’s reporting on
behalf of the Board of Directors.
TOMRA’s annual and quarterly reports contain information
on the various aspects of the company’s activities. This
information is available in the “Investor Relations” section of
the TOMRA website along with the financial calendar for 2024.
The President and CEO, the CFO and Group’s Investor
Relations maintain regular contact with shareholders,
potential investors, analysts, and other financial market
stakeholders.
TAKEOVERS
The Board of Directors will not seek to hinder or obstruct
any takeover bids. In the event of such bids, the Board
of Directors will comply with relevant legislation and
regulations. The Board of Directors will seek to comply
with recommendations in the Code of Practice, including
obtaining a valuation from an independent expert and
making a recommendation to TOMRA’s shareholders
regarding acceptance of the bid.
AUDITOR
The independent auditor is elected by the General Meeting
and is responsible for auditing the Group accounts.
The Board of Directors has delegated to the Audit
Committee to monitor the external auditor, and the Audit
Committee reports the outcome of this work to the Board
of Directors. The external auditor meets with the Board of
Directors annually to present the assessment of risk, internal
control, and the quality of financial reporting. This also
includes a session without the presence of TOMRA senior
management.
The external auditor participates in all Audit Committee
meetings, and presents the audit plan for the year, a review
of TOMRA’s internal control procedures, any potential
weaknesses identified and proposed improvements. The
external auditor also confirms its independence annually.
TOMRA has guidelines for company’s use of the external
auditor for advisory services, tax services, and other services
outside the ordinary audit scope. The Audit Committee has
delegated a pre-approval right of NOK 2.5 million to the Group
CFO for non-audit services on a yearly basis. The external
auditor regularly reports such services to the Audit Committee.
SEARCHBROWSESTARTPAGE 52
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
2023 summary and highlights
Revenues in 2023 of NOK 14,756 million represent a growth of
21% compared to 2022. Adjusted for currency, revenues were:
• Up 11% in TOMRA Group
• Up 18% in Collection
• Up 18% in Recycling
• Down 7% in Food
EBITA margin decreased to 9% in 2023 from 13% in 2022.
• Adjusted for one-off costs , EBITA margin was 13%.
EBITA was NOK 1,379 million in 2023, down from NOK 1,625
million in 2022.
• Adjusted for one-off costs,
1
EBITA was NOK 1,873 million.
EPS was NOK 2.36 in 2023 compared to NOK 3.48 in 2022,
a decrease of 32%.
• Adjusted for one-off costs
1
, EPS was NOK 3.63.
Cash flow from operations equaled NOK 1,586 million in
2023, up from NOK 1,150 million in 2022.
COLLECTION
• Good revenue development in existing markets.
• Implementation of deposit systems in new markets
materialized into strong revenues from Romania and
Hungary. Rollout of throughput system in Victoria (AUS)
with revenues expected to build up.
• Successful bid for providing reverse vending technology
for the expanded deposit system in Quebec (CAN).
RECYCLING
• Strong revenue growth driven by good momentum across
all segments and in most geographies.
• The order intake was NOK 3,247 million in 2023, up 23%
from 2022.
• Order backlog of NOK 1,107 million, up 15% from the end of
2022.
FOOD
• Healthy growth in the processed food but a challenging
year in fresh food and for TOMRA Food overall.
• Order intake was NOK 3,728 million in 2023, up 2% from
2022.
• Order backlog increased to NOK 1,143 million, up 6% from
the end of 2022.
Share price decreased during 2023 to NOK 123.45 from NOK
165.60.
• Adjusting for the dividend of NOK 1.80 per share paid out
in May 2023, the total return on the TOMRA share was
-24% percent in 2023, following a decline of 47% in 2022
and increase of 50% in 2021.
• 110 million shares traded at Oslo Stock Exchange in 2023,
down from 132 million in 2022.
The Group ended 2023 with a strong balance sheet and a
solid foundation for further growth.
• 42% equity ratio.
• 1.6x Net Interest-Bearing Debt / EBITDA.
• The Board proposed an ordinary dividend of NOK 1.95
per share corresponding to a payout ratio of 54% EPS,
adjusted for one-off costs. This is an increase of 8% from
NOK 1.80 per share last year.
TOMRA GROUP FINANCIAL FIGURES
1)
One-off costs include costs related to the cyberattack and Food restructuring program.
Revenue
MNOK
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
4,000
8,000
12,000
16,000
EBITA and margin*
MNOK
0%
4%
8%
12%
16%
20%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
400
800
1,200
1,600
2,000
Gross contribution and margin
MNOK
0%
10%
30%
50%
70%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
1,000
3,000
5,000
7,000
* 2023 EBITA and margin is adjusted for one-off costs related
to the cyberattack and Food restructuring program.
SEARCHBROWSESTARTPAGE 53
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Board of Directors
Johan Hjertonsson (b. 1968) Bodil Sonesson (b. 1968) Pierre Couderc (b. 1959) Bjørn Matre (b. 1960)
POSITION
Chair of the Board of TOMRA Systems ASA
since 2022.
Other positions: President and CEO of
Investment AB Latour since 2019.
EDUCATION
MSc in Business and Economics, University
of Lund, 1993.
CAREER HISTORY
CEO of Fagerhult between 2009-2018, CEO
of Lammhults Design Group between 2007-
2009 and various management positions
within The Electrolux Group between 1990
and 2007.
SHARES
7,000 shares.
BOARD MEMBERSHIPS
Publicly listed: Alimak Group (chair), ASSA
ABLOY AB (chair), Sweco AB (member),
Investment AB Latour (member).
POSITION
Director. Board member of TOMRA Systems
ASA since 2013.
Other positions: President & CEO of AB
Fagerhult.
EDUCATION
Master’s Degree in International Finance,
University of Lund and Konstanz University.
CAREER HISTORY
VP Global Sales at Axis Communications and
employment with Lars Weibull AB.
SHARES
3,502 shares.
BOARD MEMBERSHIPS
Non-listed: The Swedish Chamber of
Commerce in Paris (member).
POSITION
Director. Board member of TOMRA Systems
ASA since 2014.
Other positions: Managing Director Trouw
Nutrition Iberia.
EDUCATION
Engineering degree, Ecole Nationale
Supérieure des Mines de Paris, 1982.
CAREER HISTORY
CEO and Chair of Executive Committee,
Groupe Euralis between 2009-2020 and
several management positions within
the Danone Group (1987-2008) including
General Manager Asia Pacific (2005-2008),
General Manager Danone Mexico (2004-
2005), and General Manager Danone
Argentina (2002-2004). Executive General
Manager at Jose Cuervo (2008-2009).
SHARES
5,520 shares.
BOARD MEMBERSHIPS
None.
POSITION
Director. Board member of TOMRA Systems
ASA since 2019.
Other positions: Owner and Chair of Lille
Oslo Eiendom AS and subsidiaries.
EDUCATION
MSc in Economics and Business
Administration from NHH Norwegian School
of Economics (1981), and a Master of Laws
from UiB University of Bergen (1982) with Bar
Exam.
CAREER HISTORY
Senior Partner at the Boston Consulting
Group (BCG) and Chair of BCG Europe,
Middle East and Africa. Various leadership
roles in the Nordic financial services industry,
prior to working for BCG from 1989-2018.
SHARES
5,192 shares.
BOARD MEMBERSHIPS
None.
SEARCHBROWSESTARTPAGE 54
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Hege Skryseth (b. 1967) Pauline Bergan (b. 1986) Kjell Korneliussen (b. 1967) Alexander Verlo (b. 1980)
POSITION
Director. Board member of TOMRA Systems
ASA since 2019.
Other positions: Executive Vice President of
Technology, Digitization and Innovation at
Equinor.
EDUCATION
eMBA from NHH Norwegian School of
Economics, Bachelor from BI and College
graduate NITH.
CAREER HISTORY
Executive Vice President of Kongsberg and
President of Kongsberg Digital and various
management positions from tech companies
such as Kongsberg, Microsoft Norway and
Geodata (ESRI).
SHARES
4,673 shares.
BOARD MEMBERSHIPS
Publicly listed: Autostore (member).
POSITION
Employee Elected Director. Board member of
TOMRA Systems ASA since 2023.
Other positions: Head of Strategy & Business
Development (Acting), TOMRA.
EDUCATION
Master’s degree in management from ESCP
Europe in Paris.
CAREER HISTORY
Senior Business Development Manager
for Future Circular Solutions within TOMRA
Collection. Prior to joining TOMRA, Bergan
has worked as a management consultant at
Capgemini Invent and in software sales at
Microsoft in France and Norway.
SHARES
353 shares.
BOARD MEMBERSHIPS
None.
POSITION
Employee Elected Director. Board member
of TOMRA Systems ASA since 2023.
Other positions: Mechatronics Engineer,
TOMRA.
EDUCATION
Diploma in the field of mechatronics at the
Tinius Olsen Technical School.
CAREER HISTORY
Joined TOMRA in 2001 as a production
assembly line worker. Prior to joining TOMRA
he worked as a process operator for Dyno
Nobel ASA.
SHARES
0 shares.
BOARD MEMBERSHIPS
None.
POSITION
Employee Elected Director. Board member
of TOMRA Systems ASA since 2023.
Other positions: Senior Mechanical Engineer,
TOMRA.
EDUCATION
Master of Science from Lund University
and Bachelor of Science from University of
South-Eastern Norway.
CAREER HISTORY
Worked with advanced technical product
development and innovation as a senior
mechanical designer with Jotron AS and GE
Healthcare.
SHARES
830 shares.
BOARD MEMBERSHIPS
None.
SEARCHBROWSESTARTPAGE 55
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Directors’ report
STRATEGIC HIGHLIGHTS
Only 7% of the world’s precious resources are circular today
1
and more than 30% of all consumable food is wasted each
year.
2
At the same time, global consumption of resources
continues to increase. If countries are to achieve the
necessary reduction of greenhouse gas emissions set
out by the Paris Agreement, transformation is needed.
With innovative solutions and technology, society has an
opportunity to optimize resource productivity and create
circular economies – aiding the path toward net zero
by 2050. At TOMRA, our vision is to lead this resource
revolution and enable a world without waste.
TOMRA has been pioneering technology-driven solutions
for optimal resource productivity since 1972. Our solutions
enable automated identification, collection, grading, and
sorting of resources. We optimize how resources are
obtained, used, and reused – driving resource productivity
and turning waste into valuable resources.
We operate in markets where we take a leading global
position and make a meaningful impact. Through continuous
innovation and thought leadership, our solutions shape new
markets – enabling us to grow sustainably and profitably.
Our strategy is to accelerate growth in our core business and
in parallel organically explore new adjacent opportunities
and alternative business models which support our growth
ambitions and diversify our business. We have set ambitious
financial targets for the coming years, up until 2027:
TOMRA has an ambition to grow by innovating technology,
shaping new markets, and being a system enabler for optimal
resource productivity – allowing us to outgrow established
markets and achieve average annual revenue growth of 15%
from 2022-2027.
At TOMRA, we take leading market positions and diversify
our exposure to sustainably create value for generations to
come. We aim to achieve an EBITA margin of 18% by 2027, by
providing key technology to enable circularity and resource
optimization in high growth segments at attractive margins.
TOMRA is committed to a dividend policy of returning 40-60%
of Earnings Per Share (EPS) to shareholders while maintaining
a strong balance sheet with investment grade credit rating.
In 2023, both TOMRA Collection and Recycling performed
well in line with our long-term ambitions, growing 18% each
(currency adjusted) and delivering improved EBITA margins
of 17% and 21% respectively. TOMRA Food had a challenging
year with 7% decline in revenues, and consequently a decline
in EBITA margin due to damaged harvests and a challenging
macroeconomic environment for our customers. We are
taking firm actions to restructure TOMRA Food and improve
profitability.
Despite the setback in TOMRA Food and being subject to
an extensive cyberattack midway through the year, we have
delivered as promised to our customers and continued
to innovate and launch new products into the market. We
have also made material progress on developing adjacent
businesses with an investment into a second advanced
plastic feedstock sorting plant, and the launch of a pilot for
reusable takeaway packaging.
1) Source: The Circular Gap Report 2024, Circle Economy Foundation.
2) Source: Technical Platform on the Measurement and Reduction of Food Loss and Waste, Food and Agriculture Organization of the United Nations, 2024.
SEARCHBROWSESTARTPAGE 56
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
FINANCIAL PERFORMANCE
Group revenues amounted to NOK 14,756 million in 2023,
an increase of 21% compared to 2022. Adjusted for currency
effects, revenues were up 11% in TOMRA Group, up 18% in
both Collection and Recycling, but declined 7% in Food.
Gross margin in TOMRA Group has improved to 43% in 2023
from 41% in 2022 as actions have been taken to recover
margins. In 2022, component shortages and cost inflation
affected the margins of all business divisions.
EBITA, adjusted for one-off costs, amounted to 1,873 MNOK
in 2023, up from 1,625 MNOK in 2022. This corresponds
to an EBITA margin of 13%, in line with the margin in 2022.
Including one-off costs, reported EBITA ended at 1,379
MNOK, down 15% from 2022, with an EBITA margin of 9%.
Net financial income, including profit from associates, was
negative NOK 185 million in 2023, compared to negative
NOK 49 million in 2022. The change is largely driven by
higher interest rates and additional debt financing including
the issuance of new green bonds in the fourth quarter 2022.
Interest expenses increased to NOK 115 million in 2023
compared to NOK 34 million in 2022.
Taxes were 237 million in 2023, a reduction compared to
2022 due to a lower operating profit and higher financial
costs. The Group’s average tax rate increased by 0.3
percentage points, to 24.1% in 2023.
EPS, adjusted for one-off costs related to the cyberattack
and restructuring program in Food, was NOK 3.63 in 2023
compared to NOK 3.48 in 2022. This corresponds to an
increase of 4%. Including one-off costs, EPS decreased 32%
to NOK 2.36.
Cash flow from operations equaled NOK 1,586 million in
2023, compared to NOK 1,150 million in 2022. Cash flow from
investments was NOK -1,147 million in 2023, compared to
NOK -759 million in 2022. Investments of significance in 2023
include a new installed base of reverse vending machines
in Victoria, our planned Feedstock plants, and a strategic
investment in Kezzler AS – a software-as-a-service provider
enabling serialization and traceability of products through
their life cycles. Cash flow from financing was NOK -42 million
compared to NOK -198 million in 2022 when an extraordinary
dividend (for financial year 2021) was paid and treasury shares
were acquired for the employee share purchase program.
Total assets as of 31 December 2023 were NOK 16,513 million,
compared to NOK 13,932 million as of 31 December 2022. The
equity ratio decreased to 42% in 2023 from 47% in 2022.
Net Interest-Bearing Debt / EBITDA (rolling 12 months’ basis)
was 1.6x at the end of 2023 compared to 1.2x at the end of
2022.
Dividend
TOMRA aims to distribute between 40-60% of the Group’s
earnings per share. When proposing the annual dividend
level, the Board of Directors has taken into consideration
expected cash flows, investment plans, financing
requirements and the need for appropriate financial flexibility.
The Board of Directors proposes an ordinary dividend of
NOK 1.95 per share for 2023, corresponding to a payout ratio
of 54% adjusted EPS. This is an increase of 8% from NOK
1.80 per share last year.
TOMRA GROUP FINANCIAL FIGURES
Revenue
MNOK
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
4,000
8,000
12,000
16,000
Dividend
NOK
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0.0
0.5
1.0
1.5
2.0
2.5
3.0
EBITA and margin*
MNOK
0%
4%
8%
12%
16%
20%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
400
800
1,200
1,600
2,000
Gross contribution and margin
MNOK
0%
10%
30%
50%
70%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
1,000
3,000
5,000
7,000
* 2023 EBITA and margin is adjusted for one-off costs related to
the cyberattack and Food restructuring program.
SEARCHBROWSESTARTPAGE 57
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Collection
TOMRA’s activities within the Collection division include the
development, production, sale, lease, and service of automated
collection systems, including data structures that monitor the
volume of collected materials and associated transactions.
TOMRA is the technology leader in the reverse vending
business. Every year, TOMRA facilitates the collection of
more than 46 billion empty cans and bottles and provides
an efficient way of collecting, sorting, and processing these.
This only represents 3% of all recyclable beverage containers
in the world, which translates into sizable potential for future
deposit return systems. In an effort to increase circularity
and reduce litter in the EU, the Single Use Plastic Directive
requires 90% of all plastic bottles to be collected by 2029 –
a target deposit return systems have proven to achieve.
In Europe and North America, TOMRA’s customers are
primarily in the retail industry. This is an industry that is
relatively robust to financial downturns as the consumption
of food and beverages usually remains stable through
economic cycles. Food retail chains in general consider a
well-functioning container return system to be an important
competitive advantage, as consumers tend to choose the
store they visit based on the convenience and reliability
of a store’s return facilities. With approximately 40% of the
segment’s revenues originating from service and throughput
models, and a significant part of new machine sales being
replacements, a large part of the revenues are recurring.
However, peaks will occur during years when many new
markets or large individual markets implement deposit return
systems.
While the traditional business model is based on sale and
servicing of equipment, deposit models in Lithuania, Latvia,
Australia, and North America invite the technology supplier into
a so-called throughput system. In this model, TOMRA acts as an
operator where we invest into and maintain the ownership in
the machine park. In return, TOMRA receives a recurring fee for
the volume collected through the installed infrastructure.
Financial performance
Revenues in 2023 amounted to NOK 7,981 million, up 29%
from NOK 6,192 million in 2022. Adjusted for currency,
revenues increased 18%, driven largely by the rollout of
reverse vending equipment in the new deposit systems
in Romania, Hungary, and Ireland as well as the system
expansion in Netherlands. Sales were also strong in existing
markets.
EBITA was NOK 1,324 million in 2023, compared to NOK 946
million in 2022. The EBITA margin increased to 17% in 2023
from 15% in 2022.
Europe
Northern Europe has had solid performance, with good sales
development in all countries. Throughput volumes increased
in Latvia and were relatively stable in Lithuania.
In Germany, growth continued at a normalized pace. A deposit
system expansion effective from January 2024 to include
alcoholic beverages, juices, and milk-based mixed drinks
sold in one-way plastic packaging and cans has driven new
installations. Multi-feed machines have started to gain traction
in the market and the country has now installed over 50
TOMRA R1 machines.
In The Netherlands, the system expansion, which
introduced cans from 1 April 2023, led to a doubling of
collected container volumes in the country. Throughout the
year, TOMRA has delivered equipment sales to retailers
contributing to revenue growth.
Romania successfully launched its deposit return system on
30 November 2023. Sales of equipment to retailers continued
at a steady pace in 2023, having started already 2022.
Hungary implemented its deposit return system on 1 January
2024, contributing to equipment sale in 2023. In 2022, the
scheme operator selected TOMRA as one of two technology
providers for the system.
Ireland also launched its deposit return system on 1 February
2024, contributing to new sales towards the end of 2023,
with additional sales expected in the beginning of 2024.
North America
Within reverse vending, TOMRA operates two business
TOMRA COLLECTION FINANCIAL FIGURES
Revenue
MNOK
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
2,000
4,000
6,000
8,000
EBITA and margin
MNOK
24%
16%
8%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
400
800
1,200
Gross contribution and margin
MNOK
40%
30%
20%
10%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
1,000
2,000
3,000
SEARCHBROWSESTARTPAGE 58
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
models in North America. One is a sales and service model,
where machines are sold to the food retail stores in the same
way as in Europe; the other is the throughput lease model. In
addition to the reverse vending business, TOMRA picks up,
transports, processes, and sells used beverage containers
on behalf of beverage producers in North-eastern United
States and Canada – known as Material Recovery. Volumes
of beverage containers collected and processed increased
slightly in North America overall, compared to 2022.
The province of Quebec in Canada modernized and
expanded its deposit return system on 1 November 2023
– increasing deposit values and adding more beverage
and container types to the system. The plan is to include all
types of beverage containers between 100 mL and 2 L by
2025. TOMRA has entered into an agreement with Quebec
Beverage Container Recycling Association (QBCRA) to equip
recycling depots with approximately 1,350 machines over the
next three years. Smaller, urban depots will be equipped on
a sales and service basis, and larger depots will operate on a
throughput revenue model.
Australia
TOMRA has since 2017 been present as a state-wide
operator in New South Wales through a joint venture
with Cleanaway. In 2022 the contract was extended until
late 2026. Under the extension, TOMRA Cleanaway has
continued to expand the network in 2023 with approximately
50 additional return point locations.
In November 2023, the state of Victoria introduced a deposit
return system where TOMRA Cleanaway was selected as
one of three network operators. Through the second half
of 2023, TOMRA has been installing collection points. The
region TOMRA Cleanaway covers will eventually feature over
400 reverse vending machines.
In addition, TOMRA has operations in the states of
Queensland and Western Australia as of 2018 and 2021,
respectively. Overall throughput container volumes in
the Australian states were relatively stable with a modest
increase in 2023.
New markets
The implementation of new deposit systems is a fundamental
driver for growth in Collection. The creation of new
systems and changes to existing ones will impact TOMRA’s
performance by driving additional sales and service
revenues, as well as potential investments and throughput
revenues. A public-driven push to see reduced littering and
global commitments to reduce greenhouse gas emissions
by increasing the recycled content of beverage containers,
enabled by higher recycling rates, are driving the discussion
around new deposit systems.
Increased marine littering has been a concern that is currently
driving several initiatives, like the EU Single Use Plastic
Directive. The EU has set a collection target of 77% on beverage
containers made of plastic by 2025, increasing to 90% in 2029.
As a response, several EU members are evaluating deposit
introduction to significantly increase collection rates and comply
with the target.
Among the potential markets for deposit schemes, Austria
has amended its Waste Management Law to transpose the
EU Single Use Plastic Directive and introduce a deposit
system on single-use beverage containers, with the go-live
date set to 1 January 2025.
In September 2023, Poland published a law to introduce a
deposit return system. The legislation mandates deposits on
single-use plastic bottles, reusable glass bottles, and metal
cans. Poland can become the world’s second largest deposit
market and plans to launch the system in January 2025.
Scotland had been preparing for the implementation of a
deposit return system. Originally planned to start in August
2023, the commencement of the system was postponed –
possibly until the rest of UK implements a system.
Uruguay and the state of Tasmania in Australia have
stated their commitment to implement a deposit return
system in 2024. Tasmania would complete all of Australia’s
implementation of deposit system, while Uruguay would be
the first country in South America to implement a mandatory
deposit system.
TOMRA is assessing the commercial opportunities in these
markets along with the development of the regulatory
frameworks.
Technology highlights
Having user-friendly, efficient and reliable reverse vending
machines installed at collection points is important for
more reasons than just staying compliant with regulatory
requirements. In a recent consumer research survey TOMRA
conducted, 87% of recycling consumers responded that they
spend their deposit refund in the store afterwards, bringing
additional revenue to the store. Offering a convenient
recycling experience also supports the overall success
of a deposit return system in achieving its collection and
recycling targets.
In 2019, we launched the TOMRA R1, a multi-feed reverse
vending machine. It allows consumers to pour entire bags of
up to 100 containers into the machine in one go, offering a
five times faster recycling experience. The R1 machines have
received an enthusiastic response from both consumers
and retailers. First launched in Northern Europe, it has now
reached over 500 installations in 16 countries. Stores see on
average a 33% rise in consumer sessions and 86% increase in
containers returned, with some reporting more than doubling
in consumer sessions and quadrupling in returned containers.
To maintain our position as a leading technology provider
for reverse vending, we continue to develop new and
attractive solutions, both for retailers and for consumers. At
the EuroShop retail trade fair in 2023, we presented some
of our new reverse vending concepts: With the TOMRA R2
machine, we intend to introduce multi-feed reverse vending
for everyone. It will feature a smaller physical footprint and
be compatible with existing TOMRA backroom solutions.
This makes it easy for retailers to upgrade their recycling
experience.
We also introduced the RollPac – a vertical backroom solution
for retailers. It is designed to reduce the required floorspace
at retail stores and to utilize their existing roller cage
infrastructure to improve operational efficiency. The RollPac
will also be compatible with existing TOMRA equipment to
enable easy upgrading.
SEARCHBROWSESTARTPAGE 59
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA RECYCLING FINANCIAL FIGURES
Revenue
MNOK
2019
2020
2021
2022
2023
0
1,000
2,000
3,000
Order intake
MNOK
0
400
800
1,200
2Q21
4Q21
2Q22
4Q22
2Q23
4Q23
EBITA and margin
MNOK
30%
20%
10%
0%
2019
2020
2021
2022
2023
0
200
400
600
Gross contribution and margin
MNOK
55%
45%
25%
35%
15%
2019
2020
2021
2022
2023
0
400
800
1,200
1,600
Order backlog
MNOK
0
400
800
1,200
1,600
2Q21
4Q21
2Q22
4Q22
2Q23
4Q23
TOMRA continues to invest in building a digital ecosystem
around the RVMs, using the data collected through the
installed infrastructure and enabling a set of digital services.
In 2023, new APIs that can be integrated into stores’ existing
digital ecosystems were launched. Some of the benefits
include real-time machine status notifications, transactions
and volume data collection for fraud mitigation, return
data reconciliation, and refund verifications. Concepts for
predictive service and maintenance were also introduced,
using AI to ensure maximum machine uptime and the
avoidance of unplanned repairs.
TOMRA Recycling
TOMRA designs, develops, and customizes sensor-based
sorting solutions that enable the recovery of valuable
materials from waste streams. Such materials are primarily
plastics, non-ferrous metals, paper, organics, e-waste, wood,
textiles, and other recyclables. Further down the value chain,
sorting is another important step in upgrading recovered
materials to homogenous and high-quality fractions for
recycling. Sensor-based technology is also employed in
the sorting of ores from waste rock, thus increasing the
efficiency and lifetime of mines.
Waste generation rates are influenced by economic
development and the degree of industrialization and
urbanization. Generally, the higher the economic
development and rate of urbanization, the greater the
amount of waste produced.
Legislative measures focusing on waste reduction
and increased recycling of resources continue to be
implemented. In addition, market demand for high-quality
recycled material has been fueled by commitments from
brand owners to fulfill their sustainability goals. Together,
these drivers lead to an increasing need for waste sorting
and material recovery.
Over the last years and up until halfway through 2023, the
momentum in recycling has been steadily increasing within
all segments. Particularly in the plastics market, weaker
consumption and destocking suppliers have recently led
to a fall in polymer prices. Consequently, recycled polymer
prices have also fallen and reduced the market’s investment
SEARCHBROWSESTARTPAGE 60
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
willingness. The waste sorting business, which makes up
roughly half of the customer portfolio in Recycling, has
remained a healthy segment driven by legislation and
the push for increased circularity. The metal sorting and
mining segments have been positively supported by high
commodity prices and industrial demand.
Financial performance
Revenues in 2023 amounted to NOK 3,105 million, up 31%
from NOK 2,376 million in 2022. Adjusted for currency,
the growth was 18%, driven by good momentum across all
segments and in most geographies.
EBITA was NOK 658 million in 2023, compared to NOK 493
million in 2022, an increase of 33%. Adjusted for currency,
the increase was 22%. The EBITA margin increased 0.4
percentage points to just over 21% in 2023.
The order intake was NOK 3,247 million in 2023, up from
NOK 2,638 million in 2022, resulting in a year-end order
backlog of NOK 1,107 million, up from NOK 965 million at
the end of 2022. Currency changes had a positive effect on
reported performance.
Technology highlights
TOMRA Recycling is a leader in advancing aluminum
recycling and processing. In 2022, we launched the new
X TRACT™ machine for precise x-ray sorting of aluminum
from heavy metals. In 2023, we took the next step in
aluminum alloy sorting and launched the AUTOSORT™
PULSE. It features dynamic laser-induced breakdown
spectroscopy (LIBS) with 3D object recognition and AI to
maximize accuracy, throughput, and yield. It accurately
sorts input scrap to specific alloys, regardless of condition,
with purity levels of 95% and above. This allows for direct
remelting without downgrading the material. The demand for
recycled aluminum is steadily increasing, for example in the
automotive industry, to meet regulatory requirements and
decarbonization goals. Recycling aluminum can be as much
as 95% less energy-intensive compared to primary aluminum
production.
SEARCHBROWSESTARTPAGE 61
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Food
TOMRA Food designs and manufactures sensor-based sorting
equipment and integrated post-harvest solutions for the food
industry. The technology is utilized to sort and grade food
produce based on quality, size, and other characteristics, as
well as identifying and removing foreign material. The use
of advanced analytical technology for fresh whole products
and processed food increases productivity and food safety,
maximizes output, and minimizes food waste.
TOMRA has a leading position built on the broadest and
deepest technology base, the widest range of categories
and applications, and a comprehensive geographic reach.
This gives the scale needed to lead the development of new
technologies and digital solutions, combined with the local
presence to support customers where they are.
TOMRA delivers high-capacity sorting and grading solutions
in the following food categories: potatoes, nuts and dried
fruit, vegetables and fresh cut, protein, seeds and grains,
citrus, blueberries, apples, kiwifruit, cherries, and avocados.
The market is a global one, with exposure to North America,
Europe, and Oceania.
While we experienced healthy growth in the processed food
market in 2023, driven largely by continued investments
into the potato category, it was a challenging year in fresh
food and for TOMRA Food overall. Customers in key
categories have been affected by damaged harvests due
to heavy rain, hails, and frost. Combined with high interest
rates and a challenging macroeconomic environment, the
investment sentiment has been low. With the market offering
little opportunity to grow the short term, TOMRA Food
initiated a cost savings program in October 2023 to improve
profitability and restructure the organization for increased
customer satisfaction.
Financial performance
Revenues in 2023 amounted to NOK 3,668 million, up 1% from
NOK 3,620 million in 2022. Adjusted for currency changes,
revenues decreased by 7% due to a weak market in fresh food.
EBITA was NOK -188 million in 2023, compared to NOK 344
million in 2022. The EBITA margin decreased to -5.1% in 2023
TOMRA FOOD FINANCIAL FIGURES
0
1,000
2,000
3,000
4,000
2019
2020
2021
2022
2023
0
400
800
1,200
2Q21
4Q21
2Q22
4Q22
2Q23
4Q23
16%
8%
12%
4%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
100
200
300
400
48%
40%
32%
24%
16%
2019
2020
2021
2022
2023
0
400
800
1,200
1,600
0
400
800
1,200
1,600
2Q21
4Q21
2Q22
4Q22
2Q23
4Q23
Revenue
MNOK
Order intake
MNOK
EBITA and margin*
MNOK
Gross contribution and margin
MNOK
Order backlog
MNOK
* 2023 EBITA and margin is adjusted
for one-off costs related to the Food
restructuring program.
SEARCHBROWSESTARTPAGE 62
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
from 9.5%. The figures include restructuring costs of NOK 288
million related to the cost reduction program. Adjusted for
these, EBITA was NOK 100 million and the EBITA margin 3%.
The order intake was NOK 3,728 million in 2023, up from
NOK 3,658 million in 2022. The order backlog at the end of
2023 was NOK 1,143 million, up from NOK 1,083 million at
the end of 2022. Currency changes had a positive effect on
reported performance.
Technology highlights
In 2023 we have continued to innovate to deliver leading
technology to our customers. TOMRA Food has been
utilizing artificial intelligence since 2019 to make sorting and
grading solutions even more accurate. In 2023, we launched
two new AI-powered solutions. TOMRA Neon pre-grades
machine-harvested blueberries to identify, differentiate,
and remove unwanted clusters, undersize fruit, and unripe
fruit. The new-generation Spectrim X series integrates
TOMRA’s latest LUCAi™ Deep Learning technology for
enhanced sorting and grading precision of fruit, reducing the
dependency on manual intervention.
TOMRA Systems ASA
Reverse Vending Machines (RVMs) are developed in
Norway and mainly produced by third parties in Poland
and at the wholly owned subsidiary Tomra Production AS
in Norway. The machines are sold via the parent company
to subsidiaries and distributors, primarily in Europe, North
America, and Australia. Activity within the parent company
reflects therefore the level of sales of machines and parts
to end-customers within the RVM segment. The number of
RVMs sold in 2023 increased compared to 2022.
TOMRA Systems ASA reported revenues of NOK 2,954
million in 2023 compared to NOK 2,127 million in 2022.
Operating profit in TOMRA Systems ASA decreased to NOK
-71 million from NOK 87 million in 2022, mainly due to higher
operating expenses.
Net financial items amounted to NOK 484 million in 2023,
down from NOK 853 million in 2022 – explained by lower
dividends from subsidiaries and higher financial expenses.
Profit after taxes was NOK 402 million in 2023, compared to
NOK 936 million in 2022.
The 2023 net profit should be allocated as follows:
(MNOK)
Dividend
576.3
From retained earnings
(174.7)
Profit after tax
401.6
The Board of Directors confirms that the accounts have been
prepared on a going concern basis and in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the EU for TOMRA Group and Norwegian accounting
principles (NGAAP) for Tomra Systems ASA, and that the
Group, after the dividend payment, has sufficient equity and
liquidity to fulfill both its short term and long term obligations.
RESEARCH AND DEVELOPMENT ACTIVITIES
Research and development activities are a high priority at
TOMRA. In 2023, TOMRA spent 4.7% of revenues on R&D,
in line with previous years. R&D has a central role in the
development of the individual technology units and is closely
connected to the local markets to ensure that we maintain
our technological lead.
Recycling and Food share core R&D and the digital platform
TOMRA Insight. The digital portfolio is an important building
block of TOMRA’s success and allows for the generation of
valuable information for customers, the value chain, and the
business alike – improving quality, efficiency, profitability, and
reducing waste. We aim to lead this digital transformation
and integrate digital approaches in core business to improve
productivity and customer experience.
Optical sorters have for long leveraged AI to drive sorting
automation and purity, by for example improve color
sorting. Emerging AI technologies can enable new sorting
capabilities and is an important part of TOMRA’s research
and development. Particularly deep learning, combined with
conventional sorting technologies, has been a focus area. In
Recycling, GAIN™ is a deep learning add-on technology for
the AUTOSORT™, making it possible to sort objects based
on their shape and texture. Similarly in Food, LUCAi™ is an
optional deep learning add-on technology to classify and
grade fruit based on subtle defects such as dehydration,
bruising, and early anthracnose.
FINANCIAL RISK
The Board of Directors is focused on ensuring that there
is a systematic and considered approach to managing risk
within all segments of the corporation, and views this as a
prerequisite for long-term value creation for the company’s
shareholders, employees, and other stakeholders.
Opportunities for growth shall always be assessed against
the associated risks. TOMRA faces normal business risks
related to contractual agreements with, for example,
customers and suppliers. In addition, there are several macro
trends that can affect the industry in which TOMRA operates.
A reduction in recycling targets and ambitions, as well as
falling material commodity prices, would negatively influence
TOMRA as the need for advanced recycling technology
would become less obvious.
TOMRA’s operations are also influenced by political
decisions, specifically regarding deposit legislation. The
implementation or expansion of deposit systems in a country
or state would create new growth opportunities for TOMRA.
A key risk to TOMRA is the speed of local adaption of EU
targets and generally the speed at which stricter legislation is
implemented.
TOMRA relies on the efficient and uninterrupted operation of
information technology systems and networks to operate its
business. Disruptions to TOMRA’s systems or networks, such as
computer viruses, security breaches, cyberattacks, intentional
and unintentional acts, natural disasters, war, telecommunication
failures, energy blackouts could adversely impact the Group.
In July 2023, TOMRA was subject to an extensive
cyberattack, affecting the TOMRA domain and internal
IT systems. To contain the attack, TOMRA disconnected
selected services until these had been validated and
restored or rebuilt. Swift actions limited the impact of the
cyberattack and there has been no evidence of sensitive
data loss, nor any ransom demands. Most customer
machines remained operational in offline mode, and
SEARCHBROWSESTARTPAGE 63
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
manual workarounds kept TOMRA operational during the
attack. Strengthened security measures have since been
implemented.
Climate change in a business-as-usual scenario poses
increased physical risks for TOMRA’s operations, customers,
and supply chain. The growth in emissions leads to long-
lasting changes in and irreversible impacts for people and
ecosystems. Water scarcity, flooding, extreme weather events,
or climate-related conflicts could impact TOMRA’s customers
as well as the company’s operations and value chain.
Responsibility for financing, cash management and financial
risk management is handled by Group Finance. Historically,
TOMRA has seldom experienced losses on accounts
receivable, and the company’s routines concerning credit
approval are considered satisfactory. TOMRA’s surplus cash is
placed primarily in NOK with duration of less than six months.
Interest-bearing debt is normally denominated in NOK or EUR,
at interest rates fixed for a period of less than six months.
TOMRA is exposed to fluctuations in currency exchange
rates. With more than 95 percent of the income in foreign
currencies, a strengthening of NOK will lead to reduced
earnings for the Group when measured in this currency.
Most of the risk is connected to fluctuations in EUR and USD.
TOMRA takes advantage of forward exchange contracts to
hedge future cash flows in foreign currencies.
With approximately 90 percent of the balance sheet
denominated in foreign currencies, TOMRA’s equity will also
be exposed to changes in currency exchange rates. To partly
offset this effect, TOMRA aims to place external bank debt in
the same currencies. In addition, TOMRA has implemented
the financial risk management systems one would expect
given the size and complexity of the company’s operations.
A more extensive description of TOMRA’s internal control
procedures and systems for evaluating financial risk is
provided on pages 46-51 in this report.
SUSTAINABILITY
TOMRA makes a significant contribution to a cleaner and
more sustainable world. Our vision and activities fit well
within the framework of the UN Sustainable Development
Goals (SDGs), and our solutions contribute towards several of
the global goals. Sustainability at TOMRA involves two critical
aspects: maximizing the positive impacts of our products and
solutions on the environment (our handprint) and minimizing
any negative sustainability effects resulting from our activities
(our footprint). Anchored in TOMRA’s vision of “Leading the
Resource Revolution”, sustainability lies at the core of our
business model and strategy.
TOMRA has been measuring and reporting on environmental
performance since 1998. In 2022, we launched an updated,
holistic sustainability strategy and committed to implement
science-based targets for greenhouse gas emission reduction.
In 2023, we have strengthened our sustainability governance
– adding People and Planet to existing Profit performance
indicators. We have initiated 30 new decarbonization projects
with an estimated saving of 1,300 tons CO2 scope 1 and 2
emissions. Development of our science-based targets has also
been a priority in 2023, which we will submit for independent
validation by the Science-based Targets initiative (SBTi) in
2024. Further details of TOMRA’s sustainability program and
environmental impact are presented in our Sustainability
report on pages 11-32 of this report.
TOMRA Group complies with the Norwegian Transparency
Act that came into effect July 1, 2022. The Act requires
companies to make sure human rights and decent working
conditions are respected in their operations and supply
chains. The Group entities work with suppliers with a risk-
based approach to address potential violations of human
rights and labor conditions. For further information on the
work and assessments performed please refer to TOMRA
Group’s website www.tomra.com.
EU TAXONOMY
TOMRA has conducted an internal assessment of the
eligibility of its activities in the context of the EU taxonomy
regulation. Based on the currently published screening
criteria, TOMRA estimates that approximately 72% of
activities are taxonomy-eligible, measured as a share of
revenues. Activities included are collection of post-consumer
beverage containers, material pick up and processing
operations, and the majority of the recycling business.
Not included so far are the food sorting and ore-sorting
sectors. Although the remaining business is seen as having
an important contribution to sustainable practices, it is
currently not covered by the EU taxonomy regulation and
consequently, not included in the share of eligible activities.
Further details are presented in our Taxonomy report on
pages 35-45.
ORGANIZATION, HEALTH, AND SAFETY
TOMRA facilitates equal opportunity for professional
and personal development for all employees and does
not discriminate on the basis of age, gender identity or
expression, color, religion, political affiliation, ancestry,
disability, medical condition, sexual orientation, or any other
characteristic protected by applicable laws. TOMRA seeks
to prevent all forms of harassment, sexual harassment, and
gender-based violence. We adhere to these principles in
all aspects of employment, including recruitment, training,
compensation, promotion, benefits and working conditions,
and the opportunity to combine work with family life. These
are important principles that are firmly anchored in the
company’s Code of Conduct.
The number of employees in TOMRA Group was 5,370 at the
end of 2023, up from 5,015 at the end of 2022. In Norway
the number of employees increased to 498 at the end of
2023, from 426 at the end of 2022.
Female employees made up 23% of TOMRA’s workforce and
held 25% of management positions at the end of 2023, in
line with the levels in 2022. The share of female employees
in the Executive Leadership Team was 29% compared to
33% last year, as the team was expanded with one additional
executive for people and organization. Three out of TOMRA’s
eight board members are women. Further details of TOMRA’s
program to promote diversity, equity, and inclusion are
presented in TOMRA’s Corporate Sustainability report on
pages 13-34 of this report.
The number of total reportable incidents in TOMRA was
105, compared to 147 in 2022. TOMRA continuously strives
to reduce the injury rate and has implemented further
preventative measures, which have contributed to the
decrease from 2022 to 2023.
SEARCHBROWSESTARTPAGE 64
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The absence rate due to illness in TOMRA Systems ASA
decreased to 2.5% in 2023 from 4% in 2022. Further
details of TOMRA’s program to ensure health and safety are
presented in TOMRA’s Corporate Sustainability report on
pages 11-32 of this report.
TOMRA is continuously taking measures to further
strengthen the management of compliance matters. The
Code of Conduct, the Business Principles for Suppliers,
Counterparty Due Diligence and Conflict of Interest policies
are regularly revised. The revised policies have been
communicated to all employees and include a systematic
training program. A more extensive description of TOMRA’s
compliance framework is provided in TOMRA’s Corporate
Sustainability report on pages 11-32.
TOMRA’s quality and environmental management systems
are based on the international ISO 9001:2015 and ISO
14001:2015 management systems standards. Primary
R&D and production units, accounting for over 80% of the
operations, have been certified according to ISO 9001. In
addition, the R&D and production sites in Poland, Germany
and Norway are ISO 14001 certified and TOMRA Collection
Asker has established an ISO/IEC 27001 certified Information
Security Management System (ISMS) for Reverse Vending
Machines and associated services. TOMRA also applies
an internal management system that incorporates goal-
and result-orientation throughout the entire organization,
including performance and leadership evaluation. Additional
details are available in TOMRA’s Corporate Sustainability
report on pages 11-32.
CORPORATE GOVERNANCE BOARD DEVELOPMENTS
TOMRA defines corporate governance as those processes
and control structures that have been established to protect
the interests of the company’s shareholders and other
stakeholder groups. TOMRA’s guidelines for corporate
governance, core values and leadership principles are
aligned to ensure sustainable development of the company.
These guidelines include the role of the Board of Directors
and its committees, requirements concerning the impartiality
of its Board members, and Board compensation.
TOMRA Systems ASA and its subsidiaries have insurance
that covers directors and officers. The insurance covers
direct financial loss suffered by the insured resulting from
dishonest acts by permanent or temporary employees of the
insured, or by an external third party.
TOMRA’s corporate governance report can be found on pages
46-51 in this report. TOMRA’s corporate governance policy can
be found on www.tomra.com.
At the annual general meeting on 27 April 2023, all shareholder
elected board members were re-elected.
The Board of Directors held eight Board meetings in 2023
and the attendance at the meetings was 97 percent. Four
meetings were physical meetings and four online. In addition,
the Audit Committee held five meetings (attendance 100%),
the Sustainability Committee held two meetings (attendance
100%), and the Compensation and Organizational Development
Committee held three meetings (attendance 89%).
PROSPECTS FOR THE FUTURE
A growing global population, which is getting wealthier and
more urbanized, demands more food and more convenience.
Waste generation rates are expected to increase rapidly over
the next decades. The amount of mismanaged plastic waste
that ends up in the oceans is projected to triple by 2040 in a
business-as-usual scenario. The path to low-carbon growth
requires a decoupling from resource use and investment in
innovation and technology. TOMRA has secured a strategic
position in highly relevant sectors and invests approximately
10% of revenues in technology and activities targeting future
growth.
On the back of a focused expansion, the Group’s operations
today are more diversified and robust and hence less
dependent on individual markets than in the past. Even if
short-run fluctuations in the demand for TOMRA’s solutions
may occur, the company will in the long run be able to benefit
from favorable macro trends in the food value chain, enforcing
the need for automation and technology, and in the recycling
universe, where excess waste and pressure on resources is
accelerating the need for processing and innovation.
TOMRA Collection
Almost all supermarkets in the established deposit
markets have automated their return of bottles and cans.
These markets therefore represent mainly replacement
opportunities and after-markets for service. The installed
base of approximately 85,000 machines generates a steady
income stream with a high percentage of recurring revenues.
Generally, deposit markets are viewed as infrastructure and to
date no deposit market has been abolished after introduction.
In addition, new markets introducing deposit schemes will
from time to time materialize. Timing is however difficult to
predict, as new markets are heavily dependent upon the
outcome of political processes.
While growth is expected in existing markets, material
growth is driven by new deposit markets. There are currently
several processes and discussions ongoing with regards to
introducing deposit systems. Which markets finally materialize,
and what role TOMRA can play in each market is uncertain. As
the market leader within reverse vending, TOMRA will typically
invest in people and capabilities to be in a good position to
monetize on the opportunities when they arise.
TOMRA Recycling
Recycling has previously been somewhat cyclical and
dependent on commodity risk. Increased diversification of
customers such as geography, materials sorted, and their
step in the value chain – together with stricter waste and
packaging legislation – have made the business more
resilient. The timing of customers’ investment decisions will
inevitably be dependent on macroeconomic conditions.
However, the increased focus on plastic pollution, better
waste handling and circular economics is expected to fuel
long term investments into the recycling industry, for which
TOMRA’s sorting equipment is essential. The momentum
in metals and ore-sorting segments tends to move in sync
with commodity prices and be more dependent on single
orders, something which we expect will continue to be the
case. Despite a momentarily weaker market sentiment in
some customer segments at the end of 2023, the Board of
Directors assumes that TOMRA should be in a good position
to see growth in revenues in the coming years.
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CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Food
The demand for food and related quality and safety
requirements is relatively stable through economic cycles, but
macroeconomic conditions and the productivity of harvests
may impact customers’ investment sentiment. The long-term
outlook for TOMRA’s sorting and grading solutions is positive,
driven by a need for increased automation in the industry due
to labor shortages and costs, increased food safety and quality
requirements, and consumption patterns. TOMRA launched
a restructuring program in Food in 2023 to strengthen its
market position with a more efficient and customer centric
organization. The product portfolio and category focus will
also be optimized for increased efficiency and profitability.
Despite a currently weak market sentiment – particularly in
fresh food – the Board of Directors assumes that TOMRA
should be in a good position to continue to see growth in
revenues in the coming years.
TOMRA Horizon
As a part of our strategy, we organically explore new
adjacent opportunities and alternative business models to
diversify and generate steadily growing revenues. Through
TOMRA Horizon, we create impactful solutions for increased
circularity, resource efficiency, and long-term value creation
in new business segments by leveraging our technology and
know-how. Our current initiatives include:
TOMRA Feedstock
TOMRA Feedstock turns plastic waste into valuable
resources. We leverage our waste sorting technology to
create new value chains that recover the plastic waste which
is typically incinerated or landfilled today. Through our own
sorting plants, we turn this into high quality plastic feedstock
for recycling – transforming waste into value. The solution
has been developed since 2019 at a pilot facility in Germany.
In 2022 and 2023 we announced investments into two mid-
size sorting plants, each with a capacity of 80,000-90,000
tons per annum. One will be fully owned by TOMRA and
located in Germany; the other one will be located in Norway
in a joint venture with Plastretur where TOMRA holds a
65% ownership stake. The plants will sort post-consumer
plastic waste into more than 8 different high quality polymer
fractions as feedstock for mechanical and chemical recycling.
With increased demand expected for recycled content in
new products and packaging, but with limited feedstock
available for recycling, TOMRA Feedstock presents an
attractive growth opportunity for TOMRA.
TOMRA Reuse
Single-use packaging accounts for up to 50% of the waste
in municipal bins in urban areas. By providing systems for
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Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
reusable packaging, TOMRA Reuse seeks to reduce waste
and optimize resources in urban areas. To achieve this, we
leverage our reverse vending technology to create open
managed systems and complete infrastructure for reusable
takeaway packaging.
In 2023, we worked with Aarhus municipality in Denmark to
launch a three-year pilot which went live in January 2024.
Customers pay a deposit on to-go coffee cups from different
cafés and eateries. These can then be returned to automated
collection points throughout the city where customers can have
their deposit refunded to their standard payment card. With a
regulatory push to increase the availability of reuse options,
both at EU and on a national level in several countries, providing
an efficient system that enables reuse packaging could present
an attractive growth opportunity for TOMRA.
TOMRA Textiles
The textile industry is one of the largest CO2 emitters, with
less than 1% of textile waste being recycled today. TOMRA
Textiles aims to connect the value chain between collectors
and recyclers, ensuring textile waste is sorted into fractions
for recycling by leveraging our waste sorting technology.
Given the magnitude of the textile industry, the low level of
circularity and recycling today, and the increased regulatory
focus on solving circularity within textiles, this could present
an attractive growth opportunity for TOMRA.
CURRENCY
A stronger NOK is negative for TOMRA, both because the
Group has significant activities abroad that are denominated
in foreign currencies and appears therefore less profitable
measured in NOK, and because TOMRA has a certain cost
base in NOK tied to development activities and headquarter
functions. For TOMRA Food, a weaker USD is negative, due
to significant revenues nominated in USD, and with a cost
base more nominated in EUR and NZD. For a broader review
of currency sensitivities, refer to note 19.
THE TOMRA SHARE
The number of TOMRA shareholders increased to 13,484
at the end of 2023, from 12,287 at the end of 2022. The
number of shares held by Norwegian residents at the end of
2023 was stable 16%.
The number of issued shares of TOMRA Systems ASA is
296,040,156, each with a par value of NOK 0.50 per share.
513,815 treasury shares were held by TOMRA at the end
of 2023. The Board of Directors wishes to encourage the
company’s employees to invest in the company’s shares
and a share purchase program was therefore established in
2008 that offers employees the opportunity to buy shares
at current market rates, and for every five shares held for at
least one year, one share is given free of charge. The Board
of Directors will recommend at the general assembly that the
program should be continued, limited to a total of 1,000,000
shares per year.
The TOMRA share price decreased to NOK 123.45 at the end
of 2023 from NOK 165.60 at the end of 2022. Adjusting for
the dividend of NOK 1.80 per share paid out in May 2023, the
total return on the TOMRA share was -24% percent in 2023,
following a decline of 47% in 2022 and increase of 50% in
2021. In comparison, the return on the Oslo Stock Exchange
(OSEBX) in 2023 was 10%.
A total of 110 million TOMRA shares were traded on the Oslo
Stock Exchange in 2023, down from 132 million the year
before. TOMRA’s largest shareholder, Investment AB Latour
held 21.1% of the shares at the end of 2023, unchanged from
2022.
TOMRA aims to provide timely, relevant, and accurate
information to the capital market to provide a basis for trading
and fair pricing of the TOMRA share. TOMRA complies
with Oslo Børs’ Code of Practice for Investor Relations and
applicable rules and regulations for listed companies.
THE TOMRA SHARE
Shareprice
NOK
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
100
200
300
Shareholders by country
(nominee accounts)
10%
16%
14%
9%
7%
6%
5%
8%
25%
Sweden (25%)
Norway (16%)
Luxembourg (14%)
Belgium (10%)
United States (9%)
Denmark (7%)
Ireland (6%)
United Kingdom (5%)
Other (8%)
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Environmental Report
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2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Asker, 21 March 2024
Johan Hjertonsson
Chairman
Pierre Couderc
Board member
Bodil Sonesson
Board member
Bjørn Matre
Board member
Hege Skryseth
Board member
Tove Andersen
President & CEO
Pauline Agnes Camille
Lefevre Bergan
Employee elected
Kjell Korneliussen
Employee elected
Alexander Verlo
Employee elected
FINANCING
TOMRA’s debt financing consists of a mix of bonds, bank
loans and credit facilities. At year-end TOMRA had committed
credit lines of NOK 3,760 million, of which NOK 3,187 million
was utilized.
In 2022, TOMRA issued a total of NOK 1 billion in senior
unsecured green bonds – of which all was allocated to
green projects in 2023. TOMRA’s green bond framework
has obtained a “Dark Green” shading and governance score
“Good” from Cicero Shades of Green.
In 2023, TOMRA entered into an agreement with Export
Finance Norway (Eksfin), providing access to a EUR 40
million (approx. NOK 480 million) credit facility for increased
financial flexibility. Eksfin is a governmental body helping
Norwegian exporters to succeed abroad by ensuring they
are financially competitive.
Scope Ratings GmbH affirmed its A-/Stable issuer rating of
TOMRA Systems ASA in 2023. Scope has also assigned A- to
senior unsecured debt issued by TOMRA Systems ASA and
S-1 to short-term debt. The rating reflects positive industry
dynamics, strong market positions in key segments and
markets, strong profitability, and low financial leverage.
Taking the company’s relatively stable cash flow,
solid balance sheet and unrealized credit facility into
consideration, it is the Board of Directors opinion that the
company has the necessary financial flexibility to take
advantage of possible growth opportunities.
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2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial statements TOMRA Group
Income Statement Other comprehensive income
(Amounts in NOK million) Note 2023 2022
Operating revenues 1, 2
Raw materials and consumables used 3
Employee benefit expenses 4
Depreciation, amortization and impairment 7, 8, 9
Other operating expenses 4
Total operating expenses
Operating profit
Financial income 5
Financial expenses 5
Net financial items 5
(207.3 ) (95.3 )
Profit from associates 10
Profit before taxes
Taxes 6
Profit for the period
Attributable to:
Shareholders of the parent
Non-controlling interest
Profit for the period
Earnings per share, basic (NOK)
1
14
Earnings per share, diluted (NOK)
1
14
1) A share split of 1:2 has been executed with effect from 27 May 2022. Following completion of the share split, the new number of issued
underlying shares of TOMRA Systems ASA was 296,040,156, each with a par value of NOK 0.50 per share (before the split NOK 1.00 per
share). The calculation of basic and diluted earnings per share for 2022 have been adjusted retrospectively.
(Amounts in NOK million) 2023 2022
Profit for the period
Other comprehensive income that may be
reclassified to profit or loss
Hedging of net investment in foreign operations
(113.9 ) (66.9 )
Tax on hedging of net investment in foreign operations
Foreign exchange translation differences
Other comprehensive income that will not be
reclassified to profit or loss
Remeasurements of defined benefit liability
(1.7 ) (4.4 )
Tax on remeasurements of defined benefit liability
Total comprehensive income for the period
Attributable to:
Shareholders of the parent company
Non-controlling interest
Total comprehensive income for the period
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Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Assets
(Amounts in NOK million) Note 2023 2022
Deferred tax assets 6
Goodwill 7
Development costs 7
Other intangible assets 7
Software 7
Total intangible non-current assets
Property, plant and equipment 8
Leasing equipment 8
Right of Use assets 9
Total tangible non-current assets
Investment in associates 10
Other investments
Long term receivables 11
Total financial non-current assets
Total non-current assets
Inventory 3
Contract assets 2
Trade receivables
Other short-term receivables
Total receivables 12
Derivatives 19
Cash and cash equivalents 13
Total current assets
Total assets
Liabilities and Equity
(Amounts in NOK million) Note 2023 2022
Share capital
Treasury shares
(0.3 ) (0.4 )
Share premium reserve
Paid-in capital
Retained earnings
Non-controlling interest
Total equity
Deferred tax liabilities 6
Pension liabilities 17
Interest-bearing liabilities 18
Long-term lease liabilities 9, 18
Other long-term liabilities 20
Total non-current liabilities
Contract liabilities 2
Derivatives 19
Interest-bearing liabilities 18
Short-term lease liabilities 9, 18
Trade payables
Income tax payable 6
Provisions 21
Other current liabilities 22
Total current liabilities
Total liabilities
Total liabilities and equity
Balance sheet as of 31 December
Asker, 21 March 2024
Johan Hjertonsson
Chairman
Pierre Couderc
Board member
Bodil Sonesson
Board member
Bjørn Matre
Board member
Hege Skryseth
Board member
Pauline Agnes Camille
Lefevre Bergan
Employee elected
Alexander Verlo
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
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Environmental Report
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2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in NOK million) Paid-in capital Translation reserve
Remeasurements
of defined benefit
liability/asset
Retained
earnings
Total equity attributable
to the owners of the
company
Non-controlling
Interest Total Equity
Balance per 1 January 2023
Profit for the period
Changes in translation differences
Remeasurements of defined benefit liability (assets)
(1.3 ) (1.3 ) (1.3 )
Total comprehensive income for the period
Transactions with shareholders
Dividend non-controlling interest
(31.8 ) (31.8 ) (35.0 ) (66.8 )
Own shares sold to employees
Change in estimate of put/call option
(143.1 ) (143.1 ) (143.1 )
Dividend to shareholders
1
(531.4 ) (531.4 ) (531.4 )
Share issue to non-controlling interest
Total transactions with shareholders
Balance per 31 December 2023
Balance per 1 January 2022
Profit for the period
Changes in translation differences
Remeasurements of defined benefit liability (assets)
(3.4 ) (3.4 ) (3.4 )
Total comprehensive income for the period
Transactions with shareholders
Dividend non-controlling interest
(28.6 ) (28.6 ) (37.0 ) (65.6 )
Purchase of own shares
(0.2 ) (127.7 ) (127.9 ) (127.9 )
Own shares sold to employees
Change in estimate of put/call option
(13.0 ) (13.0 ) (13.0 )
Dividend to shareholders
1
(886.4 ) (886.4 ) (886.4 )
Total transactions with shareholders
Balance per 31 December 2022
1) Dividend payment was NOK 1.80 per share in 2023, as proposed in the 2022 financial statements.
Consolidated statement of changes in equity
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Notes TOMRA Group
Directors’ Responsibility
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Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in NOK million) Note 2023 2022
Cash flow from operating activities
Profit/(loss) before taxes
Income taxes paid
(415.6 ) (438.5 )
(Gains)/losses from sales of fixed assets
Depreciation / Amortisation 7, 8
Depreciation / Amortisation lease contracts 9
Impairment non-current assets 7, 8
Net change in inventory
(178.9 ) (377.3 )
Net change in receivables
(505.8 ) (733.2 )
Net change in payables
Difference between pension expense and
pension contribution paid
Exchange rate effects
(112.1 ) 17.4
Profit before tax from associated companies 10
(22.0 ) (46.7 )
Changes in other balance sheet items
Lease interests 9
Interest paid 18
Net cash flow from operating activities
Cash flow from investing activities
Disposals of non-current assets
Dividend from associated companies 10
Acquisition of associates / capital infusion 10
(28.0 ) (3.0 )
Acquisition of other shares
(110.4 ) -
Investment in non-current assets
(1,071.3 ) (831.4 )
Net cash flow from investing activities
(1,146.8 ) (759.1 )
Cash Flow Statement
(Amounts in NOK million) Note 2023 2022
Cash flow from financing activities
Proceeds from issuance of long term debt 18
Repayment of long term loans 18
(1.5 ) -
Net change in revolving credit facility 18
Net change in short-term loans 18
Installments on lease liabilities 9
(343.6 ) (293.1 )
Dividend non-controlling interest
(66.8 ) (65.6 )
Purchase of treasury shares 14
Sale of treasury shares 14
Share issue to non-controlling interest
Lease interest 9
(63.7 ) (38.9 )
Interest paid 18
(130.9 ) (34.4 )
Dividend paid 14
(531.4 ) (886.4 )
Net cash flow from financing activities
(41.9 ) (198.3 )
Currency effect on cash
Net change in cash and cash equivalents
Cash and cash equivalents per 1 January 13
Cash and cash equivalents per 31 December 13
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Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 90
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 91
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 92
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 95
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 96
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Directors’ Responsibility Statement
Today, the Chief Executive Officer and the Board of Directors reviewed and approved the
Board of Directors’ Report and the consolidated and separate annual financial statements for
Tomra Systems ASA as of 31 December 2023 (annual report 2023).
To the best of our knowledge:
• the consolidated financial statements are prepared in accordance with IFRS® Accounting
Standards and IFRIC as adopted by the EU and additional Norwegian disclosure
requirements in the Norwegian Accounting act, that were effective as of 31 December 2023.
• the separate financial statements are prepared in accordance with the Norwegian
Accounting Act and Norwegian accounting standards as of 31 December 2023.
• the Board of Directors’ Report for the Group and the Parent Company is in accordance with
the requirements of the Norwegian Accounting Act and Norwegian accounting standard no.
16, as of 31 December 2023.
• the statements on corporate governance and corporate social responsibility for the Group
are in accordance with the requirements of the Norwegian Accounting Act.
• the consolidated and separate annual financial statements give a true and fair view of the
assets, liabilities, financial position and results for the period as a whole as of 31 December
2023 for the Group and the Parent Company.
• the Board of Directors’ Report for the Group and the Parent Company includes a true and
fair view of;
• the development and performance of the business and the financial position of the
Group and the Parent Company.
• the principal risks and uncertainties the Group and the Parent Company face.
Asker, 21 March 2024
Johan Hjertonsson
Chairman
Pierre Couderc
Board member
Bodil Sonesson
Board member
Bjørn Matre
Board member
Hege Skryseth
Board member
Pauline Agnes Camille
Lefevre Bergan
Employee elected
Alexander Verlo
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 97
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial statements TOMRA Systems ASA
Income Statement
(Amounts in NOK million) Note 2023 2022
Operating revenues 1
2,953.9 2,127.4
Cost of goods sold 2
1,830.0 1,322.7
Employee benefit expenses 3
566.6 459.2
Depreciation and amortization 6, 7
54.2 56.1
Other operating expenses 3
574.0 202.3
Total operating expenses
3,024.8 2,040.3
Operating profit
(70.9) 87.1
Dividend from subsidiaries
611.2 931.8
Financial income
136.3 47.9
Financial expenses
264.0 127.0
Net financial items 4
483.5 852.7
Profit before taxes
412.6 939.8
Taxes 5
11.0 3.4
Profit for the period
401.6 936.4
Allocated as follows: 11
Dividend
576.3 531.4
Other equity
(174.7) 405.0
Total allocated
401.6 936.4
SEARCHBROWSESTARTPAGE 98
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Balance sheet as of 31 December
Assets
(Amounts in NOK million) Note 2023 2022
Deferred tax assets 5
113.3 78.0
Software 6
70.2 91.1
Total intangible non-current assets
70.2 91.1
Property, plant and equipment 7
54.1 55.2
Total tangible non-current assets
54.1 55.2
Investment in subsidiaries 8
3,368.7 3,368.7
Loans to subsidiaries 16
1,566.7 942.6
Investment in associates 8
15.6 15.6
Other investments 8
110.4 -
Long term receivables
34.8 22.5
Total financial non-current assets
5,096.2 4,349.4
Total non-current assets
5,333.8 4,573.7
Inventory 2
57.7 27.5
Trade receivables
7.6 20.2
Intra-group receivables 16
1,537.9 1,453.7
Other short-term receivables
303.7 182.6
Total receivables 9
1,849.2 1,656.5
Derivatives 13
33.2 1.9
Cash and cash equivalents 10
489.2 289.4
Total current assets
2,429.3 1,975.3
Total assets
7,763.1 6,549.0
Liabilities and Equity
(Amounts in NOK million) Note 2023 2022
Share capital
148.0 148.0
Treasury shares
(0.3) (0.4)
Share premium reserve
918.3 918.3
Paid-in capital
1,066.1 1,066.0
Retained earnings
492.7 622.5
Total equity 11
1,558.8 1,688.5
Pension liabilities 12
28.7 37.7
Interest-bearing liabilities 13
2,553.2 2,167.0
Loans from subsidiaries 16
559.5 553.4
Total non-current liabilities
3,141.4 2,758.1
Derivatives 13
171.5 68.7
Interest-bearing liabilities 13
609.4 -
Trade payables
236.3 102.6
Intra-group payables 16
1,147.8 1,187.4
Income tax payable 5
44.8 35.6
Provisions 14
12.0 11.0
Other current liabilities 15
841.1 697.1
Total current liabilities
3,062.9 2,102.4
Total liabilities
6,204.3 4,860.5
Total liabilities and equity
7,763.1 6,549.0
Asker, 21 March 2024
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Bjørn Matre
Board member
Hege Skryseth
Board member
Pauline Agnes Camille
Lefevre Bergan
Employee elected
Alexander Verlo
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 99
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in NOK million) Note 2023 2022
Cash flow from operating activities
Profit/(loss) before taxes
412.6 939.8
Income taxes paid
(36.2) (68.7)
Depreciation / Amortisation 6, 7
54.2 56.1
Net change in inventory
(30.2) (2.6)
Net change in receivables
(236.2) (58.0)
Net change in payables
94.0 5.6
Difference between pension expense and pension
contribution paid (13.8) (6.5)
Changes in other balance sheet items
203.1 55.8
Interest expense 4
131.9 37.7
Net cash flow from operating activities
579.4 959.2
Cash flow from investing activities
Acquisition of associates / capital infusion for 2023
- (3.0)
Acquisition of other investments for 2022 8
(110.4) -
Investment in non-current assets 6, 7
(32.3) (42.2)
Net cash flow from investing activities
(142.7) (45.2)
Cash Flow Statement
(Amounts in NOK million) Note 2023 2022
Cash flow from financing activities
Loan payments (to)/from subsidiaries
(618.0) (963.3)
Proceeds from issuance of long term debt 13
335.0 1,000.0
Net change in revolving credit facility 13
651.2 567.0
Net change in short-term loans
9.4 (400.0)
Purchase of treasury shares 11
- (127.9)
Sale of treasury shares 11
48.8 53.3
Interest paid
(131.9) (37.7)
Dividend paid 11
(531.4) (886.4)
Net cash flow from financing activities
(236.9) (795.0)
Net change in cash and cash equivalents
199.8 119.0
Cash and cash equivalents per 1 January 10
289.4 170.4
Cash and cash equivalents per 31 December 10
489.2 289.4
SEARCHBROWSESTARTPAGE 100
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Accounting principles TOMRA Systems ASA - NGAAP
GENERAL
Basic principles
TOMRA Systems ASA is the ultimate parent company of TOMRA Group.
The financial statements, which have been presented in compliance with the Norwegian Companies Act,
the Norwegian Accounting Act and Norwegian generally accepted accounting principles, consist of the
income statement, balance sheet, cash flow statement and notes to the accounts.
Estimates and assumptions that may affect the reported amounts of assets and liabilities and the reported
amounts of revenues and expenses during the period, are prepared by management based upon their
best knowledge at reporting date. Actual results may differ from those estimates.
Basis of preparation
The financial statements are presented in million NOK, rounded to the nearest one hundred thousand.
The financial statements are prepared based on historical cost, except for the following material items:
• Derivative financial instruments recognized at fair value through profit and loss
• Defined benefit obligation recognized as the net total of the plan assets and the present value of the
defined benefit obligation.
Transactions, receivables and liabilities in foreign currencies
Receivables and liabilities are booked at the exchange rate at the date of the balance sheet. Transactions
in profit and loss are booked at monthly average exchange rates.
SEARCHBROWSESTARTPAGE 101
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Notes TOMRA Systems ASA
Note 1 Revenues
ACCOUNTING PRINCIPLE
Revenues for machines and parts are recognized when risk is transferred to the customer. Other service
revenue is recognized when services are provided.
Revenues mainly consists of sales of RVMs, spare parts and service manuals/support to subsidiaries.
Geographical split of revenues
(Amounts in NOK million) 2023 2022
Northern Europe
375.3 362.8
Rest of Europe
2 225.4 1 313.1
America
99.8 212.3
Asia
30.3 52.3
Oceania
223.1 186.9
Operating revenues
2,953.9 2,127.4
For an overview of intercompany sales refer to note 16.
Note 2 Inventory/raw materials and consumables used
ACCOUNTING PRINCIPLE
Inventories of raw materials are valued at the lower of cost of acquisition and fair value. Work in progress
and finished products are valued at the lower of cost to manufacture or net realizable value. Net
realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of completion and selling expenses. Spare parts and parts held by service agents are valued at cost. A
deduction is made for obsolescence where necessary.
The cost of inventories is based on the weighted average cost principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. In the
case of manufactured inventories and work in progress, cost includes an appropriate share of overheads
based on normal operating capacity.
Raw materials and consumables used
(Amounts in NOK million) 2023 2022
Raw materials and consumables used in the production process
1,860.2 1,325.3
Change in inventory
(30.2) (2.6)
Raw materials and consumables used
1,830.0 1,322.7
Raw materials and consumables used include an adjustment of inventory obsolescence of NOK 27.4
million (2022: NOK 14.7 million).
Inventory
(Amounts in NOK million) 2023 2022
Finished goods
19.9 19.2
Spare parts
37.8 8.3
Total inventory
57.7 27.5
Inventories are not subject to retention of title clauses.
SEARCHBROWSESTARTPAGE 102
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 3 Employee benefit expenses / auditor’s remuneration
ACCOUNTING PRINCIPLE
Salaries and other personnel expenses represent expenses associated with the remuneration of
personnel employed by TOMRA Systems ASA.
Employee benefit expenses
(Amounts in NOK million) 2023 2022
Salaries
455.5 372.8
Social security tax
55.2 40.0
Pension - Defined benefit plan
10.3 10.8
Pension - Defined contribution plan
27.0 13.8
Other labor cost
1
18.6 21.8
Total employee benefit expenses
566.6 459.2
Number of man-years
291 253
1) Other labor cost mainly consist of social expenses, meetings, training, recruiting and similar.
TOMRA Systems ASA uses bank guarantee instead of restricted bank accounts for employee tax
deductions.
With regard to salary and remuneration to the executive leadership team members employed by TOMRA
System ASA and remuneration to Board members, reference is made to note 4 in the consolidated
financial statements and the “Remuneration report 2023”.
Auditor’s fees
(Amounts in NOK million) 2023 2022
Statutory audit
4.0 2.9
Other attestation services
- 0.1
Tax consulting
0.1 0.1
Other services
1.0 0.6
Total
5.1 3.7
Note 4 Financial items
ACCOUNTING PRINCIPLE
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate
method, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and
gains and losses on hedging instruments that are recognized in the income statement.
Interest income is recognized in the income statement as it accrues, using the effective interest method.
Dividend income is recognized in the income statement when the entity’s right to receive payments is
established.
Net financial items
(Amounts in NOK million) 2023 2022
Dividend from subsidiaries
611.2 931.8
Dividend from subsidiaries
611.2 931.8
Interest income
1
84.0 47.9
Other financial income
52.3 -
Total financial income
136.3 47.9
Interest expenses
2
131.9 37.7
Other financial expenses
19.4 12.3
Foreign exchange loss
112.7 77.0
Total financial expenses
264.0 127.0
Net financial items
483.5 852.7
1) Interest income include interest from subsdiaries of NOK 78.6 million (2022: NOK 23.4 million). Interest from cash-pools was NOK 5.3
million (2022: NOK 4.6 million).
2) Net interest expense on bonds was NOK 72.2 million (2022: NOK 28.7 million) after substraction of NOK 9.3 million through Cross
Currency Interest Rate Swaps which converted the NOK bond loans to EUR loans. In addition interest on other loans was NOK 59.7 million
(2022: NOK 9.0 million) mainly related to the revolving credit facility.
SEARCHBROWSESTARTPAGE 103
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 5 Taxes
ACCOUNTING PRINCIPLE
The tax charge in the profit and loss account includes both taxes payable for the period and the change
in deferred taxes. The change in deferred taxes reflects future taxes payable resulting from the year’s
activities.
Deferred taxes are determined based on the accumulated result, which falls due for payment in future
periods. Deferred taxes are calculated on net positive timing differences between accounting and tax
balance sheet values, after offsetting negative and positive timing differences which reverse or may
reverse in the same period.
Taxes
(Amounts in NOK million) 2023 2022
Tax basis
Profit before taxes
412.6 939.8
Dividend from subsidiaries
(611.2) (931.8)
Interest deduction limitation
33.9 -
Permanent differences
4.2 8.8
Change in temporary differences
160.7 144.4
Basis for taxes payable
0.2 161.2
Tax expense / (income)
Taxes payable / (receivable)
- 35.5
Tax effect of equity transactions
1.0 (0.3)
Net change in deferred taxes
(35.4) (31.8)
Tax expenses related to previous years
45.4 -
Total tax expense
11.0 3.4
Deferred tax assets
Other current assets
31.0 14.7
Intangible non-current assets
57.2 42.1
Tangible non-current assets
1.4 0.8
Financial non-current assets
3.5 3.9
Provisions
2.6 2.4
Other current liabilities
11.3 5.8
Pension reserves
6.3 8.3
Total deferred tax assets
113.3 78.0
Deferred tax assets are presented using applicable tax rate applied to amounts representing future tax
deductions or taxes payable.
Note 6 Intangible assets
ACCOUNTING PRINCIPLE
Intangible assets are stated at cost less accumulated amortization and impairment losses. If the fair value
of a fixed asset is lower than book value, and the decline in value is not temporary, the fixed asset will be
written down to fair value.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in
the specific asset to which it relates. All other expenditure is expensed as incurred.
Straight-line amortization is applied over the economic life of the asset.
Intangible assets
(Amounts in NOK million) Software Patents Total
Cost
Balance at 1 January 2023
292.8 5.1 297.9
Other acquisitions -internally developed
18.2 0.0 18.2
Balance at 31 December 2023
311.0 5.1 316.1
Balance at 1 January 2022
270.7 5.1 275.8
Other acquisitions -internally developed
22.1 0.0 22.1
Balance at 31 December 2022
292.8 5.1 297.9
Amortization and impairment losses
Balance at 1 January 2023
202.3 4.5 206.8
Amortization charge for the year
39.0 0.1 39.1
Balance at 31 December 2023
241.3 4.6 245.9
Balance at 1 January 2022
160.3 4.4 164.7
Amortization charge for the year
42.0 0.1 42.1
Balance at 31 December 2022
202.3 4.5 206.8
Useful life
5 yrs 5 yrs
Carrying amounts
31 December 2023
69.7 0.5 70.2
31 December 2022
90.5 0.6 91.1
SEARCHBROWSESTARTPAGE 104
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 7 Property, plant and equipment
ACCOUNTING PRINCIPLE
Fixed assets are stated at cost less accumulated amortization and impairment losses. If the fair value of
a fixed asset is lower than book value, and the decline in value is not temporary, the fixed asset will be
written down to fair value.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in
the specific asset to which it relates. All other expenditure is expensed as incurred.
Straight-line depreciation is applied over the economic life of the asset.
Property, plant and equipment
(Amounts in NOK million) Software Patents Total
Cost
Balance at 1 January 2023
138.2 1.6 139.8
Acquisitions
12.9 1.2 14.1
Disposals
(0.3) (0.3)
Balance at 31 December 2023
151.1 2.5 153.6
Balance at 1 January 2022
118.6 1.9 120.5
Acquisitions
19.6 0.6 20.2
Disposals
(0.9) (0.9)
Balance at 31 December 2022
138.2 1.6 139.8
Depreciation and impairment losses
Balance at 1 January 2023
83.8 0.8 84.6
Depreciation charge for the year
14.8 0.3 15.1
Disposals
(0.2) (0.2)
Balance at 31 December 2023
98.6 0.9 99.5
Balance at 1 January 2022
69.9 1.5 71.4
Depreciation charge for the year
13.9 0.2 14.1
Disposals
(0.9) (0.9)
Balance at 31 December 2022
83.8 0.8 84.6
Useful life
3-10 yrs 3-7 yrs
Carrying amounts
31 December 2023
52.5 1.6 54.1
31 December 2022
54.4 0.8 55.2
Note 8 Shares and investments
ACCOUNTING PRINCIPLE
Shares intended for long-term ownership are recorded in the balance sheet under long-term investments.
These are valued at acquisition cost unless circumstances, which cannot be regarded as of a temporary
nature, exist which necessitate a lower valuation.
(Amounts in NOK million) Country
Year of
acquisition
Vote and
owner share
Result for
the year
Equity at
31.12
Book
value
Tomra North America Inc USA
1992 100.0% 104.6 2,165.3 1,166.2
Tomra Europe AS Norway
1998 100.0% 76.0 206.6 10.0
Tomra Production AS Norway
1998 100.0% 67.4 253.8 15.0
Tomra Canada Inc Canada
2000 100.0% 24.7 188.9 79.8
Tomra Sorting Japan KK Japan
2000 100.0% 2.8 23.2 7.0
Tomra Sorting AS Norway
2004 100.0% 317.3 2,646.4 1,817.6
Tomra Sorting Technology
(Xiamen) Co. Ltd. China 2010 100.0% 42.8 166.1 81.4
Tomra Collection Pty Ltd. Australia
2017 80.0% 41.3 292.3 191.7
TOMRA Horizon AS Norway
2023 100.0% (2.2) (2.2) 0.0
Total shares in
subsidiaries 3,368.7
Tomra Japan Ltd. Japan
2008 50.0% 38.5 88.2 9.6
Recycling Lottery
International AS Norway 2019 33.3% (3.4) 8.5 6.0
Total shares in associates
15.6
Kezzler AS Norway
2023 14.0% 110.4
Total shares in other
investments 110.4
SEARCHBROWSESTARTPAGE 105
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 9 Short term receivables
ACCOUNTING PRINCIPLE
Receivables with due date within one year from the balance date are classified as current assets.
Short-term receivables
(Amounts in NOK million) 2023 2022
Trade receivables from sales contracts, gross
10.4 21.7
Intra group short-term receivables
1,537.9 1,453.7
Other short-term receivables
303.7 182.6
Provision for bad debt
(2.8) (1.5)
Total receivables
1,849.2 1,656.5
Provision for bad debt per 1 January
1.5 1.5
Provisions made during the year
1.3 -
Provision for bad debt per 31 December
2.8 1.5
Bad debt written-off and changes in provision for bad debt are reported as other operating expenses.
Note 10 Cash and cash equivalents
ACCOUNTING PRINCIPLE
Cash and cash equivalents include cash in hand, bank deposits, money market funds, and other short-
term investments with original maturity of three months or less.
Cash and equivalents
(Amounts in NOK million) 2023 2022
Cash and cash equivalents
1
489.2 289.4
Cash and cash equivalents in the statement of cash flows
489.2 289.4
1) Includes restricted bank deposits totaling NOK 21.8 million.
TOMRA Systems ASA and its subsidiaries participate in an international multi-currency cash-pool, and
zero-balancing cash pools for AUD, CAD, NZD, SGD, and USD. Subsidiaries deposit and withdraw funds
through the cash pool agreements as an intra-group receivable/payable against TOMRA Systems ASA,
and the transactions are classified as such in the financial statements.
SEARCHBROWSESTARTPAGE 106
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 11 Equity
(Amounts in NOK million)
Share
capital
Treasury
shares
Share
premium
Paid-in
capital
Retained
earnings
Total
equity
Number of
shares
1
Balance per 1 January 2023
148.0 (0.4) 918.3 1,066.0 622.5 1,688.5 296,040,156
Profit for the period
401.6 401.6
Pensions
(3.8) (3.8)
Own shares sold to employees
0.1 0.1 48.7 48.8
Dividend to shareholders
(576.3) (576.3)
Balance per 31 December 2023
148.0 (0.3) 918.3 1,066.1 492.7 1,558.8 296,040,156
Balance per 1 January 2022
148.0 (0.3) 918.3 1,066.0 290.8 1,356.8 148,020,078
Profit for the period
936.4 936.4
Pensions
1.3 1.3
Purchase of own shares
(0.2) (0.2) (127.7) (127.9)
Own shares sold to employees
0.2 0.2 53.1 53.3
Dividend to shareholders
(531.4) (531.4)
Balance per 31 December 2022
148.0 (0.4) 918.3 1,066.0 622.5 1,688.5 296,040,156
1) A share split of 1:2 has been executed with effect from 27 May 2022. Following completion of the share split, the new number of issued underlying shares of TOMRA Systems ASA is
296,040,156 each with a par value of NOK 0.50 per share (was NOK 1.00 per share).
TREASURY SHARES
Total shareholding of treasury shares was 513,815 as of year end 2023, representing 0,17% of TOMRA Systems ASA’s share capital.
For information on purchase of own shares reference is made to note 14 of the consolidated financial statements.
DIVIDENDS
After the balance sheet date the following dividends were proposed by the directors:
(Amounts in NOK million) 2023 2022
NOK 1.95 in ordinary dividend per share (2022: NOK 1.80 in ordinary dividend)
576.3 531.4
SHAREHOLDER INFORMATION
A list of the largest shareholders in TOMRA Systems ASA is presented in note 15 of the consolidated financial statements.
SHARE PURCHASE PROGRAM
Reference is made to note 16 of the consolidated financial statements.
SEARCHBROWSESTARTPAGE 107
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 12 Pension and pension obligations
ACCOUNTING PRINCIPLE
Defined contribution plans
Obligations for contributions to defined contribution plans are recognized as employee benefits expenses
in profit and loss as the related service is provided.
Defined benefit plans
The defined benefit pension plan has been treated for accounting purposes in accordance with IAS 19.
TOMRA Systems ASA’s net obligation in respect of defined benefit plans is calculated separately for each
plan by estimating the amount of future benefit that employees have earned in the current and prior
periods, discounting that amount and deducting the fair value of any plan assets.
The calculation of defined benefit obligation is performed annually by a qualified actuary using the
projected unit credit method. When the calculation results in a benefit to TOMRA Systems ASA, the
recognized asset is limited to the present value of economic benefits available in the form of any future
refunds from the plan or reductions in future contributions to the plan.
Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, the
return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are
recognized immediately in Equity. TOMRA Systems ASA determines the net interest expense (income) on
the net defined benefit liability (asset) for the period by applying the discount rate used to measure the
defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset),
taking into account any changes in the net defined benefit liability (asset) during the period as a result of
contributions and benefit payments. Net interest expense and other expenses related to defined benefit
plans are recognized in profit and loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that
relates to past service or the gain or loss on curtailment is recognized immediately in profit and loss.
TOMRA Systems ASA recognizes gains and losses on the settlement of a defined benefit plan when the
settlement occurs.
TOMRA Systems ASA is obliged to have a pension plan for its employees in compliance with Norway’s
Mandatory Occupational Pensions Act (Lov om obligatorisk tjenestepensjon), and its pension plan meets
this requirement.
OTHER INFORMATION ON TOMRA’S PENSION PLANS
Defined benefit plan
TOMRA has one defined benefit plan which is structured as a retirement net agreement in that it
guarantees a supplement to the State benefits. There have not been any agreements for compensation
of reductions in State benefits. The plan gives a right to defined future benefits (defined benefit plan). The
benefit is mainly dependent upon years within the plan, salary at date of retirement and compensation
from the State. The obligations are covered through Storebrand insurance company. The plan should
ensure that the employees would get a pension of about 65 percent of salary, if they had full contribution
time, limited upwards to 12G. The plan was closed in 2007, and all new employees after that are included
in the defined contribution plan.
The defined benefit plan, which also covers employees in Tomra Butikksystemer AS, Tomra Production AS
and Tomra Sorting AS, includes 59 employees and 65 retirees at year-end 2023.
The discount rate is in accordance with guidelines from Norsk Regnskapsstiftelse at 30 September 2023,
which was the best estimate of the rate at the time the basis for the calculation was set in November 2023.
Actual return on plan assets was NOK -7.0 million in 2023 (NOK 8.5 million in 2022)
TOMRA’s best estimate of contributions expected to be paid into the plan for 2024 is NOK 15.0 million.
Sensitivity analysis
Sensitivity analysis has been performed on actuarial assumptions, holding other assumptions constant,
and the calculations show no material changes in calculated amounts. Performed sensitivity calculations
include discount rate (+/- 0.5%), wage increase (+/- 0.5%) and pension regulation (+0.5%).
Defined contribution plans
Under the defined contribution plan TOMRA contributes 6% of salary between 0 and 7.1G and 16 % of
salary between 7.1 and 12G. In addition TOMRA has a separate pension plan for benefits over 12G, with
the same coverage as the plan up to 12G.
(Amounts in NOK million) 2023 2022
Expense recognized in the income statement
Current service cost
8.0 8.9
Interest cost (income)
1.0 0.6
Social security tax included in pension cost
1.3 1.3
Net pension costs in Income Statement
10.3 10.8
The expense is recognized in the following line item in the income
statement
Employee benefit expenses defined benefit plan
10.3 10.8
Employee benefit expenses defined contribution plan
27.0 13.8
Total employee benefit expenses
1
37.3 24.6
Expense recognized directly in equity
Actuarial loss (gain) - change in discount rate
(18.5) (67.1)
Actuarial loss (gain) - change in other financial assumptions
17.1 54.9
Actuarial loss (gain) - experience DBO
(26.8) (4.9)
Loss (gain) - experience Assets
28.8 12.7
Investment management cost
3.0 3.0
Asset ceiling - asset adjustment
0.6 -
Social security tax included in pension cost
0.6 (0.2)
Net pension costs directly in equity
4.8 (1.6)
1) NOK 10.6 million of total employee benefit expenses for TOMRA Systems ASA was charged to subsidiaries in 2023 (2022: NOK 7.2
million) and the interest of NOK 1.0 million is classified as employee benefit expenses.
SEARCHBROWSESTARTPAGE 108
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in NOK million) 2023 2022
Financial status as of 31 december
Present value of funded pension obligations
247.1 264.9
Fair value of plan assets
(219.0) (227.2)
Unrecognized actuarial gains & losses
0.6 -
Pension liability
28.7 37.7
Basis for calculation
Discount rate
3.70% 3.20%
Expected wage increase
3.75% 3.75%
Expected increase of base amount
3.50% 3.50%
Expected return on plan assets 31 December
3.70% 3.20%
Average remaining service period
7,99 yrs 8,71 yrs
Movements in net liability for defined benefit obligations as
recognized in the balance sheet
Net liability at 1 January
37.7 45.8
Contributions received
(24.1) (17.3)
Remeasurement recognized in equity
4.8 (1.6)
Expense recognized in the Income Statement
10.3 10.8
Net liability at 31 December
28.7 37.7
Note 13 Interest-bearing liabilities
ACCOUNTING PRINCIPLE
Liabilities with due date more than one year after the balance date are classified as non-current liabilities.
The bond loans are in NOK, and a cross currency interest rate swaps (CCIRS) has been used to swap
these to EUR. The changes in fair value resulting from change in spot rate are recorded in profit and loss.
Interest bearing liabilities
(Amounts in NOK million) 2023 2022
Non-current liabilities
Bonds
1
1,000.0 1,600.0
Unsecured bank loans
2
1,218.2 567.0
Other long term loans
3
335.0 -
Total non-current interest-bearing liabilities
2,553.2 2,167.0
Current liabilities
Current portion of Bonds
1
600.0 -
Current portion of other long term loans
3
9.4 -
Total current interest-bearing liabilities
609.4 -
1) TOMRA has a NOK 600 million senior unsecured bond, with a coupon of 3 months NIBOR + 0,75 % that matures in November 2024. In
November 2022 TOMRA issued two new green bonds, one tranche of NOK 500 million with 3 months NIBOR + 1,42 % that matures in
November 2025, and a second tranche of NOK 500 million with 3 months NIBOR + 1,67 % that matures in November 2027. The bonds
meet the requirements set by Nordic Trustee and are listed on the Oslo Stock Exchange. The loans have floating interest and negative
pledge commitments.
2) TOMRA Systems ASA has an EUR 150 million revolving credit facility established in December 2020 with tenor 3+1+1 years. The facility
was extended with two years and final maturity is December 2025. NOK 1 218 million was drawn on as of 31 December 2023. Optional
Currencies are NOK, EUR, USD and GBP. Interest is payable at a rate of IBOR and a margin for loans in NOK and EUR. For loans in USD
interest is payable at a rate of SOFR, a credit adjustment spread and a margin, and for loans in GBP interest is payable at a rate of SONIA,
a credit adjustment spread and a margin. The margin is dependent on TOMRA’s NIBD/EBITDA ratio. The loan agreement is conditional
upon an equity covenant of at least 30 percent of total assets, measured at the end of each quarter. TOMRA is in compliance with the
covenants as of 31 December 2023.
3) TOMRA Systems ASA established in November 2023 a credit line of MEUR 40 funded by Eksportfinansiering Norge. The credit line is
guaranteed jointly by Eksportfinansiering Norge and DNB. The financing proposed is offered as a committed credit line, which comes into
effect on the basis of signed export contracts. Availability of drawings under the credit Line is two years from signing. Tenor is proposed
up to 6 years for each loan tranche with first repayment to take place no later than 6 months after the starting point of credit. NOK 344
million was drawn on as of 31 December 2023. Interest is payable at CIRR (Commercial Interest Reference Rate) and a margin. The margin
is dependent on TOMRA’s NIBD/EBITDA ratio. The loan agreement is conditional upon an equity covenant of at least 30 percent of total
assets, measured at the end of each quarter. TOMRA is in compliance with the covenants as of 31 December 2023.
For disclosures on Risk management and Derivative financial instruments reference is made to note 19 of
the consolidated financial statements.
SEARCHBROWSESTARTPAGE 109
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 14 Provisions
ACCOUNTING PRINCIPLE
A provision is recognized in the balance sheet when the company has a present legal or constructive
obligation as a result of a past event, and it is probable that an outflow of economic benefits will be
required to settle the obligation.
Provisions
(Amounts in NOK million) Warranty
Balance at 1 January 2023
11.0
Provisions made during the year
1.0
Balance at 31 December 2023
12.0
Warranty provisions relate to accruals for service expenses on sold machines assumed to occur during
the period covered by warranties given to the customer. RVMs are normally sold with a warranty period
between 12 and 24 months.
Note 15 Other current liabilities
ACCOUNTING PRINCIPLE
Liabilities with due date within one year from the balance date are classified as current liabilities.
Other current liabilities
(Amounts in NOK million) 2023 2022
Salary, bonus, tax deductions, social security taxes
145.4 102.6
Goods received, not invoiced
19.2 0.3
Accrued expenses
100.2 62.8
Dividend accruals
576.3 531.4
Total other current liabilities
841.1 697.1
CONTINGENT LIABILITIES
TOMRA Systems ASA has guarantee liabilities of NOK 231.8 million (2022: NOK 213.3 million).
Note 16 Related parties
TRANSACTIONS WITH RELATED PARTIES
TOMRA Systems ASA has several transactions with related parties. All transactions are performed as part
of ordinary business and executed at arms’ length principles.
The significant transactions are as follows:
Sales of RVMs, spare parts and service manuals/support of NOK 2,907 million in 2023 (NOK 2,056 million
in 2022) to:
Tomra Butikksystemer AS
Tomra Systems AB
Tomra Systems AS
OY Tomra AB
Tomra Systems GmbH
Tomra Systems BV
Tomra Sorting Technology (Xiamen) Co. Ltd.
Tomra Leergutsysteme GmbH
Tomra of North America Inc.
Tomra Canada Inc
Tomra Service OÜ
Tomra Systems NV
Tomra Systems SA
Tomra Systems UAB
Tomra Systems d.o.o
Tomra Collection Pty Ltd
Tomra Collection Ltd
Tomra Collection Latvia SIA
Tomra Collection Slovakia s.r.o.
Tomra Collection Romania S.R.L
Tomra Collection Solution Taiwan
Tomra Collection d.o.o. Beograd
Tomra Collection Bulgaria EOOD
Tomra Collection Turkey Makine Teknoloji Sanayi
ve Ticaret Anonim Sirketi
Tomra Collection Poland Sp.zo.o
Tomra Collection Hungary Kft.
Tomra Collection Portugal, Unipessoal LDA
Tomra Singapore PTE. LTD.
Tomra Collection France SAS
TOMRA Recycling Technology (Xiamen)
TOMRA Collection Ireland Ltd
Purchase of RVMs and spare parts from Tomra Production AS of NOK 803.3 million in 2023 (NOK 644.5
million in 2022).
Management fee of NOK 42.6 million in 2023 (NOK 17.6 million in 2022).
For intra Group loans,including interest income and expense, reference is made to note 4.
Intercompany receivables and payables
(Amounts in NOK million) 2023 2022
Loans to subsidiaries
1,566.7 942.6
Intra-group receivables
1,485.6 1,453.7
Loans from subsidiaries
(559.5) (553.4)
Intra-group payables
(1,147.8) (1,187.4)
Total
1,345.0 655.5
SEARCHBROWSESTARTPAGE 110
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Independent Auditor’s report
PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of TOMRA Systems ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of TOMRA Systems ASA, which comprise:
• the financial statements of the parent company TOMRA Systems ASA (the Company), which
comprise the balance sheet as of 31 December 2023, the income statement and cash flow
statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies, and
• the consolidated financial statements of TOMRA Systems ASA and its subsidiaries (the Group),
which comprise the balance sheet as of 31 December 2023, the income statement, other
comprehensive income, consolidated statement of changes in equity and cash flow statement for
the year then ended, and notes to the financial statements, including material accounting policy
information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as of 31
December 2023, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group
as of 31 December 2023, and its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by
relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards)
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 4 years from the election by the general meeting of the
shareholders on 4 May 2020 for the accounting year 2020.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
2 / 5
The Group's business activities are largely unchanged compared to last year. There have not been any
significant regulatory changes, transactions, or events with material impact on the financial statements for
2023. Furthermore, Valuation of Goodwill, has the same characteristics and risks as in prior years, and
therefore continues to be an area of focus this year.
Key Audit Matters
How our audit addressed the Key Audit Matter
Valuation of Goodwill
At the balance sheet date,
the book value of
goodwill was NOK 3 273 million distributed
between several different cash generating units
(CGU's). The values involved are significant and
constitute a major part of the Group's total assets in
the balance sheet.
We focused on valuation of goodwill because of the
inherent uncertainty of whether future cash flows
will support
its
carrying value. The presumption that
future cash flow
s will support the valuation of
goodwill rests on several assumptions that are
judg
emental in nature, specifically the size and
timing of cash flows, and the different elements of
the discount rate.
Management's assessment concluded that no
impairment was necessary for 2023.
Refer to note 7 to the consolidated financial
statements for further information on
manag
ement's impairment assessment, including
the applied assumptions.
We evaluated the appropriateness of
management's allocation of goodwill and intangible
assets to CGU's, and
management’s controls over
the impairment assessment.
Our procedures include
d challenging management
on the suitability of the impairment model and the
reasonableness of the assumptions
, as well as a
test of the mathematical accuracy of the model.
We assessed the reliability of management's cash
flow forecasts through a comparison
of actual
performance in previous years to previous year's
forecasts. We obtained explanations from
management on material deviations.
We compared estimates on future cash flows to
long term plans approved by the Board of
Directors. Further, we challenged
management's
expectations on future growth by comparing
the
expectations
to historic results for the different
CGU's
.
We also compared the growth assumptions
to
relevant external sources. Further, we discussed
the potential effect
s of climate risk with
ma
nagement.
We assessed the discount rates by comparing the
key components used
to external market data
where possible. We
found that the discount rates
for the different CGU's were within an appropriate
range.
Based on
the procedures performed, we found that
management's assumptions were reasonable.
We considered the appropriateness of the
information provided
in the disclosures, including
the
provided sensitivities for the discount rate and
growth expectations
, and found it to be appropriate.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
SEARCHBROWSESTARTPAGE 111
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
3 / 5
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying
the financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appear to be materially misstated. We are required to report if there is a material misstatement in the Board
of Directors’ report or the other information accompanying the financial statements. We have nothing to
report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.
Management is responsible for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not likely
that the enterprise will cease operations. The consolidated financial statements of the Group use the going
concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's and the Group's internal control.
4 / 5
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's and the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of TOMRA Systems ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual
report, with the file name TOMRA_Annual_Report_2023_ESEF, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on
the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
SEARCHBROWSESTARTPAGE 112
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 113
CONTENT
Key Figures
Our Values
CEO Review
Business Overview
Executive Leadership Team
Corporate Sustainability Report
Environmental Report
Taxomony Report
Corporate Governance Report
2023 Summary and Highlights
Board of Directors
Directors’ Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Alternative performance measures
Alternative performance measures used in this report are defined in the following way:
• EBITDA is the calculated profit (loss) for the period before (i) income tax expenses, (ii)
finance income and expenses, (iii) amortizations and (iv) depreciations.
1
• EBITA is the calculated profit (loss) for the period before (i) income tax expenses, (ii) finance
income and expenses and (iii) amortizations.
2
• EBITA, adjusted is the calculated profit (loss) for the period before (i) income tax expenses,
(ii) finance income and expenses and (iii) amortizations, and (iv) special items.
• Special items are result elements that are considered to be of one-off nature which does
not reflect the performance in the underlying business.
• EBIT is the calculated profit (loss) for the period before (i) income tax expenses and (ii)
finance income and expenses.
• Depreciations is the allocated cost of tangible assets over its useful life + write downs
related to the same assets.
• Amortizations is the allocated cost of intangible assets over its useful life + impairment
losses related to the same assets.
• Net interest-bearing debt is calculated as the difference between interest-bearing debt
and cash. Interest-bearing debt includes loans from financial institutions (current and non-
current loans) and lease liabilities (current and non-current). Cash includes cash equivalents
as short-term deposits, cash funds and bank accounts.
3
• Currency adjusted revenues/gross contribution/operating expenses/EBITA is the revised
revenues/gross contribution/operating expenses/EBITA after adjusting for estimated
currency effect.
• Order backlog is defined as the value of firm orders received within TOMRA Recycling and
TOMRA Food, that has not yet been delivered (and consequently not yet taken to P/L).
• Order intake is defined as Order backlog at the end of a period minus Order backlog at the
beginning of a period plus revenues for the relevant period.
• EBITA margin is defined as EBITA divided by Revenues in percent.
• Return on equity is Profit for the period divided by the average of opening and closing
balance majority equity.
4
• Return on total assets before tax is Profit before tax and interest expenses divided by the
average of opening and closing balance total assets.
5
• Gearing ratio Net interest bearing debt divided by EBITDA.
6
1) EBITDA = 1,172.3 + 1,109.8 = 2,282.1
2) EBITA = 1,172.3 + 207.2 = 1,379.5
3) Net interest-bearing debt = 2,577.3 + 609.4 + 1,181.8 + 386.2 - 1,168.0 = 3,586.7
4) Return on equity = (749.6 – 52.5) / ((6,571.8 – 191.9 + 6,904.3 - 266.1) / 2) = 10.7%
5) Return on total assets before tax = (1,172.3 + 11.4 + 22.0) / ((16,513.0 + 13,932.3) / 2) = 7.9%
6) Gearing ratio = 3,586.7 / 2,282.1 = 1.57
TOMRA Systems ASA
Drengsrudhagen 2
Asker, 1385, Norway
+47 66 79 91 00
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