Driving Sustainability
and Profitability
Annual Report
2024
2024 adjusted
1)
2024 2023 adjusted
1)
2023 2022 2021 2020
Operating revenues EUR million
1,348 1,348 1,288 1,288 1,205 1,074 927
Revenue growth %
4.6 4.6 6.9 6.9 12.1 15.9 -2.2
EBITA EUR million
181 176 162 119 160 174 142
EBITA margin %
13.4 13.0 12.5 9.2 13.3 16.2 15.3
Operating profit (EBIT) EUR million
162 156 143 101 143 153 121
Profit before taxes EUR million
136 131 127 85 138 150 99
Net profit (profit for the period) EUR million
103 99 96 64 105 112 74
Total assets EUR million
1,661 1,661 1,469 1,469 1,325 1,160 1,048
Equity (majority) EUR million
603 603 591 591 607 600 518
Net cash flow from operating activities EUR million
235 235 137 137 114 175 160
Return on capital employed %
18.4 17.9 17.3 12.7 19.3 22.9 18.7
Return on equity %
16.4 15.7 15.3 9.9 16.8 19.3 13.9
Return on total assets before tax %
10.6 10.3 10.5 7.4 12.0 14.5 11.3
Earnings per share EUR
0.33 0.32 0.32 0.20 0.34 0.36 0.24
Dividend per share NOK
2.15 2.15 1.95 1.95 1.80 3.00 1.50
Payout ratio %
56.0 58.4 53.8 84.7 51.9 81.1 57.6
Number of employees as of 31 December
5,303 5,303 5,370 5,370 5,015 4,610 4,307
Female employees %
24 24 23 23 23 22 21
Female managers (of all managers) %
26 26 25 25 25 24 24
Number of reportable injuries
115 115 105 105 147 101 71
Scope 1 & 2 GHG Emissions Metric tons
31,476 31,476 27,751 27,751 25,798 24,020 24,100
Note: Figures for 2020-2023 have been restated from NOK to EUR.
1) Adjusted for one-off expenses from cyberattack and Food restructuring.
Key figures
SEARCHBROWSESTARTPAGE 2
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Driving sustainability
and profitability
The drivers for increased circularity and resource optimization
have never been stronger than now. In 2024 we have
seen historical progress made by policymakers on the
circular agenda and there is a strong momentum of industry
commitments to become net-zero. Close to 7,300 companies
have validated their science-based targets with SBTi,
compared to 4,205 companies at the start of 2024
1)
. And the
scarce nature of resources pushes the need for increased
circularity, something that is reinforced by a geopolitical
climate where countries are looking to reduce their
dependency on trade.
Over the past decade, TOMRA has consistently delivered
profitable growth. Annual growth in revenues has been 9% on
average, and 11% for our dividends. In 2024, we are pleased
to deliver record high revenues of EUR 1,348 million and
record high EBITA of EUR 176 million with improved profitability
margins. As we shape existing markets and create new ones –
supporting economies in becoming more circular – our target
is to accelerate growth to 15% annually over the cycle towards
2030 while increasing our EBITA margin to 18% and delivering
a return on capital employed above 18% by the end of the
same period.
Where others see waste, we see valuable
resources. We see solutions to be developed
and business opportunities to be captured. Our
technology accelerates the transition to circular
economies and optimizes how resources are
obtained, used and reused to the benefit of our
shareholders, customers and the planet.
1) Science Based Targets (2025). Target dashboard.
SEARCHBROWSESTARTPAGE 3
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
DRIVING PROFITABILITY AND BECOMING A FULLY CIRCULAR
BUSINESS
Our profitability target is ambitious, but our strategy is clear.
Increased profitability enables us to invest in the future
and accelerate the transition to more circular economies.
It is therefore encouraging to deliver tangible progress
on improving profitability in 2024, despite unfavorable
macroeconomic business conditions prolonging for many of
our customers.
In TOMRA Collection, we lifted our margins while growing
revenues 11%. We have maintained strong margins in TOMRA
Recycling, where we delivered revenues in line with record
levels achieved in 2023. In TOMRA Food, we significantly
improved margins throughout the year and completed our
cost savings program while restructuring the organization to
become more focused and customer-centric.
We have also stepped up our own efforts to become a fully
circular business. We have defined our pathway to become
a net-zero emitting company by 2050 and launched and
validated our science-based targets. On this path forward,
we have set intermediate targets to reduce Scope 1 and 2
emissions by 55% and Scope 3 intensity by 62% in 2033.
These are bold targets that require changes to our operations
and products. But these changes can bring great advantages.
Our Retility initiative is an example where we effectively
recycle materials from retired TOMRA reverse vending
machines, providing access to quality recycled content in
new TOMRA machines. Another example is that by reducing
the energy consumption of our machines, we will be able
to reduce Scope 3 intensity and decrease operational costs
for our customers – increasing the competitiveness of our
solutions.
DRIVING SUSTAINABILITY THROUGH INNOVATIVE
SOLUTIONS
Our vision of leading the resource revolution is deeply
rooted in our culture and core values. Ultimately, TOMRA’s
solutions contribute to increased resource optimization for our
customers, meaning more value can be extracted from the
same resources while reducing their environmental footprint.
One of the keys to deliver on our ambitions lies in our
technology leadership. Continuous innovation enables
better resource optimization, increased circularity of more
types of materials, and higher-quality recycling – essentially
creating new markets for us to grow in. It helps us stay on
top of competition and deliver added value to our customers.
This year we proudly launched our new multi-feed reverse
vending machine TOMRA R2, the TOMRA RollPac backroom
solution, and we had early success with our recently launched
AUTOSORT PULSE for aluminum alloy sorting.
Today, one can hardly avoid talking about new technology
without mentioning artificial intelligence. In all three divisions,
we now have commercialized solutions leveraging artificial
intelligence, ranging from the Basic Line in TOMRA Collection,
GAINnext and OBTAIN in TOMRA Recycling, and LUCAi in
TOMRA Food.
Innovating for circularity is not only about technology – it
is also about creating new value chains and solutions. Our
most prominent examples are found under TOMRA Horizon.
In TOMRA Feedstock, we plan commissioning of our first
advanced sorting plant in the second quarter 2025. Here
we are leveraging our technology to create a new system
which enables recycling of residual plastics that are typically
incinerated or landfilled today. In TOMRA Reuse, we are
celebrating one year of piloting a complete system for
reusable takeaway packing with high user satisfaction rates,
leveraging our reverse vending technology. Both initiatives are
ready to scale and have the potential to contribute to further
emission avoidance in the resource value chain, and profitable
growth for TOMRA.
CIRCULARITY ON THE AGENDA
With new regulatory milestones for increased circularity having
been reached, the future looks more promising than ever. The
EU’s adoption of the Packaging and Packing Waste Regulation
(PPWR) will shape circularity for decades, introducing the first
legally binding recycled content requirements for packaging,
DRS in all EU countries, and many additional promising
obligations for the industry to boost recycling rates. With DRS
regulation in place in several new markets including Spain and
the UK, the coming years look very encouraging for increased
circularity.
As the currents for circularity continue to increase in strength,
TOMRA stands ready to support the industry in realizing its
ambitions – driving increased profitability and sustainability.
Tove Andersen
President and CEO TOMRA Systems ASA
SEARCHBROWSESTARTPAGE 4
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Business Overview
TOMRA
Leading the Resource
Revolution by transforming
how we obtain, use, and
reuse our world’s resources
Publicly listed on Oslo Stock Exchange (OSE: TOM)
Installations
113,700
machines
Employees
5,300
globally
Revenue
5%
growth
Revenue
1.35
billion EUR
EBITA adj.
12%
growth
Serving customers in
100+ countries
worldwide
SEARCHBROWSESTARTPAGE 5
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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.
Responsibility
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 6
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
2024 HIGHLIGHTS
• Strong revenue growth in existing markets on
increased throughput volumes, system expansions and
modernizations, and launch of new technology.
• High activity and strong revenue contribution from the
launch of deposit systems in Austria, Romania, Hungary, and
Ireland.
• Launch of new technology including the TOMRA R2 multi-
feed machine, the TOMRA RollPac backroom solution, and
the TOMRA B5 “Basic Line”.
Revenue
773
million EUR
Revenue
11%
growth
Installations
87,000
machines
EBITA
17%
margin
Collecting
48+
billion container
a year
TOMRA Collection
Transforming society’s habits to keep valuable resources in a continuous loop of use and reuse.
SEARCHBROWSESTARTPAGE 7
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
2024 HIGHLIGHTS
• Financial results in 2024 in line with record strong 2023,
despite soft market sentiment in plastics recycling.
• 12% growth in software and service revenues with increased
focus on service offerings for superior client deliveries.
• Strong demand for newly launched AUTOSORT PULSE
which sorts aluminum alloys at industrial scale.
Revenue
266
million EUR
Gross margin
53%
Installations
11,200
machines
EBITA
23%
margin
TOMRA Recycling
Giving every piece of material we sort and analyze – may it be waste, metal or ore – a value.
SEARCHBROWSESTARTPAGE 8
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
2024 HIGHLIGHTS
• Signs of improving market sentiment after a couple of years of
challenging macroeconomic conditions and damaged harvests.
• Successful turnaround of TOMRA Food with cost savings
of EUR 30 million annually, EBITA run-rate margin >10% at
end of 2024 and a refocused and more customer-centric
organization.
• Increased traction of integrated LUCAi deep learning
technology for enhanced sorting and grading precision of fruit.
Revenue
311
million EUR
Gross margin
+2.2
% points
Installations
15,500
machines
EBITA adj. margin
+4.3
% points
TOMRA Food
Maximize food safety and minimize food loss by making sure Every Resource Counts through our sorting and grading solutions.
SEARCHBROWSESTARTPAGE 9
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Feedstock
TOMRA
Reuse
c-trace
2024 HIGHLIGHTS
• TOMRA Feedstock: Long-term offtake agreements signed. Norwegian plant nearing
completion with commissioning planned in second quarter 2025. German plant
expected to launch in 2026.
• TOMRA Reuse: One year of piloting city solution in Aarhus (Denmark) with high user
satisfaction rates. Collaboration agreement signed with Lisbon City Council and
the Portuguese Association for Hotels, Restaurants and Catering Establishments
(AHRESP).
• C-trace: Acquisition of German leader in digital waste management solutions.
TOMRA Horizon
Exploring new adjacent business opportunities and alternative business models, leveraging our technology and decades of know-how, to facilitate
and accelerate the transition to circular economies.
SEARCHBROWSESTARTPAGE 10
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Timeline of events 2024
1 Jan: DRS launch in
Hungary.
2025
17 Apr: TOMRA
Recycling
announces
worldwide industry
first launch of
food-grade plastics
sorting solution
using TOMRA’s AI-
powered GAINnext.
Q1: TOMRA
Recycling sells
first AUTOSORT
PULSE machines,
enabling ground-
breaking sorting of
aluminum alloys.
25 Sept: TOMRA
Collection appointed
sole reverse vending
solutions provider for
upcoming deposit
return scheme in
Tasmania, Australia.
22 Aug: World’s
second-largest
diamond found in
Botswana by Lucara
Diamond, using
TOMRA Mining
technology.
Q3: TOMRA Food’s
improvement
program leads to
transfer of production
to Senec and closure
of Hamilton and later
Auckland in Q4.
17 Jan: TOMRA
ReUse launches
first pilot system for
reusable takeaway
packaging in
Aarhus.
22 Oct: TOMRA’s
Science-Based
Targets approved.
16 Dec: EU adopts
new Packaging and
Packaging Waste
Regulation.
1 Feb: DRS launch
in Ireland.
26 Apr: TOMRA
Feedstock announces
long-term recycling
feedstock supply
agreements with
OMV and Borealis.
Q1: TOMRA Food
launches three
new AI-powered
sorting and grading
solutions: TOMRA
Neon, Spectrim X
with LUCAi, and
InVision2 with
LUCAi.
24 Oct: Acquisition
of leading digital
waste management
solution provider
c-trace.
3 Sep: TOMRA
Collection launches
TOMRA R2.
15 Feb: TOMRA
acquires 25
percent stake
in waste
analysis start-up
PolyPerception.
16 Sep: TOMRA
leads global effort
in circular economy:
Takes on the role as
Business Champion
of the Global
Circularity Protocol.
SEARCHBROWSESTARTPAGE 11
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 12
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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.
TOMRA SHARES: 43,235 shares and 20,000
share options.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
8,000.
OTHER BOARD MEMBERSHIPS: Publicly listed:
Borregaard ASA (member) Non-listed: The
Norwegian National Opera & Ballet (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.
TOMRA SHARES: 9,095 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Publicly
listed: Hexagon Composites ASA (member).
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).
TOMRA SHARES: 5,804 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
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 EDS EMEA (2019-
2021); 2000-2019 GKN plc; SVP Human
Resources at GKN ePowertrain (2017-
2019), Divisional 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.
TOMRA SHARES: 8,384 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
This information meets the disclosure requirements in ESRS 2 GOV-1 21 (c)
SEARCHBROWSESTARTPAGE 13
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 (2000-
2004), VP Product Management and VP
R&D at Kongsberg Ericsson Communications
ANS (1997-2000); Technical management
and project management NFT-Ericsson ANS
(1990-1997).
TOMRA SHARES: 98,098 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER 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); 2005-2012
Ericsson as Chief Architect (2010-2012) and
System Manager (2005-2010); 2001-2005
AXXESSIT ASA as System Design Manager
(2004-2005) and FPGA designer.
TOMRA SHARES: 8,929 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER 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).
TOMRA SHARES: 41,825 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
SEARCHBROWSESTARTPAGE 14
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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)
POSITION: Chair of the Board of TOMRA
Systems ASA since 2022.
President and CEO of Investment AB Latour
since 2019.
EDUCATION: MSc in 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 1990-2007.
TOMRA SHARES: 10,000 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
Investment AB Latour: 62,400,000.
OTHER BOARD MEMBERSHIPS: Publicly
listed: Alimak Group (chair), ASSA ABLOY AB
(chair), Sweco AB (member), Investment AB
Latour (member).
POSITION: Board member of TOMRA
Systems ASA since 2013.
President & CEO of Fagerhult Group AB.
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.
TOMRA SHARES: 4,302 (Sonesson Advisory
AB).
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
The Swedish Chamber of Commerce in Paris
(member).
POSITION: Board member of TOMRA
Systems ASA since 2014.
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).
TOMRA SHARES: 5,520 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
Hege Skryseth (b. 1967)
POSITION: Board member of TOMRA
Systems ASA since 2019.
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).
TOMRA SHARES: 4,673 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Publicly
listed: Autostore (member).
SEARCHBROWSESTARTPAGE 15
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Pauline Bergan (b. 1986) Kjell Korneliussen (b. 1967) Edward Palm (b. 1988)
POSITION: Employee elected board member
of TOMRA Systems ASA since 2023.
VP Head of Business Development EMEA,
TOMRA Collection.
EDUCATION: Master’s degree in
management from ESCP Europe in Paris.
CAREER HISTORY: VP Strategy & Business
Development and 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.
TOMRA SHARES: 353 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
POSITION: Employee elected board member
of TOMRA Systems ASA since 2023.
Mechatronics Engineer, TOMRA Collection.
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.
TOMRA SHARES: None.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
POSITION: Employee elected board member
of TOMRA Systems ASA since 2024.
Senior Production Support Engineer, TOMRA
Collection.
EDUCATION: BSc in product development
from the University of South-Eastern Norway.
CAREER HISTORY: Joined TOMRA in 2015
after two years working as a consultant for
the mechanical R&D department in TOMRA
Collection. Prior to joining TOMRA he
worked as a Mechanical Engineer Consultant
mainly within the subsea and energy sector.
TOMRA SHARES: 756 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
Erik Osmundsen (b. 1968)
POSITION: Board member of TOMRA
Systems ASA since 2024.
Partner at Verdane.
EDUCATION: MBA from Harvard Business
School (1997), MSc (Siviløkonom) from the BI
Norwegian Business School (1992).
CAREER HISTORY: Group CEO of Norsk
Gjenvinning, Managing Partner at Creo
Advisors, Investment Director at Kistefos,
and Senior Engagement Manager at
McKinsey & Co.
TOMRA SHARES: 4,200 (Creo Foundation
AS).
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
WWF Norway (chair), Scanbio Marine Group
(member), NORNORM (member), Re-Match
(member).
SEARCHBROWSESTARTPAGE 16
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Strategy
Accelerate growth
in core and develop
adjacent opportunities
while becoming a fully
circular business and
being safe, fair and
inclusive
SEARCHBROWSESTARTPAGE 17
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
TOMRA Group
TOMRA 2030 STRATEGY
TOMRA optimizes how resources are obtained, used, and
reused through sensor-based solutions for automated
collection, identification, grading and sorting of resources.
We are an impact leader providing thought leadership and
pushing the boundaries on technology and solutions. We
operate in markets where we take a leading global position
and make a meaningful impact – shaping existing markets
and creating new ones. Our vision is to lead the resource
revolution – turning waste into valuable resources.
Since 1972, TOMRA has pioneered technology-driven
solutions for increased circularity and optimal resource
productivity – starting with the invention of the first reverse
vending machine (RVM) to automate the collection of reusable
bottles in Norway. TOMRA has since grown into a EUR 1.3
billion company with customers in over 100 countries across
the globe. Our solutions serve retailers, waste managers,
recyclers and governments to enable recycling of a wide
range of materials, and they serve farmers, packhouses and
food processors to optimize the food production value chain.
There is vast potential for increased resource productivity.
Only 7% of the world’s resources are circular and more
than 30% of all consumable food is lost or wasted each
year
1)
. Encouragingly, the drivers for increased circularity
and resource optimization have never been stronger:
Decarbonization of industries is happening. 39% of the global
market capitalization of companies now have science-based
targets or commitments
2)
which will require increased use
of recycled resources. Legislation is progressing. A notable
example is EU’s newly adopted Packaging and Packaging
Waste Regulation (PPWR). And resources are scarce which
means that increased circularity of available resources is
necessary. The need is reinforced by a geopolitical climate
where countries reduce their dependency on trade.
When coupling these drivers with increasing volumes of
resource consumption and waste generation – due to a
growing population, urbanization, and a rising middle class
– we see clear opportunities for TOMRA’s technology to
help solve the resource challenges the world is faced with.
Simultaneously, we help the industries we serve to automate
and improve efficiency.
Our strategy is to accelerate growth in our core divisions
– Collection, Recycling, Food – and develop profitable
adjacent business opportunities while becoming fully circular
and being safe, fair and inclusive. We have set ambitious
targets for the coming years to create value for customers,
shareholders, and society for generations to come.
We have an ambition to grow TOMRA 15% annually on
average until 2030. We target an EBITA margin of 18% in
2030 and to generate a Return on Capital Employed of
more than 18% by 2030. TOMRA is committed to a dividend
policy of returning 40-60% of Earnings Per Share (EPS)
in dividends to shareholders while maintaining a strong
balance sheet with an investment grade credit rating. And
we have set science-based targets to become a net-zero
emitter by 2050, with intermediate targets of reducing
scope 1 and 2 emissions by 55% and scope 3 intensity by
62% in 2033.
STRATEGIC HIGHLIGHTS 2024
In 2024, our growth journey continued and we made material
progress on increasing profitability – recording the Group’s
highest revenue and EBITA on record. We improved TOMRA’s
EBITA margin by 4 percentage points from last year, and 1
percentage point when adjusting for special items.
We made progress on developing new adjacent businesses
with the construction of our first plastic feedstock sorting
plant nearing completion, the launch of a pilot for reusable
1) Circle Economy Foundation 2024. The Circular Gap Report 2024 and FAO 2023. Tracking progress on food and agriculture-related SDG indicators 2023.
2) Science Based Targets 2024. SBTi Monitoring Report 2023.
takeaway packaging, and the acquisition of c-trace – a digital
solutions provider for waste collection.
With interest rates having remained elevated, and GDP
growth of less than one per cent in the EU, there was limited
macroeconomic support for customer investments in 2024.
However, it was a milestone year for regulatory progress,
paving the way for increased circularity in the next decades:
15%
>18%
18%
4060%
CAGR over the cycle
by 2030
by 2030
by 2050
of EPS
Revenue Growth
Capital structure
INVESTMENT
GRADE
NET ZERO
Return on Capital
Employed
EBITA margin at
C0
2
e
Dividend payout
TOMRA STRATEGIC AMBITION
SEARCHBROWSESTARTPAGE 18
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Hungary and Ireland both launched deposit return systems in
the first months of the year. Poland, Austria, and Tasmania made
significant progress towards implementing of deposit return
systems in 2025. Spain, the United Kingdom, and Portugal took
important steps towards implementing deposit return systems.
In December, the EU formally adopted a new Packaging and
Packaging Waste Regulation. Some of the key elements of the
regulation include mandated deposit return systems for single
use beverage containers and minimum recycled content
levels in new packaging products. In the coming years, these
will provide a favorable regulatory environment for circular
solutions, supporting TOMRA’s growth ambitions in both
TOMRA Collection, TOMRA Recycling, and TOMRA Horizon.
By providing solutions for resource optimization, our handprint
(positive impact) improves as we grow. And we work actively
to decouple growth from the environmental footprint of our
operations. An important milestone was reached in 2024 with
the validation of our science-based targets by the Science
Based Target Initiative (SBTi). With a plan to reduce our
emissions in line with a 1.5°C aligned trajectory, we will drive
both profitability and sustainability as we grow.
FINANCIAL PERFORMANCE
Group revenues amounted to EUR 1,348 million in 2024, an
increase of 5% from 2023. TOMRA Collection recorded its
highest revenues on record while both TOMRA Recycling
and TOMRA Food recognized moderately lower revenues
than in 2023.
Gross margin in TOMRA Group improved to 43.3% in 2024
from 42.6% in 2023, with improvements across all three
divisions. Improvements were most substantial in TOMRA
Food where cost savings have been made as a part of the
restructuring program.
EBITA increased 48% to EUR 176 million in 2024. Adjusted
for special items, which included one-off costs related to
the restructuring program in TOMRA Food as well as the
cyberattack in 2023, EBITA increased 12% to EUR 181 million
in 2024. The corresponding EBITA margin increased to 13.0%
from 9.2% last year, and the EBITA adjusted margin increased
to 13.4% from 12.5%.
Net financial items, including profit from associates, were
EUR -25 million in 2024, compared to EUR -16 million in
2023. The larger negative number is attributed to growth
in TOMRA’s balance sheet including issuance of additional
bonds, and a higher interest rate level. Interest expenses
increased to EUR 16 million in 2024 from EUR 10 million in
2023.
Taxes were EUR 32 million in 2024, representing a tax rate of
24% in line with the tax rate last year.
Earnings per share (EPS) amounted to EUR 0.32 in 2024
compared to EUR 0.20 in 2023. Adjusted for special items,
EPS increased 4% to EUR 0.33 from EUR 0.32 last year.
Cash flow from operations increased to EUR 235 million in
2024 compared to EUR 137 million in 2023 due to higher profits
and lower working capital. Cash flow from investments was
EUR -198 million compared to EUR -100 million the year before.
Investments of significance in 2024 include our Feedstock
plants and the acquisition of c-trace. Cash flow from financing
was EUR -23 million compared to EUR -3 million in 2023.
Total assets as of 31 December 2024 were EUR 1,661 million
compared to EUR 1,469 million as of 31 December 2023. The
equity ratio decreased to 38% in 2024 from 42% in 2023.
Net Interest-Bearing Debt / EBITDA (rolling 12 months’ basis)
was 1.6x at the end of 2024 compared to 1.7x at the end of 2023.
TOMRA GROUP FINANCIAL FIGURES
Revenue
MEUR
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
300
600
900
1200
1500
Dividend
NOK
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0.0
0.5
1.0
1.5
2.0
2.5
3.0
EBITA and margin*
MEUR
0%
5%
10%
15%
20%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
50
100
150
200
Gross contribution and margin
MEUR
0%
20%
40%
60%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
100
200
300
400
500
600
* EBITA and margin is adjusted for one-off costs related to the
cyberattack and Food restructuring program.
SEARCHBROWSESTARTPAGE 19
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
DIVIDEND
TOMRA’s dividend policy is to distribute between 40-60% of
the Group’s earnings per share (EPS). 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 2.15 per share for 2024, corresponding to a payout ratio
of 58% of EPS. This is an increase of 10% from NOK 1.95 per
share last year.
Divisions
TOMRA COLLECTION
TOMRA Collection develops reverse vending solutions
that automate the collection of beverage containers for
governments and the retail and beverage industry. These
containers can then be reused or recycled back into new
ones in a continuous loop. We operate in markets with
deposit return systems (DRS), safeguarding the integrity of
the systems through our technology.
Our main activities include the development, production,
and sale or lease of reverse vending machines, as well
as servicing these. In some markets, TOMRA may also
process the material after its collection, and provide data
and clearinghouse solutions for the DRS. In 2024, 45%
of revenues stemmed from equipment sales while 55%
stemmed from the different services offered. The main
business models are sales, service, material recovery, and
throughput where TOMRA maintains ownership of the
machine in return for a handling fee for the collected volume.
With over 87,000 installations across more than 60 markets,
TOMRA Collection is the leading provider of reverse
vending machines, collecting over 48 billion used beverage
containers each year. However, this only represents less than
3% of recyclable beverage containers in the world today.
In efficient deposit return systems, over 90% of beverage
containers put to market are collected for recycling making it
an ideal solution for increased circularity.
Financial performance
Revenues in 2024 amounted to EUR 773 million, up 11% from
TOMRA COLLECTION FINANCIAL FIGURES
Revenue
MEUR
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
200
400
600
800
EBITA and margin
MEUR
30%
20%
10%
0%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
50
100
150
Gross contribution and margin
MEUR
40%
50%
30%
20%
10%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
100
200
300
400
COLLECTIONS BUSINESS MODELS
20%
15%
45%
20%
share of revenue
share of revenue
share of revenue
share of revenue
Service
Material recovery
Sales
Throughput
EUR 697 million in 2023. While revenues continued at a steady
pace in Northern Europe, the launch of deposit systems in
Austria, Romania, Hungary, and Ireland contributed to 12%
growth in the rest of Europe. Revenues grew 7% in North
America and 32% in the “rest of the world” on increased
throughput volumes, system expansions and modernizations.
Examples include the launch of a deposit system in the state
of Victoria in Australia and an increase of deposits in the
state of Connecticut in USA. Approximately 80% of revenues
in TOMRA Collection are currently generated in established
markets and 20% in new markets that have recently introduced
or will soon be introducing a deposit return system.
The gross margin increased to 40.6% in 2024 from 39.9% in
2023. EBITA in 2024 was EUR 130 million compared to EUR
115 million in 2023. The EBITA margin increased to 16.9% in
2024 from 16.5% in 2023.
Technology and R&D
Providing reliable and efficient reverse vending machines
that contribute to a positive user experience is crucial for
SEARCHBROWSESTARTPAGE 20
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
long-term success. Reverse vending machines automate
the take-back process, provide regulatory compliance for
retailers, and drive consumers to the store where most
consumers will spend the refunded deposit. Good solutions
can increase the success rate of collected containers in the
entire deposit system. To maintain our position as a leading
technology provider, we place emphasis on developing new
and attractive solutions for both retailers and for consumers,
tailored to local market needs. In 2024, we launched three
of our latest concepts in the market: TOMRA R2, TOMRA
RollPac, and TOMRA B5 “Basic Line”.
The TOMRA R2 introduces multi-feed reverse vending for a
wide range of stores. In contrast to our first multi-feed machine
TOMRA R1 which is designed for large supermarkets and
hypermarkets, it offers a compact physical footprint making
it suitable for small retail stores. It is compatible with existing
TOMRA backroom solutions making it flexible to install and an
easy upgrade for our existing customers.
We also launched 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 is compatible
with existing TOMRA equipment, enabling easy upgrading.
The new Basic Line is an affordable solution to stores that
are typically new to participating in deposit systems. It is
a plug-and-play machine making it easy for customers to
setup. It features a compact design that makes it space
efficient. The Basic Line machines are powered by TOMRA
Essential Technology which uses new image-based
recognition of beverage containers.
TOMRA RECYCLING
TOMRA Recycling develops advanced sensor-based sorting
technologies for the global recycling, waste management,
and mining industry to enable recovery and recycling of
valuable materials from waste streams.
Common materials recovered and sorted with our
technology are plastics and non-ferrous metals, but the
technology is also applied to paper, organics, e-waste, wood,
textiles, and other recyclables. Further down the value chain,
TOMRA RECYCLING FINANCIAL FIGURES
Revenue
MEUR
2019
2020
2021
2022
2023
2024
0
100
200
300
Order intake
MEUR
2019
2020
2021
2022
2023
2024
0
100
200
300
EBITA and margin
MEUR
30%
40%
20%
10%
0%
2019
2020
2021
2022
2023
2024
0
20
40
60
80
Gross contribution and margin
MEUR
60%
50%
30%
40%
20%
2019
2020
2021
2022
2023
2024
0
40
80
120
160
Order backlog
MEUR
2019
2020
2021
2022
2023
2024
0
40
80
120
SEARCHBROWSESTARTPAGE 21
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
more granular sorting of the materials to homogenous high-
quality fractions is done in preparation for their recycling
process. Ideally, recycling is done in a continuous loop back
into its original application. To increase the efficiency and
lifetime of mines, our sensor-based technology is employed
in the sorting of ores from waste rock as well.
Demand for recycling of waste and for recycled material
is driven by efforts to reduce waste pollution and
decarbonize different industries. 39% of the world’s
market capitalization of companies have now science-
based targets or commitments
3)
. One of the measures to
achieve these targets is through increased use of recycled
content in products. Stricter regulation is gradually being
implemented globally, acting as an important driver for
growth in the recycling market, such as Extended Producer
Responsibility (EPR) schemes for various types of materials
and applications. The EU’s Packaging and Packaging Waste
Regulation (PPWR) adds recycled content requirements by
2030 to all new packaging – adding to existing recycling
targets for different materials by 2025 and 2030 defined
in the EU’s Packaging and Packaging Waste Directive from
2018.
Financial performance
Revenues in TOMRA Recycling declined by a modest 2%
to EUR 266 million in 2024 from EUR 270 million the year
before. This follows a period with an annual growth rate
of 19% from 2020-2023. Growth in Europe, the largest
geographical market, was solid at 9%. Growth in North
America continued at 3% while revenues in the rest of the
world were 24% lower than in 2023. Overall, the waste
sorting segment which represents more than half of the
activity in TOMRA Recycling was relatively stable. The
plastics recycling segment, particularly in Europe, saw lower
activity in 2024 while the metals recycling segment saw
increased activity, particularly within aluminum recycling.
The gross margin increased 0.3 percentage points to 52.5%.
EBITA was EUR 60 million in 2024 compared to EUR 62
million in 2023. The EBITA margin decreased a marginal 0.1
percentage point to 22.7% in 2024.
The order intake in 2024 was EUR 274 million, marginally
down from EUR 277 million in 2023. The year-end order
backlog amounted to EUR 107 million, up from EUR 99 million
at the end of 2023.
Technology and R&D
TOMRA Recycling is a pioneer within its industry, leading the
way in developing advanced sensor-based sorting technology
for different materials – continuously pushing the boundaries
for what can be recovered and sorted for recycling.
2024 was a success for our recently launched AUTOSORT
PULSE which sorts aluminum scrap into its different alloys.
This enables direct remelting without downgrading the
material and the need for adding virgin metals in the
recycling process. It features dynamic laser-induced
breakdown spectroscopy (LIBS) with 3D object recognition
and artificial intelligence (AI) to maximize accuracy,
throughput, and yield. Recycling aluminum can be as much
as 95% less energy-intensive compared to primary aluminum
production, making it a highly attractive material to recycle.
Optical sorters have long leveraged artificial intelligence
to enhance sorting automation and improve purity, by for
example improving color sorting. Emerging AI technologies
are enabling new sorting capabilities and are an important
part of TOMRA’s R&D. One example is the ability to
accurately sort non-processed and processed wood types.
In 2024 we launched GAINnext which is based on deep
learning technology. One of its applications is to separate
food-grade plastics from non-food-grade plastics. When
combined with conventional sorting technology, recyclates for
higher quality recycling can be recovered. In 2024, TOMRA
acquired a 25% stake in Polyperception, a pioneering start-up
offering AI-based waste flow monitoring, to further strengthen
our position and enhance our AI offering.
3) Science Based Targets 2024. SBTi Monitoring Report 2023.
SEARCHBROWSESTARTPAGE 22
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 develops advanced sensor-based sorting
and grading technologies for harvesters, packers and food
processors. We help our customers automate the sorting
and grading process – to reduce dependency on scarce
and costly labor, to increase food safety and remove foreign
materials, and to utilize the full produce by sorting it based
on quality. Ultimately, this increases the yield and reduces
food loss in production.
Our leading position is built on one of the market’s broadest
and deepest technology base. We serve customers around
the globe, focusing on nine categories of food where we
see high value-add of our technology: potatoes, nuts,
blueberries, kiwifruit, citrus, cherries, apples, processed fruit,
and processed vegetables.
Over the last couple of years, TOMRA Food has faced
challenges with low customer investment sentiment due to
damaged harvests from climate related events and higher
capital costs due to higher interest rates. This has resulted in
stagnant growth.
In 2024, we have successfully executed on our cost savings
program that we launched in 2023. Production has been
consolidated from four locations to two locations where the
main one is shared with TOMRA Recycling in Slovakia, we
have rightsized the organization by reducing the workforce
more than 20%, and a refocused organization has brought
us closer to our customers. The target has been to return
TOMRA Food to 10-11% EBITA margin going into 2025
by reducing costs of EUR 30 million annually, which was
achieved in the fourth quarter in 2024.
Financial performance
Revenues in 2024 amounted to EUR 311 million, down a modest
3% from EUR 320 million in 2023. In the Americas, which is
TOMRA Food’s largest market, revenues grew 5%. In Europe,
Middle East and Africa, revenues were stable compared to last
year. Both regions saw strong growth in services, including
spare parts and upgrades. In the Asia Pacific region, revenues
fell 20% due to fewer large projects in fresh food categories.
The potato category, which has seen a strong investment cycle
over recent years, remained the largest revenue contributor.
TOMRA FOOD FINANCIAL FIGURES
0
100
200
300
400
2019
2020
2021
2022
2023
2024
0
100
200
300
400
2019
2020
2021
2022
2023
2024
16%
8%
12%
4%
0%
2019
2020
2021
2022
2023
2024
0
10
20
30
40
50%
40%
30%
20%
10%
2019
2020
2021
2022
2023
2024
0
40
80
120
160
0
30
60
90
120
2019
2020
2021
2022
2023
2024
Revenue
MEUR
Order intake
MEUR
EBITA and margin*
MEUR
Gross contribution and margin
MEUR
Order backlog
MEUR
* EBITA and margin is adjusted for
one-off costs related to the Food
restructuring program.
SEARCHBROWSESTARTPAGE 23
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 gross margin improved to 42.9% from 40.7%, mainly due
to cost savings. EBITA was EUR 15 million in 2024 compared
to minus EUR 17 million in 2023. Adjusted for special items
which were one-off costs related to the restructuring
program, EBITA was EUR 21 million in 2024 compared to 8
million the year before. The corresponding EBITA and EBITA
adjusted margins were 5.0% and 6.7% (adjusted) in 2024
compared to -5.3% and 2.4% (adjusted) in 2023.
The order intake was EUR 317 million in 2024, in line with the
order intake last year of EUR 318 million. The order backlog
at the end of 2024 was EUR 108 million, up 6% from EUR 102
million at the end of 2023.
Technology and R&D
Food grading and sorting utilizes several advanced
technologies to detect both visual and invisible qualities.
These include x-ray, laser, camera, spectroscopy, and
recognition technologies based on artificial intelligence.
This enables the removal of foreign objects and food that
is rotten, contain toxins or have other defects. It enables
sorting of food based on the chemical composition such as
sugar content and other characteristics such as shape, size,
color etc. The more accurately food is sorted, the better the
different qualities can be utilized for different applications.
To deliver leading technology and accuracy, we continuously
invest into R&D in TOMRA Food. In 2023 we launched two
new AI-powered solutions which we have continued to
commercialize in 2024. 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 HORIZON
As a part of our strategy, we explore new adjacent business
opportunities and alternative business models – leveraging
our technology and decades of know-how. We create
impactful solutions to facilitate and accelerate the transition
to circular economies, and to deliver value creation in new
business segments. We explore both long term organic
business building and adjacent M&A. Our initiatives in 2024
included TOMRA Feedstock, TOMRA Reuse, TOMRA Textiles,
and the bolt-on acquisition of the German company c-trace.
Despite all efforts to increase recycling, more than 70%
of plastics is still landfilled or incinerated in Europe today.
TOMRA Feedstock will recover and sort residual plastics that
are incinerated today using TOMRA Recycling technology.
We are investing into two mid-sized plants, one in Germany
and one in Norway, that will be operational in 2025/2026.
In 2024, we entered into important offtake agreements with
both mechanical and chemical recyclers for some of the
output fractions that will be produced.
Takeaway packaging generates up to 50% of the waste in
city’s public bins. To reduce waste, we are exploring how
our reverse vending technology can be applied to enable
reuse systems for takeaway packaging. In January 2024, we
launched our first pilot in Aarhus (Denmark) for hot and cold
drink containers, such as takeaway coffee cups. Towards the
end of the year, we piloted a modified event solution for an
even faster and easier user experience at a music festival in
Germany. Our pilots have gained interest from many cities
globally, supporting development of our reuse solutions. In
early 2025, we signed a collaboration agreement with Lisbon
City Council and the Portuguese Association for Hotels,
Restaurants and Catering Establishments (AHRESP) with
the intention of implementing a commercial TOMRA Reuse
solution for reusable cups in parts of Lisbon’s city center
where single-use cups have been banned.
Less than 1% of textiles is circular today, but a significant
amount could be recycled. Our sorting technology can
enable recycling of textiles, and we have been exploring
SEARCHBROWSESTARTPAGE 24
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
how we can contribute to establishing a circular textile value
chain. Given the early stage that the industry is at and the
need for further legislation, a decision was taken that TOMRA
will not pursue an alternative business model within textiles
recycling now as it is not ripe for scaling. However, we
remain committed to support the industry with technology
development continuing in TOMRA Recycling.
In October, we acquired 80% of c-trace (with the option to
acquire 100%), which is a German leader in digital waste
management solutions. The company provides data-driven
digitalized solutions that combine software with vehicle sensor
equipment, RFID technology, and artificial intelligence for the
waste management sector. This enables smarter and more
efficient waste collection and helps to ensure compliance with
stricter environmental regulations. As a first step, we will look
to accelerate growth in c-trace’s core business.
Financial performance
Revenues in TOMRA Horizon amounted to EUR 7 million in
2024, and increase from EUR 1 million in 2023. The increase
stems from revenues in c-trace for the last two months of the
year, following its acquisition at the end of October.
Prior to the acquisition of c-trace, TOMRA Horizon’s results
mainly encompassed operating expenses in its ventures.
Operating expenses in 2024 amounted to EUR 11 million, of
which EUR 9 million were related to organic business building
in TOMRA Feedstock, Reuse, and Textiles. In comparison,
operating expenses in 2023 amounted to EUR 7 million.
Total capital expenditure in TOMRA Horizon amounted to
EUR 92 million, of which EUR 55 million were related to
acquisitions and EUR 37 million related to other investments,
primarily into our sorting plants in TOMRA Feedstock.
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
therefore reflects the level of sales of machines and parts to
end-customers within the RVM segment.
TOMRA Systems ASA reported revenues of NOK 3,110 million
in 2024 compared to NOK 2,954 million in 2023.
Operating profit in TOMRA Systems ASA was NOK 139
million in 2024, an increase from NOK -71 million 2023 due to
improved margins.
Net financial items increased to NOK 870 million in 2024
from NOK 484 million in 2023 as higher dividends from
subsidiaries were received and the financial income
increased.
Profit after taxes was NOK 963 million in 2024 compared to
NOK 402 million in 2023.
The 2024 net profit should be allocated as follows:
(MNOK) 2024 2023
Dividend
636
576
Other equity
327
-175
Total allocated
963 402
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.
Sustainability
Anchored in TOMRA’s vision of “Leading the Resource
SEARCHBROWSESTARTPAGE 25
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Revolution”, sustainability lies at the core of our business
model and strategy. Sustainability in TOMRA involves two
critical aspects: maximizing the positive impact of our
products and solutions on the environment and society –
our handprint – and minimizing any negative sustainability
effects resulting from our activities – our footprint. An explicit
part of our strategy is to become a fully circular business
while being a safe, fair and inclusive workplace.
TOMRA has been measuring and reporting on environmental
performance since 1998. In 2024 we have made material
progress on our sustainability agenda after having launched
an updated holistic sustainability strategy, committed to
implementing science-based targets, and strengthened our
sustainability governance by adding People and Planet to
existing Profit performance indicators as from 2022.
Net zero transition plan
A milestone was reached in 2024 with the launch of our
science-based targets to drastically cut greenhouse gas
emissions, following validation of the targets by the Science
Based Targets initiative (SBTi). Achieving net-zero by 2050
will require us to decarbonize our entire value chain, from the
way we design products to how we engage with customers
and suppliers. In our transition plan, we focus on three pillars:
understanding our emissions, reducing our emissions, and
incentivizing the net-zero ambition. It covers 12 distinct
decarbonization levers, totaling over 30 decarbonization
initiatives targeting multiple emissions sources.
Our absolute reduction targets for scope 1 and 2 emissions
aim for 55% reduction by 2033 and 90% by 2050. With our
current decarbonization plan, we are on track to achieve
our scope 1 and 2 emission reductions targets. Many of the
decarbonization levers and initiatives are also drivers of
operational efficiency. But the use of sold products is by far
the largest emission source, accounting for 85% of our 2022
baseline. These are scope 3 emissions primarily stem from
the energy consumption of using our advanced sensor-
based sorting equipment in TOMRA Recycling and TOMRA
Food. To address our scope 3 emissions, we are integrating
sustainability and energy efficiency into our product design
and development, which will increase the competitiveness
of our products. One example is our Retility initiative which
recycles materials from retired TOMRA reverse vending
machines to be used in the production of new TOMRA
machines. Our target is to reduce scope 3 emission intensity
by 62% by 2033 and 97% by 2050.
For more information, read our E1 Climate Change section in
the Sustainability Statement.
CSRD implementation and sustainability governance
2024 marks the first year that TOMRA reports in accordance
with EU’s Corporate Sustainability Reporting Directive (CSRD)
and the European Sustainability Reporting Directive (ESRS).
The sustainability statement has therefore been restructured
to meet the new requirements.
As part of the process, we have for the first time conducted
a double materiality analysis, identifying the most material
environmental, social and governance topics within both own
operations and across our value chain. Findings confirm the
materiality of several of the key priorities that we are already
working on, and they help us outline a roadmap to increasingly
manage ESG impacts, risks and opportunities that are material
for TOMRA. Read more about this in ESRS 2 SBM-3 Impacts,
risks and opportunities and their interaction with strategy and
business model in the Sustainability Statement.
Furthermore, we have taken measures to increase board
oversight on sustainability topics by merging the Audit and
Sustainability Committees into one in 2024 and revised
the committee charter – clearly defining its responsibility
on oversight and guidance in relation to both sustainability
reporting and strategy implementation.
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. A statement outlining the work
we do and the status of gender equality in TOMRA Systems
ASA can be found on www.tomra.com.
The number of employees in TOMRA Group was 5,303 at
the end of 2024, down from 5,370 at the end of 2023. The
decline is a result of the cost savings program in TOMRA
Food. In all other divisions, the number of employees grew.
In Norway the number of employees increased to 528 at the
end of 2024, from 498 at the end of 2023.
Number of employees 2024 2023
Collection
2,933 2,770
Recycling
948 900
Food
1,219 1,530
Group
203 170
Total
5,303 5,370
Female employees made up 24% of TOMRA’s workforce and
held 26% of management positions at the end of 2024, which
is an increase from 2023. The share of female employees in
the Executive Leadership Team remained at 29%. Three out of
TOMRA’s eight board members are women.
We strive for zero work-related injuries and illness through
our TOMRA Safe program. The number of total reportable
incidents in TOMRA was 115, compared to 105 in 2023. There
were no fatalities as a result of work-related injuries. The
absence rate due to illness in TOMRA Systems ASA was
2.8% in 2024 compared to 2.5% in 2023.
Further details about working conditions as well as equality
and inclusion in TOMRA can be found in the section S1 Own
workforce of the Sustainability Statement.
Corporate Governance
As a global company operating in a challenging world, we set
high standards of performance and ethical behavior. TOMRA
has established a Corporate Governance framework with
processes and control structures to protect the interests of
the company’s shareholders and other stakeholder groups.
SEARCHBROWSESTARTPAGE 26
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 guidelines for corporate governance, core values
and leadership principles are aligned to ensure sustainable
development of the company.
Our Code of Conduct is published in more than 20
languages, representing the main language of all the
locations TOMRA has a significant presence, and is available
on TOMRA.com. Additional detailed policies and guidelines
supporting the Code of Conduct are also established.
TOMRA 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 www.tomra.com.
More information about our work with Corporate Governance
can be found in the Governance section of our Sustainability
Statement. TOMRA is also subject to the requirements of
the Norwegian Code of Practice for Corporate Governance.
More detailed information about our compliance with the
requirements can be found in the Corporate Governance
Report.
Board developments
Our guidelines address the role of the Board of Directors and
its committees, requirements concerning the impartiality of
its Board members, and Board compensation.
At the annual general meeting on 25 April 2024, board member
Bjørn Matre was replaced by Erik Osmundsen while all the
remaining shareholder elected board members were re-elected.
The Board of Directors held seven Board meetings in 2024 and
the attendance at the meetings was 96 percent. In addition,
the Audit & Sustainability Committee held two meetings each
before they were merged and three meetings after they were
merged (attendance 100%), the Compensation & Organizational
Development Committee held three meetings (attendance
100%), and the Horizon Committee which was established
during the year held one meeting (100% attendance).
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.
Financing
TOMRA’s debt financing consists of a mix of bonds, bank
loans and credit facilities. At year-end TOMRA had a liquidity
buffer consisting of undrawn Eksfin financing, a cash-pool
overdraft facility, and a revolving credit facility totaling EUR
215 million, of which 109 was undrawn.
In December, we signed a new EUR 150 million sustainability
linked revolving credit facility with maturity in December 2027
and with extension options for up to two one-year terms.
TOMRA has issued a total of NOK 3 billion in senior unsecured
green bonds, of which NOK 2 billion were issued or refinanced
in 2024. We have allocated 57% to green projects in
accordance with our green bond framework so far. TOMRA’s
green bond framework is rated “Dark Green” with a “Good”
governance score from Cicero Shades of Green.
Since 2023, TOMRA has an agreement with Export Finance
Norway (Eksfin), providing access to a EUR 40 million
credit facility for increased financial flexibility. Eksfin is a
governmental body supporting Norwegian exporters to
succeed abroad by ensuring they are financially competitive.
Scope Ratings affirmed its A-/Stable issuer rating of TOMRA
Systems ASA in 2024. Scope has assigned A- to senior
unsecured debt issued by TOMRA Systems ASA and S-1 to
SEARCHBROWSESTARTPAGE 27
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
short-term debt. The rating reflects TOMRA’s strong market
positions, the company’s high and relatively stable margins
in Collection and Recycling, supportive industry dynamics
such as the legislative push towards increased circularity and
sustainability, and a strong financial risk profile.
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.
Risk
The Board of Directors is committed to ensuring a
systematic and deliberate approach to risk management
across all segments of the corporation. This is considered 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.
There are several macro trends that can affect the industry in
which TOMRA operates. A reduction in recycling targets and
ambitions, falling material commodity prices, lower economic
activity and less production, and higher interest rates could
have a negative impact on TOMRA if it reduces the investment
willingness of customers. However, approximately 40% of the
Group’s revenues originate from different types of services
and throughput contracts, providing recurring revenues and
stability during economic cycles.
Our operations are influenced by political decisions,
particularly regarding deposit and recycling legislation. If
a country or state decides to repeal recycling regulation
or remove an existing deposit system, TOMRA’s
technology could become obsolete. On the other hand,
the introduction or expansion of regulation creates growth
opportunities for TOMRA.
TOMRA’s success in growing profitably depends on our ability
to maintain technology leadership in the market. R&D activities
Table 2
are therefore of high priority at TOMRA. In 2024, TOMRA
spent 4.1% of revenues on R&D, in line with previous years.
TOMRA relies on efficient and uninterrupted information
technology systems and networks in our operations and
customer deliveries. Disruptions to TOMRA’s systems or
networks, such as security breaches and cyberattacks,
intentional and unintentional acts, natural disasters, war,
telecommunication failures, or energy blackouts could
adversely impact the Group. Following a cyberattack in 2023,
we have significantly upgraded our infrastructure to become
more resilient.
TOMRA acknowledges the importance of international
standards certifications which contribute to proactive risk
management. They position TOMRA as a reliable, quality-
driven organization. The table provides an overview over ISO
certificates obtained across TOMRA Group.
TOMRA Group operates globally and is exposed to financial
risks such as foreign currency risk, interest rate risk, credit risk,
and liquidity risk. Responsibility for financing, cash management
and financial risk management is handled by Group Finance.
TOMRA’s main currency exposure is towards EUR,
accounting for close to half of revenues, expenses, assets,
and liabilities in the Group. In the second quarter 2024,
TOMRA changed presentation currency from NOK to EUR
to make the financial reporting better reflect the underlying
development in the business. Currency gains and losses in
the financial statements are mostly exposed to changes in
the EUR/USD exchange rate. A strengthening of EUR will
lead to reduced earnings for the Group. To mitigate some of
the currency risk, we may hedge balance sheet items and
expected future net cash flow up to 12 months, primarily
using forward contracts and swap agreements.
Interest-bearing debt is mainly denominated in NOK with
a balanced interest rate strategy for long-term borrowings.
To stabilize interest cash flows, TOMRA may use swap
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
SEARCHBROWSESTARTPAGE 28
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
agreements to hedge cash flow and fair value interest rate risk.
TOMRA seeks to maintain a strong liquidity position. Surplus
cash is primarily placed in bank deposits. The Group
has a liquidity reserve consisting of different sources of
unused credit lines. Cash flow from operations is managed
operationally at TOMRA Group level. Companies within
TOMRA Group participate in an international cash-pool into
which funds are deposited and withdraw.
Historically, TOMRA has seldom experienced losses on
accounts receivable, and the company has routines in place
for credit approval. However, TOMRA Group’s customers
include some of the largest retail chains in the world,
large scrap material processors, and large food producers
where outstanding receivables globally can be significant.
Counterparty credit risk for derivative financial instruments
and deposits is limited to financial institutions with high
creditworthiness.
More information about financial risks in TOMRA Group can
be found in note 18 and 19 of the financial accounts.
Prospects for the future
TOMRA is uniquely positioned to deliver solutions and
capitalize on global efforts to increase circularity and
resource optimization. A significant number of companies
have signed up for science-based emission reduction
targets, the EU has adopted its strictest regulation on waste
yet, companies are seeking to automate more processes
to increase quality and save costs, urbanization and a
rising middle class is changing dietary requirements, and
geopolitical tensions where regions want to become more
independent are seeking to keep materials after their-end of
life through re-use or recycling.
TOMRA COLLECTION
A public-driven push to reduce plastic pollution and global
commitments to reduce greenhouse gas emissions by
increasing the recycled content of beverage containers are
driving discussions and implementations of deposit systems.
Notably, EU’s Single Use Plastic Directive and Packaging
and Packaging Waste Regulation require member states to
collect 90% of plastic bottles and metal cans by 2029 and
use 30% recycled content in new bottles, by implementing
deposit return systems.
Out of 2 trillion plastic bottles sold globally every year, 11%
of these are sold in markets with DRS. Another 11% is sold
in upcoming DRS markets (based on existing legislative
requirements or ongoing legislative processes) – primarily in
Europe. TOMRA is assessing the commercial opportunities in
these markets along with the development of the regulatory
frameworks. In addition, TOMRA is exploring alternative
collection solutions in other markets in the rest of the world
where we could become a holistic circular solutions provider.
In established DRS markets, most supermarkets and
collection points have automated their collection of
bottles and cans with RVMs. These markets mainly offer
replacement opportunities and after-market sales such
as service. The introduction of new technology as well as
modernizations and expansions of deposit systems drive
growth. With an installed base of approximately 87,000
machines, established markets generate a steady income
stream with a high percentage of recurring revenues.
As the market leader within reverse vending, TOMRA will
typically invest in people and capabilities to monetize on
opportunities when they arise. The ambition is to grow
TOMRA Collection double digit in the period to 2030 while
delivering an EBITA margin above 18%. Which markets
materialize and the timing of it is uncertain and typically
dependent upon the outcome of political processes.
Upcoming deposit markets
Poland is set to introduce a deposit system for single-use
plastic bottles, reusable glass bottles, and metal cans on
1 October 2025. Poland can become the world’s second
largest deposit market when it commences.
The state of Tasmania in Australia will launch its deposit
system in May 2025 where TOMRA will be the sole provider
of collection points on a throughput basis. The system
will include single-use plastics, cans, glass and liquid
paperboard. Tasmania completes Australia as the first
continent fully covered by deposit systems.
The province of Quebec in Canada is expanding and
modernizing its DRS by increasing deposit values and
adding more beverage and container types to the system.
By March 1, 2025, plastic containers will be added, and by
2027 glass and liquid paperboard will be added. TOMRA has
entered into an agreement with Quebec Beverage Container
Recycling Association (QBCRA) to equip recycling depots
with approximately 1,350 machines. Smaller, urban depots
will be equipped on a sales and service basis, and larger
depots will operate on a throughput revenue model.
Greece’s parliament approved amendments to its waste
management law in October 2024, setting 1 December
2025 as the new launch date for its upcoming deposit
return system. In February 2025, additional secondary
DRS legislation was signed into law by the Minister of
Environment and the Minister of Economy. A system operator
is yet to be assigned.
Portugal originally planned to introduce a deposit system in 2022.
Following a delay, Portugal published its final DRS regulations in
March 2024 and licensed its system operator at the end of the
year. The system is planned to commence early 2026.
Singapore’s parliament passed legislation to introduce DRS
in March 2023. The scheme operator has been licensed with
the launch date set for 1 April 2026. Singapore will become
the first regulated deposit market in Asia.
Spain introduced a packaging and packaging waste law in
2022, transposing the Single Use Plastic Directive (SUPD)
into national law. A condition in the regulation states that
if 70% of plastic bottles were not collected in the existing
waste management system in 2023, the country will
introduce DRS. In November 2024 it was concluded that the
collection rate achieved was only 41%, triggering the required
implementation of DRS within two years.
In the United Kingdom, parliament passed regulation for
England and Northern Ireland’s upcoming deposit return
system. 1 October 2027 is the planned commencement
date and Scotland is in the process of aligning its legislation
accordingly. The scheme will include single-use plastic, steel
and aluminum drinks containers.
SEARCHBROWSESTARTPAGE 29
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Uruguay is in the process of implementing DRS. Originally
planned to commence by the end of 2024 an updated start
date is expected to be announced. Uruguay will be the first
country in South America to implement mandatory DRS.
TOMRA RECYCLING
Increased focus on circular economics such as the reduction
of plastic pollution and lower dependency on virgin
materials, as well as better waste handling and carbon
emission reductions drive long-term investments into the
recycling industry. To enable recycling of materials which
typically comes in mixed waste streams, TOMRA’s sorting
equipment is essential to recover and separate materials
into high quality homogenous fractions. Towards 2030,
TOMRA Recycling’s ambition is to grow double digit while
maintaining an EBITA margin in the low-to-mid 20’s (percent).
Industry commitments and regulation are key drivers
for growth. The introduction and expansion of Extended
Producer Responsibility (EPR) schemes drives growth in the
waste management and recovery segments, and an increase
in the use of recycled content in new products drives growth
in the recycling segment. The EU’s recently adopted PPWR
offers strong growth opportunities in the coming years within
plastics and other packaging as it entails ambitious legal
recycling and recycled content targets.
Growth is also driven by additional industries seeking to
become more circular, meaning there is a need to recycle
more types of materials, such as wood and textiles. To make
materials circular and avoid downcycling of them, more
granular sorting is being pursued, driving additional sorting
needs. This is enabled by new technology provided by
TOMRA, such as recent product launches for alloy sorting of
aluminum with LIBS technology, and food grade sorting of
plastics with AI technology.
The momentum in certain customer segments will tend to
move with commodity prices and the level of economic
activity as customers depend on the demand for materials
when taking investment decisions. In 2024, the market
sentiment within European plastics recycling was particularly
soft and the timing of a recovery is uncertain. Segments
such as ore-sorting tends to depend more on single orders.
Cyclicality is partly mitigated by having a customer base that
is well diversified geographically and by materials sorted.
TOMRA FOOD
With a growing population and rising middle class, food
demand increases and dietary habits change. When food
harvesters and producers respond to changes in both
consumer demand and the arability of land due to climate
conditions, a need for capital investments into sorting
equipment typically follows. The need for automated
sorting solutions is further reinforced when food producers
plan to export their produce and food safety and quality
requirements increase, or where labor shortage is driving
higher costs of manual sorting. Based on studies of the
categories of food TOMRA operates within, the underlying
annual market growth is estimated to 5-6% on average.
The overall 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. Over the
last couple of years, the market sentiment with fresh food
categories has been weak as there has been a lack of large
investment projects. Towards the end of 2024, market activity
showed signs of increasing. The competitive landscape in food
sorting and grading remains active and fragmented, meaning
technology leadership is an important key to winning orders.
Investments into equipment typically come in cycles for
a specific food category. To mitigate cyclicality, TOMRA
Food operates a diversified portfolio of food categories.
The prioritized core categories are ones where sorting
and grading equipment generate the highest value add
and opportunities for value-based pricing, in line with our
focus on increasing profitability. TOMRA Food will continue
to prioritize profitability over growth for the next year and
targets an EBITA margin of 10-11%.
SEARCHBROWSESTARTPAGE 30
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 TOMRA SHARE
Share price
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
50
100
150
200
250
300
350
Shareholders by country
8%
15%
9%
7%
6%
4%
4%
13%
30%
Sweden (30%)
Norway (15%)
United States (9%)
Netherlands (8%)
Denmark (7%)
Luxembourg (6%)
United Kingdom (4%)
Finland (5%)
France (2%)
Germany (1.9%)
Other (8%)
TOMRA HORIZON
By leveraging our technology and decades of know-how,
TOMRA Horizon facilitates and accelerates the transition
to circular economies. When deploying capital to TOMRA
Horizon, we apply a strict framework ensuring that we
optimize our portfolio, the capital returns, and our risks.
TOMRA Feedstock
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 is currently investing into two mid-size sorting plants
for post-consumer plastic that is typically incinerated today.
Each plant has a capacity of 80,000-90,000 tons per annum.
The plant in Norway is expected to become operational in
2025 while the plant in Germany is expected to become
operational in 2026. The output of the sorting plants will be
more than 10 different high quality polymer fractions which will
be used as feedstock for mechanical and chemical recycling.
TOMRA Reuse
TOMRA Reuse leverages our reverse vending technology to
create an open managed systems and complete infrastructure
for reusable takeaway packaging – reducing littering and
greenhouse gas emissions. The goal is to offer an attractive
solution single use takeaway packing where this may become
subject to regulation such as taxes, quotas or bans.
Based on our pilot with Aarhus municipality in Denmark,
which has gained interest globally, we continue to develop
the solution to be become sufficiently convenient for
customers, cafés and restaurants to adopt at scale.
c-trace
In October 2024 TOMRA acquired c-trace – a leading
provider of digitized solutions for waste collection in
Germany. The company operates in a high growth market
within resource optimization, sharing our common goal of
increasing collection and recycling rates. Through TOMRA’s
customer base and global footprint, our ambition is to
support c-trace on its growth journey in its core business.
The TOMRA share
TOMRA Systems ASA’s share is listed on Euronext Oslo Børs
where the company was the 17th largest company at the
end of 2024 as measured by its market capitalization. The
number of issued shares is 296,040,156, each with a par
value of NOK 0.50 per share. 251,167 treasury shares were
held by TOMRA at the end of 2024.
The TOMRA share price increased to NOK 146.60 at the end
of 2024 from NOK 123.45 at the end of 2023. Adjusting for
the dividend of NOK 1.80 per share paid out in May 2024, the
total return on the TOMRA share was +20% percent in 2024,
following a decline of 24% in 2023 and 47% in 2022. In
comparison, the return on the Oslo Stock Exchange (OSEBX)
in 2024 was 9%.
A total of 107 million TOMRA shares were traded on the
Oslo Stock Exchange in 2024, down from 110 million the
year before. TOMRA’s largest shareholder, Investment
AB Latour held 21.1% of the shares at the end of 2024,
unchanged from 2023.
The Board of Directors wants 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.
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.
SEARCHBROWSESTARTPAGE 31
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Sustainability statement
General information 33
Environment 53
Social 81
Governance 95
SEARCHBROWSESTARTPAGE 32
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
General information
BASIS FOR PREPARATION
ESRS 2 BP-1 General basis for preparation of the
sustainability statement
Information in the sustainability statement includes TOMRA
Group and all its subsidiaries, including upstream and
downstream value chains, and has been prepared on the
same consolidated basis as TOMRA Group’s 2024 financial
statements. No information corresponding to intellectual
property, know-how or the results of innovation referred
to in point ESRS 2 BP-1 5(d) has been omitted from the
sustainability statement.
We exercise the right, as per the ESRS Phase-in options, to
begin reporting on the following disclosure requirements in
2025:
• SBM-3 48(e) The anticipated financial effects of the
undertaking’s material risks and opportunities on its
financial position, financial performance and cash flows
over the short-, medium- and long-term, including the
reasonably expected time horizons for those effects.
• E1-9 Anticipated financial effects from material physical and
transition risks and potential climate-related opportunities.
• E2-6 Anticipated financial effects from material pollution-
related risks and opportunities.
• E5-6 Anticipated financial effects from resource use and
circular economy-related risks and opportunities
• ESRS S1-7 Characteristics of non-employee workers in the
undertaking’s own workforce
• ESRS S1-13 Training and skills development metrics
• ESRS S1-14 Health and Safety metrics:
• Cases of work-related ill-health and number of days lost
to injuries, accidents, fatalities and work-related ill health
• Reporting on non-employees
ESRS 2 BP-2 Disclosures in relation to specific
circumstances
The sustainability statement has been completely
restructured in comparison to last year’s sustainability report,
with new disclosures and content to meet the requirements
of the Corporate Sustainability Reporting Directive (CSRD)
and to align with the European Sustainability Reporting
Standards (ESRS).
Some metrics are subject to a high level of measurement
uncertainty and/or use indirect sources, such as sector average
data. Where relevant, sources of estimations and outcome
uncertainty are reported alongside the metric disclosures.
E1-6: The estimation of our gross Scope 1, 2, and 3 GHG
emissions involves significant measurement uncertainty,
particularly Scope 3 due to the inherent complexity of
calculating these emissions. Our Scope 1+2 uncertainty
stems mainly from potential manual data entry mistakes;
however, the uncertainty and impact of this is low relative
to Scope 3 Category 11, which includes emissions from the
electricity used by our machines - the main driver of our total
GHG footprint. We lack direct measurements of the type and
amount of electricity consumed by our machines; therefore,
these emissions are estimated based on various assumptions
and extrapolations, including average usage patterns and
standardized emission factors. This reliance on approximations
introduces considerable uncertainty, especially given the
variability in amount and type of energy used by our customers.
Air and steam consumption account for 90% of our machines’
total electricity usage. The exact consumption varies based
on several factors; since the air compressor is a separate
unit outside of TOMRA’s control, only gross estimates can be
made. Determining accurate air volume is challenging without
knowing the exact operating conditions of each machine
(temperature and pressure), as exemplified by the ideal
gas law. Due to uncertainty regarding whether reported air
consumption is at atmospheric pressure or operating pressure
(~6 bar), we assume the worst-case scenario for calculations,
acknowledging that further investigation is needed to refine
these estimates and their impact on electricity consumption.
E2-4 28b: The estimation of microplastics generated from
transport within our operations (tire wear from TOMRA’s car
fleet) is calculated in accordance with the guidelines for
SEARCHBROWSESTARTPAGE 33
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
microplastics from tires provided by the Plastic Footprint
Network. While no direct measurements exist for the
distance traveled by the fleet; 2024 fuel consumption data
(diesel, petrol, CNG and biodiesel) were used to estimate
distances of internal combustion cars (ICCs). Given the lack
of electricity consumption data for electric vehicles (EVs), the
estimated driving distances of ICCs serve as proxies, utilizing
average consumption metrics for internal combustion and
electric vehicles (IEA, 2021). Three alternative scenarios
were calculated (low, medium and high), based on different
assumptions of fleet mix (percentage of passenger cars vs
duty vehicles), road composition (urban, highway and rural)
and tire wear emission factors. This metric carries a high
level of uncertainty due to the current lack of technology
capable of accurately measuring or estimating microplastics
generated from vehicles. Existing scientific literature
indicates variability in emission factors ranging from 60 to
850 mg/km per vehicle in urban settings (Unice et al., 2019).
E5-4 31a, 31b: The calculation involves multiplying
the number of products sold by the average material
composition and gross estimations of weight and packaging
material. Measurement uncertainties stem from primary data
sources such as WEEE datasheets, bills of materials, and Life
Cycle Assessment (LCA) reports.
E5-4 31c, 36c: Recycling rates and recycled content are
derived by applying industry averages to the primary data
obtained in section 31a. Consequently, two sources of
measurement uncertainty exist: the primary data described
in section 31a and the inherent uncertainties associated with
industry averages.
E5-4 36a: The expected durability of products placed on the
market is estimated based on broad assumptions derived
from LCAs. This estimate does not accurately reflect the real-
world lifespan of our products, contributing to measurement
uncertainty.
Disclosure requirements that have been incorporated by
reference:
• ESRS GOV-1 21 (c) presented on page 13.
• ESRS GOV-3 29 (d) presented on page 5 in the
Remuneration Report.
GOVERNANCE
Sustainability Governance
ESRS 2 GOV-1 The role of the administrative, management
and supervisory bodies
ESRS 2 GOV-2 Information provided to, and sustainability
matters addressed by the business’s administrative,
management and supervisory bodies
ESRS 2 GOV-3 Integration of sustainability-related
performance in incentive schemes
Sustainability management at TOMRA is integrated across
various governance bodies, each with different roles and
responsibilities related to strategy development and execution
and addressing material ESG impacts, risks, and opportunities.
The overall organization and governance structure for
sustainability at TOMRA is illustrated in figure 1, page 34 and
described below. As per ESRS 2 disclosure requirements
GOV-1 and GOV-2, the Board of Directors (board) is considered
TOMRA’s supervisory body, and the Executive Leadership Team
(ELT) is considered as both management and administrative
body. On ESG matters, the board is supported in its supervisory
role by the Audit & Sustainability Committee, whereas ELT is
supported in its management and administrative roles by the
Sustainability Council.
BOARD OF DIRECTORS BOARD
Our Board of Directors comprises eight non-executive
members, consisting of five shareholder-elected and three
employee-elected directors. Three directors are female
(37.5%) and five are male (62.5%), i.e. a female-to-male ratio of
0.6. The majority (75%) of the shareholder-elected members
Board of
Directors
Audit &
Sustainability
Committee
Executive
Leadership
Team
Sustainability
Council
Divisional
Sustainability
Teams
Implementing bodies
Supervisory body
Management and administrative body
Supports ELT in management
and administrative role
Supports Board in
supervisory role
Group
Sustainability
Team
Figure 1: Sustainability governance at TOMRA
SEARCHBROWSESTARTPAGE 34
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
are independent of the company’s management, main
shareholders and important business associates. Exceptions
are Johan Hjertonsson who is President and CEO
of AB Latour, TOMRA’s largest shareholder, and Bodil
Sonesson who is President and CEO of Fagerhult Group
AB, where AB Latour is the largest shareholder. Board
members possess diverse expertise relevant to our sectors,
products, and geographic locations. This includes individuals
with extensive experience in technology, sustainability,
finance, and global market dynamics, ensuring well-rounded
insights into TOMRA’s business and operations. The board
regularly evaluates whether appropriate skills and expertise
in relation to sustainability matters is available to the board
or needs to be developed. This is also assessed by the
Nomination Committee when proposing candidates for new
shareholder-elected board members. Among the board’s
relevant sustainability credentials is the completion by
two of our board members of a sustainability training for
corporate executives at Stockholm Resilience Center. In
relation to sustainability impacts, risks, and opportunities, the
board’s role is to guide and approve corporate strategy and
implementation plans, including sustainability KPIs, targets
and budget. In the reporting year, the board was informed
of the double materiality assessment process and results
and has delegated further responsibility for overseeing
sustainability management and performance to the Audit &
Sustainability Committee. The entire board also participated
in a CSRD upskilling session organized by PwC to train board
members and facilitate discussion around the board’s legal
responsibilities in relation to sustainability management and
reporting.
AUDIT & SUSTAINABILITY COMMITTEE ASC
A decision was made by the board this year to merge the
previously existing Corporate Sustainability Committee
and Audit Committee into one board committee, ASC,
as of July 2024. The rationale was that combining these
two committees can offer several strategic advantages
including: Integrated risk management (financial, operational,
sustainability, compliance), enhanced reporting and
transparency (streamlining financial and sustainability
reporting), and strategic alignment of sustainability, business,
and financial priorities.
As per the ASC Charter, the committee shall assist the
board in fulfilling its responsibilities to: i) Review the Group’s
corporate sustainability practices, ii) oversee the progress
of key sustainability activities, including climate action and
decarbonization strategy, iii) assess sustainability related
risks, opportunities and trade-offs where relevant, and v)
review and recommend for board approval the company’s
sustainability reporting. Since its establishment, the ASC
has been kept informed about the double materiality
assessment process and results, including all material
impacts, risks, and opportunities (see ESRS 2 SBM-3, page
51), and it has actively overseen – providing feedback and
strategic guidance on – work to prepare the Sustainability
Statement 2024 and further implementation of the CSRD.
As part of its role in overseeing CSRD implementation, the
ASC is informed about the implementation of due diligence
in relation to material impacts, risks, and opportunities; and
the results and effectiveness of policies, actions, metrics, and
targets adopted to address them.
The committee shall consist of at least two members of the
board, each of whom are independent of management and
the company, in addition to (an) employee-elected board
member(s), and are nominated for a period of one year.
Furthermore, the board shall ensure that the nominees
have sufficient competence in environmental, social
and governance matters to address TOMRA’s material
sustainability-related impacts, risks and opportunities,
as identified in the double materiality assessment. ASC
nominees must also have necessary knowledge about
financial and accounting operations, internal controls, and
accounting principles.
Furthermore, the ASC is responsible for overseeing
compliance, evaluating the adequacy and effectiveness of
our compliance program, key performance indicators, and
annual plan including any necessary mitigation. The ASC also
monitors adherence with the Code of Conduct, described in
G1-1, page 97, and compliance program through the reporting
of key performance indicators (KPIs), high-risk concerns
raised through the whistleblowing system, as well as internal
high-risk reviews.
The committee meets at least four times a year, or as often
as the ASC finds necessary. Update on sustainability topics
is a fixed agenda item for each meeting, including pre-read
material on the topics presented. The Chair of the ASC shall
always give an update from the last committee meeting to
the rest of the board in the next upcoming board meeting
and board minutes are available for all members. Regularly
discussed sustainability topics in ASC and board meetings
include progress on sustainability targets and efforts to
ensure compliance with evolving corporate sustainability
regulation and reporting standards.
EXECUTIVE LEADERSHIP TEAM ELT
It is ultimately the CEO and the Executive Leadership Team
that are accountable for sustainability management and
performance at TOMRA. Through the annual strategy and
business planning processes the ELT agrees on sustainability
KPIs, targets, and budget, at both Group and divisional
levels, and recommend these for board approval. Regular
monitoring and follow-up take place in quarterly business
review meetings where the heads of each division, among
other topics, report on sustainability KPI status to the CEO
and CFO. Two ELT members are female (28.6%) and five
are male (71.4%), i.e. a female-to-male ratio of 0.4. More
information about the ELT’s composition and experience is
presented on page 13.
The ELT has delegated further responsibility in relation
to sustainability management and administration to the
Sustainability Council (SC) and is kept informed about
ongoing sustainability projects through brief reports at ELT
meetings from the SC chair or consulted in topical workshops
as required. In 2024, the ELT was actively involved in the
double materiality assessment, participating in workshops to
first validate and then finally approve the results, including
review of all material impacts, risks, and opportunities (see
ESRS 2 SBM-3, page 51), current management practices in
relation to material topics, including implementation of due
diligence and the effectiveness of policies, actions, metrics,
and targets adopted to address them, and discussions on
how they relate to TOMRA’s strategy and risk management
processes. Formal processes are not yet established to
ensure that material impacts, risks, and opportunities are
actively considered as part of ELT and board decisions on
major transactions, including a structured evaluation of trade-
SEARCHBROWSESTARTPAGE 35
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
offs. This will be addressed in our continuing work to further
implement CSRD in 2025 and onwards.
The ELT ensures, both through the SC and dedicated
sustainability teams at both Group and divisional levels,
that it can leverage sustainability expertise and relevant
skills, including knowledge and understanding of TOMRA’s
material impacts, risks, and opportunities. Across TOMRA
there were in 2024 twelve full time equivalents (FTEs)
working in dedicated sustainability roles, several of whom
hold academic degrees in relevant fields like environmental
engineering, sustainable business, and climate management,
and have years of experience within sustainability
management. Furthermore, TOMRA has in 2024 engaged
with various sustainability and ESG specialist consultancies
to support and advise on specific projects.
SUSTAINABILITY COUNCIL SC
The Sustainability Council was established in 2022 as a
steering group for larger sustainability projects and initiatives
across TOMRA Group, with a mandate from ELT to make
administrative decisions on their behalf, review and prepare
sustainability policies and other guiding documents as required
for ELT approval. The SC facilitates effective coordination
and collaboration between teams and works to ensure
both alignment and best practice sharing between TOMRA
divisions in relation to sustainability strategy, implementation,
and reporting. Members of the SC include: Head of Group
Sustainability (Chair), Group CFO, Head of Group Strategy,
Head of Group Controlling, Heads of Strategy from each
division, and Heads of Sustainability from each division.
As such, the SC includes functional leaders with key
responsibilities to ensure robust sustainability management
and reporting. All members have experience and expertise
relevant for corporate sustainability management, acquired
both internally, managing TOMRA’s sustainability efforts
in recent years, and/or from previous work experience
and trainings. Key projects in 2024 that were overseen
and guided by the Sustainability Council include: double
materiality assessment and ESRS gap analysis, SBTi
validation and decarbonization roadmap, and the first-year
ESRS reporting and audit. The SC meets twice per quarter,
roughly every six weeks.
How sustainability is integrated into incentive schemes
In 2023 we launched people and planet performance
indicators linked to incentive schemes in TOMRA. This
means that when we measure and follow up performance,
we do not only review the financial targets (profit), but we
also focus on safety, diversity, engagement (people), and
our own greenhouse gas emissions (planet) targets as well.
People and planet reporting is now part of quarterly business
reviews for each division, and as of 2024 people, planet
and profit targets link directly to variable compensation
for the EVPs and Heads of our divisions (whom are part
of the ELT) and their divisional leadership teams, thus
incentivizing conscious action and commitment throughout
the organization to delivering on our sustainability strategy
and targets.
As part of the 2024 business planning process, TOMRA
divisions aligned on a common set of people, planet, and
profit KPIs and set targets to be approved by ELT. KPIs
included in the people dimension were a) female leaders
(%); b) employee engagement (Gallup score); c) safety (lost-
time injury); and d) voluntary turnover (%). KPIs included in
the planet dimension were a) Scope 1+2 emission reduction
(estimated) from new projects and initiatives; and b) Scope
1+2 emission reduction (verified) from last year’s projects
and initiatives. Further details regarding the structure and
governance of our incentive scheme, including weighting
and target achievement for sustainability-related KPIs, are
available in the 2024 Remuneration Report, page 5.
SUSTAINABILITY RISK MANAGEMENT
ESRS 2 GOV-5 Risk management and internal controls over
sustainability reporting
Risk assessment and internal control is a natural part of
TOMRA’s sustainability reporting. We conduct regular risk
assessments to identify potential risks, and we prioritize
risks based on their likelihood and potential impact on
our sustainability reporting. Both the ELT, through SC, and
the board, through ASC, are regularly informed about the
progress of sustainability reporting, including potential risks
identified, proposed mitigating actions, and internal control
procedures.
Being a consolidated group with entities in a wide variety
of geographies, we are particularly subject to risks related
to the completeness and consistency of our reporting on
sustainability topics. Our sustainability reporting is also
subject to risks associated with accuracy of our consolidated
data, especially related to data stemming from multiple
systems and sources as well as the risk of errors in manual
data input processes.
To mitigate the risks, we implement control measures
for quantitative and qualitative data. Internal controls are
conducted on multiple levels within the organization.
Quantitative data for scope 1, 2 and some scope 3 categories
are collected through a Group-wide sustainability reporting
system to ensure standardized data collection and clear data
ownership. To ensure a common approach and methodology
we align across entities and divisions through shared
templates and reporting manuals, as well as emphasize
knowledge sharing.
We integrate the findings of our risk assessments and
internal controls into relevant internal functions and
processes. By integrating risk assessments and internal
controls into key functions, the goal is to effectively manage
sustainability risks and enhances our resilience.
We are in a process of formalizing our approach to internal
control even further. We are committed to continuously
improving our risk management and internal control system
to ensure the quality and reliability of our sustainability
statement.
SEARCHBROWSESTARTPAGE 36
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Statement on Due Diligence
Core elements of Due
Diligence
Paragraphs or pages in the
Sustainability Statement
Page Does the disclosure relate to
people and/or the environment?
a) Embedding due diligence
in governance, strategy and
business model
ESRS 2 GOV-2 34 People and environment
ESRS 2 GOV-3 34 People and environment
ESRS 2 SBM-3 51 People and environment
ESRS 2 SBM-3-E1
ESRS 2 SBM-3-E2
ESRS 2 SBM-3-E5
57
65
67
Environment
ESRS 2 SBM-3-S1
ESRS 2 SBM-3-S2
83
91
People
ESRS 2 SBM-3-G1 97 People and environment
b) Engaging with affected
stakeholders in all key steps
of the due diligence
ESRS 2 GOV-2
ESRS 2 SBM-2
ESRS 2 IRO-1
34
41
43
People and environment
ESRS 2 MDR-P:
E1-2
E2-1
E5-1
57
65
67
Environment
ESRS 2 MDR- P:
S1-1
S2-1
83
91
People
G1-1 97 People and environment
S1-2
S2-2
85
92
People
c) Identifying and assessing
adverse impacts
ESRS 2 IRO-1 43 People and environment
ESRS 2 SBM-3 51 People and environment
ESRS 2 SBM-3-E1
ESRS 2 SBM-3-E2
ESRS 2 SBM-3-E5
57
65
67
Environment
ESRS 2 SBM-3-S1
ESRS 2 SBM-3-S2
83
91
People
ESRS 2 SBM-3-G1 97 People and environment
Core elements of Due
Diligence
Paragraphs or pages in the
Sustainability Statement
Page Does the disclosure relate to
people and/or the environment?
d) Taking actions to address
those adverse impacts
E1-1 55 Environment
ESRS 2 MDR-A:
E1-3
E2-2
E5-2
58
65
67
Environment
ESRS 2 MDR-A:
S1-4
S2-4
84
93
People
G1-1
G1-2
G1-3
97
99
99
People and environment
e) Tracking effectiveness
of these efforts and
communicating
ESRS 2 MDR-M:
E1-5
E1-6
E5-4
E5-5
61
63
69
69
Environment
ESRS 2 MDR-M:
S1-9
S1-14
S1-16
89
89
89
People
ESRS 2 MDR-M:
G1-4
G1-5
99
99
People and environment
ESRS 2 MDR-T:
E1-4
E2-3
E5-3
60
66
68
Environment
ESRS 2 MDR-T:
S1-5
S2-5
87
94
People
ESRS 2 GOV-4 Statement on due diligence
The following table includes a mapping of the information provided in this Sustainability
Statement regarding TOMRA’s due diligence process:
SEARCHBROWSESTARTPAGE 37
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
ESRS 2 SBM-1 Strategy, business model and value chain
An integral part of the Group’s strategy is to become fully
circular and to be safe, fair and inclusive. In addition to our
science-based target to reach net-zero greenhouse gas
emissions, the Group has established specific targets linked
to sustainable product design, employee value proposition
and climate impact. These are cascaded down to each
business division.
As a technology and solutions provider for the circular
economy and resource optimization, TOMRA’s business
model is driving positive sustainability impact by optimizing
resource productivity, keeping waste materials from ending
up in nature, and enabling avoided greenhouse gas
emissions from the use of our products and solutions (see
business model and value chain - figure 2 and 3, page 39
and 40). We consider this our environmental handprint. Our
goal is to grow and maximize this handprint while at the
same time minimizing our environmental footprint – across
our entire value chain. At TOMRA, we are convinced that
this approach to sustainability will contribute to maximizing
long-term value creation across the three dimensions of
people, planet, and profit. Furthermore, it is evident through
dialogue with our investors, that TOMRA’s focus and efforts
on sustainability are in alignment with investor expectations
and priorities.
Becoming more sustainable while growing rapidly can pose
a challenge for any company. We actively work to decouple
our financial growth from growth in emissions and any
other negative sustainability-related impacts. Our Net Zero
Program, implementing specific decarbonization initiatives,
and dedicating part of our research and development (R&D)
to making our own products more circular and energy
efficient, are important elements of how we are working
to achieve this. Furthermore, we work actively with our
employees to foster a safer workplace and ensure that
everyone feels that TOMRA is a fair and inclusive place
to work. All business divisions have people and planet
performance indicators that are regularly reviewed. These
are directly linked to the variable compensation of our
divisional leadership teams, promoting conscious action and
commitment throughout the organization.
TOMRA is a global company with market presence in more
than 100 countries (see employees per geographical area
in ESRS S1-6, page 88). Key sectors and customer groups
served vary by TOMRA division but include, for TOMRA
Recycling: waste management, mining, and recycling; for
TOMRA Collection; retailers and recycling associations;
and for TOMRA Food: food production, processing, and
packaging. TOMRA’s sustainability-related goals are not
differentiated to specifically address different customer
groups, product categories or geographical areas.
Regionally tailored and/ or product specific strategies are
however applied in our implementation plans to deliver
on various sustainability goals. This is described, where
relevant, as actions in relation to material impacts, risks, and
opportunities.
Our business model naturally looks a bit different across
divisions, but the common denominator for all TOMRA
products and services is that they can enable increased
resource productivity in the value chain which they
serve (see figure 3, page 40). The use of resources and
consumption patterns in modern human societies and
industry are non-sustainable 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. For
customers in the Collection segment, TOMRA’s value
proposition is that we can solve their deposit return
scheme challenges through flexible value chain positioning
depending on local needs. For TOMRA Food customers, we
can optimize the value of food through increased quality,
safety, and reduced waste. In TOMRA Recycling, we support
Strategy, business model and value chain
SEARCHBROWSESTARTPAGE 38
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Our sorting and grading
technologies for the
global food production
industry help maximize
food safety and minimize
food loss by making sure
every resource counts.
TOMRA Recycling
Our sorting technologies
for the global waste
management, recycling,
and mining industry
enable resource recovery
and create value from
waste – keeping materials
in a closed recycling loop.
TOMRA Horizon
We explore new adjacent
business opportunities
and alternative business
models, leveraging our
technology and decades of
know-how to facilitate and
accelerate the transition to
circular economies.
TOMRA Collection
Our reverse vending
solution for deposit return
systems transform society’s
habits and ensure efficient
collection of beverage
containers to keep valuable
resources in a continuous
loop of use and reuse.
Product
conversion
Food grading
and processing
Raw
materials
Packaging
WasteConsumption Landfill,
incineration,
or waste pollution
Figure 2: TOMRA’s business model and ”where we play.” This illustration is a representation of “where we play” in the
resource value chain, intended as a visual aid to support understanding of our business and value creation model,
including current and expected benefits for our stakeholders.
our customers to enable circularity and decarbonization.
Finally, through TOMRA Horizon we aim to create long-term
value by broadening our portfolio, exploring new adjacent
business opportunities and alternative business models
that leverage TOMRA’s core technology and know-how.
For example, through TOMRA Feedstock, which utilizes
our waste sorting technology to create new value chains
that recover plastic waste which is typically incinerated or
landfilled today. Through advanced sorting plants, we turn
this material into high quality plastic feedstock for closed
loop recycling.
With respect to the key inputs for our business model and
value chain, and how those are gathered, developed and
secured, TOMRA relies on: i) materials and components for
machine production, primarily including steel and plastic
parts, electronics, and sensor equipment – sourced from
a global supply chain (see ESRS S2, page 91 for more
information about supplier engagement processes); ii)
human capital – secured and developed through our
various People & Organization programs, including talent
acquisition (see ESRS S1, page 83 for more information); and
iii) financial capital – secured through, primarily, equity and
debt financing. Note that this is a non-exhaustive list, only
covering main input categories. Further information about
how physical inputs are turned into products is illustrated in
figure 3, page 40 – TOMRA’s value chain.
SEARCHBROWSESTARTPAGE 39
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Direct
Procurement
Indirect
Procurement
Production
Internal sales
and trade
Customers End-of-life
treatment
Component
Development
Upstream Own Operation Downstream
Optics
Polymerization
Raw materials
extractors +
distributors
Machines +
Mechanical
Parts
Ejection
Modules
Control
Cabinet
Electronics
producer
Metallurgy IT
Machine instal-
lation & production
services
Professional
services
Packaging
Customer
Project team
Sales Service
Mechanic
components
Electronic
components
Company
fleet
Fuel
consumption
Waste
generation
Goods
manufacturing
Facility
management
Warehouse
activities
Production Technical
Logistics
Quality Facility
suppliers
Regional suppliers
Global
suppliers
Energy
suppliers
Food
producers
Sorting
centers
Machine replacement /
displacement
Waste
management
companies
Super-
markets
Recycling Horizon
Food Collection Customers
Figure 3: TOMRA’s own value chain and ESG impacts. This illustration is a representation of TOMRA’s end-to-end value chain, intended as a visual aid to support understanding of high-
level processes related to our business model, as well as where and how sustainability impacts, risks, and opportunities occur.
High-level examples of impacts, risks and opportunities
Direct Procurement Component Development Indirect Procurement Production Internal sales and trade Customers End-of-life treatment
• Energy consumption
• Adequate wages
• Labor relations
• Health and safety
• Violence and
harassment
• Microplastics
• Resource inflows
• Waste
• Health and safety
• Adequate wages
• Pollution
• Labour relations
• Resource inflows
• Training and skills development
• Diversity, equity and inclusion
• Resource inflows and outflows
• Health and safety of employees
• GHG emissions
• Pollution
• Microplastic
• Resource optimization
• Enabling circular
economy
• Energy use and GHG
emissions
• Safety of customers
• Resource outflows
• Waste
• Pollution
SEARCHBROWSESTARTPAGE 40
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Stakeholders
ESRS 2 SBM-2 Interest and views of stakeholders
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.
Through our materiality assessment, described in more detail
in ESRS 2 IRO-1, page 43, we engaged with our stakeholders
through interviews and workshops. Topics of high
importance are summarized in the stakeholder table. Overall,
climate change mitigation, responsible business conduct,
fair and safe working conditions throughout our value chain,
and sustainable product design were highlighted as most
material topics from our key stakeholders.
Employee engagement is important for us and informs our
strategy and business model. We connect with our workforce
through various channels, including intranet updates, town
halls, engagement surveys and employee resource groups
(ERGs), each sponsored by a member of the Executive
Leadership Team. Respecting human rights is fundamental to
maintaining trust and building strong relationships with our
employees. Additionally, our independent whistleblowing
mechanism allows employees to raise any concerns
confidentially.
Based on industry reports we know that there can be
potential negative impacts on value chain workers’ working
conditions, equality and inclusion and other work-related
rights. Through our strategy and business model we aim to
mitigate potential negative impacts on value chain workers
by engaging with suppliers and customers and setting clear
expectations regarding labor and human rights.
We have not engaged directly with value chain workers.
However, we include suppliers as a critical stakeholder and
have stakeholder engagement and dialogue with strategic
suppliers. Additionally, we have an onboarding program for
new suppliers, including an integrity due diligence process,
which includes assessments of value chain workers’ rights.
We also visit the factory floors of key suppliers and perform
walk-throughs to see the operational workflow, cleanliness,
and adherence to health and safety.
Found issues, hazards etc. are communicated in writing
including expectations on improvements. Typical
observations include lack of safety equipment and medical
supplies, proper marking of safety lanes, and clutter
in the workplace. Shortcomings are documented and
shared in writing with the relevant suppliers including any
recommendations and expectations to improve. In addition,
TOMRA inquiries on procedures to protect human rights,
such as discrimination, forced labor of undocumented
workers, and community rights to suppliers. TOMRA requests
that such procedures are implemented when needed, and
results are verified at the next checkpoint.
To further engage with workers in the value chain we are also
in dialogue with our customers specifically when it comes
to product safety. Our strategic focus on product safety
mitigates the potential negative impact on the health and
safety of workers in our downstream value chain.
Table 1, page 42 showcases TOMRA’s key stakeholders,
whether and how engagement is organized, its purpose, and
how outcomes are taken into account by TOMRA.
As part of the double materiality assessment, the Executive
Leadership Team was actively involved, participating in
workshops to first validate and then finally approve the
results, including review of all material impacts, risks, and
opportunities, stakeholder views and interests with regard
our material ESG topics, and discussions on how these relate
to TOMRA’s strategy and risk management processes. The
Board was informed of the double materiality assessment
process and results, including stakeholder views and
interests, through reports from the Audit & Sustainability
Committee. Introduction of our new decarbonization
strategy in 2024 was, in part, directly linked to stakeholder
expectations.
SEARCHBROWSESTARTPAGE 41
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Topics of high importance: Engagement is organized through: Purpose of engagement: Examples of outcomes from engagements:
Employees
• Diversity, Equity and Inclusion
• Training and skills development
• Health and Safety
• Data Privacy and Protection
• Responsible Business Conduct
• Intranet news articles
• CEO and Executive Leadership Team communication
through townhalls and information campaigns
• Employee Resource Groups
• Gallup Employee Engagement Survey
• TOMRA Notification Portal: Speak Up open for
employees
• Personal development dialogs
• Interviews in relation with our double materiality process
• TOMRA Safe platforms and safety survey
• Inform and get feedback on strategy, company performance
and ongoing initiatives
• Develop the TOMRA culture, ensuring a safe and inclusive
work environment
• Amplify the voices of underrepresented communities
• Improve employee satisfaction and performance
• Easy access to real-time health and safety information and
incident reporting
• Understand employee perceptions about health and safety
and assess current safety maturity
• Internal policy updates
• Improvement and action plans based on the Employee
Engagement- and Safety Survey
• Focus days like Code of Conduct and Global Ethic’s Day,
World Mental Health Day and World Safety Day
• Culture workshops and culture champions
• Improved health and safety performance
• Diversity campaign
• TOMRA Learn offering e-learning courses
• Yearly include program for underrepresented employees
Suppliers and business partners
• Safety for employees
• Energy and renewable electricity
• Joint efforts to reduce negative
impacts
• Business conduct
• Managers oversee strategic suppliers to ensure
alignment with TOMRA’s requirements.
• Supplier dialogue through regular meetings and
Quarterly Business Reviews.
• Factory visits
• Questionnaires
• Procurement teams are trained on engagement
and dialogue with suppliers, promoting sustainable
practices.
• Ensure suppliers meet TOMRA’s quality, environmental,
compliance, cost, and flexibility standards
• Foster strong, strategic relationships with critical suppliers
• Align supplier practices with TOMRA’s sustainability goals
• Enhance transparency and accountability through regular
audits and compliance checks.
• Mitigate supply chain risks and promote innovation through
continuous improvement and collaboration.
• Engage on the decarbonization of the value chain
• Revised policies to highlight ESG topics
• Revised procedures to highlight ESG topics
• Increase focus on following-up international regulations
• Focus on mapping supplier’s maturity about ESG
• Enhance the sustainability and compliance dialogue with
projects and R&D
• Assess potential risks linked to ESG topics during onboarding
and follow-up
• Include ESG topics as a standard discussion during business
reviews
• Increase focus on ESG reporting
Workers in the Value Chain
• Fair and safe working conditions and
use of products
• Diversity, Equity and Inclusion
• Procurement processes including supplier self-
assessment forms and site visits
• Quality processes including onsite audits
• Transparency Act related tools and information
including access to the TOMRA Notification Portal:
Speak Up for external parties
• User manuals with product safety information
• Market tests before industrialization of a product
• Communicate and understand suppliers’ environment and
level on topics of high importance
• Test and verify level of compliance at suppliers including
sub-supplier communication. Issue recommendations for
improvements and actions
• Inform workers in the value chain on the company’s position
in relation to the topics of high importance and possibility to
notify the company when deemed necessary
• Ensure correct and safe operations of our products
• Receive end-users feedback about our products
• Increased awareness at the company and at the suppliers
regarding risks related to workers in value chain
• Improved policies and procedures at key suppliers
• Improved information as a result of key suppliers’ focus and
documentation
• End-user’s feedback collected and translated into product
requirements during our product development process
Financial institutions (Investors and Banks)
• Financial performance
• Corporate strategy
• ESG targets and risk management
• Governance and transparency
• Annual and quarterly reports
• Results presentations
• Annual General Meeting
• Capital Markets Day
• Site visits to TOMRA facilities
• One-on-one meetings, conferences and road shows –
both in-person and digitally
• E-mail conversations
• Provide transparency on financial and sustainability
performance
• Discuss strategic direction, decisions and developments
• Discuss capital allocation and financial outlook
• Build and maintain investor relationships
• Engage investors and gather structured feedback to the
management and board
• Introduction of new financial targets and performance
indicators, for example a Return on Capital Employed target
• Educational sessions on new business opportunities under
TOMRA Horizon
• More detailed sustainability reporting
• More structured financial outlook communication
• Issuance of NOK 2 billion in new green bonds
• Established a sustainability linked revolving credit facility
Public opinion and Governments
• Enabling circular economy
• Preventing pollution from nature
• Business conduct
• Reduction of GHG emissions
• Sustainability metrics
• Lobbying activities
• Providing input to consultations
• Attending meetings and events
• Joining industry associations and networks
• Resources on sustainable resource management
publicly available on TOMRA website
• Podcast on circular economy topics
• Share TOMRA’s practical experience and expertise on waste
reduction, recycling, and circular practices
• Promote the adoption of ambitious provisions that foster
innovation, create jobs, and protect the environment by
promoting increased circularity
• Integrated into TOMRA’s strategic planning
• Help shape TOMRA’s business strategies and advocacy
efforts
NGOs
• Climate change and Science-based
targets
• Product circularity
• Product safety
• Supply chain transparency and
sustainability
• Consideration of the informal sector
• Collaborative projects
• Sharing of data and relevant information
• Collaborate on initiatives that promote waste reduction,
recycling, and circular economy practices.
• Leverage the expertise and advocacy power of NGOs to
support ambitious environmental legislation and practices.
• Integrated into TOMRA’s strategic planning.
• Help shape TOMRA’s sustainability strategies and advocacy
efforts.
Table 1: Stakeholder table.
SEARCHBROWSESTARTPAGE 42
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 assessment process
ESRS 2 IRO-1 Description of the processes to identify and
assess material impacts, risks and opportunities
From November 2023 to June 2024, TOMRA conducted a
materiality assessment based on the requirements of the
European Sustainability Reporting Standards (ESRS) and the
EU’s Corporate Sustainability Reporting Directive (CSRD).
The foundation of such an assessment involved identifying
and objectively assessing impacts, risks and opportunities.
This resulted in a completed double materiality assessment.
The results from the double materiality assessment are
presented on page 51 and disclosed in more detail alongside
the topical standards.
IDENTIFYING SUSTAINABILITY MATTERS
Over 90 environmental, social and governance (ESG) topics
have been assessed using a double materiality lens. The
basis for TOMRA’s list of sustainability matters to assess
was the ESRS list of topics presented in ESRS 1. In the
initial process we also did a value chain mapping (results
presented in ESRS 2 SMB-1, page 38), and identified internal
and external stakeholders to provide sustainability matter
insights. The results from value chain mapping and the
stakeholder engagement added even more sustainability
matters to include in our assessment. All impacts were
mapped against resource dependencies (natural and
social resources). Then the financial risks and opportunities
were mapped in relation to the corresponding impact and
dependency. The impact and the resource dependency
informed the rationale and scoring of the financial risks and
opportunities.
STAKEHOLDER ENGAGEMENT
Internal and external stakeholders were identified through
a workshop with representatives from Group Sustainability,
Group Finance, and the VP Investor Relations. After the initial
mapping, a short list of stakeholders was identified based on
existing relationships, their availability and openness to engage
in dialogue and how they were affected by TOMRA’s activities.
The mapping resulted in the following stakeholder engagement:
• Internal stakeholder workshops: Two workshops
were conducted in February 2024 - one focusing on
environmental topics and another addressing social and
governance topics. Each of these sessions engaged
around 20 stakeholders from across TOMRA’s three
divisions. The workshops aimed to familiarize the broader
organization with ESRS and validate the materiality
assessments preliminary results.
• External interviews: Relevant stakeholders were mapped
across affected stakeholders and users of sustainability
reports. Five external interviews and three internal
interviews for stakeholder insights were conducted with
a total of 10 respondents participating. The purpose
was to include perspectives from investors, NGOs, a
bank, customers, a supplier and our own employees.
Nordic Sustainability assisted TOMRA with conducting
the interviews as well as providing necessary materials,
including guides, questions, and documented recordings
for future reference.
MATERIALITY SCORING APPROACH
Scoring methodology
As a basis for assessing impacts, risk and opportunities in
our double materiality assessment (DMA), TOMRA used
several scoring keys. The scoring keys covered the 10 ESRS
topical environmental, social and governance standards and
are based on the newest ESRS guidance. The scoring keys
included separate scoring keys for negative and positive
impacts, and financial scoring keys aligning with ESRS
guidance. All scoring keys presented guidance for how to
score an impact, risk or opportunity.
All impacts were assessed based on severity and likelihood.
Severity was composed of scale, scope and irremediable
character, all weighed equally and given a score from 0-5.
Likelihood was also assessed on a scale from 0-5. For actual
impacts likelihood was always given a score of 5, as they
are already occurring. The total score was a product of the
severity of the impact and the likelihood, adjusted to a scale
of 0-5. For human rights issues the total score was adjusted
to reflect that severity takes precedence over likelihood.
Also, we performed in-depth qualitative assessments to
compare results to prior human rights due diligence analyses
performed by the Group Compliance department.
All financial risks and opportunities were also assessed
based on magnitude and likelihood. Magnitude was
composed of financial, reputational, operational and
compliance risk, all weighted equal and given a score from
0-5. Likelihood was also assessed on a scale from 0-5. The
total score was a product of the magnitude of the impact
and the likelihood, adjusted to the scale of 0-5. The financial
risk methodology was aligned with TOMRA’s ERM approach,
as the scoring keys and thresholds used in the DMA was a
slightly adjusted version of TOMRA’s financial risk matrix.
How the scoring was conducted
The double materiality assessment used an Excel scoring
tool which aligns with ESRS topical standards. TOMRA’s
own data, industry sources and other acknowledged
science-based sources, was used a basis for scoring with
documented rationales. External stakeholder interviews
added depth to the assessment and over 40 TOMRA
employees validated findings throughout the project. The
initial scoring of topics was conducted by our consultants
Nordic Sustainability, and then reviewed by representatives
from Group Sustainability and Group Finance. Divisional
Sustainability Leads and Vice President, Head of
Governance, Risk, and Compliance were involved in the
reviewing selected topics.
Materiality threshold
In Q2 2024 the Sustainability Council (SC) met to discuss
and align on a recommendation for the Executive Leadership
Team (ELT) regarding materiality threshold and landed on a
materiality threshold set at ≥2.5 for both impacts, and risks
and opportunities. As part of the process the SC assessed
the effects of different thresholds. The rationale for the
selected threshold was that the resulting material topics are
consistent with topics identified as important to track and
manage over time, disregarding today’s reporting maturity.
SEARCHBROWSESTARTPAGE 43
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
ELT approved the materiality threshold, thus all topics scored
≥2.5 are in scope for the TOMRA Sustainability Statement.
Topics that were close to the materiality threshold received
additional discussion and careful consideration.
How lack of primary data was mitigated
To ensure a pragmatic approach to the double materiality
assessment, we sat analytical boundaries if the quality of
TOMRA-specific data were low. In the absence of primary
data, reliance on credible secondary data sources, including
industry reports, scientific research, and benchmarks was
necessary for the scoring. Throughout the assessment, the
secondary data was evaluated to ensure that it was relevant,
recent, and specific to TOMRA’s operational context. In some
cases, described in our topic specific assessment approach,
we made assumptions where available data quality was low.
Topic-specific assessment approach
The assessments of all topics in all value chain stages
followed the double materiality assessment scoring
methodology described above. TOMRA did not conducted
any consultations with affected communities. We screened
our assets, site locations and business activities when
assessing materiality in our own operations and value chains.
Actual and potential climate change-related impacts, risks
and opportunities. On climate-related matters specifically
we added insights gathered from our science-based targets
project running in 1HY 2024. Through the project we have
assessed our scope 1, scope 2 and scope 3 data closely to
learn where our biggest impacts occur, resulting in our Climate
Transition Plan. Knowledge from this project fed into the
assessment of climate-related impacts, risks and opportunities.
The screening process of activities and plans described above
has contributed to the considerations of potential future
GHG emissions sources that might arise in the future. Due to
scientific consensus on the scale, scope and irreversibility of
climate-change mitigation, it is deemed significant without a
more detailed analysis.
We have not yet conducted a structured climate-related
scenario analysis assessing the expected impacts for TOMRA
from different physical and transition climate risk scenarios.
However, we plan to incorporate scenario analysis in future
climate risk assessment within the coming years. This will
be integrated into our annual enterprise risk management
processes to evaluate climate risk/impacts with the same
internal control procedures as other business risks/impacts.
Climate adaptation is not currently considered a material
topic for TOMRA. Our assessment indicates that given
the nature of our operational and logistical infrastructure
and locations, the potential impact from physical climate
risks is relatively low. However, TOMRA addresses climate
adaptation in our environmental policy by maintaining and
updating climate risk assessments, implementing actions to
reduce vulnerability to current and expected climate change
impacts, and integrating these strategies into our net zero
transition plan.
While TOMRA does not consider climate adaptation as a
material topic, we recognize the importance of integrating
climate resilience into our operations. In the coming years,
we plan to conduct comprehensive physical climate risk
assessments to identify potential vulnerabilities and develop
appropriate risk management measures.
Actual and potential pollution-related impacts, risks and
opportunities. We investigated both our own company data,
and publicly available data when assessing pollution of air,
water and soil. Pollution of soil was found non-material, with
a very low likelihood of occurring as a result from TOMRA’s
own operations. There was a non-material, but potential
negative impact on the environment because of potential
discharges into natural environments resulting from poorly
managed wastewater in manufacturing and production
sites. For substances of concern, we assessed specific sites
and products, and although a low quantity of hazardous
substances is present inside the final machines (e.g. cooler),
this was deemed non-material. Also, there is not expected
to be any significant substances of concern connected with
TOMRA’s offices or their warehouse activities. Some potential
impacts were found in our value chain, but not assessed
material.
Actual and potential water and marine resources-related
impacts, risks and opportunities: For own operations we
looked at water consumption/withdrawal and found publicly
available data showing that no sites are located in areas
with significant water-stress. Based on assumptions from
general practices within the manufacturing industry, there is
a potential of polluted water leaking into natural ecosystems,
but this was not found material for TOMRA. Due to the nature
of TOMRA’s own operations, research suggests that there
is no reason to believe that TOMRA’s activities have any
significant negative/positive impacts on extraction and use
of marine resources. The likelihood of water discharges was
difficult to assess. We assumed a low to medium potential
for water discharge into water bodies and oceans happening
in TOMRA’s operations based on general data available for
the manufacturing industry. In the value chain we analyzed
an expected negative impact on the environment because
of significant water withdrawals during upstream processes.
In addition, we looked at the downstream value chain,
especially in the TOMRA Food division where TOMRA’s
machines require daily cleaning which in turn leads to
significant water consumption. We also assessed a potential
negative impact on the environment because of potential
discharges into natural environments resulting from poorly
managed wastewater, as well as due negative effects from
mining discharges on water quality, however none of these
topics were considered material.
Actual and potential biodiversity and ecosystem-related
impacts, risks and opportunities. No sites were located
near biodiversity-sensitive areas, and it has not been
concluded that it is necessary to implement biodiversity
mitigating measures as described by ESRS2 IRO-1 19 (b). We
considered systemic risks through dependencies on eco-
system services and looked specifically into TOMRA Horizon
which is in the process of constructing three new plants,
two brownfield plants in Germany and one greenfield plant
in Norway. This did not result in any new material impacts,
risks or opportunities. Although we did find a negative impact
on biodiversity in our value chain due to land areas being
converted into industrial grounds, offices and roads requiring
to some extent soil sealing, this impact was not considered
material. There is also a potential negative impact on the
environment and species population size due to value chain
activities linked to land-use change like mining and from
microplastics leaking into waterways from recycling stations,
however this impact is not considered material for TOMRA.
SEARCHBROWSESTARTPAGE 44
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Impacts and dependencies on ecosystem services were
deemed out of scope for TOMRA, as it is assumed that due
to the nature of TOMRA’s own operations, there is zero to
low direct dependency on ecosystem services. However, it
is hard to neglect that some form of indirect dependencies
relating to the facilities and its amenities (e.g. fresh water,
land area, etc.) can be found. In addition, we recognize the
effect on biodiversity as the result of climate change, and
that TOMRA does contribute to climate change. However,
biodiversity as a separate topic was not found material for
TOMRA.
Actual and potential resource use and circular economy-
related impacts, risks and opportunities. In own operations
we have looked specifically at the percentage of non-
renewable energy used and the number of recycled
resources used at TOMRA’s sites. TOMRA’s existing value
chain is highly dependent on virgin and natural resources.
Our internal value chain mapping led to assumptions about
the geographical locations of primary resources. Based on
industry assumptions, fossil-based/non-renewable resources
for energy generation features heavily in the upstream
value chain. Based on data suggesting that the lion’s share
of primary customers is located within Europe, it can be
assumed that the percentage of renewable energy in the
use-phase is around 20%. Also, included in the assessment is
the packaging TOMRA uses when shipping goods, as well as
product durability and repairability. Information and data about
expected product lifetime and take-back systems were a part
of the assessment.
Actual and potential own workforce-related impacts,
risks and opportunities. In own operations we investigated
company data and initiatives, and feedback from interviews
with internal stakeholders on the topics of working conditions,
equality and inclusion and other work-related rights.
Assumptions were made regarding working time and potential
overtime work as we do not measure and record overtime
work. There is expected to be some instances of overtime
work as this cannot be measured or mitigated. TOMRA
provides additional remuneration to compensate for overtime
work and we found no reason to assume that TOMRA is not
paying employees adequate wages.
Actual and potential workers in the value chain-related
impacts, risks and opportunities. Due to lack of transparency
in the extended value chain, such as lack of auditing systems
or human rights reports in TOMRA-specific value chains,
assumptions are made based on industry knowledge,
regarding working conditions, equality and inclusion and
other work-related rights.
Actual and potential affected communities-related impacts,
risks and opportunities. In our value chain we assessed
communities economic, social and cultural rights as well as
the rights of indigenous communities in relevant value chain
industries. As direct documentation in TOMRA’s value chain
is challenging, assumptions are made based on observations
in the value chains of comparable industries and businesses.
No impacts, risks or opportunities were found material.
Actual and potential consumer and end-users-related
impacts, risks and opportunities. We assessed potential
impacts related to consumers and end-users where
applicable at TOMRA as the majority of the people handling
our products are not consumers or end-users. We looked
specifically at historical data regarding injuries to our end-
users, and company procedures for grievance mechanisms
for raising concerns. No impacts, risks or opportunities were
found material.
Actual and potential impacts, risks and opportunities in
relation to business conduct matters. For business conduct
matters we looked into location of our sites, the markets
we operate in, our specific business activities, industry
standards and business transactions. Potential human rights
risks relevant for our organization and our suppliers mapped
through our Human and Labor Rights Due Diligence process
were included in the assessment.
TOMRA will monitor our potential and actual impacts on
people and environment on a running basis, in addition to
our risks and opportunities. When divesting from existing
business or investing in new business we will assess whether
this will require adding or removing material impacts. Since
this is TOMRA’s first year of ESRS reporting no changes or
modifications to the materiality assessment have been made
from the last reporting period. A full review of the double
materiality assessment will be conducted in 2027.
ESRS 2 IRO-2 Disclosure Requirements in ESRS covered by
the business’s sustainability statement
ESRS 2 IRO-1, page 43 describes how TOMRA has
determined the thresholds and the material information to
be disclosed in relation to impacts, risks and opportunities,
according to the criteria in ESRS 1 section 3.2. See next page
for list of material Disclosure Requirements (DRs).
SEARCHBROWSESTARTPAGE 45
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
List of material Disclosure Requirements
List of material DRs Page
ESRS 2 - General Disclosures 33
BP-1 General basis for preparation of the sustainability statement 33
BP-2 Disclosures in relation to specific circumstances 33
GOV-1 The role of the administrative, management and supervisory bodies 34
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
34
GOV-3 Integration of sustainability-related performance in incentive schemes 34
GOV-4 Statement on due diligence 37
GOV-5 Risk management and internal controls over sustainability reporting 36
SBM-1 Strategy, business model and value chain 38
SBM-2 Interests and views of stakeholders 41
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 51
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 43
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 45
E1 - Climate change 55
ESRS 2 GOV-3-E1 Integration of sustainability-related performance in incentive schemes 36
E1-1 Transition plan for climate change mitigation 55
ESRS 2 SBM-3-E1 Material impacts, risks and opportunities and their interaction with strategy and
business model
57
ESRS 2 IRO-1-E1 Description of the processes to identify and assess material climate-related
impacts, risks and opportunities
44
E1-2 Policies related to climate change mitigation and adaptation 57
E1-3 Actions and resources in relation to climate change policies 58
E1-4 Targets related to climate change mitigation and adaptation 60
E1-5 Energy consumption and mix 61
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 63
E2 - Pollution 65
ESRS 2 SBM-3-E2 Material impacts, risks and opportunities and their interaction with strategy and
business model
65
ESRS 2 IRO-1-E2 Description of the processes to identify and assess material pollution-related
impacts, risks and opportunities
44
E2-1 Policies related to pollution 65
E2-2 Actions and resources related to pollution 65
E2-3 Targets related to pollution 66
E2-4 Pollution of air, water and soil 66
E5- Resource use and circular economy 67
ESRS 2 SBM-3-E5 Material impacts, risks and opportunities and their interaction with strategy and
business model
67
ESRS 2 IRO-1-E5 Description of the processes to identify and assess material resource use and
circular economy-related impacts, risks and opportunities
45
E5-1 Policies related to resource use and circular economy 67
E5-2 Actions and resources related to resource use and circular economy 67
List of material DRs Page
E5-3 Targets related to resource use and circular economy 68
E5-4 Resource inflows 69
E5-5 Resource outflows 69
S1- Own workforce 83
ESRS 2 SBM-2-S1 – Interests and views of stakeholders 41
ESRS 2 SBM-3-S1 - Material impacts, risks and opportunities and their interaction with strategy and
business model
83
S1-1 Policies related to own workforce 83
S1-2 Processes for engaging with own workforce and workers' representatives about impacts 85
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 85
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks
and pursuing material opportunities related to own workforce, and effectiveness of those actions
85
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
87
S1-6 Characteristics of the undertaking’s employees 88
S1-7 Characteristics of non-employees in the undertaking’s own workforce 89
S1-9 Diversity metrics 89
S1-14 Health and safety metrics 89
S1-16 Remuneration metrics (pay gap and total remuneration) 89
S2- Workers in the value chain 91
ESRS 2 SBM-2-S2 Interests and views of stakeholders 41
ESRS 2 SBM-3-S2 Material impacts, risks and opportunities and their interaction with strategy and
business model
91
S2-1 Policies related to value chain workers 91
S2-2 Processes for engaging with value chain workers about impacts 92
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 92
S2-4 Taking action on material impacts on value chain workers, and approaches to managing
material risks and pursuing material opportunities related to value chain workers, and effectiveness
of those actions
93
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
94
G1 - Business Conduct 97
ESRS 2 SBM-3-G1 Material impacts, risks and opportunities and their interaction with strategy and
business model
97
ESRS 2 GOV-1-G1 The role of the administrative, management and supervisory bodies 34
ESRS 2 IRO-1-G1 Description of the processes to identify and assess material impacts, risks and
opportunities
45
G1-1 Business conduct policies and corporate culture 97
G1-2 Management of relationships with suppliers 99
G1-3 Prevention and detection of corruption and bribery 99
G1-4 Incidents of corruption or bribery 99
G1-5 Political Influence and advocacy efforts 99
SEARCHBROWSESTARTPAGE 46
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1
of Annex 1
Commission Delegated Regulation (EU)
2020/1816, Annex II
Material 34
ESRS 2 GOV-1 Percentage of board members who are
independent paragraph 21 (e)
Delegated Regulation (EU) 2020/1816,
Annex II
Material 34
ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3
of Annex 1
Material 37
ESRS 2 SBM-1 Involvement in activities related to fossil
fuel activities paragraph 40 (d) i
Indicators number 4 Table #1
of Annex 1
Article 449a Regulation (EU) No 575/2013:
Commission Implementing Regulation (EU)
2022/2453 Table 1: Qualitative information on
Environmental risk and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU) 2020/1816,
Annex II
Not material
ESRS 2 SBM-1 Involvement in activities related to chemical
production paragraph 40 (d) ii
Indicator number 9 Table #2
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Not material
ESRS 2 SBM-1 Involvement in activities related to
controversial weapons paragraph 40 (d) iii
Indicator number 14 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not material
ESRS 2 SBM-1 Involvement in activities related to
cultivation and production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not material
ESRS E1-1 Transition plan to reach climate neutrality by
2050 paragraph 14
Regulation
(EU)
2021/1119,
Article 2(1)
Material 55
ESRS E1-1 Undertakings excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book Climate
Change transition risk: Credit quality of
exposures by sector, emissions and residual
maturity
Delegated Regulation (EU) 2020/1818,
Article 12.1 (d) to (g), and Article 12.2
Not material
ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2
of Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book – Climate
change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 6
Material 60
ESRS E1-5 Energy consumption from fossil sources
disaggregated by sources (only high climate impact
sectors) paragraph 38
Indicator number 5 Table #1
and Indicator n. 5 Table #2 of
Annex 1
Not material
ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of
Annex 1
Material 61
ESRS E1-5 Energy intensity associated with activities in
high climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1 of
Annex 1
Not material
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions
paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book –
Climate change transition risk: Credit quality
of exposures by sector, emissions and residual
maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
Material 63
ESRS E1-6 Gross GHG emissions intensity paragraphs
53 to 55
Indicators number 3 Table #1
of Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book – Climate
change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
Material 63
List of datapoints that derive from other EU legislation as listed in ESRS 2, Appendix B
SEARCHBROWSESTARTPAGE 47
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS E1-7 GHG removals and carbon credits paragraph
56
Regulation
(EU)
2021/1119,
Article 2(1)
Not material
ESRS E1-9 Exposure of the benchmark portfolio to
climate-related physical risks paragraph 66
Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation (EU)
2020/1816, Annex II
Not material
ESRS E1-9 Disaggregation of monetary amounts by
acute and chronic physical risk paragraph 66 (a) ESRS
E1-9 Location of significant assets at material physical
risk paragraph 66 (c).
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraphs 46 and 47; Template 5:
Banking book - Climate change physical risk:
Exposures subject to physical risk.
Not material
ESRS E1-9 Breakdown of the carrying value of its real
estate assets by energy-efficiency classes paragraph
67 (c).
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraph 34; Template 2: Banking
book -Climate change transition risk: Loans
collateralised by immovable property - Energy
efficiency of the collateral
Not material
ESRS E1-9 Degree of exposure of the portfolio to
climate-related opportunities paragraph 69
Delegated Regulation (EU) 2020/1818,
Annex II
Not material
ESRS E2-4 Amount of each pollutant listed in Annex II
of the E-PRTR Regulation (European Pollutant Release
and Transfer Register) emitted to air, water and soil,
paragraph 28
Indicator number 8 Table #1
of Annex 1 Indicator number 2
Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex 1
Indicator number 3 Table #2
of Annex 1
Not material
ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2
of Annex 1
Not material
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of
Annex 1
Not material
ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2
of Annex 1
Not material
ESRS E3-4 Total water recycled and reused paragraph
28 (c)
Indicator number 6.2 Table #2
of Annex 1
Not material
ESRS E3-4 Total water consumption in m^3 per net
revenue on own operations paragraph 29
Indicator number 6.1 Table #2
of Annex 1
Not material
ESRS 2- SBM-3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of
Annex 1
Not material
ESRS 2- SBM-3 - E4 paragraph 16 (b) Indicator number 10 Table #2
of Annex 1
Not material
ESRS 2- SBM-3 - E4 paragraph 16 (c) Indicator number 14 Table #2
of Annex 1
Not material
ESRS E4-2 Sustainable land / agriculture practices or
policies paragraph 24 (b)
Indicator number 11 Table #2
of Annex 1
Not material
ESRS E4-2 Sustainable oceans / seas practices or
policies paragraph 24 (c)
Indicator number 12 Table #2
of Annex 1
Not material
ESRS E4-2 Policies to address deforestation paragraph
24 (d)
Indicator number 15 Table #2
of Annex 1
Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2
of Annex 1
Not material
ESRS E5-5 Hazardous waste and radioactive waste
paragraph 39
Indicator number 9 Table #1 of
Annex 1
Not material
SEARCHBROWSESTARTPAGE 48
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS 2- SBM3 - S1 Risk of incidents of forced labour
paragraph 14 (f)
Indicator number 13 Table #3
of Annex I
Material 83
ESRS 2- SBM3 - S1 Risk of incidents of child labour
paragraph 14 (g)
Indicator number 12 Table #3
of Annex I
Material 83
ESRS S1-1 Human rights policy commitments paragraph
20
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex I
Material 83
ESRS S1-1 Due diligence policies on issues addressed
by the fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 2020/1816,
Annex II
Material 83
ESRS S1-1 processes and measures for preventing
trafficking in human beings paragraph 22
Indicator number 11 Table #3
of Annex I
Not material
ESRS S1-1 workplace accident prevention policy or
management system paragraph 23
Indicator number 1 Table #3 of
Annex I
Material 83
ESRS S1-3 grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3
of Annex I
Material 85
ESRS S1-14 Number of fatalities and number and rate of
work-related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3
of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Material 89
ESRS S1-14 Number of days lost to injuries, accidents,
fatalities or illness paragraph 88 (e)
Indicator number 3 Table #3
of Annex I
Material 89
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1
of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Material 89
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3
of Annex I
Material 89
ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3
of Annex I
Not material
ESRS S1-17 Non-respect of UNGPs on Business and
Human Rights and OECD Guidelines paragraph 104 (a)
Indicator number 10 Table #1
and Indicator n. 14 Table #3 of
Annex I
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818 Art 12 (1)
Not material
ESRS 2- SBM-3 – S2 Significant risk of child labour or
forced labour in the value chain paragraph 11 (b)
Indicators number 12 and n. 13
Table #3 of Annex I
Material 91
ESRS S2-1 Human rights policy commitments paragraph
17
Indicator number 9 Table #3
and Indicator n. 11 Table #1 of
Annex 1
Material 91
ESRS S2-1 Policies related to value chain workers
paragraph 18
Indicator number 11 and n. 4
Table #3 of Annex 1
Material 91
ESRS S2-1 Non-respect of UNGPs on Business and
Human Rights principles and OECD guidelines
paragraph 19
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Material 92
ESRS S2-1 Due diligence policies on issues addressed
by the fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 2020/1816,
Annex II
Material 92
ESRS S2-4 Human rights issues and incidents connected
to its upstream and downstream value chain paragraph
36
Indicator number 14 Table #3
of Annex 1
Material 93
ESRS S3-1 Human rights policy commitments paragraph
16
Indicator number 9 Table #3 of
Annex 1 and Indicator number
11 Table #1 of Annex 1
Not material
ESRS S3-1 non-respect of UNGPs on Business and
Human Rights, ILO principles or and OECD guidelines
paragraph 17
Indicator number 10 Table #1
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not material
SEARCHBROWSESTARTPAGE 49
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS S3-4 Human rights issues and incidents paragraph
36
Indicator number 14 Table #3
of Annex 1
Not material
ESRS S4-1 Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex 1
Not material
ESRS S4-1 Non-respect of UNGPs on Business and
Human Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not material
ESRS S4-4 Human rights issues and incidents paragraph
35
Indicator number 14 Table #3
of Annex 1
Not material
ESRS G1-1 United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3
of Annex 1
Material 97
ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3
of Annex 1
Material 97
ESRS G1-4 Fines for violation of anti-corruption and anti-
bribery laws paragraph 24 (a)
Indicator number 17 Table #3
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II)
Not material
ESRS G1-4 Standards of anti-corruption and anti- bribery
paragraph 24 (b)
Indicator number 16 Table #3
of Annex 1
Material 99
SEARCHBROWSESTARTPAGE 50
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 CHANGE
POLLUTION
Topic Sub-topic IRO description
Climate change
Climate change mitigation IRO 1: Climate change mitigation own operation - related
to scope 1 and 2.
IRO 2: Climate change mitigation value chain - related
to scope 3.
Energy IRO 3: Energy in own operation - related to energy
consumption and % of renewable energy.
IRO 4: Energy in value chain - related to energy
consumption in mining and refining (copper, steel,
aluminum), use phase, end-of life treatment and
transportation to customers.
Read more on page 55
Topic Sub-topic IRO description
Pollution
Pollution of air from
transportation
IRO 5: Pollution of air from transportation in own
operations - related to air pollutants generated from
diesel-powered company cars.
Microplastics IRO 6: Microplastics in own operations - related to
microplastics generated from car tires.
IRO 7: Microplastics in value chain - related to micro-
plastics generated from car tires and recycling plants.
Preventing pollution from
nature (entity specific IRO)
IRO 8: Preventing pollution from nature - related to
preventing beverage containers and valuable materials
from becoming waste in nature.
Read more on page 65
E1
E2
ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with strategy and
business model.
The material impacts, risks and opportunities (IROs) identified during the materiality
assessment are presented below and also discussed in more detail alongside the topical
standards. We have not identified any IROs for which there is a significant risk of a material
adjustment within 2025. The resilience of our strategy and business model regarding our
capacity to address and take advantage of our material IROs were part of the analysis work
done in our double materiality assessment, described in IRO-1, applying time horizons as
defined in ESRS: 1) reporting period (short-term) 2) medium-term (< five years), and 3) long-
term (> five years). We do not anticipate any significant changes in our current business model
or strategy to address material impacts or risks, or to pursue material opportunities.
Financial Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Governance Social Environment
E1
S1
S4*
G1
S3*
S2
E2
E4*
E3*
E5
Non-material topics
* E3, E4, S3 and S4 was assessed to be non-material
SEARCHBROWSESTARTPAGE 51
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
WORKERS IN THE VALUE CHAIN
Topic Sub-topic IRO description
Working conditions
Adequate wages IRO 20: Adequate wages in value chain - related to
industry challenges with long working hours and low
wages.
Labor relations IRO 21: Labor relations in value chain - related to
industry challenges regarding social dialogue, the right
to collective bargaining, and formation of trade unions.
Health and safety IRO 22: Health and safety in value chain - related to
industry challenges with health and safety risks such as
occupational hazards, exposure to dust or chemicals
and accidents. Also related to the safety of customers
operating TOMRA machines.
Equality and inclusion
Diversity, equity and
inclusion
IRO 23: Diversity, equity and Inclusion in value chain -
related to industry challenges with DEI.
Violence and harassment IRO 24: Violence and harassment in value chain -related
to industry challenges with an unsafe environment work
environment for female employees.
Other work related
rights
Child labor / forced labor IRO 25: Child / forced labor in value chain - related to
industry risk of child/ forced labor in the extraction of raw
material in regions with weak regulatory oversight.
Read more on page 91
S2
OWN WORKFORCE
S1
Topic Sub-topic IRO description
Working conditions
Health and safety IRO 15: Health and safety in own operations - related to
accidents, fatalities, identifies and reported hazards and
incidents.
Equality and inclusion
Gender equality and equal
pay for work of equal value
IRO 16: Gender equality and equal pay for equal value in
own operations - related to representation of woman in
leadership positions and gender wage gap.
Training and skills
development
IRO 17: Training and skill development in own operations
- related to training options, development and career
management.
Diversity, equity and
inclusion Initiatives
IRO 18: Diversity, equity and inclusion Initiatives in
own operations - relates to inclusive employment and
workplace.
Privacy Privacy
IRO 19: Data privacy and protection in own operations
- relates to measures to protect personal identification
documents.
Read more on page 83
GOVERNANCE
G1
Topic Sub-topic IRO description
Corporate culture and
transparency
Corporate culture and
transparency
IRO 26: Corporate culture and transparency in own
operations - related to an ethical corporate culture, and
compliance with external and internal standards.
Political engagement Political influence and
lobbying activities
IRO 27: Political Influence and lobbying activities in
own operations - related to political engagement and
advocacy within the public sphere.
Supplier relations Supplier relationship
management
IRO 28: Supplier relationship management in own
operations - related to communication with and
screening of supplier as well as managing expectations
related to environment, social and governance issues.
Corruption and
bribery
Corruption and bribery
prevention training
IRO 29: Corruption and bribery prevention training in
own operations - related to training of employees to
prevent corruption and bribery.
Whistleblowers Whistleblowers IRO 30: Whistleblowers in own operations - related
to communication channels for and protection of
whistleblowers, and proper incident management.
Read more on page 97
RESOURCE USE AND CIRCULAR ECONOMY
Topic Sub-topic IRO description
Resource use &
circular economy
Resource inflows/use IRO 9: Resource inflow/use in own operations - related
to % of biological and recycled material.
IRO 10: Resource inflow/use in value chain - related to %
of biological and recycled material.
Resource outflows IRO 11: Resource outflows in own operations - refers to
packaging, reparability and durability of products.
IRO 12: Resource outflows in value chain - refers to
packaging, reparability and durability of products.
Sustainable product
design (entity specific IRO)
IRO 13: Sustainable product design - related to designing
our products in a sustainable manner.
Waste IRO 14: Waste in value chain - related to multiple waste
streams in TOMRAs value chain such as slag, red mud,
packaging and machines end of life ending up as waste.
Read more on page 67
E5
SEARCHBROWSESTARTPAGE 52
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Environmental IROs
1
2
4
3
5
6
7
8
9
10
12
13
14
11
Non-material topics
Environment
Impacts, risks and opportunities (IROs)
The materiality assessment outlined in ESRS 2 IRO-1, page 43 identified the following material
Environmental related impacts, risks and opportunities.
The IROs are explained in more detail in connection with the disclosures.
E3*
* E3 and E4 was assessed to be non-material
E4*
SEARCHBROWSESTARTPAGE 53
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
E5  RESOURCE USE & CIRCULAR ECONOMY
Sub-topic IRO description IROs and Time
horizon
Resource inflows/use
IRO 9: Resource inflow/use in own operations - related to % of
biological and recycled material.
AI
RP
IRO 10: Resource inflow/use in value chain - related to % of
biological and recycled material.
AI
FR
RP
Resource outflows
IRO 11: Resource outflows in own operations - refers to packaging,
reparability and durability of products.
AI
RP
IRO 12: Resource outflows in value chain - refers to packaging,
reparability and durability of products.
AI
FR
RP
Sustainable product
design
IRO 13: Sustainable product design - related to designing our
products in a sustainable manner.
FO
ES
MT
Waste IRO 14: Waste in value chain - related to multiple waste streams
in TOMRAs value chain such as slag, red mud, packaging and
machines end of life ending up as waste.
AI
RP
Read more on page 67
9 131110 1412
E1  CLIMATE CHANGE
E2  POLLUTION
Sub-topic IRO description IROs and Time
horizon
Climate change
mitigation
IRO 1: Climate change mitigation own operation - related to scope
1 and 2.
AI
FR
RP
IRO 2: Climate change mitigation value chain - related to scope 3.
AI
FR
RP
Energy
IRO 3: Energy in own operation - related to energy consumption
and % of renewable energy.
AI
FR
RP
IRO 4: Energy in value chain - related to energy consumption in
mining and refining (copper, steel, aluminum), use phase, end-of
life treatment and transportation to customers.
AI
RP
Read more on page 55
Sub-topic IRO description IROs and Time
horizon
Pollution of air from
transportation
IRO 5: Pollution of air from transportation in own operations -
related to air pollutants generated from diesel-powered company
cars.
AI
RP
Microplastics
IRO 6: Microplastics in own operations - related to microplastics
generated from car tires.
AI
RP
IRO 7: Microplastics in value chain - related to micro plastics
generated from car tires and recycling plants.
AI
RP
Preventing pollution
from nature
IRO 8: Preventing pollution from nature (entity specific IRO) -
related to preventing beverage containers and valuable materials
from becoming waste in nature.
AI
FO
ES
RP
Read more on page 65
1 32 4
5 76 8
IROs / Time horizon:
AI
Actual Negative Impact
PI
Potential Negative Impact
FR
Financial Risk
AI
Actual Positive Impact
PI
Potential Positive Impact
FO
Financial Opportunity
ES
Entity Specific /
RP
Reporting Period
MT
Medium-Term <5y
LT
Long-Term >5y
SEARCHBROWSESTARTPAGE 54
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
E1 – Climate Change
STRATEGY
ESRS E1-1 Transition plan for climate change mitigation (Net
Zero Program)
Per 2024, TOMRA’s plan for climate change mitigation is
not in full compliance with all ESRS disclosure requirements
necessary to formally label it a ‘transition plan’. Detailed
information and quantification of expected funding (Opex and
Capex) supporting its implementation (disclosure requirements
E1-1 16 (c) and E1-3 29 (c)) is not available, therefore our plan
is referred to as TOMRA’s Net Zero Program. TOMRA’s Net
Zero Program is firmly aligned with the goal of limiting global
warming to 1.5°C, in accordance with the Paris Agreement
and the EU’s climate goals. As a technology and solutions
provider for the circular economy and resource productivity,
TOMRA employs a business model that enables the
avoidance of greenhouse gas emissions from the collection
and recovery of materials for recycling. We consider this
our environmental handprint. Our goal is to grow and
maximize this handprint while at the same time minimizing
our environmental footprint – across our entire value chain.
The Net Zero Program outlines our efforts to minimize
our footprint, with the ultimate goal of achieving net-zero
greenhouse gas (GHG) emissions by 2050 at the latest.
TOMRA has set targets covering its Scope 1, 2, and 3 GHG
emissions that have been validated by the Science Based
Targets initiative (SBTi), in line with a 1.5°C pathway. The
emissions reduction targets below are further explained in E1-4,
page 60:
We aim to reduce absolute Scope 1 and 2 GHG emissions by
55% by 2033 and 90% by 2050, from a 2022 base year. For
Scope 3 emissions, the target is a 62% reduction per million
EUR value added by 2033 and a 97% reduction by 2050.
TOMRA’s Net Zero Program
SCIENCE BASED TARGETS
Reduce absolute Scope 1 & 2 emissions by 55% by 2033 and 90% by 2050
Reduce Scope 3 emission intensity by 62% by 2033 and 97% by 2050
90.4%
Use of sold products
Sustainable product design
Sustainable product design
Business model innovation
Corporate enablers
GHG data management
Customer collaboration
Energy efficiency
Renewable energy
Supplier engagement
Electrification Business model innovation
Energy efficiency
Renewable energy
Route & load optimization Route & load optimization
6.5%
Purchased goods
& services
1.5%
Scope 1 & 2
0.7%
Business travel
0.3%
Logistics
DECARBONIZATION LEVERS MAIN EMISSION SOURCES
Figure 4: TOMRA’s Net Zero program with 2024 main emission sources.
SEARCHBROWSESTARTPAGE 55
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
To meet our climate targets, TOMRA has developed a roadmap
that includes the following decarbonization levers and
corporate enablers (outlined in more detail under ESRS E1-3,
page 58):
Decarbonization levers: sustainable product design, energy
efficiency, supplier engagement, customer collaboration,
business model innovation, electrification, use of renewable
energy and route and load optimization.
Corporate enablers: carbon-linked renumeration, climate-
related policies and incentives.
GHG data management: continuous improvements, data-
driven decision-making, and scenario modelling.
TOMRA’s climate targets are integral to our growth and
investment plans. Therefore, the Net Zero Program is
embedded in TOMRA’s overall business strategy and
aligned with annual business and financial planning.
Details on how the climate transition plan is embedded in
our business strategy can be seen in E1-2, page 57, E1-3,
page 58 and E1-4, page 60. The plan is a key component
of TOMRA’s Sustainability Statement, which has been
approved by the Executive Leadership Team and the Board
of Directors. The Climate & Decarbonization Lead within the
Group Sustainability function will consistently monitor the
implementation of the Net Zero Program, providing updates
in our annual reporting. This includes tracking emissions
reductions and the effectiveness of our mitigation strategies.
TOMRA has anchored key decarbonization levers and
identified over 30 initiatives across the company through
a comprehensive decarbonization roadmap development
process. The decarbonization levers are further explained in
E1-3, page 58. With almost 99% of our own emissions arising
from Scope 3 (indirect) emissions, our primary emissions
reductions will come from the use of sold products. Currently,
we face an emission gap of 30% to achieve our 2033 targets
and 19% to meet our 2050 targets. Efforts are now focused
on prioritizing the most material decarbonization initiatives
across TOMRA’s divisions, considering factors such as
emissions reduction potential, feasibility, and alignment with
our business objectives.
In assessing TOMRA’s cumulative locked-in greenhouse
gas (GHG) emissions, we have identified several key areas
contributing to these emissions:
• Our machines have long lifecycles and are currently not
designed to achieve their potential maximum energy efficiency.
• Current manufacturing facilities and buildings are not
optimized for low-carbon operations.
• Value chain dependencies with missing net-zero
alternatives both upstream and downstream. This is
primarily driven by the high reliance on coal, oil and natural
gas in our suppliers’ and customers’ energy grids.
These factors represent significant locked-in GHG emissions
that could impede TOMRA’s ability to meet its climate
targets and drive transition risk. If these emissions remain
unaddressed, they may lead to increased regulatory
pressure, reputational risks, and potential financial impacts as
stakeholders demand more sustainable business practices.
Our mitigation efforts focus on leveraging decarbonization
levers such as sustainable product design, supplier
engagement, and customer collaboration. By actively
addressing these locked-in emissions through targeted
TOMRA’s Path to Net Zero
~1%~1% ~1% ~1% ~30%
Clear plans to reduce direct emissions while still
allowing us to grow ~15% annually
Target
Scope 1 & 2
1)
Scope 3
2)
Emission gap
~30%
Baseline
2022
Scope
1 & 2
Collection
Recycling
Food
Purchased
goods &
services
Logistics Business
Travel
Use of Sold
Products
Emission
Gap
Emission
Gap
Target
2050
Scope 1-3
initiatives
Target
2033
~38% ~-16%
~-18%
~-3%
Our SBT targets equals a reduction
of ~62% in 2033 and ~97% in
2050 compared to baseline
3)
Figure 5
1) Absolute reduction of GHG emission.
2) GHG intensity reduction per EURm value added.
3) Target reduction percentages when holding baseline level constant to illustrate GHG intensity reduction for Scope 3 at current baseline level – For instance Scope 3 emissions
could be unchanged in 2050, but the GHG per EURm value added will be reduced by 62% in 2033 and 97% in 2050 for Scope 3 following an increase in value added.
SEARCHBROWSESTARTPAGE 56
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
initiatives, we aim to reduce transition risk. TOMRA is not
excluded from the EU Paris-aligned Benchmarks. For details
on TOMRA’s taxonomy-aligned economic activities, please
refer to our EU Taxonomy Disclosure, page 71.
In the reporting year TOMRA did not have a separate budget
established for actions related to climate change mitigation.
Divisions and business units were encouraged to plan for
and incorporate decarbonization initiatives in their regular
business planning and budget processes, applying a cost-
neutrality principle. This means that any cost associated
with climate change mitigation efforts is counterweighted
by savings elsewhere and/or the net benefit of climate
initiatives. We will strive to follow this principle also in further
financing of TOMRA’s Net Zero Program. In 2024, approx. EUR
1 million was invested in decarbonization initiatives for Scope
1 and 2 reductions (also including Group-led Opex aimed at
developing and launching TOMRA’s Net Zero Program). Efforts
have also been made to financially incentivize action. In 2023,
TOMRA ring-fenced a total amount of EUR ~3 million as bonus-
exempt spending for decarbonization initiatives, i.e. climate-
related Capex/Opex up to this amount was not counted
towards divisional financial targets.
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
As a global company, TOMRA is exposed to some level of
physical climate risk, including for example extreme weather
events that could damage our facilities, disrupt supply chains,
and/ or negatively impact TOMRA’s customer base. In general,
we assess TOMRA’s strategy and business model to be quite
resilient in relation to climate-related risks. This is, however, a
high-level analysis based on our double materiality assessment
results, work done in 2024 to develop our Net Zero Program,
and TOMRA’s 2030 strategy. It does not include assumptions
about how the transition to a lower-carbon and resilient
economy will affect its surrounding macroeconomic trends,
energy consumption and mix, and technology deployment, nor
does it include the use of climate scenarios modelling. A more
thorough climate risk and resilience analysis is planned in 2025.
The materiality assessment outlined in ESRS 2 IRO-1, page
43 identified the following material climate change-related
impacts, risks and opportunities:
IRO 1: Climate change mitigation in own operations
Actual negative impact: TOMRA’s total scope 1 and Scope 2
emissions amount to 34,946 tCO
2
e. Reducing our footprint
to net zero emissions by 2050 is a considerable challenge,
especially as we anticipate substantial growth over the
coming years, which could exacerbate emissions unless
timely and effective measures are implemented. To address
this issue, we have set climate targets validated by SBTi
for near-term and long-term emissions reductions and
developed a comprehensive Net Zero Program.
Financial risk: Operational greenhouse gas emissions pose
both financial, reputational and operational risks, linked to e.g.
climate-related supply chain disruptions, lowered stakeholder
trust and attractiveness. Additionally, evolving carbon pricing
mechanisms and increasingly stringent public policies could
introduce substantial compliance risks in the coming years.
IRO 2: Climate change mitigation in value chain
Actual negative impact: The overall impact of our Scope 3
emissions amounts to 2,343,374 tCO
2
e. Upstream impacts
are primarily associated with our purchased goods and
services. Downstream impacts are primarily associated with
energy consumption during the use phase of our products.
To mitigate the emissions across our entire value chain,
we have set climate targets validated by SBTi for near-
term and long-term emissions reductions and developed a
comprehensive Net Zero Program.
Financial risk: Greenhouse gas emissions across TOMRA’s
value chain pose financial, reputational and operational
risks, linked to e.g. climate-related supply chain disruptions,
lowered stakeholder trust and attractiveness. Additionally,
evolving carbon pricing mechanisms and increasingly
stringent public policies could introduce substantial
compliance risks in the coming years. Stakeholder activism,
divestment campaigns, and social media backlash could also
adversely affect TOMRA’s financial standing.
IRO 3: Energy in own operations
Actual negative impact: TOMRA’s total energy consumption
in own operations stands at 120,743 MWh, with renewable
energy constituting only 9,4% of total energy consumption.
Further, only 22% of our internal vehicle fleet comprises EVs.
Financial risk: The implications of high energy consumption
present various business risks, including financial,
reputational, and operational risks. Rising energy costs may
drive customers toward alternatives or competitors that
are less energy intensive, and potential new carbon pricing
schemes covering TOMRA could increase operational costs.
Energy use is also increasingly being regulated in the EU, as
part of its strategy to achieve net zero emissions by 2050.
IRO 4: Energy in value chain
Actual negative impact: Our total quantified indirect energy
consumption across the value chain amounts to 5,444,142
MWh. This consumption stems from the energy used by our
machines sold to customers. The machines’ direct electricity
consumption amounts to 457,784 MWh (or 8,4%) whilst the
indirect electricity consumption from steam consumption
is 2,733,336 MWh (or 50,2%) and compressed air is
2,253,023 MWh (or 41,4%). While not quantified, additional
upstream and downstream impacts stem from mining and
refining activities (copper, steel, aluminum), business travel,
manufacturing of electronics and electrical components, and
end-of-life treatment of our products.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS E1-2 Policies related to climate change mitigation and
adaptation
TOMRA Environmental Policy presents all TOMRA Group
companies with guiding principles and commitments to
preserve and protect the environment. The key content and
objectives of the policy are:
• Commitment to environmental risk-based due diligence.
• Maintaining relevant contingency plans.
• Promoting awareness and training of employees.
• Contributing to environmentally responsible public policy.
• Climate change mitigation and adaptation.
• Reducing our GHG emissions and energy usage.
• Minimizing pollution and waste from own operations.
• Becoming a fully circular business.
• Protection of biodiversity, nature and water resources.
• Optimizing resource use.
• Transparent reporting to relevant stakeholders.
SEARCHBROWSESTARTPAGE 57
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
This policy covers all TOMRA controlled companies
1)
and
employees. TOMRA also encourages suppliers and business
partners to follow similar principles in their own operations.
The policy relates to all our material environmental IROs.
The policy will be monitored regularly by the Sustainability
Council and be subject to annual reviews by the Executive
Leadership Team, who is also accountable for the policy.
Responsibility for its implementation sits with the Head of
Group Sustainability and divisional sustainability teams. The
policy is made available for stakeholders through our internal
policy library and on TOMRA.com. Through this policy,
TOMRA commits to respecting the OECD Guidelines for
Multinational Enterprises on Responsible Business Conduct,
and following the Greenhouse Gas Protocol, Science Based
Targets Net-Zero Standard, and the Do No Significant Harm
criteria. Insights from stakeholder interviews conducted
when performing our double materiality analysis described in
ESRS 2 IRO-1, page 43 have also guided the development of
this policy.
In the environmental policy we commit to climate change
mitigation through reducing our greenhouse gas (GHG)
emissions and ensuring our corporate efforts are in line with what
is needed to limit global warming to 1.5°C. We will achieve this by:
• Collection and reporting on GHG emissions across scopes
1, 2, and 3 in accordance with the Greenhouse Gas
Protocol and ESRS
2)
.
• Decarbonizing our value chain in line with TOMRA’s
science-based climate targets, validated by the Science
Based Target initiative
3)
.
• Develop and regularly review a climate change mitigation
roadmap and Net Zero Program that is embedded in and
aligned with our overall business strategy and planning.
Energy efficiency and renewable energy deployment
is addressed in our environmental policy through our
commitment to reduction of energy consumption in both
our manufacturing and office facilities, and to source more
electricity from renewable sources. We will achieve this by:
• Upgrading equipment.
• Optimizing processes.
• Implementing energy management systems.
• Working towards our goal of sourcing 100% electricity from
renewable sources.
• Transitioning our company car fleet to electrical vehicles.
ESRS E1-3 Actions and resources in relation to climate
change policies
TOMRA’s Climate Net Zero Program, see E1-1, page 55,
includes a comprehensive decarbonization roadmap outlining
different emission reduction pathways, milestones, and
decarbonization levers. While we do not have all the answers
yet, we have defined three pillars to guide our work moving
forward. The actions outlined below are integral to addressing
all our environmental IROs, particularly climate change
mitigation and energy in our own operations and value chains.
Understanding our emissions
Effective GHG data management is essential for tracking
progress and guiding emission reduction across our value
chains and different regions. TOMRA is dedicated to
enhancing our GHG data collection and reporting processes
to ensure accuracy and reliability, recognizing that quality
data will remain a challenge for years to come. We aim to
improve the completeness and representativeness of our
emissions data, which is vital for our initiatives’ success.
To advance our data-driven decision-making capabilities,
we will leverage data analytics and tools to deepen our
understanding of emissions trends and reduction potential.
By continuously working to improve data quality, we aspire
to shift from reactive insights to proactive strategies using
predictive analytics, scenario modeling, and “what-if” analyses.
To achieve these objectives, TOMRA has initiated a
comprehensive scope 3 data improvement project running
from 2024-2025. The goal is to understand how to improve
data quality, refine data collection methods and tools, and
establish more robust governance structures for GHG
accounting and decarbonization management in 2025 and
beyond. The project will have the following key outcomes:
1) TOMRA Systems ASA and companies in which the parent company has control and are included in TOMRA Group’s consolidated financial accounting.
2) Greenhouse Gas Protocol.
3) Science Based Target initiative.
Understanding our emissions
Quality GHG data and tooling provide
fundamental building blocks that allow
us to focus on the areas where we have
the most impact and assess the effectiveness of our
emission reduction initiatives. We aim to develop
data-driven decision-making capabilities on our GHG
data, leveraging advanced analytics and tools to
further enhance our understanding of our emissions,
reduction potential, and trends.
Incentivizing net-zero
ambition
Even the best initiatives will fail if the
organization is not properly incentivized
to implement them. To ensure progress toward our
targets it is important to incentivize and foster change
at all levels of the organization. Examples include
KPIs, policy, internal carbon pricing, and integration of
sustainability metrics into performance evaluations and
reward systems.
Reducing our emissions
Reducing our emissions is our top priority
as we work towards our science-based
targets and achieving net-zero emissions
by 2050. We will continuously identify and implement
emission reduction initiatives across our entire value
chain. This includes prioritizing R&D and investing in
low-emission technologies, promoting climate action in
all collaborations across our value chain, and decoupling
financial growth from emissions growth.
SEARCHBROWSESTARTPAGE 58
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
• 1. Building knowledge and capacity: This includes training
staff on GHG data management practices and enhancing
the overall understanding of emissions accounting.
By equipping employees with the necessary skills and
knowledge, TOMRA aims to empower teams to contribute
effectively to GHG data management and decision-making.
• 2. Establishment of data governance structures: We
will develop a robust framework to ensure consistent
management of GHG data across all divisions. This includes
clearly defined roles and responsibilities for data collection,
reporting, and oversight, ensuring accountability and
transparency in our GHG data management processes.
• 3. Improvement of data collection processes: We aim
to streamline data collection methods by integrating with
software tools, improving data collection efficiency and
accuracy. This will enable better integration of data sources
and improve the overall quality of our GHG data captured.
• 4. Data quality improvement roadmap: The project will
culminate in a roadmap outlining specific actions and
timelines for our GHG data quality improvements. This
roadmap will serve as a strategic guide for TOMRA’s future
GHG management efforts, ensuring that we remain aligned
with best practices and regulatory requirements.
Reducing our emissions
To effectively tackle climate change mitigation and
meet our targets, we have developed a comprehensive
decarbonization roadmap. This roadmap enables TOMRA
to estimate emission reduction pathways for various growth
scenarios and to establish clear milestones for the further
actions required to achieve our targets.
The roadmap includes a diverse array of strategies, termed
decarbonization levers, targeting our main emission sources.
These levers refer to a category of actions available to us
for reducing emissions. For each lever, we have identified
key projects—referred to as decarbonization initiatives—and
analyzed their potential for emission reduction, operational
feasibility, and financial implications.
TOMRA’s Net Zero Program covers 12 distinct decarbonization
levers, totaling over 30 decarbonization initiatives, targeting
multiple emissions sources. While the plan was developed
in 2024 and the directly linked GHG emission reductions
have not yet been registered, we anticipate reductions as we
implement these initiatives in the coming years. Currently,
there are no dedicated time horizons for completing each key
action; however, we aim to achieve measurable outcomes
within the next reporting cycle.
The following sections detail how we plan to apply these
levers to our primary emission hot spots: use of sold
products, purchased goods and services, scope 1 and 2
emissions, and business travel. Together, these five emission
sources account for ~99% of our 2022 GHG baseline. Our
initiatives will be applied, as relevant, across all geographies
where TOMRA operates to ensure comprehensive coverage
in our decarbonization efforts. For actual emission reductions
achieved in 2024, see E1-6, page 63.
Use of sold products
The use of sold products is by far the largest emission source
for TOMRA, accounting for 85.3% of our 2022 baseline.
These emissions stem from the energy consumption of
our advanced sensor-based sorting equipment for food,
recycling, and mining applications.
Two of the most important levers to address these emissions,
where we also have the highest agency, are sustainable
product design and energy efficiency. We aim to develop
innovative, energy-efficient products that minimize use-
phase energy consumption. By embedding sustainability in
the product design and development process, we strive to
reduce the overall energy demand from our solutions.
To fully decarbonize our products’ use-phase emissions, we
must also focus on interventions during the actual use phase.
This involves active customer collaboration to promote
renewable energy and energy-efficient practices in their
operations. We offer expert guidance on optimizing our
sorting technologies to maximize environmental benefits.
Additionally, we aim to support customers in transitioning to
cleaner energy alternatives, reducing their carbon footprints
and increasing renewable energy adoption.
We are also leveraging innovative business models to
incentivize emission reductions. One example is the
throughput model, where TOMRA retains ownership and
operational control of the machines. Moving forward, we will
also explore partnerships with renewable energy providers
and consider financial incentives to customers who transition
to renewable energy sources.
Purchased goods and services
Purchased goods and services represent the second-
largest source of emissions for TOMRA, contributing 8.4%
of our 2022 baseline. To address these emissions and
advance our goal of becoming a fully circular company,
we are embedding sustainability into our product design
and development processes. By focusing on sustainable
product design, we aim to enhance the circularity of
our machines and minimize their environmental impact
throughout their life cycle. In 2022, we made the
commitment to using at least 90% sustainable materials
in new products and ensuring that at least 50% of new
products are circular at end of life by 2030.
Achieving these ambitious goals requires effective
management of impacts across the entire product value chain
and life cycle. Building on insights from life cycle assessments
conducted in 2022 for core products across TOMRA’s main
divisions, we have launched several initiatives in the past
two years and plan to pilot new solutions to deepen our
understanding of product circularity and sustainability.
Additionally, diligent supplier engagement is fundamental
to reducing emissions associated with the goods and
services we procure. We actively engage with our suppliers
to encourage the adoption of sustainable low-carbon
practices and will gradually introduce more stringent
sustainability criteria for supplier selection while providing
guidance to support their transition. We are also leveraging
new innovative business models that incentivize material
sustainability and circularity, such as the throughput model,
modular design, and refurbishment initiatives.
Scope 1 & 2
Our direct emissions in Scope 1 and 2 constitute 2.3% of
TOMRA’s total baseline emissions for 2022. This category
represents the area where we have the greatest ability to
implement effective reduction initiatives. Key strategies for
reducing these emissions include electrification, enhancing
SEARCHBROWSESTARTPAGE 59
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
energy efficiency, optimizing transport routes and loading,
and transitioning to renewable energy sources.
In pursuit of energy efficiency, we have launched
programs across our operations aimed at reducing energy
consumption in both manufacturing and office facilities.
These initiatives involve upgrading equipment, optimizing
processes, and implementing energy management systems.
In 2022, we also set targets to source 100% of our electricity
from renewable sources by 2030 and to reduce our
operational transport emissions by 80%.
In Scope 1, electrification initiatives—such as transitioning our
company car fleet to electric vehicles—present substantial
opportunities for emission reductions. Implementing load and
route optimization for our vehicles also further enhances our
ability to lower emissions by considering factors such as fuel
type, driving patterns, and vehicle age.
Business travel and logistics
Business travel accounts for 1.5% of TOMRA’s 2022 GHG
baseline. Emission reductions in this category are primarily
driven by business model adaptation. For instance, by
reviewing and optimizing our operating model and by
promoting remote work, virtual meetings, and efficient
travel practices. Additionally, the implementation of remote
servicing technologies reduces the need for service
technicians to travel for repairs, further minimizing emissions.
Secondly, rethinking how we conduct business allows us
to minimize the necessity for travel, thereby lowering our
carbon footprint. Furthermore, we have strong agency over
this emission category through our corporate enablers
and policies. Effective measures to consider include
implementing internal carbon pricing and related corporate
strategies that foster sustainable travel behaviors.
Logistics also constitutes 1.2% of our emissions, encompassing
all third-party transportation and distribution services
purchased by TOMRA, both upstream and downstream. This
category benefits from many of the same decarbonization
initiatives as in scope 1. For example, load and route
optimization can be implemented without altering the
existing fleet, enhancing efficiency while reducing emissions.
Additionally, we are investigating factors such as electric
vehicle transition, fuel types, driving patterns, and vehicle age
to further decrease our logistics-related emissions.
Sustainable product design can positively impact emissions
from logistics services. For instance, adopting modular
designs and improving product longevity can reduce the
need for frequent transportation of goods.
Incentivizing net-zero ambition
TOMRA recognizes the critical importance of aligning
employee incentives with our climate goals. As detailed
in ESRS 2 GOV-3, page 34, we have introduced people
and planet performance indicators as part of our quarterly
business reviews across all TOMRA divisions. These
indicators are directly linked to the variable compensation
of our divisional leadership teams, promoting conscious
action and commitment to implementing our Net Zero
Program throughout the organization. Further developing
these KPIs and our carbon-linked remuneration scheme
will be important to drive the necessary action and fosters
climate awareness throughout the organization. In addition,
we are investigating the viability of introducing internal
carbon pricing as a mechanism to further incentivize
decarbonization.
We will continue to work on refining and expanding these
incentives until we have reached net-zero by 2050. By
incentivizing the organization through these measures, we
expect to see a gradually sharper reduction in emissions
over time. This will be driven by a more empowered and
climate-conscious workforce, leading to increased innovation
and efficiency in our decarbonization efforts.
METRICS AND TARGETS
ESRS E1-4 Targets related to climate change mitigation
Science-Based Targets
TOMRA is dedicated to managing our environmental impact
responsibly and decoupling our business growth from our
emissions. This commitment is supported by our Science-
Based Targets (SBT) validated by the Science Based Target
initiative (SBTi), Environmental Policy and Net Zero Program.
Apart from SBTi, only internal stakeholders have been
involved in the target setting. The targets are anchored in
our Environmental Policy and relate to the policy objective of
climate change mitigation and adaptation. They are integral
to addressing all our environmental IROs, particularly climate
change mitigation and energy in our own operation and
value chain.
As part of our Net Zero Program, TOMRA pledges to reduce
greenhouse gas (GHG) emissions across Scopes 1, 2, and 3
in line with what is needed to limit global warming to 1.5°C by
2050. Specifically, we have set the following SBTs with 2022
as the baseline year:
Near-term targets (2033):
• Scope 1&2: Reduce absolute Scope 1&2 emissions by 55%
within 2033.
• Scope 3: Reduce Scope 3 emissions intensity per million
EUR value added by 62% within 2033.
Net-zero targets (2050):
• Scope 1&2: Reduce absolute Scope 1&2 emissions by 90%
within 2050.
• Scope 3: Reduce Scope 3 emissions intensity per million
EUR value added by 97% within 2050.
The absolute targets for Scope 1 and 2 (market-based)
emissions aim for a reduction of 55% by 2033 and 90% by
2050. By focusing on absolute reductions, we will reduce
annual absolute emissions by an amount consistent with
a 1.5°C pathway (also known as absolute contraction).
This approach emphasizes lowering direct emissions from
our operations, which allows for clear accountability and
measurable impact. This approach also fosters operational
efficiency, encouraging the implementation of energy
efficiency measures, electrification and transition to
renewable energy.
TOMRA is planning on increasing revenues by accelerating
growth in our core business and developing new adjacent
opportunities. To support this growth, we have set intensity
targets for our Scope 3 emissions, aiming to reduce GHG
emissions per million EUR value added by 62% within
2033 and by 97% within 2050. This approach aligns with
the concept of reducing “GHG emissions per unit of value
added” (GEVA) at the corporate level. GEVA tells how much
SEARCHBROWSESTARTPAGE 60
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
economic value the corporation creates for every ton of
GHG emitted. Thus, GEVA is a useful indicator in a carbon-
constrained world, where it will be important to create
as much value as possible for each ton of GHG emitted
(Randers J., 2012). By measuring emissions relative to
economic output, we can maintain a clear understanding of
our emissions efficiency as we expand operations.
These targets are derived using a cross-sector
decarbonization pathway that is compatible with the Paris
Agreement’s goal of limiting global warming to 1.5°C. The
SBTi validation confirms that our targets are in line with what
the latest climate science deems necessary to reach net-
zero by 2050 at the latest. Progress is monitored through
Scope 1-2 and Scope 3 Planet KPIs (see ESRS 2 GOV-3,
page 34) and managed through TOMRA’s Net Zero Program
through the associated decarbonization levers. See Figure 1,
page 34 and 2, page 39 for further details and their overall
quantitative contributions to these targets.
ESRS-aligned climate targets
As part of developing our Sustainability Statement 2024,
we have also set specific emission reduction targets for
2030 and 2050, in alignment with ESRS E 1-4 disclosure
requirements. The target values for Scope 3 intensity and
absolute tCO
2
e have been estimated based on the above
SBTs, a linear emission reduction pathway and our ambition
to grow TOMRA 15% annually on average until 2030.
As seen in the graphs on the right, our short-term GHG
emissions are expected to rise due to anticipated business
growth and the inherent time lag in realizing the full impact
of our climate actions and decarbonization initiatives. For
a detailed explanation of this increase, see E1-6, page 63.
Despite the projected rise in emissions until 2030, we expect
to see our Scope 3 emission intensity reduce significantly
over the same period, in line with our near-term SBT. Further,
to ensure we remain on track to meet our long-term net-zero
goal, we will prioritize early emission reductions to minimize
cumulative emissions over time.
Scope 1-2 (market-based)
0
10,000
20,000
30,000
40,000
2022
2024
2030
2033
2050
29,346
(Baseline)
34,946
20,452
13,206
2,935
Scope 3
0
2,000
1,500
1,000
500
2,500
3,000
3,500
2022
2024
2030
2033 2050
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
(Baseline)
2,003
3,369
495
60
1,453
1,2 mill.
2,4 mill.
2,8 mill.
1,2 mill.
0,5 mill.
tCO
2
etCO
2
e
tCO
2
e per
EURm
Absolute contraction
Absolute values Economic intensity (GEVA)
ESRS E1-5 Energy consumption and mix
Energy consumption and mix Unit N/A 2024
Total fossil energy consumption
MWh - 106,603
Share of fossil sources in total energy consumption
% 88%
Consumption from nuclear sources
MWh 2,846
Share of consumption from nuclear sources in total energy consumption
MWh 2%
Fuel consumption for renewable sources, including biomass
MWh 434
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable
sources
10,627
The consumption of self-generated non-fuel renewable energy
MWh 232
Total renewable energy consumption
MWh - 11,294
Share of renewable sources in total energy consumption
% 9%
Total energy consumption
MWh - 120,743
TOMRA’s consolidated energy consumption and mix
are presented in above. The basis, methodologies, and
assumptions for calculating energy consumption are directly
linked to our Scope 1 and 2 activity data and converted to
energy consumption in MWh using appropriate conversion
factors
4)
. Purchased grid electricity is allocated to either fossil,
nuclear or renewable sources based on total residual mix per
country. The total energy consumption was 120 743 MWh in
2024, whereas the share of renewable energy consumption
amounted to 9%. The numbers have not been validated by an
external body.
4) Electricity mix factors sources include AIB and IEA.
SEARCHBROWSESTARTPAGE 61
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Total value chain emissions in our 2024 baseline:
2,378.3 kt COe
SCOPE 3 SUPPLY CHAIN
Upstream emissions
192.5 kt
154.4 kt
15.8 kt
6.8 kt
6.6 kt
5.3 kt
3.6 kt
Purchased goods and services
Business travel
Upstream transportation and distribution
Fuel- and energy-related activities
Waste generated in operations
Employee commuting
90.4%0.4% 1.0%8.1%
SCOPE 2 OPERATIONAL
Indirect emissions
10.1 kt
10.1 kt Energy
SCOPE 1 OPERATIONAL
Direct emissions
24.8 kt
22.6 kt
2.2 kt
Fleet
Operation
SCOPE 3 PRODUCT PORTFOLIO
Downstream emissions
2,150.9 kt
2,149.6 kt
1.3 kt
Use of sold products
End of life treatment
Figure 6
SEARCHBROWSESTARTPAGE 62
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
ESRS E1-6 Gross scope 1, 2, 3 and total GHG emissions
GHG Emissions Retrospective Milestones and target years
2022
Base year N/A 2024 % N / N-1 2025 2030 2050
Annual % target
/ Base year
Scope 1 GHG emissions
tCO
2
eq tCO
2
eq tCO
2
eq % tCO
2
eq tCO
2
eq tCO
2
eq %
Gross Scope 1 GHG emissions
20,135 24,806 23,091 12,803 2,083 3.2%
% of Scope 1 GHG emissions from regulated emissions trading schemes
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions
5,663 6,670
Gross market-based Scope 2 GHG emissions
9,212 10,140 9,439 5,234 852 3.2%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions
1,226,755 2,343,374 2,408,458 2,858,642 550,902 2.0%
1. Purchased goods and services
105,018 154,351 158,638 188,290 36,286
2. Capital goods
3. Fuel and energy-related activities (not included in Scope 1 or 2)
6,414 6,618 6,802 8,074 1,556
4. Upstream transportation and distribution
15,315 6,801 6,990 8,296 1,599
5. Waste generated in operations
3,760 5,297 5,444 6,462 1,245
6. Business travel
19,098 15,816 16,256 19,294 3,718
7. Employee commuting
5,171 3,576 3,675 4,362 841
8. Upstream leased assets
9. Downstream transportation
10. Processing of sold products
11. Use of sold products
1,071,814 2,149,647 2,209,350 2,622,318 505,359
12. end-of-life treatment of sold products
166 1,267 1,302 1,546 298
13. Downstream leased assets
14. Franchises
15. Investments
Total GHG emissions
Total GHG emissions (location-based)
1,252,553 2,374,850
Total GHG emissions (market-based)
1,256,102 2 378,320 2,440,988 2,876,679 553,837 2.0%
5) Emission factor sources include IEA, AIB, DEFRA, Energinet, DCCCEEW, EXIOBASE, Ecoinvent and US EPA.
TOMRA’s consolidated GHG inventory provides an overview
of greenhouse gas emissions in tCO
2
equivalents (tCO
2
e),
calculated using activity and spend-based data multiplied by
relevant emission factors
5)
. Activity data for Scope 1 and 2
(location- and market-based) was collected internally from all
Group entities in scope through Tagetik, while Scope 3 data
was collected by each TOMRA divisional sustainability team
using Excel. Data collection and calculation were done in
accordance with the GHG Protocol and ESRS using CEMAsys
for Scope 1-2 calculations and Excel for Scope 3 calculations.
Emissions from all Group entities were allocated using
operational control as the consolidation approach, consistent
with TOMRA’s financial consolidation approach. Activity data
was collected through the final quarter of 2024; hence, some
Q4 data (e.g., for Scope 1 and 2) is based on estimates where
actual activity data was not available at the time of collection.
These estimates are based on data from corresponding
periods, adjusted for any known changes that might impact
Table 2
SEARCHBROWSESTARTPAGE 63
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 data. Both target and base year data are market-based
and have been validated by SBTi, as described in E1-1,
page 55. For certain locations, TOMRA utilizes renewable
energy purchased directly from utilities via bundled energy
certificates; these certificates form the basis for offsetting the
relevant portion of our market-based Scope 2 emissions, in
accordance with the GHG Protocol and ESRS.
We employed various methodologies to calculate our Scope
3 emissions. For Category 1 (purchased goods and services),
we used the spend-based method. Category 3 (fuel- and
energy-related activities) was calculated on a WTT basis
using the average-based method based on Scope 1 and
2 activity data. Category 4 (upstream transportation and
distribution) utilized both spend-based and distance-based
methodologies. Category 5 (waste generated in operations)
and Category 12 (end-of-life treatment of sold products)
were calculated using the waste-type specific methodology.
Category 6 (business travel) involved a mix of fuel-based,
distance-based, and spend-based methodologies. Category
7 (employee commuting) was calculated using the distance-
based methodology. Lastly, Category 11 (use of sold products)
employed the methodology for calculating emissions from
direct use-phase electricity consumption. For details on
measurement uncertainty and assumptions made for Scope
1, 2 and 3, see ESRS 2 BP-2, page 33.
The aforementioned methodologies and emission factors
were chosen for their accuracy and relevance to our GHG
emissions, allowing for compliance with the GHG protocol
and alignment with SBTi. These approaches enable us to
effectively monitor and reduce our carbon footprint from
various emission sources. Certain emission categories were
not relevant to TOMRA’s business activities, so these have
been excluded from this GHG inventory. These include
emissions associated with Category 8 (upstream leased
assets); Category 10 (processing of sold products); Category
13 (downstream leased assets); Category 14 (franchises);
and Category 15 (investments). For Category 2 (capital
goods), capital expenditures collected were classified under
Category 1 as they did not meet the criteria for inclusion
under Category 1. Scope 3 emissions account for 98.5% of
our total market-based emissions, with Category 11 (use of
sold products) alone comprising 91.7% of our total Scope 3
emissions. Category 1 (purchased goods and services) is our
second largest Scope 3 category, contributing 6.6% of our
total Scope 3 emissions. In 2024, we observed an increase in
Scope 1, 2, and 3 emissions compared to our base year, both
market- and location-based, primarily driven by growth in
TOMRA’s business activities.
We anticipate an increase in emissions in the short term
due to our ambitious growth targets and the lag between
implementing climate actions and realizing emission
reductions. This lag effect is particularly pronounced for
TOMRA, as our main emission sources are in Scope 3,
primarily from the use of sold products, with sustainable
product design being a key decarbonization strategy.
Although our emissions have increased compared to the
2022 baseline, our climate actions and resources have
shown a positive impact. However, due to the complexity of
our GHG data, we have not yet been able to attribute this
impact to specific decarbonization levers or initiatives. We
are actively working to enhance our GHG data quality, a core
component of our Net Zero Program (see E1-3, page 58), to
improve this in the future.
GHG Intensity N/A 2024 % N / N-1
Total GHG emissions
(location-based) per net
revenue (tCO
2
eq/EUR) 0,00176
Total GHG emissions
(market-based) per net
revenue (tCO
2
eq/EUR) 0,00176
TOMRA’s GHG intensity is calculated in accordance with
ESRS E1-6 AR 53; by dividing our total GHG emissions in
tCO
2
e (location-based and market-based separately) as
presented in table 2, page 63, divided by our total net
operating revenue in reporting currency (EUR) as presented
in our financial consolidated note 2 “Revenues.”
ESRS E1-9 Anticipated financial effects from material
physical and transition risks and potential climate-related
opportunities
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
SEARCHBROWSESTARTPAGE 64
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
E2 – Pollution
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
Reducing negative environmental impacts, including pollution,
through TOMRA products and solutions is at the core of
our strategy and business model. Both our Recycling and
Collection solutions play important roles in keeping waste out
of nature and giving valuable waste materials new life. We also
have a clear view of how TOMRA’s business activities could
generate unwanted pollution, and how that could be reduced.
The materiality assessment outlined in ESRS 2 IRO-1, page
43 identified the following material pollution-related impacts,
risks and opportunities:
IRO 5: Pollution of air from transportation in own operations
Actual negative impact: Our fleet of fossil fuel-powered
company cars accounts for 72% of our Scope 1 and 2
emissions. In 2024, our fossil fuel cars emitted a total of
22,597 tCO
2
e. In addition to CO
2
, this results in the release
of harmful pollutants such as SO2 and NOx – pollutants
which are challenging to manage once dispersed in the
atmosphere, despite efforts to control emissions.
IRO 6: Microplastics in own operations
Actual negative impact: Microplastic generated from car
tires is a direct environmental pollutant. This issue is more
pronounced for heavy vehicles (e.g. duty vehicles and EVs)
and in areas without wastewater treatment (e.g. rural roads
and most highways). TOMRA has a fleet of 2,055 vehicles,
of which 444 are EVs, a number which is expected to rise.
Remediation is challenging due to technological limitations
in managing environmental microplastics and the lack of
alternative low microplastic tire options.
IRO 7: Microplastics in value chain
Actual negative impact: Microplastic pollution must be
assumed at multiple stages along our value chain. Notably,
microplastic dust from car tires and emissions from recycling
plants are significant contributors. Publicly available data
suggests that each downstream recycling plant generates
up to 2,933 metric tons of microplastic annually. Additionally,
since microplastic generation from vehicles increases with
their weight, we assume that freight trucks operating in our
up- and downstream transportation and distribution also
contribute considerably to microplastic pollution.
IRO 8: Preventing pollution in nature from value chain
activities - Entity Specific IRO
Actual positive impact: Our products play a crucial role in
preventing disposable beverage containers and valuable
materials from becoming waste and litter in nature, instead
promoting their use in a circular economy through a closed-loop
system. Although TOMRA machines have a positive impact
on the prevention of pollution in nature, it is hard to accurately
quantify and isolate this impact to us alone. However, both
TOMRA Collection and TOMRA Recycling are global market
leaders, indicating that we have a tangible positive impact on
the avoidance of beverage containers, plastics and packaging
waste from ending up as waste in nature.
Financial opportunity: Efforts to reduce waste in nature is a
material business opportunity for TOMRA. New EU legislation
targets that each member state must have deposit return
schemes to ensure that at least 90% of single-use plastic
bottles sold annually are returned in a closed-loop system.
Increasing demand for recycling solutions and circularity
is a major business driver for TOMRA, and also represents
considerable reputational opportunity and brand value if we
are able to retain our position as a global leader in resource
optimization and circular solutions.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS E2-1 Policies related to pollution
TOMRA’s commitments to preventing and limiting pollution
are anchored in our Environmental Policy described in E1-
2, page 57. The policy states that TOMRA is on a mission
to transform how we all obtain, use and reuse the planet’s
resources to enable a world without waste and that we are
deeply committed to contributing to responsible resource
use and a circular economy. It also states that we are
committed to performing regular risk-based due diligence
to prevent, mitigate and remediate adverse environmental
impacts. The policy addresses specifically a commitment to
pollution prevention including limiting air pollution by reducing
emissions of pollutants, limiting microplastics generated and
protecting nature, biodiversity and ecosystems.
ESRS E2-2 Actions and resources related to pollution
TOMRA is addressing air pollution caused by company cars
through the climate mitigation actions described in E1-3,
page 58.
TOMRA has not implemented any actions related to
microplastics, as we have not assessed this as a material
topic before conducting our double materiality assessment
in 2024. However, we have in 2024 conducted an in-depth
desktop review of how microplastics are generated from
tires and an assessment of TOMRA’s vehicle fleet. This
included a scenario analysis of different tire types, car fleets,
and road compositions. The scenario used was 40% light
duty vehicles (LDVs), driving on 50% on urban roads, 40%
on highways, and 10% on rural roads. For the percentage of
synthetic polymers contained in tire treads, we used 35% for
passenger cars and 36% for LDVs.
Overall, efforts to increase the positive impact of preventing
pollution in nature within TOMRA Collection encompass
actions that enable and encourage end-consumers to
deposit used drink containers in return systems provided by
TOMRA. These actions include:
• Designing user-friendly and effective solutions that
encourage redemption of used containers.
• Working with new and existing stakeholders to enter new
markets.
• Optimizing the operational uptime of existing solutions.
• Providing high-quality information to encourage the
collection of used containers.
Key actions connected to preventing pollution in nature
through our TOMRA Recycling division includes:
• Market expansion and stakeholder engagement: As a
leader in automated sorting systems, TOMRA commits to
ensuring optimal performance and adaptability to future
legislative demands. Our global presence supports the
maximization of operational potential at recycling sites
worldwide, impacting our value chains positively.
• Optimization of existing solutions in own operations:
TOMRA designs, develops, and customizes sensor-based
sorting solutions to recover valuable materials from waste
streams, including plastics, non-ferrous metals, paper,
organics, e-waste, wood, textiles, and other recyclables.
SEARCHBROWSESTARTPAGE 65
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Further down the value chain, our sorting activities
serve to upgrade recovered materials to homogenous
and high-quality fractions for recycling. Sensor-based
technology is also used in sorting ores from waste rock,
increasing the efficiency and lifetime of mines. Our latest
advancements incorporate AI to enhance our efforts in
pollution reduction. By leveraging AI-driven technologies,
we can optimize resource allocation and improve the
efficiency of our recycling processes. The AUTOSORT™
PULSE, with its AI capabilities, ensures precise sorting,
reducing contamination and waste. This not only enhances
the quality of recycled materials but also minimizes
the environmental impact of our operations. AI helps
us achieve higher purity levels in recycled aluminum,
supporting the circular economy and contributing to
significant energy savings and reduced carbon emissions.
METRICS AND TARGETS
ESRS E2-3 Targets related to pollution
Preventing pollution in nature
These targets are voluntary and support TOMRA’s broader
commitment to preventing pollution in nature. While the
targets primarily focus on reducing waste and increasing
recycling rates, they indirectly contribute to the control of
air, water, and soil pollutants, as well as reducing the need
for virgin resource extraction. Our progress on preventing
pollution in nature is measured in two different ways, as
detailed below for TOMRA Collection and TOMRA Recycling.
TOMRA Collection:
• Objective: By, 2030, responsibly collect 130 billion drink
containers for clean loop recycling and reuse
6)
.
• Scope and period: This is an absolute target
encompassing all beverage containers collected by
TOMRA Collection with reverse vending machines (RVMs)
globally. The target is measured annually from the baseline
year 2022, with no set end date.
• Methodology: Progress is tracked by monitoring the
number of unique drink containers collected through
TOMRA Collection technology and systems, recorded on
a digital platform. This number, also referred to as TOMRA
Collection’s handprint, is part of TOMRA Collection’s
strategic planning and annual performance management
processes.
• Performance: In 2024, TOMRA Collection collected over
48 billion containers (up from 45 billion in 2022) through
approximately 87,000 reverse vending system installations
worldwide.
TOMRA Recycling:
• Objective: By 2030, enable the global rate of plastic
packaging collected for recycling to reach 40%.
• Scope and period: This is a relative target, measured as a
percentage of global plastic packaging collected for recycling
by weight. The scope covers TOMRA Recycling sorting
installations. The target applies from the baseline year 2022
until 2030, with annual monitoring. TOMRA will not reach
this target on our own and it will require partnerships and
collaboration across the recycling value chain.
• Methodology: Progress is assessed based on the amount
of plastic captured in metric tons p.a. either from source-
separated collection or from mixed waste sorting. Progress
is estimated based on the number of installed machines
(updated each year based on sales numbers and projects
signed) and estimations of the volume of waste sorted per
machine.
• Performance: In 2024, TOMRA Recycling collected 9.5
million tons of plastic (same as 2022). This number is also
reported each year to the Ellen MacArthur Foundation to
contribute to better data quality of plastic recovery by the
recycling industry.
Microplastics and pollutants
We currently have no targets set, or track the effectiveness
of policies and actions, for the reduction of pollutants or
microplastics as we have only just started calculating the
impact.
ESRS E2-4 Pollution of air, water and soil
Microplastics generated from tire wear from TOMRA’s car
fleet is estimated to 4,573 kg, with 1,349 kg released to water
and 3,224 kg released to land in the reporting year. See
ESRS 2 BP-2, page 33 for description of methodology and
measurement uncertainty. TOMRA is mainly a technology
and solution provider for the global recycling, waste
management, mining and post-harvest food industries, but
does not itself operate these facilities. The microplastics
generated from these facilities is not part of our own
operations. No microplastics have been added to or used in
the creation of our products.
We have conducted a thorough evaluation of our emissions
in accordance with Annex II of Regulation (EC) No 166/2006.
The assessment confirmed that our emissions for the
pollutants listed are below the specified thresholds.
Therefore, we are not required to report detailed emissions
data for this reporting period.
ESRS E2-6 Anticipated financial effects from pollution-
related impacts, risks and opportunities.
We exercise the right, as per the ESRS Phase-in option, to
begin reporting on this disclosure in the subsequent year.
6) Beverage containers recycled through RVMs are collected and sorted without contamination from other types of waste. This ensures that they can be recycled into new bottles and cans again and again. This is a process we call Clean Loop Recycling, where the beverage containers are
continually recycled back into new containers – and reused, often as part of deposit return systems. Clean Loop Recycling helps reduce the potential for packaging waste to end up in our streets, oceans and landfills.
SEARCHBROWSESTARTPAGE 66
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
E5 – Resource use and circular economy
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
Embedded in our vision of leading the resource revolution
is a mission of transforming how we obtain, use and reuse
the planet’s resources and 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. We also focus on
circularity of our own products through sustainable product
design principles in our product development processes and
decision-making, which includes all materials and machine
parts along their value chain.
The materiality assessment outlined in ESRS 2 IRO-1, page
43 identified the following material resource use and circular
economy related impacts, risks and opportunities (IROs):
IRO 9 and IRO 10: Resource inflow/use and outflows in own
operations
Actual negative impact: With 50% non-renewable energy
usage at our sites and estimated 54% virgin material content
in our products, the resource inflow/use is considered
material. Resource outflows are also considered material
considering a mix of packaging, durability and repairability in
relation to our products.
IRO 11 and IRO 12: Resource inflow/use and outflows in value
chain
Actual negative impact: Current company data suggests
an actual negative impact due to the high amount of virgin
materials in our upstream value chain. Also contributing is the
assumed relatively low share of renewable energy in the use-
phase of our products. In general, TOMRA products are built
with repair in mind, leading to a product lifetime upwards of
~20 years (variations between product categories). However,
across TOMRA Group there are only limited cases and
systems for product take-back and refurbishment once they
are decommissioned by customers.
Financial risk: Financial risks relate to material prices
impacting supplier prices and availability, and supply chain
delays impact our production and ability to deliver according
to customer expectations. Also, there are compliance risks
associated with take-back schemes.
IRO 13: Sustainable product design in own operations - Entity
Specific IRO
Financial opportunity: Increasing sustainability in product
design and development is a key lever for achieving our
2030 targets. Our approach includes developing more
modular designs and designing for repair and refurbishment
to enhance the longevity and reusability of our products.
The shift toward sustainable product design is driven by
increasing consumer demand for environmentally friendly
products, regulatory pressures for sustainability, and the
need to reduce our own emissions, resource consumption
and waste. As environmental policies become more
stringent globally, TOMRA is well-positioned to capitalize
on these trends. Regions like the EU are leading the way
with regulations promoting circularity, creating a favorable
environment for our initiatives.
IRO 14: Waste in value chain
Actual negative impact: Based on industry data it is
reasonable to assume that there is an actual negative
impact on the environment because there are multiple
waste streams in TOMRA’s value chain, both upstream and
downstream. Upstream, steel and aluminum production
generate various kinds of environmentally harmful
waste such as slag, dust/powders, red mud and sludges.
Downstream, it is assumed that the majority of TOMRA
products end up as waste (with high degree of scrap material
recycling) at machine end-of-life.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS E5-1 Policies related to resource use and circular
economy
TOMRA’s commitments to resource use and circular
economy are anchored in our Environmental Policy
described in E1-2, page 57. The policy includes:
• A commitment to contributing to responsible resource use
and a circular economy. This includes driving increased
resource productivity in all sectors that we serve; business
model innovation to increase and strengthen product
and material circularity across value chains in which we
operate; and actively working to improve the circularity of
own products through sustainable product design strategy
and targets.
• Applying sustainable product design principles:
• Design for Material Efficiency – Using less materials or
resources to create a product or provide a service.
• Design for Energy Efficiency – Consuming less energy to
accomplish the same task, which avoids energy waste.
• Design for Disassembly – Provide rules that guide
designers in designing products that are easy to
disassemble.
• Design for Recycling – Focuses on products
recyclability at End-Of-Life.
• A commitment to responsibly handling and reducing
waste across our business, including ensuring that waste
is either recycled or disposed of responsibly, following
local requirements and procedures and using approved,
registered waste contractors, and application of a waste
hierarchy in accordance with EU’s Waste Framework
Directive
7)
.
Although the policy focuses on sustainable product design
it does not explicitly address transitioning away from the
use of virgin resources, or a relative increase in the use of
secondary (recycled) resources or sustainable sourcing and
use of renewable resources.
ESRS E5-2 Actions related to resource use and circular
economy
To enable accountability and address key gaps in scaling
global circularity, TOMRA has taken on the role of business
champion for the Global Circularity Protocol for Business
(GCP), a landmark framework developed by the World
Business Council for Sustainable Development (WBCSD)
and the One Planet Network (OPN). As a business champion
TOMRA has shared experience with business leaders on
7) Waste Framework Directive.
SEARCHBROWSESTARTPAGE 67
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
how to address challenges of implementing circular systems
and provided input for development of a robust and effective
framework. By 2026, the GCP will provide businesses
with a framework for setting goals, tracking performance,
and publicly reporting their circularity efforts, enabling
accountability across organizations and borders. The protocol
also aims at driving and guiding policy making to accelerate
the shift toward circular business models and a regenerative
economy, aligned with global sustainability goals.
To respond to our material resource use and circular
economy IROs we have the following key actions for 2024
in our operations which support our policy objectives of
sustainable product design, responsible handling and
reducing waste across our business and contributing to
responsible resource use and a circular economy:
• Product design: Our products are designed with modular
components, making them easier to disassemble, repair,
and recycle. This approach not only extends product life but
also facilitates material recovery, contributing to our target
of product circularity at end-of life. In TOMRA Collection the
design teams focus on reducing material consumption and
increasing the use of recyclable materials. This includes
designing products that are easily repairable and recyclable,
thus minimizing waste in our downstream value chain. The
resource use and circular economy targets are included in
product development, contributing to sustainable product
design. In 2024, TOMRA Recycling has begun to conduct
a full life cycle assessment of our recycling products. The
purpose is to understand the main CO2 hotspot areas,
to enable insights on where to focus sustainable product
design efforts. In addition, we are planning to develop
new TOMRA Recycling eco-design principles in 2025,
aligned with our policy principles. The goal is to integrate
these guidelines in an effective way within our product
development process to ensure our future products are
designed with sustainability in mind. TOMRA Food plans
to integrate sustainability considerations in their product
development process in 2025. This will contribute to our
targets of 90% sustainable materials and components
8)
in all
new products by 2030.
• Supplier engagement: We collaborate closely with our
upstream value chain through our suppliers to ensure they
meet our sustainability standards on an ongoing basis. This
involves setting clear targets, sharing data, and providing
incentives for the use of sustainable materials, which are
related to inflow/use and outflow in our value chain.
• Innovation and research: This relates to resource inflow
and sustainable product design. Continuous research
and development efforts are directed towards finding
new sustainable materials to contribute to our sustainable
material targets. This includes evaluating the feasibility
and cost-effectiveness of materials like recycled steel and
alternative polymers.
• Retility initiative: As part of our material circularity initiative
introduced in 2024, Retility, we established a collaborative
recycling ecosystem for injection-moulded black plastics.
This initiative ensures that injection-moulded black plastics
from retired TOMRA technology are recycled and reused,
providing access to quality recycled content for new
TOMRA products. The current scope of the program is
end-of-life machines from the Norwegian market and post-
industrial scrap from our own production facilities. As a start,
this material has been tested for industrial production in the
infeed module common to most TOMRA reverse vending
machines. In the coming years, we plan to scale this
initiative to more modules and parts, and more geographies.
• Refurbishment programs: We have initiated refurbishment
programs that extend the lifecycle of our products. This is
currently in place in several key markets and is planned to
be expanded in the years to come.
• End-of-life strategy: We have developed comprehensive
end-of-life strategies that include easy disassembly and
recycling of products. This ensures that materials can
be efficiently recovered and reused. In most markets we
have agreements with service providers for machines that
reach their end-of-life, ensuring recycling and traceability
of materials in line with TOMRA’s commitments to a
circular economy. TOMRA Recycling has also introduced
a loyalty program: In TOMRA Recycling, we have recently
started a TOMRA Recycling loyalty program reaching
out to customers with products that are getting close to
end-of-life. The goal is to ensure that our products are
responsibility handled at the end of their life.
Given our organization’s purpose and business, TOMRA
seeks to enable material circularity through the use of our
products, thus the actions stated above are funded through
the annual operating budget.
METRICS AND TARGETS
ESRS E5-3 Targets related to resource use and circular
economy
At TOMRA we are continuously working to manage our
material IROs related to resource use and circular economy.
The targets presented are voluntary and not required by
legislation. Only internal stakeholders have been involved in
the target setting. The first version of our resource use and
circular economy targets was discussed and agreed upon
by ELT in a series of sustainability strategy workshops in
spring 2021. A revised version of the target framework, with
updated ambition level for the targets was later presented
to and approved by the Board of Directors in February 2022.
Finally, the targets were communicated externally for the first
time at the TOMRA Capital Markets Day in June 2022. The
sustainability target framework was developed and proposed
for ELT approval by a cross-functional and cross-divisional
sustainability task force, including representatives from all
three divisions and a variety of business functions. Inputs on
the targets were also sought from the divisional leadership
teams prior to the ELT decision.
The targets relate to the policy objectives of designing and
developing our products in a sustainable manner (sustainable
product design), and to transform how we obtain, use and
reuse the planets resources to enable a world without waste,
as well as contributing to responsible resource use and a
circular economy. The targets are aligned with the principles
of the circular economy, which are supported by extensive
research and scientific evidence. However, the effectiveness
of these targets depends on accurate data collection,
monitoring, and continuous improvement.
Product circularity at end-of-life
• Objective: By 2030, at least 50% of our products will be
circular at their end of life
9)
.
• Scope and period: This is a relative target, measured as
8) Sustainable materials and components’ is defined as using recycled, certified fossil-free, and/or bio-based materials, and reused, refurbished, or remanufactured machine components.
9) Circular at end of life’ are defined as products taken back for refurbishment, remanufacture, reuse or recycling, either directly by TOMRA or via third parties.
SEARCHBROWSESTARTPAGE 68
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
a percentage of products by weight. The scope covers all
TOMRA divisions and their products globally. The target
applies from the baseline year 2022 until 2030, with
annual monitoring.
• Methodology: The target is based on industry average
recycling rates of the main materials in our products. We
assume the end-of-life scenario of our products is identical
to these industry averages. Calculations are based on the
volume of products sold in the reporting year, following the
same accounting principles as the GHG protocol for Scope
3, Category 12.
• Performance: Estimated to 73% in 2024 (baseline year).
Current estimates exceed the target, but due to limited
available data this percentage only pertains to recycling
of the products. Therefore, we are dedicated to improving
the circularity of our products and aim for measuring our
performance of higher-order circular strategies, such as
reuse and remanufacture.
This target primarily relates to the “Recycling” and “Preparing
for Re-use” layers of the waste hierarchy.
Sustainable materials
• Objective: By 2030, at least 90% of materials and
components in all new products are sustainable
10)
.
• Scope and period: This is a relative target, measured as a
percentage of sustainable materials and components used
in new products by weight. The scope covers all TOMRA
divisions and their products globally. The target applies from
the baseline year 2022 until 2030, with annual monitoring.
• Methodology: The target is based on industry average
recycled content (secondary reused or recycled material)
of the main materials in our products. We assume the
recycled content of our products are identical to these
industry averages. Calculations are based on the volume
of products sold in the reporting year, following the same
accounting principles as the GHG protocol for Scope 3,
Category 12.
• Performance: Estimated to 46% in 2024 (baseline year).
TOMRA is dedicated to improving the sustainability of
our products and is working to improve sourcing and
procurement practices to increase this percentage. We
have already made significant strides to increase the
share of sustainable materials and components used in
new products. For instance, TOMRA Collection launched
two new products in 2024, namely RollPac and R2. The
average amount of sustainable materials and components
used in these new products was 50%. Significant efforts
were made in R2 to introduce recycled content in new
plastic parts with a detailed bill of material to increase the
data quality for this metric.
This target is associated with the “Prevention” layer of the
waste hierarchy.
ESRS E5-4 Resource inflows
TOMRA’s resource inflows encompass a wide array of
products and materials essential for our operations. In
2024, the total weight of products, along with technical
and biological materials utilized, amounted to 8,743,842 kg.
Among these, 2% or 165,284 kg was identified as biological
materials. We do not, currently, have specific information
about the sourcing, certification schemes and cascading
principles of these biological materials. Additionally, the
weight of recycled materials used to manufacture TOMRA’s
machines (including packaging) was 3,890,292 kg,
representing 46% of the total resource inflows.
To ensure accurate reporting of resource inflows and material
usage, we employed a methodology that relies on gross
estimations derived from waste electrical and electronic
equipment (WEEE) datasheets, bills of materials (BoMs),
and life cycle assessments (LCAs). The overall weight was
calculated by multiplying machine weights and estimated
waste from packaging and production by the number of
machines sold across divisions. This approach allowed us
to derive a comprehensive understanding of our material
composition, which includes categories such as steel,
aluminum, electronics, cables, plastics, rubber, glass, wood,
paper and other metals (zinc, copper, brass, magnets etc.)
In estimating the recycled content of our resource inflows,
we utilized industry averages for recycled content across
these categories. Given that we do not possess detailed
LCAs with BoMs for all TOMRA products, we adopted
reference machines as proxies to approximate material
composition for those products where only weight estimates
were available. To prevent double counting in our reporting,
we implemented a clear calculation methodology grounded
in bottom-up calculations from divisional sales data. This
process included cross-checks to ensure accuracy and
eliminate duplications.
The measurement of the metric is not validated by an
external body.
ESRS E5-5 Resource outflows
In terms of physical products, TOMRA manufactures reverse
vending machines and systems and sensor-based sorting
technologies for global recycling, waste management, mining
and post-harvest food solutions. The core functional parts
of these machines include advanced sorting technologies,
conveyor belts, transport elements, compactors for sorted
materials, tables and cabinets. By weight, the main materials
used across all TOMRA machines are steel (~71%), electronics
and cables (~13%), aluminum (~8%) and plastics (~3%).
The expected durability of TOMRA’s machines varies by
category from around 10 to 20 years. These are estimates
used in product development and accounting practices. In
practice, our machines often exceed these lifetimes, operating
effectively up to 25 years due to their robust design, high-
quality materials and frequency of service. This durability
aligns with or surpasses industry averages. Additionally, the
gross recyclable content in our products is estimated to 73%
and 62% for their packaging.
TOMRA’s machines are designed with durability in mind,
ensuring they meet or exceed industry standards. While
specific durability metrics may vary by product group, we
continuously strive to enhance the longevity and repairability
of our offerings. However, we do not currently have specific
details or ratings of the repairability of our products. While
TOMRA is committed to the principles of circularity and is
actively working to improve the reusability, repairability,
disassembly, remanufacturing, and refurbishment of our
machines, we do not currently have specific quantifiable data
10) Sustainable materials and components’ are defined as using recycled, certified fossil-free, and/or bio-based materials, and reused, refurbished, or remanufactured machine components.
SEARCHBROWSESTARTPAGE 69
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
available for these aspects of our products. However, for more
information on how we design our products in line with circular
economy principles, see IRO 13: Sustainable Product Design.
We adhere to the European Community directive 2012/19/
EU on waste electrical and electronic equipment (WEEE),
which mandates responsible handling of electronic products
at their end of life. This directive applies to the machines
sold in TOMRA Collection. Each TOMRA Collection product
is marked with the WEEE symbol, indicating compliance with
these regulations. This not only reflects our commitment to
environmental responsibility but also serves as a guideline
for recyclers on how to properly disassemble and recycle our
products. For more information on the disassembly and material
composition of our products, please see our WEEE page.
To ensure accurate reporting of resource outflows, we
utilized the same methodology and primary data as for
resource inflows. For estimating the recyclable content of our
products and packaging, we applied industry average end-
of-life recycling rates across each material category.
The measurement of the metric is not validated by an
external body.
ESRS E5-6 Anticipated financial effects from resource
use and circular economy -related impacts, risks and
opportunities
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
SEARCHBROWSESTARTPAGE 70
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
As a non-financial publicly listed company, TOMRA reports
on Taxonomy-eligible and Taxonomy-aligned turnover,
Capex and Opex associated with its eligible economic
activities, in accordance with EU regulation (2020/852) and
supplementing delegated acts. The Taxonomy functions
as a classification framework with pre-defined business
activities under six environmental objectives, where the
undertaking shall assess its business activities for eligibility
and alignment.
As an important part of the European Commission’s action
plan on Sustainable Finance, the EU Taxonomy’s aims
at reallocating capital flows towards activities that are
considered environmentally sustainable.
ELIGIBLE ACTIVITIES
Following a thorough assessment, TOMRA has identified the
following Taxonomy eligible activities.
2.3 Collection and transport of non-hazardous and
hazardous waste (CE)
Within our Collection division we perform 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 are 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 integral 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.
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 is constructing plants for sorting of
postconsumer plastic material, where they will source pre-
sorted mixed plastic material and through a sorting process
upgrade the material and sell it to recyclers. The output
material can be used by recyclers to produce flakes 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 typically lost to incineration or
landfill. To this end, TOMRA is investing in building one mid-
scale plant in Germany, and one in Norway.
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 activities performed by TOMRA
Feedstock.
5.5 Collection and transport of non-hazardous waste in
source segregated fractions (CCM)
TOMRA performs 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. 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 in many geographical locations
around the world, and as TOMRA owns and/or leases
property to support these operations, we consider it 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 assessed on the basis of our interpretation
of the substantial contribution and do no significant harm
(DNSH) criteria, as they are currently presented in the EU
Taxonomy. 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. Following
a screening and assessment of eligible activities against
the DNSH criteria, an environmental impact assessment
has not been determined relevant as our eligible activities
are situated on existing sites already modified. Eligible
activities do not make use of any water; hence we conclude
Taxonomy report
SEARCHBROWSESTARTPAGE 71
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
that our activity does not hamper the achievement of
good environmental status of marine waters and does
not deteriorate marine waters that are already in good
environmental status. TOMRAs RVM operations do not make
use of waste collection vehicles, do not collect hazardous
material or Electrical and Electronic Equipment (EEE).
Installation and operation of TOMRA machinery is performed
in accordance with clear guidelines in order to mitigate
environmental, health and safety risks, and our machinery is
designed to prevent the risk of pollution in operations. Our
conclusion from the assessment against DNSH criteria is that
TOMRAs activities do not significantly harm any of the other
environmental objectives.
2.3 Collection and transport of non-hazardous and
hazardous waste (CE)
TOMRA RVM solutions are 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 materials
separately. Materials and fractions collected by the RVMs are
continuously monitored and regularly reported to relevant
stakeholders. TOMRA machines are assessed on how well
they are able to perform the intended sorting. Health and
safety are of the utmost importance to TOMRA, both for our
own employees and our customers, as well as 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 criteria in the EU
Taxonomy.
2.7 Sorting and material recovery of non-hazardous waste
(CE)
Plastic, metal and waste sorting enables material recovery
from waste streams and saves materials that would
otherwise go to landfill or incineration. TOMRA’s sensor-
based technology is at 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 capabilities that
employ 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.
TOMRA’s sorting activities allow the conversion of waste into
secondary raw materials, which are suitable for use as an
alternative to primary raw materials. 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)
Materials collected and transported through material
recovery activities in the relevant markets are for the purpose
of reuse or recycling. Throughout the material recovery
processes, materials are kept separate and not mixed
with other 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)
TOMRA has not been able to obtain the detailed information
required by the technical screening criteria for our properties
and have therefore concluded that the activities under
activity 7.7, “acquisition and ownership of buildings (CCM),”
are not taxonomy aligned.
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 in 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
advanced analysis tools 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 takes 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 fully cooperates with the
local 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 72
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 ON EXPOSURE TO NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes
with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production, as well as their safety upgrades, using best available
technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
No
PERFORMANCE AND KPIS
The 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 the sale and leasing of RVMs and sorters,
as well as associated services including service and
maintenance, spare parts, upgrades, and digital services.
• Revenue in the form of handling and processing fees, as
well as commodity sales.
TOMRA’s eligible revenue comes from the sale of advanced
RVMs and sorters, which are sold or leased to customers
in different segments. Sales of equipment accounts for
51%, while leasing amounts to 8% of our taxonomy-aligned
revenue. Service is usually sold directly to customers through
a service agreement or performed as ad-hoc service upon
request and makes up 28% of revenue.
Revenue from material recovery is threefold and comprises
handling fees, material processing and commodity sales
following the activities performed by TOMRA in the relevant
markets. Material recovery revenue is 13% of the total aligned
revenue.
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, Latvia, Estonia, Canada, and USA
means that related revenue is excluded in the adjusted
KPIs. TOMRA discloses both aligned and adjusted-aligned
revenue, in accordance with our interpretation of the
taxonomy regulation and supplementing FAQs. The revenue
denominator is derived from financial note 2: “Revenues.”
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 the context of TOMRA’s operations we interpret this to be:
• Relevant research and development projects that do
not qualify for capitalization, which consists of employee
expenses, consumables, and other services relevant for
maintenance and repair.
• Building renovation measures related to production
facilities.
• Short-term leases related to assets or processes for
taxonomy-eligible activities.
• Maintenance and repair Opex for assets or property, plant,
and equipment.
• Opex denominator is derived from financial note 7:
“Intangible assets.”
Capex
The capital expenditures (Capex) KPI entails additions to:
• property, plant and equipment (PPE),
• Intangibles, and
• 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. TOMRA’s
Capex KPI as it is presented primarily includes investments
in our leasing portfolio in the Collection division, investments
in the Feedstock venture and research and development
SEARCHBROWSESTARTPAGE 73
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
projects in both Recycling Sorting and Collection. 63% of
the taxonomy-aligned Capex comes from additions to PPE,
25% from capitalized leases, and 12% from intangibles and
capitalized R&D.
Taxonomy-aligned Capex is adjusted for funding through
green bonds, as such we disclose both aligned and
adjusted-aligned Capex. The Capex denominator is derived
from financial notes 7: “Intangible assets,” 8:” Property, plant
and equipment” and 9: “Leasing”.
Performance
The percentage share of our taxonomy-aligned revenue was
73% in 2024.
Taxonomy-aligned Capex was 50%, however adjusted for
funds from green bonds, aligned Capex was 22%. The main
initiatives financed through green bonds were our leasing
portfolio, the Feedstock venture, and R&D projects. Capital
expenditure related to activity 7.7 is concluded not to be
aligned as we lack a sufficient data basis for assessing
against the technical screening criteria.
Aligned Opex was 49% in 2024 and mainly consists of non-
capitalized R&D projects for the Recycling and Collection
business areas.
Revenue Opex Capex
2024 total (MEUR) 1,348 34 212
Taxonomy-aligned
987 17 105
Taxonomy-aligned
adjusted
843 46
Taxonomy-eligible
987 17 111
Non-eligible
361 18 101
Revenue
73%
27%
Eligible (73%)
Not eligible (27%)
Opex
Capex
49%
51%
52%
48%
Eligible (49%)
Not eligible (51%)
Eligible (52%)
Not eligible (48%)
PERFORMANCE AND KPIS FIGURES
Aligned (73%)
Aligned (49%)
Aligned (50%)
SEARCHBROWSESTARTPAGE 74
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
MEUR %
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. TAXONOMYELIGIBLE
ACTIVITIES
A.1. Environmentally
sustainable activities
(Taxonomy-aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3
633 47 % N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 43%
Sorting and material recovery
of non-hazardous waste
CE
2.7
223 17 % N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 19%
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5
131 10 % Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 10%
Acquisition and ownership of
buildings
CCM
7.7
0 0 % Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0%
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
987 73% 10% 0% 0% 0% 63% 0% 72%
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 75
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
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 0%
Sorting and material recovery
of non-hazardous waste
CE
2.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
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 0%
Acquisition and ownership of
buildings
CCM
7.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Turnover of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
Total Turnover of Taxonomy
eligible activities (A.1+A.2) 987 73% 10% 0% 0% 0% 63% 0% 72%
B. TAXONOMYNON
ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-
eligible activities
361 27%
Total (A+B)
1,348 100%
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 76
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
MEUR %
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. TAXONOMYELIGIBLE
ACTIVITIES
A.1. Environmentally
sustainable activities
(Taxonomy-aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3
7 22% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 39%
Sorting and material recovery
of non-hazardous waste
CE
2.7 9 27% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 14%
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 Y Y Y Y Y Y 0%
Acquisition and ownership of
buildings
CCM
7.7 0 0% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0%
Opex of environmentally
sustainable activities
(Taxonomy-aligned) (A.1) 17 49% 0% 0% 0% 0% 49% 0% 53%
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 77
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
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 0%
Sorting and material recovery
of non-hazardous waste
CE
2.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
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 0%
Acquisition and ownership of
buildings
CCM
7.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Opex of Taxonomy-eligible
but not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
Total Opex of Taxonomy
eligible activities (A.1+A.2) 17 49% 0% 0% 0% 0% 49% 0% 53%
B. TAXONOMYNON
ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-
eligible activities
18 51%
Total (A+B)
34 100%
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 78
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
MEUR %
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. TAXONOMYELIGIBLE
ACTIVITIES
A.1. Environmentally
sustainable activities
(Taxonomy-aligned)
Collection and transport of
non-hazardous and hazardous
waste
CE
2.3
28 13% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 38%
Sorting and material recovery
of non-hazardous waste
CE
2.7 62 29% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 14%
Collection and transport
of non-hazardous waste in
source segregated fractions
CCM
5.5 15 7% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 2%
Acquisition and ownership of
buildings
CCM
7.7 0 0% N N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0%
Capex of environmentally
sustainable activities
(Taxonomy-aligned) (A.1) 105 50% 7% 0% 0% 0% 43% 0% 54%
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 79
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 0%
Sorting and material recovery
of non-hazardous waste
CE
2.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
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 0%
Acquisition and ownership of
buildings
CCM
7.7 6 3% EL N/EL N/EL N/EL N/EL N/EL 3%
Capex of Taxonomy-eligible
but not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2) 6 3% 0% 0% 0% 0% 0% 0% 3%
Total Capex of Taxonomy
eligible activities (A.1+A.2) 111 52% 0% 0% 0% 0% 49% 0% 57%
B. TAXONOMYNON
ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-
eligible activities
101 48%
Total (A+B)
212 100%
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 80
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Social IROs
1516
17
18
19
20
21
22
23
2425
S3*
S4*
Non-material topics
* S3 and S4 was assessed to be non-material
Social
Impacts, risks and opportunities (IROs)
The materiality assessment outlined in ESRS 2 IRO-1, page 43 identified the following material
Social related impacts, risks and opportunities.
The IROs are explained in more detail in connection with the disclosures.
SEARCHBROWSESTARTPAGE 81
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
S2  WORKERS IN THE VALUE CHAIN
Sub-topic IRO description IROs and Time
horizon
Adequate wages
IRO 20: Adequate wages in value chain - related to industry
challenges with long working hours and low wages.
PI
MT
Labor relations
IRO 21: Labor relations in value chain - related to industry
challenges regarding social dialogue, the right to collective
bargaining, and formation of trade unions.
PI
MT
Health and safety
IRO 22: Health and safety in value chain - related to industry
challenges with health and safety risks such as occupational
hazards, exposure to dust or chemicals and accidents. Also
related to the safety of customers operating TOMRA machines.
AI
MT
Diversity, equity and
inclusion
IRO 23: Diversity, equity and Inclusion in value chain - related to
industry challenges with DEI.
PI
MT
Violence and
harassment
IRO 24: Violence and harassment in value chain -related to
industry challenges with an unsafe environment work environment
for female employees.
PI
MT
Child labor / forced
labor
IRO 25: Child / forced labor in value chain - related to industry risk
of child/ forced labor in the extraction of raw material in regions
with weak regulatory oversight.
PI
MT
Read more on page 91
20 242221 2523
S1  OWN WORKFORCE
Sub-topic IRO description IROs and Time
horizon
Health and safety IRO 15: Health and safety in own operations - related to accidents,
fatalities, identifies and reported hazards and incidents.
AI
FO
RP
Gender equality and
equal pay for work of
equal value
IRO 16: Gender equality and equal pay for equal value in own
operations - related to representation of woman in leadership
positions and gender wage gap.
PI
FO
RP
Training and skills
development
IRO 17: Training and skill development in own operations - related
to training options, development and career management.
PI
MT
Diversity, equity and
Inclusion Initiatives
IRO 18: Diversity, equity and inclusion Initiatives in own operations
- relates to inclusive employment and workplace.
FO
MT
Data privacy and
protection
IRO 19: Data privacy and protection in own operations - relates to
measures to protect personal identification documents.
PI
RP
Read more on page 83
15 191716 18
IROs / Time horizon:
AI
Actual Negative Impact
PI
Potential Negative Impact
FR
Financial Risk
AI
Actual Positive Impact
PI
Potential Positive Impact
FO
Financial Opportunity
ES
Entity Specific /
RP
Reporting Period
MT
Medium-Term <5y
LT
Long-Term >5y
SEARCHBROWSESTARTPAGE 82
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
S1 – Own workforce
ESRS2 SMB-3 Impacts, risks and opportunities and their
interaction with strategy and business model
The material IROs disclosed in S1 are relevant for all of
TOMRA’s workforce and all TOMRA employees are included
in the scope of the disclosures. The materiality assessment
described in IRO-1, page 43 included all employees and
non-employees in our workforce. Permanent employees
make up 97% of the workforce, and none of the IROs are
considered specifically relevant only for non-employees.
Thus, we consider all IROs relevant for both employees and
non-employees. We found no significant risk of incidents
of forced labor or child labor, nor did we find people with
particular characteristics to be at greater risk of harm. We
consider all IROs to be widespread, as all IROs are relevant
for all employees. Our financial opportunities are closely
linked to the well-being and satisfaction of our workforce.
We depend on our employees and consider them a crucial
group of stakeholders. While we rely on our core values of
innovation, passion and responsibility to transform how we
obtain, use and reuse the world’s resources, we also use them
to embrace a culture that puts every employee’s well-being in
focus. We are dedicated to fulfilling our role as an employer
by ensuring safe, fair and respectful working conditions. We
have a Group-wide health and safety program, TOMRA Safe,
working to keep our people safe and healthy. Our commitment
to health and safety is an important component of our overall
strategy to ensure that TOMRA remains a great place to work.
Also, at TOMRA, we believe that diversity, equity, and inclusion
(DEI) make us stronger, affecting our strategy and decision-
making through integration of DEI initiatives into our operational
processes. In addition, TOMRA is committed to ensuring
compliance with applicable data protection and privacy laws
in all markets where we operate. Ensuring data protection is
imperative for maintaining trust in business relationships and
safeguarding TOMRA’s reputation as an employer and business
partner. We are committed to maintaining high standards of data
privacy and protection across the organization.
The materiality assessment outlined in ESRS 2 IRO-1, page
43 identified the following material impacts, risks and
opportunities (IROs) related to own workforce:
IRO 15: Health and safety
Actual negative impact: In 2024, TOMRA faced 72 health
and safety incidents that involved days away from work. We
reported 3,804 hazards. There were no severe accidents or
fatalities.
Financial opportunity: A secure work environment prevents
disruptions, lowering turnover and costs, increasing
employee satisfaction and productivity. A strong reputation
for health and safety management is also important to attract
and retain talent.
IRO 16: Gender equality and equal pay for work of equal
value
Potential negative impact: A negative wage gap may lead
to misalignment in performance incentives, as women
may feel a disconnect between their efforts and financial
rewards. Even with women in leadership positions being
underrepresented across TOMRA Group, we have an
average gender wage gap of 0,7% which means women earn
0,7% more on average than men.
Financial opportunity: Prioritizing gender equality
enhances corporate reputation, attracting and retaining
talent, customers, and ESG investors. Ensuring equal pay
and gender equality fosters a positive work environment,
boosting employee morale and productivity.
IRO 17: Training and skills development
Potential positive impact: TOMRA Learn is our e-learning
platform hosting various courses designed to drive training
and skills development. Mandatory courses are delivered
on TOMRA’s culture, health and safety, compliance, equal
opportunity and inclusion, in addition to voluntary training
on a wide range of technical and professional development
topics. Furthermore, regional and local training initiatives
take place across TOMRA Group, tailored to address specific
local or regional requirements. The potential positive impact
is substantial, with skill development creating pathways for
career advancement.
IRO 18: Diversity, equity and inclusion (DEI) initiatives
Financial opportunity: Prioritizing DEI initiatives to ensure
a diverse and inclusive workplace enhances corporate
reputation, and helps to attract and retain talent, customers,
and ESG investors.
IRO 19: Privacy in own workforce
Potential Negative Impact: While we have implemented
measures to protect and process personal data in a
compliant way, potential privacy risk may be involved
depending on the context of the data processing. Any risk
must be assessed on a case-by-case basis, and TOMRA will
implement appropriate measures depending on the risks.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS S1-1 Policies related to own workforce regarding
working conditions
At TOMRA, we recognize the importance of maintaining a fair
and safe work environment for our employees. Our Code of
Conduct, Human and Labor Rights Policy, and whistleblower
system explained in G1-1, page 97 explains how TOMRA
commits to complying with human and labor rights, including
a commitment to providing remedy for human rights impacts.
No adverse human rights impacts have been reported
at TOMRA in 2024, thus no measures have been taken.
Through our policies, TOMRA commits to respecting the
United Nations Universal Declaration of Human Rights
and the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct. Our Human and Labor Rights
Policy explicitly addresses forced labor, trafficking, child
labor, discrimination and harassment.
A safe workplace is a fundamental human right for our
workforce. Ensuring the health and safety of our workers
is governed by our Health, Safety and Environmental
(HSE) Policy. The policy is made available for employees
through our internal policy library. The scope of the policy
is all TOMRA employees, and all individuals present at
our workplaces. TOMRA also commits to providing a safe
place for our customers and the environment in which we
operate. The policy states our SAFE vision: “At TOMRA we
are passionate to lead the resource revolution, and we are
committed to providing a safe place for our people, our
customers, and the environment in which we operate. We
strive to promote a working environment which embraces
cultural diversity, inclusiveness, and wellbeing through our
safe people. We shape an environment for our people to live
SEARCHBROWSESTARTPAGE 83
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
their best lives and get home safely every day,” and the main
objective of the policy is to fulfill this vision through our eight
HSE principles:
• Culture: “Our TOMRA Safe Culture is built into everything we
do, protecting our people, customers and our environment.”
• Sustainability: “We deliver products & solutions that
contribute to a safer & more sustainable future.”
• Compliance: “We will comply with legal and regulatory
requirements and regularly create awareness across our
organization.”
• Learning environment: “We create a learning culture
across the organization through reporting all safety events
and sharing best practice to ensure safety excellence.”
• Target Zero: “We strive for zero work-related injuries and
illness through a TOMRA Safe mindset built into our values.”
• Contribution: “We make an impact through collaboration
with our people, being visible, approachable and
passionate about HSE, delivering HSE excellence.”
• Accountability: “We are all accountable to maintain the
same high Health, Safety & Environment standards.”
• Controlling and monitoring: “We regularly assess the
HSE risks arising from our work and regularly review our
systems and controls to ensure their effectiveness.”
TOMRA’s Chief Executive Officer (CEO) is accountable for
implementation of the policy, which is subject to periodic
internal audit review to ensure it remains effective.
To supplement our policy framework, we have health and
safety management systems, including accident prevention,
that covers all sites and employees. Additionally, we
operate an externally certified ISO 45001 health and safety
management system at our factories in Germany and
Slovakia. This covers all workers on site, both contractors
and employees. (The International Organization for
Standardization (ISO) 45001 is the standard for management
systems of occupational health and safety.) Our health and
safety management system is funded through our annual
operating budget. Local leaders are responsible for health
and safety in their locations and regions and are supported
by divisional safety professionals and senior leadership
teams, as well as the TOMRA Executive Leadership Team.
The development of a safety culture is a continuous focus
for all levels of the organization. We do not have a separate
accident prevention policy, but as our HSE policy states: “We
strive for zero work-related injuries and illness through a
TOMRA Safe mindset built into our values.”
We ensure all employees are aware of our Health, Safety
and Environment Policy and management system through
regular training, and all HSE incidents are reported to
ELT for information purposes. The TOMRA Safe Roles &
Responsibilities Policy and corresponding e-learning applies
to all employees at all TOMRA legal entities. The policy
provides clear definitions of the roles and responsibilities
relating to health, safety and environment across TOMRA,
clarifying and promoting the collaboration between TOMRA
Group, divisions, and local markets. This document is binding
for all TOMRA employees in all divisions and locations. All
managers must ensure the implementation of this standard in
their area of responsibility.
Our commitment to a diverse and inclusive work culture is
reflected in our Code of Conduct, explained in G1-1, page
97, which emphasizes the importance of recognizing and
respecting everyone’s unique abilities. It is specifically stated
in the policy that we do not tolerate any form of discrimination
based on ethnicity, color, religion, gender (including pregnancy),
sexual orientation, gender identity, marital status, national
origin, union membership, age, mental or physical disability,
amnesty, veteran status, or any other characteristic. Related
to gender equality and equal pay for work of equal value,
our code mandates that all employment-related decisions,
including recruitment, training, compensation, and promotion,
are based on business needs, job requirements, and individual
qualifications.
The People Policy at TOMRA aims to create a great place
to work by leveraging multiple factors to attract, motivate,
and retain talents, sustain a high level of employee
satisfaction and engagement, and drive exceptional business
performance and results.
The key content and objectives of the policy are to communicate:
• The commitment to promoting TOMRA’s values: Innovation,
Passion, and Responsibility.
• The responsibilities and expectations of affected parties.
• The commitment to respecting individuals, treating them
with dignity, and recognizing cultural diversity.
• The importance of health, safety, and the environment.
• The importance of managing third parties.
The policy specifically relates to training and skills
development through a commitment to encouraging
development and learning opportunities consistent with the
employee’s abilities, career and the needs of our business,
and to embrace new ideas and continuous learning. It
also related to diversity, equality and inclusion through
the commitment of respecting individuals, treating them
with dignity, and recognizing cultural diversity. The policy
applies to all TOMRA Group companies and all employees,
as well as anyone acting on behalf of TOMRA, and ensures
compliance with local statutory laws and regulations. TOMRA
also encourages suppliers and business partners to follow
similar principles in their own operations. The most senior
level accountable for the implementation of the policy is
the Executive Vice President People & Organization (P&O),
with the policy being approved and monitored regularly by
the Executive Leadership Team. The policy considers the
interests of key stakeholders by ensuring equal rights for
all employees and providing support for their development
and learning opportunities. The policy is made available for
employees through our internal policy library.
TOMRA recognizes the fundamental importance of privacy
for all individuals and strives to ensure that all interactions
with our company are handled in a way that meets applicable
legal requirements, such as requirements under the
GDPR and other applicable data protection laws. This is
anchored in our Code of Conduct, explained in G1-1, page
97. TOMRA shall handle personal data in a consistent and
uniform manner. We are transparent about how and for what
purposes we process personal data about our employees in
our TOMRA Privacy Policy for Employees. The policy outlines
the principles for how TOMRA processes employee personal
data as an employer, the legal basis for our processing
activities, and how we protect the data. The scope of the
policy is employees in all TOMRA Group companies, and the
policy is made available for stakeholders through our internal
policy library. The most senior level in the organization that
is accountable for the implementation of the policy is the
Executive Vice President People & Organization.
SEARCHBROWSESTARTPAGE 84
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
ESRS S1-2 Processes for engaging with own workforce and
workers’ representatives about impacts
TOMRA actively seeks feedback from our employees
through the annual Employee Engagement Survey. In 2024,
with a response rate of 91% and an engagement mean
of 4.01, we archived our highest results since we started
conducting the annual survey. Notably, there has been
significant progress in cultivating a feedback culture, with
more development and progress conversations taking place.
The results of our engagement survey were presented to
the ELT to identify key areas for improvement and develop
actionable steps to address critical issues. Additionally, all
managers have undergone comprehensive training to enable
them to act effectively on their team-specific results.
At TOMRA, we want to encourage people to be their
authentic selves and support where we can. That’s why
we are proud to have three employee resource groups
(ERGs), Women, Roots, and LGBTQ+, that are self-organized
networks that meet regularly, providing valuable platforms
for members to connect and exchange ideas. Each ERG is
sponsored by a member of our Executive Leadership Team.
These ERGs not only provide valuable platforms for members
to connect and exchange ideas but also serve as essential
feedback partners for the organization. These groups act
as clear points of contact, enabling management to better
understand and incorporate the needs of their members into
decision-making processes. For example, collaboration with
the LGBTQ+ ERG has led to enhancements in TOMRA People
(our human resources information system), making it more
inclusive and user-friendly for all employees.
ESRS S1-3 Processes to remediate negative impacts and
channels for own workforce to raise concerns
TOMRA is committed to addressing and remedying any
negative impacts on our workforce through transparent and
effective processes. Central to this is our TOMRA Notification
Portal: Speak Up, an independently reviewed online
communication channel managed by Group Compliance
and explained in more detail in G1-1, page 97. The portal
allows submissions in multiple languages, with the option to
remain anonymous. All communication through the portal is
encrypted to ensure confidentiality and security. To assess
the effectiveness of this mechanism, we monitor usage
data, track resolution times, and seek feedback from users
to identify areas for improvement. No adverse human rights
impacts have been reported at TOMRA in 2024, thus no
measures have been taken.
In addition to the Notification Portal, employees can
raise concerns directly with their managers or P&O
representatives, who are trained to promote an environment
of trust and openness. All managers and P&O departments
are sensitized to the importance of addressing complaints
professionally and confidentially, ensuring employees feel
supported and heard.
We strictly enforce a non-retaliation policy to protect
employees who raise concerns. Employees who disclose their
identities when reporting a concern are guaranteed protection,
and no confidential information is shared with third parties
without their consent. We have not conducted any surveys to
measure employees’ awareness and trust in these structures.
ESRS S1-4 Taking action on material impacts
Health and safety
Pursuant to fulfilling our zero-harm ambition and commitment
to providing a safe place for our employees, our key health
and safety actions in 2024 were:
• Risk assessments: Health and safety risk assessments
were conducted across the organization across all tasks.
These assessments assist us in identifying risks and
countermeasures and provide information we can use to
raise awareness, determine compliance requirements,
training needs and ways to improve safety. To clarify
critical risk tasks, we have prepared and prioritized critical
risk tasks using a company-wide risk assessment. We
then worked across divisions to develop and implement
health and safety standards per critical risk tasks based on
minimum standards, training, and other common tools. We
rolled this out for “working at heights” in early 2024 and
are preparing to do the same for electrical safety and safe
driving. These minimum requirements apply to all TOMRA
employees globally. The risk assessment allows us to plan
for safe work so that we reduce the chances of work-
related injuries. This is an ongoing activity.
• Safety training and awareness: In 2024 we continued
our safety awareness program and integrated safety
training as a mandatory part of the onboarding process
for all employees. The TOMRA Safe eLearning course
is assigned to all new employees and reassigned as
a refresher session every two years to all TOMRA
employees. In 2024, we rolled out the TOMRA Safe Roles
and Responsibilities e-learning to all leaders. The TOMRA
Safe Roles and Responsibilities eLearning was developed
to accompany the updated TOMRA Safe Roles &
Responsibilities Policy. The training has been assigned to
all leaders and is assigned to new leaders as part of their
on-boarding process. These trainings are an important part
of communication and building our safety culture.
• Learning from incidents: Near misses, first aid incidents
and more serious work-related injuries and illnesses
are reported and investigated. Near-miss incidents that
are determined to have had the potential to result in a
significant injury or illness are investigated in the same
way as if they had resulted in a life altering injury or fatality.
Lost time injuries are investigated and root causes for the
incidents are identified. Corrective measures are taken,
and lessons learned from the investigations are shared
across the organization to lessen the likelihood of similar
incidents occurring in the future. This is an ongoing activity.
• Health and safety day: In 2024, we recognized the ILO
World Health and Safety Day at work (April 28) with
activities and educational efforts for on-site and remote
employees. Our focus topic was electrical safety. Activities
included an electrical safety quiz with safety-related prizes
such as fire extinguishers and smoke detectors, virtual
reality hazard hunting, safety scavenger hunts, expert
speakers on site and a companywide webinar featuring
senior leaders from the Electrical Safety Foundation
International (ESFI) that focused on electrical safety at
home and at work. Over 450 people actively participated
in activities on-site and remotely. TOMRA personnel
working in communications, P&O, leadership teams, HSE
and many others were involved in preparing for the events.
These actions are designed to help us reach our zero-harm
target, explained in S1-5, page 87.
SEARCHBROWSESTARTPAGE 85
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Diversity, equality and inclusion
To contribute to our policy commitments of respecting
individuals, treating them with dignity, and recognizing
cultural diversity, we put special attention to our TOMRA
culture in 2024. We held several digital conversation
sessions with our employees to present a new set of lived
behaviors to enrich our values. Those lived behaviors are:
Of the 819 employees that participated in the digital
conversation sessions, 89% agree or strongly agree that
TOMRA’s core values and ethics are important and that we
respect diversity. Under the leadership of our Executive Vice
President People & Organization, four global face-to-face
culture leadership training workshops were held together
with the top 225 leaders at TOMRA. These workshops aimed
to ingrain our values through the adoption of the newly
introduced behaviors.
To help the divisions to further set our values and behaviors
and collect and share all cultural success stories, we
established a network of culture champions and culture
ambassadors. To support this, we also launched a TOMRA
Better Together Culture hub.
In 2025 we aim to relaunch our Include (Inclusive Individual
Development) program. Following its success in 2023, with
81 participants from underrepresented groups, this program
will continue to offer employees the opportunity to enhance
their professional growth and leadership potential. We
believe this initiative plays a crucial role in building a more
inclusive and diverse talent pipeline, contributing positively
to gender equality and to our diversity targets. Furthermore,
we are planning various initiatives around Mental Health
Awareness and Pride Month, International Women’s Day, and
Diversity Month to promote an inclusive culture and raise
awareness about key issues affecting our workforce.
By focusing on these DEI priorities, we aim not only to
address potential negative impacts but also to advance
positive outcomes that benefit both our organization and
the communities in which we operate. These efforts will be
continuously monitored, with progress transparently reported
to stakeholders, ensuring accountability and alignment with
our broader ESG commitments.
Gender equality and equal pay for work of equal value
Related to equal pay for work of equal value we focused
last year on improving fair compensation for our employees
by introducing a new Job Architecture, Compensation, and
Career Framework. This initiative is designed to enhance
role clarity, support improved talent and career development,
and ensure fair compensation for all employees. Fair
compensation contributes to the achievement of our policy
commitments toward all employment-related decisions,
including recruitment, training, compensation, and promotion,
are based on business needs, job requirements, and
individual qualifications.
As part of this framework, we also established a newly
defined Compensation Philosophy built on the following core
principles:
• Globally consistent and locally relevant: Balancing global
alignment with local market realities.
• Aligned to market prices: Ensuring fairness and
competitiveness in pay.
• Externally competitive: Attracting, engaging, and retaining
top talent through market-aligned practices.
The actions listed under diversity, equality and inclusion
and gender equality and equal pay for work of equal value
are designed to help us reach our targets of more female
managers, new hires and representation in the overall
workforce. The effectiveness of the actions is also tracked by
assessing our progress toward achieving the targets.
Training and skills development
To fulfill our policy commitment to encourage development and
learning, we have an internal eLearning system, TOMRA Learn.
This system features a comprehensive content library with
over 4,000 courses, many of which we have developed
ourselves. This approach ensures a wide variety of learning
topics for our employees, allowing them to choose courses
that interest them. Our mandatory courses are available
in at least nine different languages. New employees are
introduced to our learning platform during their onboarding.
To monitor the effectiveness of this system, we have a
dedicated team working on improvement.
Privacy
Raising awareness around privacy and data protection is key
to ensuring compliance and protecting our employees’ rights.
We continuously provide privacy training to our employees
in different roles within our organization and make available
internal resources on relevant privacy, data protection and
information security topics. For instance, as part of our
annual security awareness campaign and “security month,”
we emphasize the importance of data protection.
All employees are required to complete our mandatory
Data and Privacy Protection e-learning courses. To
enhance the safeguarding of employee data, we have
developed additional online training specifically for People
& Organization (P&O) staff, focusing on the responsible
handling of employee information.
Furthermore, TOMRA has implemented different privacy and
data protection procedures, such as processes for assessing
privacy implications and sufficient level of security in new
systems and applications. We also maintain a Human Resource
Information System Governance Board that routinely reviews
user access rights to ensure adherence to the principle of
minimal data access - granting access only to those who
require it and limiting permissions to the minimum necessary.
We have in 2024 reorganized our privacy team and have
Innovation
Disrupt the ordinary. Embrace change.
Inspire our customers.
Passion
Care and respect. Have fun together.
Grow through feedback.
Responsibility
Own our impact. Lead by example.
Empower of ownership.
SEARCHBROWSESTARTPAGE 86
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
established a dedicated team of both privacy, legal, and data
security resources responsible for the privacy compliance
framework in TOMRA. Certain functions, like P&O, and the
local entities play a key role in compliance by the wider
organization and are involved in monitoring and keeping
privacy documentation updated.
METRICS AND TARGETS
ESRS S1-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
The first version of our health and safety, equality, and
inclusion targets were discussed and agreed upon by ELT in
a series of sustainability strategy workshops in spring 2021.
A revised version of the target framework, with updated
ambition level for the DEI targets was later presented to
and approved by the Board of Directors in February 2022.
Finally, the targets were communicated externally for the first
time at the TOMRA Capital Markets Day in June 2022. The
sustainability target framework was developed and proposed
for ELT approval by a cross-functional and cross-divisional
sustainability task force, including representatives from all
three divisions and a variety of business functions. Inputs on
the targets were also sought from the divisional leadership
teams prior to ELT decision.
Health and Safety
As part of our commitment to zero harm through TOMRA
Safe – Safe People, Safe Places, and Safe Processes, we
track our progress using leading and lagging indicators, with
2024 as our baseline year. Our primary aspirational goal is to
achieve zero work-related injuries and illnesses, ensuring a
safe environment for both people and the planet.
Our 2024 health and safety lagging indicators are:
• Lost Time Incident Frequency Rate (LTIFR): 4.64 or better.
• Total Recordable Incident Frequency Rate (TRIFR): 7.61 or
better.
Our 2024 health and safety leading indicators:
• HSE Risk & Hazard Reports: Target is that 50% of all
employees report one hazard/risk each.
• Health, Safety & Environment (HSE) Interactions: Target
is that 90% of all managers complete one recorded
interaction, per month.
• TOMRA Safe eLearning: Target is 90% or better
completion rate by all employees.
• TOMRA Safe Role & Responsibilities: Target is 90% or
better completion rate by all managers.
The Lost Time Incident Frequency Rate (LTIFR) and Total
Recordable Incident Frequency Rate (TRIFR) are lagging
indicators that quantify the number of injuries classified as lost
time injuries (injuries severe enough to require a single day
or more away from work) and recordable injuries (lost time
plus injuries requiring medical treatment, restricted work, etc.),
normalized per million hours worked.
The leading indicator of HSE Risk & Hazard reporting allows
us to document identified risks and hazards and to mitigate
them, as much as possible. Identifying and mitigating risks
and hazards is key to reducing the number and severity
of work-related injuries. The leading indicator of HSE
Interactions enables formal and informal leaders to build HSE
conversations into daily conversations, meetings, and other
interactions. These interactions act as a two-way means of
communication to learn about and address risks.
The TOMRA Safe eLearning is assigned to all new
employees, and a refresher is required every two years.
This course sets out the basics of the TOMRA HSE Policy.
The TOMRA Safe Roles & Responsibilities is assigned to all
new managers, and a refresher is required every two years.
This course sets out the expectations of each employee’s
roles and responsibilities as they relate to health and safety.
Both courses are an important part of our continual efforts to
communicate and build a strong safety culture.
2024 Results presented in table 3:
December 2024 – Rolling 12 months
Target
LTIFR
Target:
4.64
TRIFR
Target:
7.61
50% of all
employees
reporting 1
hazard/ risk each
HSE Interactions
– Target 90% of
all people leaders
do 1 interaction
per month
TOMRA Safe
E-Learning
completion –
Target 90% of all
employees
TOMRA
Safe Roles &
Responsibilities
– Target 90% of
managers
Collection
9.40 13.76 100% 69% 98% 75%
Food
1.31 5.57 38% 53% 90% 81%
Recycling
4.12 5.95 24% 71% 98% 84%
TOMRA (total)
5.99 9.66 66% 65% 91% 81%
Table 3
SEARCHBROWSESTARTPAGE 87
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Equality and Inclusion
As part of our commitment, we have set specific equality and
inclusion targets for 2030. These relate to gender equality
and equal pay for equal work and diversity, equality and
inclusion initiatives. The targets are:
• Female senior managers
11)
: Target: 30%, and we are
currently at 28%.
• Female new hires: Target: 50%, and we are currently at 25%.
The target baseline year is 2024. We monitor these targets
through key metrics, including gender diversity in hiring and
leadership representation. In 2024, the diversity metrics
was shared at least once a month with P&O leadership
and the ELT in relation to our targets. Those metrics were
then used in internal town halls or divisional meetings to
inform the employees about the progress. The metrics are
also available for our Women Employee Resource Group
by demand. It is up to the P&O departments and the P&O
leadership team to identify lessons of improvements to reach
our diversity targets as part of their strategy building. These
targets align with our broader strategy to promote positive
impacts on our workforce while mitigating risks associated
with inequality and lack of representation.
We do not have a target related to training and skill
development. However, to track effectiveness of our
commitment to encourage development and learning
opportunities we track the completion rate of our courses.
We also follow up with employees that do not complete their
mandatory courses.
Privacy
Working with privacy and implementing measures to comply
with applicable legislation and meet the evolving regulatory
landscape is a continuous task at TOMRA. Our 2024 target
was that 100% of P&O employees had completed the
mandatory privacy eLearning training “P&O - Data Protection
and Privacy in practice.” The target was decided without
involvement of employees, following the goal of a 100%
completion rate for all mandatory courses. By end of 2024,
87% had completed the course. This target will help us reach
our policy objective that “TOMRA shall handle personal
data in a consistent and uniform manner” by training P&O
employees in our principles for how TOMRA as an employer
processes employee personal data. Baseline year is 2024,
and we anticipate that this will stand as an ongoing target in
the years to come.
ESRS S1-6 Characteristics of the undertaking’s employees
Our people data is stored in our Human Resources
Information System called TOMRA People. This system is
populated and updated by the P&O teams of each division.
The scope of our current employees includes active
employees and those who are currently on leave, while
employees who left, retired or never started their position
are excluded. TOMRA’s 5303 employees are distributed
in 43 countries, with the headquarters located in Asker.
This workforce consists of 5157 permanent, 66 temporary
employees and 80 casual employees with non-guaranteed
hours, including seasonal workers and casual employees.
Employees that are currently on parental leave are also
included. In 2024, we had a total turnover of 24% and 1283
employees left in that period. The voluntary turnover of 2024
was 12%, and 0,3% left because of retirement. Dismissal was
9%, mainly because of the improvement program in TOMRA
Food where cost savings have been realized during the year.
2% left because of an unknown reason. We do not track how
many left because of death. The turnover was calculated
by dividing the number of leavers in 2024 by the average
headcount in 2024. The average headcount was calculated
by dividing the total number of headcounts during 2024 by
12 (months). The calculation of voluntary turnover followed
the same methodology as the overall turnover calculation,
with an additional filter applied to include only terminations
where the employment relationship was ended by the
employee.
Table 4 describe the headcount characteristic of our
workforce by the end of the reporting period. The numbers
have not been validated by an external body.
Gender
Number of employees
(Headcount)
Male
4,039
Female
1,263
Other (self-reported)
1
Not Reported
0
Total employees
5,303
Country
Number of employees
(Headcount)
Germany
1,022
USA
885
Norway
528
Slovakia
490
Australia
390
China
294
Belgium
193
Netherlands
155
New Zealand
144
Canada
122
Romania
116
Ireland
76
Denmark
70
Sweden
63
Chile
58
Poland
58
Austria
57
Japan
52
Spain
50
Other
1)
480
1) All countries with a headcount under 50.
11) 'Senior Management' is defined as the TOMRA Group Leadership Team (GLT), which includes all members of the Executive Leadership Team and core functional heads. As per February 2024, the GLT consists of 47 leaders in total.
Table 4
SEARCHBROWSESTARTPAGE 88
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
2024 Female Male Other Not disclosed Total
Number of employees (headcount)
1,263 4,039 1 0 5,303
Number of permanent employees
1,219 3,937 1 0 5,157
Number of temporary employees
19 47 0 0 66
Number of non-guaranteed hours employees
25 55 0 0 80
Number of full-time employees
1,093 3,853 0 0 4,946
1)
Number of part-time employees
139 121 1 0 261
1)
1) Casual employees (non-guaranteed hours employees) are neither full-time or part time and therefore not part of the last two rows.
Americas APAC
2)
Asia EMEA
3)
Total
Number of employees (headcount)
1,110 538 376 3,279 5,303
Number of permanent employees (headcount)
1,107 437 373 3,240 5,157
Number of temporary employees (headcount)
3 21 3 39 66
Number of non-guaranteed hours employees
(headcount)
0 80 0 0 80
Number of full-time employees (headcount)
1,052 396 375 3,123 4,946
1)
Number of part-time employees (headcount)
58 48 0 155 261
1)
1) Casual employees (non-guaranteed hours employees) are neither full-time or part time and therefore not part of the last two rows.
2) APAC stands for Asia-Pacific.
3) EMEA stands for Europe, Middle East, and Africa.
ESRS S1-7 Characteristics of non-employee workers in the
undertaking’s own workforce
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
ESRS S1-9 Diversity metrics
Our employee data is stored in our Human Resources
Information System called TOMRA People. This system
is populated and updated by the People & Organization
teams of each division. The scope of our current employees
includes active employees and those who are currently on
leave, while employees who left, retired or never started
their position are excluded. In 2024, age information for 108
employees is unavailable. Consequently, these employees
were excluded from table 5. For the calculation of top
management, we counted all managers one and two levels
below the CEO. We then counted the female managers
and calculated the percentage of women in this group of
all managers. The numbers have not been validated by an
external body.
Proportion Number
Number of employees
5,303
Gender diversity
Women in top management
1)
43% 15
Distribution of employees by
age group
Under 30 years old
14% 713
Between 30-50 years old
61% 3,188
Over 50 years old
25% 1,294
1) Top management is defined as one and two levels below the CEO.
ESRS S1-13 Training and skills development metrics
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
ESRS S1-14 Health and Safety metrics
• Percentage of people in TOMRA covered by our health
and management systems: 100%.
• Number of fatalities because of work-related injuries and
work-related ill health: 0.
• Number and rate of recordable work-related accidents: 115
recordable injuries in 2024.
• Total Recordable Incident Frequency Rate is 9.66.
Calculation method is described in S1-5, page 87.
• These metrics are collected and validated internally.
The recordable incident frequency rate is normalized by
calculating the injury rate per million hours worked. This
calculation is the number of recordable injuries (115) multiplied
by 1,000,000 hours and divided by the actual number of
hours worked. The numbers have not been validated by an
external body.
We exercise the right, as per the ESRS phase-in option,
to begin reporting on the following disclosure in the
subsequent year:
• Cases of work-related ill-health and on number of days lost
to injuries, accidents, fatalities and work-related ill health.
• Reporting on non-employees.
ESRS S1-16 Compensation metrics (pay gap and total
compensation)
Our people data is stored in our Human Resources
Information System called TOMRA People. This system
is populated and updated by the People & Organization
teams of each division. The scope of our current employees
includes active employees and those who are currently on
leave, while employees who left, retired or never started
their position are excluded. To calculate the gender wage
gap, we converted all salaries from their local currency into
euro, since as of 2024, all financial figures are presented in
euro across TOMRA. Due to inaccurate salary information,
218 employees were excluded from the gender wage gap
calculation. Excluding these employees was considered the
best approach to ensure an accurate representation of the
overall situation, as they constitute only 4.1% of our workforce
and their omission is unlikely to materially affect the results.
In 2024 TOMRA had an average gender wage gap of 0,7%
across our global workforce. This figure was derived by
Table 5
SEARCHBROWSESTARTPAGE 89
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
dividing employees’ yearly salary by their annual number of
working hours, followed by dividing the average female hourly
compensation by the average male hourly compensation in euro.
In the European region, which accounts for 61% of our
workforce, the wage gap is positive at 5,7%, reflecting a
favorable position for our female employees. Similarly, in
North America, where 19% of our employees are based, the
wage gap is 1.6%. This means that for approximately 80%
of our employees, the wage gap is in favor of our female
employees. However, we acknowledge that there are
challenges in certain regions, where the wage gap ranges
from -8% to -23%. These disparities are partly due to the
underrepresentation of women in senior roles in specific
geographical areas.
To further align the regions where women are still
disadvantaged, we have implemented several initiatives
aimed at promoting pay equity and fostering an inclusive
work environment. We regularly benchmark and set
pay ranges based on relevant market data, considering
factors such as an employee’s role, experience, and
performance. Additionally, we conduct regular reviews of our
compensation practices to ensure fairness and equity across
our workforce.
Furthermore, we are committed to talent development
and growing the next generation of leaders. Our Include
(Inclusive Individual Development) program, which
will be relaunched in 2025, offers employees from
underrepresented groups the opportunity to enhance their
professional growth and leadership potential.
TOMRA’s annual total remuneration ratio is 10.2:1. The annual
total remuneration ratio compares the annual salary of the
highest-paid individual to the median annual salary for all
active and on leave employees, excluding the highest-paid
individual. The numbers have not been validated by an
external body.
SEARCHBROWSESTARTPAGE 90
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
S2 – Workers in the value chain
ESRS2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
As an industrial manufacturing company, we depend on our
supply chain to produce components for our final goods and
services to our customers. The global supply chains servicing
the industry are geographically diverse with economic and
cultural differences including labor relations, level of human
development and worldview. Our customers expect to receive
goods that have been produced in fair and humane conditions.
We take our responsibility to identify, prevent and address the
mistreatment of workers in our value chain seriously.
The materiality assessment, outlined in ESRS 2 IRO-1, page
43, identified the following material impacts, risks and
opportunities related to value chain workers:
IRO 20: Adequate wages
Potential negative impact: Wage disparities and low wages
are concerns in several industries represented in TOMRA's
value chain, including (but not limited to) the electronics
and electrical industries and especially for workers in lower
tier roles who typically receive low compensation and work
long hours. Employees may, to some extent, accept longer
working hours as this is an industry norm, especially during
critical project phases. As direct documentation in TOMRA's
value chain is challenging, the impact is considered to be
a potential impact, based on given occurrences in similar
businesses, industries and operational geographies.
IRO 21: Labor relations
Potential negative impact: Related to industry challenges
regarding social dialogue, the right to collective bargaining,
and formation of trade unions. Manufacturing industries face
systemic challenges in enforcing working time regulations,
leading to widespread instances of overwork. Also, many
countries and companies violate the right to collective
bargaining and the right to establish and form trade
unions. As direct documentation in TOMRA's value chain
is challenging, the impact is considered to be a potential
impact, based on given occurrences in similar businesses,
industries and operational geographies.
IRO 22: Health and safety
Actual negative impact: Related to industry challenges
with health and safety risks such as occupational hazards,
accidents, and exposure to dust or chemicals among
TOMRA’s suppliers and sub-suppliers. Due to lack of
transparency in the extended value chain, assumptions
are made based on industry knowledge of the sectors
and geographies represented in TOMRA’s value chain,
including (but not limited to) mining, refining, processing and
manufacturing operations in the steel, aluminum, and copper
industries. Furthermore, negative health and safety impacts
can occur in our downstream value chain when customers
are operating TOMRA equipment.
IRO 23: Diversity, equality and inclusion
Potential negative impact: Manufacturing and labor-intensive
industries tend to have homogeneous workforces. This
tendency links to the inherent nature of labor requirements
and prevailing traditional hiring methods and employment
opportunities, which may pose constraints on achieving
workforce diversity. Additionally, women in manufacturing
and manual labor industries frequently face wage gaps
compared to their male counterparts, even when performing
similar roles. While TOMRA suppliers examined as part of the
DMA clearly value a diverse workforce, the absence of data
makes it challenging to verify this commitment in practice. As
direct documentation in TOMRA's value chain is challenging,
the impact is considered a potential impact.
IRO 24: Violence and harassment
Potential negative impact: Production and manufacturing
industries are typically male dominated, which can lead
to difficult and unsafe work environments for female
employees, including gender-based harassment and
discrimination. Hostile or unwelcoming workplace cultures
can discourage women from entering or staying in these
industries, and create an environment that is less inclusive,
hindering collaboration and overall workplace satisfaction. As
direct documentation in TOMRA's value chain is challenging,
we assess this as a potential impact.
IRO 25: Child/forced labor in the Value Chain
Potential negative impact: Related to industry risk of child/
forced labor in the extraction of raw material in regions with
weak regulatory oversight. Migrant workers and workers
from communities with limited resources are often more
vulnerable to exploitation, including the risk of child labor
due to economic challenges and lack of access to education.
Child labor is not particularly common in the steel and
manufacturing industries. As direct documentation in TOMRA's
value chain is challenging, we assess this to be a potential
impact, given occurrences in similar businesses and industries.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS S2-1 Policies related to workers in the value chain
The success of our business relies on strong relationships
with suppliers who adhere to the same ethical principles
as those held by TOMRA. We set out our expectations of
our suppliers and partners in our Business Principles for
Suppliers & Partners, described in G1-1, page 97.
The Business Principles address potential risks related
to labor practices, human rights, health and safety, the
environment, and compliance matters including bribery and
corruption in the supply chain. Suppliers must comply with
international human and labor rights standards and national
laws regarding risks such as child and forced labor, working
hours, wages and benefits, and non-discrimination. The
principles explicitly include worker safety and workers’ rights.
Combined with the TOMRA Human and Labor Rights
Policy, described in G1-1, page 97, suppliers are explained
in detail on TOMRA’s expectations to suppliers and their
supply chains on specific human and labor rights including
forced labor, trafficking, and child labor. The standards in
the Business Principles and the Policy are in line with the
applicable ILO standards as well as the United Nations (UN)
Guiding Principles on Business and Human Rights. The policy
is publicly available on TOMRA.com.
Compliance with the principles, as well as the Code of
Conduct, described in G1-1, page 97, is integrated into the
standard terms and conditions set forth by TOMRA to its
suppliers. All the above-mentioned policies and principles
relate to all the impacts, risks, and opportunities presented
in this topical standard. TOMRA strives to ensure that these
terms and conditions are included in as many purchasing
contracts and agreements as possible. As such it covers
SEARCHBROWSESTARTPAGE 91
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
a large part of the value chain workers although not fully.
The policy is available at TOMRA.com and is shared with
the relevant suppliers and partners through the terms and
conditions. Where TOMRA’s standard terms and conditions
are not followed, suppliers and partners are urged to sign
the policy during the onboarding process or supply TOMRA
with their own policy covering the rights of the workers in the
value chain.
TOMRA also commits to providing a safe place for our
customers in our Health, Safety & Environment Policy,
described in S1-1, page 83, through our eight Health, Safety
and Environment principles.
No cases of non-respect of the UN Guiding Principles on
Business and Human Rights, ILO Declaration on Fundamental
Principles and Rights at Work or OECD Guidelines for
Multinational Enterprises that involve value chain workers have
been reported at TOMRA or to the company from its upstream
or downstream value chain in 2024. As no cases have been
reported, no remedy measures have been taken. In the case
of any actual adverse impact TOMRA would follow its Human
and Labor Rights Policy.
ESRS S2-2 Processes for engaging with value chain workers
about impacts
All stakeholders, including value chain workers, can raise
concerns through Notification Portal: Speak Up, detailed in
G1-1, page 97. The notification channel is open for all value
chain workers at TOMRA Notification Portal: Speak Up.
Our communication to suppliers includes global terms and
conditions based on our Code of Conduct and Business
Principles which highlight that suppliers must respect human
and labor rights. We also maintain processes to engage with
our suppliers about value chain workers' conditions and rights
(although direct value chain worker engagement or through
any proxies, is not currently implemented). Topics that have
been discussed include gender balance, compensation
and any potential challenges for workers moving from other
regions. This responsibility is managed by each division's
Operations department and its Head of Operations:
• Self-assessment form: The form requires suppliers to
answer, explain, and document relevant policies and
procedures for both the company and its suppliers. Relevant
suppliers must also confirm the existence of certain metals
and minerals, known as challenging to human rights, in their
products and production chains. Self-assessment forms
are typically performed yearly. The majority of TOMRA’s
strategic suppliers completed the self-assessment form
during 2024 and all existing contracted suppliers are
reminded of the condition of compliance with the TOMRA
Code of Conduct and Business Principles. Deviations from
TOMRA expectations are followed up in the next sections of
interaction. The Collection business division has in addition
promoted awareness of human and labor rights principles
with specific communications and forms.
• Interviews and discussion: The TOMRA business
divisions also engage suppliers in regular interviews and
discussions concerning their production, procurement,
and supply chains, related to human and labor rights. Such
supplier engagements and interactions occur frequently
across supply chain locations including Germany, Belgium,
Slovakia, Norway, and China.
• Supplier audit: Strategic suppliers are subject to physical
audits from TOMRA including senior management
interviews, documentation requests, and factory
inspections. Health and safety, labor conditions,
discrimination, and sub-suppliers are part of the audit plan
under the due diligence framework. During 2024 TOMRA
conducted supplier audits of over 60 strategic suppliers
globally in Germany, Slovakia, Poland, Sweden, and China.
• Documentation review: Documentation received from the
above interactions is carefully reviewed and confirmed
where human and labor rights issues are under discussion.
Examples include ensuring that health and safety training
is completed at site, relevant policies and procedures are
shared and explained, and information regarding sub-
suppliers is shared and analyzed.
• Third-party information check: TOMRA screens and
verifies the integrity of new suppliers through a third-
party service before entering a business relationship, and
existing suppliers are monitored through the same service.
The screening and monitoring process includes results
on sanctions, penalties and fines, and negative media
reports covering human and labor rights abuses. This is
an ongoing process that is tested by Group Compliance
and is followed up by the Board and Executive Leadership
Team on a quarterly basis.
For our customers we engage in a variety of ways to ensure
safe operation of our machines. This includes:
• Manuals and user instructions created and shared with our
customers during the installation and commissioning stage.
• Collecting customer feedback to integrate this into the
development of new product and service offerings to best
address customers’ needs.
• Site validations, where R&D engineers work with regional
engineering and service personnel to test a new offering on
a customer site in normal customer operations. This is not
only important to refine the product before a wider release
but also a critical step in training regional personnel. This
process is repeated on a smaller scale for upgrades.
• Specific training offerings for our customers, tailored to the
different roles at the customer site who may interact with
our solutions (e.g. operator, control room, maintenance).
These trainings are conducted in a TOMRA facility by
qualified technical trainers.
• Customers may contact customer service to request
support and or information concerning the functioning of
their machines. This may occur on an ad-hoc basis or as
part of a TOMRA service contract, known as TOMRA Care.
ESRS S2-3 Processes to remediate negative impacts and
channels for value chain workers to raise concerns
TOMRA recognizes its responsibilities to the communities
affected by its operations and business. This includes all
relevant human and labor rights. TOMRA has invested in
a notification portal (detailed in G1-1, page 97) on which
interested parties, external and internal, can notify the
company of concerns and complaints. The notification
channel is open to all value chain workers as concerns can
be raised with only an internet connection and an email for
further communication. Moreover, the TOMRA Human and
Labor Rights Policy (detailed in G1-1, page 97) specifically
lays out the remedy and grievance commitment and process.
No adverse human rights impacts have been reported to
TOMRA in 2024, thus no measures have been taken.
Suppliers are specifically informed of the portal and
encouraged to speak up on human and labor rights risks in
their supply chains. Group Compliance, as an independent
party, will investigate any concern or complaint reported
and where appropriate recommend remediation, including
compensation. The number of reported concerns and their
SEARCHBROWSESTARTPAGE 92
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
nature are reported internally through the compliance KPIs to
the Executive Leadership Team and the Audit & Sustainability
Committee. The company assesses awareness of the
notification portal through the type of concerns reported
and whether they are from internal or external parties. The
company works to ensure awareness of the channel as best
as possible, believing that greater awareness contributes
to increased effectiveness. The concerns reported are then
used to assess the awareness level of the workers in the
value chain.
Concerns and complaints about human labor rights may also
lead to needed changes in TOMRA’s supply chain procedures
and management. This means that procurement will be
involved in the investigation and informed of such reports
where needed to prevent or reduce the risk of future incidents.
Senior management supplies advice and guidance on such
investigations and is informed of the findings and outcomes.
Where significant harm is found TOMRA will cooperate
with the relevant stakeholders, according to international
standards and laws. Such actions’ effectiveness will be
monitored and reported internally.
Non-conformity cases may also be raised from customers
notifying TOMRA through our customer-facing organizations
(via sales representatives, customer service, project
managers, and field service engineers). The divisional head
of quality is responsible for the reporting and tracking of
non-conformities within the division. Safety and compliance
issues are escalated through line management to the Group
health and safety unit. A cross-functional task force is then
assembled as necessary to investigate root causes and
recommend a solution. In some cases, additional information
for customers is issued in the form of updated manuals and
user guides. For internal stakeholders, this is adapted also
into training and working instructions as necessary.
ESRS S2-4 Taking action on material impacts
TOMRA engages suppliers on health and safety, labor
conditions, and human rights protection in its normal course
of business. These engagements include key actions such as
supplier onboarding assessments and visits, quality control,
supplier audits at site, and management discussions to flag
risks and where applicable explicitly ask about incidents and
events and their remediation. We plan to continue to use
such interactions as our main actions in the future as well.
When actual events or significant risks are found, action is
taken with the supplier to correct and mitigate future negative
events as well as consider and provide remedy where
deemed appropriate. As each case is expected to be unique
each case would need a separate consideration and process
for remediation. Actual events, as well as risks discovered that
could potentially lead to actual events, that occurred in 2024
and further in the past include the following situations:
• Lack of policies and procedures: TOMRA verifies through
onboarding and annual self-assessment forms if suppliers
have the necessary policies and procedures in place to
protect human rights and labor conditions. When these are
missing TOMRA will ask for such policies and procedures
to be implemented. This is then tested and confirmed at
following interactions, including physical audits.
• Labor conditions and health and safety risks: TOMRA
visits the factory floors of key suppliers and performs
walk-throughs to see the operational workflow, cleanliness,
and adherence to health and safety guidelines. Found
issues, hazards etc. are communicated in writing including
expectations on improvements. Typical observations
include lack of safety equipment and medical supplies,
proper marking of safety lanes, and general clutter
in the working environment. TOMRA will document
any shortcomings and share them in writing with the
relevant suppliers, including any recommendations and
expectations to improve.
• Human rights awareness: TOMRA inquiries on procedures
to protect human rights, such as discrimination, forced
labor of undocumented workers, and community rights
to suppliers. TOMRA requests that such procedures are
implemented when needed. The results are verified at the
next checkpoint.
• Supplier risk oversight and controls: TOMRA explicitly
states in the Business Principles for Suppliers and Partners
that suppliers must manage the risk in their supply chains
to ensure that the situation for TOMRA’s sub-suppliers
is understood and managed. TOMRA questionnaires,
discussions and audits include communication on this
to understand supply chain risks. Where suppliers do
not have the appropriate level of oversight and controls,
TOMRA clarifies the commitment to the Business Principles
and suggests relevant standards and procedures.
These actions are implemented to avoid causing or
contributing to our material impacts on value chain workers.
TOMRA expects reported risks events and issues to
be closed during the next period or supplier visit and
communicates this through for instance supplier audit
reports. This is applicable for each of the four items above.
The supplier feedback on remediation plan is carefully
considered by TOMRA, particularly during supplier audits, as
sufficient or not. If not deemed sufficient TOMRA will request
additional action. The supplier feedback on remediation
plan is carefully considered by TOMRA, particularly during
supplier audits, as sufficient or not. If not deemed sufficient
TOMRA will request additional action.
Overall TOMRA actively engages with its suppliers and
supply chain to prevent incidents and mitigate the risk
for negative impact on human and labor rights. Since the
implementation of the Transparency Act, TOMRA has
increased its efforts to help suppliers implement the needed
changes for such prevention and mitigation and has shared
documentation on policies and procedures, supplier audit
forms, health and safety training, and education on human
and labor rights. In the cases where a supplier will not follow
international laws and standards, even after improvements
are suggested and assisted by TOMRA, TOMRA will sever
its relationship with the supplier pursuant with our policy of
not supporting actors who do not respect human and labor
rights. TOMRA’s own internal processes in procurement,
sales, and data usage consider human and labor rights risks
with the objective to reduce or limit such risks.
Product safety risks are managed through product
development processes and regular maintenance and
hazard reporting and tracking. Our product development
model includes risk assessment and mitigation strategies,
ensuring that projects align with business objectives and
safety standards. This documentation is produced for each
product and is updated also throughout a product’s lifecycle
should new information or risks be identified.
SEARCHBROWSESTARTPAGE 93
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
We also encourage and facilitate hazard reporting from
our field service engineers. Hazard reporting is a key
performance indicator (KPI) across TOMRA, with targets
continuously improved year on year. We also benchmark
against best practice and analyze our own safety maturity
level to ensure targets are attainable and realistic. Tracking
and assessment of the effectiveness of actions and initiatives
are done as part of the product development processes, and
audits on TOMRA’s ISO14001 and ISO9001 certifications.
We have had to take remedial action following signaling
and escalation of a safety hazard concerning TOMRA
Food’s blueberry solutions. The approach taken was to
conduct a root cause analysis of the situation based on
risk assessment, to investigate an immediate fix of how
to test the machine to see if the hazard was present. This
was communicated to customers, and any customers
who required further assistance received a scheduled
intervention to further rectify the issue.
No severe human rights issues and incidents connected to
customers have been reported in 2024. In the case of any
actual incidents the remediation efforts would be led by the
company’s Compliance function and include the relevant
procurement and sustainability team members from the
business area.
METRICS AND TARGETS
ESRS S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
At TOMRA we are continuously working to improve our supply
chain-related risk management through supplier interaction
and our own considerations. This includes how to advance
positive impacts. Setting direct targets is not yet a concluded
process. We expect any targets to be concluded and
communicated by the time TOMRA has implemented CSDDD
according to the final guidance issues by our local regulator.
Until the process is concluded we track the effectiveness of the
related policies and actions through the usage of the Speak-Up
process and the supply chain-related developments.
There are no targets set specifically for safe use of our
products; however, to track the effectiveness of our policies
and actions we track hazard reporting as a key performance
indicator (KPI) across TOMRA with targets to continuously
improve year on year.
SEARCHBROWSESTARTPAGE 94
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Governance IROs
26
27 28
29
30
Non-material topics
Governance
Impacts, risks and opportunities (IROs)
The materiality assessment outlined in ESRS 2 IRO-1, page 43 identified the following material
Governance related impacts, risks and opportunities.
The IROs are explained in more detail in connection with the disclosures.
SEARCHBROWSESTARTPAGE 95
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
G1  BUSINESS CONDUCT
Sub-topic IRO description IROs and Time
horizon
Corporate culture and
transparency
IRO 26: Corporate culture and transparency in own operations
- related to an ethical corporate culture, and compliance with
external and internal standards.
FO
MT
Political influence and
lobbying activities
IRO 27: Political Influence and lobbying activities in own operations
- related to political engagement and advocacy within the public
sphere.
PI
MT
Supplier relationship
management
IRO 28: Supplier relationship management in own operations -
related to communication with and screening of suppliers as well
as managing expectations related to environment, social and
governance issues.
FO
MT
Corruption and
bribery prevention
training
IRO 29: Corruption and bribery prevention training in own
operations - related to training of employees to prevent corruption
and bribery.
FR
MT
Whistleblowers IRO 30: Whistleblowers in own operations - related to
communication channels for and protection of whistleblowers, and
proper incident management.
FR
MT
Read more on page 97
26 2827 29 30
IROs / Time horizon:
AI
Actual Negative Impact
PI
Potential Negative Impact
FR
Financial Risk
AI
Actual Positive Impact
PI
Potential Positive Impact
FO
Financial Opportunity
ES
Entity Specific /
RP
Reporting Period
MT
Medium-Term <5y
LT
Long-Term >5y
SEARCHBROWSESTARTPAGE 96
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
G1 – Governance conduct
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
TOMRA is committed to conducting our business with
integrity and ensuring compliance according to applicable
laws and regulations as well as our Code of Conduct. We
work to ensure a strong compliance culture through regular
training and awareness raising. The materiality assessment
outlined in ESRS 2 IRO-1, page 43 identified the following
material Business Conduct-related impacts, risks and
opportunities (IROs), described below. The IROs originate
from the company’s strategy and business model as we
work to lead the resource revolution through our values
including taking responsibility for making a difference for
our customers, people, and planet. We are involved with
the IROs mainly through our activities and value chain
including creating awareness of our business and solutions,
procurement, production, sales, and service. The IROs affect
strategy and decision making through their integration into
our operational processes, ensuring alignment with our
commitment to integrity.
IRO 26: Corporate culture and transparency
Financial opportunity: Fostering a positive corporate culture
with transparent values, reporting, and business integrity
provides financial opportunities through brand reputation,
attracting sustainability-oriented talent, customers and
investors.
IRO 27: Political influence and lobbying activities
Potential positive impact: TOMRA exerts a positive influence
by constructively contributing to the development of
environmentally responsible and economically efficient
public policy, advocating for sustainable business and
consumer habits. Positive impact is potentially substantial as
political engagement can lead to significant social impact,
influencing legislation, inspiring public interest and action
towards a more sustainable future.
IRO 28: Supplier relationship management
Financial opportunity: Establishing robust supplier
engagement frameworks present financial opportunities
in the sense that this can lead to increased operational
efficiency, innovation, reduced supply chain disruptions and
risks, and lowered procurement costs.
IRO 29: Corruption and bribery prevention training
Financial risk: Financial risks may arise from not proactively
preventing and detecting corruption or bribery cases and can
negatively affect stakeholder trust and brand reputation.
IRO 30: Whistleblowers
Financial risk: Financial risks may arise from inadequate
handling and protection of whistleblowers, insufficient
policies and/or inadequate whistleblowing mechanisms.
Failure to provide effective whistleblower mechanisms could
have legal consequences, cause reputational damage and
operational disruptions. If individuals are not adequately
protected, there is a risk of legal liabilities and a decline in
employee morale.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS G1-1 Business conduct policies and corporate culture
Our approach to business conduct is anchored in our
Governance Framework which sets the standard for how we
conduct business and outlines our expectations for suppliers
and business partners. The framework incorporates anti-
bribery and anti-corruption policies which are consistent
with the United Nations Convention against Corruption.
Our flagship document is our Code of Conduct, which is
published in more than 20 languages, representing the
main languages of all the locations TOMRA has a significant
presence. All language versions of the TOMRA Code of
Conduct are available on TOMRA.com.
CODE OF CONDUCT
The TOMRA Code of Conduct presents all TOMRA
employees and relevant partners with guiding principles
and commitments to the responsibilities that TOMRA takes
in conducting its business activities with integrity and
respect for all people. It sets out ethical guidelines for how
we conduct our business. It affirms our commitment to
upholding human rights, promoting diversity and our zero
tolerance for bribery and corruption in addition to other
relevant topics. The Code also includes our responsibility to
conduct business transparently, to comply with anti-money
laundering laws, and to protect personal and company data.
It also reflects our dedication to environmental care and
our role in supporting community and economic growth,
and relates to the following IROs: Corporate culture and
transparency, corruption and bribery prevention training and
whistleblowers.
The key content and objectives of the Code are to
communicate:
• The commitment to how we do things at the company.
• The responsibilities and expectations of affected parties.
• The commitment to said parties’ rights and work environment.
• The importance of information security.
• The importance of managing third parties.
Scope of the policy is all TOMRA Group Companies and
employees, as well as anyone acting on behalf of TOMRA.
TOMRA also encourages suppliers and business partners
to follow similar principles in their own operations. The
Code relates to all our material compliance policies and
risk management and is approved by the TOMRA Board of
Directors.
The Vice President, Head of Governance, Risk, and
Compliance is responsible for the implementation and
supporting guidelines and policies. The Code is subject to
annual reviews by the TOMRA Executive Leadership Team,
who is accountable for the policy. The policy is approved by
the Board of Directors and made available for stakeholders
through our internal policy library and at TOMRA.com.
Through the Code, TOMRA commits to respecting the
United Nations Universal Declaration of Human Rights
and the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct. The Code is written with
these principles in mind to ensure as best as possible that
relevant interested parties are included.
TOMRA HUMAN AND LABOR RIGHTS POLICY
The TOMRA Human and Labor Rights Policy presents all
TOMRA companies, employees and consultants as well as
suppliers and partners with guiding principles and commitments
to the responsibilities that TOMRA takes in conducting its
business activities in respect of human and labor rights. The
policy relates to all IROs presented in this topical standard.
SEARCHBROWSESTARTPAGE 97
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 key content and objectives of the policy are to
communicate:
• The commitment to respecting human and labor rights
• The principles and scope of the policy defining the
relevant rights
• The commitment to provide remedy and grievance as
deemed necessary
Scope of the policy is all TOMRA companies, employees and
consultants as well as all suppliers and their supply chains.
The policy was adopted by TOMRA Board of Directors. The
Vice President, Head of Governance, Risk, and Compliance
is accountable for the implementation and supporting
guidelines. The policy is monitored regularly and subject to
annual reviews by the Board of Directors. The policy is made
available for stakeholders and interested parties through our
internal policy library and at TOMRA.com.
Through the policy, TOMRA commits to respecting Universal
Declaration of Human Rights, the two international covenants
on civil and political rights and economic, social, and cultural
rights, and the core conventions of the International Labor
Organization (ILO). The associated work on supply chain due
diligence is guided by the Norwegian Transparency Act of
2021 and the OECD (Organization for Economic Cooperation
and Development) Due Diligence Guidance.
The policy is written with these principles in mind to ensure
as best as possible that relevant interested parties are
included.
TOMRA BUSINESS PRINCIPLES FOR SUPPLIERS & PARTNERS
The TOMRA Business Principles for Suppliers & Partners
presents all suppliers and relevant partners with guiding
principles and commitments to the responsibilities that
TOMRA requires suppliers and partners to take in conducting
their business activities. The policy relates to the IRO
supplier relationship management.
The key content and objectives of the policy are to instruct:
• The commitment to sustainability.
• The commitment to human and labor rights.
• The commitment to health, safety, and environment.
• The commitment to compliance.
• Reporting requirements and reporting of integrity concerns.
The scope of the policy is all TOMRA Group suppliers and
business partners. The policy relates to our compliance
policies and risk management and was adopted by the
Executive Leadership Team.
The Vice President, Head of Governance, Risk, and
Compliance is accountable for the implementation and
supporting guidelines and policies. The policy is monitored
regularly by the TOMRA ELT and subject to annual reviews
by the ELT. The policy is made available to stakeholders
through our internal policy library and at TOMRA.com.
Through the policy, TOMRA commits to working with
responsible suppliers and partners that integrate the above
into their own policies, procedures, and processes including
respecting the United Nations Universal Declaration of
Human Rights and the OECD Guidelines for Multinational
Enterprises on Responsible Business Conduct. The policy
is written with these principles in mind to ensure as best as
possible that relevant interested parties are included.
TOMRA ENVIRONMENTAL POLICY
TOMRA’s Environmental Policy, described in E1-2, page 57
relates to the impact political influence and lobbying activities.
In the section “Public Policy” TOMRA commits to constructively
contribute to the development of environmental responsible
and economical efficient public policy.
We achieve this by:
• Engaging with a broad range of stakeholders, including
policymakers, industry groups, local communities, and
non-governmental organizations (NGOs) to develop and
implement effective environmental regulations.
• Working with partnerships or initiatives that will enhance
environmental awareness and protection.
• Sharing our practical experience and expertise on
solutions that exist today to reduce waste, increase
recycling, and promote circular practices.
• Ensuring that all our public policy engagements are
conducted ethically and transparently, adhering to the
highest standards of integrity and accountability.
PROMOTING A CULTURE OF INTEGRITY
TOMRA recognizes that embedding a strong ethical culture
means setting the tone from the top.
The ELT is responsible for promoting the program and to
clearly communicate the program’s importance to our way
of working and any non-negotiables. It is responsible for
the implementation of the Code of Conduct and driving a
culture of integrity. Compliance status, including KPI results,
is addressed in quarterly meetings between the compliance
department and ELT members to monitor progress made
by each division and Group functions with respect to
compliance initiatives.
BUSINESS CONDUCT TRAINING INCLUDING ANTIBRIBERY
AND CORRUPTION
All staff receives mandatory compliance online training and
must confirm at the end of the training that the relevant
policies and procedures are read and understood. The online
training follows a three-year cycle for the compliance-related
courses.
The assigned trainings include the Code of Conduct, anti-
bribery and corruption, competition law, protection of assets
and intellectual property, and trade compliance. See G1-3,
page 99 for additional details on the assignment of training.
All staff at TOMRA are assigned at least one course related
to compliance, including corruption and bribery.
Business conduct expectations, policy, and guidance are
also provided through interactive training events including
classroom and online workshops and discussions. Such
events are typically catered for top-, middle-, and lower -level
management and specialist roles such as sales, purchasing,
quality, and shipping.
WHISTLEBLOWING AND PROTECTING WHISTLEBLOWERS
We have in place a whistleblower system which can be
used by employees, customers, suppliers and any other
business associates to raise concerns about breaches of the
Code of Conduct or any other matters of financial and legal
impropriety, our TOMRA Notification Portal: Speak Up.
The system is administered on an encrypted external
platform by the Compliance department only, and all
cases are handled confidentially. The platform can be
SEARCHBROWSESTARTPAGE 98
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
accessed online directly or via a link from our internet or
intranet sites. Cases can be reported anonymously, and
all cases are investigated regardless of whether they are
reported anonymously or not. The Compliance department
is recognized as an independent party and conducts all
investigations leveraging external and internal resources
when found permissible and without interfering with the case
or the objectivity of the case handling. Reported concerns
are logged and reported by risk level, rated based on the
severity of the concern and findings, and whether they were
substantiated or not.
Whistle-blowers are protected from retaliation or
discriminatory or disciplinary action from submitting a
concern in line with EU law. This principle is repeated
throughout our key documents and communication including
our Code of Conduct, training material, and internal and
external websites. Staff members receiving relevant reports
are additionally reminded of this principle.
In 2024 all the concerns raised through the whistle-blower
system were investigated and all have been closed during
the period and communicated to the relevant parties.
ESRS G1-2 Management of relationship with suppliers
TOMRA regards suppliers as a critical stakeholder and
has stakeholder engagement and dialogue with strategic
suppliers. Our process for supplier engagement is described
in detail in S2 Workers in the Value Chain.
Our business divisions have defined procurement processes
taking social criteria into account when selecting new
suppliers. All potential suppliers must fill out an Integrity
Due Diligence (IDD) form. If there is a negative IDD check
result, the supplier is not selected for further evaluation. We
do not have a similar TOMRA Group screening routine for
environmental criteria.
ESRS G1-3 Prevention and detection of corruption and
bribery
We take a zero-tolerance approach to bribery and corruption.
This is outlined in our Code of Conduct, which is explained in
G1-1, page 97, and underlying policies and guidance.
We ask all employees, contractors and suppliers to raise
any concerns regarding bribery or corruption through a
dedicated channel within our independent whistle-blowing
system, described in G1-1, page 97. Concerns submitted
through the system are assessed by the Compliance team,
as an independent function, to determine the investigation
approach to each case according to the Code of Conduct.
The results are reported to the relevant management level
and aggregated numbers are reported on a quarterly basis
to the TOMRA Executive Leadership Team.
All relevant policies are reviewed and approved by the
Executive Leadership Team on an annual basis and changes
are reported to the Board of Directors. The Board’s Audit &
Sustainability Committee receives quarterly reports on cases
raised through the whistle-blowing system.
The relevant policies are available on the company’s intranet
and policy changes are also reported there. Staff receive
mandatory compliance online training and must confirm
at the end of the training that the relevant policies and
procedures are read and understood. The assigned training
material depends on the staff members’ role with more
training for at-risk roles, ranging from three courses on the
topic up to a more advanced level. All employees spend 45
minutes on average on the basic Anti-Bribery and Corruption
course, while higher risk roles spend another 50 minutes
on average in the additional advanced Anti-Bribery and
Corruption course. Roles related to sales and procurement
are viewed as higher risk of corruption and bribery and as
such receive the maximum amount of training. All staff at
TOMRA, including employees in administrative, management
and supervisory bodies as defined in ESRS 2 GOV-1, page
34, are assigned at least one course related to corruption
and bribery. By the end of 2024, 86,2% of the higher risk
roles had taken the advanced Anti-bribery and Corruption
course within their current compliance period. The higher
risk roles need to complete their advanced course every
three years to be compliant.
Suppliers are, as a rule of thumb, required to sign off on
the TOMRA Code of Conduct and Business Principles for
Suppliers & Partners, explained in G1-1, page 97, which
covers all pertinent details on the topic of corruption and
bribery. Additionally, we carry out numerous in-person
and workshop-based bribery and corruption discussions,
including situational dilemmas, each year for staff across our
geographical footprint.
METRICS AND TARGETS
ESRS G1-4 Incidents of Corruption and Bribery
During the Reporting period, TOMRA has not confirmed
any cases of corruption and bribery, nor has there been
confirmed any cases of convictions.
ESRS G1-5 Political influence and advocacy efforts
Through our advocacy efforts, headed by the Senior Vice-
President of Group Public Affairs, we aim to share our
practical experience and expertise on solutions that exist
today to reduce waste, increase recycling, and promote
circular practices. We support the adoption of ambitious
provisions that foster innovation, create jobs, and protect
the environment by promoting increased circularity. This
includes for example promoting the deployment of deposit
return systems, an enabling environment for reuse business
models, or further requirements on collection and sorting,
which ultimately enable the reuse/recycling of valuable
materials.
Beyond TOMRA’s material impacts, these topics are of
particular relevance from a financial risk and opportunity
perspective. As a technology provider for the collection
and sorting of waste for reuse and recycling, legislation
that promotes circularity can positively affect our revenue
streams.
At the global level, TOMRA is engaging in the UN’s
negotiations for a global legally binding instrument on plastic
pollution. In 2024, we engaged directly with negotiators
from UN members states and through organizations like
The Business Coalition for a Global Plastic Treaty, WBCSD,
ISWA and AEPW, at the two Intergovernmental Negotiation
Committee (INC) meetings on 23-29 April in Ottawa, Canada
and on 25 November – 1 December in Busan, the Republic of
Korea, and various intersessional events.
SEARCHBROWSESTARTPAGE 99
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
In the United States and Canada, our lobbying activities in
2024 have in particular focused on legislative proposals for
new EPR laws and to modernize existing deposit-return laws
as well as regulatory compliance. In that context, we engaged
with state legislatures, regulators, and stakeholders through
various channels, including providing input to consultations,
attending meetings and events, joining industry associations
and networks.
Our financial political contributions in 2024: TOMRA North
America, Inc. contributed to U.S. state political election
campaign funds for political parties and specific candidates
(campaign contributions in 2024 amounting to $13,250). All
support is registered with the relevant State regulators.
We made no other indirect, or in-kind contribution in 2024.
In 2024, our political engagement in Asia included direct
and indirect interactions with policymakers and stakeholders
across several countries. In Malaysia, the Philippines, and
Vietnam, we conducted workshops and presentations
supported by various international organizations to share
knowledge on deposit return systems. In India and China,
we engaged with policymakers at multiple levels, while in
Hong Kong, our approach involved both direct and indirect
engagements through consultants and third-party events.
In Europe, our advocacy efforts in 2024 have primarily
focused on supporting the implementation of deposit
return systems for single-use beverage containers in the
UK, Poland, and Portugal. Additionally, we have actively
participated in discussions on reuse solutions for takeaway
food and drink packaging in France and Scotland, as well
as exploring more efficient approaches to managing textile
waste in the UK and in France. These activities involved
engaging with policymakers and stakeholders across
the entire value chain through diverse channels, such as
contributing to consultations, attending meetings, and
participating in events.
At the EU level, our advocacy efforts in 2024 have focused
on the newly proposed Packaging and Packaging Waste
Regulation and the revision of the Waste Framework Directive,
with a particular focus on the management of textile waste.
We engaged with the European Commission, Parliament, and
other EU institutions via various channels, including providing
input to consultations, attending meetings and events, joining
industry associations and networks.
No appointed members of TOMRA’s administrative,
management or supervisory bodies in 2024 have held
comparable positions in public administration in the last two
years.
The company is registered in its EU Transparency
Register, (TOMRA Systems ASA), with registration number
828715012462-94.
Asker, 20 March 2025
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Erik Osmundsen
Board member
Hege Skryseth
Board member
Tove Andersen
President & CEO
Pauline Bergan
Employee elected
Kjell Korneliussen
Employee elected
Edward Palm
Employee elected
SEARCHBROWSESTARTPAGE 100
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Sustainability Auditor’s Limited
Assurance Report
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 Sustainability Auditor’s Limited Assurance Report
Limited Assurance Conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of Tomra
Systems ASA (the «Company») included in Sustainability Statement of the Board of Directors’ report (the
«Sustainability Statement»), as at 31 December 2024 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects,
in accordance with the Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the
process carried out by the Company to identify the information reported in the Sustainability
Statement (the «Process») is in accordance with the description set out in section ESRS 2 IRO-1;
and
• compliance of the disclosures in section Taxonomy report of the Sustainability Statement with
Article 8 of EU Regulation 2020/852 (the «Taxonomy Regulation»).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical
financial information («ISAE 3000 (Revised)»), issued by the International Auditing and Assurance
Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor’s
Responsibilities section of our report.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements as required by relevant laws and
regulations in Norway and the International Code of Ethics for Professional Accountants (including
International Independence Standards) issued by the International Ethics Standards Board for Accountants
(IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence
and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Other Matter
The comparative information included in the Sustainability Statement was not subject to an assurance
engagement. Our conclusion is not modified in respect of this matter.
Responsibilities for the Sustainability Statement
The Board of Directors and the Managing Director (Management) are responsible for designing and
implementing a process to identify the information reported in the Sustainability Statement in accordance
with the ESRS and for disclosing this Process in section ESRS 2 IRO-1 of the Sustainability Statement.
This responsibility includes:
2 / 4
• understanding the context in which the Group's activities and business relationships take place and
developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to
sustainability matters, as well as risks and opportunities that affect, or could reasonably be
expected to affect, the Group’s financial position, financial performance, cash flows, access to
finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with
the Norwegian Accounting Act section 2-3, including:
• compliance with the ESRS;
• preparing the disclosures in section Taxonomy report of the Sustainability Statement, in
compliance with the Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is
necessary to enable the preparation of the Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, Management is required to prepare the
forward-looking information on the basis of disclosed assumptions about events that may occur in the future
and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events
frequently do not occur as expected.
Sustainability Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and
to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence decisions of users taken on the basis of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure requirements of
the ESRS; and
• Designing and performing procedures to evaluate whether the Process is consistent with the
Company’s description of its Process set out in section ESRS 2 IRO-1.
SEARCHBROWSESTARTPAGE 101
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 / 4
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely to
arise in the Sustainability Statement. 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.
Summary of the Work Performed
A limited assurance engagement involves performing procedures to obtain evidence about the
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance that would
have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the
identification of disclosures where material misstatements are likely to arise in the Sustainability Statement,
whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management
(e.g., stakeholder engagement, business plans and strategy documents); and
o reviewing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process
implemented by the Company was consistent with the description of the Process set out in section
ESRS 2 IRO-1.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its
Sustainability Statement by:
o Obtaining an understanding of the Group’s control environment, processes, control
activities and information system relevant to the preparation of the Sustainability
Statement, but not for the purpose of providing a conclusion on the effectiveness of the
Group’s internal control; and
o Obtaining an understanding of the Group’s risk assessment process;
• Evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement is in
accordance with the ESRS;
• Performed inquiries of relevant personnel and analytical procedures on selected information in the
Sustainability Statement;
4 / 4
• Performed substantive assurance procedures on selected information in the Sustainability
Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the corresponding
disclosures in the financial statements and other sections of the Board of Directors’ report;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking
information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Sustainability Statement;
• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned
economic activities is included in the Sustainability Statement; and
• Performed inquiries of relevant personnel, analytical procedures and substantive procedures on
selected taxonomy disclosures included in the Sustainability Statement.
SEARCHBROWSESTARTPAGE 102
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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.
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 sorting, ore
sorting, digital waste management and food packaging and
processing. 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 2024, Group equity totaled EUR 636
million, up EUR 22 million from last year, with an equity ratio of
38 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 2023, an ordinary dividend of NOK 1.95 was paid out
per share. For 2024, the Board of Directors has proposed
an ordinary dividend of NOK 2.15 per share. Dividend in
percentage of EPS is 58 percent which is in line with the target
range.
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 2024 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
2025.
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 2024.
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
of June each year, with at least 21 days written notice given
to each shareholder. The 2024 General Meeting was held on
the 25th of April where shareholders could participate only
digitally since it was held as a fully digital meeting.
SEARCHBROWSESTARTPAGE 103
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 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 advance votes, proxies and instructions is 2
working days prior to the Annual General Meeting, while we
do not require up front registration for digital attendance.
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.
The Code’s recommendation is to vote separately on each
candidate nominated for election to the Board of Directors.
To secure a good Board composition the Nomination
Committee has decided that the Annual General Meeting
should vote for the Board as a collegium. 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. 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 and can be found on tomra.com.
The Nomination Committee consists of four members. 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 Nomination Committee also asks for proposals on new
candidates to the Board of Directors and the Nomination
Committee from the largest shareholders. The membership of
the committee and details of how to submit proposals for new
board members are available on TOMRA.com.
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 and employee-elected
members for two years at a time.
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
SEARCHBROWSESTARTPAGE 104
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
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 Fagerhult Group AB, where
Latour AB is the largest shareholder.
The Annual Report provides information about Board
members’ qualifications, background, share ownership,
independence, 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 notify 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 six times
a year. In 2024, seven board meetings were held, and the
attendance at the meetings was 96 percent.
The Board of Directors has established three subcommittees,
the Audit & Sustainability Committee, the Horizon 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 and can be found on Tomra.com.
Audit & Sustainability Committee
In 2024, the Audit Committee and the Sustainability
Committee merged into one Board Committee. The Audit
& Sustainability Committee supports the Board of Directors
in supervision of financial and sustainability reporting,
internal controls, compliance, and audit matters. The Audit
& Sustainability Committee also evaluates the performance
of the internal audit function, the compliance function and
information security risk.
The Audit & Sustainability Committee is chaired by Pierre
SEARCHBROWSESTARTPAGE 105
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Couderc with Bodil Sonesson, Erik Osmundsen and Pauline
Bergan as members. Erik Osmundsen fulfills the formal
requirements linked to financial expertise in the committee
and Bodil Sonesson fulfills the formal requirements linked to
sustainability expertise in the committee. The composition of
the committee complies with the requirements in the Code of
Practice for independence and competence.
The Audit & Sustainability Committee held two meetings each
before they were merged and three meetings after they were
merged during 2024. The participation rate in the meetings
was 100 percent.
Compensation & Organizational Development Committee
The Compensation & Organizational Development Committee
supports the Board of Directors in reviewing the performance
and remuneration of the President and CEO, CFO and the
Executive Leadership Team. The committee determines
TOMRA’s compensation policy and any share option
programs, bonus programs and relevant pension programs
for the 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 Hege Skryseth and Kjell
Korneliussen as members.
The committee held three meetings during the year with
100 percent participation. The composition of the committee
complies with the Code of Practice and all members are
independent of the Executive Leadership Team.
Horizon Committee
The Horizon Committee is a new committee in 2024 and
supports the Board of Directors in reviewing the strategy,
portfolio and ongoing activities of adjacent business
building. The committee monitors the strategic, financial and
operational risks and periodically review the operating model
for the adjacent business activities.
The Horizon Committee is chaired by Johan Hjertonsson with
Erik Osmundsen and Edward Palm as members.
The committee held one meeting during the year with 100
percent participation.
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 & Sustainability 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 106
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 support systems enforce
this principle. The Chart of Authority clearly describes which
matters must be dealt with by the Board of Directors, with
appropriate authorization limits.
TOMRA’s internal control framework has 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 Sustainability statement on pages 32-100.
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 TOMRA’s Group Sustainability
is responsible for the preparation of the Sustainability
Statement. They are also responsible for ensuring reporting
according to applicable laws and regulations and in
accordance with adopted accounting and sustainability
principles.
The Audit & Sustainability Committee assists the Board of
Directors in monitoring the process for identifying, evaluating,
and managing risks. The Audit & Sustainability Committee
reviews the Financial Statement, Sustainability 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 &
Sustainability 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 & Sustainability
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 and sustainability reporting process to the Audit &
Sustainability Committee.
The Audit & Sustainability Committee, on behalf of the Board
of Directors, has reviewed the effectiveness of the TOMRA’s
systems of internal control for 2024 and the period leading
up to the presentation of the 2024 financial statements and
sustainability statement.
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 2024,
available on TOMRA’s website (Annual General Meeting
documentation).
SENIOR EXECUTIVE REMUNERATION
The Compensation & Organizational Development Committee
monitors decisions and matters regarding remuneration and
terms and conditions for senior executives. The Board of
Directors annually assesses and approves 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. The guidelines have been
designed to contribute to achieving TOMRA’s long-term goals
and are available on the TOMRA website.
SEARCHBROWSESTARTPAGE 107
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Further information on remuneration to senior executives is
provided in note 4 and in the Remuneration Report 2024,
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
TOMRA recognizes the value of an open and continuous
dialogue with financial market participants and 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 strives
to provide stakeholders with timely, accurate and relevant
information. The Investor Relations policy describes the
guidelines for communication with the financial markets.
TOMRA also complies with The Oslo Børs Code of Practice
for Investor Relations and applicable rules and regulations for
listed companies.
TOMRA’s accounting and sustainability procedures are
transparent and comply with the International Financial
Reporting Standards (IFRS) and the European Sustainability
Reporting Standards (ESRS). The Audit & Sustainability
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 2025.
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 financial accounts
and Group Sustainability Statement.
The Board of Directors has delegated to the Audit &
Sustainability Committee to monitor the external auditor, and
the Audit & Sustainability 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
and sustainability reporting. This also includes a session
without the presence of TOMRA senior management.
The external auditor participates in all Audit & Sustainability
Committee meetings, and presents the audit plan, status and
result of the audit process 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 & Sustainability
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 & Sustainability Committee.
SEARCHBROWSESTARTPAGE 108
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 EUR million) Note 2024 2023
Operating revenues 1, 2
1,347.6 1,287.9
Raw materials and consumables related to goods
sold
3
543.4 522.5
Employee benefit expenses 4
432.9 437.5
Depreciation, amortization and impairment 7, 8, 9
99.6 97.0
Other operating expenses 4
115.2 130.0
Total operating expenses
1,191.1 1,187.0
Operating profit
156.5 100.9
Financial income 5
2.3 1.0
Financial expenses 5
29.4 19.1
Net financial items 5
(27.1) (18.1)
Profit from associates 10
1.7 1.9
Profit before taxes
131.1 84.7
Taxes 6
31.7 20.6
Profit for the period
99.4 64.1
Attributable to:
Shareholders of the parent
93.8 59.5
Non-controlling interest
5.6 4.6
Profit for the periods
99.4 64.1
Earnings per share. basic (EUR) 14
0.32 0.20
Earnings per share. diluted (EUR) 14
0.32 0.20
(Amounts in EUR million) 2024 2023
Profit for the period
99.4 64.1
Other comprehensive income that may be
reclassified to profit or loss
Gain/(loss) on hedge of a net investment
(7.9) (10.3)
Tax on gain/(loss) on hedge of a net investment
1.7 2.3
Foreign exchange translation differences
13.8 (10.7)
Gain/(loss) on cash flow hedges
(1.9) -
Tax on gain/(loss) on cash flow hedges
0.4 -
Change in costs of hedging
(2.4) -
Tax on change in costs of hedging
0.5 -
Other comprehensive income that will not be
reclassified to profit or loss
Remeasurement gain/(loss) on defined benefit plans
(0.3) (0.1)
Tax on remeasurement gain/(loss) on defined
benefit plans
0.1 (0.0)
Total comprehensive income for the period
103.4 45.2
Attributable to:
Shareholders of the parent company
97.1 41.2
Non-controlling interest
6.3 4.0
Total comprehensive income for the period
103.4 45.2
SEARCHBROWSESTARTPAGE 109
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Assets
(Amounts in EUR million) Note 2024 2023
Deferred tax assets 6
56.7 48.2
Goodwill 7
342.3 291.2
Development costs 7
44.5 34.3
Other intangible assets 7
31.3 6.6
Software 7
25.2 26.3
Total intangible non-current assets
443.3 358.4
Property, plant and equipment 8
143.9 109.1
Leasing equipment 8
56.3 48.9
Right of Use assets 9
154.2 127.8
Total tangible non-current assets
354.4 285.8
Investment in associates 10
11.2 10.1
Other investments
9.4 9.9
Long-term receivables 11
43.4 41.5
Total financial non-current assets
64.0 61.5
Total non-current assets
918.4 753.9
Inventory 3
225.5 237.4
Contract assets 2
19.6 9.7
Trade receivables
288.8 273.8
Other short-term receivables
84.9 87.3
Total receivables 12
373.7 361.1
Derivatives 19
0.9 3.0
Cash and cash equivalents 13
123.0 103.9
Total current assets
742.7 715.1
Total assets
1,661.1 1,469.0
Liabilities and Equity
(Amounts in EUR million) Note 2024 2023
Share capital
25.8 25.8
Treasury shares
(0.1) (0.1)
Share premium reserve
174.0 174.0
Paid-in capital
199.8 199.8
Retained earnings
403.6 390.7
Non-controlling interest
33.0 23.7
Total equity
636.4 614.2
Deferred tax liabilities 6
13.1 4.8
Pension liabilities 17
22.6 22.5
Interest-bearing liabilities 18
309.9 229.3
Long-term lease liabilities 9, 18
123.2 105.1
Other long-term liabilities 20
30.2 8.1
Total non-current liabilities
499.0 369.8
Contract liabilities 2
89.4 64.8
Derivatives 19
22.2 15.3
Interest-bearing liabilities 18
47.5 54.2
Short-term lease liabilities 9, 18
41.0 34.4
Trade payables
61.4 73.5
Income tax payable 6
20.3 15.6
Provisions 21
37.9 24.9
Other current liabilities 22
206.0 202.3
Total current liabilities
525.7 485.0
Total liabilities
1,024.7 854.8
Total liabilities and equity
1,661.1 1,469.0
Balance sheet as of 31 December
Asker, 20 March 2025
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Hege Skryseth
Board member
Erik Osmundsen
Board member
Pauline Bergan
Employee elected
Edward Palm
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 110
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 EUR million) Paid-in capital Translation reserve Hedge reserve
Retained
earnings
Total equity attributable to
the owners of the company
Non-controlling
Interest Total Equity
Balance per 1 January 2024
199.8 (12.8) 0 403.6 590.5 23.7 614.2
Profit for the period
93.8 93.8 5.6 99.4
Foreign exchange translation differences
13.1 13.1 0.7 13.8
Net gain/(loss) on hedge of a net investment
(6.2) (6.2) (6.2)
Net gain/(loss) on cash flow hedges
(1.5) (1.5) (1.5)
Net change in costs of hedging
(1.9) (1.9) (1.9)
Remeasurement gain/(loss) on defined benefit plans
(0.2) (0.2) (0.2)
Total comprehensive income for the period
0.0 6.9 (3.4) 93.5 97.1 6.3 103.4
Transactions with shareholders
Dividend to shareholders
1)
(49.8) (49.8) (49.8)
Dividend non-controlling interest
(3.5) (3.5) (4.1) (7.6)
Own shares sold to employees
0.0 3.1 3.1 3.1
Change in estimate of put/call option
(30.8) (30.8) (30.8)
Increase in non-controlling interest
0 8.3 8.3
Other changes in non-controlling interest
(3.2) (3.2) (1.2) (4.4)
Total transactions with shareholders
0 0 0 (84.2) (84.2) 3.0 (81.2)
Balance per 31 December 2024
199.8 (5.9) (3.4) 412.9 603.4 33.0 636.4
Balance per 1 January 2023
199.8 5.4 401.7 606.8 18.3 625.1
Profit for the period
59.5 59.5 4.6 64.1
Foreign exchange translation differences
(10.1) (10.1) (0.6) (10.7)
Net gain/(loss) on hedge of a net investment
(8.1) (8.1) (8.1)
Remeasurement gain/(loss) on defined benefit plans
(0.1) (0.1) (0.1)
Total comprehensive income for the period
0.0 (18.2) 59.4 41.2 4.0 45.2
Transactions with shareholders
Dividend to shareholders
(45.4) (45.4) (45.4)
Dividend non-controlling interest
(2.9) (2.9) (3.0) (5.9)
Own shares sold to employees
0 4.2 4.2 4.2
Change in estimate of put/call option
(13.4) (13.4) (13.4)
Increase in non-controlling interest
0 4.4 4.4
Total transactions with shareholders
0.0 0.0 (57.5) (57.5) 1.4 (56.1)
Balance per 31 December 2023
199.8 (12.8) 403.6 590.5 23.7 614.2
1) Dividend payment was NOK 1.95 per share in 2024, as proposed in the 2023 financial statements.
Statement of changes in equity
SEARCHBROWSESTARTPAGE 111
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 EUR million) Note 2024 2023
Cash flow from operating activities
Profit before taxes
131.1 84.7
Income taxes paid
(34.7) (36.8)
(Gains)/losses from sales of fixed assets
1.1 (0.0)
Depreciation / Amortization 7, 8
62.5 58.0
Depreciation / Amortization lease contracts 9
36.5 32.0
Impairment non-current assets 7, 8, 9
0.6 7.0
Net change in inventory
13.7 (16.5)
Net change in receivables
(17.6) (42.8)
Net change in payables
10.8 1.6
Difference between pension expense and
(1.3) 0.8
pension contribution paid
Foreign exchange rate effects
(0.3) (9.6)
Profit before tax from associated companies 10
(1.7) (1.9)
Changes in other balance sheet items
14.3 43.3
Lease interest paid 9
6.5 5.6
Interest paid 18
14.0 11.4
Net cash flow from operating activities
235.5 136.8
Cash flow from investing activities
Investments in non-current assets
(118.3) (92.9)
Proceeds from sales of non-current assets
0.9 4.5
Dividend from associated companies 10
1.3 1.0
Acquisition of associates / capital infusion 10
(1.0) (2.4)
Acquisition of subsidiary, net of cash acquired
1)
(80.6) -
Acquisition of other shares
- (10.0)
Net cash flow from investing activities
(197.7) (99.8)
Cash Flow Statement
(Amounts in EUR million) Note 2024 2023
Cash flow from financing activities
Proceeds from issuance of long-term debt 18
171.3 29.3
Repayment of long-term loans 18
(0.8) (0.1)
Net change in revolving credit facility 18
(30.2) 57.0
Net change in short-term loans and derivatives 18
(60.2) 0.8
Installments on lease liabilities 9
(36.1) (30.1)
Dividend non-controlling interest
(7.6) (5.9)
Sale of treasury shares 14
3.1 4.2
Increase in non-controlling interest
8.3 4.5
Lease interest paid 9
(6.5) (5.6)
Interest paid
(14.0) (11.4)
Dividend paid 14
(49.8) (45.4)
Net cash flow from financing activities 18
(22.5) (2.7)
Currency effect on cash
3.8 (1.7)
Net change in cash and cash equivalents
19.1 32.6
Cash and cash equivalents per 1 January 13
103.9 71.3
Cash and cash equivalents per 31 December 13
123.0 103.9
1) Acquisition of subsidiary, net of cash acquired consists of:
Acquisition of c-trace GmbH (note Business Combinations) 55,1
Exercised put/call options 21,8
Acquisition of remaining 49% of the shares in Tomra Recycling
Technology (Xiamen) Co. Ltd (CN)
3,7
80,6
SEARCHBROWSESTARTPAGE 112
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Consolidation and accounting principles TOMRA Group - IFRS
GENERAL
Business concept and customers
TOMRA Systems ASA (the “Company”) is a public company domiciled
in Asker, Norway. The registered office is Drengsrudhagen 2, Asker.
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.
The company creates and delivers sensor-based solutions that
contribute to optimal resource productivity, and that make sustainable
resource use financially profitable in the business areas of packaging,
collection, compaction, recycling, mining and food production.
TOMRA’s customers are located in all continents.
General
The consolidated financial statements of the Company for the
year ended 31 December 2024 comprise the Company and its
subsidiaries and joint ventures (together referred to as the “Group”)
and the Group’s interest in associates. The financial statements
consist of the income statement, other comprehensive income,
balance sheet, cash flow statement, statement of changes in equity
and notes to the accounts.
The financial statements were authorized for issue by the Directors on
20 March 2025 and will be presented for final approval at the general
meeting on 6 May 2025. Until the final approval by the general
meeting, the board can authorize changes to the financial statements.
Statement of compliance
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by EU, and the additional disclosure requirements of the
Norwegian accounting act as at 31 December 2024.
Change in presentation currency
TOMRA Systems ASA changes its presentation currency for the
Group financial statements from NOK to EUR in 2024. EUR reporting
aligns better with the underlying EUR exposure of TOMRA’s business
activities. The change in presentation currency implies a change in
accounting policy and has been applied retrospectively.
Income statement
The income statement for 2023 and 2024 have been consolidated
in EUR using the monthly period average rates.
Balance sheet
The balance sheet figures of current and prior year figures are
translated to EUR at the fx rate for the balance sheet date.
Share capital, treasury shares and share premium reserve
The share capital, treasury shares and share premium reserve have
been recalculated in EUR back to the implementation of IFRS in 2005
using the balance sheet date fx rate at 1 January 2005. Any changes
in 2006 – 2022 have been translated from NOK to EUR using the
average fx rate for the respective year. Changes in 2023 and 2024 are
taken into account based on the consolidation of the figures in EUR.
Retained earnings and Translation reserve
Retained earnings have been translated from NOK to EUR as of 31
December 2022 using the balance sheet date rate. The balancing
amount has been reported in translation reserve. It has been concluded
that the effect of going back further does not materially affect the
relative amounts reported in Retained earnings and Translation reserve.
Basis of preparation
The financial statements are presented in million EUR, 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.
• The carrying values of recognized interest-bearing liabilities that
are the hedged items in fair value hedge relationships, which
are otherwise carried at amortized cost, are adjusted to record
changes in the fair values attributable to the risks that are being
hedged.
• Financial liabilities recognized due to anticipated acquisitions at
the present value of the expected redemption amount.
The financial statements are prepared on a going concern basis.
The accounting policies have been applied consistently to all periods
presented in these consolidated financial statements.
The accounting policies have been applied consistently by each
Group entity.
Estimates
The preparation of financial statements in accordance with
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expense. The estimates
and associated assumptions are based on historical experience
and other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of determining
carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized
in the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future periods
if the revision affects both current and future periods. The area that
is most influenced by estimates and management judgement is the
annual impairment test of goodwill. Reference is made to note 7 for
additional information.
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and
interpretations were not effective for the year ended 31 December
2024 and have not been applied in preparing these consolidated
financial statements. Those that may be relevant to the Group are set
out below. The Group does not plan to adopt these standards early.
These will be adopted in the period that they become mandatory
unless otherwise indicated:
IFRS 18 Presentation and Disclosure in Financial Statements will
replace IAS 1 - Presentation of Financial Statements and applies for
annual reporting periods beginning on or after 1 January 2027. The
Group is in the process of assessing the impact of the new standard,
particularly with respect to the structure of the Group’s statement
of profit or loss, the statement of cash flows and the additional
disclosures required for alternative performance measures.
SEARCHBROWSESTARTPAGE 113
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Consolidated companies
The consolidated accounts include the parent company TOMRA
Systems ASA and companies in which the parent company has
control. Refer to note 23. Composition of the Group.
TOMRA owns 80% of Tomra Collection Australia Pty Ltd (Australia),
70% of Tomra Collection France SAS (France) and 80% of c-trace
GmbH (Germany). The minority owners in the respective companies
hold rights to sell their shares to TOMRA (put options) and TOMRA
holds the right to buy their shares (call options). Options for Tomra
Collection Australia Pty Ltd and for Tomra Collection France SAS are
expected to be exercised in 2025 while the option for c-trace GmbH
can be exercised as from two years after the acquisition date. The
price for the shares is determined based upon the performance of
the companies.
The anticipated acquisition method is used in presenting these
subsidiaries and the respective obligation, even though still legally
being non-controlling interests. Under this method, the interest
subject to the option is deemed to have been acquired at the date of
acquisition. Accordingly, the financial liability arising from the option
is included in the consideration transferred. Under the anticipated
acquisition method, the interests of the non-controlling shareholders
that hold the options are derecognized when the financial liability
is recognized. The financial liability is recognized at the present
value of the expected redemption amount. Changes in the carrying
amount of the liability are recognized within equity. If the option
expires unexercised, then the liability is derecognized and NCI are
recognized, consistent with a decrease in ownership interests in a
subsidiary while retaining control.
Climate Risk
In preparing the financial statements, the Directors have considered
the impact of climate change. There has been no material impact
identified on the going concern assessment and viability of the
Group and the financial reporting judgements and estimates. Whilst
there is currently no medium-term impact expected from climate
change, the Directors are aware of the ever-changing risks attached
to climate change and will regularly assess these risks against
judgements and estimates made in preparation of the Group’s
financial statements.
SEARCHBROWSESTARTPAGE 114
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Business combinations
On 24 October 2024 TOMRA Systems ASA acquired 80% of the shares and voting interests in c-trace
GmbH. c-trace, founded in 2005, offers advanced solutions that combine software and hardware modules
to digitize and improve the process for waste management operations. As municipalities and industries
increasingly seek to reduce inefficiencies and comply with stricter environmental regulations, demand for
these solutions is rising. Through its innovative solutions and strong customer base, c-trace has a leading
position in Germany, which is the largest market in Europe. Its strong focus on new AI driven capabilities
has generated market interest and is opening new market opportunities in the segment. c-trace employs
120 people and generates 80% of its sales in Germany. The Group has determined that the acquired
inputs and processes constitute a business.
For the two months ended 31 December 2024, c-trace contributed revenues of EUR 6.3 million, EBITA
of EUR 1.3 million and profit before tax of EUR 0.5 million to the Group’s results. If the acquisition had
occurred on 1 January 2024, management estimates that consolidated revenue would have been EUR
21.5 million, EBITA EUR 3.8 million and consolidated profit before tax for the year would have been
EUR -0.1 million. This is under the assumption that the fair value adjustments that arose on the date of
acquisition would have been the same if the acquisition had occurred on 1 January 2024.
Consideration transferred
The fair value of the consideration transferred at the acquisition date is as follows:
Cash consideration paid 58.9 Put/call option at expected redemption amount 21.5 Total consideration transferred 80.4
Two years from the acquisition date the minority owners in c-trace hold rights to sell their shares to
TOMRA (put options) and TOMRA holds the right to buy their shares (call options). The anticipated
acquisition method is used in presenting these subsidiaries and the respective obligation, even though
still legally being non-controlling interests. The financial liability is recognized at the present value of the
expected redemption amount and is dependent on the company performance.
ACQUISITION RELATED COSTS
The Group incurred acquisition related costs of EUR 0.7 million on legal fees, insurance and due diligence
costs. These costs have been included in operating expenses.
Identifiable assets acquired and liabilities assumed
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the
date of acquisition.
(Amounts in EUR million) Fair valueOther intangible assets 27.5 Right of Use assets 4.3 Tangible non-current assets 0.9 Inventories 2.2 Receivables 3.2 Cash and cash equivalents 3.8 Deferred tax liabilities(8.3) Leasing liabilities(4.3)Non-interest bearing liabilities(3.4)Total identifiable net assets acquired 25.9
Measurement of fair values
Intangible assets consist mainly of Technology and Customer relationships. The valuation techniques
used for measuring the fair value of intangible assets was Relief-from-royalty and Multi-period excess
earnings method. The relief-from-royalty method considers the discounted estimated royalty payments
that are expected to be avoided as a result of the technology being owned. The multi-period excess
earnings method considers the present value of net cash flows expected to be generated by the
customer relationships, by excluding any cash flows related to contributory assets.
If new information obtained within one year of the date of acquisition about facts and circumstances
that existed at the date of acquisition identifies adjustments to the above amounts, or any additional
provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.
Goodwill
Goodwill arising from the acquisition on a 100% share basis has been recognized as follows:
Consideration transferred 80.4 Fair value of identifiable net assets(25.9)Goodwill 54.5
The goodwill is attributable mainly to the growth and synergy potentials as well as to the skills and
technical talent of c-trace workforce.
Cash flow effect
The cash flow effect from the acquisition of c-trace GmbH is as follows:
Cash consideration paid 58.9 Cash acquired(3.8)Acquisition of a subsidiary, net of cash acquired 55.1
Notes TOMRA Group
SEARCHBROWSESTARTPAGE 115
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 1 Segment information
TOMRA has four operating segments; TOMRA Collection, TOMRA Recycling, TOMRA Food and TOMRA
Horizon reporting to the Chief operating decision maker which is the CEO.
TOMRA Collection:
Reverse Vending is a provider of Reverse Vending Machines (RVMs) and related data management systems.
Material Recovery is a provider of pick-up, transportation and processing services of empty beverage
containers on behalf of beverage producers/fillers on the US East Coast and in Canada. In addition the
segment generates commodity revenues from the sale of collected materials.
Reverse vending and Material recovery are separate activities within the operating segment TOMRA
Collection. The reporting to the chief operating decision maker is at the level of TOMRA Collection.
TOMRA Recycling is a provider of advanced optical sorting systems to the Recycling industry.
TOMRA Food is a provider of advanced optical sorting systems to the Food industry.
TOMRA Horizon explores adjacent business opportunities and consist currently of TOMRA Feedstock,
TOMRA Reuse, TOMRA Textiles and Digital waste management.
Group Functions consists of corporate functions at TOMRA Group.
Segment information 2024
Group (Amounts in EUR million) Collection Recycling Food HorizonFunctions TotalNorthern Europe 98.0 4.7 3.8 0.6 107.1 1)Rest of Europe 373.6 151.1 93.3 6.8 (9.6) 615.2 2)North America 201.5 51.2 117.4 370.1 South America 0.1 4.6 22.6 27.3 Asia 12.5 37.2 38.1 87.8 Oceania 87.4 6.6 24.9 118.9 Africa 10.4 10.8 21.2 3)Operating revenues 773.1 265.8 310.9 7.4 (9.6) 1,347.6 Depreciation and 56.3 9.2 12.9 1.0 0.9 80.3 impairment4)Other operating expenses 586.3 196.4 282.6 13.7 12.6 1,091.6 EBITA 130.4 60.3 15.5 (7.4) (23.1) 175.7 - in %17% 23% 5% -100% 13%Amortizations 8.5 3.5 5.8 0.9 18.7 Impairment of intangible 0.3 0.3 0.6 assetsEBIT (operating profit) 122.0 56.5 9.4 (8.3) (23.1) 156.5 - in %16% 21% 3% -111% 12%5) 629.9 360.8 322.1 167.6 180.6 1,661.1 AssetsLiabilities 326.4 88.4 147.5 27.3 435.1 1,024.7 Investments in joint ventures and associates 10.0 1.3 11.2 Share of profit of joint ventures and associates 1.7 0.0 1.7 Investments 58.1 10.9 12.3 37.0 118.3
SEARCHBROWSESTARTPAGE 116
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Segment information 2023
Group (Amounts in EUR million) Collection Recycling Food HorizonFunctions TotalNorthern Europe 98.3 7.3 2.1 0.1 107.8 1)Rest of Europe 334.8 135.8 89.8 0.7 561.1 2)North America 188.9 49.7 112.9 351.5 South America 0.2 10.4 20.5 31.1 Asia 6.2 40.4 36.8 83.4 Oceania 69.0 14.6 41.4 125.0 Africa 11.9 16.1 28.0 3)Operating revenues 697.4 270.1 319.6 0.8 - 1,287.9 Depreciation and 49.6 8.1 19.9 1.4 78.9 impairment4)Other operating expenses 532.6 200.4 316.8 9.0 31.1 1,089.9 EBITA 115.2 61.6 (17.1 ) (8.2) (32.5) 119.0 - in %17% 23% (5%) (995%) 9%Amortizations 8.2 2.7 5.6 16.5 Impairment of intangible 1.5 1.5 assetsEBIT (operating profit) 107.0 58.9 (24.2) (8.2) (32.5) 100.9 - in %15% 22% (8%) (995%) 8%5)Assets 649.1 327.1 313.1 27.4 152.3 1,469.0 Liabilities 324.6 79.1 130.5 1.4 319.2 854.8 Investments in joint 9.0 1.1 10.1 ventures and associatesShare of profit of joint 1.9 1.9 ventures and associatesInvestments 58.3 5.4 10.5 18.8 92.9
1) Includes revenues from Germany of EUR 181 million in 2024 (EUR 191 million in 2023). The Group has no customers which individually
contribute 10% or more of the Group’s revenues.
2) Includes revenues from USA of EUR 317 million in 2024 (EUR 297 million in 2023).
3) Segment revenues from transactions between the business areas are eliminated in Group functions.
4) There are no significant non-cash expenses.
5) EUR 182 million of the assets was located in Norway in 2024 (EUR 148 million in 2023). Assets and liabilities are distributed to the different
reporting segments. Cash, tax positions, and interest-bearing debt (not including IFRS 16 lease liabilities) are allocated to Group Functions.
Note 2 Revenues
ACCOUNTING PRINCIPLE
Revenue is measured based on the consideration specified in the contract with a customer. TOMRA
Group recognizes revenue when it transfers control over a product or service to a customer.
The Group comprises four revenue streams and operates on all continents. Payment terms differ both
between and within the business streams as well as geographically, and include prepayments, progress
payments and credit payments (normally not longer than 90 days).
TOMRA Collection principally generates revenue from the sale or lease of Reverse Vending Machines
(RVMs) including installation and sale of service on the RVMs. RVMs and service may be sold separately
or in bundled packages.
TOMRA Recycling and TOMRA Food principally generate revenue from sale and installation of sorters and
sale of service on the sorters.
TOMRA Horizon generates revenues from the sale of hardware and software, trade of commodities and
sale of services.
SALES AND INSTALLATION OF RVMS AND SORTERS
Sale of the machine and service may be sold separately or in bundled packages. If the sale of the
machine, freight, installation, and service are sold as one contract, the transaction price is allocated to
the performance obligations: 1) sale of the machine, incl freight and installation and 2) sale of the service
contract. The consideration is allocated based on their standalone selling prices. Any discounts are
allocated between the different performance obligations if they are not specified in the contract.
For the sale and installation of RVMs and Sorters, revenue is recognized when the customer obtains
control over the machine. TOMRA’s assessment is that the customer obtains control over the RVM/Sorter
when it is delivered, and revenue is recognized at that point in time.
For some Recycling and Food projects machines are built to a specific customer order or built only for one
specific customer to use. These machines have no alternative use for TOMRA and there is an enforceable
right to payment (incl. mark-up) for performance completed to date. The revenue is recognized over time
as the performance obligation is satisfied. TOMRA uses an input method by measuring the value to the
customer transferred to date. The progress is assessed by reference to work performed and cost incurred
relative to expected total production costs.
Contract expenses are recognized as incurred unless they create an asset related to future contract
activity. An expected loss on a contract is recognized immediately in profit or loss.
SERVICE REVENUES
TOMRA sells both ad-hoc service and service contracts. For ad-hoc service, revenue is recognized at
a point in time when the service is performed. For service contracts, revenue is recognized over the
contract period, since it is considered a performance obligation satisfied over time where the customer
simultaneously receives and consumes the benefits.
SEARCHBROWSESTARTPAGE 117
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
THROUGHPUT REVENUES AND LEASE OF RVMS / SORTERS
Leases where TOMRA Group is a lessor are classified as either finance or operating leases.
Lease contracts where TOMRA Group does not transfer substantially all the risks and rewards of the asset
are classified as operating leases. Rental income is recognized as revenue on a straight-line basis over
the lease term or another systematic basis in the Income statement. For throughput leases, revenue is
recognized based on actual throughput every month.
Lease contracts where substantially all the risks and rewards are transferred are classified as finance
leases. Revenue is recognized at a point in time when the customer obtains control over the machine
along with the accompanying receivable. The cost of the RVM/sorter is derecognized from inventory and
recognized as Costs of goods sold.
MATERIAL RECOVERY
Revenue from material recovery consists of pick-up, transportation and processing of empty beverage
containers on the East Coast of the United States and in Canada. Revenue recognized from processing
and handling is based on the number of containers collected and processed.
Commodity revenues consist of the sale of collected materials including alumina, plastic, and glass.
Commodity revenues are recognized when the materials are sold, and the customer obtains control over
the goods.
FINANCING COMPONENT
Very few contracts are sold with payments terms exceeding one year, and the finance component of these
contracts is considered immaterial.
TOMRA has no other material obligations for returns, refunds or similar.
Disaggregated revenues 2024
In the following table, revenue is disaggregated by category.
Group(Amounts in EUR million) Collection Recycling Food Horizonfunctions TotalSale of equipment346.9 208.2 209.3 3.1 (9.5) 758.0Software and service 149.4 56.4 97.0 4.3 (0.1) 307.0revenuesLease of equipment157.9 1.2 4.6 163.7Material Recovery118.9 118.9Operating revenues773.1 265.8 310.9 7.4 (9.6) 1,347.6
Disaggregated revenues 2023
Group(Amounts in EUR million) Collection Recycling Food Horizonfunctions TotalSale of equipment306.5 217.8 225.7 0.8 750.8Software and service 135.6 50.5 88.9 275.0revenuesLease of equipment134.7 1.8 5.0 141.5Material Recovery120.6 120.6Operating revenues697.4 270.1 319.6 0.8 0.0 1,287.9
Contract balances
(Amounts in EUR million) 2024 2023Receivables from sales/contracts, included in receivables 259.1 252.7 Contract assets 19.6 9.7 Contract liabilities 89.4 64.8
Contract assets are limited and refer mainly to sorting equipment developed and manufactured to order
with revenue recognition over time in accordance with the percentage of completion method. The
balance shows the Group’s right to consideration for work completed but not invoiced at the reporting
date. The opening balance is normally transferred to receivables during the year and contract assets are
increased by new contracts.
The contract liabilities primarily relate to the advance consideration received from customers for service
contracts and sale of sorters where up front payments are common practice. The opening balance is
normally transferred to revenues during the year and contract liabilities are increased by new advances
from customers.
TRANSACTION PRICE ALLOCATED TO THE REMAINING PERFORMANCE OBLIGATIONS
(Amounts in EUR million) 2025 2026 2027 TotalRevenues from sale of Sorters 210.4 3.8 0.9 215.1
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information
about remaining performance obligations that have original expected durations of one year or less.
SEARCHBROWSESTARTPAGE 118
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Inventory/raw materials and consumables used
ACCOUNTING PRINCIPLE
Inventory
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 related to goods sold
(Amounts in EUR million) 2024 2023Raw materials and consumables purchased 531.5 534.5 Change in inventory 11.9 (12.0)Raw materials and consumables related to goods sold 543.4 522.5
Change in inventory include an adjustment for obsolescence of EUR 1.8 million (2023: EUR 3.1 million).
Inventory
(Amounts in EUR million) 2024 2023Raw materials72.4 85.3 Commodities1.4 0.1 Work in progress14.1 4.4 Finished goods64.2 74.7 Spare parts73.4 72.9 Total inventory225.5 237.4
Inventories are not subject to retention of title clauses.
Note 4 Employee benefit expenses / remuneration of executive
management and the board / auditors’ remuneration
ACCOUNTING PRINCIPLE
Salaries and other personnel expenses represent expenses associated with the remuneration of
personnel employed by the Group.
Employee benefit expenses
(Amounts in EUR million) 2024 2023Salaries 342.7 356.2 Social security tax 48.9 42.2 Pension - Defined benefit plan 1.5 2.1 Pension - Defined contribution plan 12.1 9.4 1)Other labor costs 27.8 27.6 Total employee benefit expenses 432.9 437.5
Number of man-years 5,144 5,184
1) Other labor costs mainly consist of social expenses, meetings, training, recruiting and similar.
The Norwegian companies within the TOMRA Group use bank guarantees instead of restricted bank
accounts for employee tax deductions.
Executive Leadership remuneration and Board of Directors’ compensation
Other members of the Executive Leadership 1)CEOTeamTotal(Amounts in EUR thousands)2024 2023 2024 2023 2024 2023Salary 488 473 1,804 1,646 2,292 2,119 Variable salary 585 609 1,881 1,591 2,467 2,201 Pension 97 94 312 517 409 610 PremiumsOther benefits 44 50 281 1 190 326 1 240 Total 1,214 1,226 4,279 4,945 5,493 6,170
1) Pension premiums and Other benefits for 2023 are corrected for defined benefit pension plan and related gross up of taxes.
SEARCHBROWSESTARTPAGE 119
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 remuneration and Board of Directors’ compensation cont.
(Amounts in EUR thousands) 2024 2023Fees to Board of Directors 429 392
Further information on Remuneration to Executive Leadership and Board members is provided in the
Remuneration report 2024, available on TOMRA’s website (Annual General Meeting documentation).
Auditors’ remuneration
(Amounts in EUR million) 2024 2023Audit of financial statements 2.0 1.8 Attestation of sustainability statements 0.1 - Other attestation services 0.1 - Tax consulting 1.1 0.4 Other services 1.1 1.0 Total 4.3 3.2
In 2024 TOMRA paid PwC EUR 1.3 million in audit fees, EUR 0.1 million in sustainability attestation fees,
EUR 0.1 million in tax consulting and EUR 0.1 million for other services.
Note 5 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.
Net financial items
(Amounts in EUR million) 2024 2023Interest income2.3 1.0 Total financial income2.3 1.0 Interest expenses15.7 10.0 Lease interest expenses6.5 5.6 Other financial expenses3.4 2.6 Foreign exchange loss 3.8 0.9 Total financial expenses29.4 19.1 Net financial items (27.1) (18.1)
Note 6 Taxes
ACCOUNTING PRINCIPLE
The tax charge in the income statement 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 timing differences and losses carried forward under the
liability method.
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is
no longer probable that the related tax benefit will be realized.
Tax expense
(Amounts in EUR million) 2024 2023Taxes payable39.1 35.7 Tax effect of OCI items2.8 2.3 Net change in deferred taxes(10.2) (17.4)Tax expense31.7 20.6
Effective tax rateTaxes based upon Norwegian tax rates28.8 22.0% 18.6 22.0%Tax effect from deviation between local and Norwegian tax rates 1.4 1.1% 0.6 0.7%Change in unrecognized deferred tax assets1.4 1.1% 1.2 1.4%Other0.0 0.0% 0.2 0.2%Actual tax expense31.7 24.2% 20.6 24.3%
SEARCHBROWSESTARTPAGE 120
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Deferred tax assets and liabilities are presented using the tax rate of the applicable jurisdiction applied to
amounts representing future tax deductions or taxes payable and consist of the following as of 31 December.
Deferred tax assets and liabilities
Intangible non-Tangible non-current Tax losses carried (Amounts in EUR million) Inventory Other current assetscurrent assetsassetsforward Other TotalBalance at 1 January 202417.9 8.7 (2.9) (4.4) 1.7 16.0 43.4 Changes in deferred tax1.0 2.8 0.6 3.1 0.5 2.2 10.2 Effect of business combinations(8.3) (8.3)Foreign exchange translation differences(0.7) 0.2 (0.3) (0.3) (0.4) (0.2) (1.7)Balance at 31 December 202418.2 11.7 (10.9) (1.6) 8.2 18.0 43.6 Balance at 1 January 202318.2 6.4 (4.4) (7.1) 0.2 13.3 26.5 Changes in deferred tax0.7 2.6 1.3 2.0 7.9 3.0 17.4 Foreign exchange translation differences(0.9) (0.3) 0.2 0.7 (0.0) (0.3) (0.6)Balance at 31 December 202317.9 8.7 (2.9) (4.4) 8.1 16.0 43.4 Of which presented as deferred tax assets 31 December 2024 56.7 Of which presented as deferred tax liability 31 December 2024 13.1 Of which presented as deferred tax assets 31 December 2023 48.2 Of which presented as deferred tax liability 31 December 2023 4.8
Negative and positive timing differences, which reverse or may reverse in the same period, are offset.
Deferred taxes are calculated on the basis of timing differences and losses carried forward that are offset.
Timing differences between different subsidiaries have not been offset. During the period that these
differences reverse, the companies will have a taxable net income that is sufficient to realize the deferred
tax allowance. The losses carried forward are all in countries where future taxable profits are expected.
Unrecognized deferred tax assets as of 31 December 2024 amount to 2.6 MEUR (2023: 1.2 MEUR).
PILLAR TWO
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where TOMRA
operates. The legislation is effective for TOMRA from January 1, 2024. The Group has performed an
assessment of the potential exposure to Pillar Two income taxes. Based on the assessment, the Pillar Two
effective tax rates in most of the jurisdictions in which TOMRA operates are above 15%. However, there
are a limited number of jurisdictions where the transitional safe harbor relief does not apply, and the Pillar
Two effective tax rate is below 15%. The Group estimates a maximum of EUR 0.4 million for expected Pillar
Two income taxes in these jurisdictions in 2024.
SEARCHBROWSESTARTPAGE 121
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Intangible assets
ACCOUNTING PRINCIPLE
Intangible assets are stated at cost less accumulated amortization and impairment losses.
Goodwill
Goodwill represents amounts arising on acquisition of subsidiaries.
Development costs
Development costs comprise mainly salaries to engineers and parts utilized in development projects
related to new sorters and reverse vending machines.
Other intangibles
Other intangibles comprise patents, customer relationships, and agent network from business
combinations.
Software
Software consists of investments in ERP and CRM systems.
Intangible assets
Develop-1)(Amounts in EUR million) Goodwillment costsOther Software TotalCostBalance at 1 January 2024309.6 111.0 69.5 85.0 575.1 Acquisitions through business combinations 54.5 0.8 26.9 0.2 82.4 Other acquisitions / internally developed 20.3 0.2 7.0 27.5 Disposals(0.7) (0.6) (1.2) (2.5)Foreign exchange translation differences (3.1) (3.7) 0.7 (1.6) (7.7)Balance at 31 December 2024361.1 127.7 96.7 89.4 674.8 Balance at 1 January 2023315.6 99.1 70.0 80.8 565.4 Other acquisitions / internally developed 13.8 2.7 8.1 24.6 Disposals(1.8) (0.5) (2.2)Foreign exchange translation differences (6.0) (1.9) (1.4) (3.4) (12.7)Balance at 31 December 2023309.6 111.0 69.5 85.0 575.1
Develop-1)(Amounts in EUR million) Goodwillment costsOther Software TotalAmortization and impairment lossesBalance at 1 January 202418.4 76.7 62.9 58.7 216.7 Acquisitions through business combinations 0.1 0.2 0.3 Amortization charge for the year 9.4 2.2 7.1 18.7 Impairment losses0.3 0.3 0.6 Disposals(0.7) (0.4) (1.2) (2.3)Foreign exchange translation differences 0.4 (2.5) 0.6 (0.9) (2.4)Balance at 31 December 202418.8 83.2 65.4 64.2 231.6 Balance at 1 January 202319.3 68.8 63.1 54.2 205.4 Amortization charge for the year 7.1 2.3 7.3 16.6 Impairment losses1.5 1.5 Disposals(1.3) (0.1) (1.5)Foreign exchange translation differences (0.9) (0.7) (1.2) (2.6) (5.4)Balance at 31 December 202318.4 76.7 62.9 58.7 216.7 Useful lifeIndefinite 5-7 yrs 3-20 yrs 3-10 yrsCarrying amounts31 December 2024342.3 44.5 31.3 25.2 443.3 31 December 2023291.2 34.3 6.6 26.3 358.4
1) The carrying amount at 31 December 2024 was EUR 5.8 million for TOMRA Recycling, EUR 11.8 million for TOMRA Food, EUR 24.5 million
for TOMRA Collection and EUR 2.3 million for TOMRA Horizon.
RESEARCH AND DEVELOPMENT EXPENSE
Research and development costs of EUR 34.3 million have been recognized as an expense (2023: EUR
47.0 million) and EUR 20.3 million have been capitalized (2023: EUR 13.8 million).
The research and development costs consist of time and material consumed on R&D projects in addition
to an estimated overhead.
SEARCHBROWSESTARTPAGE 122
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
IMPAIRMENT TESTS FOR CASH GENERATING UNITS CONTAINING GOODWILL
The following units have significant carrying amounts of goodwill (each area may comprise several CGUs,
impairment tests are performed at CGU level):
(Amounts in EUR million) 2024 2023TOMRA Collection - Reverse vending26.5 26.2 - Material recovery12.3 11.6 TOMRA Recycling155.3 156.1 TOMRA Food93.7 97.3 TOMRA Horizon54.5 -Total342.3 291.2
TOMRA tests goodwill and other intangible assets with indefinite useful life annually or more frequently
if there are impairment indicators. As of 31 December 2024, the Group had no intangible assets with
indefinite useful life, other than goodwill. The recoverable amount of the cash-generating units (CGUs)
is based on value in use calculations. These calculations use cash flow projections based on actual
operating results (EBITA) and a five-year business plan including a residual value. The exchange rates
used reflect the actual exchange rate at the balance sheet date.
Significant assumptions
Based on an overall assessment, TOMRA has identified the following assumptions as most sensitive to
the value in use calculations.
Growth rate
TOMRA has experienced significant growth for several years, Food, Recycling and the Collection segment
have grown revenues organically by on average 10 percent per year over the last 5 years, excluding
acquisitions. In prediction of cash flows, management has utilized a conservative approach whereby the
growth used in the impairment tests is significantly lower than those experienced historically and those
that have been utilized in the strategic plan. The growth in the terminal year is set to be between 1.0 and
2.0 percent in the analysis.
Operating profit (EBITA)
The future operating profit is dependent on a number of factors, but primarily volumes/market growth,
and operating expenses/production costs. In the impairment tests, TOMRA has estimated EBITA based
on management’s experience, expectations of future market development and implemented cost saving
initiatives.
Discount rates
The discount rates are based on the Weighted Average Cost of Capital (WACC) formula derived from the
CAPM model. The WACC has been calculated individually for each CGU and rates of 8.5 percent to 9.5
percent after tax have been applied for the different CGUs.
Capital expenditure and capital employed
Capital employed is generally assumed to develop in line with revenues, and sales prices are in general
assumed to be stable, following inflation. Capital expenditure is generally equal to depreciation in the
calculation of terminal value as it is assumed depreciation equals capital expenditure in the long run.
Below is a description of the different cash generating units and considerations around the impairment tests.
TOMRA COLLECTION
Reverse Vending
The CGU comprises the development, production, sales and service of reverse vending machines and
related data management systems in deposit markets mainly in Europa, USA and Australia. The main
customer group is food retail chains. With a high market share and significant service business, the
business segment represents a steady recurring cashflow, with limited risk, as TOMRA has been the
global market leader in this segment for more than 50 years. CGUs are identified on a country-by-country
basis. Terminal growth rate is assumed to be 1.5 percent, and a WACC of 8.5 percent has been utilized.
Material Recovery
The CGU comprises the pick-up, transportation and processing of empty beverage containers on behalf
of beverage producers/fillers on the US East Coast and in Canada. The activity in the business area
mirrors the drinking consumption in the US deposit states, which is usually stable year over year. TOMRA
is the market leader in this business area in regions where it is present, and has been so for over 20
years. CGUs are identified on a country-by-country basis. Terminal growth rate is assumed to be 1.0
percent, and a WACC of 8.5 percent has been utilized.
TOMRA FOOD
In the food segment, the customers are the fresh and processed food industries. TOMRA is the global
market leader in sorting mid-sized objects. With main customers being food producing companies, the
overall cyclicality in the segment is limited, due to the global dependency on a steady stream of food.
Recurring revenues are about 30% of total revenues. The medium to long-term outlook remains positive
as access to labor, higher labor costs and increased quality and safety requirements are driving the need
to automate food processing. TOMRA Food consist of one CGU. A terminal growth of 2.0 percent and a
WACC of 9.5 percent has been used for TOMRA Food.
TOMRA RECYCLING
The business segment comprises the development, production, sale and service of sorting and
processing technology for customers in the recycling and ore sorting industry.
In the recycling business, the customers are waste management companies or plant builders operating on
behalf of them, where TOMRA provides sorting systems for waste and metal material streams. TOMRA is
the global market leader in the segment and has been so for more than 10 years. The demand for circular
solutions, driven by consumer expectations, regulatory requirements, and sustainability commitments
from the industry, will continue to create opportunities. The business segment experiences some
cyclicality due to fluctuations in material prices.
In the ore sorting business, the customers are mining companies, where TOMRA provides ore sorting
sensors. Current penetration in the mining industry is more limited, but with solid potential, as the
acceptance of optical sorting solutions is increasing within the industry.
TOMRA Recycling consist of one CGU. A terminal growth of 2.0 percent and a WACC of 9.0 percent has
been applied for TOMRA Recycling.
SEARCHBROWSESTARTPAGE 123
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Sensitivity analysis
In connection with the impairment testing of CGUs containing goodwill, a sensitivity analysis has been
performed. A reasonably possible change in key assumptions on which management has based its
determination of the unit’s recoverable amount would not cause the unit’s carrying amount to exceed
its recoverable amount. Neither an interest rate increase of 2 percentage points, nor a reduction in
forecasted cashflow of 10 percent would trigger a write-down of goodwill.
SEARCHBROWSESTARTPAGE 124
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 8 Property, plant and equipment
ACCOUNTING PRINCIPLE
Items of property, plant and equipment are measured at cost, less accumulated depreciation and accumulated impairment losses.
Property, plant and equipment
1)(Amounts in EUR million) Land & BuildingsMachinery & Fixtures Vehicles Leasing Equipment Assets in Progress TotalCostBalance at 1 January 202459.8 150.4 28.1 154.7 22.5 415.5 Acquisitions through business combinations1.6 0.5 2.1 Other acquisitions1.8 24.7 1.8 26.4 36.0 90.7 3)Disposals(0.7) (9.2) (1.6) (10.1) (0.5) (22.1)Reclassifications5.1 (5.1) 0.0 Foreign exchange translation differences0.2 1.6 1.3 1.8 (0.4) 4.5 Balance at 31 December 202461.1 169.1 30.1 177.9 52.5 490.7 Balance at 1 January 202357.9 147.8 27.9 141.0 0.0 374.6 Acquisitions through business combinationsOther acquisitions3.1 16.1 2.5 24.4 22.2 68.3 3)Disposals(0.3) (9.6) (1.4) (8.6) (19.9)Foreign exchange translation differences(0.9) (3.9) (0.9) (2.1) 0.3 (7.5)Balance at 31 December 202359.8 150.4 28.1 154.7 22.5 415.5 Depreciation and impairment lossesBalance at 1 January 202433.7 98.4 19.5 105.8 257.5 Acquisitions through business combinations1.3 0.2 1.5 2)Depreciation charge for the year3.9 16.2 2.8 20.9 43.8 3)Disposals(0.7) (7.6) (1.4) (6.9) (16.6)Foreign exchange translation differences0.2 1.3 1.1 1.7 4.3 Balance at 31 December 202437.1 109.6 22.2 121.6 290.5 Balance at 1 January 202330.2 93.3 18.7 95.5 237.7 2)Depreciation charge for the year4.1 15.5 2.6 19.2 41.4 3)Disposals(0.3) (7.8) (1.2) (6.4) (15.7)Foreign exchange translation differences(0.3) (2.6) (0.6) (2.5) (5.9)Balance at 31 December 202333.7 98.4 19.5 105.8 257.5
SEARCHBROWSESTARTPAGE 125
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
1)(Amounts in EUR million) Land & BuildingsMachinery & Fixtures Vehicles Leasing Equipment Assets in Progress TotalUseful life25-50 yrs 3-10 yrs 3-7 yrs 5-10 yrsCarrying amounts31 December 202424.0 59.5 7.9 56.3 52.5 200.2 31 December 202326.1 52.0 8.6 48.9 22.5 158.0
1) Including land of EUR 3.6 million as of 31 December 2024.
2) All depreciation plans are linear.
3) Disposals include machines either sold, scrapped or transferred to inventory.
LEASING EQUIPMENT
The companies within TOMRA Group had 5,870 reverse vending machines and 125 sorters leased to
customers at the end of 2024.
The table below shows the minimum leasing income from today’s lease portfolio. In addition to this
income, TOMRA will receive income from material handling, service contracts etc.
Minimum lease income from operating leasing equipment
2024 2023Less than 1 year16.3 12.4 1-2 years13.3 10.1 2-3 years10.2 7.5 3-4 years6.6 5.1 4-5 years3.9 2.7 Over 5 years2.4 1.7
Income from throughput revenues in Australia, Estonia, Latvia and Lithuania is not included, as payments
are variable.
SEARCHBROWSESTARTPAGE 126
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Leasing
ACCOUNTING PRINCIPLE
Short-term leases and leases of low-value assets
TOMRA Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases
that have a lease term of 12 months or less and leases of low-value assets. For identifying items of low
value, USD 5,000 has been used as a starting point. Small items such as coffee machines, laptops and
small items of office furniture have also been excluded. TOMRA Group recognizes the lease payments
associated with these leases as an expense on a straight-line basis over the lease term.
The TOMRA Group mainly leases properties, land and cars. Rental contracts are typically made for fixed
periods of 1 to 15 years but may have extension options. Lease terms are negotiated on an individual
basis and contain a wide range of different terms and conditions. For lease of vehicles TOMRA have used
the practical expedient to not separate non-lease components like service of the vehicles from lease
components.
The lease discounting rates are based on currency swap rates at year end for 3, 5, 7 and 10 years for all
currencies.
Right of Use assets
Land & Machinery & (Amounts in EUR million)Buildings Vehiclesfixtures TotalCostBalance at 1 January 2024 163.9 52.6 0.1 216.6 Acquisitions through business combinations 3.9 0.4 4.3 Additions during the year 38.1 21.4 0.1 59.5 Lease contracts terminated (4.4) (7.4) (0.1) (11.9)Foreign exchange translation differences (1.8) 1.3 (0.5)Balance 31 December 2024 199.6 68.3 0.1 268.0 Balance at 1 January 2023 149.8 41.1 0.4 191.3 Additions during the year 28.6 23.4 52.0 Lease contracts terminated (11.0) (11.2) (0.3) (22.4)Foreign exchange translation differences (3.5) (0.7) (4.3)Balance 31 December 2023 163.9 52.6 0.1 216.6 Depreciation and impairment lossesBalance at 1 January 2024 69.4 19.3 0.0 88.8 Depreciation charge for the year 21.7 14.8 36.5 Lease contracts terminated (3.2) (7.9) (11.2)Foreign exchange translation differences (0.8) 0.5 (0.4)Balance 31 December 2024 87.1 26.6 0.0 113.7
Land & Machinery & (Amounts in EUR million)Buildings Vehiclesfixtures TotalBalance at 1 January 2023 56.2 17.5 0.3 74.1 Depreciation charge for the year 19.2 12.7 0.1 32.0 Lease contracts terminated (10.2) (10.7) (0.3) (21.2)Impairment losses 5.5 5.5 Foreign exchange translation differences (1.3) (0.2) (1.5)Balance 31 December 2023 69.4 19.3 0.0 88.8 Carrying amountsBalance 31 December 2024 112.5 41.7 0.1 154.2 Balance 31 December 2023 94.5 33.2 0.1 127.8
Lease liability
(Amounts in EUR million) 2024 2023Balance at 1 January 139.5 123.4 Acquisitions through business combinations 4.3 -New lease contracts 57.9 50.4 Lease contracts terminated (0.7) (0.9)Lease payments (42.6) (35.7)Interest expenses 6.2 5.4 Foreign exchange translation differences (0.4) (3.1)Balance at 31 December 164.2 139.5
Maturity analysis
(Amounts in EUR million) 2024 2023Less than 6 months 21.6 18.2 6-12 months 19.3 16.2 1-2 years 35.1 26.2 2-3 years 25.1 23.5 3-4 years 16.7 15.6 4-5 years 12.0 10.7 Over 5 years 34.4 29.1 Total lease liabilities at 31 December 164.2 139.5
See note 19 for maturity analysis of undiscounted values of lease liability.
The Group has no material lease contracts not yet commenced.
SEARCHBROWSESTARTPAGE 127
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Lease restoration provision
(Amounts in EUR million) 2024 2023Balance at 1 January 3.9 3.0 New lease contracts 1.6 1.6 Lease contracts terminated (0.8) (0.8)Interest expenses 0.2 0.2 Foreign exchange translation differences - (0.1)1)Balance 31 December 4.9 3.9
1) Lease restoration provision due more than one year after the balance sheet date is classified as other long-term liability in the balance
sheet statement. The short-term part is included in other short-term liabilities.
Amounts recognized in the Income Statement
(Amounts in EUR million) 2024 2023Lease expensesExpenses relating to short-term leases 0.9 1.0 Expenses relating to leases of low-value assets 0.2 0.2 Depreciation of right-of-use assets 36.5 32.0 Impairment of right-of-use assets - 5.5 Interest expenses on lease liabilities and lease restoration provision 6.4 5.6
GROUP AS LESSOR
See note 8 for more information about machines where TOMRA is a lessor.
Note 10 Investments in joint ventures and associates
ACCOUNTING PRINCIPLE
When the Group’s share of losses equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred
obligations or made payments on behalf of the other entity.
An investment in a joint venture or an associate is impaired if circumstances exist which necessitate a
lower valuation and which cannot be regarded as of a temporary nature.
Investments in joint ventures and associates
TOMRA TOMRA Cleanaway Cleanaway TOMRA (Amounts in EUR million)Pty Ltd.(VIC) Pty Ltd.Japan Ltd. Other Total2024Balance 1 January 3.6 1.2 3.9 1.4 10.1 Share of profit for the year 0.8 0.3 0.4 0.1 1.7 Acquisition 0.1 0.1 Capital infusion 0.9 0.9 Dividend (0.7) (0.6) (1.3)Foreign exchange translation (0.1) (0.2) (0.3)differencesBalance 31 December 4.3 1.5 3.5 2.0 11.2 2023Balance 1 January 3.6 3.1 0.5 7.2 Share of profit for the year0.2 (0.2) 1.7 0.2 1.9 Acquisition1.1 1.1 Capital infusion 1.3 1.3 Dividend(0.5) (0.5) (1.0)Foreign exchange translation (0.2) 0.1 (0.4) 0.1 (0.4)differencesBalance 31 December 3.6 1.2 3.9 1.4 10.1 Equity at date of acquisition0.0 0.0 0.0CountryAustralia Australia JapanYear of acquisition2017 2023 2008Vote and share ownership50% 50% 50%
Right of Use assets cont.
SEARCHBROWSESTARTPAGE 128
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Summary financial information for associates on 100% basis:
TOMRA TOMRA Cleanaway Cleanaway TOMRA (Amounts in EUR million)Pty Ltd.(VIC) Pty Ltd.Japan Ltd. Other Total2024Assets 21.8 9.5 18.5 4.6 54.4Liabilities 13.3 6.6 11.5 0.6 32.0Equity 8.5 3.0 7.0 4.0 22.4Revenues 156.6 40.7 15.7 6.5 219.5Profit/(loss) 1.6 0.7 0.9 0.5 3.6 2023Assets 27.5 2.5 19.6 4.1 53.7 Liabilities 20.2 0.2 11.7 0.7 32.8 Equity 7.3 2.3 7.9 3.4 20.9 Revenues 144.2 3.7 19.1 6.5 173.6 Profit/(loss)0.4 (0.3) 3.4 0.7 4.1
Note 11 Long-term receivables
ACCOUNTING PRINCIPLE
Receivables with due dates more than one year after the balance date are reported as non-current assets.
Long-term receivables
(Amounts in EUR million) 2024 2023Deposits 1.8 1.3 1)Financial lease receivables 17.1 15.6 Loans to employees 0.1 0.1 2)Investment related to SERP16.9 14.1 Other long-term receivables 7.5 10.4 Total long-term receivables 43.4 41.5
1) Finance lease receivables relate to machines leased to customers on finance lease contracts (mainly RVMs in USA and Canada).
2) See note 17 for more information about SERP (Supplemental executive retirement plan).
Note 12 Short-term receivables
Short-term receivables
(Amounts in EUR million) 2024 2023Trade receivables from sales contracts, gross269.7 263.0 Other trade receivables29.7 21.1 Other short-term receivables84.9 87.3 Provision for bad debt(10.6) (10.3)Total short-term receivables373.7 361.1 Provision for bad debt per 1 January 10.3 8.3 Provisions made during the year 3.3 4.8 Provisions used during the year (3.1) (2.5)Foreign exchange translation differences0.1 (0.3)Provision for bad debt per 31 December 10.6 10.3
Bad debt written-off and changes in provision for bad debt are reported as other operating expenses.
Trade receivables fall due:
2024Gross Carrying Loss Net Carrying (Amounts in EUR million) Allowance in %AmountAllowanceAmountNot due yet0% 231.8 0.5 231.3 1 - 30 days1% 30.7 0.4 30.3 31- 60 days8% 10.9 0.9 10.0 61 - 90 days23% 4.5 1.0 3.5 Older than 90 days37% 21.5 7.8 13.7 Total trade receivables4% 299.4 10.6 288.8
SEARCHBROWSESTARTPAGE 129
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
2023Gross Carrying Loss Net Carrying (Amounts in EUR million) Allowance in %AmountAllowanceAmountNot due yet0% 206.4 0.6 205.8 1 - 30 days0% 38.7 0.1 38.6 31- 60 days4% 11.1 0.5 10.6 61 - 90 days19% 4.9 0.9 4.0 Older than 90 days36% 23.0 8.2 14.8 Total trade receivables4% 284.1 10.3 273.8
TOMRA Group uses an allowance matrix taking into consideration historical provision, current and
forward-looking estimates that reflect current and forecast credit conditions.
For further information about credit risk, see note 19.
Note 13 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 cash equivalents
(Amounts in EUR million) 2024 20231)Bank deposits 123.0 103.9Total cash and cash equivalents 123.0 103.9
1) Includes restricted bank deposits totaling EUR 5.8 million (2023: EUR 6.3 million) for the Group.
TOMRA Systems ASA and its fully owned 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.
Note 14 Equity/earnings per share
Earnings per share
2024 2023Average number of shares296,040,156 296,040,156 Average number of shares, adjusted for own shares295,671,314 295,423,791 Average number of shares, adjusted for own shares, fully diluted295,671,314 295,423,791 Majority equity 31 December (MEUR) 603.4 590.5 Equity per share (EUR) 2.04 2.00 Net profit attributable to the shareholders of the parent (MEUR)93.8 59.5Earnings per share (EUR) 0.32 0.20 Earnings per share, fully diluted (EUR) 0.32 0.20
PURCHASE OF OWN SHARES
In 2024 TOMRA was granted authority to acquire treasury shares at the annual general meeting 25 April
2024, limited to a total of 1,000,000 shares. TOMRA did not utilized this proxy in 2024, and owns a total
of 251,167 own shares 31 December 2024, representing 0.08% of TOMRA’s share capital.
In 2023 TOMRA was granted authority to acquire treasury shares at the annual general meeting 27 April
2023, limited to a total of 1,000,000 shares. TOMRA did not utilized this proxy in 2023, and owns a total
of 513,815 own shares 31 December 2023, representing 0.17% of TOMRA’s share capital.
Dividends
Dividends are declared in NOK.
After the balance sheet date the following dividends were proposed by the directors:
(Amounts in EUR million) 2024 2023EUR 2.15 in ordinary dividend per qualifying share (2023: NOK 1.95 in ordinary dividend ) 53.9 49.8
The amount for 2023 is translated to EUR against the fx rate on the date when the dividend was paid,
26 April 2024.
The dividend has not yet been provided for and there are no income tax consequences.
Share purchase program
Reference is made to note 16.
SEARCHBROWSESTARTPAGE 130
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 15 Shareholders
The amounts shown are based upon information from Verdipapirsentralen (VPS) and IPREO.
On nominee accounts, information regarding beneficial ownership has been collected and presented
where possible.
Largest shareholders registered at 31 December 2024
Number of shares Ownership Country1 Investment AB Latour (publ)62,400,000 21.08% Sweden2 Folketrygdfondet19,882,661 6.72% Norway3 KIRKBI Invest A/S17,388,424 5.87% Denmark4 APG Asset Management N.V.15,524,078 5.24% Netherlands5 Inter Long Term Capital S.A.11,479,413 3.88% Luxembourg6 The Vanguard Group, Inc.9,366,893 3.16% United States7 Nordea Funds Oy9,306,499 3.14% Finland8 Swedbank Robur Fonder AB6,033,793 2.04% Sweden9 PGGM Vermogensbeheer B.V.5,583,883 1.89% Netherlands10 Cliens Asset Management AB5,065,900 1.71% Sweden11 KLP Fondsforvaltning AS5,063,920 1.71% Norway12 BlackRock Institutional Trust Company, N.A.4,830,967 1.63% United States13 Storebrand Asset Management AS4,648,982 1.57% Norway14 DNB Asset Management AS4,569,857 1.54% Norway15 AllianceBernstein L.P.4,267,495 1.44% United States16 Alecta pensionsförsäkring, ömsesidigt4,100,000 1.38% Sweden17 Raiffeisen Kapitalanlage-Gesellschaft mbH2,414,358 0.82% Austria18 ÖKOWORLD LUX S.A.2,190,694 0.74% Luxembourg19 Candriam S.A. (France)2,169,658 0.73% France20 Columbia Threadneedle Investments (UK)2,095,268 0.71% United KingdomTotal 20 largest shareholders198,382,743 67.01%Other shareholders97,657,413 32.99%Total296,040,156 100.00%Shares owned by Norwegian residents45,626,372 15.41%Shares owned by others250,413,784 84.59%Total296,040,156 100.00%
Note 16 Share-based payments
Share Purchase Program
In 2008 TOMRA established a share purchase program for permanent employees. In this program,
TOMRA invites employees to buy shares in TOMRA at market price and receive one bonus share per five
shares invested, provided the shares are kept for at least one year and the employee is still employed
by TOMRA. The employee can buy shares up to a maximum of 30 percent of his/her gross salary. The
share purchase program uses treasury shares acquired by TOMRA as authorized by the Annual General
Meeting. The shares are purchased on the Oslo Stock Exchange.
Share purchase program
(Amounts in EUR million) 2024 2023Number of shares purchased by employees 220,442 233,438 Share price (closing market share price, the day before the allotment 135.30 NOK 170.80 NOK date) Number of bonus shares, distributed one year after investment 42,206 52,747 Total expenses recognized 0.5 million EUR 0.4 million EUR
The Share Purchase program was executed on the 24 May 2024 with 220,442 shares and 42,206 bonus
shares at price 135.30 NOK per share. After these transactions TOMRA owns 251,167 shares at an average
share purchase price of 194.29 NOK per share.
Note 17 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 Group’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 the Group, 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.
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
Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.
SEARCHBROWSESTARTPAGE 131
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Total Pension costs and pension liability for TOMRA Group
(Amounts in EUR million) 2024 2023Employee benefit expenses defined benefit plan 1.5 2.1 Employee benefit expenses defined contribution plan 12.1 9.4 Total employee benefit expenses13.6 11.5 Norwegian plans(0.2) (0.4)Belgium plans(0.1) 0.3 Taxes0.1 0.0 Remeasurement gain/(loss) on defined benefit plans(0.2) (0.1)Norwegian plans 1.6 2.6 US plans 20.3 19.3 Belgium plans 0.7 0.7 Total Pension liability 22.6 22.5
THE METRO PLAN
Tomra North America participates in a multi-employer pension plan, the “Metro-plan”. The plan is a
Defined Benefit plan (DB) under IAS 19. As there was limited financial information available for the plan,
TOMRA applied Defined Contribution plan (DC) accounting for the plan up until 31 December 2012. In
2013 the Metro-plan was restructured, and the fund provided TOMRA with information about TOMRA’s
net liabilities under the plan. TOMRA entered into an agreement with the fund to settle the underfunding
in the plan through annual payments of USD 0.2 million per year over 25 years period. Consequently,
a net pension liability of USD 3.5 million (net present value) was recognized in other comprehensive
income as a change in estimate in 2013. The agreement with the fund also included a re-entry into the
restructured DB-plan based on direct attribution, where TOMRA is responsible for funding of liabilities
directly attributable to TOMRA employees only. The Metro plan comprises 45 TOMRA employees, and the
premium paid under this plan was EUR 0.2 million (2023: EUR 0.3 million).
In December 2021, TOMRA entered into a similar direct attribution plan in Massachusetts. The plan
comprises 15 TOMRA employees and the premium paid was EUR 0.1 million (2023: EUR 0.1 million).
SERP
Tomra North America Inc offers in addition to a regular 401 (k) plan, a non-qualified, defined contribution,
Supplemental Executive Retirement Plan (SERP) for selected executives only. The company contribution to
this Plan is contingent on the eligible executive also making a minimum elective contribution to the Plan,
and is limited up to certain thresholds. The SERP is fully financed with corporate-owned life insurance and
comprises 17 executives. The plan is reflected gross in the balance sheet, with EUR 16.9 million recorded
as long-term receivables (ref disclosure note 11), and EUR 14.9 million under pension liabilities.
NORWAY
TOMRA Systems ASA 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 have been included in the
defined contribution plan. The plan included 54 employees and 66 retirees at year-end 2024. TOMRA’s best
estimate of contributions expected to be paid into the plan for 2025 is EUR 20.9 million.
SEARCHBROWSESTARTPAGE 132
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 18 Interest-bearing liabilities
ACCOUNTING PRINCIPLE
Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost with any
difference between cost and redemption value being recognized in the profit and loss over the period
of the borrowings on an effective interest basis. Interest-bearing liabilities where fair value hedging is
applied are stated at fair value.
Interest-bearing liabilities
(Amounts in EUR million) 2024 2023Non-current liabilities1)Bonds long term 207.6 89.0 2)Unsecured bank loans 77.6 110.5 3)Other long-term loans 24.7 29.8 Total non-current interest-bearing liabilities 309.9 229.3 Current liabilities1)Bonds short-term 42.4 53.4 3)Other long-term loans 5.1 0.8 Total current interest-bearing liabilities 47.5 54.2
1) An overview of outstanding Bonds is provided below. The Green bonds meet the requirements set by Nordic Trustee and are listed on the
Oslo Stock Exchange.
2) TOMRA Systems ASA has an EUR 150 million sustainable revolving credit facility established in December 2024 with tenor 3+1+1 years. EUR
75.4 million was drawn on as of 31 December 2024. Optional Currencies are NOK, EUR, USD and GBP. Interest is payable at a rate of IBOR
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 2024.
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. EUR 29.8
million was drawn on as of 31 December 2024. 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 2024.
Outstanding Green bonds as of 31 December 2024
Notional amount Coupon rate DueNOK 500 million 3 months NIBOR + 1.42% 2025NOK 500 million 3 months NIBOR + 1.67% 2027NOK 750 million 3 months NIBOR + 0.9% 2029NOK 250 million 3 months NIBOR + 1.05% 2031NOK 1000 million fixed coupon of 4.446% 2034
Outstanding bonds as of 31 December 2023
Notional amount Coupon rate DueNOK 600 million 3 months NIBOR + 0.75% 2024NOK 500 million (green) 3 months NIBOR + 1.42% 2025NOK 500 million (green) 3 months NIBOR + 1.67% 2027
For further information about interest-bearing liabilities related to leases, see note 9.
Reconciliation of changes in liabilities arising from financing activities
Interest-bearing Lease (Amounts in EUR million)liabilitiesliabilities TotalLiabilities 31 December 2023283.5 139.5 423.0 Net proceeds of Revolving Credit Facility(30.2) (30.2) Proceeds from issuance of long-term debt171.3 171.3 Net repayment of short-term debt(51.9) (51.9) Installments on lease liabilities(36.3) (36.3) Lease interest paid(6.2) (6.2) Interest paid(14.0) (14.0) Transactions with cash effect75.3 (42.6) 32.7 Foreign exchange translation differences(11.3) (0.4) (11.7)New lease contracts57.9 57.9 Lease contracts terminated(0.7) (0.7)Lease interest expenses6.2 6.2 Effect of business combinations 0.2 4.3 4.5 Fair value hedge accounting(4.3) (4.3)Interest expenses13.4 13.4 Change in interest accrued0.6 0.6 Transactions without cash effect(1.4) 67.3 65.9Liabilities 31 December 2024357.4 164.2 521.5 Total liabilities consist of:Interest-bearing liabilities non-current309.9 Interest-bearing liabilities current47.5 Long-term lease liabilities123.2Short-term lease liabilities41.0Total liabilities 31 December 2024357.4 164.2
SEARCHBROWSESTARTPAGE 133
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Interest-bearing Lease (Amounts in EUR million)liabilitiesliabilities TotalLiabilities 31 December 2022208.4 123.4 331.8 Net proceeds of Revolving Credit Facility57.0 57.0 Proceeds from issuance of long-term debt29.3 29.3 Net repayment of short-term debt(0.1) (0.1) Installments on lease liabilities(30.3) (30.3) Lease interest paid(5.4) (5.4) Interest paid(11.4) (11.4) Transactions with cash effect74.8 (35.7) 39.1 Foreign exchange translation differences(11.1) (3.4) (14.5)New lease contracts50.6 50.6 Lease contracts terminated(0.8) (0.8) Lease interest expenses5.4 5.4 Interest expenses10.0 10.0 Change in interest accrued1.4 1.4 Transactions without cash effect0.3 51.8 52.1 Liabilities 31 December 2023283.5 139.5 423.0 Total liabilities consist of:Interest-bearing liabilities non-current229.3 Interest-bearing liabilities current54.2 Long-term lease liabilities105.1 Short-term lease liabilities34.4 Total liabilities 31 December 2023283.5 139.5
Note 19 Financial instruments
Financial risk
TOMRA Group operates globally and is exposed to financial risks such as foreign currency risk, interest
rate risk, credit risk, and liquidity risk. Responsibility for managing financial risk in TOMRA Group is split
between the business divisions which manage risk related to business processes, and Group Treasury
and Group CFO which manage risk related to funding, cash management and financial risk management.
Overview of financial assets and liabilities - carrying and fair values:
For amortized cost assets and liabilities carrying value are assumed to be a reasonable approximation to
fair value. Fair value of the derivative financial instruments are based on level 2 inputs according to the
fair value hierarchy in IFRS 13.
Financial assets
2024 2023Carrying Carrying (Amounts in EUR million)amount Fair valueamount Fair valueMeasured at amortized cost:Long-term receivables43.4 43.4 41.5 41.5 Receivables288.8 288.8 273.8 273.8 Cash and cash equivalents123.0 123.0 103.9 103.9 Measured at Fair Value through Profit or Loss:Forward exchange contracts0.9 0.9 3.0 3.0 Total456.1 456.1 422.2 422.2
SEARCHBROWSESTARTPAGE 134
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 liabilities2024 2023Carrying Carrying (Amounts in EUR million)amount Fair valueamount Fair valueMeasured at amortized costPayables61.4 61.4 73.5 73.5Other current liabilities46.4 46.4 38.9 38.9Lease liabilities164.1 164.1 139.5 139.5Other non-current liabilities30.2 30.2 8.1 8.1Senior unsecured bonds250.0 250.0 142.3 142.3Other long-term loans29.8 29.8 30.6 30.6Unsecured bank facilities77.6 77.6 110.5 110.5Measured at Fair Value through Profit or Loss:Forward exchange contracts0.2 0.2 1.3 1.3Measured at Fair Value through OCI:CCIRS designated as net investment hedge12.5 12.5 14.0 14.4CCIRS designated as cash flow hedge and net investment hedge 3.8 3.8CCIRS designated as fair value hedge and net investment hedge 5.6 5.6Total681.7 681.7 558.7 559.1
FOREIGN CURRENCY RISK
Transaction risk and translation risk from monetary items
TOMRA Systems ASA’s functional currency is NOK. Foreign currency risk arises from transactions
denominated in foreign currencies and net investments in foreign operations. The risk is defined as the
risk for fluctuation in spot exchange rates between the functional currency of the net investment and
TOMRA Systems ASA’s functional currency. This will cause the amount of the net investment to vary, and
such risk may have a significant impact on TOMRA Group’s financial statements. This translation risk does
not give rise to a cash flow exposure. Its impact arises only from the translation of the net investment
(EUR) into TOMRA Systems ASA’s functional currency (NOK).
In accordance with the financial strategy, TOMRA Group can hedge balance sheet items and expected
future net cash flow up to 12 months. In addition to derivatives that are designated and qualify for hedge
accounting, the Group also holds certain derivatives as economic hedges. TOMRA primarily uses forward
contracts as economic hedges to hedge future cash flow and balance sheet items. Some entities also
have derivatives that are held for the purpose of hedging future sales and purchase transactions, but the
volume of these derivatives is limited.
Net foreign exchange gains and losses in the financial statements are most sensitive to changes in the
EUR/USD exchange rate, where a strengthening of EUR of 5% at the balance sheet date would increase
reported profit after tax with approximately EUR 2 million. Changes of 5% in other exchange rates would
only have immaterial effects on profit after tax.
Fair value of the forward exchange contracts are disclosed in the table above, and information about net
recognized foreign exchange gains and losses is disclosed in note 5.
Derivative instruments designated as hedging
TOMRA has entered into a placement of a NOK 1,000 million bond with fixed interest that is held until
maturity and measured at amortized costs (duration: 10Y). TOMRA has entered into a cross-currency
interest rate swap (CCIRS) to swap the fixed interest to floating in line with the variable interest rate
strategy for long-term borrowings. The swap is designated in its entirety as a hedge of the fair value
interest rate risk on the NOK 1,000 million denominated debt (fair value hedge) and a hedge of the foreign
currency risk of subsidiaries (net investment hedge).
In order to measure hedge effectiveness for the fair value hedge and the net investment hedge, TOMRA
notionally splits the derivative into the following:
• a) Receive fixed rate and pay floating 3 month NIBOR on NOK 1,000 million (notional derivative 1)
designated in a fair value hedge,
• b) Receive NIBOR on NOK 1,000 million and EURIBOR on EUR 84.8 million (notional derivative 2)
designated in a net investment hedge.
The sum of the fair values of the two derivatives equals the fair value of the actual derivative.
The critical terms of the hedged item and the hedging instrument are matched to coincide exactly. Critical
terms are defined as currencies, amounts and maturity. TOMRA applies the cost of hedging model which
means that the foreign currency basis spread is excluded from the designated hedging instrument.
TOMRA has entered into a placement of a NOK 750 million bond and a NOK 250 million bond, both
with floating interest that are held until maturity and measured at amortized costs (duration: 5Y and 7Y).
TOMRA has entered into cross-currency interest rate swaps (CCIRS) to swap the floating interest to fixed
to limit the effect of future changes in the interest due to the uncertain geopolitical environment. The
swaps are designated in its entirety as a hedge of the cash flow interest rate risk on the NOK 750 million
and NOK 250 million denominated debt (cash flow hedge) and a hedge of the foreign currency risk of
subsidiaries (net investment hedge).
In order to measure hedge effectiveness for the cash flow hedge and the net investment hedge, TOMRA
notionally splits the derivative into the following:
• a) Receive floating rate and pay fixed 3 month NIBOR on NOK 1,000 million (notional derivative 1)
designated in a cash flow hedge,
• b) Receive NIBOR on NOK 1,000 million and EURIBOR on EUR 86.5 million (notional derivative 2)
designated in a net investment hedge.
The sum of the fair values of the two derivatives equals the fair value of the actual derivative.
The critical terms of the hedged item and the hedging instrument are matched to coincide exactly. Critical
terms are defined as currencies, amounts and maturity. TOMRA applies the cost of hedging model which
means that the foreign currency basis spread is excluded from the designated hedging instrument.
TOMRA has entered into a placement of two NOK 500 million bonds with floating interest that is held until
maturity and measured at amortized costs (duration: 3Y and 5Y). TOMRA has entered into cross-currency
interest rate swaps (CCIRS) to swap from NIBOR to EURIBOR interest in line with the strategy to reduce
currency volatility. The swaps are designated in its entirety as a hedge of the foreign currency risk of
subsidiaries (net investment hedge). In order to measure hedge effectiveness for net investment hedge,
TOMRA receive NIBOR on NOK 1,000 million and EURIBOR on EUR 97.3 million designated in a net investment
hedge. The critical terms of the hedged item and the hedging instrument are matched to coincide exactly.
Critical terms are defined as currencies, amounts and maturity. TOMRA applies the cost of hedging model
which means that the foreign currency basis spread is excluded from the designated hedging instrument.
SEARCHBROWSESTARTPAGE 135
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Outstanding cross currency interest rate swaps
2024Notional Amount forward (sold) / bought (in millions)amount EUR Exchange rate Due dateEUR/NOK (48.6) 10.293 2025EUR/NOK (48.7) 10.267 2027EUR/NOK (43.2) 11.567 2029EUR/NOK (21.6) 11.561 2029EUR/NOK (21.6) 11.561 2031EUR/NOK (84.8) 11.788 2034
2023Notional Amount forward (sold) / bought (in millions)amount EUR Exchange rate Due dateEUR/NOK (59.4) 10.095 2024EUR/NOK (48.6) 10.293 2025EUR/NOK (48.7) 10.267 2027
TOMRA received NOK in interest equaling EUR 12.6 million (2023: EUR 7.5 million) from cross currency
interest rate swaps, and paid an interest of EUR 10.8 million (2023: EUR 7.0 million).
The table below shows the movements in the Group’s hedging reserves:
Movement in the groups hedging reserves
2024Fair value Hedging (Amounts in EUR million)derivative Deferred taxreserveOpening balance 2024(10.3) 2.3 (8.0)Change in fair value effective portion of net 2.3 (0.5) 1.8investment hedgeChange in fair value effective portion of cash flow (1.9) 0.4 (1.5)hedgeChange in deferred portion of credit charge(2.4) 0.5 (1.9)Closing balance 2024(12.3) 2.7 (9.6)
2023Fair value Hedging (Amounts in EUR million)derivative Deferred taxreserveOpening balance 2023(6.4) 1.4 (5.0)Change in fair value effective portion of net (3.9) 0.9 (3.0)investment hedgeClosing balance 2023(10.3) 2.3 (8.0)
INTEREST RATE RISK
TOMRA Group’s main interest rate risk arises from long-term borrowings with part variable rates and part
fixed rates, which expose the Group to cash flow interest rate risk. The Group policy is to primarily follow a
floating interest strategy but there is an opening in the strategy to hedge interest rates with fixed interest
rate loans or interest rate swaps in order to stabilize interest cash flows. During 2023 and 2024, the
Group’s borrowings at variable and fixed rate were mainly denominated in NOK and some in EUR.
The reference rate for the bond loans is three months NIBOR. As of 31 December 2024 NOK 2,000 million
was issued with three months NIBOR as reference rate and NOK 1,000 was issued at a fixed interest rate.
The reference rate for the revolving credit facility depends on which currencies and durations are utilized
(optional currencies are NOK, EUR, USD and GBP) and a margin. The margin is dependent on TOMRA’s
NIBD/EBITDA ratio and the agreement is conditional upon an equity covenant of at least 30 percent of
total assets, measured at the end of each quarter. As of 31 December 2024 a EUR equivalent of 75.4
million was drawn of which 50 million in EUR and 300 million in NOK.
The reference rate for Eksportfinansiering facility is payable at CIRR (Commercial Interest Reference Rate)
and a margin. The margin is dependent on TOMRA’s NIBD/EBITDA ratio and the agreement is conditional
upon an equity covenant of at least 30 percent of total assets, measured at the end of each quarter. As of
31 December 2024 an amount of EUR 29.8 million was drawn.
A change in the interest rate of 100 basis points, calculated on the loan amount as per 31 December 2024,
increases annual financial costs by EUR 2.43 million or decreases annual financial costs by EUR 2.43 million.
SEARCHBROWSESTARTPAGE 136
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
CREDIT RISK
TOMRA Group has limited exposure to credit risk relating to accounts receivable balances. Bad debt
written off for 2024 amounts to EUR 2.7 million (EUR 0.9 million in 2023). TOMRA Group’s customers
include the largest retail chains in the world, as well as large scrap material processors and food
producers, where outstanding receivables globally can be significant. In a situation where one of these
systems collapses, TOMRA Group could be exposed. Credit risk also arises from derivative financial
instruments and deposits with banks and financial institutions. However, counterparts are limited to
financial institutions with high creditworthiness. The maximum exposure to credit risk at year-end equaled
total receivables on the balance sheet plus any unrealized gain or loss on financial contracts. Reference is
made to note 12 for loss allowance on accounts receivable.
LIQUIDITY RISK
Liquidity risk is the risk that TOMRA is not able to meet its payment obligations. This risk is managed
centrally, but in close cooperation with affected subsidiaries. TOMRA initiates measures necessary to
maintain a strong liquidity, and cash flow from operations is managed operationally at TOMRA Group level.
The liquidity reserve, consisting of unused credit lines was at EUR 109 million as of 31 December 2024.
The debt profile as per 31 December 2024 is presented below (nominal values).
Debt profile
2024Carrying (Amounts in EUR million)amount 2025 2026 2027 2028 2029+Unsecured bank facilities77.6 2.2 75.4Senior unsecured bonds 250.0 42.4 42.4 165.2Other long-term loans29.8 5.1 5.1 5.1 7.4 7.11)Lease liabilities164.1 41.9 37.3 27.3 19.1 62.0Other current liabilities46.4 46.4Payables61.5 61.5Total629.4 199.5 42.4 150.2 26.5 234.4Interest payments bonds and loans17.3 14.0 13.5 8.5 25.0Total including interest payments629.4 216.8 56.5 163.6 34.9 259.4Forward exchange contracts0.2 0.2- Inflow0.0- Outflow0.0Cross Currency Interest Rate Swaps21.9 6.2 6.3 1.7- Inflow(13.3) (10.5) (10.1) (7.9) (24.8)- Outflow8.1 6.2 6.2 5.0 19.2Total including derivative financial instruments 651.5 218.0 52.2 166.1 32.0 255.5
2023Carrying (Amounts in EUR million)amount 2024 2025 2026 2027 2028+Unsecured bank facilities110.5 110.1 0.4Senior unsecured bonds 142.3 53.4 44.5 44.5Other long-term loans30.6 0.8 5.1 5.1 5.1 14.51)Lease liabilities139.5 30.4 27.8 24.7 17.8 46.0Other current liabilities38.9 38.9Payables73.5 73.5Total535.3 307.0 77.4 29.9 67.4 60.9Interest payments bonds and loans14.5 5.3 3.2 2.6 0.7Total including interest payments535.3 321.5 82.7 33.1 70.0 61.6Forward exchange contracts1.3 1.3- Inflow(0.2)- Outflow0.2Cross Currency Interest Rate Swaps14.0 6.1 4.1 4.2- Inflow(8.0) (4.0) (2.2) (1.8)- Outflow6.8 3.1 1.7 1.4Total including derivative financial instruments 550.6 327.7 85.9 32.6 73.8 61.6
1) Carrying amount at discounted value, and future amount at undiscounted values for lease liability.
SEARCHBROWSESTARTPAGE 137
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 20 Other long-term liabilities
Other long-term liabilities
(Amounts in EUR million) 2024 2023Put/call options21.5 0.5 1)Lease restoration accruals4.5 3.4 Other4.2 4.2 Total other long-term liabilities30.2 8.1
1) For further information about lease restoration accruals, see note 9.
CONTINGENT LIABILITIES
Guarantees
TOMRA Group has guarantee liabilities of EUR 50.6 million (2023: EUR 55.2 million).
The guarantees are mainly TOMRA’s guarantees towards guarantee institutions, where the guarantee
institutions have issued guarantees toward TOMRA’s business relations like customers and landlords for
proper fulfillment TOMRA’s obligations.
Note 21 Provisions
ACCOUNTING PRINCIPLE
Warranty
RVMs and Sorters are normally sold with a warranty period between 12 and 24 months. Warranty is
recognized as an expense and the liability is accrued for. A general provision has been made for future
warranty costs based on previous year’s turnover in all Group companies.
Provisions
(Amounts in EUR million) Warranty Restructuring Other TotalBalance at 1 January 202421.1 1.9 1.9 24.9 Provisions made during the year 26.2 0.1 2.7 29.0 Provisions used during the year (2.6) (1.9) (0.1) (4.5)Provisions reversed during the year(10.9) (0.2) (11.1)Foreign exchange translation (0.4) (0.4)differencesBalance at 31 December 202433.5 0.1 4.3 37.9
Other provisions comprise mainly of WEEE (Waste of Electrical and Electronic Equipment) provisions.
Claims and litigations
The Group has normally some claims and litigations ongoing - as might be expected in a corporation
of TOMRA’s size and complexity. Most of the cases against TOMRA are assumed to be without merit or
covered by insurance, and none of them are assumed to be material.
Note 22 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 EUR million) 2024 2023Salary, bonus, tax deductions, sos.sec tax70.9 67.7 Goods received, not invoiced19.3 15.6 Accrued commissions12.8 11.8 VAT & sales tax8.3 16.4 Accrued expenses48.3 51.9 Other non-interest-bearing debt46.4 38.9 Total other current liabilities206.0 202.3
SEARCHBROWSESTARTPAGE 138
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 23 Composition of the group
The Group’s consolidated amounts comprise the following units:
Europe
Tomra Production AS (NO)
Tomra Europe AS (NO)
Tomra Butikksystemer AS (NO)
Tomra Systems AB (SE)
OY Tomra AB (FI)
Tomra Systems AS (DK)
Tomra Holding OÜ (EE)
Tomra Systems UAB (LT)
Tomra Service OÜ (EE)
Tomra Collection Ltd. (UK)
Tomra Collection Ireland Ltd (IE)
Tomra Collection Holding OÜ (EE)
Tomra Collection Latvia SIA (LV)
Tomra Systems GmbH (DE)
Retail Services GmbH (DE)
Tomra Leergutsysteme GmbH (AT)
Tomra Collection Slovakia s.r.o. (SK)
Tomra Collection Romania s.r.l. (RO)
Tomra Collection France SAS (FR)
Tomra Collection Turkey Makine Tekn.San.Tic. A.Ş. (TR)
Tomra Collection Poland Sp.zo.o (PL)
Tomra Collection Hungary Kft. (HU)
Tomra Collection Bulgaria EOOD (BG)
Tomra Collection d.o.o. Beograd (RS)
Tomra Systems BV (NL)
Tomra Systems NV (BE)
Tomra Collection Portugal, Unipessoal LDA (PT)
Tomra Collection Greece Single Member S.A. (GR)
TOMRA Collection Italy Srl (IT)
TOMRA Horizon AS (NO)
c-trace GmbH (DE)
c-trace S&L GmbH (DE)
c-trace B.V. (NL)
c-trace Ltd. (UK)
c-trace Sp z o.o. (PL)
Tomra Sorting AS (NO)
Tomra Sorting GmbH (DE)
Tomra Sorting S.L. (ES)
Tomra Sorting Ltd. (UK)
Tomra Sorting Sp. Z.o.o. (PL)
Tomra Sorting S.a.r.l. (FR)
Tomra Feedstock GmbH (DE)
Tomra Food (Valencia) SL (ES)
TOMRA Recycling s.r.o. (SK)
TOMRA Recycling Turkey Ayıklama Ltd.Şti. (TR)
Tomra Sorting Ltd (IE)
Tomra Sorting SRO (SK)
Tomra Sorting SRL (IT)
TOMRA Food (Belgium) NV (BE)
Tomra Sorting BV (NL)
Tomra Sorting Turkey Makine San. Tic. A.S. (TR)
Tomra Sorting Greece Single Member IKE (GR)
Compac Sorting Eq. Europe (UK)
BBC Technologies BV (NL)
North-America
Tomra Canada Inc. (CA)
Tomra of North America Inc. (US - CT)
Tomra of North America Finance Company LLC (US - DE)
Tomra Metro LLC (US - CT)
Returnable Services LLC (US - DE)
Tomra Commercial Software Solutions LLC (US - DE)
Clean Loop Recycling LLC (US - DE)
Tomra Sorting Inc. (CA)
TOMRA Recycling Inc. (US - NC)
Tomra Sorting Inc. (US - CA)
Compac Sorting Eq. Inc. (US - CA)
BBC Technologies LLC (US - CO)
Rest of the world
Tomra Sorting Technology (Xiamen) Co. Ltd. (CN)
Tomra (Xiamen) Imp. & Exp. Co. Ltd. (CN)
Tomra Collection Pty Ltd (AU)
Tomra Recycling Technology (Xiamen) Co. Ltd (CN)
Tomra Singapore PTE. Ltd. (SG)
TOMRA Collection Hong Kong Limited (HK)
Tomra Systems Ltd. (SA)
Tomra Sorting Co, Ltd. (KR)
Tomra Sorting (Pty) Ltd. (ZA)
Tomra Sorting (Pty) Ltd. (AU)
Tomra Brasil Solucoes EM segregacao LTDA (BR)
Tomra Sorting DMCC (AE)
Tomra Sorting India Private Limited (IN)
Tomra Sorting LLC (RU)
Tomra Sorting Chile SpA (CL)
Tomra Sorting Sdn Bhd (MY)
Tomra Sorting Japan KK (JP)
Best Hong Kong Int. Ltd. (HK)
TOMRA Holdings (NZ) Limited (NZ)
TOMRA Food (ANZ) Limited (NZ)
Compac Tech Ltd. (NZ)
Compac Sorting Equipment (Kunshan) Co. Ltd. (CN)
Compac International Trade (Kunshan) Co. Ltd. (CN)
BBC Technologies Ltd. (NZ)
BBC Technologies Agricola SPA (CL)
BBC Technologies (USA) Ltd. (NZ)
Tomra Peru SAC (PE)
Non-wholly owned subsidiaries
Tomra Collection Solutions Taiwan (51%) (TW)
Bottlecycler Australia Pty Ltd (60%) (AU)
Tomra Systems D.O.O (HR) (70%)
Western New York Beverage Industry Collection and Sorting LP
(74%) (US - NY)
Western NY Bottle & Can Retrieval Center LLC (74%) (US - NY)
Tomra New York Recycling LLC (74%) (US - NY)
Upstate NY Bottle & Can Retrieval Center LLC (74%) (US - NY)
Farmington Redemption LLC (74%) (US - NY)
Upstate Tomra LLC (54%) (US - NY)
Tomra Mass. LLC (55%) (US - MA)
UBCR LLC (51%) (US - MI)
Synergistics LLC (51%) (US - MI)
TOMRA Plastretur Recovery Facility AS (65%) (NO)
Joint ventures and associated companies
Tomra Japan Ltd. (50%) (JP)
Tomra Cleanaway Pty Ltd (50%) (AU)
Tomra Cleanaway (VIC) Pty Ltd (50%) (AU)
Tomra s.r.o (40 %) (CZ)
Incom Tomra Recycling Technology (Beijing) Co. Ltd (49%) (CN)
Recycling Lottery International AS (33%) (NO)
PolyPerception BV (28%) (BE)
TOMRA Recycling s.r.o. (SK), TOMRA Recycling Turkey Ayıklama Ltd.
Şti. (TR), TOMRA Recycling Inc. (US - NC) and Tomra Systems Ltd.
(SA) were founded in 2024.
Compac International Ltd. (NZ) Lenz Equipment Ltd. (NZ), Taste Tech
Ltd. (NZ), Taste Tech Install Ltd. (NZ) and Tastemark Ltd. (NZ) were
liquidated in 2024.
Shares in c-trace GmbH (DE) were acquired in 2024.
TOMRA acquired 49% of the shares in Tomra Recycling Technology
(Xiamen) Co. Ltd (CN) and owns now 100% of the shares.
SEARCHBROWSESTARTPAGE 139
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 (annual report 2024).
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 2024.
• the separate financial statements are prepared in accordance with the Norwegian
Accounting Act and Norwegian accounting standards as of 31 December 2024.
• 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
2024 for the Group and the Parent Company.
• 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 2024 and 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.
• the statement on corporate governance for the Group is in accordance with the
requirements of the Norwegian Accounting Act.
• the 2024 sustainability statements and sustainability notes have been prepared in
accordance with and meets the information requirements of the Norwegian Accounting
Act, European Sustainability Reporting Standards (ESRS) and EU taxonomy (Article 8 of EU
Regulation 2020/852).
Asker, 20 March 2025
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Erik Osmundsen
Board member
Hege Skryseth
Board member
Pauline Bergan
Employee elected
Edward Palm
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 140
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 2023
Operating revenues 1
3,109.8 2,953.9
Cost of goods sold 2
1,689.5 1,830.0
Employee benefit expenses
1)
3
590.6 498.6
Depreciation and amortization 6, 7
49.7 54.2
Other operating expenses
1)
3
641.2 642.0
Total operating expenses
2,971.0 3,024.8
Operating profit
138.8 (70.9)
Dividend from subsidiaries
940.6 611.2
Financial income
367.0 138.3
Financial expenses
236.6 194.5
Increase/(decrease) in fair value of derivatives
(200.7) (71.5)
Net financial items 4
870.3 483.5
Profit before taxes
1,009.0 412.6
Taxes 5
45.7 11.0
Profit for the period
963.3 401.6
Allocated as follows: 11
Dividend
635.9 576.3
Other equity
327.4 (174.7)
Total allocated
963.3 401.6
1) 2023 figures have been adjusted for comparison purposes.
SEARCHBROWSESTARTPAGE 141
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 2023
Deferred tax assets 5
158.7 113.3
Software and patents 6
50.7 70.2
Total intangible non-current assets
50.7 70.2
Property, plant and equipment 7
69.5 54.1
Total tangible non-current assets
69.5 54.1
Investment in subsidiaries 8
4,099.2 3,368.7
Loans to subsidiaries 16
2,782.0 1,566.7
Investment in associates 8
15.6 15.6
Other investments 8
110.4 110.4
Long-term receivables
38.1 34.8
Total financial non-current assets
7,045.3 5,096.2
Total non-current assets
7,324.2 5,333.8
Inventory 2
38.0 57.7
Trade receivables
11.1 7.6
Intra-group receivables 16
2,206.6 1,537.9
Other short-term receivables
220.4 303.7
Total receivables 9
2,438.1 1,849.2
Derivatives 13
11.2 33.2
Cash and cash equivalents 10
638.5 489.2
Total current assets
3,125.8 2,429.3
Total assets
10,450.0 7,763.1
Liabilities and Equity
(Amounts in NOK million) Note 2024 2023
Share capital
148.0 148.0
Treasury shares
(0.1) (0.3)
Share premium reserve
918.3 918.3
Paid-in capital
1,066.2 1,066.1
Retained earnings
853.5 492.7
Total equity 11
1,919.7 1,558.8
Pension liabilities 12
18.4 28.7
Interest-bearing liabilities 13
3,681.1 2,553.2
Loans from subsidiaries 16
738.0 559.5
Total non-current liabilities
4,437.5 3,141.4
Derivatives 13
261.5 171.5
Interest-bearing liabilities 13
560.2 609.4
Trade payables
67.2 236.3
Intra-group payables 16
2,125.1 1,147.8
Income tax payable 5
90.5 44.8
Provisions 14
19.0 12.0
Other current liabilities 15
969.3 841.1
Total current liabilities
4,092.9 3,062.9
Total liabilities
8,530.3 6,204.3
Total liabilities and equity
10,450.0 7,763.1
Asker, 20 March 2025
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Hege Skryseth
Board member
Erik Osmundsen
Board member
Pauline Bergan
Employee elected
Edward Palm
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 142
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024 2023
Cash flow from operating activities
Profit before taxes
1,009.0 412.6
Income taxes paid
(44.8) (36.2)
Depreciation / Amortization 6, 7
49.7 54.2
Net change in inventory
16.5 (30.2)
Net change in receivables
(567.0) (236.2)
Net change in payables
808.2 94.0
Difference between pension expense and
Pension contribution paid
(12.9) (13.8)
Changes in other balance sheet items
264.6 203.1
Interest paid 4
88.8 131.9
Net cash flow from operating activities
1,612.2 579.4
Cash flow from investing activities
Acquisition of subsidiary / capital infusion 8
(730.5) -
Acquisition of other investments 8
- (110.4)
Investment in non-current assets 6, 7
(45.7) (32.3)
Net cash flow from investing activities
(776.2) (142.7)
Cash Flow Statement
(Amounts in NOK million) Note 2024 2023
Cash flow from financing activities
Loan payments (to)/from subsidiaries
(1,036.8) (618.0)
Proceeds from issuance of long-term debt 13
2 000.0 335.0
Net change in revolving credit facility 13
(312.1) 651.2
Net change in short-term loans and derivatives 13
(708.1) 9.4
Sale of treasury shares 11
35.5 48.8
Interest paid
(88.8) (131.9)
Dividend paid 11
(576.3) (531.4)
Net cash flow from financing activities
(686.6) 236.9
Net change in cash and cash equivalents
149.3 199.8
Cash and cash equivalents per 1 January 10
489.2 289.4
Cash and cash equivalents per 31 December 10
638.5 489.2
SEARCHBROWSESTARTPAGE 143
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 144
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 sales of machines and parts are recognized when risks are transferred to the customer.
Other service revenues are 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) 2024 2023
Geographical split of revenues
Northern Europe
413.8 375.3
Rest of Europe
2,208.1 2,225.4
America
247.8 99.8
Asia
30.4 30.3
Oceania
209.7 223.1
Operating revenues
3,109.8 2,953.9
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 related to goods sold
(Amounts in NOK million) 2024 2023
Raw materials and consumables purchased
1,669.8 1,860.2
Change in inventory
19.7 (30.2)
Raw materials and consumables related to goods sold
1,689.5 1,830.0
Change in inventory includes an adjustment for obsolescence of NOK -2.0 million
(2023: NOK 12.7 million).
Inventory
(Amounts in NOK million) 2024 2023
Raw materials
0.1 -
Finished goods
30.2 19.9
Spare parts
7.7 37.8
Total inventory
38.0 57.7
Inventories are not subject to retention of title clauses.
SEARCHBROWSESTARTPAGE 145
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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) 2024 2023
Salaries
1)
450.8 387.5
Social security tax
75.4 55.2
Pension - Defined benefit plan
8.8 10.3
Pension - Defined contribution plan
34.8 27.0
Other labor costs
2)
20.9 18.6
Total employee benefit expenses
590.6 498.6
Number of man-years
359 291
1) Salaries for 2023 have been adjusted for comparison purposes.
2) Other labor costs mainly consist of social expenses, meetings, training, recruiting and similar.
TOMRA Systems ASA uses a 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 2024”.
Auditor’s remuneration
(Amounts in NOK million) 2024 2023
Audit of financial statements
4.6 4.0
Attestation of sustainability statements
0.9 -
Other attestation services
0.7 -
Tax consulting
0.8 0.1
Other services
0.2 1.0
Total
7.3 5.1
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
changes in fair value of derivatives.
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 payment is
established.
Net financial items
(Amounts in NOK million) 2024 2023
Dividend from subsidiaries
940.6 611.2
Dividend from subsidiaries
940.6 611.2
Interest income
1)
93.2 86.0
Other financial income
2)
248.8 52.3
Foreign exchange gains
25.0 -
Total financial income
367.0 138.3
Interest expenses
3)
182.0 131.4
Other financial expenses
54.7 19.4
Foreign exchange loss
- 43.7
Total financial expenses
236.6 194.5
Increase/(decrease) in fair value of derivatives
(200.7) (71.5)
Net financial items
870.3 483.5
1) Interest income include interest from subsidiaries of NOK 88.1 million (2023: NOK 78.6 million). Interest from cash-pools was
NOK 5.1 million (2023: NOK 5.3 million).
2) Other financial income includes group contribution for an amount of 236.5 MNOK (2023: 52,3 MNOK).
3) Net interest expense on bonds was NOK 125.9 million (2023: NOK 72.2 million) after subtraction of NOK 20.7 million through Cross
Currency Interest Rate Swaps which converted the NOK bond loans to EUR loans. In addition interest on other loans was NOK 60.5 million
(2023: NOK 59.7 million) mainly related to the revolving credit facility and Eksfin loan.
SEARCHBROWSESTARTPAGE 146
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 / deductible resulting from this
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) 2024 2023
Tax basis
Profit before taxes
1,009.0 412.6
Dividend from subsidiaries
(940.6) (611.2)
Interest deduction limitation
- 33.9
Permanent differences
(6.7) 4.2
Change in temporary differences
206.4 160.7
Change in temporary differences related to prior years
1.8 -
Basis for taxes payable
269.9 0.2
Tax expense / (income)
Taxes payable/(receivable)
59.4 -
Tax effect of equity transactions
0.6 1.0
Net change in deferred taxes
(45.4) (35.4)
Tax expenses related to previous years
31.1 45.4
Tax expense
45.7 11.0
Deferred tax assets
Other current assets
55.4 31.0
Intangible non-current assets
73.2 57.2
Tangible non-current assets
0.8 1.4
Financial non-current assets
3.5 3.5
Provisions
4.2 2.6
Other current liabilities
17.6 11.3
Pension reserves
4.0 6.3
Total deferred tax assets
158.7 113.3
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 2024
311.0 5.1 316.1
Other acquisitions / internally developed
11.0 11.0
Balance at 31 December 2024
322.0 5.1 327.1
Balance at 1 January 2023
292.8 5.1 297.9
Other acquisitions / internally developed
18.2 18.2
Balance at 31 December 2023
311.0 5.1 316.1
Amortization and impairment losses
Balance at 1 January 2024
241.3 4.6 245.9
Amortization charge for the year
30.4 0.1 30.5
Balance at 31 December 2024
271.7 4.7 276.4
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
Useful life
3-5 yrs 5 yrs
Carrying amounts
31 December 2024
50.3 0.4 50.7
31 December 2023
69.7 0.5 70.2
SEARCHBROWSESTARTPAGE 147
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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)
Machinery &
Fixtures Vehicles Total
Cost
Balance at 1 January 2024
151.1 2.5 153.6
Acquisitions
34.7 34.7
Disposals
(0.1) (0.3) (0.4)
Balance at 31 December 2024
185.7 2.2 187.9
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
Depreciation and impairment losses
Balance at 1 January 2024
98.6 0.9 99.5
Depreciation charge for the year
18.9 0.3 19.2
Disposals
(0.3) (0.3)
Balance at 31 December 2024
117.5 1.0 118.4
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
Useful life
3-10 yrs 3-7 yrs
Carrying amounts
31 December 2024
68.2 1.3 69.5
31 December 2023
52.5 1.6 54.1
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% 122.9 2,563.9 1,166.2
Tomra Europe AS Norway
1998 100.0% 148.8 400.7 10.0
Tomra Production AS Norway
1998 100.0% 14.4 199.4 15.0
Tomra Canada Inc Canada
2000 100.0% 3.5 197.8 79.8
Tomra Sorting Japan KK Japan
2000 100.0% 4.3 28.2 7.0
Tomra Sorting AS Norway
2004 100.0% 292.2 2,036.6 1,817.6
Tomra Sorting Technology
(Xiamen) Co. Ltd.
China
2010 100.0% 11.1 180.0 81.4
Tomra Collection Pty Ltd.
Australia
2017 80.0% 48.5 346.2 191.7
TOMRA Horizon AS Norway
2023 100.0% ( 8.6) 58.6 35.0
c-trace GmbH Germany
2024 100.0% 2.2 60.3 695.5
Total shares in subsidiaries
4,099.2
Tomra Japan Ltd. Japan
2008 50.0% 10.4 82.0 9.6
Recycling Lottery
International AS Norway 2019 33.3% (9.6) (1.1) 6.0
Total shares in associates
15.6
Kezzler AS Norway
2023 14% 110.4
Total shares in other investments
110.4
SEARCHBROWSESTARTPAGE 148
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 is classified as current assets.
Short-term receivables
(Amounts in NOK million) 2024 2023
Trade receivables from sales contracts, gross
12.5 10.4
Intra group short-term receivables
2,206.6 1,537.9
Other short-term receivables
220.4 303.7
Provision for bad debt
(1.4) (2.8)
Total short-term receivables
2,438.1 1,849.2
Provision for bad debt per 1 January
2.8 1.5
Provisions made during the year
0.6 1.3
Provisions used during the year
(2.0) -
Provision for bad debt per 31 December
1.4 2.8
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) 2024 2023
Bank deposits
1)
638.5 489.2
Total cash and cash equivalents
638.5 489.2
1) Includes restricted bank deposits totaling NOK 28.2 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 149
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
Balance per 1 January 2024
148.0 (0.3) 918.3 1,066.1 492.7 1,558.8 296,040,156
Profit for the period
963.3 963.3
Pensions
(2.0) (2.0)
Own shares sold to employees
0.1 0.1 35.4 35.5
Dividend to shareholders
(635.9) (635.9)
Balance per 31 December 2024
148.0 (0.1) 918.3 1,066.2 853.5 1,919.7 296,040,156
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
TREASURY SHARES
Total shareholding of treasury shares was 251,167 as of year end 2024, representing 0,08% 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) 2024 2023
NOK 2.15 in ordinary dividend per qualifying share (2023: NOK 1.95 in ordinary dividend)
635.9 576.3
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 150
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 benefit 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 54 employees and 66 retirees at year-end 2024.
The discount rate is in accordance with guidelines from Norsk Regnskapsstiftelse at 30 September 2024,
which was the best estimate of the rate at the time the basis for the calculation was set in October 2024.
Actual return on plan assets was NOK 4.3 million in 2024 (NOK -7.0 million in 2023).
TOMRA’s best estimate of contributions expected to be paid into the plan for 2024 is NOK 20.9 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) 2024 2023
Expense recognized in the income statement
Current service cost
6.8 8.0
Interest cost (income)
0.9 1.0
Social security tax included in pension cost
1.1 1.3
Net pension costs in Income Statement
8.8 10.3
The expense is recognized in the following line item in the Income
Statement
Employee benefit expenses defined benefit plan
8.8 10.3
Employee benefit expenses defined contribution plan
34.8 27.0
Total employee benefit expenses
1)
43.6 37.3
Expense recognized directly in equity
Actuarial loss/(gain) - change in discount rate
16.4 (18.5)
Actuarial loss/(gain) - change in other financial assumptions
(16.9) 17.1
Actuarial loss/(gain) - experience DBO
2.1 (26.8)
Loss/(gain) - experience Assets
(2.3) 28.8
Investment management cost
3.1 3.0
Asset ceiling - asset adjustment
(0.2) 0.6
Social security tax included in pension cost
0.3 0.6
Remeasurement loss/(gain) recognized in Equity
2.6 4.8
SEARCHBROWSESTARTPAGE 151
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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) 2024 2023
Financial status as of 31 December
Present value of funded pension obligations
258.1 247.1
Fair value of plan assets
(240.1) (219.0)
Unrecognized actuarial gains & losses
0.4 0.6
Pension liability
18.4 28.7
Basis for calculation
Discount rate
3.30% 3.70%
Expected wage increase
3.50% 3.75%
Expected increase of base amount
3.25% 3.50%
Expected return on plan assets 31 December
3.30% 3.70%
Average remaining service period
7.25 yrs 7.99 yrs
Movements in net liability for defined benefit obligations as
recognized in the balance sheet
Net liability at 1 January
28.7 37.7
Contributions received
(21.7) (24.1)
Remeasurement loss/(gain) recognized in Equity
2.6 4.8
Expense recognized in the Income Statement
8.8 10.3
Net liability at 31 December
18.4 28.7
1) NOK 8.8 million of total employee benefit expenses for TOMRA Systems ASA was charged to subsidiaries in 2024 (2023: NOK 10.6
million) and the interest of NOK 0.9 million is classified as employee benefit expenses.
Note 13 Interest-bearing liabilities
ACCOUNTING PRINCIPLE
Liabilities with due date more than one year after the balance date is 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 of the CCIRS are recorded in profit and loss.
Interest bearing liabilities
(Amounts in NOK million) 2024 2023
Non-current liabilities
Bonds
1)
2,500.0 1,000.0
Unsecured bank loans
2)
906.1 1,218.2
Other long-term loans
3)
275.0 335.0
Total non-current interest-bearing liabilities
3,681.1 2,553.2
Current liabilities
Current portion of Bonds
1)
500.0 600.0
Current portion of other long-term loans
3)
60.2 9.4
Total current interest-bearing liabilities
560.2 609.4
1) An overview of outstanding Bonds is provided below. The Green bonds meet the requirements set by Nordic Trustee and are listed on the
Oslo Stock Exchange.
2) TOMRA Systems ASA has an EUR 150 million sustainable revolving credit facility established in December 2024 with tenor 3+1+1 years. NOK
906 million was drawn as of 31 December 2024. Optional Currencies are NOK, EUR, USD and GBP. Interest is payable at a rate of IBOR 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 2024.
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 335
million was drawn as of 31 December 2024. 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 2024.
Outstanding Green bonds as of 31 December 2024
Notional amount Coupon rate Due
NOK 500 million 3 months NIBOR + 1.42% 2025
NOK 500 million 3 months NIBOR + 1.67% 2027
NOK 750 million 3 months NIBOR + 0.9% 2029
NOK 250 million 3 months NIBOR + 1.05% 2031
NOK 1000 million fixed coupon of 4.446% 2034
Outstanding Bonds as of 31 December 2023
Notional amount Coupon rate Due
NOK 600 million 3 months NIBOR + 0.75% 2024
NOK 500 million (green) 3 months NIBOR + 1.42% 2025
NOK 500 million (green) 3 months NIBOR + 1.67% 2027
For disclosures on Risk management and Derivative financial instruments reference is made to note 19 of
the consolidated financial statements.
SEARCHBROWSESTARTPAGE 152
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 2024
12,0
Provisions made during the year
11,3
Provisions used during the year
(3,0)
Provisions reversed during the year
(1,3)
Balance at 31 December 2024
19,0
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) 2024 2023
Salary, bonus, tax deductions, sos.sec tax
176.5 145.4
Goods received, not invoiced
8.8 19.2
Accrued expenses
148.1 100.2
Dividend accruals
635.9 576.3
Total other current liabilities
969.3 841.1
CONTINGENT LIABILITIES
TOMRA Systems ASA has guarantee liabilities of NOK 261,5 million (2023: NOK 231.8 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 arm’s length principles.
The significant transactions are as follows:
Sales of RVMs, spare parts and service manuals/support of NOK 2,774 million in 2024 (NOK 2,907 million
in 2023) to:
Purchase of RVMs and spare parts from Tomra Production AS of NOK 800.0 million in 2024
(NOK 803.3 million in 2023).
Management fee of NOK 48.3 million in 2024 (NOK 42.6 million in 2023).
For intra Group loans, including interest income and expense; reference is made to note 4.
Intercompany receivables and payables
(Amounts in NOK million) 2024 2023
Loans to subsidiaries
2,782.0 1,566.7
Intra-group receivables
2,206.6 1,537.9
Loan from subsidiaries
(738.0) (559.5)
Intra-group debt
(2,125.1) (1,147.8)
Total
2,125.5 1,397.4
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 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 d.o.o. Beograd
Tomra Collection Bulgaria EOOD
Tomra Collection Turkey Makine Tekn.San.Tic. A.Ş.
Tomra Collection Poland Sp.zo.o
Tomra Collection Hungary Kft.
Tomra Singapore PTE. LTD.
Tomra Collection France SAS
Tomra Recycling Technology (Xiamen) Co. Ltd
TOMRA Collection Ireland Ltd
Tomra Collection Greece Single Member S.A.
SEARCHBROWSESTARTPAGE 153
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
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 2024, 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 2024, the income statement, other
comprehensive income, 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 2024, 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 2024, 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 TOMRA Systems ASA for 5 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
2024. 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 EUR 342,3 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 flows will support the valuation of
goodwill rests on several assumptions that are
judgmental 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 2024.
Refer to note 7 to the consolidated financial
statements for further information on
management'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 included 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 effects of climate risk with
management.
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 154
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
appears 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 Directors' report applies correspondingly to the statement on Corporate
Governance.
Our opinion on whether the Board of Directors’ report contains the information required by applicable
statutory requirements, does not cover the Sustainability Statement, on which a separate assurance report
is issued.
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.
4 / 5
• 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.
• 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_2024_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
SEARCHBROWSESTARTPAGE 155
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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
5 / 5
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.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF
reporting, see: https://revisorforeningen.no/revisjonsberetninger
SEARCHBROWSESTARTPAGE 156
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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.
• Cost of goods sold refers to the direct costs attributable to the production of the goods sold.
• Gross contribution is defined as Revenues minus Cost of goods sold.
• Gross margin is defined as Gross contribution divided by Revenues in percent.
• Operating expenses is defined as Revenues minus Gross contribution minus EBITA.
• EBITA margin is defined as EBITA divided by Revenues in percent.
• Gearing ratio is Net interest-bearing debt / EBITDA.
4)
• Return on capital employed is EBITA divided by the average equity and long-term interest-
bearing liabilities over a twelve month period.
5)
• Return on equity is Profit for the period divided by the average of opening and closing
balance majority equity.
6)
• Return on total assets before tax is Profit before tax and interest expenses divided by the
average of opening and closing balance total assets.
7)
• EPS is net profit after minority interest divided by number of shares issued less treasury
shares held.
• EPS, adjusted is net profit after minority interest before special items after tax, divided by
number of shares issued less treasury shares held.
• Payout ratio is the declared dividend per share divided by EPS converted to NOK using the
average exchange rate for the period.
1) EBITDA = 156.5+ 99.6 = 256.0
2) EBITA = 156.5 + 19.2 = 175.7
3) Net interest-bearing debt = 309.9 + 123.2 + 47.5 + 41.0 + 22.2 - 123.0 = 420.7
4) Gearing ratio = 420.7 / 256.0 = 1.64
5) Return on capital employed = 176 / ((948.7 + 956.0 + 990.7 + 955.0 + 1,069.2) / 5) = 17.9%
6) Return on equity = (99.4 - 5.6) / ((614.2 - 23.7 + 636.4 - 33.0) / 2) = 15.7%
7) Return on total assets before tax = (156.5 + 2.3 + 1.7) / ((1,661.1 + 1,469.0) / 2) = 10.3%
SEARCHBROWSESTARTPAGE 157
CONTENT
Key Figures
CEO Review
Business Overview
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Corporate Governance 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 Systems ASA
Drengsrudhagen 2
Asker, 1385, Norway
+47 66 79 91 00
tomra.com
Design by: BOLT.as
© 2025 TOMRA Systems ASA
549300J726JCFJU3VT892024-01-012024-12-31549300J726JCFJU3VT892023-01-012023-12-31549300J726JCFJU3VT892024-12-31549300J726JCFJU3VT892023-12-31549300J726JCFJU3VT892023-12-31TOM:PaidInCapitalMember549300J726JCFJU3VT892024-01-012024-12-31TOM:PaidInCapitalMember549300J726JCFJU3VT892024-12-31TOM:PaidInCapitalMember549300J726JCFJU3VT892023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300J726JCFJU3VT892024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300J726JCFJU3VT892024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300J726JCFJU3VT892023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300J726JCFJU3VT892024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300J726JCFJU3VT892024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300J726JCFJU3VT892023-12-31ifrs-full:RetainedEarningsMember549300J726JCFJU3VT892024-01-012024-12-31ifrs-full:RetainedEarningsMember549300J726JCFJU3VT892024-12-31ifrs-full:RetainedEarningsMember549300J726JCFJU3VT892023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300J726JCFJU3VT892024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300J726JCFJU3VT892024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300J726JCFJU3VT892023-12-31ifrs-full:NoncontrollingInterestsMember549300J726JCFJU3VT892024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember549300J726JCFJU3VT892024-12-31ifrs-full:NoncontrollingInterestsMember549300J726JCFJU3VT892022-12-31TOM:PaidInCapitalMember549300J726JCFJU3VT892023-01-012023-12-31TOM:PaidInCapitalMember549300J726JCFJU3VT892022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300J726JCFJU3VT892023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300J726JCFJU3VT892022-12-31ifrs-full:RetainedEarningsMember549300J726JCFJU3VT892023-01-012023-12-31ifrs-full:RetainedEarningsMember549300J726JCFJU3VT892022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300J726JCFJU3VT892023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300J726JCFJU3VT892022-12-31ifrs-full:NoncontrollingInterestsMember549300J726JCFJU3VT892023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember549300J726JCFJU3VT892022-12-31iso4217:EURiso4217:EURxbrli:sharesiso4217:NOKxbrli:shares