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January-December 2002

January-December 2002. Q4 2002. IPO. SEKm. SEKm. Order intake. EBIT. Net sales. 1995. 1996. 1997. 1998. 1999. 2000. 2001. 2002. Excluding Alecta (SPP) surplus refund of SEK 15 million in Q3, 2000. Market development 2002. Good demand in “non-cyclical” industries Europe

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January-December 2002

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  1. January-December 2002

  2. Q4 2002 IPO SEKm SEKm Order intake EBIT Net sales 1995 1996 1997 1998 1999 2000 2001 2002 Excluding Alecta (SPP) surplus refund of SEK 15 million in Q3, 2000.

  3. Market development 2002 • Good demand in “non-cyclical” industries • Europe • Strong demand for MCS • Weakening demand for Dehumidification • Very low demand in Gas Turbine business • Americas • Strong demand in many areas • Low demand for Zeol-products continues • Very low demand in Gas Turbine business • No major CAT business (MCS) • Asia • Strong development in Thailand and Australia • Recession in Japan

  4. Pharma Food Preservation Dehumidification 32% of Munters 2002

  5. Dehumidification • Strong development in US ex Zeol (orders -50%) • HCU (DryCool) receives positive response • Margin improvements in Europe, no growth • Negative development in Asia

  6. Fire damage restoration Water damage restoration Moisture Control Services 42% of Munters 2002

  7. MCS • The solid growth in Europe continues • Sales of SEK 78 m from floods in Europe (Hurricane Allison and Sep 11 SEK 100m 2001) • Acquisition of Svt and Polygon, leading companies in Fire Damage Restoration • Acquisitions have developed positively

  8. HumiCool Utilities Poultry 26% of Munters 2002 Comfort cooling

  9. HumiCool • The Poultry Industry had a weak Q4 • Demand for Precoolers for Gas turbines on very low level • Acquisition of Glacier-Cor (no 2 in cooling pads) and Aerotech (no 2 in fans) in USA • Integration of acquisitions according to plan • Global leader in AgHort cooling systems • Very strong development in Mist Elimination

  10. Currency effects to year end at present rates (what we said after Q3) % 15 10 5 0 Jul Oct Jun Jan -5 Feb Aug Sep Nov Dec May April April March May July Aug -10 Dec Nov Oct Sep June End rates Average rates

  11. Munters’ strategy for growth Open new geographical markets Grow the Service business Global roll-out of existing applications Direct sales to end users with extended offering Focus on growing and non cyclical customers

  12. Sales and Service Net sales SEK 4.7 billion Employees 3 200 Global organization Manufacturing, Sales and Service 350 Service depots not shown on map

  13. MCS 41% Net sales by Region 2001 2002 SEK 3 894 m SEK 4 666 m Asia 10% Asia 10% Asia 9% Americas 40% Europe 50% Americas 40% Europe 49% Americas 33% Europe 58% 13

  14. DH 32% MCS 34% Net sales by Product Area 2002 2001 SEK 3 894 m SEK 4 666 m HumiCool 28% DH 38% HumiCool 26% DH 38% MCS 34% MCS 42% 14

  15. Customer segments 2002 Other 16(23)% Electronic 3(6)% Insurance/MCS 42(33)% Utilities 8(11)% Pharma 3(4)% Food 21(18)% After sales 7(6)%

  16. Customer segments 2002 Tot MCS 42(33)% Other 16(23)% MCS WDR 19% Electronic 3(6)% Utilities 8(11)% MCS FDR 13% Pharma 3(4)% MCS Ind 10% Food 21(18)% After sales 7(6)%

  17. Q4 Highlights • Weak demand in some areas • Strong acquisition effect • Order growth 16 % • Currency and acquisition adjusted -1% • Net Sales growth 21% • Currency and acquisition adjusted 4% • EBIT increase 8% • EBIT margin 11.5%

  18. Financial overview by Quarter 2001 2002 18

  19. Regional analysis Q4 Net sales Growth EBIT margin Europe 814 45% 13.7% Americas 387 -6% 13.0% Asia 103 -1% 9.3% Total Group 1 286 21% 11.5%

  20. Q4: Negative currency and positive acquisitions effectOrganic growth excluding acquisitions Net sales, Sept – Dec 2001: 1 063 Currency effect -85 -8% Net sales acquisitions +270 +25% Organic growth +38+4%1) Net sales, Sept - Dec 2002: 3 3801 286 +21% 1) +8% for present structure

  21. 2002 Highlights • Weak demand in Gas Turbines, Zeol • Strong weather effects both 2001 and 2002 • Strong acquisition effect • Order growth 20 % • Currency and acquisition adjusted 3% • Net Sales growth 20% • Currency and acquisition adjusted 4% • EBIT increase 16% • EBIT margin 10.0%

  22. Financial overview Jan-Dec January-December Growth 1) Excluding Alecta (SPP) surplus refund in Q3 2000 22

  23. Regional analysis Jan–Dec Net sales Growth Operating margin Europe 2 731 40% 10.1% Americas 1 577 -1% 13.0% Asia 427 5% 10.8% Total Group 4 666 20% 10.0%

  24. Negative currency and positive acquisitions effectOrganic growth excluding acquisitions Net sales, Jan - Dec 2001: 3 894 Currency effect -135 -4% Net sales acquisitions +751 +19% Organic growth +156+4%1) Net sales, Jan – Dec2002: 4 666 +19% 1) +5% for present structure

  25. A capital light company % of Net sales 1998 1999 2000 2001 2002 Tangible Assets 15% 15% 16% 15% 14% Inventory 7% 8% 8% 7% 7% Accounts Receivable 22% 24% 25%22% 20% Accounts Payable 6% 7% 8% 7% 7% Advances From Customers 1% 1% 2%2% 1% Operating Working Capital 22% 22% 23% 20% 19% Operating Capital 37% 37% 39% 34%33%

  26. Key ratios Jan–Dec 2001 2002 Return on capital employed (%) 31.8 31.5 Interest coverage ratio (times) 16.314.2 Net debt (SEK m) 196365 Net debt/Equity ratio 0.190.33 Earnings per share (SEK) 9.6910.83

  27. Earnings per share (EPS) and Dividend 12 10.83 Dividend EPS 9.69 10 8 7.40 5.78 6 4.95 4.18 4 1) 3.50 3.00 2.30 2 1.80 1.50 1.0 0 1997 1998 1999 2000 2001 2002 • Proposal from Munters Board

  28. Order intake SEK m 1 300 +25% +16% 1994 +19% 1 200 +19% 1995 1996 1 100 +19% 1997 1998 1 000 1999 900 2000 2001 800 2002 700 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4 28

  29. Net sales SEK m +21% 1 300 1994 +16% 1 200 +20% 1995 +14% 1 100 +24% 1996 1997 1 000 1998 900 1999 800 2000 700 2001 2002 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4 29

  30. Backlog SEK m 750 +10% 1994 700 +5% -2% 1995 650 +5% 1996 600 1997 1998 550 1999 500 2000 450 2001 400 2002 350 300 250 200 150 100 50 0 Q1 Q2 Q3 Q4 30

  31. EBIT SEK m +8% 150 1994 +20% 140 1995 130 1996 +17% 120 +24% 1997 110 1998 100 1999 +19% 90 2000 80 2001 70 2002 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 31

  32. Munters Group Net Sales SEK m 5 000 Acquired growth 4 500 Organic growth 4 000 CAGR 13.4% 3 500 3 000 2 500 2 000 1 500 1 000 500 0 1994 1995 1996 1997 1998 1999 2000 2001 2002

  33. 1 600 1 400 1 200 1 000 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 Dehumidification Net Sales SEK m CAGR 9.2% 2001 2002

  34. MCS Net Sales SEK m 2 500 Acquired Businesses MCS 2 000 CAGR 17.2% 1 500 1 000 500 0 1994 1995 1996 1997 1998 1999 2000 2001 2002

  35. HumiCool Net Sales SEK m 1 600 Acquired Businesses 1 400 ME & Water 1 200 HumiCool CAGR 15.2% 1 000 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 2001 2002

  36. Acquisitions 1) Company Munters Time Sales Robart MCS-EU 98 5 Euroemme HC-EU 99 160 Nichimen DH-AS 99 10 Buildry MCS-EU 00 5 Mullins MCS-AS 01 35 Sundsvalls Totalsanering MCS-EU 01 13 M´Renov MCS-EU 01 13 ABB/SCR HC-EU 01 10 Glacier-Cor HC-AM 02-01 50 Polygon MCS-EU 02-01 450 Alfa Service Senter MCS-EU 02-05 30 Svt MCS-EU 02-07 180 Aerotech HC-AM 02-07 180 Polygon Kristiansand MCS-EU 02-09 5 1) In SEK millions

  37. Summary of 2002 • Positive: • Acquisitions • Organic growth in many areas • MCS, DryCool, Mist Elimination • Cash flow • Negative: • Hurricane Allison and Sept 11 vs. Europe floods • Zeol was at peak in 2001 • Gas Turbines were at peak in 2001 • Currencies

  38. The Humidity Expert

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