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January–March 2001

January–March 2001. 1995. 1996. 1997. 1998. 1999. 2000. Rolling four quarters. SEKm. SEKm. IPO. Order intake. EBIT. Net sales. Market Development Jan–March 2001. Europe General good development Americas Good development in MCS and industrial DH Weak poultry market Asia

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January–March 2001

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  1. January–March 2001

  2. 1995 1996 1997 1998 1999 2000 Rolling four quarters SEKm SEKm IPO Order intake EBIT Net sales

  3. Market Development Jan–March 2001 • Europe • General good development • Americas • Good development in MCS and industrial DH • Weak poultry market • Asia • High market activity • Good growth in all geographical areas and in all product segments

  4. Pharma Food DH: 40% of Munters, 2000 Preservation Dehumidification

  5. Dehumidification • Strong order growth, also currency adjusted • Continuous growth in Americas and Asia • Major orders in Zeol (solvent emission control), but not for semiconductors

  6. MCS: 30% of Munters, 2000 Moisture Control Services Water Damage Restoration

  7. MCS • Strong growth and margin improvements • Expansion activities are stabilizing, productivity is improving • Flooding effect in Europe reduced • “No” impact from US catastrophe business • Acquisition of Mullins Restoration 4 Jan 2001

  8. HC: 30% of Munters 2000 HumiCool Utilities Poultry Comfort Cooling

  9. HumiCool • Euroemme strong • AgHort US very slow • Gas turbine business growing fast • Fogging technology introduced • ME & Water flat

  10. Munters’ strategy for growth Open new geographical markets Grow the Service business Global roll-out of existing applications Integration forward Underlying growth

  11. Pharma 5% 5% MCS/Service 40% Others 20% 15% 15% Food Utilities Growing and non-cyclical customers Electronics

  12. Global organization Invoicing SEK 3,2 billion Employees 2,400 NEW NEW Sales Manufacturing and Sales

  13. Net sales by region Net sales Jan-March 2000 SEK 707 million Net sales Jan-March 2001 SEK 851 million Asia +50% Asia 12% 9% Europe Europe +11% 55% 50% 36% 38% Americas Americas +27%

  14. Net sales by product segment Net sales Jan-March 2001 SEK 851 million Net sales Jan-March 2000 SEK 707 million HumiCool HumiCool +11% DH DH +20% 29% 26% 40% 40% 31% 34% MCS MCS +27%

  15. Jan–March 2001 • Order intake growth 21% • Net sales growth 20% • Operating margin 8,5% - Improvements in all regions • Good development in MCS, HumiCool and Industrial Dehumidification

  16. Financial overview Jan–March 2001 2001 2000 Q1 Q2 Q3 Q4 Q1 Growth 1) Excluding Alecta (SPP) surplus refund in Q3, 2000.

  17. Regional analysis Jan–March 2001 Net sales Growth EBIT margin Europe 435 11% 7,6% Americas 331 27% 9,8% Asia 100 50% 12,9% Total Group 851 20% 8,5%

  18. Financial overview Rolling 12 months April - March 98/99 99/00 00/01 Growth 1) Excluding Alecta (SPP) surplus refund in Q3 2000

  19. Key ratios Jan–March 2001 Return on Capital Employed 1) (%) 29,7 29,7 Interest coverage ratio (times) 11,3 11,6 Net debt (SEK m) 316 258 Net debt/Equity ratio 0,37 0,38 Earnings per share (SEK) 1,62 1,17 2001 2000 1) Rolling 12 month

  20. Why strong growth?Currency and Acquisition Effects Net Sales as reported 851 +20% whereof: Mullins acquisition (net) 5 Currency effects 87 Net Sales, adjusted 759 +11% Jan-Mar 2001 Growth SEK m

  21. Why margin improvement? • Growth • Rationalizations • Favorable product mix

  22. The strong order trend continues, currency effect is significant SEK m +21% +37% +25% +28%

  23. Net Sales follows the orders in Q3 and Q4, currency effect is significant SEK m +27% +20% +25% +14%

  24. Backlog: growth and forward integration SEK m +45% +56% +39% +43%

  25. EBIT improvements continue SEK m +37% +19% +41% +23%

  26. Summary • One Strong brand – Munters • Strong organic growth • Technical leadership • Global presence • Large service operations • Large installed base • High market share in defined niches • Customers in growing and non-cyclical areas • Capital light

  27. The Humidity Expert

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