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January–June 2000

January–June 2000. Dehumidification. Pharma. Food. Preservation. Dehumidification. Strong development in Americas Big order in Japan Major orders in Zeol (solvent emission control) Manufacturing problems in Europe. Moisture Control Services. Water Damage Restoration. MCS.

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January–June 2000

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  1. January–June 2000

  2. Dehumidification Pharma Food Preservation

  3. Dehumidification • Strong development in Americas • Big order in Japan • Major orders in Zeol (solvent emission control) • Manufacturing problems in Europe

  4. Moisture Control Services Water Damage Restoration

  5. MCS • Strong growth • High cost for expansion • Cost reductions • Reduced weather sensitivity

  6. HumiCool Poultry Utilities Comfort Cooling

  7. HumiCool • Strong underlying growth • Euroemme integration plan finished • Gas turbines continue to grow • New application takes off • First CELdek manufactured in Thailand • 9 CELdek factories with cost advantages in strategic locations • Continued downturn in ME and Water • New distribution channels in USA

  8. Munters’ strategy for growth Open new geographical markets (Korea, Thailand, New Zealand) Grow the Service business (MCS) Global roll-out of existing applications (DH, MCS, HC) Integration forward (HC, Euroemme) Underlying growth (HC, DC, MCS)

  9. Global organization Invoicing SEK 2,6 billion Employees 2,146 NEW! NEW! NEW NEW Sales Manufacturing and Sales

  10. Market Development Jan–June 2000 • Europe • Strong demand in HumiCool and MCS • Continued negative trend in ME&W • Americas • High growth in all product areas • Improved market activity in Latin America • Asia • High demand in China and Australia • Improved market activity in Japan

  11. Jan–June 2000 • Order growth 37% in Q2 • Revenues growth 18% in 1H • EBIT up 29% in 1H • Very strong growth in HC • Strong growth in MCS • 26 quarters with uninterrupted growth

  12. Rolling four quarters SEK m SEK m 3 000 300 2 750 275 2 500 250 Order intake 2 250 225 2 000 200 EBIT Invoicing 1 750 175 1 500 150 1 250 125 1 000 100 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1995 1996 1997 1998 1999 2000 1994

  13. Invoicing by region Total invoicing Jan–June 1999 SEK 1,226 million Total invoicing Jan–June 2000 SEK 1,448 million Asia Asia 10% 9% Europe Europe 52% 54% 38% 37% Americas Americas

  14. Invoicing by product area Total invoicing Jan–June 2000 SEK 1,448 million Total invoicing Jan–June 1999 SEK 1,226 million HC HC DH DH 30% 30% 40% 40% 30% 30% MCS MCS

  15. Quarterly financial overview 1999 2000 99/00 Q2 Q1 Q2 Q4 Q1 Q3 SEK m 644 884 37% Order intake 659 614 691 791 652 741 14% Invoicing 574 637 731 707 53 65 22% EBIT 37 64 83 51 8,2 8,7 Margin % 6,5 10,0 11,4 7,2 32 37 20% Net earnings 23 38 51 29 2) 2) 1) 27 78 186% 63 Op. Cash flow 81 73 72 1)excl Euroemme 2)incl Euroemme

  16. Regional analysis April–June 2000 Invoicing Growth EBIT margin Europe 383 9% 5% Americas 300 17% 13% Asia 77 39% 12% Total Group 741 14% 9%

  17. Financial overview Jan–June January–June Growth 1998 99–00 2000 1997 1999 97–00 SEK m 29% 13% Order intake 1155 1179 1303 1675 18% 12% Invoicing 1024 1135 1226 1448 29% 17% EBIT 73 76 90 116 Margin % 7,1 6,7 7,4 8,0 20% 16% Net earnings 42 43 55 66 2) 1) 30% 140 35% Op. cash flow 57 86 108 1)excl Euroemme 2)incl Euroemme

  18. Regional analysis Jan–June 2000 Invoicing Growth EBIT margin Europe 775 15% 6% Americas 561 21% 11% Asia 144 23% 11% Total Group 1,448 18% 8%

  19. Key ratios Jan–June 2000 Interest coverage ratio (times) 11 10 Net debt (SEK m) 351 139 Net debt/Equity ratio 0,54 0,25 Earnings per share (SEK) 2,62 2,18 2000 1999

  20. Order intake per quarter SEK m 1994 900 1995 850 1996 800 1997 750 1998 700 1999 650 2000 600 550 500 450 400 350 300 Q1 Q2 Q3 Q4

  21. Invoicing per quarter SEK m 1994 900 1995 850 1996 800 1997 750 1998 700 1999 650 2000 600 550 500 450 400 350 300 Q1 Q2 Q3 Q4

  22. 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

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