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January–December 2001

January–December 2001. Rolling four quarters. SEKm. SEKm. IPO. 4 000. 400. 3 500. 350. 3 000. 300. Order intake. 2 500. 250. EBIT. 2 000. 200. Net sales. 1 500. 150. 1 000. 100. 500. 50. 0. 0. Q4. Q1. Q2. Q1. Q2. Q3. Q2. Q3. Q4. Q3. Q4. Q1. Q4. Q1. Q2. Q1.

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January–December 2001

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  1. January–December 2001

  2. Rolling four quarters SEKm SEKm IPO 4 000 400 3 500 350 3 000 300 Order intake 2 500 250 EBIT 2 000 200 Net sales 1 500 150 1 000 100 500 50 0 0 Q4 Q1 Q2 Q1 Q2 Q3 Q2 Q3 Q4 Q3 Q4 Q1 Q4 Q1 Q2 Q1 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 1995 1996 1997 1998 1999 2000 2001 Excluding Alecta (SPP) surplus refund of SEK 15 million in Q3, 2000.

  3. Market Development Jan–Dec 2001 • Continued good demand in “non-cyclical” industries • Europe • Soft market in general • Strong demand for MCS • Strong market in poultry • Americas • Softening demand in general • Very good demand for MCS; Hurricane Allison and Sept 11 • Strong demand for Zeol, but declining • Weak poultry market • Asia • Good start for Thailand and Korea • Recession in Japan

  4. Dehumidification Preservation Pharma Dehumidification 38% of Munters 2001 Food

  5. Dehumidification +17% • Strong Net Sales in Americas • Gaining market shares in Americas • Zeol orders declining as expected • Flat development in Europe • Asia growing

  6. Munters wins in Salt Lake City • NHL experience • The indoor Oval Arena has 4 very large dehumidifiers • 13% Rh - very hard ice - like ceramics • Fastest ice in history • 5 World records, 6 Olympic records, 1 Swedish record

  7. Moisture Control Services Water Damage Restoration Fire Damage Restoration Moisture Control services 34% of Munters 2001

  8. Munters support in catastrophe situations... Munters in New York, September 2001

  9. Munters in Washington, September 2001

  10. MCS +39% • Hurricane Allison in Houston, Texas • Orders USD 9 M in Q2 and Q3 • Net Sales USD 7 M Q3 and 2 M in Q4 • Pentagon and WorldTradeCentre • Growth and margin improvements continue • Increased Net Sales but low margins in Australia • Three acquisitions • Customer consolidation continues

  11. HumiCool Poultry Comfort Cooling HumiCool 28% of Munters 2001 Utilities

  12. HumiCool +12% • Non-US AgHort business growing fast - Euroemme successfully integrated • US AgHort market very slow • Gas turbine business good • HVAC demand soft • The water business is declining

  13. Glacier-Cor (acquired Jan 2002) • Munters lost market share when changing the distribution network • Glacier-Cor no 2 in “CELdek”, accumulated • Rapid decline. Quality issues • Munters acquired assets • Separate sales organization • Consolidated manufacturing to Florida • Glacier-Cor remains exclusive with the fan companies • Lower cost, lower performance than CELdek • Integrated since 1 January

  14. Most customers are non-cyclical Others 23% MCS 33% Pharma 4% 6% 6% Electronics 6% 11% 18% After Sales Utilities Food

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

  16. Sales Manufacturing and Sales Global organization Net Sales SEK 3.9 billion Employees 2 600

  17. Net sales by Region Net sales Jan-Dec 2000 SEK 3 179 million Net sales Jan-Dec 2001 SEK 3 894 million +22% Asia Asia +16% 10% 10% +29% Americas Europe Americas Europe 40% 50% 38% 52%

  18. HumiCool DH 28% 38% MCS MCS 34% 30% Net sales by Product Area Net sales Jan-Dec 2000 SEK 3 179 million Net sales Jan-Dec 2001 SEK 3 894 million +12% +17% HumiCool DH 30% 40% +39%

  19. October-December 2001 • Order intake over SEK 1 billion • Order growth 19% • Currency and acquisition adjusted 12% • Net sales growth 14% • Currency and acquisition adjusted 6% • Operating earnings growth 20% • Operating margin 12.8%

  20. Financial overview by Quarter 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Growth 1) Excluding Alecta (SPP) surplus refund of SEK 15 million in Q3, 2000.

  21. Regional development Oct-Dec 2001 Net sales Growth EBIT margin Europe 562 14% 12.9% Americas 412 15% 11.7% Asia 104 8% 11.2% Total Group 1 063 14% 12.8%

  22. January - December 2001 • Order intake growth 19% • Currency and acquisition adjusted 8% • Net sales growth 22% • Currency and acquisition adjusted 12% • Operating earnings growth 31% • Operating margin 10.3% • Strong development in MCS in all regions • Four acquisitions • Strong development in all regions

  23. Financial Overview 2001 SEKm 1996 1997 19981999 2000 2001 Growth Order intake 1 943 2 265 2 384 2 608 3 322 3 945 +19% Invoicing 1 927 2 197 2 401 2 594 3 179 3 894 +22% EBIT 155 184 205 237 306 401 +31% Margin, % 8.1 8.4 8.5 9.1 9.6 10.3 Net earnings 90 105 124 144 184 240 +30% Op. Cash flow 1) 176 211 171 219 273 470 +72% (bef capex & tax) /253 Pro forma for 1996 and 1997 Excluding SPP surplus refund 1) 1999 excluding resp. including effects from Euroemme acquisition

  24. Regional development Jan-Dec 2001 Net sales Growth EBIT margin Europe 1 950 16% 9.2% Americas 1 592 29% 12.0% Asia 408 22% 11.6% Total Group 3 894 22% 10.3%

  25. Currency and Acquisition Effects Currency effect Net Sales - Jan-Dec 2000: 3 179 + 285 +9% Net Sales from acquired units +58 +2% Organic Growth +372 +11% Net Sales - Jan-Dec 2001: 3894 +22%

  26. Key Ratios 1996 1997 1998 1999 2000 2001 • Return on Capital Employed (%) 29.3 34.5 33.3 30.3 30.1 34.0 • Interest coverage ratio (times) 7.610.5 11.6 13.1 12.4 18.2 • Net debt (SEK m) 225 112 135 230 333 196 • Net debt/Equity ratio 0.74 0.26 0.25 0.35 0.41 0.19 • Earnings per share (SEK)1) 3.62 4.18 4.95 5.78 7.37/ 9.57/ • 7.43 9.75 Pro forma for 1996 and 1997 Excluding SPP surplus refund 1) Year 2000 calculated on 25.0 million resp 24.8 million shares Year 2001 calculated on 25.0 million resp 24.5 million shares

  27. A capital light company % of invoicing 19981) 19991) 2000 2001 Tangible Assets 15% 15% 16% 15% Inventory 7% 7% 8% 7% Trade Receivables 22% 23% 25% 22% Trade Payables 6% 7% 8% 7% Advances From Customers 1% 1% 2%2% Operating Working Capital 22% 22% 23% 20% Operating Capital Turnover, times 2.7 2.7 2.6 2.9 1) 1999 excluding Euroemme

  28. Munters Group - Net debt 300 Net Debt 200 Liquid Funds 100 0 Short-term Loans -100 -135 -112 -200 -196 -230 Long-term Loans -300 -400 -333 -500 Dec.-97 Dec.-98 Dec.-99 Dec.-00 Dec.-01

  29. Order intake SEK m 1 100 +19% 1994 +10% +25% +21% 1 000 1995 1996 900 1997 1998 800 1999 2000 700 2001 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4

  30. Net sales SEK m +14% 1 100 1994 +28% +30% 1 000 1995 1996 +20% 900 1997 800 1998 1999 700 2000 600 2001 500 400 300 200 100 0 Q1 Q2 Q3 Q4

  31. Backlog SEK m 700 +14% +45% +5% 1994 650 1995 +16% 600 1996 550 1997 500 1998 1999 450 2000 400 2001 350 300 250 200 150 100 50 0 Q1 Q2 Q3 Q4

  32. EBIT SEK m +20% 140 1994 130 1995 120 1996 110 1997 +31% 100 1998 +42% 90 1999 2000 80 +41% 2001 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4

  33. Earnings per Share (EPS) and Dividend 12 Dividend EPS 9.57 10 8 7.37 5.78 6 4.95 1) 4.18 3.00 4 2.30 1.80 1.50 1.00 2 0 1997 1998 1999 2000 2001 1) Proposal from Munters board EPS calculated on 25 million shares

  34. Munters Group – Net Sales SEK m 4,500 Acquired growth 4,000 Organic growth 3,500 CAGR 9.8% 3,000 CAGR 12.3% 2,500 2,000 1,500 1,000 500 0 1994 1995 1996 1997 1998 1999 2000 2001

  35. Dehumidification - Net Sales SEK m 1,600 1,400 CAGR 9.3% 1,200 1,000 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 2001

  36. MCS, Moisture Control ServicesNet Sales SEK m 1,600 Acquired Businesses 1,400 MCS 1,200 CAGR 13.9% 1,000 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 2001

  37. HumiCool- Net Sales SEK m 1,600 1,400 Acquired Businesses ME & Water 1,200 HumiCool 1,000 CAGR 14.9% 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 2001

  38. Munters share and index (all shares)

  39. 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

  40. The Humidity Expert

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