PowerPoint-presentation - Munters by ajizai

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									    January-December 2002




1
    Q4 2002
    SEKm                                   IPO                                                   SEKm
    5 000                                                                                         500
    4 500                                                                                         450
    4 000                                                                                         400
    3 500                                                    Order intake                         350
    3 000                                                                                         300
    2 500                                                                                         250
    2 000                                                             EBIT                        200
    1 500           Net sales                                                                     150
    1 000                                                                                         100
     500                                                                                          50
       0                                                                                          0
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
            Q1
            Q2
            Q3
            Q4
                 1995       1996       1997        1998       1999       2000      2001   2002

            Excluding Alecta (SPP) surplus refund of SEK 15 million in Q3, 2000.

2
    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

3
    Dehumidification




       Food                  Pharma




                                      32% of Munters 2002
              Preservation

4
    Dehumidification

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




5
    Moisture Control Services




    Water damage restoration   Fire damage restoration




                                             42% of Munters 2002


6
    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




7
    HumiCool




              Utilities




    Poultry
                                26% of Munters 2002

              Comfort cooling
8
     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



9
          Currency effects to year end at
          present rates (what we said after Q3)

%15
 10
     5
     0




                                                                              March
                              Jul
                                    Aug
                                          Sep
                                                Oct
                                                      Nov
                                                            Dec
          April


                        Jun




                                                                  Jan
                                                                        Feb
                  May




                                                                                      April
     -5




                                                                                              May



                                                                                                           July
                                                                                                                  Aug




                                                                                                                                          Dec
                                                                                                                                    Nov
-10




                                                                                                    June




                                                                                                                        Sep
                                                                                                                              Oct
                  End rates
                  Average rates




10
     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



11
                        Global organization




                              Sales and Service
                              Manufacturing, Sales and
                              Service
Net sales SEK 4.7 billion
                              350 Service depots
Employees 312
            200
                              not shown on map
              Net sales by Region
         2001                    2002
       SEK 3 894 m            SEK 4 666 m

       Asia                   Asia
                               Asia
       10%                    10%
                               9%


Americas      Europe      Americas
                          Americas    Europe
                                      Europe
  40%          49%          40%
                            33%        50%
                                       58%
                              MCS
                              41%




  13
        Net sales by Product Area
     2001                    2002
  SEK 3 894 m             SEK 4 666 m



HumiCool     DH        HumiCool   DH
                                   DH
  28%        38%         26%      32%
                                  38%


       MCS                  MCS
                           MCS
       34%                  34%
                           42%



  14
      Customer segments 2002

                Other 16(23)%


     Electronic 3(6)%

     Utilities 8(11)%                      Insurance/MCS
                                              42(33)%
      Pharma 3(4)%



              Food 21(18)%
                                After sales 7(6)%

15
      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)%

16
     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%




17
                Financial overview by Quarter
 SEK m                           2001                    2002
                     Q1    Q2      Q3    Q4      Q1    Q2    Q3     Q4    Growth
 Order intake        960 974      982 1 029    1 144 1 159 1 228 1 196      16%

 Net sales           851 960 1 020 1 063       1 052 1 149 1 179 1 286      21%

 EBIT                 72    92    100    136      86   114 118      147      8%
 Margin %            8.5   9.6    9.8   12.8     8.2   9.9 10.0    11.5

 Net earnings         41   55      59    85      49    65    67     85       0%

 Op. cash flow        47 105       72   245      93    121   108   227      -7%
 (bef.capex & tax)




          18
18
     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%



19
     Q4: Negative currency and
     positive acquisitions effect
     Organic 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: 3 380   1 286   +21%



20    1) +8% for present structure
     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%




21
                   Financial overview Jan-Dec
                                                 January-December                Growth
SEK m                              1998           1999     2000   2001   2002
Order intake                    2 384           2 608      3 322 3 945   4 727    20%

Net sales                       2 401           2 594      3 179 3 894   4 666    20%

EBIT 1)                             205            237      306    401     465    16%
Margin %                            8.5            9.1      9.6   10.3    10.0

Net earnings 1)                     124            144      184    239    266     11%

Op. cash flow                       171            219      273    470    549    17%

     1) Excluding Alecta (SPP) surplus refund in Q3 2000


            22
22
     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%



23
     Negative currency and
     positive acquisitions effect
     Organic 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 – Dec 2002:     4 666    +19%



24   1) +5% for present structure
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%




25
     Key ratios Jan–Dec

                                       2001   2002

     Return on capital employed (%)    31.8    31.5
     Interest coverage ratio (times)   16.3    14.2
     Net debt (SEK m)                   196     365
     Net debt/Equity ratio             0.19    0.33
     Earnings per share (SEK)          9.69   10.83




26
         Earnings per share (EPS) and
         Dividend
 12
                  Dividend      EPS                            10.83
 10                                                     9.69


     8
                                                 7.40

     6                                    5.78
                                4.95
              4.18
     4
                                                                   1)
                                                               3.50
                                                        3.00
     2                                           2.30
                                          1.80
                                1.50
               1.0
     0
              1997              1998      1999   2000   2001   2002
27
         1) Proposal from Munters Board
                         Order intake
SEK m

1 300
        1994                               +25%          +16%
1 200   1995                   +19%
                  +19%
1 100   1996
        1997                                           +19%
1 000   1998
        1999
 900    2000
        2001
 800
        2002
 700

 600

 500

 400

 300

 200

 100

   0
             Q1           Q2          Q3          Q4
        28
                            Net sales
SEK m
                                                            +21%
1 300
         1994                                 +16%
1 200
         1995                     +20%
1 100    1996        +24%                                 +14%
1 000    1997
 900     1998
         1999
 800
         2000
 700
         2001
 600     2002
 500
 400

 300
 200

 100
   0
                Q1           Q2          Q3          Q4
        29
                          Backlog
SEK m
750
        1994                              +10%
700                 +5%
        1995                   -2%
650     1996                                          +5%
600     1997
550     1998
500     1999
        2000
450     2001
400     2002
350
300
250
200
150
100
 50
  0
               Q1         Q2         Q3          Q4
        30
SEK m
                            EBIT
150                                                        +8%
        1994
140                                                     +20%
        1995
130
        1996                                +17%
120                             +24%
        1997
110     1998
100     1999
 90     2000        +19%
 80     2001
 70     2002
 60
 50
 40
 30
 20
 10
  0
               Q1          Q2          Q3          Q4
         31
             Munters Group Net Sales
SEK m
5 000
4 500    Acquired growth
4 000    Organic growth
3 500
3 000
2 500
2 000
1 500
1 000
  500
    0
        1994   1995   1996   1997   1998   1999   2000   2001   2002



        32
         Dehumidification Net Sales
SEK m
1 600
1 400
1 200
1 000
 800
 600
 400
 200
   0
        1994   1995   1996   1997   1998   1999   2000   2001   2002



        33
                         MCS Net Sales
SEK m
2 500
             Acquired Businesses
2 000        MCS

1 500

1 000

 500

   0
        1994      1995   1996   1997   1998   1999   2000   2001   2002



        34
               HumiCool Net Sales
SEK m
1 600
         Acquired Businesses
1 400
         ME & Water
1 200
         HumiCool
1 000
 800
 600
 400
 200
   0
        1994   1995   1996   1997   1998   1999   2000   2001   2002



        35
                            Acquisitions
     Company                     Munters    Time   Sales 1)
     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
36   1)   In SEK millions
     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



37
     The Humidity Expert




38

								
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