January

1
JanuaryMarch 2000
2
Humidity differs in the world
Winter in Toronto summer in Sydney. The level
of the humidity in Australia is 25 times the
level in Canada.
3
Dehumidification
Pharma
Food
Preservation
4
Moisture Control Services
Water Damage Restoration
5
HumiCool
Gas turbines
Poultry
Comfort Cooling
6
Mist Elimination Water
FGD
Waste Water
Comfort Cooling - components to the air
conditioning industry
7
Munters strategy for growth
Open new geographical markets Capitalize on
service capabilities Global roll-out of
existing applications Integration
forward Underlying growth
8
Growing and non-cyclical customers
Electronics
Pharma
5
5
MCS/Service
40
Others
20
15
15
Food
Utilities
9
Global organization
Invoicing SEK 2,6 billion Employees 2,146
NEW!
NEW!
NEW!
10
Rolling four quarters
SEK m
SEK m
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
1994
1995
1996
1997
1998
1999
2000
11
JanMarch 2000

• Strong order intake, 20 growth incl Euroemme and
  14 organic growth
• Strong turnover, 23 growth incl Euroemme and
• 18 organic growth
• HumiCool and ME Water merge
• Good development in MCS, HumiCool and
  DryCool/DesiCool

12
Market Development JanMarch 2000

• Europe
• General good development except Power industry
• Poultry disease in Italy
• Americas
• Good development in MCS, HC, DH
• Asia
• Higher market activity
• Still weak demand in Japan

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Invoicing by region
Total invoicing Jan-March 1999 SEK 574
Total invoicing Jan-March 2000 SEK 707
Asia
Asia
9
11
Europe
Europe
55
54
36
35
Americas
Americas
14
Invoicing by product area
Total invoicing Jan-March 1999 SEK 574
Total invoicing Jan-March 2000 SEK 707
HC, MEWater
HC including MEWater
DH
DH
27
29
41
40
32
31
MCS
MCS
15
Financial overview JanMarch 2000
2000
1999
Q1 Q2 Q3 Q4 Q1 Growth
SEK m
791
20
Order intake
659
644
614
691
707
23
Invoicing
574
652
637
731
51
38
EBIT
37
53
64
83
Margin
6,5
8,2
10,0
11,4
7,2
29
30
Net earnings
23
32
38
51
1)
2)
63
-22
Op. cash flow
81
27
73
72
1) excl Euroemme 2) incl Euroemme
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Regional analysis JanMarch 2000
Invoicing Growth EBIT margin
Europe 392 22 7 Americas 261 26 10 Asia 67 8
10 Total Group 707 23 7
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Key ratios JanMarch 2000

• Interest coverage ratio (times) 11,6 9,5
• Net debt (SEK m) 258 114
• Net debt/Equity ratio 0,38 0,20
• Earnings per share (SEK) 1,17 0,90

2000
1999
18
Order intake per quarter
SEK m
1994
800
1995
750
1996
700
1997
1998
650
1999
600
2000
550
500
450
400
350
300
Q1
Q2
Q3
Q4
19
Invoicing per quarter
SEK m
800
1994
1995
750
1996
700
1997
1998
650
1999
600
2000
550
500
450
400
350
300
Q1
Q2
Q3
Q4
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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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