January

1
JanuaryMarch 2001
2
Rolling four quarters
SEKm
SEKm
IPO
Order intake
EBIT
Net sales
3
Market Development JanMarch 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

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Dehumidification
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(No Transcript)
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Dehumidification

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

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Moisture Control Services
Water Damage Restoration
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(No Transcript)
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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

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HumiCool
Utilities
Poultry
Comfort Cooling
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(No Transcript)
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HumiCool

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

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Munters strategy for growth
Open new geographical markets
Grow the Service business
Global roll-out of existing applications
Integration forward
Underlying growth
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Growing and non-cyclical customers
Electronics
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Global organization
Invoicing SEK 3,2 billion Employees 2,400
NEW
NEW
Sales
Manufacturing and Sales
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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 11
Europe
55
50
36
38
Americas
Americas 27
17
Net sales by product segment
Net sales Jan-March 2000 SEK 707 million
Net sales Jan-March 2001 SEK 851 million
HumiCool
HumiCool 11
DH
DH 20
29
26
40
40
31
34
MCS
MCS 27
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JanMarch 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

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Financial overview JanMarch 2001
2000
2001
Q1 Q2 Q3 Q4 Q1 Growth
1) Excluding Alecta (SPP) surplus refund in Q3,
2000.
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Regional analysis JanMarch 2001
Net sales Growth EBIT margin
Europe 435 11 7,6 Americas 331 27 9,8 Asia 1
00 50 12,9 Total Group 851 20 8,5
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Financial overview Rolling 12 months
April - March
98/99 99/00 00/01
Growth
1) Excluding Alecta (SPP) surplus refund in Q3
2000
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Key ratios JanMarch 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
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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
24
Why margin improvement?

• Growth
• Rationalizations
• Favorable product mix

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The strong order trend continues, currency effect
is significant
SEK m
21
37
25
28
26
Net Sales follows the orders in Q3 and Q4,
currency effect is significant
SEK m
27
20
25
14
27
Backlog growth and forward integration
SEK m
45
56
39
43
28
EBIT improvements continue
SEK m
37
19
41
23
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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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The Humidity Expert