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January–September 2000

January–September 2000. The trend continues. SEK m. SEK m. 3 250. 325. 3 000. 300. 2 750. 275. Order intake. 2 500. 250. 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.

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January–September 2000

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  1. January–September 2000

  2. The trend continues SEK m SEK m 3 250 325 3 000 300 2 750 275 Order intake 2 500 250 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 Q3 1994 1995 1996 1997 1998 1999 2000

  3. Pharma Food DH: 42% of Munters, 1999 Preservation Dehumidification

  4. Zeol principle (vs Dehumidifier) • Zeol wheel is treated with zeolites (silica gel, LiCl ...) • Takes away solvents (water) • Ideal solution for large air volumes with low concentration of solvents • Concentrated air stream to oxidizer • Several alternative technologies • Direct oxidation • Fixed bed

  5. Zeol products • Large machines • Manufactured in Boston • Oxidizers purchased • Systems are variants of large dehumidifiers - IDS

  6. Zeol organization • Started in Sweden and Japan in the 80s • Start in USA 1990 • Dedicated team in Boston • Sales through distributors world wide • Manufacturing by DH manufacturing • Separate profit center

  7. Zeol customers • Electronics industry - chips, displays and circuit boards; confidential supply agreements to world leading chip manufacturers • Automotive industry; Ford, GM, DaimlerChrysler, Volvo, PSA... • Aerospace industry • Growing business (emission control) • Cyclical • Profitable, strong synergies with DH

  8. Zeol principle vs dehumidifier polluted air clean air concentrated air reactivation air air heater

  9. Moisture Control Services Water Damage Restoration

  10. HC: 26% of Munters 1999 HumiCool Utilities Poultry Comfort Cooling

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

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

  13. Invoicing by region Total invoicing Jan–Sept 1999 SEK 1,863 million Total invoicing Jan–Sept 2000 SEK 2,247 million Asia Asia 10% 10% Europe Europe 52% 53% 38% 37% Americas Americas

  14. Dehumidification • Continuous growth in Americas and Asia • Industrial dehumidification strong • Major orders in Zeol (solvent emission control) • Restructuring in Europe

  15. MCS • Strong growth • High initial cost for expansion • Focus on industrial applications and construction industry • “No” impact from catastrophe business • Established as major “full” service provider in 2 major markets – UK and France

  16. HumiCool • Strong underlying growth • Euroemme integration plan finished • Gas turbine business continue to grow • 9 CELdek factories with cost advantages in strategic locations • New application generates new orders • First sign of improvement in ME & Water • Slowdown in the poultry industry in the US

  17. Market Development Jan–Sept 2000 • Europe • Strong demand in HumiCool and MCS • Improved trend in ME&Water • Major order in ME • Americas • High growth in all product areas • Improved market activity in Latin America • Major order in Mexico • Asia • High demand in China and Australia • Improved market activity in Japan

  18. Jan–Sept 2000 • Order growth 28% in Q3 • Order growth 28% Q1–Q3 • Revenues growth 25% in Q3 • Revenues growth 21% Q1–Q3 • EBIT up 20% in Q3 • EBIT up 25% Q1–Q3 • Very strong growth in HC • 27 quarters with uninterrupted growth • EBIT up 34% in Q3 including SPP surplus refund

  19. Financial overview July–Sept 97 98 991) 002) 99/00 SEK m Order intake 553 583 614 784 28% Invoicing 570 610 637 799 25% EBIT 48 56 64 76 20% Margin, % 8.4 9.2 10.0 9.6 Net earnings 28 34 38 43 12% Op. Cash Flow 33 21 73 16 -78% Excluding SPP surplus refund 1) Excluding Euroemme 2) Including Euroemme

  20. 1999 2000 Working Capital increase due to the growth Trade Receivables and Days of Sales OutstandingT/R (amount) and DSO (days) Inventory (amount) and Turnover (times) Inventory SEK m Turnover Times SEK m Days 260 26 750 150 240 24 700 140 220 22 650 130 200 20 600 120 550 110 180 18 500 100 160 16 450 90 140 14 400 80 120 12 350 70 100 10 300 60 250 50 80 8 200 40 60 6 150 30 40 4 100 20 20 2 50 10 0 0 0 0 1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9 10 11 12 10 11 12 1999 2000

  21. Regional analysis July–Sept 2000 Invoicing Growth EBIT margin Europe 406 20% 8% Americas 312 30% 10% Asia 95 24% 16% Total Group 799 25% 10%

  22. Financial overview Jan–Sept 2000 SEK m Order intake 1,709 1,763 1,916 2,459 28% 13% Invoicing 1,594 1,745 1,863 2,247 21% 12% EBIT 121 132 154 192 25% 17% Margin, % 7.6 7.6 8.3 8.6 Net Earnings 69 77 93 109 17% 17% Op. Cash flow 97 107 1811)1572) -13% 2) 22% 1998 97-00 1997 1999 99-00 Excluding SPP surplus refund 1) Excluding Euroemme 2) Including Euroemme

  23. Currency and Acquisition Effects SEK m Jan-Sept 2000 Growth Invoicing as reported 2,247 21% whereof: Euroemme acquisition 95 Currency effects 49 Invoicing, adjusted 2,103 13%

  24. Regional analysis Jan–Sept 2000 Invoicing Growth EBIT margin Europe 1,181 17% 7% Americas 873 24% 11% Asia 239 23% 13% Total Group 2,247 21% 9% Excluding SPP surplus refund

  25. Key ratios Jan–Sept 2000 Interest coverage ratio (times)1) 12 12 Net debt (SEK m) 349 93 Net debt/Equity ratio 0.5 0.2 Earnings per share (SEK) 4.71 3.73 Return on capital employed, %1) 2) 31 34 1) Excluding SPP surplus refund 2) Rolling 12 months 2000 1999

  26. 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

  27. 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

  28. Growth Business (HC,MCS and DC) takes bigger share Annual growth% "Growth Business" 30 The rest of the Group 1995 2000 25 20 “Growth Business” 48% “Growth Business” 63% 15 10 5 0 -5 1996 1997 1998 1999 2000 Average growth “Growth Business” 17% Average growth the rest of the group 8% Average growth the whole Munters Group 11%

  29. 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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