January-June 2002
Download
1 / 49

January-June 2002 - PowerPoint PPT Presentation


  • 137 Views
  • Uploaded on

January-June 2002. Continued growth Q2 2002. IPO. SEKm. SEKm. 4 500. 450. 4 000. 400. 3 500. 350. Order intake. 3 000. 300. 2 500. 250. EBIT. 2 000. 200. Net sales. 1 500. 150. 1 000. 100. 500. 50. 0. 0. Q4. Q1. Q2. Q3. Q4. Q1. Q2. Q3. Q4. Q1. Q2. Q3. Q4.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' January-June 2002' - shaeleigh-aguirre


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Continued growth Q2 2002

IPO

SEKm

SEKm

4 500

450

4 000

400

3 500

350

Order intake

3 000

300

2 500

250

EBIT

2 000

200

Net sales

1 500

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

1995

1996

1997

1998

1999

2000

2001

2002

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


Market development
Market development

  • Continued strong demand in non-cyclical industries

  • Europe

    • Strong demand for MCS

    • Strong demand from poultry industry

  • Americas

    • Strong demand in many areas

    • Demand for Zeol-products increasing

    • Low demand for MCS, mild winter, dry spring

    • Difficult comparison (Allison)

  • Asia

    • Strong development in Thailand

    • Recession in Japan


January june 2002
January-June 2002

  • Order increase 19%

    • currency and acquisition adjusted 4%

  • Net Sales growth 22%

    • currency and acquisition adjusted 7%

  • Operating earnings increase 22%

    • Operating margin 9.1%

    • Currency effect SEK 2 million

  • Acquisition of Polygon, Alfa, Svt in MCS

  • Acquisition of Glacier-Cor and Aerotech in HumiCool


Dehumidification

Food

Preservation

Pharma

38% of Munters 2001

5


Dehumidification 5
Dehumidification +5%

  • Strong development in Americas

  • Zeol orders improving

  • Many test installations for HCU (DryCool)


Moisture Control Services

Water damage restoration

34% of Munters 2001

Fire damage restoration


Mcs 51 12
MCS +51% / +12%

  • The solid growth in Europe continues

  • Restructuring in Australia starts to show result

  • Acquisition of Svt in July

  • Soft demand in USA, following the mild winter


HumiCool

Utilities

Poultry

28%of Munters 2001

Comfort cooling


Humicool 13
HumiCool +13%

  • Strong growth

  • The Poultry Industry grows fast - expansion of capacity in Euroemme

  • PreCoolers for Gas turbines rapidly declining

  • Cost reduction program implemented within Water

  • Acquisition of Aerotech, no 2 in fans in US in July

  • Global leader in poultry cooling systems


Munters strategy for growth
Munters’ strategy for growth

Open new geographical markets

Grow the Service business

Global roll-out of existing applications

Integration forward

Underlying growth


Customer segments 2002 proforma incl acquisitions
Customer segments 2002 Proforma incl acquisitions

Other 17%

Electronic 4%

MCS 41%

Utilities 8%

Pharma 3%

After sales 6%

Food 21%


Global organization

Sales

Manufacturing and Sales

Net sales SEK 4.3 billion

Employees 3 000

Global organization


Net sales by region 12 months rolling

MCS

41%

Net sales by Region 12 months rolling

Without acquisitions

With acquisitions

SEK 3 990 m

SEK 4 971 m

Asia

10%

Asia

10%

Asia

8%

Americas

40%

Europe

50%

Americas

40%

Europe

50%

Americas

36%

Europe

56%

14


Net sales by product area 12 months rolling

DH

31%

MCS

34%

Net sales by Product Area 12 months rolling

With acquisitions

Without acquisitions

SEK 3 990 m

SEK 4 971 m

HumiCool

27%

HumiCool

28%

DH

38%

DH

38%

MCS

34%

MCS

42%

15


Financial overview by quarter
Financial overview by Quarter

SEK m

2001

2002

Q2

Q2

Growth

Q1

Q3

Q4

Q1

974

1 159

19%

Order intake

960

982

1 029

1 144

960

1 149

20%

Net sales

851

1 020

1 063

1 052

92

114

24%

EBIT

72

100

137

86

9.6

9.9

Margin %

8.5

9.8

12.8

8.2

55

65

19%

Net earnings

41

59

85

49

105

121

15%

Op. cash flow

47

72

245

93

(

bef.capex & tax)


Financial overview Jan-June 2002

Growth

January-June

1998

1999

2000

2001

2002

02/01

02/98

SEK m

1 934

2 303

19%

Order intake

1 179

1 303

1 675

19%

1 811

2 201

22%

Net sales

1 135

1 226

1 448

19%

164

200

22%

EBIT

76

90

116

29%

1)

9.1

9.1

Margin %

6.7

7.4

8.0

96

114

19%

Net earnings

43

55

66

29%

1)

152

178

17%

Op. cash flow

86

108

140

20%


Regional analysis January–June

Net sales Growth EBIT margin

Europe 1 235 35% 7.9%

Americas 783 7% 12.6%

Asia 221 13% 10.5%

Total Group 2 201 22% 9.1%


Financial overview Rolling 12 months

July - June

SEK m

Growth

98/99

99/00

00/01

01/02

20%

4 314

Order intake

2 507

2 980

3 581

21%

4 284

Net sales

2 492

2 816

3 542

23%

437

EBIT

219

263

354

1)

10.2

Margin %

8.7

9.3

10.0

27%

Net earnings

135

155

203

258

1)

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

SEK 10.5 m after tax

19


Key ratios jan june 2002
Key ratios Jan–June 2002

2001

2002

Return on capital employed1) (%) 32.0 33.8

Interest coverage ratio (times) 14.3 18.4

Net debt (SEK m) 337 381

Net debt/Equity ratio 0.38 0.38

Earnings per share (SEK) 3.83 4.58

1) Rolling 12 months


Less currency effect and more acquisitions
Less currency effect and more acquisitions

Net sales, Jan 1- June 30 2001: 1 811

Currency effect +14 +1%

Net sales acquisitions +258 +14%

Organic growth +118 +7%

Net sales, Jan 1-June 30 2002: 2 201 +22%


Order intake

SEK m

1 200

+19%

+19%

1994

1 100

1995

+19%

1996

+25%

1 000

1997

1998

900

1999

2000

800

2001

2002

700

600

500

400

300

200

100

0

Q1

Q2

Q3

Q4

22


Net sales
Net sales

SEK m

1 200

+20%

1994

+14%

1 100

+24%

1995

+28%

1996

1 000

1997

900

1998

800

1999

2000

700

2001

600

2002

500

400

300

200

100

0

Q1

Q2

Q3

Q4

23


Backlog

SEK m

700

+5%

-2%

1994

+5%

650

1995

+16%

600

1996

1997

550

1998

500

1999

450

2000

2001

400

2002

350

300

250

200

150

100

50

0

Q1

Q2

Q3

Q4

24


EBIT

SEK m

+20%

140

1994

130

1995

120

+24%

1996

110

1997

+31%

100

1998

1999

+19%

90

2000

80

2001

70

2002

60

50

40

30

20

10

0

Q1

Q2

Q3

Q4

25


Acquisitions
Acquisitions

1)

Company Munters Time Sales

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 MCS-EU 02-05 30

Svt MCS-EU 02-07 180

Aerotech HC-HC 02-07 180

1) In SEK millions



Svt

a leading PDR (Property Damage Restoration) supplier in Germany

Cooperating with MCS Germany since 2 years


Mcs in germany
MCS in Germany

Together

Munters + Svt

The leading PDR company in Germany

(together with Belfor and Sprint/ISS)

Before

The leader in Water Damage Restorationin Germany

A leading Fire Damage Restoration supplier in Germany


Pdr competition in germany
PDR competition in Germany

Top 5 players have 35% market share

  • Belfor-Relectronic 60 million €

    • WDR + FDR, mainly commercial and industrial

  • Sprint Sanierung 50 million €

    • WDR + FDR, mainly residential and commercial

    • Owned by an insurance company since 1997

    • -8 million € operating loss in 2000

  • Munters 25 million €

    • Only WDR, mainly residential and commercial

  • Svt 20 million €

    • Only FDR, mainly residential and commercial

  • Vatro-ISS Damage Control 10 milion €

    • WDR+FDR, mainly residential and commercial

    • Acquired by ISS in 2001


Svt basic facts
Svt - Basic Facts

  • Started 1969 in Fire Damage Restoration,Expanded in Fire Protection systems in 1972

  • Strategic alliance with MCS Germany since Dec. 2000

    • Restriction of MCS-DE to Water Damages

    • Restriction of Svt to Fire Damages

    • Common Sales & Marketing activities

  • Revenue 60 million € in 2001

    • 66% Fire Protection,

    • 34% Fire Damage Restoration;EBIT 12 % in Fire Damage Restoration

    • Accelerated growth since 2000


Svt business model
Svt – Business Model

  • Headquarter near Hamburg, 10 Business Locations organized in 5 regional legal entities

  • 38 Branch + Project managers

  • Lean back-office and administration

  • Tight network of well controlled subcontractors “Svt-Leistungspartner”

  • Expandable: modular + replicable

  • Strong brand and reputation


Present situation
Present situation

  • Successful cooperation since December 2000

  • Accelerated growth of Svt

    • New Svt reconditioning center in Hannover (June 2001)

    • Common sales and marketing with MCS


Strategic fit munters svt
Strategic Fit Munters–Svt

  • Underlying growth: Yes

  • Integration forward: Yes

  • Global roll out: Yes

  • Capitalize on service Munters becomescapabilities: a leader in Germany

  • Open newgeographical markets: No

  • Similar customer base: Yes


Synergies
Synergies

Market:

  • Wider combined customer coverage

  • Offer customers attractive and demanded range of service

  • Cross selling

  • Roll out “Polygon concept”

    Platform for Extension of Service Offer:

  • Document Restoration

  • Technical Reconditioning

  • Mould Remediation

    Efficiency:

  • Administration, finance

  • IT

  • Training


Deal structure
Deal structure

  • Combined share and net asset deal

  • Fixed price of € 10.0 million

  • Earn-out as multiple of EBIT 2002 and 2003, maximum € 5.0 million

  • Current Svt majority owner remains in Management until December 2003

  • Consolidated in Munters from July 1st


Aerotech

Munters becomes the world leader in ventilation & cooling systems for agriculture & horticulture


The poultry industry
The Poultry Industry

CELdek Fans

The aghort industry

is dominated by poultry

  • 30% of the world’s meat

    consumption is poultry meat

  • Estimated growth of 3% p.a

    to year 2008

  • Highest feed conversion ratio

    of all meat products

  • Evaporative cooling enhances productivity and combines low running cost and low investment

  • Fastest growth in Asia and South America

  • 78% of US broiler managers have ventilation & cooling systems as the first priority for upgrade


Cooling systems sales break down us
Cooling systems salesbreak down (US)

Service

12%

Heaters

8%

Fans

39%

Vents &

Curtains

8%

Water

Distribution

14%

Pads

Controls

9%

10%


Fans for Ag/Hort Industry

Euroemme(IT)*

Acme(US)*

15%

28%

Aerotech(US)*

Chore Time(US)

17%

GSI (US)

5%

Hired Hand(US)*

5%

10%

American

10%

Coolair (US)

10%

Others

Total Market SEK 1 000 million

* Actual Data, Others are Estimates


Cooling Pads for Ag/Hort Industry

12%

15%

General

Shelters (US)

Munters

Others

73%

Total Market SEK 300 million


Integration forward in the ag hort industry
Integration Forward in the Ag/Hort Industry

Together

Before

Leader of cooling systems in Europe & Asia

Leader of cooling components in Americas

Global leader of ventilation & cooling systems for Agriculture & Horticulture

No 2 ventilation company in US for Ag & Hort


Munters strategy for growth1
Munters’ strategy for growth

Open new geographical markets

Grow the Service business

Global roll-out of existing applications

Integration forward

Underlying growth


Strategic fit munters aerotech
Strategic Fit Munters–Aerotech

  • Underlying growth: Estimated 3% p.a. growth to 2008

  • Integration forward: From pads to ventilation & cooling systems

  • Global roll out: With Aerotech and Euroemme, Munters becomes undisputed leader in systems share

  • Capitalize on service capabilities: The cooling systems business opens after sales opportunities for replacement pads and parts

  • Open new geographical markets: Systems offerings now as strong in Americas as in Europe & Asia


Synergies1
Synergies

  • Cross selling / benchmarking Euroemme - low cost and Aerotech - high performance

  • Offering complete ventilation & cooling system solutions worldwide

  • CELdek sales

  • Materials management - cost reduction

  • Rationalizing of distribution US and Asia


Component market vs systems market
Component market vs. Systems market

1999 - Before Euroemme acquisition

2002 - After acquisition

Munters 67% of a SEK 225 million pad market

Munters 24% of a SEK 3 000 million systems market


Aerotech basic facts
Aerotech, Basic Facts

  • 100% of business in AgHort

  • Globally recognized as ventilation technology leader

  • Family owned business founded in 1947

  • Headquartered in Mason, Michigan

  • # 2 in the US

  • 15% export

  • Revenues USD 18 million

  • Strengthening US poultry market

  • JV assembly in Vietnam started 2000


Deal structure1
Deal structure

  • USD 5.5 million at closing (plus interest bearing debt of USD 2.0 million)

  • Earn out for 2002: capped at USD 2.5 million

  • Earn out for 2003: capped at USD 3.5 million

  • Total acquisition capped at USD 10.5 million



ad