January

1
JanuaryJune 2000
2
Dehumidification
Pharma
Food
Preservation
3
Dehumidification

• Strong development in Americas
• Big order in Japan
• Major orders in Zeol (solvent emission control)
• Manufacturing problems in Europe

4
Moisture Control Services
Water Damage Restoration
5
MCS

• Strong growth
• High cost for expansion
• Cost reductions
• Reduced weather sensitivity

6
HumiCool
Utilities
Poultry
Comfort Cooling
7
HumiCool

• Strong underlying growth
• Euroemme integration plan finished
• Gas turbines continue to grow
• New application takes off
• First CELdek manufactured in Thailand
• 9 CELdek factories with cost advantages in
  strategic locations
• Continued downturn in ME and Water
• New distribution channels in USA

8
Munters strategy for growth
Open new geographical markets (Korea, Thailand,
New Zealand) Grow the Service business
(MCS) Global roll-out of existing applications
(DH, MCS, HC) Integration forward (HC,
Euroemme) Underlying growth (HC, DC, MCS)
9
Global organization
Invoicing SEK 2,6 billion Employees 2,146
NEW!
NEW!
NEW
NEW
Sales
Manufacturing and Sales
10
Market Development JanJune 2000

• Europe
• Strong demand in HumiCool and MCS
• Continued negative trend in MEW
• Americas
• High growth in all product areas
• Improved market activity in Latin America
• Asia
• High demand in China and Australia
• Improved market activity in Japan

11
JanJune 2000

• Order growth 37 in Q2
• Revenues growth 18 in 1H
• EBIT up 29 in 1H
• Very strong growth in HC
• Strong growth in MCS
• 26 quarters with uninterrupted growth

12
Rolling four quarters
SEK m
SEK m
3 000
300
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
Q2
1995
1996
1997
1998
1999
2000
1994
13
Invoicing by region
Total invoicing JanJune 1999 SEK 1,226 million
Total invoicing JanJune 2000 SEK 1,448 million
Asia
Asia
10
9
Europe
Europe
52
54
38
37
Americas
Americas
14
Invoicing by product area
Total invoicing JanJune 1999 SEK 1,226 million
Total invoicing JanJune 2000 SEK 1,448 million
HC
HC
DH
DH
30
30
40
40
30
30
MCS
MCS
15
Quarterly financial overview
1999
2000
99/00
Q2
Q1
Q2
Q1
Q3
Q4
SEK m
644
884
37
Order intake
659
614
691
791
652
741
14
Invoicing
574
637
731
707
EBIT
37
53
64
83
51
65
22
8,2
8,7
Margin
6,5
10,0
11,4
7,2
Net earnings
23
32
38
51
29
37
20
1)
2)
2)
27
78
186
Op. Cash flow
81
73
72
63
1) excl Euroemme 2) incl Euroemme
16
Regional analysis AprilJune 2000
Invoicing Growth EBIT margin
Europe 383 9 5 Americas 300 17 13 Asia 77 39
12 Total Group 741 14 9
17
Financial overview JanJune
JanuaryJune
Growth
1998
9900
1997
1999
2000
SEK m
9700
29
13
Order intake
1155
1179
1303
1675
18
Invoicing
1024
1135
1226
1448
12
29
17
EBIT
73
76
90
116
Margin
7,1
6,7
7,4
8,0
20
Net earnings
42
43
55
66
16
1)
2)
30
Op. cash flow
57
86
108
140
35
1) excl Euroemme 2) incl Euroemme
18
Regional analysis JanJune 2000
Invoicing Growth EBIT margin
Europe 775 15 6 Americas 561 21 11 Asia 144
23 11 Total Group 1,448 18 8
19
Key ratios JanJune 2000

• Interest coverage ratio (times) 11 10
• Net debt (SEK m) 351 139
• Net debt/Equity ratio 0,54 0,25
• Earnings per share (SEK) 2,62 2,18

2000
1999
20
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
21
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
22
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

23
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