Q1”Solid first quarterwith improved market conditions”

January-March 2021
■ In general, market conditions improved. The major effect from the Covid-19 pandemic was increased costs from shortages in the supply chain thatwas managed well.
■ Order intake increased +8%, currency adjusted strong growth of +20%, and net sales increased +3%, currency adjusted +14%. Growth was mainly
driven by the battery and pharma sub-segments (part of the industrial segment) in business area AirTech and the swine segment in China inbusiness area FoodTech. Also, Services had good growth.
■ The adjusted EBITA-margin improved to 12.3% (8.3). The improvement was mainly driven by increased net sales, high utilization rates andcontinued low indirect costs.
■ Leverage (net debt/adjusted EBITDA, LTM*) was at 1.9x, the same level at per end of December 2020. The positive effect from improved cash flowfrom operating activities was offset an increase in net debt.
■ Net debt as of March 31 amounted to MSEK 2,208 compared to MSEK 2,116 at the end of December 2020. The increase in net debt in the quarter
was mainly driven by a negative exchange rate effect on outstanding borrowings related to USD/SEK of MSEK -134.
■ The implementation of the measures for sharpening of the customer offering and footprint optimization are progressing according to plan. In the firstquarter, MSEK -24 was realized, whereof MSEK -12 from the original provision and another MSEK -12 of costs reported as incurred. All measures
are on track to be implemented in 2021.
Financial summary

Q1

LTM*

Full year

MSEK

2021

2020

∆%

Apr-Mar

2020

Order intake

1,995

1,849

8

7,396

7,249

Net sales

1,612

1,566

3

7,060

7,015

Operating profit (EBIT)

222

110

103

819

707

Adjusted EBITA

198

130

53

974

906

Adjusted EBITA margin, %

12.3

8.3

13.8

12.9

Net income

160

57

535

432

181

Earnings per share before dilution, SEK

0.88

0.31

2.91

2.35

Earnings per share after dilution, SEK

0.87

0.31

2.91

2.35

Average number of outstanding shares before dilution

181,920,817

181,745,802

181,589,210

181,545,456

Average number of outstanding shares after dilution

182,762,723

181,745,802

181,987,972

181,557,708

The KPI´s below includes discontinued operations **Net income

160

57

529

426

Earnings per share before dilution, SEK

0.88

0.31

2.88

2.32

Earnings per share after dilution, SEK

0.87

0.31

2.88

2.32

Cash flow from operating activities

88

27

1,020

959

2,208

3,338

2,208

2,116

1.9

1.9

Net debt
Net debt/Adjusted EBITDA, LTM* Last twelve months** Discontinued operations is defined as the business connected to the Data Centers operations in Dison, Belgium, where the production ceased during fall 2019 but minor installation services
reamained at customer sites during 2020. All income statement items in this report refers to Munters continuing operations, if not otherwise stated. See more information on page 20.

First quarter, 2021»

CEO comments
Strong growth in industrial segment

The first quarter of 2021 showed strong growth. It was mainly driven by the battery and pharma sub-segment in theindustrial segment. The Covid-19 pandemic continued to have an impact on our business, albeit in a mixed way. In
some areas it led to increased demand at the same time as customers in other areas were delaying investments.
Improved profitability driven by high utilization rate and efficiency improvements

Marketconditions
improved andwe had strong
growth in theindustrial
segment.

In the first quarter we achieved strong order intake and net sales, both reported and currency adjusted, despite anegative currency impact of more than ten per cent. Region APAC showed strong growth, Americas had good
growth and EMEA was flat compared to 2020. The growth was driven mainly by the industrial segment in businessarea AirTech where both the battery and pharma sub-segment experienced strong growth. Data Centers US had
improved order intake and strong net sales in the quarter, partly offset by a continued weak development in Mist
Elimination. Business area FoodTech currency adjusted order intake and net sales increased. This was mainly
driven by a continued strong increase in the swine segment in China. Services grew both order intake and net
sales, with the strongest growth in the Americas and Asia. Overall, we achieved good growth in our prioritized market segments.
The adjusted EBITA-margin was strengthened in the first quarter because of a strong contribution from AirTech.
The margin increased in AirTech because of increased net sales, high utilization rates and a continued focus on
implementing efficiency improvements initiatives across the organization.
Footprint optimization, focus on innovation and a strategic review of FoodTech

The execution of our strategy continued. In the US we initiated a further optimization of our footprint with a moveand expansion of a production site for the Data Centers operation. In Sweden our focus on innovation was
strengthened as a new research and development lab was inaugurated.

Klas Forsström, President and CEO

The strategy was defined for business area FoodTech in the quarter. Going forward we aim at accelerate theimplementation of the strategy in both the equipment and digital areas of the business.
Market conditions improved

Market conditions improved throughout the quarter, and we experienced continued strong demand in the industrial
segment. The main effect from the Covid-19 pandemic came from shortages in the supply chain, which we managed in a good way. We expect that challenges in securing the supply chain will remain for the coming months andwe will continue to monitor this development and pro-actively implement mitigating actions where possible.
Our performance is the result of the work done by our dedicated employees. I want to thank you for handling thedaily operations so well and at the same time ensuring we implement our long-term strategy.
Klas Forsström, President and CEO

Mid-term financial targets

Sustainability

Net sales growth: Annual growth in currency adjusted net salesof 5%, as of 2019, supplemented with selected add-on acquisitions. Performance Q1 2021: +14% (-7)

Throughout 2020 Munters had a strong focus on several sustainability initiatives, which resulted in improvements in several areas:

Adjusted EBITA-margin: An adjusted EBITA-margin of 14%.
Performance Q1 2021: 12.3% (8.3)••

Capital structure: A ratio of net debt to adjusted EBITDA of
1.5x to 2.5x, and may temporarily exceed this level (e. g. as aresult of acquisitions.) Performance Q1 2021: 1.9x (3.1x)•

Dividend policy: Munters aim to pay an annual dividend
corresponding to 30-50% of its consolidated income after tax forthe period.
Proposal 2020: 30% (SEK 0.70 per share, totaling MSEK 129)
For full description of the dividend policy, see the Annual and Sustainability report
2020, page 8.

2

Increased use of electricity from renewable sources
Expanded scope of suppliers required to sign our Code of
Conduct to also include indirect material suppliers
Roll out of Safety Observation Program Stop

Examples of key sustainability ratios FY 2020:•
Total Recordable Incident Rate
1.2 (2.7)•
Code of Conduct for suppliers
100% (92)•Electricity from renewable sources
50% (40)
Please see the Munters Annual and Sustainability report 2020, page 38-49, for further information on goals and outcome.

First quarter, 2021

Financial performance
Q1

LTM

Full year

MSEK

2021

2020

∆%

Apr-Mar

2020

Order intake

1,995
1,483
520
-8
1,612
1,195
425
-8
198
181
39
-21
12.3
15.1
9.1

1,849
1,343
515
-10
1,566
1,127
449
-9
130
100
52
-22
8.3
8.8
11.5

8
10
1
-20
3
6
-5
-19
53
81
-25
-2

7,396
5,241
2,201
-46
7,060
5,005
2,102
-46
974
770
297
-93
13.8
15.4
14.1

7,249
5,101
2,196
-48
7,015
4,937
2,126
-48
906
689
310
-94
12.9
14.0
14.6

AirTechFoodTech
Other and eliminations

Net sales

AirTechFoodTech
Other and eliminations

Adjusted EBITA

AirTechFoodTech
Other and eliminations

Adjusted EBITA margin, %AirTechFoodTech

Order intake Q1,
currency adjusted change

20%
Net sales Q1,
currency adjusted change+14%Adj. EBITA-margin Q1

12.3%

ORDER INTAKE

January-March 2021

Order intake increased by +8%, currency adjusted increase of +20%, driven mainly by a strong growth in the battery and pharma sub-segment in business area AirTech. The order backlog decreased -1% to MSEK 2,769(2,808), currency adjusted +11%.
Business area AirTech order intake increased by +10%, currency adjusted increase of +23%. Excluding the noncore commercial business US that was exited in 2020, order intake increased appr. +27% currency adjusted. The
strong growth was driven mainly by strong growth in APAC for the battery sub-segment and in the US for thepharma sub-segment. Data Centers US order intake increased, whereas Mist Elimination experienced a continued
weak order intake. Services had good order intake driven by a good development in Americas and APAC, whereas
EMEA had a flat development.
Business area FoodTech order intake increased by +1%, currency adjusted increase of +12%. All regions experienced a growth in currency adjusted order intake. Region EMEA experienced growth driven mainly by orders in thegreenhouse segment and region Americas grew driven mainly by the US. The US had a slight increase in theswine, layer and dairy segments, that was somewhat offset by a weak broiler market. In APAC the swine market in
China continued to see strong growth. Some countries in APAC saw customers postponing investments due to
Covid-19.

Quarterly order intake, 2021
(MSEK)
2,500

8,000

2,000

6,000

1,500

4,000

1,000

2,000

500
0

Q1

Q2

Q3

Q4

Quarter0

LTM

Order intake per region Q1,
2021 (MSEK)

38%

30%

33%
Americas

3

Q1

EMEA

APAC

First quarter, 2021

NET SALES

January-March 2021

Net sales increased +3%, currency adjusted increase of +14%, driven by an increase in the battery and pharma
sub-segments and Services in business area AirTech as well as the swine segment in China in business area
FoodTech. Services net sales amounted to 14% of total net sales.
Net sales in business area AirTech increased +6%, currency adjusted increase of +17%. Excluding net sales to thenon-core commercial business US that was exited in 2020 currency adjusted net sales increased appr. +24%. The
growth was driven mainly by strong growth in the battery and pharma sub-segment in the industrial segment aswell as in Services. The pharma sub-segment increased strongly in the US driven by Covid-19 relief efforts andproduction of test equipment. The battery sub-segment experienced a strong growth in region APAC. Data Centers
US grew strongly, whereas Mist Elimination declined mainly as the marine market continued to be weak. Services
grew in region Americas and APAC, whereas EMEA remained flat.
Net sales in business area FoodTech decreased by -5%, currency adjusted an increase with +5%, driven by a verystrong growth in the swine segment in China on the back of a weaker first quarter 2020 when the country was negatively impacted by the Covid-19 outbreak. The equipment business experienced good growth in Americas,
whereas the software business in the subsidiary MTech was flat. Region EMEA had a weaker development, partly
due to weaker controller sales from the operations in Israel as demand in the US broiler market was dampened in
the quarter.

Quarterly net sales, 2021
(MSEK)
2 000

8 000

1 500

6 000

1 000

4 000

500

2 000

0

Q1

Q2

Q3

Q4

0

Q1

QuarterLTM

Net sales per region Q1,
2021 (MSEK)

25%
41%

RESULTS
Adjusted EBITA excludes Items Affecting Comparability, IAC, see page 4 for disclosure of the IACs.

35%

January-March 2021

Americas

The gross margin increased to 33.3% (32.4) with a strengthened gross margin in business area AirTech driven
mainly by high utilization rates and continued efficiency improvements.
Adjusted EBITDA increased to MSEK 250 (187), corresponding to an improved adjusted EBITDA-margin of 15.5%(11.9). Depreciation amounted to MSEK -52 (-57), whereof depreciation of leased assets was MSEK -26 (-30). Adjusted EBITA increased to MSEK 198 (130), corresponding to an improved adjusted EBITA-margin of 12.3% (8.3).
Adjusted EBITA for business area AirTech amounted to MSEK 181 (100) corresponding to an EBITA-margin of
15.1% (8.8). The improvement was an effect of increased net sales and high utilization rates. The continued focus
on implementing efficiency improvements initiatives across the organization also contributed as well as continued
low indirect costs.
Adjusted EBITA in business area FoodTech decreased to MSEK 39 (52), corresponding to a decreased adjusted
EBITA-margin of 9.1% (11.5). It was impacted by lower level of controller sales as well as increased transportation
costs as a result of Covid-19. The margin also decreased on the back of a strong margin in 2020.
Adjusted EBITA for Other amounted to MSEK -21 (-22). Other mainly includes corporate office functions.
Operating profit (EBIT) in the first quarter was MSEK 222 (110), corresponding to an operating margin of 13.8%(7.0). Amortization and write-downs on intangible assets in the first quarter was MSEK -17 (-20), where MSEK
-7 (-11) was related to amortization of intangible assets from acquisitions.

ITEMS AFFECTING COMPARABILITY (IAC)
Items affecting comparability in the first quarter mainly related to activities connected with measures aiming at
sharpening the customer offering and footprint optimization of MSEK -12, a net of Covid-19 related expenses andgovernment grants of MSEK -1 and legal cases outside the ordinary business operation related to a previous customer claim that was settled in February 2021 of MSEK -9. Also, an insurance compensation was received linked
to a previous exchange of specific components at a customer site within the European Data Center business of
MSEK 61. This was previously communicated in press release in September 2019.
Since July 2020, the implementation has proceeded according to plan. Total items affecting comparability for thefull year 2020 amounted to MSEK-124. For the first quarter, 2021 total items affecting comparability amounted to
MSEK -12.
The originally communicated total cost for the implementation of the measures of MSEK -188 is estimated to
MSEK -176. The lower figure is a result of an adjustment of inventory items during the fourth quarter 2020. As of
March 31, 2021, MSEK -68 of the MSEK -176 have been realized, whereof MSEK -24 during the first quarter 2021.
4

EMEA

APAC

Quarterly gross margin, %
36%
34%
32%
30%

Q1

Q2

Q3

Q4

Q1

Quarterly adjusted EBITDA
margin, %
20%
10%
0%

Q1

Q2

Q3

Q4

Q1

Quarterly adjusted EBITA
margin, %
20%
10%
0%

Q1

Q2

Q3

Q4

Q1

Quarterly EBIT margin, %
20%
10%
0%

Q1

Q2

Q3

Q4

Q1

First quarter, 2021

Of these, MSEK -12 has been used of the original provision, and another MSEK -12 of costs to be reported as incurred, have been expensed.
During the first quarter last year, Munters did not incur any IACs. IACs for the full year 2020 relates to measures toimplement the strategy, Covid-19 related expenses and government grants, legal cases outside the ordinary business operation, a gain from sale of office building and refund of sales tax in Brazil.
For further information, see the reconciliation of Munters alternative performance measures on page 21.

Continuing operations
MSEK
Covid-19 related items
Implementation refined strategy
Other items affecting comparability
AirTechCovid-19 related items
Implementation refined strategy
Other items affecting comparability
FoodTech
Covid-19 related items
Implementation refined strategy
Other items affecting comparability
Other
Covid-19 related items
Implementation refined strategy
Other items affecting comparability
Total

Q1
2021
-0
-7
62
54
-0
-0
-1
-4
-9
-12
-1
-12
54
41

LTM
2020
-

Apr-Mar
6
-116
69
-41
0
-6
6
1
1
-14
-17
-30
7
-136
59
-70

2020
Full year
7
-109
7
-95
1
-6
6
1
1
-10
-8
-18
8
-124
5
-111

FINANCIAL ITEMS
Financial income and expenses for the first quarter amounted to MSEK -25 (-31). The financial expenses werepositively impacted by a lower USD interest rate compared to same quarter last year. Interest expense on leaseliabilities amounted to MSEK -4 (-5) in the first quarter. The average weighted interest rate including fees per endof the quarter was 3.0% (3.5).

TAXES
Income taxes for the first quarter was MSEK -38 (-22) and the effective tax rate was 19% (28). The lower income
tax was driven mainly by the insurance compensation as mentioned above which was covered by off balance tax
losses.

EARNINGS PER SHARE
Net income, including the discontinued operation, attributable to Parent Company’s ordinary shareholders
amounted to MSEK 160 (57) for the first quarter. Earnings per share, before dilution, in the first quarter 2021 was
SEK 0.88 (0.31). Earnings per share, after dilution, in the first quarter 2021 was SEK 0.87 (0.31).
The average number of outstanding ordinary shares in the first quarter, for the purpose of calculating earnings per
share, was 181,920,817 before dilution and 182,762,723 after dilution.

FINANCIAL POSITION
Interest-bearing liabilities amounted to MSEK 2,853 (3,964). Cash and cash equivalents amounted to MSEK 916(900) as of March 31.

5

EPS, 2021 SEK

0.87

First quarter, 2021

Munters primary financing facilities consists of a term loan of MUSD 250 and a revolving credit facility (RCF) of
MEUR 185, with final maturity date in May 2022. In addition, Munters has also a backup facility of MSEK 750 maturing in 2023 which is secured by a guarantee from EKN (The Swedish Export Credit Agency). The combined facilities have no mandatory amortization requirement. The loan agreements have one financial covenant, consolidated net debt in relation to adjusted EBITDA, with some adjustments. The accounting standard for leases, IFRS
16, does not affect the covenant calculation according to the loan agreement definition and neither does the net
pension liability.
Net debt as of March 31 amounted to MSEK 2,208 compared to MSEK 2,116 at the end of December 2020. The
increase in net debt was driven by a mix of various aspects, where the main driver was FX-exchange rate effectfrom a higher USD/SEK exchange rate of MSEK -134. See more information about reconciliation of net debt andleverage on page 21.
The leverage ratio per end of March was 1.9x which is the same ratio as per end of December 2020 as the strong
cash flow from operations was offset by the negative FX-rate effect relating to USD/SEK.
At quarter end the term loan was fully drawn with MUSD 250 and MEUR 46 (109) of the total revolving credit facility were utilized in EUR. Available unutilized amount as of March 31 under the RCF MEUR 185 amounted to
MEUR 139 (76), while the RCF MSEK 750 was entirely unutilized. Along with the main loan facility, an amount of
MSEK 8 (36) in local debt is outstanding in i.e. India.
Average capital employed for the last twelve months was MSEK 7,229 (7,769). Return on capital employed, including the discontinued operation, (ROCE) for last twelve months was 11.3% (2.7). EBIT plus financial income wasaffected by a restructuring provision related to the closure of the Data Center operations in Dison, Belgium, in thethird quarter of 2019, impacting the last year period return. Return on capital employed, where EBIT plus financial
income is adjusted for items affecting comparability (IAC) and average capital employed adjusted for goodwill, forthe last twelve months was 29.1% (21.2).

ROCE %, 2021

11.3%

CASH FLOW
Cash flow from operating activities amounted to MSEK 88 (27) during the first quarter. The improvement mainly
was an effect of a positive profit development.
Cash flow from changes in working capital had a negative impact on the cash flow with MSEK -138 (-57) in the firstquarter. The negative effect origins from an increase in accounts receivables and accrued income in business area
AirTech as a consequence of increased net sales and build-up of projects. In FoodTech inventory levels increased
as a consequence of delayed transportation due to Covid-19 challenges in the supply chain.
Cash flow for the period amounted to MSEK -71 (169), affected by an MSEK 100 RCF amortization made in thequarter.

PARENT COMPANY AND OWNERSHIPThe parent company for the Group is Munters Group AB. All Group supporting functions within Munters is accounted for within Munters Group AB. The company holds shares in subsidiaries, cash and accounts payables.
The Parent Company does not engage in sales of goods and services to external customers. Cash and cash
equivalents at the end of the period amounted to MSEK 59 (15).

EMPLOYEESThe number of permanent FTEs (Full Time Equivalents), at March 31, 2021 was 3,201 (3,154). The amount of
FTEs at March 31, 2021 in business area AirTech was 2,327 (2,247), in FoodTech 803 (840) and at Group functions 72 (67).

OUTSTANDING SHARES AND REPURCHASESAs of 31 March 2021, Munters held 2,537,000 treasury shares of the total outstanding shares of 184,457,817.

DIVIDEND
During 2020 Munters established a solid base with increased profitability and a strengthened capital structure. The
leverage was at 1.9x at year-end, which is within the mid-term target range for net debt to adjusted EBITDA of
6

Ten largest shareholders

31 Mar%Total
FAM AB
26,6
ODIN Funds
9,0First Swedish National Pension Fund
8,4
Swedbank Robur Funds
7,8
Fourth Swedish National Pension Fund
5,2
Handelsbanken Funds
4,1
Columbia Threadneedle
3,4
C WorldWide Asset Management
2,4
La Financière de l'Echiquier
2,2
Vanguard
1,5

First quarter, 2021

1.5x-2.5x. Therefore the Board of Directors proposes a dividend of SEK 0.70 (0.0) per share for 2020. This represents 30 per cent of the net income 2020.

OTHER EVENTS

Munters collaborates with CTT to design more efficient humidifiers that create the perfect climate conditions inside aircraft – Munters Group AB, has teamed up with CTT Systems AB (CTT), the market leader of aircraft humidity control system, to develop a new type of evaporative media that aims to improve efficiency and performance of CTT’s aircraft humidifiers. Significantly higher humidity is a requirement in order to create optimal workand flying conditions for air crew and their passengers. Today, dry air inside airplanes can contribute to fatigue, jetlag, red eyes, dry skin and spread of viruses. With CTT’s humidification system these problems can be reduced.

EVENTS AFTER THE CLOSE OF THE PERIODPeter Gisel-Ekdahl, President of Business Area AirTech, to leave Munters – Peter Gisel-Ekdahl, President of
Munters Business Area AirTech, has decided to pursue an opportunity outside Munters as CEO of a company
based in the Nordic region. Klas Forsström, CEO and President of Munters will, in addition to his current role, takeon the responsibility for AirTech to ensure the future growth plans and continuous focus on strategy deployment.
Peter will support a successful transition and stay within Munters no shorter than the full second quarter of 2021.
Annual General Meeting 2021 – The annual general meeting will be held on Wednesday 19 May 2021. Due tothe coronavirus and in order to reduce the risk of spreading the virus, the board of directors has decided that thegeneral meeting should be conducted by way of postal vote pursuant to temporary legislation being in effect in
2021. This means that the general meeting will be held without the physical presence of shareholders, representatives or third parties. The shareholders will therefore only be able to exercise their voting rights by postal voting.
Information on the resolutions passed at the meeting will be made available on 19 May 2021 as soon as the resultof the postal voting has been finally confirmed. An interview with the president and CEO Klas Forsström and thechairman of the board of directors Magnus Lindquist will be made available on Munters website,www.munters.com, on 14 May 2021. More information about the Annual General Meeting can be found on:
https://www.munters.com/en/about-us/corporate-governance/general-meetings/

7

Munters collaborates with CTT to design more efficient humidifiers that canfurther improve the humidifier performance in an aircraftFirst quarter, 2021

AirTechBusiness area AirTech is a global leader in energy-efficient air treatment for industrial and commercial applications. We offer solutions formission-critical processes that require exact control of moisture and temperature, with a focus on energy-efficiency and sustainable climate
systems. Our climate systems also provide better indoor air quality and comfort, as well as increased production capacity.

■ Order intake increased in the first quarter. The strong growth was driven mainly by strong growth in APAC for the battery sub-segment and in the US forthe pharma sub-segment. Data Centers US order intake increased, but Mist Elimination experienced a continued weak order intake. Services had goodorder intake driven by a good development in Americas and APAC, whereas EMEA had a flat development.
■ Net sales increased driven mainly by strong growth in the battery and pharma sub-segment in the industrial segment as well as in Services. Data
Centers US grew strongly, whereas Mist Elimination declined mainly as the marine market continued to be weak.
■ The adjusted EBITA margin improved mainly as an effect of increased net sales and high utilization rates.

LTM

Q1

Full year

MSEK

2021

2020

∆%

Apr-Mar

2020

Order intake

1,483
10%
1,195
6%
17%
-11%
231
181
81%
15.1

1,343
-7%
1,127
-3%

10

5,241
2%
5,005
-2%

5,101
-3%
4,937
-4%

94
100
-9%
8.8

145
81

701
770
18%
15.4

565
689
4%
14.0

GrowthNet sales
Growthof which organic growthof which currency effects

Operating profit (EBIT)
Adjusted EBITA
GrowthAdjusted EBITA margin, %6

FoodTechBusiness area FoodTech is one of the world’s leading suppliers of innovative, energy-efficient climate systems for livestock farming andgreenhouses, as well as software for controlling and optimizing the entire food production value chain. Our solutions increase productivity
while contributing to sustainable food production, where strict requirements are placed on quality, animal health and food safety.

■ Order intake increased in the first quarter. Region EMEA experienced growth driven mainly by orders in the greenhouse segment, Region Americas
grew driven mainly by the US. The US had a slight increase in the swine, layer and dairy segments, that was somewhat offset by a weak broiler market.
In APAC the swine market in China continued to see strong growth.
■ Currency adjusted Net sales an increased driven by a very strong growth in the swine segment in China. The equipment business experienced good
growth in Americas, whereas the software business in the subsidiary MTech was flat. Region EMEA had a weaker development.
■ The EBITA-margin decreased on the back of a strong margin in 2020, lower level of controller sales as well as increased transportation costs due to
Covid-19.
Q1
LTM
Full year

MSEK

2021

2020

∆%

Apr-Mar

2020

Order intake

520
1%
425
-5%
5%
-11%
32
39
-25%
9.1

515
3%
449
-4%

1

2,201
5%
2,102
4%

2,196
5%
2,126
5%

276
297
5%
14.1

291
310
12%
14.6

GrowthNet sales
Growthof which organic growthof which currency effects

Operating profit (EBIT)
Adjusted EBITA
GrowthAdjusted EBITA margin, %

8

47
52
12%
11.5

-5

-32
-25

First quarter, 2021

About Munters
Munters is a global leader in energy-efficient and sustainable climate solutions. The solutions guarantee
temperature and humidity control, which is mission-critical for customers. Munters offers solutions to manydifferent industries where controlling temperature and humidity is mission-critical. Our solutions reduce
customers’ climate and environmental impact through lower resource consumption, and in the process contributeto cleaner air, higher efficiency and reduced carbon emissions. Sustainability is an important part of Munters’
business strategy and value creation.
Short facts

■
■
■
■
■

3,500 employees
30 countries with sales and manufacturing
17 production units
22% female leaders
Two business areas: AirTech and FoodTech

PurposeFor customer success and a healthier planet
Curiosity and a drive to create pioneering
technologies are part of our DNA. Our climate
solutions are mission-critical to our customers’
success and contribute to a more sustainable
planet.

In 2020 AirTech generated 70% of the total net
sales of Munters and FoodTech 30%.

The strategy of Munters
Munters has a strong position in most of our markets. We see major opportunities to improve and strengthen our market position and to achieve our mid-term
financial targets and deliver on our strategy. The key to success is how we respond in working toward our goals. Our overarching strategic priorities show whichareas we regard as important to our success. For each strategic priority we have clear action plans and ambitions what we want to achieve. Sustainability is apriority issue reflected in every strategic priority.
People - The employees at Munters are the hub of our business. Through collaboration and a passion for creating sustainable solutions for our customers andpartners, we contribute to our customers’ success and a better world.
Customers - We closely cooperate our customers. We try not only to understand their needs today, but also in
the future. Our expertise is built through unique insight into our customers’ businesses and production
processes. Munters works every day to deliver value over and above our customers’ expectations.
Innovation - We at Munters work in a structured way to optimize innovation in the organization. We continuallymonitor technological developments in the market and work closely with our customers to understand theirneeds. We also work with other institutions that strengthen our competence and create value for customers. By
continuously questioning and improving how we work, we create sustainable solutions, technologies andbusiness models for the future.
Market - Munters is active around the world in a market driven by strong trends in sustainability and digitization. We focus resources on strengthening our position in areas where we can be a market leader. For
Munters, a market leader not only has a leading position but also higher profitable growth than others in the industry.
Excellence in everything we do - We strive for quality and efficiency in everything we do. We work with continuous improvements in every area. We prioritize
and focus on selected investments and areas of improvement. We follow up, learn, correct and improve.
Sustainability
Sustainability is one of the most important drivers for Munters’ strategy today and in the future. Everything we do has to be sustainable for all our stakeholders
and the environment. Our medium-term financial targets are important to create room for investments in the future. As we work toward these targets, we makevarious decisions and act in the best way to achieve our ambitions. These ambitions contain priorities on resource efficiency, responsible business practices andpeople & society. These three parts today constitute the framework for Munters’ sustainability agenda.

9

First quarter, 2021¨

10

First quarter, 2021

Quarterly overview
Group and Segments
Group
MSEK

2021

2020

2020

2019

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Order backlog
Order intake
Net sales
Operating profit (EBIT)
Net income
Amortization and write-down
Items affecting comparability (IAC)
Adjusted EBITA
Adjusted EBITA margin, %

2,769
1,995
1,612
222
160
-17
41
198
12.3

2,253
1,611
1,841
250
172
-17
22
245
13.3

2,664
1,919
1,833
245
163
-30
4
271
14.8

2,660
1,870
1,773
103
39
-20
-138
260
14.7

2,808
1,849
1,566
110
57
-20
−
130
8.3

2,307
1,845
1,842
159
76
-29
-42
229
12.5

2,440
1,680
1,813
174
100
-32
-42
248
13.7

2,496
1,840
1,877
185
104
-41
-36
262
13.9

AirTech

2021

2020

Q1 Full year Full year
2,554
1,938
1,620
38
3
-32
-61
131
8.1

2019

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

External order backlog
Order intake
External net sales
Transactions between segments
Operating profit (EBIT)
Amortization and write-down
Items affecting comparability (IAC)
Re-allocation of internal services
Adjusted EBITA
Adjusted EBITA margin, %

2,129
1,483
1,193
2
231
-4
54
−
181
15.1

1,737
1,172
1,321
2
234
-4
26
-0
211
15.9

2,025
1,354
1,270
9
185
-16
3
−
198
15.4

2,003
1,231
1,205
2
51
-5
-125
−
181
15.0

2,186
1,343
1,127
0
94
-5
−
−
100
8.8

1,780
1,361
1,378
4
159
-9
-19
-1
186
13.4

1,886
1,179
1,286
1
151
-5
-11
−
167
12.9

1,926
1,264
1,323
1
173
-13
-14
−
199
15.1

FoodTech

2021

MSEK

2020

2019

2,253
7,249
7,015
707
432
-87
-111
906
12.9

2,307
7,302
7,153
556
283
-134
-181
871
12.2

2020

2019

Q1 Full year Full year
1,993
1,449
1,164
2
82
-5
-23
−
110
9.4

2019

1,737
5,101
4,924
13
565
-30
-95
-0
689
14.0

1,780
5,253
5,151
8
565
-31
-67
-1
662
12.8

2020

2019

MSEK

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1 Full year Full year

External order backlog
Order intake
External net sales
Transactions between segments
Operating profit (EBIT)
Amortization and write-down
Items affecting comparability (IAC)
Re-allocation of internal services
Adjusted EBITA
Adjusted EBITA margin, %

640
520
419
6
32
-6
-1
−
39
9.1

516
450
520
11
67
-5
6
-0
66
12.3

640
575
563
9
90
-5
0
−
95
16.5

656
656
568
7
87
-5
-6
−
98
17.1

622
515
440
9
47
-5
−
−
52
11.5

526
491
464
5
55
-4
-3
−
61
13.0

554
513
527
7
75
-4
-6
−
85
15.9

570
582
554
8
74
-4
-8
−
85
15.2

561
500
456
9
24
-4
-19
−
46
9.9

Other and eliminations

2021

MSEK

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1 Full year Full year

Order intake
Transactions between segments
Operating profit (EBIT)
Amortization and write-down
Items affecting comparability (IAC)
Re-allocation of internal services
Adjusted EBITA

-8
-8
-41
-7
-12
−
-21

-11
-12
-50
-8
-10
0
-32

-10
-18
-31
-10
-0
−
-21

-17
-8
-36
-10
-7
−
-19

-10
-9
-32
-10
−
−
-22

-8
-9
-55
-16
-21
1
-17

-13
-9
-52
-24
-24
−
-3

-7
-9
-62
-24
-14
−
-23

-11
-11
-67
-23
-18
−
-25

11

2020

2019

516
2,196
2,091
35
291
-20
1
-0
310
14.6

526
2,087
2,002
31
226
-15
-36
278
13.7

2020

2019

-48
-48
-149
-37
-18
0
-94

-38
-38
-236
-88
-78
1
-69

First quarter, 2021

Discontinued operation
2021

2020

2020

2019

2019

MSEK

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1 Full year Full year

External order backlog
Order intake
External net sales
Operating profit (EBIT)
Amortization and write-down
Items affecting comparability (IAC)
Adjusted EBITA

−
−
−
−
−
−
−

−
−
-0
-2
−
−
-2

−
-1
13
-3
−
−
-3

−
1
3
-1
−
−
-1

−
−
-0
0
−
−
0

2
4
9
-65
0
-45
-20

8
-3
38
-341
3
-325
-19

43
3
87
-20
-0
-3
-17

111
11
42
-24
0
-0
-24

12

16
-6
-6

2
15
176
-450
3
-373
-80

First quarter, 2021

Condensed income statement
Q1

LTM

Full year

MSEK

2021

2020

Apr-Mar

2020

Net sales
Cost of goods sold
Gross profit

1,612-1,075537

1,566-1,058508

7,060-4,682
2,379

7,015-4,6652,350

Selling expenses
Administrative costs
Research and development costs
Other operating income and expenses
Operating profit

-191
-135
-37
48
222

-210
-140
-48
0
110

-799
-533
-175
-53
819

-818
-538
-186
-101
707

Financial income and expenses
Profit/Loss after financial items

-25
197

-31
79

-150
670

-156
552

Tax
Net income for the period from continuing operations

-38
160

-22
57

-135
535

-120
432

-

-0

-6

-6

Net income for the period

160

57

529

426

Attributable to Parent Company shareholders
Attributable to non-controlling interests

160

57

523

420

Net income from discontinued operations

0

-0

6

6

181,920,817
182,762,723

181,745,802
181,745,802

181,589,210
181,987,972

181,545,456
181,557,708

Earnings per share for net income for the period from continuing operations
attributable to the ordinary equity holders of the company:
Earnings per share before dilution, SEK
Earnings per share after dilution, SEK

0.88
0.87

0.31
0.31

2.91
2.91

2.35
2.35

Earnings per share for net income for the period attributable to the ordinary equity
holders of the company:
Earnings per share before dilution, SEK
Earnings per share after dilution, SEK

0.88
0.87

0.31
0.31

2.88
2.88

2.32
2.32

161

211

-375

-325

Actuarial gains and losses on defined-benefit pension obligations, incl. payroll tax
Income tax effect not to be reclassified to profit or loss
Other comprehensive income, net after tax

35
-7
189

15
-3
222

14
-3
-365

-7
1
-331

Total comprehensive income for the period
Attributable to Parent Company shareholders
Attributable to non-controlling interests

349
349
-0

279
279
-

164
160
4

95
91
4

Average number of outstanding shares before dilution*
Average number of outstanding shares after dilution*

Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent
periods:
Exchange-rate differences on translation of foreign operations
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:*Excluding shares held in own custody.

13

First quarter, 2021

Condensed balance sheet
MSEK

2021-03-31

2020-03-31

2020-12-31

4,144
1,435
236
474
163
52
19
255
6,778

4,660
1,562
280
600
163
33
21
233
7,552

3,952
1,356
209
467
161
41
19
246
6,451

Raw materials and consumables
Products in process
Finished products and goods for resale
Projects in progress
Advances to suppliers
Accounts receivable
Prepaid expenses and accrued income
Derivative instruments
Current tax assets
Other receivables
Cash and cash equivalents
Total current assets

387
119
259
7
7
982
428
8
51
89
916
3,253

432
136
299
3
17
1,157
254
1
59
102
900
3,361

350
118
215
3
5
935
376
−
55
96
970
3,123

TOTAL ASSETS

10,031

10,913

9,574

ASSETSNON-CURRENT ASSETS
Goodwill
Patents, licenses, brands, and similar rights
Buildings and land
Plant and machinery
Equipment, tools, fixtures and fittings
Construction in progress
Financial assets
Deferred tax assets
Total non-current assets
CURRENT ASSETS

14

First quarter, 2021

Condensed balance sheet
MSEK

2021-03-31

2020-03-31

2020-12-31

Shareholders' equity

4,093

3,906

3,746

Non-controlling interests
Total equity

5
4,099

-0
3,906

5
3,751

2,760
271
40
140
388
3,599

3,827
273
29
145
433
4,708

2,690
299
33
132
371
3,525

Interest-bearing liabilities
Advances from customers
Accounts payable
Accrued expenses and deferred income
Derivative instruments
Current tax liabilities
Other liabilities
Provisions for pensions and similar commitments
Other provisions
Total current liabilities

93
549
522
745
0
65
104
9
246
2,333

136
444
653
659
6
31
133
9
226
2,299

96
509
529
742
2
52
111
10
248
2,299

TOTAL EQUITY AND LIABILITIES

10,031

10,9139,574

EQUITY AND LIABILITIESEQUITYNON-CURRENT LIABILITIESInterest-bearing liabilities
Provisions for pensions and similar commitments
Other provisions
Other liabilities
Deferred tax liabilities
Total non-current liabilities
CURRENT LIABILITIESCONDENSED STATEMENT OF CHANGES IN EQUITY
MSEK

2021-03-31

2020-03-31

2020-12-31

Opening balance
Total comprehensive income for the period
New share issue
Change in non-controlling interest
Put/call option related to non controlling interests
Repurchase of shares
Share option plan inc deferred tax
Closing balance

3,751
349
−
−
-1
−
-0
4,099

3,627
279
−
−
-1
−
1
3,906

3,627
95
61
0
-4
-43
14
3,751

Total shareholders´equity attributable to:
The parent company's shareholders
Non-controlling interests

4,093
5

3,906
-0

3,746
5

15

N

First quarter, 2021

Condensed cash flow statement
Q1
MSEK

LTM

Full year

2021

2020

Apr-Mar

2020

222

110

814

701

OPERATING ACTIVITIESOperating profit
Reversal of non-cash items
Depreciation, amortization and impairments
Other profit/loss items not affecting liquidity
Change in provisions
Provisions
Cash flow before interest and tax

69
-6

77
-3

300
18

308
20

-6
279

-61
123

54
1,185

-1
1,029

Paid financial items

-20

-28

-143

-151

Taxes paid
Cash flow from operating activites beforechanges in working capital

-33

-11

-124

-102

226

84

918

776

Cash flow from changes in working capital

-138

-57

102

183

88

27

1,020

959

Business acquisitions
Sale of tangible fixed assets
Sale of intangible fixed assets
Investment in tangible assets
Investment in intangible assets
Cash flow from investing activities

1
-22
-36
-58

-8
1
-28
-15
-50

-1
14
2
-108
-125
-217

-9
14
2
-114
-103
-209

FINANCING ACTIVITIESNew share issue
Loan raised
Amortization of loans
Repayment of lease liabilities
Repurchase of shares
Cash flow from financing activities

26
-99
-26
-101

292
-74
-27
192

61
60
-723
-111
-43
-756

61
329
-698
-112
-43
-463

Cash flow for the period

-71

169

47

287

Cash and cash equivalents at period start
Exchange-rate differences in cash and cash equivalents
Cash and cash equivalents at period end

970
17
916

722
10
900

900
-31
916

722
-38
970

Cash flow from operating activities
INVESTING ACTIVITIESOperating profit in prior period includes the discontinued operation. Isolated cash flow from the discontinued operations is disclosed in a separate note, seepage 20.

16

First quarter, 2021

Parent company
CONDENSED INCOME STATEMENT
Q1
MSEK

LTM

Full year

2021

2020

Apr-Mar

2020

Net sales
Gross profit/loss
Administrative costs
Other operating expenses
Profit/Loss before interest and tax (EBIT)

−
−
-0
-1
-2

−
−
-11
−
-11

−
−
-11
-7
-18

−
−
-22
-5
-27

Financial income and expenses
Profit/Loss after financial items

0

−

-0

-0

-2

-11

-18

-28

Group contributions

−

−

23

23

Profit/Loss before tax

-2

-11

5

-5

Tax

0

−

2

2

Net income for the period

-1

-11

7

-3

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
LTM

Q1
MSEK
Profit/Loss for the period
Other comprehensive income, net after tax
Comprehensive income for the period

17

Full year

2021

2020

Apr-Mar

2020

-1
−
-1

-11
−
-11

7
−
7

-3
−
-3

First quarter, 2021

Parent company
CONDENSED BALANCE SHEET
MSEK

2021-03-31

2020-03-31

2020-12-31

4,102
4
4,106

4,091
0
4,091

4,099
4
4,104

0
1
0
28
59
89

2
0
0
43
15
61

−
0
1
27
62
90

4,195

4,152

4,194

ASSETSNON-CURRENT ASSETS
Participations in subsidiaries
Other financial assets
Total non-current assets
CURRENT ASSETS
Other current receivables
Prepaid expenses and accrued income
Current tax assets
Receivables from subsidiaries
Cash and cash equivalents
Total current assets
TOTAL ASSETS

MSEK

2021-03-31

2020-03-31

2020-12-31

6
4,135
32
-1
4,171

6
4,074
65
-11
4,133

6
4,135
33
-3
4,171

1
1

0
0

1
1

1
19
−
2
22

3
12
0
3
18

1
21
−
−
22

4,195

4,152

4,194

EQUITY AND LIABILITIESEQUITY
Share capital
Share premium reserve
Profit brought forward
Income for the period
Total equity
NON-CURRENT LIABILITIESProvisions for pensions and similar commitments
Total non-current liabilities
CURRENT LIABILITIES
Accounts payable
Accrued expenses and deferred income
Liabilities to subsidiaries
Other liabilities
Total current liabilities
TOTAL EQUITY AND LIABILITIES

18

First quarter, 2021

Other disclosures
ACCOUNTING POLICIESThis report has been prepared, with regards to the Group, in accordancewith IAS 34 Interim Financial Reporting, recommendation RFR 1 of theSwedish Financial Reporting Board and the Swedish Annual Accounts
Act and, with regards to the Parent Company, in accordance withrecommendation RFR 2 of the Swedish Financial Reporting Board andthe Swedish Annual Accounts Act. The accounting principles appliedcorrespond to those presented in the Annual- and Sustainability report2020 (Note 1). In Q1, 2021, the cash flow statement has been changed
in regards to interest paid on leased liabilities (prior periods restated).
Previously the item "Repayment of leasing liabilities" included paidinterest. The correction has resulted in that “Cash flow from operating
activities” has decreased and “Financing operations” are improved
compared with previous reporting, impacting first quarter last year withMSEK 6.

DEFINITION OF KEY FINANCIAL
INDICATORSThe Group presents certain financial metrics in the Interim report thatare not defined in accordance with IFRS. The Group is of the opinion
that these metrics provide valuable complementary information, in thatthey enable an evaluation of the Group’s performance. The financial
metrics are calculated in accordance with the definitions presented on
page 125 of the Annual- and Sustainability report 2020.

TRANSACTIONSWITH RELATED PARTIES
There has been no transactions with related parties during the period.

ENVIRONMENTAL IMPACT
AND ENVIRONMENTAL POLICY
Munters’ operations affect the external environment through air and water emissions, the handling of chemicals and waste, transport of input
goods and finished products to and from Munters factories. Munters iscommitted to constant vigilance regarding the environmental impact of
its operations. Munters is committed to complying with all laws and tocontinuously promoting improvements in all Environment, Health &Safety (“EHS”) aspects, wherever Munters conducts business. Muntersconstantly seeks opportunities to reduce risk and to create a safer,
healthier, more diverse and more environmentally friendly workplace forour employees, customers, communities, and the overall environment.
Munters’ manufacturing facilities all over the world are committed toworking according to an EHS Management Program. The purpose of the
EHS Program is to ensure regulatory compliance, actively prevent injuries, and reduce the impact that our business has on the environment.

RISKS AND UNCERTAINTIESThe Group’s significant risks and uncertainties can be divided into four
categories; strategic, operational, financial and regulatory risks. In thesecategories, there are both risks due to political and macroeconomic
trends and specific risks directly linked to the business carried out by the19Group. A risk assessment is carried out on an annual basis and the purpose is to identify and address the most important risks.
Munters’ products are used in complex customer processes. Quality andcontract obligations are critical and could result in claims for damages.
The Group depends to some extent on key customers and key personnel. Considering that Munters is a company with geographically widespread operations and many small organizational units, there is a risk offailure to comply with relevant regulations in the business ethics area,
e.g. anti-bribery rules.
Financial risks mainly consist of currency, interest and financing risks.
Munters works actively with insurance solutions, and group-wide insurances are governed by central guidelines. This includes for example
coverage for general liability and product liability, property, business interruption, transportation, the liability of Board members and the CEOand employment practices liabilities.
During 2021 the Covid-19 pandemic continued to have an impact on ourbusiness, albeit in a mixed way. In some areas it led to increased demand at the same time as customers in other areas were delaying investments. The main effect from the Covid-19 pandemic came fromshortages in the supply chain, which were managed in a good way. We
expect that challenges in securing the supply chain will remain for the
coming months. Therefore, we will continue to constantly monitor thisdevelopment and to implement mitigating actions where possible.
A more detailed description of the Group’s risks and how they are managed can be found in the Annual- and Sustainability report 2020 on
pages 50-55.

ALLOCATION OF NET SALES
The majority of customer contracts within Munters business segments
AirTech and FoodTech fulfill the requirements to recognize net sales ata point in time, however there are a number of customer contracts within
the segments that requires to recognize net sales over time, especiallyin AirTech sub-segment Data Centers, which is reflected in the below
matrix. In addition to unit/equipment sales, Munters provides different
kinds of services to customers such as installation, commissioning,
startup and maintenance. Net sales from services are recognized overtime as these services are performed. The services transferred overtime in the matrix below is not equivalent to the net sales from Services
mentioned on the business segment pages earlier in this interim report.
This is due to the fact that part of the net sales within Services are recognized at a point in time, such as spare parts. Net sales from the discontinued operation is all recognized over time.

First quarter, 2021

Q1 2021MSEK
Goods transferred at a point in time
Goods transferred over time
Services transferred over time
Total
whereof related to thediscontinued operation
Total net sales from continuing
operations

AirTech FoodTech
780
372
325
14
89
33
1,193
419

SEKm
Goods transferred at a point in time
Goods transferred over time
Services transferred over time
Total
whereof related to thediscontinued operation
Total net sales from continuing
operations

AirTech FoodTech
771
382
285
20
70
37
1,127
439

Total
1,152
339
122
1,612

−

−

−

1,193

419

1,612

Q1 2020
Total
1,154
305
107
1,566

−

−

−

1,127

439

1,566

FAIR VALUE OF FINANCIAL
INSTRUMENTS
The Group’s derivatives, recognized at fair value in the statement of financial position, are measured according to IFRS 9 and are categorizedin level 2 in the fair value hierarchy. The derivatives amounted to MSEK
8 (1) in financial assets and to MSEK 0 (6) in financial liabilities.
The Group’s put/call acquisition option, recognized at fair value in thestatement of financial position, are measured according to IFRS 9 andare categorized in level 3 in the fair value hierarchy. The opening balance for the period relates to the put/call option from the acquisition of
MTech Systems in 2017, which is based on EBITDA for the 12 months
prior to execution and matures in January 2023. The change in the period relates to a discounting effect and currency translations on theput/call option.
MSEK
Opening balance
Payments
Discounting
Exchange-rate differences
for the period
Closing balance

2021-03-31 2020-03-31 2020-12-31
121
142
142
6
-9
-9
3
1
4
−
129

11
145

-16
121

Munters deems that the interest rate on interest-bearing liabilities are inline with market terms at March 31, 2021, and the fair value at the end of
the reporting period therefore in all material aspects corresponds to thecarrying amount.

DISCONTINUED OPERATIONSOn September 9, 2019 Munters decided to close its European Data
Center factory in Dison, Belgium, following the finalization of negotia-

tions with the unions. The production ceased in 2019 but minor installation services remained at customer sites during 2020. The table below
shows the income statement for the discontinued operation as well as
the cash flow from operating activities.

Q1
MSEK

LTM

Full year

2021

2020

Apr-Mar

2020

Net sales
Cost of goods sold
Gross profit

−
−
−

−
0
0

16
-11
5

16
-11
6

Selling expenses
Administrative costs
Research and development costs
Other operating income and expenses
Operating profit

−
−
−
−
−

-0
-0
0
0
0

-7
-2
0
-2
-6

-8
-2
0
-2
-6

Financial income and expenses

−

-0

-0

-0

Profit/Loss after financial items

−

-0

-6

-6

Tax
Net income for the period from discontinued operations

−

−

0

0

−

-0

-6

-6

Cash flow from operating activities

46

-58

-45

-149

20

First quarter, 2021

RECONCILIATION OF ALTERNATIVEPERFORMANCE MEASURES
Below is a reconciliation of Munters adjusted performance measuresfrom items affecting comparability. These items originates from the implementation of the refined strategy communicated in Q2, 2020, legal
cases outside the ordinary business operation related to a previous customer claim that was finally settled in February 2021, insurance compensation linked to previous exchange of specific components at a customer
MSEK
Adjusted EBITDA
Amortizations and write-downs of tangible assets
Adjusted EBITA
Amortizations and write-downs of intangible assets
Adjusted operating profit (EBIT)
Restructuring activities
Gains/losses from sale of fixed assets
Legal cases outside the ordinary business operation
Proceeds from insurance reimbursements from legal cases
Received government grants/government assistanceCorona related expenses
Earned refund of sales tax in Brazil
Operating profit (EBIT)

site within the European Data Center business (where costs for the exchange amounted to MSEK 116 and were reported during the third quarter of 2019) minor Covid-19 related expenses and government grants.
During the first quarter last year, Munters did not incur any IACs.
The reconciliation below does not include the discontinued operation.

Q1

Full year

2021-03-31

2020-03-31

LTM

Jan-Dec

250
-52
198
-17
181
-12
0
-7
61
1
-1
0
222

187
-57
130
-20
110
0
0
0
0
0
0
0
110

1,189
-215
974
-84
890
-136
6
-21
61
21
-14
13
819

1,126
-221
906
-87
818
-124
6
-14
0
20
-12
13
707

RECONCILIATION OF NET DEBT
AND LEVERAGE
The reconciliation of net debt and leverage below includes the discontinued operation.

MSEK

2021-03-31

2020-03-31

2020-12-31

CURRENT ASSETS
Cash and cash equivalents

-916

-900

-970

NON-CURRENT LIABILITIESInterest-bearing liabilities, excluding leases
Interest-bearing lease liabilities
Provisions for pensions

2,484
276
255

3,488
340
257

2,440
250
285

CURRENT LIABILITIESInterest-bearing liabilities, excluding leases
Interest-bearing lease liabilities
Accrued expenses
Provisions for pensions

7
86
10
6

35
101
11
7

14
82
9
6

Total Net debt
Operating profit (EBIT)
Depreciations
Amortization and write-down
EBITDA
Items affecting comparability

2,208
814
-216
-84
1,114
-70

3,338
201
-279
-119
599
-465

2,116
701
-221
-87
1,010
-111

Adjusted EBITDA, LTM

1,184

1,064

1,121

1.9

3.1

1.9

Net debt/Adjusted EBITDA, LTM

21

First quarter, 2021

This report has not been subject to review by the company’s auditors.

INFORMATION AND REPORTING DATESContact person:

Ann-Sofi Jönsson, Vice President, Investor Relations and Enterprise Risk Management
Phone: + 46 (0)730 251 005
Email: ann-sofi.jonsson@munters.com
On April 22, at 9:00 the President and CEO, Klas Forsström, together with the Group Vice President and CFO, Annette Kumlien will present the report in alive webcast simultaneously with a telephone conference.
Webcast:https://tv.streamfabriken.com/munters-q1-2021
Dial-in number for the telephone conference:
SE: +46 8 56642693
UK: +44 3333009031
US: +1 8335268347
This interim report, presentation material and a link to the webcast will be available on https://www.munters.com/en/investor-relations/____________________________________________________________________________________________________________________________
Financial calendar:
May 11, Capital Markets Update, webcasted live.
May 19, Annual General Meeting 2021 in Stockholm, Kista, Sweden.
July 16, Interim report January-June 2021
October 22, Interim report January-September 2021____________________________________________________________________________________________________________________________
This information is information that Munters Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set out above, at 07.30 CET on April 22, 2021.
Munters Group AB, Corp. Reg. No. 556819-2321
About Munters Group
Munters is a global leader in energy efficient air treatment and climate solutions. Using innovative technologies, Munters creates the perfect climate forcustomers in a wide range of industries. Munters has been defining the future of air treatment since 1955. Today, around 3,500 employees carry out manufacturing and sales in more than 30 countries. Munters Group AB reported annual net sales of more than SEK 7 billion in 2020 and is listed on Nasdaq
Stockholm. For more information, please visit www.munters.com.
Every care has been taken in the translation of this interim report. In the event of discrepancies, the Swedish original will supersede the English
translation. The addition of the totals presented may result in minor rounding differences.

22