Q1“Stable profitability in achallenging business environment”

January-March 2020
■ The outbreak of Covid-19 impacted Munters in the first quarter. Demand was robust in January and February, except in China that wasaffected by the outbreak in February. In March demand was negatively impacted by the outbreak in Europe and Americas. In China, demand
recovered somewhat mid-March.
■ Order intake declined -5% (currency adjusted -8%) mainly driven by a decline in the industrial segment within business areas AirTech.
Business area FoodTech increased 3%, with a flat organic development. In Asia, FoodTechs’ order intake increased as investments in
production capacity in the swine segment within China increased.
■ Net sales declined by -3% (currency adjusted -7%) mainly driven by lower demand in the industrial segment in all regions in the business area
AirTech. Business area FoodTech had a weak development in Americas and APAC and a flat development in EMEA.
■ The adjusted EBITA-margin improved slightly to 8.3% (8.1) as a result of continued streamlining of indirect costs and an active mitigation of theeffects from the Covid-19 outbreak.
■ Leverage increased to 3.1x from 2.9x at year-end 2019. The increase was mainly due to exchange rate effects on borrowings related to
USD/SEK.

Financial summary

Q1

LTM

Full year

MSEK

2020

2019

∆%

Apr-Mar2019

Order intake

1,849

1,938

-5

7,213

7,302

Net sales

1,566

1,620

-3

7,099

7,153

Operating profit (EBIT)

110

38

186

627

556

-1

Adjusted EBITA

130

131

869

871

Adjusted EBITA margin, %

8.3

8.1

12.2

12.2

Net income

57

3

337

283

Earnings per share before and after dilution, SEK
Average number of outstanding shares before and after dilution

0.31

0.02

1.84

1.55

181,745,802

182,130,802

181,886,969

181,983,219

The KPI´s below includes discontinued operations *Net income

57

-22

-86

-164

Earnings per share before and after dilution, SEK

0.31

-0.12

-0.48

-0.91

Cash flow from operating activities
Net debt
Net debt/Adjusted EBITDA, LTM

33

43

-23

659

669

3,338

3,411

-2

3,338

3,062

3.1

2.9

* The income statement has been restated for the years 2019 to reflect the discontinued operation in line with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. Discontinued
operations is defined as the business connected to the Data Centers operations in Dison, Belgium, where the production has ceased during fall 2019 but minor installation services remains 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 21.

First quarter, 2020»

CEO comments
Order intake and net sales impacted by the Covid-19 outbreakIn the first quarter, the outbreak of Covid-19 had an impact on Munters. All our production units, except two minor units, have managed operations throughout the quarter without any major disturbances. Order intake declined organically by -8%. Demand was robust in January and February, except in China that was affected by theoutbreak in February. Order intake in March was negatively impacted by the outbreak in Europe and Americas.
In China, demand recovered somewhat mid-March, which was visible in the order intake for the business area
FoodTech.

We expect acontinued
challenging
business
environment

Net sales declined organically by -7%, mainly driven by lower demand in the industrial segment in all regions in
the business area AirTech. Business area FoodTech had a weak development in Americas and APAC.
Slightly improved profitability and focus on continuous improvements

The adjusted EBITA-margin improved slightly over last year. This was mainly driven by a continuous focus by allparts of the organization to streamline indirect costs and an active mitigation of the effects from the Covid-19 outbreak.
In relation to the outbreak of Covid-19, our focus in the last months has first and foremost been on securing thehealth and safety of our employees and other stakeholders. To limit the effects from the outbreak on Munters,
we initiated mitigating actions in the beginning of February. These involves reducing costs and planned investments as well as diligently managing our supply chain, where we so far have not had any major disturbances.
The cost reduction program executed and the work to improve management of working capital in 2019 strengthened Munters financial position. Our focus on cashflow and continuous improvements in operations is a central
part of the ongoing refined strategy implementation.

Klas Forsström, President and CEO

Continued challenging business environment

For the coming quarters we expect a challenging business environment with a larger impact from the Covid-19
outbreak than seen in the first quarter. At this time, the visibility of the effect from the outbreak is limited. We currently have a healthy order backlog but depending on the length and severity of the outbreak we see an increased risk for project delays.
Implementation of refined strategy ongoing

Munters is well positioned in a long-term growing market driven by climate change, energy efficiency and digitalization. At the beginning of the year, we launched a refined strategy with clear focus areas and ambitions.
Despite great attention on managing in the current business environment we are continuing to implement thestrategy. During 2020, I expect us to accelerate the implementation and especially our analysis of how to alignthe product assortment and optimize our manufacturing footprint.
I am very proud of our dedicated employees world-wide and their contribution and hard work in these challenging
times.
Klas Forsström, President and CEO

Mid-term financial targets

Sustainability

For full description of the dividend policy, see the Annual and Sustainability report
2019, page 18.

Please see the Munters Annual and Sustainability report 2019, page 46-55, for further information on goals and outcome.

Net sales growth: Annual growth in organic net sales of 5 per
cent, as of 2019, supplemented with selected add-on acquisitions.
Adjusted EBITA-margin: An adjusted EBITA-margin of 14 per
cent.
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 a result of acquisitions.)
Dividend policy: Munters aim to pay an annual dividend corresponding to 30-50 per cent of its consolidated income after tax
for the period.

2

Throughout 2020 Munters will prioritize sustainability issues aiming at setting more ambitious goals in 2021. The framework for
Munters’ sustainability agenda is divided into three parts:
resource efficiency, responsible business practices and people &society.
Examples of key sustainability ratios FY 2019:•
Proportion women in management
25% (20)•
Total Recordable Incident Rate
2.7 (3.4)•
Code of Conduct for suppliers
92% (66)•
Green electricity
40% (31)

First quarter, 2020

Financial performance
During the third and fourth quarter 2019, Munters reported the business within the Data Centers operations in Belgium as a
discontinued operation. Therefore all income statement has been restated for 2019 to reflect the discontinued operation in linewith IFRS 5, for information see page 21. All income statement items in this report refers to Munters continuing operations, if
not otherwise stated.

Q1

LTM

Full year

MSEK

2020

2019

Apr-Mar2019

Order intake

1,849

1,938

7,213

7,302

Net sales

1,566

1,620

7,099

7,153

Adjusted EBITA

130

131

869

871

AirTechFoodTech
Other and eliminations
AirTechFoodTech
Other and eliminations

AirTechFoodTech
Other and eliminations

Adjusted EBITA margin, %AirTechFoodTech

1,343
515
-10

1,127
449
-9
100
52
-22

8.3

8.8
11.5

1,449
500
-11
1,166
466
-11
110
46
-25

5,148
2,102
-37
5,120
2,015
-37
651
283
-65

Net sales,organic change

5,253
2,087
-38

-8%

5,159
2,032
-38

Adj. EBITA-margin

662
278
-69

8.3%

8.1

12.2

12.2

9.4
9.9

12.7
14.0

12.8
13.7

ORDER INTAKE

January-March 2020

The order intake in the quarter decreased by -5% (currency adjusted decrease of -8%). This was driven by a decline in AirTech. During the quarter, both business area AirTech and FoodTech, experienced postponement ofpotential orders due to the effects of the Covid-19 outbreak.

Order intake Q1, 2020 (MSEK)
2,500
8,000

Business area AirTech order intake decreased by -7% (currency adjusted decrease of -11%), compared to astrong first quarter 2019. 2019 included large orders related to the lithium battery industry. The industrial segment had a weak order intake in the quarter, mainly in region EMEA and APAC. In the US the commercial segment, Services and sales of components to OEMs had strong growth. Services had decreased order intake inEurope as a consequence of the Covid-19 outbreak. Data Centers in the US had a negative development on theback of strong first quarter 2019. Mist Elimination also had a weaker development, mainly as the marine subsegment had a very weak demand.

1,500

Business area FoodTech order intake increased by 3%, with a flat organic development. Order intake increasedin Americas, primarily driven by a good development in Mexico and sales of software solutions in the US. In
Asia, order intake increased. In China, investments in productioncapacity increased in the swine segment on theback of a weak 2019 when it was negatively impacted by the African Swine Fever. This led to good growth inorder intake for FoodTech in this segment. Also, good growth was achieved in the layer and broiler segment in
China. In Europe, demand was softer, mainly in Scandinavia and Italy, compared to the same period last year.
Also Middle East was on a lower level than 2019.

3

2,000

6,000
4,000

1,000

2,000

500
0

Q1

Q2

Q3

Quarter

Q4

Q1

0

LTM

First quarter, 2020

NET SALES

January-March 2020

Net sales in the quarter decreased by -3% (currency adjusted decrease by -7%), with decreased net sales inboth AirTech and Foodtech. Services net sales amounted to 15% of total net sales.
Net sales in business area AirTech decreased by -3% (currency adjusted decrease by -7%). The decrease wasmainly driven by weaker net sales in all regions for the industrials segment. The commercial segment had good
growth in the US, with strong growth in the subsegment supermarkets. Services had good growth driven by theUS, whereas sales in Europe and APAC was weaker. Overall Europe and APAC experienced declining net
sales. Data Centers in the US had a positive development, whereas Mist Elimination declined as the marine subsegment in general and the power subsegment in India was weaker.

Net sales Q1, 2020 (MSEK)
2,000

8,000

1,500

6,000

1,000

4,000

500

2,000

0

Q1

Q2

Q3

Q4

Quarter

Net sales in business area FoodTech declined by -4% (currency adjusted decrease by -7%) with decreased net
sales in all regions, except for EMEA that had a flat development. Net sales in APAC was weak due to a negative impact from the Covid-19 outbreak in February in China.

0

Q1
LTM

Gross margin development

RESULTS

Adjusted EBITA excludes Items Affecting Comparability, IAC.

January-March 2020

The gross margin was in line with 2019 at 32.4% (32.6) with a slightly lower gross margin in AirTech and aslightly higher gross margin in FoodTech.
Adjusted EBITA was flat at MSEK 130 (131), corresponding to a slightly higher adjusted EBITA-margin of 8.3%
(8.1). Depreciation amounted to MSEK -57 (-51), whereof depreciation of leased assets was MSEK -30 (-28).
Adjusted EBITA for business area AirTech amounted to MSEK 100 (110), corresponding to a slightly lower
adjusted EBITA margin of 8.8% (9.4). The slightly lower EBITA-margin was a result of a lower gross margin due
to a change in product mix compared to the first quarter 2019. This was somewhat offset by lower indirect costs.

36%
34%
32%
30%
28%

Q1

Q2

Q3

Q4

Q1

Q3

Q4

Q1

EBITA (MSEK)
300
200
100
0

Q1

Q2

Adjusted EBITA in business area FoodTech increased to MSEK 52 (46), corresponding to an adjusted EBITA
margin of 11.5% (9.9). The improvement was due to a slight improvement in gross margin and lower indirect
costs.

Operating profit (EBIT) (MSEK)

Operating profit (EBIT), excluding discontinued operations, in the first quarter was MSEK 110 (38), corresponding to an operating margin of 7.0% (2.3). Amortization and write-downs on intangible assets in the first quarter
was SEKm -20 (-32), where MSEK -11 (-24) was related to amortization of intangible assets from acquisitions.

100

200

0

4

Q1

Q2

Q3

Q4

Q1

First quarter, 2020

ITEMS AFFECTING COMPARABILITY (IAC)

During the first quarter 2020 Munters did not incure any IACs. During the first quarter 2019 Munters Full Potential
Program (FPP), launched in February 2019, resulted in in IACs of MSEK 61 in the continuing operations. The
IACs for the continuing operation are outlined below.

Continuing operations
2020

2019

2019

Q1
−

Q1
-23

LTM Full year
-43
-67

−
−

-19
-4

-32
-11

-52
-15

−

-19

-17

-36

−
−

-9
-10

-1
-16

-10
-26

Other

−

-18

-60

-78

Severance costs
Consulting fees and other
Total

−
−
−

-4
-14
-61

-23
-37
-120

-27
-51
-181

MSEK
AirTechSeverance costs
Consulting fees and other
FoodTechSeverance costs
Consulting fees and other

Discontinuing operations

The closure of the Data Centers factory in Dison, Belgium, was part of the FPP program. During the third quarter
2019, the closure of Dison was decided and as of then the European Data Centers business, and the related
IAC´s, was defined as a discontinued operation in accordance with IFRS 5.

FINANCIAL ITEMS

Financial income and expenses for the first quarter amounted to MSEK -31 (-43). The financial expenses werepositively impacted by lower a USD interest rate compared to same quarter last year. Interest expense on leaseliabilities amounts to MSEK -4 (-5). The average weighted interest rate including fees per end of the quarter was
3.5% (4.8).

TAXES

Income taxes for the first quarter was MSEK -22 (8) and the effective tax rate was 28% (200). In the first quarter2019 Munters reported a net loss and due to changes in deferred taxes had a positive tax contribution.

EARNINGS PER SHARE

Net income, including the discontinued operation, attributable to Parent Company’s ordinary shareholders
amounted to MSEK 57 (-22) for the first quarter. Earnings per share, before and after dilution, in the first quarter2020 was SEK 0.31 (-0.12).
The average number of outstanding ordinary shares in the first quarter, for the purpose of calculating earnings
per share, was 181,745,802 before and after dilution.

5

Effective tax rate, %28%
EPS, SEK

0.31

First quarter, 2020

FINANCIAL POSITION

Interest-bearing liabilities amounted to MSEK 3,964 (3,635). Cash and cash equivalents amounted to MSEK 900(460) as of March 31.
Munters primary financing facilities consists of a term loan of MUSD 250 and a revolving credit facility (RCF) of
MEUR 185. The facilities have no mandatory amortization requirement. The final maturity date is May 2022. The
loan agreement has one financial covenant, consolidated net debt in relation to adjusted EBITDA, with some adjustments. The new 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 3,338 compared to MSEK 3,062 at year-end 2019. The increase in
net debt was mainly due to an exchange rate effect on outstanding borrowings related to USD/SEK. The exchange rate effect impacted the term loan in SEK with an increase of MSEK 190. See more information aboutreconciliation of net debt and leverage on page 21.
Munters reported leverage ratio per end of the first quarter was 3.1 compared to 2.9 at the year end 2019.
At quarter end the term loan was fully drawn with MUSD 250 and MEUR 89 of the total revolving credit facility
were utilized in EUR, USD and SEK. Available unutilized credit facilities as of March 31 amounted to MEUR 76(85). Along with the main loan facility, an amount of MSEK 36 (52) in local debt is outstanding in i.a. Brazil andIndia.
Average capital employed for the last twelve months was MSEK 7,344 (7,147). Return on capital employed(ROCE) for last twelve months was 3% (1).
Return on capital employed, where EBIT is adjusted for items affecting comparability (IAC) and capital employedadjusted for goodwill, for the last twelve months was 24% (6). EBIT was affected by a write-down of goodwill
amounting to MSEK 323 in the forth quarter of 2018, impacting the last year period return.

CASH FLOW

Cash flow from operating activities was MSEK 33 (43) in the first quarter.
Cash flow from changes in working capital had a negative impact on the cash flow with MSEK -57 (-47), where
decreased accrued expenses was the main reason for the increase in working capital. MSEK -11 of the changes
in working capital was attributable to inventory buildups within both business areas and a decrease in accounts
payables in business area AirTech. This was partially offset by a strong cash flow from accounts receivables inboth business areas and a relative stable cash flow from advances from customers.
Total cash flow for the first three months amounted to MSEK 169 (45), mainly due to increased cash flow fromchange in borrowings of MSEK 218 (72). In the quarter, Munters decided to draw more on our RCF in order tobuild up a stable liquidity situation to be able to manage the current market situation caused by the COVID-19
outbreak.

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 15 (76).

EMPLOYEESThe number of FTEs (Full Time Equivalents) at March 31, 2020 was 3,154 (3,434). The lower level of FTEs ismainly due to the initiatives that were part of the FPP-program in 2019. The single most contributing factor to thelower number of FTEs was the decision to close the Data Centers factory in Dison, Belgium in September 2019.
The amount of FTEs at 31 March 2020 in business area AirTech was 2,247 (2,486), in FoodTech 840 (857) andat Group functions 67 (91).

6Ten largest shareholders%
FAM AB
Swedbank Robur Funds
First Swedish National Pension Fund
ODIN Funds
Fourth Swedish National Pension Fund
Handelsbanken Funds
Kuwait Investment Authority
Columbia Threadneedle
La Financière de l'Echiquier
Schroders

Source: Modular Finance

31 Mar
Total
26.1
9.5
8.6
7.1
5.8
4.2
3.3
2.7
1.9
1.7

First quarter, 2020

SHARE REPURCHASES

Munters held 1,852,000 shares as of 31 March 2020 of the total 183,597,802 outstanding shares.
During the third quarter 2019, Munters repurchased Munters had repurchased a total of 385,000 shares to an
average price of SEK 40.98. The purpose of the repurchases was to secure the delivery of shares to the participants of Munters’ long-term incentive programme which was resolved by the Annual General Meeting 2019, andto cover costs related to the programme.

DIVIDEND

During 2019 Munters made major changes to the overall overhead cost structure, reducing its employees by approximately 500 and reported a loss for the year. Major efforts went into stabilizing the business, ensuring value
creation in all units. The work with stabilizing operations and make continuous improvement continues in 2020.
In order to ensure long-term profitable growth, 2020 will entail investments in research and development and initiatives to drive synergies across the Group. Due to the current situation combined with the strategic intentions
for the future, the Board of Directors proposes no dividend to be paid for 2019.

OTHER EVENTS

Nomination committee for the 2020 Annual General Meeting – In September 2019, Munters announced theNomination Committee of Munters Group AB. It comprised the following members: Robert Furuhjelm, Nordic
Capital, Chairman of the Nomination Committee, Lars Wedenborn, FAM AB, Johan Grip, First AP-fund, Jan
Dworsky, Swedbank Robur Funds and Magnus Lindquist, Chairman of the Board of Munters. Following thechange in ownership during November, when Nordic Capital sold 20% of the share in Munters, the Chairman of
the Nomination Committee was changed to reflect the new ownership structure. The Chairman of the Nominationcommittee changed to Lars Wedenborn, FAM AB and Robert Furuhjelm, Nordic Capital, is a member of theNominations Committee. No further changes of the nomination committee has been made.
The Annual General Meeting of Munters Group AB will be held on 7 May in Kista, Stockholm.
Strategic evaluation of the Data Centers and Mist Elimination operations - During 2019 a strategic evaluation of the Data Centers and Mist Elimination operations was conducted. In February 2020, this resulted in a decision to keep these businesses in Munters. Both businesses made significant progress during 2019. Considering Munters refined strategic direction we see a good strategic fit. Both businesses operate in markets with good
growth potential, driven by digitalization and high demands for sustainable solutions.
Organizational change – In February, Munters announced an organizational change. The change aims at creating a clearer business ownership and capture local synergies and value drivers across the Group, by aligning
the value chain within the business areas. The change means that the business areas have full profit and loss
responsibility for their respective area. The role Global operations in the Group management team will bechanged into a Strategic operations role with focus on driving lean practices, manufacturing excellence, shared
tools and processes and overall footprint optimization. Two roles have been added: Innovation, with focus on
driving R&D processes, including shared technologies coordination and product introduction development andCommercial excellence, with focus on coordinating sales training, drive practice of value selling, pricing strategies and go-to-market methods.
New President business area FoodTech announced – In February, it was announced that Pia Brantgärde
Linder, currently Senior Vice President and Business Unit Manager of High Voltage Products in Northern Europe
at ABB, had been appointed President of Business Area FoodTech as of August 16, 2020.

7

Pia Brantgärde Linder, was announced as the new President of
Business Area FoodTech in February.

First quarter, 2020

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 decreased by -7% (currency adjusted -11%) compared to a strong first quarter 2019. The industrial segment had a weak development,
mainly in region EMEA and APAC. In the US the commercial segment, Services and sales of components to OEMs had strong growth.
■ Net sales decreased by -3% (currency adjusted -7%), mainly driven by weaker development in all regions for the industrial segment. The commercial
segment and Services had good growth in the US. In Europe and APAC sales was weaker.
■ The adjusted EBITA-margin was slightly lower at 8.8% (9.4) as a result of a lower gross margin due to a change in product mix compared to the firstquarter 2019. This was somewhat offset by lower indirect costs.

Q1

LTM

Full year

MSEK

2020

2019

Apr-Mar2019

Order intake

1,343

1,449

5,148

5,253

Growth

-7%

1,127
-3%

Net sales
Growthof which organic growthof which currency effectsof which structural effects

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

30%

11%

14%

1,166
20%

5,120
16%

5,159
17%

94
100

82
110

578
651

565
662

-9%

30%

-7%
3%
-

8.8

9.4

19%

12.7

27%

12.8

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 by 3% with a flat organic development. Americas had a good development, primarily driven by a good order intake in Mexicoand orders for software solutions in the US. In Asia, order intake increased whereas demand in EMEA was softer.
■ Net sales declined by -4% (currency adjusted -7%) with slightly weaker sales in all regions, except for EMEA that had a flat development. APAC had aweak development due to a negative impact from the Covid-19 outbreak in February in China.
■ The EBITA-margin improvement was mainly driven by a lower level of indirect costs.

Q1

LTM

Full year

MSEK

2020

2019

Apr-Mar2019

Order intake

515

500

2,102

2,087

Growth

3%

-4%

1%

Net sales
Growth

2,015
-1%

2,032
1%

250
283

226
278

-7%
3%
-

47
52

24
46

Growth12%6%Adjusted EBITA margin, %

11.5

-1%

466
4%

of which organic growthof which currency effectsof which structural effects

Operating profit (EBIT)
Adjusted EBITA

8

449
-4%

9.9

12%

14.0

11%

13.7

First quarter, 2020

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.
Purpose
Short facts

■
■
■
■
■

3,100 employees
30 countries with sales and manifacturing
18 production units
25% female leaders
Two business areas: AirTech and FoodTech

In 2019 AirTech generated 72% of the total net
sales of Munters and FoodTech 28%.

For 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.
MissionMunters is a global leader in innovative, energyefficient and sustainable climate solutions formission-critical processes.

Sustainability
Sustainability is one of the most important drivers for Munters’ strategy today and in the future. Everything we dohas to be sustainable for all our stakeholders and the environment. Our medium-term financial targets areimportant to create room for investments in the future. As we work toward these targets, we make various
decisions and act in the best way to achieve our ambitions. These ambitions contain priorities on resource
efficiency, responsible business practices and people & society. These three parts today constitute theframework for Munters’ sustainability agenda.
The strategy of Munters
Munters has a strong position in most of our markets. We see major opportunities to improve and strengthen ourmarket 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 which areas we regard asimportant to our success. For each strategic priority we have clear action plans and ambitions what we want toachieve. Sustainability is a priority 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 and partners, we contribute to our customers’ success and abetter 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, amarket 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.

9First quarter, 2020¨

10First quarter, 2020

Quarterly overview
Group and Segments
Group
MSEK

2020

2019

2019

2018

2018

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Order backlog

2,808

2,307

2,440

2,496

2,554

2,170

2,222

2,227

2,097

Full year Full year
2,307

2,170

Order intake

1,849

1,845

1,680

1,840

1,938

1,735

1,590

1,748

1,626

7,302

6,698

Net sales

1,566

1,842

1,813

1,877

1,620

1,757

1,559

1,686

1,410

7,153

6,412

Operating profit (EBIT)

110

159

174

185

38

158

136

161

74

556

529

Net income
Amortization and write-down

57

76

100

104

3

93

80

114

40

283

327

-20

-29

-32

-41

-32

-36

-43

-40

-38

-134

-157

-42

-42

-36

-61

-31

-8

-181

-39

Adjusted EBITA

130

229

248

262

131

225

186

201

113

871

725

Adjusted EBITA margin, %

8.3

12.5

13.7

13.9

8.1

12.8

12.0

11.9

8.0

12.2

11.3

2019

2018

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Items affecting comparability (IAC)

AirTech
MSEK

2020

2019

Q1

2018

Full year Full year

External order backlog

2,186

1,780

1,886

1,926

1,993

1,652

1,671

1,670

1,599

1,780

1,652

Order intake

1,343

1,361

1,179

1,264

1,449

1,289

1,073

1,145

1,114

5,253

4,621

External net sales

4,421

1,127

1,378

1,286

1,323

1,164

1,265

1,049

1,138

968

5,151

Transactions between segments

0

4

1

1

2

2

1

1

2

8

5

Operating profit (EBIT)
Amortization and write-down

94

159

151

173

82

185

104

132

82

565

503

-3

-3

-5

Items affecting comparability (IAC)
Re-allocation of internal services

-9

-5

-13

-5

-5

-4

-19

-11

-14

-23

-8

-8

-31

-15

-67

-16

−

-1

−

−

−

-13

-1

-13

Adjusted EBITA

100

186

167

199

110

185

116

135

85

662

522

Adjusted EBITA margin, %

8.8

13.4

12.9

15.1

9.4

14.6

11.0

11.9

8.8

12.8

11.8

2019

2018

FoodTech
MSEK

2020

2019

Q1

Q4

Q3

2018
Q2

Q1

Q4

Q3

Q2

Q1

Full year Full year

External order backlog

622

526

554

570

561

518

552

557

498

526

518

Order intake

515

491

513

582

500

452

524

610

520

2,087

2,107

External net sales

1,991

440

464

527

554

456

491

510

548

442

2,002

Transactions between segments

9

5

7

8

9

6

8

7

6

31

27

Operating profit (EBIT)
Amortization and write-down

47

55

75

74

24

53

73

77

41

226

244

-5

-4

-4

-4

-4

-3

-3

-3

-3

-15

-12

-3

-6

-8

-19

−

−

−

-7

61
13.0

85
15.9

85
15.2

46
9.9

49
9.9

Items affecting comparability (IAC)
Re-allocation of internal services
Adjusted EBITA
Adjusted EBITA margin, %Other and eliminations

−
52
11.5
2020

-36

2019

-7
76
14.7

81
14.5

43
9.7

2018

278
13.7

249
12.4

2019

2018

MSEK

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Order intake

-10

-8

-13

-7

-11

-6

-8

-7

-8

-38

-30

Transactions between segments

-9

-9

-9

-9

-11

-8

-8

-8

-8

-38

-32

Operating profit (EBIT)
Amortization and write-down

-32

-55

-52

-62

-67

-80

-41

-48

-48

-236

-217

-10

-16
-21
1
-17

-24
-24
−
-3

-24
-14
−
-23

-23
-18
−
-25

-28
-22
20
-10

-36

-33

-32

-5

-15

-16

-88
-78
1
-69

-130
-22
20
-46

Items affecting comparability (IAC)
Re-allocation of internal services
Adjusted EBITA

11

−
-22

Full year Full year

First quarter, 2020

Discontinued operation
2020

2019

2018

2019

2018

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
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

147
18
78
-414
-344
−
-71

166
111
190
8
-1
−
8

250
79
252
9
-1
−
10

419
9
190
2
-1
−
3

2
15
176
-450
3
-373
-80

147
216
710
-396
-346
−
-49

12

First quarter, 2020

Condensed income statement
Q1

LTM

Full year

MSEK

2020

2019

Apr-Mar2019

Net sales
Cost of goods sold
Gross profit

1,566-1,058508

1,620-1,093528

7,099-4,7872,311

7,153-4,822
2,331

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

-210
-140
-48
0
110

-287
-158
-51
7
38

-893
-592
-195
-5
627

-970
-610
-197
2
556

Financial income and expenses
Profit/Loss after financial items

-31
79

-43
-4

-177
450

-189
367

Tax
Net income for the period from continuing operations

-22
57

8
3

-113
337

-83
283

Net income from discontinued operations

-0

-25

-423

-448

Net income for the period

57

-22

-86

-164

Attributable to Parent Company shareholders
Attributable to non-controlling interests

57

-21

-87

-166

-0

-0

2

2

181,745,802
181,745,802

182,130,802
182,130,802

181,886,969
181,886,969

181,983,219
181,983,219

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

0.31
0.31

0.02
0.02

1.84
1.84

1.55
1.55

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

0.31
0.31

-0.12
-0.12

-0.48
-0.48

-0.91
-0.91

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 insubsequent periods:
Exchange-rate differences on translation of foreign operations
Other comprehensive income not to be reclassified to profit or loss in subsequent
periods:
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

211

105

228

122

15
-3
222

-1
104

-29
7
205

-44
9
87

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

279
279
-

83
83
-0

119
117
3

-77
-79
2

*Excluding shares held in own custody.

13

First quarter, 2020

Condensed balance sheet
MSEK

2020-03-31

2019-03-31

2019-12-31

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

4,335
1,504
292
564
191
73
15
250
7,222

4,348
1,469
247
554
162
55
19
249
7,103

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

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

453
121
320
19
21
1,113
275
−
37
114
460
2,932

350
107
296
7
12
1,050
288
5
56
96
722
2,989

TOTAL ASSETS

10,913

10,155

10,093ASSETSNON-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, 2020

Condensed balance sheet
2020-03-31

2019-03-31

2019-12-31

Shareholders' equity

3,906

3,801

3,628

Non-controlling interests
Total equity

-0
3,906

-3
3,798

-0
3,627

3,827
273
29
145
433
4,708

3,478
233
27
143
432
4,313

3,371
282
24
134
409
4,221

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

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

157
352
570
660
1
31
131
9
133
2,044

126
374
556
716
−
32
153
9
278
2,244

TOTAL EQUITY AND LIABILITIES

10,913

10,155

10,0932020-03-31

2019-03-31

2019-12-31

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

3,627
279
−
-1
−
1
3,906

3,716
83
-0
-1
−
0
3,798

3,716
-77
0
0
-16
4
3,627

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

3,906
-0

3,801
-3

3,627
-0

MSEK
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

15

First quarter, 2020

Condensed cashflow statement
Q1
MSEK

LTM

Full year

2020

2019

Apr-Mar2019

Operating 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

110

14

201

105

77
3

88
12

398
54

408
63

-61
129

17
131

81
734

158
735

Paid financial items

-28

-43

-161

-177

Taxes paidchanges in working capital

-11
90

2
90

-124
448

-111
448

Cash flow from changes in working capital

-57

-47

211

221

Cash flow from operating activities

33

43

659

669

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

-8
1
-28
-15
-50

1
2
1
-29
-16
-41

-9
17
0
-117
-74
-183

-0
18
2
-118
-76
-174

FINANCING ACTIVITIESLoan raised
Amortization of loans
Repayment of lease liabilities
Repurchase of shares
Cash flow from financing activities

292
-74
-33
186

97
-24
-29
43

485
-386
-126
-16
-42

289
-337
-123
-16
-185

Cash flow for the period

169

45

434

310

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

722
10
900

404
12
460

460
6
900

404
7
722

OPERATING ACTIVITIESINVESTING ACTIVITIESCash flow from the discontinued operations is disclosed in a separate note, see page 21.

16

First quarter, 2020

Parent company
CONDENSED INCOME STATEMENT
Q1

LTM

Full year

MSEK

2020

2019

Apr-Mar2019

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

−
−
-11
-11

−
−
-14
-14

−
−
-41
-41

−
−
-44
-44

Financial income and expenses
Profit/Loss after financial items

−

−

-0

-0

-11

-14

-41

-44

Group contributions

−

−

43

43

Profit/Loss before tax

-11

-14

2

-1

−

-0

0

0

-11

-14

2

-1

Tax
Net income for the period

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Q1

LTM

Full year

MSEK

2020

2019

Apr-Mar2019

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

-11
−
-11

-14
−
-14

2
−
2

-1
−
-1

17

First quarter, 2020

Parent company
CONDENSED BALANCE SHEETMSEK

2020-03-31

2019-03-31

2019-12-31

4,091
0
4,091

4,086
0
4,086

4,086
0
4,086

2
0
0
43
15
61

0
1
0
2
76
78

−
0
0
45
28
74

4,152

4,164

4,160

2020-03-31

2019-03-31

2019-12-31

6
4,074
65
-11
4,133

6
4,074
76
-14
4,142

6
4,074
60
-1
4,139

3
12
0
3
−
18

6
7
3
2
3
22

3
11
0
2
5
21

4,152

4,164

4,160

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 ASSETSMSEKEQUITY AND LIABILITIESEQUITY
Share capital
Share premium reserve
Profit brought forward
Income for the period
Total equity
CURRENT LIABILITIES
Accounts payable
Accrued expenses and deferred income
Liabilities to subsidiaries
Other liabilities
Other provisions
Total current liabilities
TOTAL EQUITY AND LIABILITIES

18

First quarter, 2020

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 report2019 (Note 1).
Since September 30, 2019 Munters is reporting a discontinued
operation, see further information in separate note below. The
discontinued operation relates to the disposal group that has beenabandoned constituting the European Data Center factory in Dison,
Belgium. The production has ceased but minor installation services
remains at customer sites running into 2020. According to IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations a single
amount shall be disclosed in the statement of comprehensive income
comprising the total of the post-tax profit or loss of the discontinued
operation. A disclosure of the single amount is required and is presented
in the separate note together with a disclosure of cash flows fromoperating, investing and financing activities related to the discontinued
operation.
The 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 127 of the Annual- and Sustainability report 2019.

TRANSACTIONSWITH RELATED PARTIES

There has not been any transactions with related parties.

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 the19

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 theGroup. A risk assessment is carried out on an annual basis and the purpose is to identify and address the most important risks.
In late 2019, a corona virus was found in China that can spread to humans and cause the disease Covid-19. In early 2020, the global spreadof the corona virus escalated. The outbreak has had an impact on
Munters’ operations in the first quarter 2020. For the coming quarters we
expect a challenging business environment with a larger impact from theCovid-19 outbreak than seen in the first quarter. At this time, the visibilityof the effect of the outbreak is limited.
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.
A more detailed description of the Group’s risks and how they are managed can be found in the Annual- and Sustainability report 2019.

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, 2020

Q1 2020MSEK

AirTechFoodTech

Total

AirTechFoodTech

Total

771
285
70
1,127
−
1,127

382
20
37
439
−
439

1,154
305
107
1,566
−
1,566

859
270
78
1,206
42
1,164

423
1
32
456
−
456

1,282
271
110
1,663
42
1,620

Allocation timing of revenue recognition
Goods transferred at a point in time
Goods transferred over time
Services transferred over time
Total
whereof related to the discontinued operation
Total net sales from continuing operations

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 SEKm
1 (0) in financial assets and to SEKm 6 (1) in financial liabilities.
The Group’s contingent earn-outs and put/call acquisition options, recognized at fair value in the statement of financial position, are measured
according to IFRS 9 and are categorized in level 3 in the fair value
hiearchy. The opening balance for the period was related to the put/call
option from the acquisition of MTech Systems in 2017 and a contingent
consideration related to the acquisition of Humi-Tech Services Ltd in
July 2018. The put/call option related to MTech Systems matures in January, 2023 and is based on EBITDA for the 12 months prior to execution. The earn-out in Humi-Tech Services Ltd was based on EBITDA for
the fiscal years of 2018 och 2019 and has been payed out in the period.
The remaining change relates to a discounting effect and currency translations on the put/call option in MTech.

MSEKContingent considerations
and put/call options
Opening balance
Payments
Discounting
Exchange-rate differences forthe period
Closing balance

2020-03-31 2019-03-31

2019-12-31

142
-9
1

136
−
2

137
−
1

11
145

5
143

5
142

Munters deems that the interest rate on interest-bearing liabilities are inline with market terms at March 31, 2020, and the fair value at the end of
the reporting period therefore in all material aspects corresponds to thecarrying amount. Munters deems that the interest.

20

Q1 2019

First quarter, 2020

DISCONTINUED OPERATIONSOn September 9, 2019 Munters decided to close its European Data
Center factory in Dison, Belgium, following the finalization ofnegotiations with the unions. The production has ceased but minor
installation services remains at customer sites. Therefore, this businessis classified as a discontinued operation. All income statement items inthis report have been restated and relates to Munters continuing
operations if not otherwise explicitly stated.The table below shows theincome statement for the discontinued operation as well as the cash flowfrom operating activities, since the discontinued operations has mainly
had cash flows from operating activities.

Q1
MSEK

LTM

Full year

2020

2019

Apr-Mar2019

Net sales
Cost of goods sold
Gross profit

−
0
0

42
-53
-11

134
-373
-240

176
-427
-251

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

-0
-0
0
0
0

-5
-6
-3
0
-24

-34
-33
-7
-113
-426

-39
-39
-9
-113
-450

Financial income and expenses

-0

-1

-4

-5

Profit/Loss after financial items

-0

-25

-430

-455

Tax

−

0

8

8

Net income for the period from discontinued operations

-0

-25

-423

-448

Cash flow from operating activities

-58

-18

-471

-431

RECONCILIATION OF NET DEBT
AND LEVERAGE
MSEK

2020-03-31

2019-03-31

2019-12-31

CURRENT ASSETS
Cash and cash equivalents

-900

-460

-722

NON-CURRENT LIABILITIESInterest-bearing liabilities
Provisions for pensions

3,827
257

3,478
217

3,371
268

CURRENT LIABILITIESInterest-bearing liabilities
Accrued expenses
Provisions for pensions

136
11
7

157
13
6

126
12
6

TOTAL NET DEBT
Operating profit (EBIT)
Depreciations
Amortization and write-down
EBITDA
Items affecting comparability

3,338
201
-279
-119
599
-465

3,411
71
-132
-496
700
-99

3,062
105
-277
-131
514
-525

Adjusted EBITDA

1,064

799

1,039

3.1

4.3

2.9

Net debt

Net debt/Adjusted EBITDA, LTM

21

First quarter, 2020

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

INFORMATION AND REPORTING DATESContact person:

Ann-Sofi Jönsson, Head of Investor Relations
Phone: + 46 (0)730 251 005
Email: ann-sofi.jonsson@munters.se
On 23 April, at 9:00 the President and CEO, Klas Forsström, together with the Group Vice President and CFO, Annette Kumlien will present the report in an
audiocast with telephone conference.
Audiocast:More information: http://www.financialhearings.com/event/12365
Link to Audiocast: https://tv.streamfabriken.com/munters-q1-2020
Dial-in number for the telephone conference:
SE: +46850558350
UK: +443333009264
US: +18335268398
This interim report, presentation material and a link to the audiocast will be available on https://www.munters.com/en/investor-relations/____________________________________________________________________________________________________________________________
Financial calendar:
May 7, Annual General Meeting 2020
May 28, Capital Markets Update
July 17, January-June interim report 2020
October 22, January-September interim report 2020____________________________________________________________________________________________________________________________
This information is information that Munters Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets
Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on April 23, 2020.
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 3,100 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 2019 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.

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