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MUNTERS FOURTH QUARTER AND FULL YEAR 2018

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Fourth quarter 2018

  • Order intake decreased by 4% to SEKm 1,753 (1,821). The fourth quarter 2017 included a SEKm 450 Data Center order.
  • Net sales increased by 1% to SEKm 1,834 (1,811).
  • Operating profit (EBIT) amounted to SEKm -256 (127).
  • EBIT included a SEKm -323 write-down of goodwill related to Data Centers.
  • Adjusted EBITA decreased by 11% to SEKm 154 (174), corresponding to an adjusted EBITA margin of 8.4% (9.6).
  • Net income was SEKm -321 (152).
  • Cash flow from operating activities was SEKm 441 (-8).
  • Earnings per share amounted to SEK -1.78 (0.83).
  • John Peter Leesi has left his position as President and CEO. Johan Ek has been appointed interim President and CEO.
  • Magnus Lindquist and Johan Ek replaced Christopher Curtis and Joakim Karlsson in the Board. Magnus Lindquist was appointed Chairman.
  • The board proposes no dividend to be paid for 2018.

January – December 2018

  • Order intake decreased by 4% to SEKm 6,914 (7,197).
  • Net sales increased by 8% to SEKm 7,122 (6,604).
  • Operating profit (EBIT) amounted to SEKm 134 (453) and included a SEKm -323 write-down of goodwill in Data Centers.
  • Adjusted EBITA was SEKm 676 (675), corresponding to an adjusted EBITA margin of 9.5% (10.2).
  • Net income amounted to SEKm -94 (173).
  • Cash flow from operating activities was SEKm 441 (235).
  • Earnings per share amounted to SEK -0.57 (1.45).

Events after period end

  • Program launched for progression towards Munters full potential including management intention to close down European Data Center factory*. Non recurring charges of SEKm 350 will be incurred with 60% taken in H1 2019, and remaining 40% in H2 2019. In total a positive Group adjusted EBITA effect is expected of SEKm 105 in 2019 and SEKm 210 in annual effect from 2020.
  • Jonas Ågrup, CFO, will leave by end of 2019. Recruitment of new CFO initiated. Further, Peter Lindquist has been appointed interim President of Business Area Air Treatment, replacing Scott Haynes from 13 February 2019.
  • Revised mid-term financial target for organic net sales growth of 5% (previously 7-10%) reflecting the new business mix.
  • Review of strategic alternatives for the Data Centers and Mist Elimination businesses including potential partnerships or divestment.

* Subject to information and consultation with the relevant employee representative bodies.

A telephone conference will be held 13 February 09.00 CET. CEO Johan Ek and CFO Jonas Ågrup will present and comment on the fourth quarter and Full Year 2018 report.

Details for the telephone conference;

SE: +46 8 505 583 51

UK: +44 333 300 92 68

US: +1 833 526 8383

The presentation can also be followed via webcast:

https://tv.streamfabriken.com/munters-q4-2018

For further information, please contact:

Johan Ek, CEO Munters Group Phone: +46 8 626 63 01

John Womack, Investor Relations Phone: +46 706 782 499

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 persons set out above, at 08.00 CET on 13 February 2019.

About Munters

Munters is a global leader in energy efficient air treatment and climate solutions. Using innovative technologies, Munters creates the perfect climate for customers in a wide range of industries, the largest being the food, pharmaceutical and data center sectors. Munters has been defining the future of air treatment since 1955. Today, around 3,700 employees (including temps.) carry out manufacturing and sales in more than 30 countries. Munters reports annual net sales above 7,1 billion SEK. For more information, please visit www.munters.com

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