Annual Report 2006 - Munters

DividendFor the 2006 fi scal year, the Board of Directors proposes thatthe Annual General Meeting approve a dividend of SEK 6.75(5.50) per share. The dividend corresponds to 51 percent (54)of net earnings for the year. The Board has also proposedthat the Annual General Meeting decide on the automaticredemption of shares including the 4:1 share split, of whichone share will be redeemed for SEK 20. Consequently, a totalof approximately SEK 492 M will be refunded to shareholdersin addition to the proposed cash dividend.Own shares (treasury stock)Buy-back, divestments and holdings are reported in Note 18.Incentive programsThe outstanding programs are described in Note 28.Relation to the capital marketMunters’ goal is to continuously supply objective and fairaccounting of the Company’s operations to shareholders, thecapital market and the media through fi nancial reports andpress releases in conjunction with significant business events.Analysts who continually monitor MuntersThe market analysts listed below monitor Munters continuously.It should be noted that the opinions and forecastsregarding Munters that they express are their own and thusnot Munters’ own or the opinions and forecasts of its management.Firm, analyst, telephoneABG Sundal Collier, Tobias Ottosson, +46 8 566 286 49Carnegie, Björn Enarsson, +46 8 676 86 82Danske Bank, Patrik Setterberg, +45 33 44 08 74Enskilda Securities, Anders Eriksson, +46 8 522 269 39Handelsbanken Markets, Markus Almerud, +46 8 701 34 01Kaupthing Bank Sverige, Carl-Johan Blomqvist, +46 8 791 48 55Redeye, Henrik Alveskog, +46 8 545 013 45Swedbank Capital Markets & Securities, Mats Larsson,+46 8 585 925 42Key figures per share 1 2006 2005 2004 2003 2002Earnings per share, SEK 13.21 10.17 8.20 7.04 10.83Earnings per share after dilution, SEK 13.21 10.17 8.18 7.03 10.80Average no. of outstanding shares, 000s 24,582 24,538 24,378 24,420 24,518No. of outstanding shares on closing date, 000s 24,595 24,581 24,378 24,378 24,438Treasury stock, 000s 405 419 622 622 562Operating cash fl ow per share, SEK 15.24 7.38 4.98 5.10 9.40Equity per share, SEK 4 60.99 58.26 46.96 44.53 45.59Equity per share after dilution, SEK 61.00 58.36 46.88 44.38 45.31Dividend per share, SEK 6.75 2 5.50 4.00 3.50 3.50Share price on closing date, SEK 317.00 219.00 200.00 174.00 193.00Market capitalization on closing date, SEK M 3 7,925 5,475 5,000 4,350 4,825P/E ratio, times 24.0 21.5 24.3 24.7 17.8Return on equity, % 4 22.5 19.3 17.8 15.8 25.61As of 2004, the amounts are in accordance with IFRS accounting principles, which mainly means that goodwill is no longer amortized.Years prior to 2004 are in accordance with prevailing accounting principles.2According to the Board of Directors’ proposal.3The market capitalization is based on all shares, including treasury stock.4Effective 1 January 2006, Munters accounting is in accordance with the changes implemented in IAS 19 (refer to Note 2, item 2.4 for further details).The key fi gures for 2005 have been recalculated in accordance with the changes.EquityLiquiditySEK %7035SEK M18Times1.26030151.0504030202520151012960.80.60.410530.2 002 03 04 05 060002 03 04 05 060.0Equity per shareReturn on equity (right-hand scale)Average turnover per trading dayTurnover rate (right-hand scale)M U N T E R S A N N U A L R E P O R T 2 0 0 6