Annual Report 2006 - Munters
Annual Report 2006 - Munters
Annual Report 2006 - Munters
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GLOSSARYAbsolute humidityThe volume of water that air contains as generallymeasured in grams per kilogram of air.AbsorptionAccumulation of moisture, for example, by asubstance, which then changes chemically orphysically.AdsorptionAccumulation of moisture, for example, by asubstance, which does not change, eitherchemically or physically.AgHortAgriculture and Horticulture.CELdek®A product of specially impregnated cellulosefor evaporation and cooling of air.Cooling towerA facility for evaporative cooling of water.DehumidificationA division within <strong>Munters</strong> whose products arebased on dehumidification.DehumidifierEquipment for dehumidification of air.DesiCoolA technology for cooling air through acombination of dehumidification andevaporative cooling.Dew pointThe temperature to which air must be cooledfor the water vapor in the air to condense.Evaporative coolingCooling that occurs when a liquid, such aswater, evaporates.FGDFlue-gas desulfurization is a technologyapplied in coal-fired power plants to clean fluegases from sulfur emissions that cause socalledacid rain.GLASdek®A product of specially impregnated spun glassfor humidification and cooling of air.HumiCoolA division within <strong>Munters</strong> whose products arebased on evaporative cooling andhumidification.Leak detectionA search method which exploits changes inmoisture, temperature and sound waves thatleaks cause.Lithium chlorideA moisture absorbing substance that is usedin sorption rotors.MCS, Moisture Control ServicesA division within <strong>Munters</strong> focused on moisturetechnology services with an emphasis on therestoration of water and fire damages.Mist eliminatorA component for removing drops of liquidfrom a flow of gas.Mollier diagramA diagram that shows the correlation betweenabsolute humidity, relative humidity,temperature and energy.PowerPurgeNew patented technology to recover energyfrom the dehumidification process. Byreturning surplus heat from the dehumidificationrotor to the regenerated air andsimultaneously reducing the need for aftercooling of the process air, energy costs canbe reduced by up to 40%.RH, Relative HumidityExpresses the relationship between the watercontent of air at a given temperature and themaximum amount that the air can hold at thesame temperature.Silica GelA moisture-absorbing substance (silicondioxide) that is used in sorption rotors.Sorption rotorA rotor for dehumidification through sorption.The Humidity ExpertA concept for positioning <strong>Munters</strong>.VOCVolatile Organic Compounds.ZeolAn operation within <strong>Munters</strong> focused onadsorption of VOC from air with zeolites, asubstance that adsorbs VOC’s.DEFINITION OF FINANCIAL KEY FIGURESCapital employedTotal assets minus non-interest-bearingprovisions minus non-interest-bearing liabilities.Capital turnover rateNet sales divided by average capital employedcalculated on the opening and closingbalances for the last four quarters.Cash and cash equivalentsCash and bank balances plus currentinvestments with maturity periods notexceeding three months.Earnings per shareNet earnings divided by the weighted averagenumber of shares.EBIT marginEBIT divided by net sales.Equity per shareEquity (excluding minority interest) divided bythe number of shares outstanding on theclosing date.Equity ratioEquity (including minority) interest divided bytotal assets.Interest coverage ratioEarnings after financial items plus financialexpenses (excluding exchange-ratedifferences) divided by financial expenses(excluding exchange-rate differences).Net debtInterest-bearing liabilities plus defined-benefitcommitments to employees minus interestbearingassets minus cash and cashequivalents.Net debt/equity ratioNet debt divided by equity (including minorityinterests).Operating assetsIntangible assets excluding goodwill plustangible assets plus inventories etc. plusaccounts receivable.Operating capitalOperating assets minus operating liabilities.Operating cash flowCash flow from current operations andinvesting activities excluding acquisitions ofoperations and the sale of operatingsegments.Operating earningsOperating earnings corresponds to EBITexcluding goodwill impairments and surplusvalues depreciation.Operating liabilitiesAdvances from customers plus accountspayable.Operating marginOperating earnings divided by net sales.Operating working capitalInventories etc. plus accounts receivableminus advances from customers minusaccounts payable.P/E (price/earnings) ratioShare price on closing date divided byearnings per share.Return on capital employedEarnings after financial items plus financialexpenses (excluding exchange-ratedifferences) divided by average capitalemployed calculated on the opening andclosing balances the last four quarters.Return on operating capitalOperating earnings divided by the averageoperating capital using the past 12 months’opening and closing balances as a base.Return on equityNet earnings divided by average equitycalculated on the opening and closingbalances of the last four quarters. Minorityinterest is excluded from earnings as well asshareholders’ equity.M U N T E R S A N N U A L R E P O R T 2 0 0 6 67