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Q1 Munters " Solid first quarter with 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 that was 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 in business 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 and continued 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 flow from 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 first quarter , 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 Order intake 2021 2020 A % Apr - Mar 2020 1,995 1,849 8 7,396 7,249 Net sales 1,612 1,566 3 7,060 7,015 Operating profit ( EBIT ) Adjusted EBITA Adjusted EBITA margin , % Net income Earnings per share before dilution , SEK Earnings per share after dilution , SEK Average number of outstanding shares before dilution 222 110 103 819 707 198 130 53 974 906 12.3 8.3 13.8 12.9 160 57 181 535 432 0.88 0.31 2.91 2.35 0.87 0.31 2.91 2.35 181,920,817 181,745,802 181,589,210 181,545,456 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 Earnings per share before dilution , SEK Earnings per share after dilution , SEK Cash flow from operating activities Net debt Net debt / Adjusted EBITDA , LTM * Last twelve months 160 57 529 426 0.88 0.31 2.88 2.32 0.87 0.31 2.88 2.32 88 27 1,020 959 2,208 3,338 2.208 2,116 1.9 1.9 ** 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 .