1. business and industrial
2. company
3. merger and acquisition

A global environmental technology company focused on air pollution control,
energy, fluid handling and filtration industries
4Q and FYE 2014 Results Conference Call
March 5, 2015
Integrated Clean Air Solutions for Industry
1
Safe Harbor Statement
Non-GAAP Financial Information
CECO is providing the non-GAAP historical financial measures in this presentation, as the Company believes that these figures are helpful in
allowing individuals to better assess the ongoing nature of CECO’s core operations. A "non-GAAP financial measure" is a numerical measure
of a company's historical financial performance that excludes amounts that are included in the most directly comparable measure calculated
and presented in the GAAP statement of operations.
Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP gross profit margin,
non-GAAP operating margin, and non-GAAP earnings per basic and diluted share as we present them in the financial data included in this
presentation, have been adjusted to exclude the effects of expenses related to acquisition and integration expense activities including
retention, legal, accounting, banking, amortization and contingent earnout expenses, the impact of foreign currency remeasurement and the
associated tax benefit of these charges. Management believes that these items are not necessarily indicative of the Company’s ongoing
operations and their exclusion provides individuals with additional information to compare the Company's results over multiple periods.
Additionally, management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be
affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP
financial measures should not be construed as an inference that all such costs are unusual or infrequent.
Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP gross profit margin,
non-GAAP operating margin, non-GAAP earnings per basic and diluted shares are not calculated in accordance with GAAP, and should be
considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP
financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in
accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as
reported under GAAP.
In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP gross margin, nonGAAP operating income, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP gross profit margin, non-GAAP operating margin,
and non-GAAP earnings per basic and diluted share stated in the tables above are reconciled to the most directly comparable GAAP financial
measures. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary
expenditures, since it does not take into account debt service requirements or other non-discretionary expenditures that are not deducted from
the measure. Adjusted EBITDA and Free Cash Flow are not calculated in accordance with GAAP, and should be considered supplemental to,
and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP Additionally, CECO cautions investors that
the non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.
Integrated Clean Air Solutions for Industry
2
Safe Harbor Statement
Forward-looking Statements
Any statements contained in this presentation other than statements of historical fact, including statements about management’s beliefs
and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of
management’s views and assumptions regarding future events and business performance. Words such as “estimate,” “believe,”
“anticipate,” “expect,” “intend,” “plan,” “target,” “project,” “should,” “may,” “will” and similar expressions are intended to identify forwardlooking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual
results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks
and uncertainties include, but are not limited to, a number of factors related to our business including economic and financial market
conditions generally and economic conditions in CECO’s service areas; dependence on fixed price contracts and the risks associated
therewith, including actual costs exceeding estimates and method of accounting for contract revenue; fluctuations in operating results
from period to period due to seasonality of the business; the effect of growth on CECO’s infrastructure, resources, and existing sales; the
ability to expand operations in both new and existing markets; the potential for contract delay or cancellation; changes in or
developments with respect to any litigation or investigation; the potential for fluctuations in prices for manufactured components and raw
materials; the substantial amount of debt in connection with acquisitions and CECO’s ability to repay or refinance it or incur additional
debt in the future; the impact of federal, state or local government regulations; economic and political conditions generally; and the effect
of competition in the air pollution control and industrial ventilation industry. These and other risks and uncertainties are discussed in
more detail in CECO’s filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. Many
of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or
should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are
cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is
made. All forward-looking statements attributable to CECO or persons acting on behalf of CECO are expressly qualified in their entirety
by the cautionary statements and risk factors contained in this press release and CECO’s respective filings with the Securities and
Exchange Commission. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the
federal securities laws or the rules and regulations of the Securities and Exchange Commission, CECO undertakes no obligation to
update or review any forward-looking information, whether as a result of new information, future events or otherwise.
Integrated Clean Air Solutions for Industry
3
Jeff Lang
President and Chief Executive Officer
Integrated Clean Air Solutions for Industry
4 4
4Q14 Quarterly Financial Highlights
• Revenue
– Revenue of $76.1 million, up 10.7% y/y and up 20.2% sequentially
– Revenue on an organic basis is down slightly vs. 4Q13
– YTD revenue is $263.2 vs. $197 million in 2013
• Bookings / Backlog
– 4Q14 bookings of $63.7 million was on par with average for 2014
– YTD bookings at $254.9 million, up 28% over the prior year
– Solid backlog growth at $140 million vs. $106 million in Q3, up
32% over the prior year. Record back-log due to acquisitions
• EPS
–
–
–
–
–
GAAP EPS for 4Q14 of $0.07 compared to $0.11 in 4Q13
Non-GAAP EPS for 4Q14 of $0.22 vs. $0.23 in 4Q13
Full year non-GAAP EPS was $0.94 vs. $0.95 in the prior year
We have consistently excluded FX re-measurement in 2014 and 2013
We fell short of our 2014 aspiration of $1.00 non-GAAP EPS
Integrated Clean Air Solutions for Industry
5
4Q14 Quarterly Financial Highlights
• Non-GAAP Gross Margin
– Gross margin of 29.8% decreased 260 bps over last year and down
380 bps sequentially
– YTD gross margins of 32.4% versus 31.9% last year and on track with
our target
• Non-GAAP Operating Margin
– Operating margin of 10.9% decreased 270 bps over last year’s 13.6%,
and fell 200 bps sequentially
– YTD operating margin of 13.2% is a 10 bps increase over last year’s 13.1%
• Adjusted EBITDA
– Adjusted EBITDA of $9.7 million, down 8% y/y and up approximately
3% sequentially
– Full year adjusted EBITDA of $39.5 million vs. $28.5 million in 2013, or
a 39% increase
– CECO 2014 pro-forma EBITDA $48M – we’re looking for solid growth
in 2015
Integrated Clean Air Solutions for Industry
6
2014 Operational Highlights
• Sales excellence initiatives and
progressing
• Added the critical scale and leadership to reach our aspirations
• Fluid Handling-Filtration margin expansion, Energy record
bookings and APC finished up 2014 stronger
• Aftermarket and recurring revenues targets on track
• CECO China platform operating at a $50MM+ Rev
• Successfully completed four strategic acquisitions
• Created the global leader of engineered cyclone technology
• Established leadership position in large scale Nat Gas Power
• $327M Rev and $47M platform to grow and generate earnings
Integrated Clean Air Solutions for Industry
7
Business Conditions and Outlook
• Overall business conditions were essentially unchanged
compared to the previous quarter
• APC trending is positive, with activity bookings and revenue
• Global and domestic natural gas power remains a strong
market with quotation activity up significantly
• Fluid Handling & Filtration on track for a good 2015
• Domestic traditional utility market remain flat, but growing
globally
• Asian markets solid across nearly all end-markets, CECO
China on track with a our $55M Rev platform to grow
• We’re excited about our $327M Rev and $47M EBITDA platform
to continue expanding globally and earnings generation
Integrated Clean Air Solutions for Industry
8
2015 Strategic Business Objectives
• Continue growing our EBITDA for Full Year 2015
• Organic growth through our Sales Excellence initiative
• Leverage expanded China footprint and portfolio
• Maximize opportunity in global Nat Gas power generation
• Finalize integration and synergies of 2014 acquisitions
• Grow share and leverage of our newly merged global
Emtrol-Buell-FKI Engineered Cyclone business
• Grow our aftermarket recurring revenues with our current
$3.5B of installed base
• Fluid Handling-Filtration division expansion with a smart
strategic-bolt-on acquisition
Integrated Clean Air Solutions for Industry
9
2014 Successful Mid-Size Acquisitions Completed
EMTROL
• Approximately $35 million in annual revenue and $4.4 million in EBITDA
• Purchase price expected to be $38 million ($32M cash $6M stock)
• The New Co – Emtrol, Buell and FKI will become world leader in cyclone technology
• Key solutions in product recovery, pollution control and environmental compliance for a
variety of industries including the refinery, petrochemical, and chemical sectors
• The Emtrol CECO signed transaction was completed on Monday, November 3rd
ZHONGLI
• Approximately $28 million in annual revenue with $3.5 million in EBITDA
• Purchase price is comprised of an up front payment at closing with the balance based on
average EBITDA generated over the next 3 years
• Zhongli is a great strategic fit with our Effox business and combined will create a leading
provider of dampers and diverters for utility plants
• Zhongli brings a large Chinese customer base, distribution channel, and manufacturing
footprint
• Combined, Effox Zhongli will be the global leader and provider of damper and diverter
technology
Integrated Clean Air Solutions for Industry
10
Building the Platform to Grow
TTM Revenue
($ in millions)
CECO Legacy
HEE
SAT
Emtrol
$327.9
(Combined)
Zhongli
$197.3
$139.0
$140.6
$139.2
$135.1
2009
2010
2011
2012
Integrated Clean Air Solutions for Industry
2013
2014
11
Building the Platform to Grow
Adjusted EBITDA
($ in millions)
CECO Legacy
HEE
SAT
Emtrol
$47.9
(Combined)
Zhongli
$28.5
$18.6
$14.4
$7.5
$4.6
2009
2010
2011
2012
2013
2014
Note: See supplemental slide for adjusted EBITDA reconciliation and important disclosures regarding CECO’s use of adjusted EBITDA.
Integrated Clean Air Solutions for Industry
12
2014 Balance Sheet and Shareholder Returns
CECO Internal Metrics:
• Return on total assets improved 300 basis points
(excluding the newer 2014 acquisitions)
• Net Working Capital improved to 19% as a percent of Rev vs.
22% last year (excluding the newer 2014 acquisitions)
• Net Debt to Equity = 0.52X Ratio
• Net Debt to adjusted EBITDA = 2.0X Ratio
• Free Cash Flow Conversion improved to 97% or $39.5M
Integrated Clean Air Solutions for Industry
13
Ed Prajzner
Chief Financial Officer
Integrated Clean Air Solutions for Industry
1414
4Q14 Quarterly Financial Highlights
($ in millions)
Backlog
Bookings
$140.1
$66.8
$100.4 $98.5
$75.8
$104.9
$63.6
$106.2
$96.0
$77.9
$46.5
$69.9
$63.7
$57.7
$48.0
$37.6
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
• Strong backlog of $140.1 million, up approximately 32% sequentially
• YTD Bookings at $254.9 million, up from $198.9 million in the prior-year period
• 4Q14 bookings of $63.7 million, vs. $66 million in 2013, down 4.6% y/y, and down
8.9% sequentially
Integrated Clean Air Solutions for Industry
15
4Q14 Quarterly Financial Highlights
($ in millions)
Revenue
$76.1
$68.7
$66.6
$63.3
$57.2
$49.8
$44.4
$34.4
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
• Record revenue of $76.1 million, up 10.7% y/y and up approximately 20.2%
sequentially full year revenues of $263 million, a record year for CECO Environmental
• Zhongli, Emtrol, SAT Technology, and HEE Environmental acquisitions added
approximately $13.3M in 4Q14 revenue
Integrated Clean Air Solutions for Industry
16
Full Year 2014 Non-GAAP Operating Margin was 13.2%
Non-GAAP Gross Margin
32.6%
34.8%
32.2%
30.1% 32.4%
32.3%
Non-GAAP Operating Margin
33.6%
29.8%
13.4%
14.5% 14.9%
13.9%
13.6%
11.4%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
12.9%
10.9%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
• Non-GAAP gross margin of 29.8%, down 260 bps y/y and down 380 bps q/q
• YTD non-GAAP gross margin was up to 32.4% vs. 31.9% last year
• Operating margin of 10.9%, down 270 bps y/y and down 200 bps q/q
• YTD operating profit margin 13.2% vs. 13.1% last year
Integrated Clean Air Solutions for Industry
17
4Q14 Quarterly Financial Highlights
($ in millions)
Adjusted EBITDA
Non-GAAP EPS
$0.30
$11.0
$10.6
$9.4
$9.4
$0.28
$0.24
$9.7
$0.25
$0.23
$0.18
$6.7
$0.22
$0.19
$6.4
$5.0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Note: See supplemental slide for adjusted EBITDA reconciliation and important disclosures regarding CECO’s use of adjusted EBITDA.
• Adjusted EBITDA of $9.7 million vs. $9.7 million in the prior year
• Non-GAAP EPS of $0.22, down from $0.23 in 4Q13
• Full year EPS was $0.94 vs. $0.95 last year
• Full year EBITDA was $39M vs. $28M last year
• We have consistently excluded FX re-measurement in 2014 and 2013
Integrated Clean Air Solutions for Industry
18
Air Pollution Control Segment
Fourth Quarter Results
($ in millions)
Revenue
Bookings
$40.3
$33.3
$30.9
$32.9
1Q14
$26.4
$27.7
$26.7
2Q14
3Q14
4Q14
1Q14
2Q14
$24.6
3Q14
4Q14
• Revenue of $40.3 million was up 49% sequentially
• Bookings of $33.3 million in 4Q14, up 35% sequentially and positive improvement
• The OneCECO APC systems approach is gaining traction with creating customer value
• Aftermarket continues to gain momentum to bolster our P&L
• Overall a solid APC quarter and finished the year strong.
Integrated Clean Air Solutions for Industry
19
Energy Segment
Fourth Quarter Results
($ in millions)
Revenue
Bookings
$28.4
$20.2
$16.8
$18.0
$15.3
$17.8
$14.8
1Q14
2Q14
3Q14
4Q14
1Q14
2Q14
$14.6
3Q14
4Q14
• Revenue of $20.2 million was up 12% sequentially
• Bookings of $14.6 million in 4Q14, down 48% sequentially
• Previously announced wins in the Middle-East, Asia drove bookings
• We are expanding in China with additional key sales resources
• Aftermarket retrofit opportunities continue to grow
Integrated Clean Air Solutions for Industry
20
Fluid Handling and Filtration Segment
Fourth Quarter Results
($ in millions)
Revenue
Bookings
$17.6
$16.6
$16.7
$15.5
1Q14
$16.7
$15.9
$15.8
$15.1
2Q14
3Q14
4Q14
1Q14
2Q14
3Q14
4Q14
• Margin expansion and operational excellence continuing on plan
• Revenue of $15.9 million, down 10% sequentially
• Bookings of $15.8 million, down 5% sequentially
Integrated Clean Air Solutions for Industry
21
Strong Balance Sheet & Cash Flow
($ in millions)
Stockholders’ Equity
$170.4
Cash Conversion (1) / Free Cash Flow
$179.9
93.3%
98.4%
95.1%
$39.5
90.7%
$27.3
73.7%
$18.3
$62.0
$31.8
$35.2
$14.0
$43.0
$2.8
2009
2010
2011
97.0%
2012
2013
2014
2009
$6.8
2010
2011
2012
2013
2014
(1) Defined as Free Cash Flow divided by adjusted EBITDA.
•
•
•
•
FCF conversion approximately 97% YTD
Net Debt-to-TTM EBITDA 2.0
Low capital expenditure model due to an asset lite manufacturing model
$19.4 million of cash and cash equivalents and $112.4 million of long-term debt
outstanding on 12/31/2014
• YTD repaid $ 12 million and sold non-core assets for net proceeds of $ 8 million
• Quarterly dividend of $0.066 per share, 10% increase sequentially
Integrated Clean Air Solutions for Industry
22
Supplemental
Integrated Clean Air Solutions for Industry
23
Non-GAAP Gross Margin
($ in millions)
Gross profit as reported in
accordance with GAAP
$
Gross profit margin in
accordance with GAAP
Inventory valuation
adjustment
Plant, property and
equipment valuation
adjustment
Non-GAAP gross margin
Non-GAAP Gross profit margin
$
Q1
Q2
Q3
Q4
YTD
Q1
Q2
Q3
Q4
YTD
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
11.2 $
14.3 $
14.6 $
21.5 $
61.6 $
19.7 $
21.4 $
32.6%
32.2%
29.3%
31.3%
31.2%
34.4%
32.1%
-
-
0.4
0.7
1.1
-
-
-
-
0.1
0.1
0.2
0.2
0.1
15.1 $
22.3 $
62.9 $
19.9 $
21.5 $
11.2 $
32.6%
14.3 $
32.2%
30.1%
32.4%
31.9%
Integrated Clean Air Solutions for Industry
34.8%
32.3%
21.1 $ 22.6 $ 84.8
33.3%
-$
0.2
29.7%
32.2%
0
-
0.1 $
0.6
21.3 $ 22.7 $ 85.4
33.6%
29.8%
32.4%
24
Non-GAAP Operating Margin
($ in millions)
Operating income as reported in
accordance with GAAP
$
Operating margin in
accordance with GAAP
Q1
Q2
Q3
Q4
YTD
Q1
Q2
Q3
Q4
YTD
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
3.4 $
3.3 $
(3.4) $
3.7 $
7.0 $
5.5 $
7.2 $
5.2 $
4.5 $
22.4
9.9%
7.4%
-6.8%
5.4%
3.5%
9.6%
10.8%
8.2%
5.9%
8.5%
-
-
0.4
0.7
1.1
-
-
-
-
-
-
-
0.1
0.1
0.2
0.2
0.1
0.2
0.1
0.6
Acquisition and integration
expenses
0.9
1.7
4.0
0.6
7.2
0.1
0.2
0.1
0.9
1.3
Amortization and
contingent acquisition
expenses
0.3
1.2
2.0
3.3
6.8
2.5
2.4
2.4
2.8
10.1
-
-
2.5
1.0
3.5
-
-
0.3
-
0.3
4.6 $
6.2 $
5.6 $
9.4 $
25.8 $
8.3 $
9.9 $
Inventory valuation
adjustment
Plant, property and
equipment valuation
adjustment
Legal reserves
Non-GAAP operating income
Non-GAAP operating margin
$
13.4%
13.9%
11.4%
13.6%
13.1%
Integrated Clean Air Solutions for Industry
14.5%
14.9%
8.2 $
12.9%
8.3 $
10.9%
34.7
13.2%
25
Non-GAAP NI & EBITDA
($ in millions)
Annual
2009
Net income as reported in accordance with
GAAP
Inventory valuation adjustment
Plant, property and equipment valuation
adjustment
Acquisition and integration expenses
Amortization and contingent acquisition
expenses
Legal reserves
Foreign currency remeasurement
Tax benefit of expenses
Non-GAAP net income
Annual
2010
$
(15.0) $
$
Depreciation
Non-cash stock compensation
Annual
2011
Annual
2012
Q1
2013
2.1 $
8.3 $
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.1 $
8.3 $
2.5
1.8
1.4
15.0) $
10.9
2.2 $
Q3
2013
-
-
-
-
-
0.1
0.1
0.2
0.2
0.1
0.2
0.1
0.6
0.9
1.7
4.0
0.6
7.2
0.1
0.2
0.1
0.9
1.3
0.3
1.2
2.0
3.3
6.8
2.5
2.4
2.4
2.8
10.1
-
-
2.5
1.0
3.5
-
-
0.3
-
0.3
-
-
-
-
(1.1)
(1.1)
-
-
1.7
1.2
2.9
-
(0.3)
(0.4)
(2.6)
(1.3)
(4.6)
(0.8)
(0.7)
(1.2)
(1.0)
(3.7)
5.6
6.1
1.2
0.4
0.3
0.3
0.6
$
6.6
19.7
$
$
3.7
$
YTD
2014
4.5 $
3.1 $
$
Q4
2014
-
$
2.8
Q3
2014
3.0 $
4.9
$
Q2
2014
1.1
$
(1.5)
Q1
2014
0.7
$
$
YTD
2013
0.4
-
3.1
Q4
2013
-
10.9
$
Q2
2013
$
1.9 $
13.1
0
5.0 $
6.5 $
7.2
5.9 $
24.6
1.6
0.8
0.7
0.8
0.8
3.1
1.7
1.0
0.9
0.7
0.7
0.1
0.2
0.3
0.5
1.1
0.3
0.4
0.5
0.5
17.1
-
-
-
-
-
-
-
-
-
-
-
-
Other (income)/expense
0.8
0.1
(0.5)
0.1
(0.1)
-
(0.1)
0.3
0.1
0.1
0.1
(0.2)
(0.6)
(0.6)
Interest expense
1.3
1.2
1.1
1.2
0.1
0.2
0.4
0.8
1.5
0.7
0.8
0.7
0.9
3.1
(3.1)
1.4
Goodwill impairment
Income tax expense
Non-GAAP EBITDA
$
4.6 $
7.5 $
3.4
4.5
14.4 $
18.6
$
Basic Shares Outstanding
Diluted Shares Outstanding
1.5
0.4
5.1 $
6.7
0.3
$
6.1
2.3
$
10.6
4.5
$
28.5
2.5
$
9.4
2.5
$
0.4
11.0 $
9.4
-
2.2
$
7.6
9.7 $
39.5
17,078,192
17,750,512
19,965,010
25,582,686
20,116,991
25,606,352
25,643,508
25,691,884 26,057,831
25,750,972
17,774,051
18,355,496
19,965,010
26,101,523
20,719,951
26,115,512
26,107,648
26,129,427 26,467,984
26,196,901
Earnings (loss) per share:
Basic
$
0.13 $
0.17
$
(0.07)
$
0.11
$
0.33
$
0.12
$
0.18
$
0.14
$
0.07 $
0.51
Diluted
$
0.12 $
0.17
$
(0.07)
$
0.11
$
0.32
$
0.12
$
0.17
$
0.14
$
0.07 $
0.50
Non-GAAP earnings per share:
Basic
$
0.19 $
0.31
$
0.24
$
0.24
$
0.98
$
0.20
$
0.25
$
0.28
$
0.22
0.95
Diluted
$
0.18 $
0.30
$
0.24
$
0.23
$
0.95
$
0.19
$
0.25
$
0.28
$
0.22
0.94
Integrated Clean Air Solutions for Industry
26
Cash Conversion and Free Cash Flow
($ in millions)
Non-GAAP Adjusted EBITDA
Annual
Annual
Annual
Annual
Annual
Annual
2009
2010
2011
2012
2013
2014
$
Acquisitions of property and equipment
3.8 $
(1.0)
7.5 $
(0.7)
15.0 $
18.6 $
28.5 $
39.5
(1.0)
(0.3)
(1.4)
(1.2)
Free cash flow
$
2.8 $
6.8 $
14.0 $
18.3 $
27.1 $
38.3
Non-GAAP Adjusted EBITDA
$
3.8 $
7.5 $
15.0 $
18.6 $
28.5 $
39.5
Cash conversion ratio
73.7%
90.7%
93.3%
Integrated Clean Air Solutions for Industry
98.4%
95.1%
97.0%
27