Interim report, January - March 1999

- Invoiced sales rose to SEK 2,117 million (1,910). Adjusted for the effects of exchange rate movements and company acquisitions, the rise was approximately 3 percent.

- Operating earnings rose to SEK 79 million (64).

- Earnings after financial items and minority share amounted to SEK 52 million (51), and earnings per share after full tax stood at SEK 1.27 (1.35).

The Group’s inflow of orders during the period amounted to SEK 2,272 million (2,173), which adjusted for the effects of exchange rate movements is a fall of approximately 3 percent for the current structure of the Group.

Invoiced sales rose by 11 percent to SEK 2,117 million (1,910). Adjusted for the effects of exchange rate movements, this was a rise of approximately 9 percent. Company acquisitions accounted for about 6 percentage points of this rise.

Operating earnings rose to SEK 79 million (64), providing an operating margin of 3.7 percent (3.4). Cardo Rail improved its operating earnings and Cardo Pump's were virtually unchanged. Cardo Door's operating earnings fell, mainly as a result of lower invoiced sales due to the harsh winter in central Europe. Earnings after financial items rose to SEK 54 million (41), providing a profit margin of 2.5 percent (2.1). Hafa is included as of January 1. Hafa's earnings has not resulted in any charge after acquisition costs.

Earnings after financial items and minority share amounted to SEK 52 million (51). Earnings per share after full tax for the period amounted to SEK 1.27 (1.35).

The return on capital employed was 18.9 percent (16.0) for the twelve-month period ended March 31. The return on equity during the same period was 19.9 percent (16.9).