Interim report, January - March 2001

- Inflow of orders: SEK 2,900 million (2,357)

- Invoiced sales: SEK 2,375 million (2,214)

- Operating earnings: SEK 100 million (107)

- Earnings after financial items: SEK 76 million (83)

- Earnings per share: SEK 1.63 (1.80)


The Group’s inflow of orders amounted to SEK 2,900 million (2,357) during the quarter, which is a rise of 15 percent for the current structure of the Group after adjustment for the effects of exchange rate movements. The rise is almost exclusively attributable to Cardo Rail, which has had a very good inflow of orders during the period.

Invoiced sales amounted to SEK 2,375 million (2,214). Adjusted for the effects of exchange rate movements, this is a rise of 2 percent, which is mainly attributable to company acquisitions.

Operating earnings amounted to SEK 100 million (107), providing an operating margin of 4.2 percent (4.8). Cardo Door improved its earnings, while Cardo Pump's were slightly lower. Lower deliveries of completed orders compared with the corresponding period last year resulted in a reduction in Cardo Rail's earnings by SEK 8 million, which gave a slightly lower operating margin. For the year as a whole, Cardo Rail's operating margin is expected to be in line with the objective of 8-10 percent.

Earnings after financial items were SEK 76 million (83), providing a profit margin of 3.2 percent (3.8). Earnings per share after full tax amounted to SEK 1.63 (1.80).

Exchange rate movements are estimated to have had only a marginal impact on Group earnings.

Return on capital employed was 19.6 percent (19.1) for the twelve-month period ended March 31. Return on equity during the same period amounted to 18.9 percent (21.5).

Cash flow from operations after tax amounted to SEK 1.63 (7.60) per share. Adjusted for the effects of exchange rate movements on the change in working capital, cash flow after tax was SEK 4.16 (6.68) per share.