INTERIM REPORT JANUARY – MARCH 2008

INFLOW OF ORDERS IN LINE WITH PREVIOUS YEAR

• Inflow of orders: SEK 2,440 million (2,410)
• Net sales: SEK 2,101 million (2,079)
• Operating earnings: SEK 85 million (18)
• Net earnings: SEK 52 million (0)
• Net earnings per share: SEK 1.73 (0)

The first quarter shows an inflow of orders and net sales in line with the previous year. The corresponding quarter of 2007 was very strong with an increase in the inflow of orders of 18%. The inflow of orders in Asia-Pacific and in eastern Europe and Scandinavia remained good. Service saw a positive trend in all B2B divisions.

In order to strengthen the margins, price rises continued to be implemented during the quarter, principally in Door & Logistics Solutions. Operating earnings were affected by the weak US dollar in the sum of SEK -8 million.

After having evaluated a number of alternatives for the disposal of Residential Garage Doors, Cardo has decided to keep the division.

RESULTS - COMPLETE REPORT
Please see the enclosed pdf document for the complete report where all tables and summaries can be found. The report is also available at www.cardo.com

INFLOW OF ORDERS, NET SALES AND EARNINGS
First quarter 2008
During the first quarter, the inflow of orders amounted to SEK 2,440 million (2,410), up 1% after adjustment for the effects of exchange rate movements. The inflow of orders rose in all divisions except for Door & Logistics Solutions.

Net sales amounted to SEK 2,101 million (2,079), which is unchanged compared with the previous year after adjustment for the effects of exchange rate movements.
Operating earnings were affected by the weak US dollar in the sum of SEK -8 million. High prices of raw materials, principally in the Door & Logistics Solutions division, and a lower volume and changed product mix in Pulp & Paper Solutions also had an effect on operating earnings.

REVIEW OF COMMITMENT TO RESIDENTIAL GARAGE DOORS
During 2006 and 2007, a comprehensive and successful process was carried out to reverse the negative trend for Residential Garage Doors. During 2007, operating earnings rose from SEK 16 million to SEK 31 million. After having evaluated a number of alternatives for disposal, Cardo has decided to keep the division.

CHANGED SALES ORGANIZATION FOR PULP & PAPER SOLUTIONS IN ASIA
From the first of January 2008, the operation of the Pulp & Paper Solutions division in Asia in respect of Scanpump has been included in the Wastewater Technology Solutions division. This involves a change in the reporting of net sales and operating earnings by division. Comparative figures in the interim report have been adjusted so as to be in accordance with the new organization. Lorentzen & Wettre’s operation in Asia remains part of Pulp & Paper Solutions. Further comparative figures can be found on Cardo’s website at www.cardo.com.

Invitation to conference call today, May 9, at 1.00 p.m.
Cardo’s President and CEO Peter Aru will comment on the interim report during a conference call today at 1.00 p.m. It will be possible to take part and ask questions via telephone number +46 (0)8 535 264 58. The conference may also be followed via a webcast at www.cardo.com or www.financialhearings.com. Here you will also be able to listen and see the presentation slides afterwards. The conference will be held in Swedish.

Calendar 2008
August 13 - Interim Report January - June
November 12 - Interim Report January - September
February 5 2009 - Report on Operations 2008