Interim report January-March 2009

• Inflow of orders: SEK 2,219 million (2,381)
• Net sales: SEK 2,138 million (2,049)
• Operating earnings: SEK 61 million (90)
• Net earnings: SEK 24 million (56)
• Cash flow from operating activities after tax: SEK 366 million (46)
• Earnings per share: SEK 0.87 (1.73)2)

President and CEO Peter Aru:
“The first quarter was challenging and the inflow of orders for new products decreased in all markets. Demand fell in all divisions, but the service trend had a positive effect, particularly on the Group’s largest division Door & Logistics Solutions. During the quarter, there was an increase in price competition in the market. At the end of the period, there was some stabilization in the demand pattern, but at a lower level. There remains uncertainty concerning the trend in the various markets going forward. Operations were adapted to the prevailing market situation on an ongoing basis.”


Results - complete report
Please see the enclosed pdf document for the complete report where all tables and summaries are found.
The report is available at www.cardo.com


First quarter 2009
During the first quarter, the inflow of orders amounted to SEK 2,219 million, (2,381), down 17% after adjustment for the effects of exchange rate movements. The inflow of orders decreased in all divisions, and there was a fall in demand in Europe with the greatest decline in eastern Europe. Service continues to show a good trend.

Net sales amounted to SEK 2,138 million (2,049), down 7% adjusted for the effects of exchange rate movements.

Operating earnings amounted to SEK 61 million (90).

Invitation to conference call on May 8, 10.00 a.m.
Cardo’s President and CEO Peter Aru will comment on the interim report during a conference call today at 10.00 a.m. It will be possible to take part and ask questions via telephone number +46 (0)8 505 137 85. The conference may also be followed via a webcast at www.cardo.com or www.financialhearings.com, where you will also be able to listen and see the presentation slides afterwards. The conference will be held in Swedish.


Financial calendar 2009
August 13, Interim Report January – June 2009
November 13, Interim Report January – September 2009

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