Report on Operations 2000

- Invoiced sales amounted to SEK 9,786 million (9,489).

- Operating earnings amounted to SEK 899 million (783), providing an operating margin of 9.2 percent (8.2).

- Earnings after financial items and minority share were SEK 783 million (674).

- Earnings per share after full tax amounted to SEK 18.93 (17.36).

- The Board of Directors proposes a dividend of SEK 7.00 (6.00) per share.

The Group's inflow of orders stood at SEK 9,904 million (9,605), which is a rise of 3 percent for the current structure of the Group after adjustment for the effects of exchange rate movements.

Invoiced sales amounted to SEK 9,786 million (9,489), an increase of 5 percent after adjustment for the effects of exchange rate movements. Company acquisitions/disposals account for 3 percentage points of this figure. Invoiced sales to customers outside Sweden made up 92 percent (92) of total Group invoicing.

Operating earnings rose to SEK 899 million (783), providing an operating margin of 9.2 percent (8.2).
Door's and Rail's positive earnings trends continued, while reduced volumes and lower margins for pumps for the pulp and paper industry adversely affected Pump. Operating earnings for the year include a net pension refund of SEK 69 million and those for last year a reversed warranty provision of SEK 38 million made during a previous year. Exclusive of these non-recurring items, operating earnings rose by
SEK 85 million or 11 percent and the operating margin amounted to 8.5 percent (7.8).

Earnings after financial items amounted to SEK 789 million (695), a profit margin of 8.1 percent (7.3), and earnings after financial items and minority share to SEK 783 million (674).

The Group's tax expense amounted to SEK 217 million (177), which is equivalent to a tax rate of 28 percent (25) on earnings after financial items. Certain non-recurring effects influenced tax expense for both 2000 and 1999. Excluding these non-recurring effects, the Group's tax rate is estimated at approximately 32 percent.

Exchange rate movements during the year had only a marginal impact on Group earnings.

Earnings per share after full tax rose to SEK 18.93 (17.36).

Return on capital employed was 20.5 percent (18.3), and return on equity 20.6 percent (21.6).

Cash flow from operations after tax was SEK 25.87 (30.00) per share. Adjusted for the effects of exchange rate movements on the change in working capital, cash flow after tax was SEK 28.20 (27.43).

About Us

Cardo is a world-leading supplier of industrial doors and logistics systems, wastewater treatment systems, process equipment for the pulp and paper industry and garage doors. Operations are pursued in the Group’s divisions: Door & Logistics Solutions, Wastewater Technology Solutions, Pulp & Paper Solutions and Residential Garage Doors. With sales of almost SEK 10 billion and more than 6,000 employees worldwide, Cardo delivers solutions that help to solve some the toughest challenges of our time in the fields of water, transportation and energy. Corporate headquarters are located in Malmö, Sweden.

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