Interim report January-June 2009

Interim report January-June 2009

• Inflow of orders: SEK 4,390 million (4,960)
• Net sales: SEK 4,350 million (4,429)
• Operating earnings: SEK 202 million (290)
• Net earnings: SEK 127 million (186) 
• Cash flow from operating activities after tax: SEK 539 million (217) 
• Earnings per share: SEK 4.71 (5.94)


President and CEO Peter Aru:
“The market situation remains weak with low demand and a high level of price
competition. The inflow of orders for new products decreased in all markets
during the first half-year and there was a slight weakening in service during
the second quarter. It is gratifying that we strengthened our cash flow and that
the garage door division improved its operating margin during the second
quarter. 
  There remains uncertainty concerning the development of the various markets
going forward and we are adapting the organization to the prevailing demand on
an ongoing basis. Group operating earnings were charged with costs of SEK 41
million of a non-recurring nature during the first six months of the year. It is
assessed that further adaptation of the organization will result in additional
non-recurring costs of up to SEK 150 million during the remainder of the year.
The full savings effect is expected to be achieved from the third quarter of
2010. In all, the measures are expected to provide annual savings of
approximately SEK 200-250 million.”

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

Second quarter 2009
During the second quarter, the inflow of orders amounted to SEK 2,172 million
(2,579), down 25% after adjustment for the effects of exchange rate movements.
The inflow of orders decreased in all divisions during the quarter.

Net sales amounted to SEK 2,213 million (2,380), down 17% adjusted for the
effects of exchange rate movements. 

Operating earnings amounted to SEK 141 million (200). Operating earnings were
charged with costs of SEK 26 million of a non-recurring nature for adapting the
organization to the prevailing demand, allocated as cost of goods sold of SEK 3
million and selling and administrative expenses of SEK 23 million.

Period January to June 2009
During the first six months of the year, the inflow of orders amounted to SEK
4,390 million (4,960), down 21% after adjustment for the effects of exchange
rate movements. 

Net sales amounted to SEK 4,350 million (4,429), down 13% adjusted for the
effects of exchange rate movements. 

Operating earnings amounted to SEK 202 million (290). Operating earnings were
charged with costs of SEK 41 million of a non-recurring nature for adapting the
organization to the prevailing demand, allocated as cost of goods sold of SEK 12
million and selling and administrative expenses of SEK 29 million.

Invitation to conference call on August 13, 10.00 a.m.
Cardo's President and CEO Peter Aru will comment on the interim report at a
conference today at 10.00 a.m. at Operaterassen in Stockholm. Notification of
intention to attend may be made at www.financialhearings.com or via e-mail to
hearing@financialhearings.com. It will also be possible to take part and ask
questions via telephone number +46 (0)8 5051 3791. 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
November 13, Interim Report January - September 2009

For further information, please contact:
Peter Aru, President and CEO, tel +46 10 47 47 401
Ulf Liljedahl, CFO, tel +46 10 47 47 402
Maria Bergving, SVP Communications & Investor Relations, 
tel +46 10 47 47 405, maria.bergving@cardo.com


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. With sales of almost SEK 10 billion and nearly 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.