CONTENTS Continued growth in 2007 1 CEO’s comments 2 How Cardo is managed 4 Business model 8 The share 10 Group 2007 12 Door & Logistics Solutions 16 Wastewater Technology Solutions 20 Pulp & Paper Solutions 24 Residential Garage Doors 28 Employees 32 Cardo’s responsibility 34 Risk management 36 Annual report 2007 Report of the Board of Directors 39 Group: Parent company: Notes Audit report Income statement 42 Balance sheet 43 Cash flow statement 44 Change in Group equity 45 Income statement 45 Balance sheet 46 Cash flow statement 47 Change in Group equity 47 48 64 Corporate governance report 66 Board of Directors and auditors 70 Group management 72 Financial information 74 Contact Cardo 75 Annual General Meeting 2008 76 Group financial summary - multi-year review 77 Up-to-date information at Cardo’s website, www.cardo.com