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Interim Report Q3 1 January - 30 September 2012

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Interim Report Q3 1 January - 30 September 2012

Quarterly period, July-September

  • Poolia's income totalled MSEK 217.8 (263.8), a drop of 17.4%, (16.6% in local currency).
  • The operating profit totalled MSEK -0.7 (3.0), while the operating margin was -0.3% (1.2).
  • The pre-tax profit was MSEK 0.8 (3.0).
  • Profit after tax was MSEK -0.8 (2.2).
  • Earnings per share totalled SEK -0.05 (0.13).
  • Cash flow from operating activities was MSEK -2.6 (-1.1).

January to September interim period

  • Poolia's income totalled MSEK 752.6 (830.6), a drop of 9.4% (9.4% in local currency).
  • The operating profit totalled MSEK 2.4 (19.0) and the operating margin was 0.3% (2.3%).
  • The pre-tax profit was MSEK 2.4 (19.1).
  • Profit after tax was MSEK 0.7 (13.4).
  • Earnings per share totalled SEK 0.04 (0.86).
  • Cash flow from operating activities during the period was MSEK 17.0 (1.9).
  • The equity/assets ratio at the end of the period was 36.0% (34.8%) and the Group's equity per share was SEK 6.13 (6.58).


From the CEO – “We’re adapting to a weaker economy”

The general picture for the Group and the quarter was that our overseas business is performing well, while the business in Sweden is adapting to a weaker economy. In the UK we have struck a profitable commercial balance with a much smaller organisation and a lower cost structure. Our conscious Group initiative in permanent placement is going well.

Revenues in the Swedish domestic market fell by 18%, attributable to the temporary staffing side and a much weaker business climate. The permanent placement/outplacement service area grew. We are focusing on increasing the staffing ratio and cutting costs, as the falling staffing ratio is one of the reasons behind the operating loss for Sweden. The customer side has won contracts in the banking and IT sector. A major contract that we lost in a procurement process in 2010 continues to have a negative effect. In 2011 the customer retained a large proportion of our temps, while in 2012 we phased out most of them. This has resulted in a significant fall in revenues in the comparative figures between 2012 and 2011.

The Swedish operating loss was MSEK 1.7. In the second quarter we implemented a savings programme that aimed to improve the profit by MSEK 20 on an annual basis. Most of the cost savings will be achieved via natural changes in operating activities. The cost of the savings programme is MSEK 2, of which MSEK 1.1 is being charged to the third quarter, the rest to the fourth quarter. As we are now continuing to lose revenues, additional savings will be implemented in order to achieve an acceptable level of profitability. The profit figure also includes the costs of a conscious initiative to enhance our outplacement business, which had a negative effect on the profit to the order of approx. MSEK 1 during the startup phase.

Poolia Germany's revenues showed an increase of 27% in local currency. This business continues to perform well. The operating margin in the third quarter was 7.0% (6.7).

Poolia UK reported a 38% decline in revenues in local currency, which is largely due to a continuation in the staff reduction programme from 35 at the end of Q3 2011 to 19 at the end of Q3 2012. The move during Q2 has produced a better cost structure, which contributed to the profit figure of MSEK 0.6 (0.4).

Poolia Finland continues to deliver the Group's highest operating margin, at 11.5% (10.0). Revenues fell by 13% in local currency. This is because of challenging comparative figures because of an unusually large contract in summer 2011 and a more sluggish business climate at present. Poolia Finland is winning market shares and has an increasingly strong permanent placement section.

Monika Elling
MD and CEO

For further information please contact: 
Monika Elling, CEO, Tel. 46 8 555 650 60, 46 70 512 02 01
Yvonne Helander, CFO, Tel. 46 8 555 65 027, 46 70 399 50 27

Poolia’s business concept is to provide companies and organisations with the skills that, either temporarily or permanently meet their needs for qualified professionals. Poolia specialise in temporary staffing and permanent placement of professional staff in our focus areas of Finance & Accounting, Financial Services, Office Support, IT & Engineering, Sales and Marketing, Human Resources, and Executive Search. Poolia is listed on the NASDAQ OMX Stockholm AB since 1999.

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Interim report Poolia Monika Elling

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