Poolia year-end report, 1 January – 31 December 2011

2011 lays the foundations for the future

Quarterly period, October-December

• Poolia revenues were MSEK 292.0 (295.7), negative growth of -1.2%, which corresponds to -1.0% in local currency. The biggest segment, Sweden, grew by 4%.
• The operating loss was MSEK -1.8 (-62.2) and the operating margin -0.6% (-21.0).
• The loss before tax was MSEK -1.4 (-62.1).
• The profit after tax was MSEK 1.4 (-68.1).
• Cash flow from operating activities was MSEK -7.4 (13.5).

Other significant events

• The Board of Directors proposes a cash dividend of SEK 0.43 per share, corresponding to MSEK 7.4.

Full year 2011*

• Poolia revenues were MSEK 1,122.6 (1,028.9), an increase of 9%, which corresponds to 11% in local currency.
• The operating profit was MSEK 17.2 (-68.6) and the operating margin 1.5% (-6.7).
• The profit before tax was MSEK 17.7 (-68.4).
• The profit after tax was MSEK 14.8 (-73.2).
• Earnings per share, including Dedicare, were SEK 0.94 (-3.46).
• Cash flow from operating activities, including Dedicare, was MSEK -5.6 (8.4).
• The shareholders’ equity/assets ratio at the end of the period was 34.9% (36.0) and the Group’s shareholders’ equity per share was SEK 6.60 (8.03). The comparative figure includes Dedicare.

* Poolia’s shares in the subsidiary, Dedicare, were distributed to the shareholders during the second quarter after the resolution was passed at the Annual General Meeting on 26 April 2011. In consolidated comprehensive income, Dedicare is reported as a Discontinued Operation (dividend). All the above figures are therefore exclusive of Dedicare, unless stated otherwise.

From the CEO – “2011 lays the foundations for the future”

2011 was a year filled with investments and restructuring processes that provide a good basis for the future.

In Sweden, during the fourth quarter we put Poolia back on track with our TV slogan “Do you need help? Call Poolia”. During the year we opened three new offices and started three new companies. Poolia Executive Search has been profitable from the very first quarter, while TalentEye and Poolia Lead, Poolia's student and HR consulting services, are still in the startup phase. We have invested in further reinforcing our Permanent Placement operation. We have restructured five offices/business areas. We have consolidated our Öresund Region operation in Malmö and closed the Copenhagen office. We have reduced costs by merging the Group’s and Sweden’s administrative functions, and we have also reduced Sweden’s non-operational units. We have reduced the Swedish operation from five/six hierarchical levels to three/four in order to create the entrepreneur-driven organisation that Poolia aims to achieve. In addition to this, we will be further enhancing our focus on growth and efficiency.

In Poolia UK, we have reduced costs by more than MSEK 7, and we will see annualised savings pass MSEK 10 when we sign a new rental agreement in mid-2012. The quarter is affected by the cost of restoring premises, which was MSEK 1.2. From May to November, Poolia UK was operationally profitable, which is not the case for December, the weakest month of the year in seasonal terms.

Much of the restructuring work on Poolia Germany has been completed. A new team is in place, focusing on sales and efficiency. This team has development potential regarding efficiency in the business.

Poolia Finland has long been reporting very good profitability. In 2011 this was confirmed with increased growth, making it a very good year. The best ever.

All in all, I am satisfied with the way we finished 2011 and the opportunities that lie ahead in 2012. The level of enquiries for 2012 so far is in line with last year.

Monika Elling

MD and CEO

Poolia’s business concept is to provide companies and organisations with the skills that, either temporarily or permanently, meet their needs for qualified professionals and outplacement services. 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’s subsidiary Utvecklingshuset offers outsourcing services on the Swedish market. Poolia is listed on the NASDAQ OMX Stockholm AB since 1999.

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