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INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2013 Foc

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Post# of 301275
Posted On: 10/25/2013 7:30:23 AM
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Posted By: News Desk 2018
INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2013

"Focus on core business and intensive improvement work" Quarterly period July-September · Poolia's revenue amounted to SEK 178.2 (217.8) million, a decline of 18.2% (18.5% in local currency). · Operating profit/loss was SEK -14.1 (-0.7) million, with an operating margin of -7.9% (-0.3%). The figure includes goodwill impairment of SEK 12.8 million attributable to outplacement operations. · Excluding goodwill impairment, operating profit/loss was SEK -1.3 million and the operating margin was -0.7%. · Profit/loss before tax was SEK -14.2 (-0.8) million. · Profit/loss after tax was SEK -14.3 (-0.8) million. · Earnings per share was SEK -0.84 (-0.05). · Cash flow from operations for the quarter amounted to SEK -6.1 (-2.6) million. Interim period January-September · Poolia's revenue amounted to SEK 596.8 (752.6) million, a decline of 20.7% (20.2% in local currency). · Operating profit/loss was SEK -16.2 (2.4) million, with an operating margin of -2.7% (0.3%). The figure includes goodwill impairment of SEK 12.8 million attributable to outplacement operations and costs of SEK 3.7 million in connection with former CEO’s resignation. · Excluding goodwill impairment, operating profit/loss was SEK -3.4 million and the operating margin was -0.6%. · Profit/loss before tax was SEK -16.4 (2.4) million. · Profit/loss after tax was SEK -16.6 (0.7) million. · Earnings per share was SEK -0.97 (0.04). · Cash flow from operations for the period was SEK 4.9 (17.0) million. · The equity/assets ratio ended the period at 28.9% (36.0%), while the Group’s equity per share was SEK 3.65 (6.13). Other significant events · Poolia's subsidiary Utvecklingshuset been restructured. Notice of an extraordinary general meeting to decide on the sale of the business to Uniflex AB has been issued. · The subsidiary Talent Eye has been sold to Poolia AB's former CEO Monika Elling on 1 July 2013 following a resolution at an extraordinary general meeting. From the CEO – "Focus on core business and intensive improvement work" Poolia reported an operating profit/loss of SEK -14.1 (-0.7) million for the third quarter of 2013. Revenue for the quarter was SEK 178.2 (217.8) million, a decline of 18.5% in local currency. The third quarter is normally a weak quarter in terms of earnings. Operating profit/loss for operations that are part of Poolia's core business was SEK 1.1 million for the third quarter. Utvecklingshuset's outplacement operations had an adverse effect of SEK 2.4 million on earnings. In addition, Poolia has written down the carrying amount of the associated goodwill by SEK 12.8 million. Market demand remains weak, with permanent placement revenue at low levels apart from in Germany. Prices continue to be stable. The stronger market we saw signs of during summer has not yet materialised. Poolia Sweden reported an operating profit/loss of SEK -15.8 (-3.6) million for the third quarter of 2013. The figure includes goodwill impairment of SEK 12.8 million. Revenue was SEK 127.9 (165.1) million, a decline of 23%. Demand for temporary staffing services remains stable but at a low level. The number of permanent placements is low compared with previous years. The outplacement business, which is run by Utvecklingshuset, has been restructured and the staffing level has been reduced by about one-third. The operation will be sold to Uniflex AB pending approval at the extraordinary general meeting. Poolia Germany's revenue for the quarter grew by 19% in local currency, which means that Poolia continues to gain market shares. Operating profit showed positive growth during the quarter. Development of the offices that are not yet showing stable profitability is continuing as planned. At Poolia UK, the process of building up the business, mainly in Finance & Accounting, is continuing. Development of the core business needs to continue for some time still before the UK operations will be able to show positive results. Poolia Finland's operations remain stable but profitability is being squeezed by the weak permanent placement market. Revenue is in line with the previous year, but operating profit is slightly lower. With Poolia now placing a clear focus on business development of temporary staffing and permanent placement in Sweden, the management team's efforts to create a growing and profitable core business are being intensified. Dag Sundström Acting Managing Director and CEO For more information please contact: Dag Sundström, tf VD och koncernchef, tfn: 070 511 64 58 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’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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