Proffice Interim report January-March 2014 PRESS RELEASE

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News Desk 2018

May 22, 2014 at 2:15 AM

Proffice Interim report January-March 2014

PRESS RELEASE Stockholm 2014-05-22 Interim report January-March 2014 PROFFICE DOUBLES OPERATING PROFIT Q1 2014 year-on-year comparison • Revenue decreased 6 per cent to SEK 996 million (1,062) • EBITA and operating profit increased 100 per cent to SEK 20 million (10) • EBITA and operating margin stood at 2.0 per cent (0.9) • Basic earnings per share totalled SEK 0.19 (0.19) • Cash flow from operating activities totalled SEK -1 million (44) Financial overview First quarter Change Full year Group 2014 2013 quarter 2013 Revenue, SEK million 996 1,062 -6% 4,318 EBITA and operating 20 10 100% 125 profit, SEK million EBITA and operating 2.0 0.9 - 2.9 margin, % Profit after tax, SEK 13 13 0% 104 million Basic earnings per share, 0.19 0.19 0% 1.52 SEK Diluted earnings per 0.19 0.19 0% 1.52 share, SEK Cash flow from operating -1 44 - 207 activities, SEK million Cash flow from operating -0.01 0.64 - 3.03 activities per share, SEK Basic equity per share, 8.63 7.40 17% 8.37 SEK Return on equity, % 19.0 12.6 - 19.2 CEO comments Proffice doubles operating profit After just over a quarter as CEO and president, I can state that Proffice is a profitable company with great potential. Compared to last year’s first quarter, operating profit doubled to SEK 20 million (10). Happier customers We think we discern a certain optimism in the market, which is demonstrated especially by the fact that a number of customers in both Sweden and Norway chose to employ many of the temporary consultants who were contracted from Proffice. This will have a negative effect on our earnings in the short term, but it is also proof that customers are satisfied with our matching of consultants, which hopefully will build trust and increase volume in the long term. When I visit my new colleagues across the Nordic region, I see great commitment to our customers. Proof of our customer’s appreciation is that the customer satisfaction index survey (CSI) conducted during the first quarter broke the record once again. Simpler, clearer structure Revenue is not growing, however, partly due to the fact that some major customers are placing fewer orders. In order to strengthen and energize the sales process and raise internal efficiency, I have initiated an organizational change that will take effect 1 June. The organizational structure will be simpler and clearer, and Group management will be reinforced with the heads of the four major business units and the head of Group Sales. In line with Proffice’s main strategy – product leadership through specialization – we are establishing a company called Dfind Science & Engineering. This entails combining the existing operations of Proffice Life Science and Dfind Engineering and further developing them to add new services and new markets. A non-recurring cost for this organizational change will be in the range of SEK 10-15 million and will affect earnings in the second and third quarters. Annual savings from 2015 are expected to be SEK 5-10 million. Strengthening for the future The new organizational structure will enhance the Group’s focus on sales. In the first and second quarters we will develop our future sales strategy and will implement it in the fourth quarter. Weak sales to new customers have affected consolidated revenue for some time, but our ambition to grow faster than the market stands firm. The organizational changes coupled with additional investments in Group infrastructure and IT systems of SEK 20-25 million per year in 2014 and 2015 convince me that we can improve our ability to respond more quickly to the market. Consequently, Proffice will further strengthen its position in order to become the most successful staffing company in the Nordics. Henrik Höjsgaard President and CEO If you have questions about this interim report, please contact: Henrik Höjsgaard, President and CEO, telephone +46 8 787 17 00, henrik.hojsgaard@proffice.com Benno Eliasson, CFO, telephone +46 8 787 17 00, benno.eliasson@proffice.com This is a translation from Swedish. In the event of any discrepancies between the Swedish and the translation, the former shall have precedence. Proffice is the specialised flexible staffing company with more than 10,000 employees in the Nordic region. We provide temporary staffing, recruitment services, and outplacement. Proffice is listed on the NASDAQ OMX Stockholm, Mid Cap. www.proffice.com Information in this interim report is such that Proffice AB (publ) is obligated to disclose it pursuant to the Swedish Securities Markets Act. The information was released for publication on 22 May 2014 at 8 am CET.

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