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Poolia Year-end Report 2010

Poolia Year-end Report 2010

Quarterly period, October-December

Revenues totalled MSEK 378.6 (315.5), growth of 20%, corresponding to 23% in local currency.
The operating profit/loss was MSEK -58.2 (1.5). The loss includes amortisation of goodwill attributable to the UK operation of MSEK -71.2

The operating profit excluding amortisation of goodwill was MSEK 13.0 (1.5) and the operating margin 3.4% (0.5).

The profit/loss before tax was MSEK -58.2 (2.6).

The loss after tax was MSEK -65.5 (-0.3), corresponding to SEK -3.83 (-0.03) per share

Cash flow for the quarter from operating activities was MSEK 13.5 (21.4)

Full year 2010

Revenues totalled MSEK 1,360.8 (1,311.1), growth of 3.8%, corresponding to 5.8% in local currency.
The operating profit/loss was MSEK -47.8 (28.4). The loss includes amortisation of goodwill attributable to the UK operation of MSEK -71.2

The operating profit before amortisation was MSEK 23.4 (28.4) and the operating margin was 1.7% (2.2%).

The profit/loss before tax was MSEK -48.1 (30.6).

The profit/loss after tax was MSEK -58.6 (18.5), corresponding to SEK -3.46 (1.04) per share
Cash flow from operating activities was MSEK 8.4 (35.8).

The equity/assets ratio at the end of the period was 36.0% (52.3%) and the Group's equity per share was SEK 8.03 (12.79)

Other significant events

Recruitment of new country manager in Germany completed.

New company in Sweden, Poolia Executive Search.

The Board proposes distribution of Poolia's shares in Dedicare and a cash dividend of SEK 0.4 per share.

Amortisation of goodwill attributable to the UK operation.

From the CEO: "Poolia is growing"

Poolia as a Group grew during the quarter by 23% in local currency compared with last year, and the operating profit rose to MSEK 13.0 (1.5) excluding amortisation of goodwill.

It is pleasing to be able to present an interim report in which Poolia Sweden has reported growth of 29% and an increase in the operating margin to 6.4% (3.0). Permanent Placement reported growth of 90%. Sweden has won market shares in Stockholm, the organisation in Gothenburg has been strengthened and Utvecklingshuset has become established in Malm and is planning for continued expansion.

We are proud of how well we are performing in our employee survey, and we can see that the employer brand will be even more important as we see the first signs of a labour shortage. Strategically, using Sweden as a base, we are working to make Poolia the obvious choice for permanent placement and temporary staffing in the professional field. We are good, but want to be even better and are working to further strengthen a number of customer offerings. One of these is our new company, Poolia Executive Search, an initiative that reinforces our customer offering and more than doubles resources in this service segment. Another development area is to develop a stronger customer offering in the field of IT.

In Germany we have experienced problems with loyalty, and we are in the process of changing and supplementing the team. We have recruited a new country manager with good leadership qualities and extensive experience of the industry. We will be recruiting a number of other positions in order to make Poolia Germany complete and to take the company to new levels.

Poolia UK is in an important development phase. There is around one year left on the rental contract for the current premises, which are too large. The most important issue is to identify a structure and a mix for the business that will generate a stable, positive operating profit. We are not satisfied with the profit trend, and are therefore amortising the whole goodwill item of MSEK -71.2.

Poolia Finland remains small in terms of revenues, but healthy with an operating margin of 12%. We are targeting increased growth and an expansion of operations. Our Danish operation is small in itself, but is significant as a part of the large resund region.

Dedicare is to a large extent a separate company. The Board will propose to the AGM that the company be hived off in connection with the listing of Dedicare as a separate company on the Nasdaq OMX Small Cap list. Dedicare, which has a very strong position in the market, has recently signed contracts with four county councils in Gtaland, thus creating the conditions for continued growth.

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