PION Group — Interim / Quarterly Report 2011

Jul 27, 2011

INTERIM REPORT, 1 JANUARY – 30 JUNE 2011

Quarterly period, April to June 2011

• Poolia revenues, excluding Dedicare, were MSEK 283.2 (252.5), an increase of 12%, which corresponds to 15% in local currency.
• Poolia revenues, including Dedicare, were MSEK 311.3 (334.6).
• Operating profit/loss, excluding Dedicare, was MSEK 5.6 (-4.4) and operating margin was 2.0% (-1.7).
• Operating profit/loss, including Dedicare, was MSEK 7.0 (0.7). Operating margin was 2.2% (0.2).
• Profit/loss before tax, excluding Dedicare, was MSEK 5.7 (-4.5).
• Profit/loss after tax, excluding Dedicare, was MSEK 4.1 (-3.6).
• Cash flow from operating activities, including Dedicare, was MSEK -4.4 (0.5).

Other significant events

• CEO Monika Elling also took over as country manager for Sweden when Åsa Edman Källströmer left her position.

• Gavin Warner, operational manager for Poolia UK is leading the work of restructuring the company, and therefore has local responsibility.

• Dedicare shares were distributed to the shareholders, and so the segment is reported as a discontinued operation.

Comment from the CEO – "Poolia's growth continues"

The Dedicare shares were successfully distributed to our shareholders on 4 May, and Dedicare is thus reported as a discontinued operation.

Poolia is a company now totally focused on permanent placement, temporary staffing and outplacement in the white-collar segment. Our aim is to be the obvious choice in these areas. We are expanding our existing range of services and also introducing new ones. We have started Poolia Executive Search which has been profitable from day one. We have opened a new Poolia office in Falun. In the autumn, we will also be opening offices in Umeå, Sundsvall and Helsingborg.

Poolia grew in the quarter by 15% in local currency compared with the previous year, and the operating profit increased to MSEK 5.6 (-4.4). I am pleased to see this continued growth and the inflow of orders from both existing and new customers.

Poolia Sweden reported growth of 19% in the quarter, and has also won important contracts. The operating margin has increased to 4.3%, compared with the figure of -1.4% in the corresponding period. We were declared best employer in the sector in a survey carried out by Universum. This is an important testimonial for us, as we are convinced that

Interim report, January to June 2011

• Poolia revenues, excluding Dedicare, were MSEK 566.8 (487.8), an increase of 16%, which corresponds to 19% in local currency.
• Poolia revenues, including Dedicare, were MSEK 676.9 (642.9).
• Operating profit/loss, excluding Dedicare, was MSEK 16.0 (-6.3) and operating margin was 2.8% (-1.3).
• Operating profit/loss, including Dedicare, was MSEK 17.7 (2.1), which was affected by listing costs of MSEK 3.0. Operating margin was 2.6% (0.3).
• Profit/loss before tax, excluding Dedicare, was MSEK 16.0 (-6.3).
• Profit/loss after tax, excluding Dedicare, was MSEK 11.2 (-5.3).
• Earnings per share, including Dedicare, were SEK 0.73 (0.03).
• Cash flow from operating activities, including Dedicare, was MSEK 3.0 (-10.5).
• Equity/assets ratio at the end of the period was 33.6% (45.5) and the Group's equity per share was SEK 6.38 (11.27).

satisfied employees are the key when working for the customer, and because it will help us attract both new customers and candidates.

Poolia UK reports a profit of MSEK 0.5, excluding restructuring costs of MSEK 1, which is a very important milestone. We have reduced our costs and restructured, and now focus on areas where we, historically, have been most successful.

Poolia Germany is developing according to plan. We have a strong and skilled team in place, with a mix of old and new employees. This new team gives us a much stronger focus on sales and efficiency, which are key factors in long-term, stable and positive development.

Poolia Finland has increased its rate of growth and has attained 25% growth in local currency during the quarter. The operating margin is strong and has increased to 9.2% (6.7), which is highest in the group. Our Danish operation is very small, and is now run and reported together with Poolia Sweden.

We see many new openings in our current markets and are optimistic about the future.

Monika Elling MD and CEO

Business concept

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 Quality

Poolia is engaged in provision of temporary staffing and permanent placement of qualified professionals. Our specialisation is in the areas of Finance & Accounting, Financial Services, Human Resources, Sales & Marketing, IT & Engineering, Office Support and Executive Search. The specialisation focuses our expertise and generates greater commitment to our customers' business operations. We understand our customers' HR needs, and we have the

APRIL – JUNE THE GROUP, EXCLUDING DEDICARE

Revenues

Consolidated revenues, excluding Dedicare, increased by 12.2% to MSEK 283.2 (252.5). The exchange rate had a negative impact of 2.4% on revenues. Temporary Staffing is the largest service segment. The proportion of revenues from the Permanent Placement service area increased from 11% to 13%. The main growth in revenue is in Sweden and Finland. Permanent Placement has grown in all segments. All segments are planning for growth in order to make the most of the market situation.

The operating margin shown in the diagram below excludes amortisation of goodwill in the UK that took place in the fourth quarter of 2010.

processes and tests in place to ensure the customer gets the right person. Experience, specialisation, commitment, and our working methods combine to create the quality that gives our customers something unique: employees who not only perform, but also contribute. We call this distinction 'Poolia Quality'.

Market trends

The second quarter of the year was very positive for the staffing industry and also for Poolia.

We believe that the positive economic trend will continue. We believe that market penetration, and thereby the proportion of temporary staff in the companies in our markets, will increase over time.

Financial results

The operating profit/loss, excluding Dedicare, was MSEK 5.6 (-4.4) and the operating margin was 2.0% (-1.7). The diagram below shows the operating profit excluding the amortisation of goodwill in the UK that was carried out in the fourth quarter of 2010. Non-distributed parent company costs were MSEK -4.3 (-6.8). Consolidated profit/loss after financial items was MSEK 0.0 (0.0). The profit/loss before tax was MSEK 5.7 (-4.5). Tax for the Group was MSEK -1.6 (0.9).

POOLIA SWEDEN

Revenues

Poolia Sweden revenues were MSEK 226.9 (190.3), a growth of 19% compared with the corresponding period in the previous year. Temporary Staffing and Permanent Placement areas are growing equally fast in percentage terms. The proportion of Permanent Placement was 12% compared with 10% in the corresponding period in the previous year.

Financial results

Poolia Sweden's operating profit was MSEK 9.7 (2.6). The operating margin was 4.3% (-1.4).

The financial results during the period improved compared with the corresponding period last year. Measures are still being implemented to increase growth and to further improve the margin through greater efficiency and by controlling costs. Poolia Sweden has won important customer contracts, and new offices will soon be opened in Umeå, Sundsvall and Helsingborg. Concepts continue to be developed and the newly-started Poolia Executive Search has doubled the number of completed assignments in the second quarter compared with the first quarter.

POOLIA UK

Revenues

Poolia UK revenues were MSEK 28.7 (33.6). In local currency, revenues fell by 4%, and the exchange rate had a negative impact of 11% on revenues during the quarter. The proportion of Permanent Placement increased from 14% to 20%.

Financial results

Poolia UK's operating profit/loss for the period was MSEK -0.5 (-0.7).

The company is currently undergoing restructure. The profit/loss for the quarter is negatively affected by a one-off cost for outplacements of approximately MSEK 1. Excluding one-off restructuring costs, Poolia UK makes a profit. This has been achieved through a substantial reduction in overheads, and by shifting the customer mix towards a greater proportion of small and medium-size customers, as well as a reorganisation of the teams. The operation is still being developed in order to attain sustainable profit.

Share of group revenue in the quarter

POOLIA GERMANY

Revenues

Poolia Germany revenues were MSEK 19.5 (21.5). In local currency, revenues fell by 2%. The exchange rate had a negative impact of 8% on revenues during the quarter. The proportion of business in Permanent Placement increased from 9% to 18%. The percentage increase varies from office to office.

Financial results

Poolia Germany's operating profit/loss was MSEK 0.0 (0.0). The operating margin was 0.1% (-0.2).

During the period, a number of new key personnel were recruited, and we are optimistic about the long-term effect this will have on team spirit, methods of working, market presence, as well as revenues and operating profit. Business in Permanent Placement is increasing strongly, but the number of temporary staffing assignments have fallen due to earlier turbulence in the organisation and the decrease still outnumber new temporary staffing assignments acquired by the new team.

POOLIA FINLAND

Revenues

Poolia Finland revenues were MSEK 8.1 (7.1), which is an increase of 16%. The exchange rate effect had a negative impact of 10% on revenues during the quarter. In local currency revenue increased by 25%. The proportion of business in Permanent Placement increased from 15% to 16%.

Financial results

The operating profit/loss in Finland was MSEK 0.7 (0.5), and the operating margin was 9.2% (6.7%).

The operation in Finland is stable and shows a positive trend. We are continuing to work for greater growth and to maintain a strong margin.

DEDICARE

During the period, Poolia's shares in Dedicare were distributed to the shareholders, and since 4 May the company has been listed on NASDAQ OMX Stockholm AB under the designation DEDI B. Dedicare is therefore reported as a discontinued operation from Poolia. The company was part of the Poolia Group up to and including April 2011.

Dedicare is engaged in providing staff for healthcare and care institutions. For more information visit www.dedicare.se

Revenues

Dedicare's revenues in the quarter (April) were MSEK 28.1 (82.1).

Financial results

The operating profit/loss was MSEK 1.4 (5.1) and the operating margin was 4.8% (6.2). The graph shows the financial results for the first quarter adjusted for costs (MSEK 3) relating to listing of the company.

JANUARY-JUNE GROUP

Revenues

Consolidated revenues, excluding Dedicare, increased by 16% to MSEK 566.8 (487.8). Consolidated revenues, including Dedicare, were MSEK 676.9 (642.9). The exchange rate had a negative impact of 2.7% on revenues during the period. Temporary Staffing is the largest service segment. The temporary staffing area grew by 36% and the proportion of permanent placement grew from 10% to 12%.

The following diagram shows how consolidated revenues were divided according to segment during the quarter.

Financial results

Profit/loss before tax, excluding Dedicare, was MSEK 16.1 (-6.1). Operating profit/loss, excluding Dedicare, was MSEK 16.0 (-6.3) and the operating margin was 2.8% (-1.3). Profit/loss before tax, including Dedicare, was MSEK 17.9 (2.0). Operating profit/loss, including Dedicare, was MSEK 17.7 (2.1) and the operating margin was 2.6% (0.3). Undistributed parent company costs were MSEK -8.6 (-12.6). Consolidated profit/loss after financial items was MSEK 0.1 (0.2). Tax for the Group was MSEK -4.9 (-0.9). The tax rate for the Group was 30% (64%).

Discontinued operation

On 26 April, 2011, the Poolia Annual General Meeting passed the resolution that the shares in Dedicare be distributed to Poolia's shareholders and that the company was to be listed on the NASDAQ OMX Stockholm Small Cap List. The first day of trading for Dedicare shares was 4 May. Consequently, in this report, Dedicare is reported as a discontinued operation. The company was part of the Poolia Group up to and including 30 April 2011.

In this report, it is made clear whether the information provided applies to the entire Group or to the Group excluding Dedicare.

Liquidity and financing

The Group's cash and cash equivalents as at 30 June 2011 were MSEK 15.4 (16.1). Cash flow from operating activities, including Dedicare, was MSEK 3.0 (-10.5). The equity/assets ratio as of June 30, 2011 was 33.6% (45.5%).

Investments

Total Group investments in fixed assets in the period January-June 2011 were MSEK 5.1 (16.0).

The share

The Poolia share is listed on the NASDAQ OMX Stockholm AB Stock Exchange under the designation POOL B, with 17,121,996 shares issued. The rate on the balance sheet date was SEK 27.90. During the period, 2,147,922 shares changed owners for a total amount of MSEK 81.9.

Dividend policy

The Board of Directors' long-term dividend policy is that annual dividends shall normally exceed 50% of the Group's post-tax profit.

Employees

The average number of permanent employees, excluding Dedicare, was 1,894 (1,608). As of 30 June 2011 the number of employees was 2,115 (1,877).

Seasonal fluctuations

The number of working days during the year is:

	Sweden	UK	Germany
Jan-Mar	63(62)	59(60)	64(63)
Apr-Jun	60(61)	60(61)	60(60)
Jul-Sep	66(66)	69(64)	63(66)
Oct - Dec	64(64)	63(68)	62(63)
Full year	253(253)	251(253)	249(252)

Parent company

The parent company engages in general corporate management, development and financial management and IT administration. Revenues for the period were MSEK 10.7 (10.2), and the loss after financial items was MSEK -5.1 (-12.8).

Significant risks and uncertainty factors

Risks and risk management are described in Poolia's Annual Report for 2010. The risks can be summarised as economic fluctuations, dependence on clients and individuals, legislation and regulations, and financial risks. All significant risks and uncertainty factors as of 31 December 2010 were the same on 30 June 2011.

Events after the end of the period

There are no significant events to report.

Transactions with related parties

During the period, no transactions were made with related parties that had a significant effect on the company's position and profit.

SUMMARY STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

	2011	2010	2011	2010	2010
Amounts in MSEK	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Remaining operations	283.2	252.5	566.8	487.8	1,028.9
Operating revenues
Operating expenses
Personnel expenses	-252.0	-229.8	-499.5	-441.6	-924.7
Other costs	-23.7	-25.0	-47.4	-48.1	-93.0
Depreciation and impairments, fixed assets	-1.9	-2.1	-3.9	-4.4	-8.6
Amortisation of goodwill	-	-	-	-	-71.2
Operating profit/loss	5.6	-4.4	16.0	-6.3	-68.6
Financial items	0.1	-0.1	0.1	0.2	0.2
Profit/loss before tax	5.7	-4.5	16.1	-6.1	-68.4
Tax	-1.6	0.9	-4.9	0.8	-4.8
Profit/loss for the period from remaining operations	4.1	-3.6	11.2	-5.3	-73.2
Discontinued operation (dividend)
Profit/loss for the period from discontinued operation	1.0	3.8	1.3	6.0	14.6
Profit/loss for the period	5.1	0.2	12.5	0.7	-58.6
Other comprehensive income
Translation differences	0.5	5.1	-0.3	-0.7	3.2
Total comprehensive income for the period	5.6	5.3	12.2	0.0	-55.4
Operating margin, remaining operation, %	2.0	-1.7	2.8	-1.3	-6.7
Profit margin, remaining operation, %	2.0	-1.8	2.8	-1.3	-6.6
Profit/loss for the period attributable to:
Parent company's shareholders	5.1	0.0	12.4	0.5	-59.2
Minority shareholders	0.0	0.2	0.1	0.2	0.6
Earnings per share, before and after dilution, SEK
Profit/loss per share from remaining operations and
discontinued operations	0.29	0.00	0.73	0.03	-3.46
Profit/loss per share from discontinued operation	0.06	0.22	0.08	0.35	0.82
Total comprehensive income attributable to:
Parent company's shareholders	5.6	5.1	12.1	-0.2	-56.0
Minority shareholders	0.0	0.2	0.1	0.2	0.6

SUMMARY OF THE CONSOLIDATED BALANCE SHEET

Amounts in MSEK	30-6-2011	30-6-2010	31-12-2010
Assets
Fixed assets
Goodwill	27.9	107.7	43.5
Other fixed assets	16.9	20.8	16.5
Deferred tax assets	10.2	16.8	11.5
Current assets
Current receivables	255.3	268.2	287.2
Cash and cash equivalents	15.4	16.1	29.6
Total assets	325.7	429.6	388.3
Shareholders' equity and liabilities
Shareholders' equity	109.3	193.0	137.3
Minority share of shareholders' equity	0.0	2.3	2.6
Long-term liabilities	1.8	2.4	1.8
Current liabilities	214.6	231.9	246.6
Total shareholders' equity and liabilities	325.7	429.6	388.3
Pledged assets and contingent liabilities	37.0	0.2	20.5

SUMMARY OF THE CONSOLIDATED CASH FLOW STATEMENT

	2011	2010	2011	2010	2010
Amounts in MSEK	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Profit/loss before tax	7.1	0.6	17.9	2.0	-48.1
Adjustment items	2.0	2.2	4.0	4.4	80.1
Taxes paid	1.7	-0.7	-8.9	-9.6	-11.4
Cash flow from operating activities before changes in working capital	10.8	2.1	13.0	-3.2	20.6
Increase (-)/decrease (+) in current receivables	-23.5	-15.8	-30.2	-35.9	-58.1
Increase (-)/decrease (+) in current liabilities	8.3	14.2	20.2	28.6	45.9
Cash flow from operating activities	-4.4	0.5	3.0	-10.5	8.4
Cash flow from investment activities	-3.7	-8.5	-5.1	-8.7	-9.2
Cash flow from financing activities	-12.1	-31.5	-12.1	-31.5	-34.0
Cash flow for the period	-20.2	-39.5	-14.2	-50.7	-34.8
Opening cash and cash equivalents	35.1	54.2	29.6	67.8	67.8
Exchange rate difference in cash and cash equivalents	0.5	1.4	0.0	-1.0	-3.4
Closing cash and cash equivalents	15.4	16.1	15.4	16.1	29.6

CHANGE IN GROUP EQUITY

	2011	2010	2010
Amounts in MSEK	Jan-Jun	Jan-Jun	Jan-Dec
Opening amount	137.3	219.0	219.0
Dividend	-6.8	-25.7	-25.7
Dividend Dedicare	-33.2
Comp. income for period attributable to the parent company's shareholders	12.1	-0.2	-56.0
Closing amount attributable to the parent company's shareholders	109.3	193.0	137.3
Minority share of shareholders' equity	0.0	2.3	2.6
Closing amount including minority share	109.3	195.3	139.9

SUMMARY OF THE PARENT COMPANY'S COMPREHENSIVE INCOME

	2011	2010	2011	2010	2010
Amounts in MSEK	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Net revenues	5.3	5.1	10.7	10.2	20.6
Operating expenses
Personnel expenses	-4.5	-4.8	-8.8	-9.4	-19.5
Other costs	-4.5	-6.4	-9.2	-12.1	-21.8
Depreciation and impairments, fixed assets	-0.6	-0.6	-1.3	-1.3	-2.6
Operating profit/loss	-4.3	-6.7	-8.6	-12.6	-23.3
Financial items	3.5	-0.1	3.5	-0.2	-48.2
Profit/loss after financial items	-0.8	-6.8	-5.1	-12.8	-71.5
Appropriations	-	-	-	-	0.1
Tax	1.1	1.7	2.3	3.3	6.4
Profit/loss for the period	0.3	-5.1	-2.8	-9.5	-65.0
Other comprehensive income
Group contributions	-	-	-	-	25.0
Tax effect of Group contributions	-	-	-	-	-6.6
Total comprehensive income for the period	0.3	-5.1	-2.8	-9.5	-46.6

SUMMARY OF THE PARENT COMPANY'S BALANCE SHEET

Amounts in MSEK	30-6-2011	30-6-2010	31 Dec 2010
Assets
Fixed assets
Participations in Group companies	24.3	117.9	32.6
Other fixed assets	13.2	11.4	10.1
Current assets
Current receivables	51.5	33.1	93.9
Cash at bank and in hand	0.0	0.0	0.0
Total assets	89.0	162.4	136.6
Shareholders' equity and liabilities
Shareholders' equity	66.7	124.5	87.3
Untaxed reserves	4.2	4.3	4.2
Current liability to credit institution	6.7	-	13.1
Other current liabilities	11.4	33.6	32.0
Total shareholders' equity and liabilities	89.0	162.4	136.6
Pledged assets and contingent liabilities	14.2	-	14.2

KEY RATIO QUARTERLY OVERVIEW

	2011	2011	2010	2010	2010	2010	2009	2009
	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep
Operating revenues 3	283.2	283.6	295.7	245.4	252.5	235.3	236.9	214.4
Growth3,%	12.2	20.5	24.8	14.5	2.4	-13.3	-16.5	-19.9
Operating margin3, %	2.0	3.7	3.04	-0.1	-1.7	-0.8	-1.1	-3.4
Profit margin3, %	2.0	3.7	3.14	-0.1	-1.8	-0.7	-0.7	-3.5
Return on capital employed1, %	-20.7	-21.1	-26.2	6.5	3.7	5.2	12.4	19.3
Return on total assets1, %	-8.3	-9.1	-11.6	3.1	1.9	2.8	6.7	10.3
Return on shareholders' equity1, %	-31.0	-28.9	-28.2	3.2	0.9	2.2	7.4	14.9
Shareholders' equity/assets ratio, %	33.6	35.6	36.0	45.1	45.5	49.9	52.3	50.3
Proportion of risk-bearing capital, %	34.1	36.1	36.5	45.6	46.0	50.5	52.8	52.2
Average number of full-time employees3	1,944	1,843	1,896	1,784	1,674	1,543	1,541	1,562
Revenue per employee3, SEK thousand	146	154	156	138	151	152	154	137
Number of shares, average (thousand)	17,122	17,122	17,122	17,122	17,122	17,122	17,122	17,122
Number of shares, outstanding (thousand)	17,122	17,122	17,122	17,122	17,122	17,122	17,122	17,122
Earnings per share before dilution2, SEK	0.29	0.44	-3.83	0.34	0.00	0.03	-0.03	0.06
Shareholders' equity per share, SEK	6.38	8.42	8.03	11.12	11.27	12.47	12.79	12.71

¹Rolling 12 months.

²No dilution effect.

³Group, excluding Dedicare.

⁴ Excluding amortisation of goodwill, UK.

KEY RATIO INTERIM OVERVIEW

	2011	2010
	Jan-Jun	Jan-Jun
Operating margin2, %	2.8	-1.3
Profit margin2, %	2.8	-1.3
Earnings per share before dilution1, SEK	0.73	0.03
Shareholders' equity per share, SEK	6.38	11.27

¹No dilution effect.

² Group, excluding Dedicare.

DEFINITIONS

Proportion of risk-bearing capital

Shareholders' equity, plus minority interest and tax provisions, as a percentage of total assets.

Average number of employees

Total number of hours worked during the year divided by the normal number of working hours for a full-time employee.

Return on shareholders' equity

Profit/loss after tax divided by average shareholders' equity.

Return on capital employed

Profit/loss after financial items plus financial expenses, divided by average capital employed.

Return on total assets

Profit/loss after financial items plus financial expenses divided by average total assets.

Shareholders' equity per share

Shareholders' equity divided by the number of shares outstanding.

Revenue per employee

Operating revenues divided by the average number of fulltime employees.

Earnings per share

Profit/loss for the period after tax divided by the average number of shares.

Operating margin

Operating profit/loss as a percentage of operating revenues.

Shareholders' equity/assets ratio

Shareholders' equity, including minority share, as a percentage of total assets.

Capital employed

Total assets less non-interest-bearing liabilities, including tax provisions.

Profit margin

Profit/loss after financial items as a percentage of operating revenues.

Operational branches and geographical regions

Poolia applies IFRS 8 Operating Segments. Operating segments are reported in a way that complies with internal reporting, which for Poolia involves a division into both geographical regions and business segments.

An operating segment is a part of the Group that operates a business from which it can generate revenues and incur expenses, and for which separate financial information is available. The operating segment's operating profit/loss is reviewed regularly by the company's chief decision-makers, i.e. the Poolia Group's corporate management team. This review forms the basis for decisions on the allocation of resources to the segment and for assessment of its performance.

Poolia's geographical segments are Sweden, Finland, Germany and the UK. One business segment comprises healthcare operations in Dedicare, providing temporary

REVENUES PER OPERATING SEGMENT

doctors and other healthcare and care staff. The other business segment comprises Poolia's other operations, i.e. temporary staffing and permanent placement of qualified professionals. Healthcare activities form a separate segment as the market, clients, candidate structure and business logic differ from those of Poolia's other activities. Dedicare engages in activities under its own operative management and is established in Sweden and Norway. It is reported as a discontinued operation because of the Annual General Meeting passing a resolution on a distribution of its shares to the shareholders.

During the period, the geographical segment division has changed as Denmark is now included in the Sweden segment as regards organisation and accounting. There were no significant changes in total assets or in the distribution of assets within or between segments.

2011 2010 2011 2010 2010 MSEK Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Remaining operations Poolia Sweden 226.9 190.3 451.3 366.4 773.2 Poolia UK 28.7 33.6 58.2 63.2 129.4 Poolia Germany 19.5 21.5 41.7 43.9 96.9 Poolia Finland 8.1 7.1 15.7 14.4 29.4 Total 283.2 252.5 566.9 487.9 1,028.9 Discontinued operations Dedicare 28.1 82.1 110.0 155.0 331.9 Total revenues 311.3 334.6 676.9 642.9 1,360.8

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2011	2010	2011	2010	2010
MSEK	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Remaining operations
Poolia Sweden	9.7	2.6	23.3	7.9	27.6
Poolia UK	-0.5	-0.7	-1.8	-2.5	-75.2
Poolia Germany	0.0	0.0	1.8	0.0	-0.1
Poolia Finland	0.7	0.5	1.3	0.9	2.5
Total	9.9	2.4	24.6	6.3	-45.2
Discontinued operations
Dedicare	1.4	5.1	1.7	8.4	20.8
Total	11.3	7.5	26.3	14.7	-24.3
Non-distributed parent company costs	-4.3	-6.8	-8.6	-12.6	-23.5
Total operating profit/loss	7.0	0.7	17.7	2.1	-47.8

Discontinued operation

The Annual General Meeting passed a resolution on a dividend of all the company's shares in the subsidiary, Dedicare AB. The transaction was completed on 29 April 2011. The company was listed on the NASDAQ OMX Stockholm Small Cap List on 4 May.

The company was part of the Poolia Group up to and including April 2011.

Revenues

Dedicare's revenues were included in consolidated revenues up to and including April 2011. In the second

PROFIT/LOSS FROM DISCONTINUED OPERATION (DIVIDEND)

quarter, revenues were MSEK 28.1 (82.1). During the interim period, revenues were MSEK 110.0 (155.0).

Financial results

Dedicare's operating profit/loss was included in consolidated revenues up to and including April 2011. The operating profit/loss in the second quarter was MSEK 1.4 (5.1) and the operating margin was 4.8% (6.2%). The operating profit/loss in the interim period was MSEK 1.8 (8.4) and the operating margin was 1.6% (5.4%).

	2011	2010	2011	2010	2010
Amounts in MSEK	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating revenues	28.1	82.1	110.0	155.0	331.9
Operating expenses
Personnel expenses	-25.5	-73.6	-99.7	-140.0	-297.4
Other costs	-1.2	-3.4	-8.5	-6.6	-13.4
Depreciation and impairments, fixed assets	-	-	-	-	-0.3
Operating profit/loss	1.4	5.1	1.8	8.4	20.8
Financial items	0.0	0.0	0.0	-0.3	-0.6
Profit/loss before tax	1.4	5.1	1.8	8.1	20.2
Tax	-0.4	-1.3	-0.5	-2.1	-5.6
Profit/loss for the period	1.0	3.8	1.3	6.0	14.6
Other comprehensive income
Translation differences	-0.6	-0.2	-0.6	-0.4	-1.2
Total comprehensive income for the period	0.4	3.6	0.7	5.6	13.4
Cash flow from discontinued operations	2011		2011
Amounts in MSEK	Apr-Jun		Jan-Jun
Operating activities	-3.7		-9.5
Investment activities	-		-0.1

Financing activities - - Total -3.7 -9.6

Accounting policies

The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act, and for the parent company in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Reporting for Legal Entities. Unless specified otherwise below, the accounting policies applied for the Group and the parent company correspond with the accounting policies applied when preparing the most recent annual report.

The Annual General Meeting passed a resolution on a dividend comprising all the company's shares in the subsidiary, Dedicare AB. As it is the same parties that have the controlling influence before and after the distribution of assets, IFRIC 17, Distribution of Non-cash Assets to Owners, does not apply. Consequently, there has been no revaluation of Poolia's shares in Dedicare.

New and revised IFRS standards and interpretations from IFRIC coming into effect from 2011 have not had any significant effect on the Group's financial reporting.

The Board of Directors and the Chief Executive Officer hereby certify that the interim report provides a fair view of the activities, financial position and financial results of the parent company and the Group, and describes significant risks and uncertainty factors faced by the company and the companies that are part of the Group.

Future reporting dates

Interim Report, Jan-Sep 2011 26 October, 07:00

Stockholm, 26 July 2011

Björn Örås Chairman of the Board

Monica Caneman Board member

Håkan Winberg Board member

Margareta Barchan Board member

Dag Sundström Board member

Monika Elling MD and CEO

This interim report has not been the subject of any special examination by the company's auditors.

For further information, please contact:

Monika Elling, MD and CEO, tel. +46 (0)8-555 650 60, +46 (0)70-512 02 01 Lotta Nilsson, CFO, Tel. +46 (0)8-555 650 64, +46 (0)73-944 50 64

POOLIA AB (PUBL) Warfvinges väg 20 Box 30081 SE-104 25 Stockholm Tel: +46 (0)8-555 650 00 Fax: +46 (0)8-555 650 01 Corp. ID no: 556447-9912 www.poolia.com