PION Group — Interim / Quarterly Report 2012

Oct 31, 2012

INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012

Quarterly period, July-September

• Poolia's income totalled MSEK 217.8 (263.8), a drop of 17.4%, (16.6% in local currency).
• The operating profit totalled MSEK -0.7 (3.0), while the operating margin was -0.3% (1.2).
• The pre-tax profit was MSEK 0.8 (3.0).
• Profit after tax was MSEK -0.8 (2.2).
• Earnings per share totalled SEK -0.05 (0.13).
• Cash flow from operating activities was MSEK -2.6 (-1.1).

January to September interim period

• Poolia's income totalled MSEK 752.6 (830.6), a drop of 9.4% (9.4% in local currency).
• The operating profit totalled MSEK 2.4 (19.0) and the operating margin was 0.3% (2.3%).
• The pre-tax profit was MSEK 2.4 (19.1).
• Profit after tax was MSEK 0.7 (13.4).
• Earnings per share totalled SEK 0.04 (0.86).
• Cash flow from operating activities during the period was MSEK 17.0 (1.9).
• The equity/assets ratio at the end of the period was 36.0% (34.8%) and the Group's equity per share was SEK 6.13 (6.58).

From the CEO – "We're adapting to a weaker economy"

The general picture for the Group and the quarter was that our overseas business is performing well, while the business in Sweden is adapting to a weaker economy. In the UK we have struck a profitable commercial balance with a much smaller organisation and a lower cost structure. Our conscious Group initiative in permanent placement is going well.

Revenues in the Swedish domestic market fell by 18%, attributable to the temporary staffing side and a much weaker business climate. The permanent placement/outplacement service area grew. We are focusing on increasing the staffing ratio and cutting costs, as the falling staffing ratio is one of the reasons behind the operating loss for Sweden. The customer side has won contracts in the banking and IT sector. A major contract that we lost in a procurement process in 2010 continues to have a negative effect. In 2011 the customer retained a large proportion of our temps, while in 2012 we phased out most of them. This has resulted in a significant fall in revenues in the comparative figures between 2012 and 2011.

The Swedish operating loss was MSEK 1.7. In the second quarter we implemented a savings programme that aimed to improve the profit by MSEK 20 on an annual basis. Most of the cost savings will be achieved via natural changes in operating activities. The cost of the savings programme is MSEK 2, of which

MSEK 1.1 is being charged to the third quarter, the rest to the fourth quarter. As we are now continuing to lose revenues, additional savings will be implemented in order to achieve an acceptable level of profitability. The profit figure also includes the costs of a conscious initiative to enhance our outplacement

business, which had a negative effect on the profit to the order of approx. MSEK 1 during the startup phase.

Poolia Germany's revenues showed an increase of 27% in local currency. This business continues to perform well. The operating margin in the third quarter was 7.0% (6.7).

Poolia UK reported a 38% decline in revenues in local currency, which is largely due to a continuation in the staff reduction programme from 35 at the end of Q3 2011 to 19 at the end of Q3 2012. The move during Q2 has produced a better cost structure, which contributed to the profit figure of MSEK 0.6 (0.4).

Poolia Finland continues to deliver the Group's highest operating margin, at 11.5% (10.0). Revenues fell by 13% in local currency. This is because of challenging comparative figures because of an unusually large contract in summer 2011 and a more sluggish business climate at present. Poolia Finland is winning market shares and has an increasingly strong permanent placement section.

Monika Elling MD and CEO

Business concept

Poolia's business concept is to provide companies and organisations with the expertise that meets their temporary or permanent needs for qualified professionals and outplacement services.

Poolia Quality

Poolia's business is the temporary staffing, permanent placement and outsourcing of qualified professionals. We specialise in the areas of Finance & Accounting, Financial Services, Human Resources, Sales & Marketing, IT & Engineering, Office Support and Executive Search. This specialisation focuses our expertise and deepens our commitment to our customers' business operations. We understand our customers' staffing needs, and we have the processes and tests in place to ensure the customer gets the right person. Our experience, specialisation, commitment, and working methods combine to create the quality that gives our customers a crucial advantage: employees who go the extra mile. This is what we call Poolia Quality.

Since Q3 2012 we have had ISO environmental certification, to supplement our existing ISO quality certification.

Market trends

During the second and third quarter there was general uncertainty about economic developments. We can now see clear signs of recession. It is our belief that even though we are in the early stages of a recession, the industry still has low market penetration, which means that the proportion of temporary staff in companies in our markets will continue to rise over time.

JULY-SEPTEMBER GROUP

Revenues

The Group's operating income declined by 17.4% to MSEK 217.8 (263.8). Exchange rate movements had a negative impact of -0.8% on revenues. Temporary staffing is the largest service area. The proportion of revenues from the permanent placement/outplacement service area rose to 12% from 10%.

The operating profit totalled MSEK -0.7 (3.0), while the operating margin was -0.3% (1.2). The chart below shows operating profit/loss net of the goodwill impairment loss for the UK recognised in Q4 2010. Unallocated parent company expenses totalled MSEK -2.4 (-1.9). The Group's net finance income was MSEK -0.1 (0.0). Profit before tax was MSEK -0.8 (3.0). The Group's tax was MSEK 0.0 (- 0.8).

POOLIA SWEDEN

Revenues

Poolia Sweden's revenues totalled MSEK 165.1 (202.5), a fall of 18% compared with the same period the previous year. Temporary staffing during the quarter fell by 21% and activities in permanent placement/outsourcing grew by 2%. The proportion of permanent placement/outsourcing during the period was 11% as against 9% during the comparative period.

Profit/loss

Poolia Sweden's operating profit was MSEK -1.7 (2.0). The operating margin was -1.0% (1.0%).

Revenues fell by 18% and were relatively evenly distributed both geographically and by service area. To deal with the uncertain Swedish market and in due course increase the profit, a savings programme was implemented during Q2. The purpose is to cut costs by MSEK 20 on an annual basis. During Q3 we incurred restructuring expenses of MSEK 1.1 of the estimated MSEK 2.0 to achieve the annual saving. The remaining costs of the savings programme will be charged in Q4. As we are now losing revenues, additional savings have to be achieved in order to achieve an acceptable level of profitability. The profit for Q3 also includes the costs of a conscious initiative to enhance our outplacement business, which had a negative effect on the profit of approx. MSEK 1 during the startup phase.

POOLIA UK Revenues

Poolia UK's revenues totalled MSEK 18.3 (28.9). In local currency, revenues fell by 38%. The exchange rate had a positive effect of 2% on revenues during the quarter. The proportion of business in permanent placement fell from 15% to 14%.

Profit/loss

Poolia UK's operating profit for the period was MSEK 0.6 (0.4). The operating margin was 3.1% (1.4).

We have appointed a new MD in the UK from the industry as from 1 October 2012. We are going through a generation shift in internal staff, with the number having fallen from 35 people last year to the current level of 19. This is reflected in the lower revenue figure. We now have a dedicated base of employees to build on.

POOLIA GERMANY

Revenues

Poolia Germany's revenues totalled MSEK 26.2 (22.2). In local currency, revenues rose by 27%. The exchange rate had a negative effect of 9% on revenues during the quarter. The proportion of business in permanent placement remains unchanged at 16%.

Profit/loss

Poolia Germany's operating profit was MEK 1.8 (1.5). The operating margin was 7.0% (6.7%).

Poolia Germany continues to build up its office team and to grow with good profitability. We are currently at seven locations and reporting profitability in most offices. The locations that are not reporting a profit are those that are still being built up and one office that is operating in a difficult region from a competition perspective. Germany is introducing new rules, for a trade union contract area, on equal pay for temps and employees. As of 1 November 2012 this will affect around 30% of our temps and those working on longerterm customer assignments. Negotiations on the remaining contracts have not been completed in the German market and will therefore probably not come into force in the first half of 2013. There is a potential risk of a fall in the operating margin because of this new law. We do, however, expect to be able to make up for this with higher efficiency in deliveries.

Share of Group revenue in the quarter

Poolia Germany 12,0%

POOLIA FINLAND

Revenues

Poolia Finland's revenues totalled MSEK 8.3 (10.2). Revenues fell by 13% in local currency. The exchange rate had a negative effect on revenues to the order of 6% during the quarter. The proportion of business in permanent placement has increased from 9% to 16%.

Profit/loss

Poolia Finland's operating profit was MSEK 1.0 (1.0). The operating margin was 11.5% (10.0%).

During Q3 last year Poolia Finland had a major project of a one-off nature, which is why growth is negative for the period. The operating margin remains stable at a high level. The market is considered to be slightly more uncertain than before. On an accumulated basis during 2012, Poolia Finland is performing better than the market.

JANUARY – SEPTEMBER GROUP

Revenues

The Group's revenues fell by 9.4% to MSEK 752.6 (830.6). Revenues were not affected by exchange rate movements during the period. Temporary staffing is the largest service area. The proportion of permanent placement/outsourcing is unchanged at 12%. The chart below shows the distribution of the Group's revenues for the quarter by segment.

Profit/loss

The operating profit totalled MSEK 2.4 (19.0) and the operating margin was 0.3% (2.3). The pre-tax profit totalled MSEK 2.4 (19.1). Unallocated parent company expenses totalled MSEK -9.0 (-10.5). The Group's net finance income was MSEK 0.0 (0.1). The Group's tax was MSEK -1.7 (-5.7). The tax rate for the Group was 71% (30%). Tax income was not used to offset the loss for the period in the UK. The tax rate was also affected by a retrospective adjustment.

Liquidity and financing

The Group's cash and cash equivalents as of 30 September 2012 totalled MSEK 6.9 (12.5). The Group's Swedish business has an overdraft facility of MSEK 40 (40). MSEK 9.7 (11.3) of this amount had been utilised as of 30 September 2012. Cash flow from operating activities during the period was MSEK 17.0 (1.9). A share dividend of MSEK 7.4 was paid and there was a change in the unutilised overdraft facility of MSEK 4.4. The equity/assets ratio as of 30 September 2012 was 36.0% (34.8%).

Investments

The Group's investments in non-current assets in the period January-September totalled MSEK 4.7 (8.0).

The share

The Poolia share is listed on the NASDAQ OMX Stockholm AB stock exchange under the ticker POOL B. The number of shares issued is 17,121,996. The price on the reporting date was SEK 13.90. During the period, 2,437,265 shares were traded at a total value of MSEK 35.4.

Dividend policy

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

Employees

The average number of FTEs was 1,742 (1,903). As of 30 September 2012 the number of employees was 1,879 (2,039).

Seasonal fluctuations

Number of working days during the year:

	Sweden	UK	Germany
Jan-Mar	64(63)	64(59)	65(64)
Apr-Jun	59(60)	60(60)	59(60)
Jul-Sep	65(66)	64(69)	65(63)
Oct-Dec	62(64)	63(63)	62(62)
Full year	250(253)	251(251)	251(249)

Parent Company

Overall group management, development, financial management and IT administration are centralised in the parent company. Revenues during the period totalled MSEK 19.5 (17.2). There was a loss after financial items of MSEK 6.5 (7.1).

Significant risks and uncertainties

Risks and risk management are described in Poolia's 2011 Annual Report. The risks can be summarised as economic fluctuations, dependence on customers and individuals, legislation and regulation, and financial risks. Significant risks and uncertainties at 30/09/2012 were unchanged from 31 December 2011.

Events after the end of the period

A new MD was appointed at Poolia UK as of 1 October 2012. There are no other significant events to report.

Related party transactions

There were no related party transactions during the period that had a significant effect on the Company's financial position and earnings.

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME

	2012	2011	2012	2011	2011
Amounts in MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Continuing operations	217.8	263.8	752.6	830.6	1,122.6
Operating income
Operating expenses
Personnel expenses	-198.7	-237.7	-681.0	-737.2	-998.5
Other expenses	-18.3	-21.1	-64.7	-68.4	-99.4
Depreciation, amortisation and impairment of assets	-1.5	-2.0	-4.5	-6.0	-7.5
Operating profit/loss	-0.7	3.0	2.4	19.0	17.2
Financial items	-0.1	0.0	0.0	0.1	0.5
Profit/loss before tax	-0.8	3.0	2.4	19.1	17.7
Tax	0.0	-0.8	-1.7	-5.7	-2.9
Profit/loss for the period from continuing operations	-0.8	2.2	0.7	13.4	14.8
Discontinued operations (distribution)
Profit/loss for the period from discontinued operations	-	-	-	1.3	1.3
Profit/loss for the period	-0.8	2.2	0.7	14.7	16.1
Other comprehensive income
Translation differences	-1.2	1.2	-1.4	0.9	-0.1
Total comprehensive income for the period	-2.0	3.4	-0.7	15.6	16.0
Operating margin, continuing operations, %	-0.3	1.2	0.3	2.3	1.5
Profit margin, continuing operations, %	-0.4	1.1	0.3	2.3	1.6
Profit/loss for the period attributable to:
Owners of the Parent	-0.8	2.2	0.7	14.6	16.0
Non-controlling interests	0.0	-	0.0	0.1	0.1
Earnings per share, before and after dilution, SEK
Earnings per share from continuing and
discontinued operations	-0.05	0.13	0.04	0.86	0.94
Earnings per share from discontinued operations	-	-	-	0.08	0.08
Total comprehensive income attributable to:
Owners of the Parent	-2.0	3.4	-0.7	15.5	15.9
Non-controlling interests	0.0	-	0.0	0.1	0.1

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in MSEK	30/09/2012	30/09/2011	31/12/2011
Assets
Non-current assets
Goodwill	27.6	28.0	27.9
Other non-current assets	17.5	17.8	17.3
Deferred tax assets	10.8	10.2	10.8
Current assets
Current receivables	229.1	255.5	261.0
Cash & cash equivalents	6.9	12.5	7.5
Total assets	291.9	324.0	324.5
Equity and liabilities
Equity	105.0	112.7	113.1
Minority share of equity	0.0	0.0	0.0
Non-current liabilities	1.9	1.8	1.9
Current liabilities to credit institutions		-	4.4
Current liabilities	185.0	209.5	205.1
Total equity and liabilities	291.9	324.0	324.5
Pledged assets and contingent liabilities	26.0	38.7	21.2

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	2012	2011	2012	2011	2011
Amounts in MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Profit/loss before tax	-0.8	3.0	2.4	20.9	19.4
Adjustments	1.5	2.0	4.5	5.9	7.5
Income tax paid	-1.7	-5.6	-5.8	-14.4	-10.4
Cash flow from operating activities before changes in working capital	-1.0	-0.6	1.1	12.4	16.5
Increase (-)/decrease (+) in current receivables	26.3	4.5	35.9	-25.6	-33.2
Increase (+)/decrease (-) in current liabilities	-27.9	-5.0	-20.0	15.1	11.1
Cash flow from operating activities	-2.6	-1.1	17.0	1.9	-5.6
Cash flow from investing activities	-0.3	-3.0	-4.6	-8.0	-9.3
Cash flow from financing activities	-	-	-11.8	-12.1	-7.7
Cash flow for the period	-2.9	-4.1	0.6	-18.2	-22.6
Cash & cash equivalents at beginning of period	10.7	15.4	7.5	29.6	29.6
Exchange differences	-0.9	1.2	-1.2	1.1	0.5
Cash & cash equivalents at end of period	6.9	12.5	6.9	12.5	7.5

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	2012	2011	2011
Amounts in MSEK	Jan-Sep	Jan-Sep	Jan-Dec
Opening balance	113.1	137.3	137.3
Dividend	-7.4	-6.8	-6.8
Distribution, Dedicare	-	-33.2	-33.2
Total comprehensive income for the period attributable to owners of the Parent	-0.7	15.5	15.9
Closing balance attributable to owners of the Parent	105.0	112.7	113.1
Minority share of equity	0.0	0.0	0.0
Closing balance including minority share	105.0	112.7	113.1

SUMMARY OF THE PARENT COMPANY'S INCOME STATEMENT

	2012	2011	2012	2011	2011
Amounts in MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Net sales	6.5	6.6	19.5	17.2	24.0
Operating expenses
Personnel expenses	-3.9	-3.9	-14.0	-12.7	-17.0
Other expenses	-3.9	-3.8	-11.3	-13.0	-18.4
Depreciation, amortisation and impairment of assets	-1.1	-0.7	-3.2	-2.0	-3.3
Operating profit/loss	-2.4	-1.8	-9.0	-10.5	-14.7
Financial items	-0.1	-0.1	2.5	3.4	29.3
Profit/loss after financial items	-2.5	-1.9	-6.5	-7.1	14.6
Appropriations	-	-	-	-	-0.7
Tax	0.6	0.5	2.4	1.9	-2.2
Profit/loss for the period	-1.9	-1.4	-4.1	-5.2	11.7
Statement of comprehensive income
Profit/loss for the period	-1.9	-1.4	-4.1	-5.2	11.7
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the period	-1.9	-1.4	-4.1	-5.2	11.7

CONDENSED BALANCE SHEET – PARENT

Amounts in MSEK	30/09/2012	30/09/2011	31/12/2011
Assets
Non-current assets
Investments in Group companies	24.4	24.3	24.4
Other non-current assets	11.9	15.2	14.8
Current assets
Current receivables	67.1	50.7	68.0
Cash and bank balances	0.0	0.0	0.0
Total assets	103.4	90.2	107.2
Equity and liabilities
Equity	69.8	64.3	81.3
Untaxed reserves	4.9	4.2	4.9
Provisions	0.5	-	0.5
Current liabilities to credit institutions	16.3	11.8	11.3
Other current liabilities	11.9	9.9	9.2
Total equity and liabilities	103.4	90.2	107.2
Pledged assets and contingent liabilities	14.6	14.2	14.6

QUARTERLY OVERVIEW OF KEY FINANCIAL RATIOS

	2012	2012	2012	2011	2011	2011	2011	2010
	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec
Operating income3	217.8	258.1	276.7	292.0	263.8	283.2	283.6	295.7
Growth3, %	-17.4	-8.9	-2.4	-1.2	7.5	12.2	20.5	24.8
Growth in local currency3, %	-16.6	-9.5	-2.6	-1.0	8.7	14.6	23.5	27.8
Operating margin3, %	-0.3	0.1	1.0	-0.6	1.2	2.0	3.7	3.04
Profit margin3, %	-0.4	0.2	0.9	-0.5	1.1	2.0	3.7	3.14
Return on capital employed1, %	1.6	4.9	9.2	15.5	-24.2	-20.7	-21.1	-26.2
Return on total assets1, %	0.6	1.6	3.3	5.6	-9.8	-8.3	-9.1	-11.6
Return on equity1, %	1.9	4.7	7.8	12.9	-33.5	-31.0	-28.9	-28.2
Equity/assets ratio, %	36.0	33.2	35.4	34.9	34.8	33.6	35.6	36.0
Proportion of risk-bearing capital, %	36.5	33.8	35.8	35.3	35.3	34.1	36.1	36.5
Number of full-time equivalents, average3	1690	1776	1760	1877	1921	1944	1843	1896
Income per employee3, SEK 000	129	145	157	156	137	146	154	156
Number of shares, average (000)	17122	17122	17122	17122	17122	17122	17122	17122
Number of shares, outstanding (000)	17122	17122	17122	17122	17122	17122	17122	17122
Earnings per share before dilution2, SEK	-0.05	0.00	0.08	0.08	0.13	0.29	0.44	-3.83
Equity per share, SEK	6.13	6.24	6.66	6.60	6.58	6.38	8.42	8.03

1 Rolling 12 months.

2 No dilutive effects.

3Group, excluding Dedicare

⁴ Excluding goodwill impairment, UK

SUMMARY OF KEY FINANCIAL RATIOS FOR THE PERIOD

	2012	2011
	Jan-Sep	Jan-Sep
Operating margin2, %	0.3	2.3
Profit margin2, %	0.3	2.3
Earnings per share before dilution1, SEK	0.04	0.86
Equity per share, SEK	6.13	6.58

1 No dilutive effects ² Group, excluding Dedicare

DEFINITIONS

Proportion of risk-bearing capital

Equity plus non-controlling interests and provisions for taxes as a percentage of total assets.

Number of FTEs, average

The total number of hours worked during the period divided by the normal number of working hours for a full-time employee.

Return on equity

Profit after tax divided by average equity.

Return on capital employed

Profit after financial items plus finance costs divided by average capital employed.

Return on total assets

Profit after financial items plus finance costs divided by average total assets.

Equity per share

Equity divided by the number of shares outstanding.

Income per employee

Operating income divided by the average number of FTEs.

Earnings per share

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

Operating margin

Operating profit as a percentage of operating income.

Equity/assets ratio

Equity, including non-controlling interests, as a percentage of total assets.

Capital employed

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

Profit margin

Profit after financial items as a percentage of operating revenues

Operating segments and geographical segments

Poolia applies IFRS 8 Operating Segments. Operating segments are reported in such a way as to reflect internal reporting, which for Poolia means division into geographical segments and business segments.

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and for which discrete financial information is available. The operating segment's operating results are reviewed regularly by the Company's chief operating decision maker, i.e. the Poolia Group's management group, in order to allocate resources to the segment and assess its performance.

Poolia's geographical segments are Sweden, Finland, Germany and the UK. Poolia business segments have comprised Dedicare's operations, namely temporary staffing of doctors and other healthcare staff (divested in May 2011) and Poolia's other activities, namely temporary staffing, permanent placement of qualified professionals and outplacement. The healthcare business formed a separate segment as its market, clients, candidate structure and business logic differ from those of Poolia's other activities. Dedicare was run under its own operational management in Sweden and Norway. It is reported as a discontinued operation on the basis of the adopted and implemented distribution to shareholders. There were no significant changes in total assets or the distribution of assets within or between segments.

	2012	2011	2012	2011	2011
MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Continuing operations
Poolia Sweden	165.1	202.5	592.9	653.7	889.0
Poolia UK	18.3	28.9	62.7	87.1	111.8
Poolia Germany	26.2	22.2	70.9	63.9	86.4
Poolia Finland	8.3	10.2	26.0	25.9	35.5
Total	217.8	263.8	752.6	830.6	1,122.6
Discontinued operations
Dedicare	-	-	-	110.0	110.0
Total revenues	217.8	263.8	752.6	940.6	1,232.6

REVENUES BY OPERATING SEGMENT

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2012	2011	2012	2011	2011
MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Continuing operations
Poolia Sweden	-1.7	2.0	6.7	25.4	26.0
Poolia UK	0.6	0.4	-0.9	-1.4	-2.6
Poolia Germany	1.8	1.5	3.1	3.3	4.3
Poolia Finland	1.0	1.0	2.5	2.3	4.2
Total	1.7	4.9	11.4	29.6	31.9
Discontinued operations
Dedicare	-	-	-	1.7	1.7
Total	1.7	4.9	11.4	31.3	33.6
Unallocated parent company costs	-2.4	-1.9	-9.0	-10.5	-14.6
Total operating profit/loss	-0.7	3.0	2.4	20.8	19.0

Discontinued operations

The 2011 annual general meeting adopted a distribution of the Company's entire shares in the subsidiary Dedicare AB. The transaction was completed on 29 April 2011. On 4 May 2011, the divested company's shares were admitted to trading on NASDAQ OMX Stockholm Small Cap List.

Revenues

Dedicare's income was included in consolidated income until the end of April 2011. Revenues for the interim period Jan-Sep 2011 totalled MSEK 110.0.

Profit/loss

Dedicare's operating profit was included in consolidated earnings until the end of April 2011. The operating profit for the period Jan-Sep 2011 totalled MSEK 1.7, with an operating margin of 1.6%. This figure included stock exchange listing expenses of MSEK 3.

PROFIT/LOSS FROM DISCONTINUED OPERATIONS (DISTRIBUTION)

	2012	2011	2012	2011	2011
Amounts in MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Operating income	-	-	-	110.0	110.0
Operating expenses
Personnel expenses	-	-	-	-99.8	-99.8
Other expenses	-	-	-	-8.5	-8.5
Depreciation, amortisation and impairment of assets	-	-	-	-	-
Operating profit/loss	-	-	-	1.7	1.7
Financial items	-	-	-	0.0	0.0
Profit/loss before tax	-	-	-	1.7	1.7
Tax	-	-	-	-0.4	-0.4
Profit/loss for the period	-	-	-	1.3	1.3
Other comprehensive income
Translation differences	-	-	-	-0.6	-0.6
Total comprehensive income for the period	-	-	-	0.7	0.7
Cash flow from discontinued operations:	2012	2011	2012	2011	2011
Amounts in MSEK	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Operating activities	-	-	-	-9.5	-9.5
Investing activities	-	-	-	-0.1	-0.1
Financing activities	-	-	-	-	-
Total:	-	-	-	-9.6	-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 Accounting for Legal Entities. Unless specified otherwise below, the accounting policies and calculation methods applied for the Group and the Parent Company correspond with the accounting policies and calculation methods applied when preparing the most recent annual report.

New and amended IFRS standards and IFRIC interpretations which come into effect in 2012 have not had any significant effect on the Group's financial reporting.

The Board of Directors and CEO herewith certify that the interim report provides a true and fair view of the operations, financial position and financial performance of the Parent Company and the Group, and describes material risks and uncertainties to which the Company and its subsidiaries are exposed.

Future reporting dates

Year-end bulletin 2012 14 February 2013 Interim report, Q1 25 April 2013 AGM 25 April 2013

Stockholm, 26 October 2012

Björn Örås Chairman of the Board

Monica Caneman Board member

Håkan Winberg Board member

Margareta Barchan Board member

Dag Sundström Board member

Monika Elling President and CEO

Auditor's Report on Review of Interim Financial Information

Introduction

We have conducted a review of the interim report for Poolia AB (publ) for the period 1 January 2012 until 30 September 2012. The Board of Directors and the Managing Director are responsible for producing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial information on the basis of our review.

Focus and scope of the review

We have conducted our review in accordance with the Standard for Review Engagements (SÖG) 2410, Review of Interim Financial Information by the Independent Auditor of the Entity. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially more limited in scope compared to an audit conducted in accordance with International Standards on Accounting and generally accepted auditing practice. The review procedures do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. The conclusion expressed is based on a review and therefore does not have the same level of certainty of a conclusion expressed on the basis of an audit.

Conclusion

On the basis of our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, on behalf of the Group in accordance with IAS 34 and the Swedish Annual Accounts Act, and on behalf of the parent company in accordance with the Swedish Annual Accounts Act.

Stockholm, 26 October 2012

Deloitte AB

Henrik Nilsson

Authorised Public Accountant

For further information, please contact:

Monika Elling, MD and CEO, tel. +46 (0)8-555 650 60, +46 (0)70-512 02 01 Yvonne Helander, CFO, Tel. +46 (0)8-555 650 27, +46 (0)73-944 50 27

POOLIA AB (PUBL) Kungsgatan 57 A Box 207 SE-104 24 Stockholm Tel: +46 (0)8-555 650 00 Fax: +46 (0)8-555 650 01 Reg. no: 556447-9912 www.poolia.com