PION Group — Interim / Quarterly Report 2012

Feb 15, 2013

YEAR-END REPORT 1 JANUARY-31 DECEMBER 2012

Quarterly period October-December

• Poolia's revenues totalled MSEK 228.8 (292.0), a drop of 21.7% corresponding to -20.9% in local currency.
• The operating profit totalled MSEK -32.3 (-1.8), while the operating margin was -14.1% (-0.6%). The operating profit includes restructuring expenses and an amended assessment of the useful life of investments to the order of MSEK 19.8.
• The pre-tax profit was MSEK -32.1 (-1.4).
• Profit after tax was MSEK -26.2 (1.4).
• Earnings per share totalled SEK -1.53 (0.08).
• Cash flow from operating activities was MSEK -6.3 (-7.4).

From the CEO - "The fourth quarter: a transitional quarter for Poolia"

The fourth quarter, with an overall operating loss of MSEK 32.3, is a transitional quarter for Poolia. We have implemented both short-term and long-term, more structural transitional measures. In the short term, we have reduced our workforce both internally and in terms of temps in order to match the level of demand in the market. We have also continued to rationalise our overhead structures. Furthermore, we are changing the assessment of the financial useful lives of our IT and other investment projects, which has affected the profit to the order of MSEK 6.6. In practice this means a shorter depreciation period and a lower risk on the balance sheet.

Poolia Sweden reports an operating loss of MSEK 23.7, of which MSEK 14.5 comprises restructuring costs and an amended assessment of the useful life of our investments. The drop in demand in the fourth quarter, in particular for temporary staffing and permanent placement services, is a consequence of the deeper recession. Permanent placement and outplacement accounted for 12% (10%) of revenues in the fourth quarter. Poolia's outplacement company, Utvecklingshuset, gained market share during the period.

In January 2013 a level of turnover was achieved that is in line with our expectations and produced a profit, based on the new cost structure. We are seeing the effects of the action taken in the fourth quarter.

Full year 2012

• Poolia's revenues totalled MSEK 981.4 (1,122.6), a drop of 12.6% corresponding to -12.4% in local currency.
• The operating profit was MSEK -29.9 (17.2) and the operating margin -3.0% (1.5%). The operating profit includes restructuring expenses and an amended assessment of the useful life of investments to the order of MSEK 20.9.
• The pre-tax profit was MSEK -29.7 (17.7).
• Profit after tax was MSEK -25.5 (14.8).
• Earnings per share totalled SEK -1.49 (0.94).
• Cash flow from operating activities during the period was MSEK 10.7 (-5.6).
• The equity/assets ratio at the end of the period was 29.7% (34.9%) and the Group's equity per share was SEK 4.62 (6.60).
• The Board of Directors proposes no dividend payment to shareholders.

Poolia Germany continues its growth trend, growing by 24% in local currency during the fourth quarter. The operating loss of MSEK 0.5 includes restructuring costs of MSEK 0.4.

New rules in Germany on equal pay for temps and employees have also had some effect on the operating margin. The restructuring process, combined with the fact that all offices are now fully staffed, creates the conditions for continued growth and increased efficiency.

Poolia UK reports an operating loss of MSEK 0.6, which is due primarily to lower revenues from permanent placement. A new Country Manager took over on 1 October 2012. The bonus system has been adjusted, resulting in a generation shift among internal staff. The new structure creates opportunities for advancement for our younger, successful employees. It may take one or two quarters to deal with this generation shift, and it is our assessment that this is necessary in order to create a structure for profitable growth in the long term.

Poolia Finland reports an operating profit of MSEK 0.8 for the fourth quarter, with an operating margin of 9.7%. The proportion of permanent placement is now 21% (14%), and Search assignments are also in a phase of expansion.

All in all, we believe that the action taken will be sufficient to deliver profitability in 2013.

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 not only perform, but also contribute. This is what we call Poolia Quality.

OCTOBER-DECEMBER GROUP

Revenues

The Group's revenues fell by 21.7% to MSEK 228.8 (292.0). 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 from 11% to 13%.

Market trends

We saw clear signs of recession during the third quarter. In the fourth quarter, here in Sweden we saw an even stronger, more rapid slowdown in the economy. The markets in Finland and Germany are also reporting a weaker economy, while the market in the UK continues to be extremely competitive.

It is our belief that even though we are in the midst 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. The outplacement market grew during the fourth quarter in Sweden.

Profit/loss

The operating profit totalled MSEK -32.3 (-1.8) and the operating margin -14.1% (-0.6). Restructuring costs totalled MSEK 13.2 and depreciation and the amended assessment of the useful life of our investments MSEK 6.6. The chart below shows the operating profit excluding the goodwill impairment loss in the UK that was recognised in the fourth quarter of 2010. Unallocated parent company expenses totalled MSEK -8.3 (-4.2). The Group's net financial items totalled MSEK 0.2 (0.4). Profit before tax was MSEK -32.1 (-1.4). The Group's tax was MSEK 5.9 (2.8).

Poolia's segments during the quarter

POOLIA SWEDEN

Revenues

Poolia Sweden's revenues totalled MSEK 180.1 (235.3), a drop of 23% compared with the same period the previous year. Temporary staffing during the quarter fell by 25% and activities in permanent placement/outsourcing fell by 8%. The proportion of business in permanent placement/outsourcing during the period was 12%, compared with 10% during the comparative period.

Profit/loss

Poolia Sweden's operating profit was MSEK -23.7 (0.6). The operating margin was -13.1% (0.3%).

Revenues fell by 23% in total. This fall in revenues is due primarily to the lower level of demand because of the recession. As a general rule the recession has had a slightly bigger impact on demand in the metropolitan regions than in our smaller locations. During the fourth quarter we implemented both short-term and long-term restructuring measures in order to match the level of demand in the market. The restructuring process resulted in a negative effect of MSEK 12.6 on the profit figure. We are changing the assessment of the financial useful lives of our IT and other investment projects. In practice this means a shorter depreciation period and a lower risk on the balance sheet. The change in this assessment had a negative effect of MSEK 1.9 on Sweden's profit figure.

POOLIA UK

Revenues

Poolia UK's revenues totalled MSEK 14.2 (24.7). In local currency, revenues fell by 43%. The exchange rate did not affect revenues during the quarter. The proportion of business in permanent placement fell from 15% to 10%.

Profit/loss

Poolia UK's operating profit for the period was MSEK -0.6 (-1.1). The operating margin was -0.4% (-4.7).

The UK market is characterised by continued tough competition. Poolia UK reported an operating loss for the fourth quarter of MSEK 0.6, which is primarily due to lower permanent placement revenues. The bonus system was adjusted in Poolia UK, resulting in a generation shift among internal staff. It may take one or two quarters to deal with the generation shift, but we believe this is necessary in order to create a structure for long-term profitable growth. We will be focusing on even more specialised services, especially in the area of "Finance and Accounting", to take us higher up the value chain and achieve better profitability.

POOLIA GERMANY

Revenues

Poolia Germany's revenues totalled MSEK 26.2 (22.5). In local currency, revenues rose by 24%. The exchange rate had a negative effect of 8% on revenues during the quarter. The proportion of business in permanent placement fell from 14% to 13%.

Profit/loss

Poolia Germany's operating profit was MSEK -0.5 (1.0). The operating margin was -2.0% (4.4%).

Poolia Germany continues to report healthy growth, even though the market in Germany as a whole is seeing a slight fall in demand. The operating loss of MSEK 0.5 includes restructuring costs of MSEK 0.4. We have also seen the margin being affected to a degree by the new rules that were partly introduced as of 1 November 2012 on equal pay for temps and employees. The operating profit is not satisfactory. After the restructuring that was carried out in the fourth quarter and with our seven offices now fully staffed, we feel confident that they are well equipped for a continued, strong increase in revenues. We expect the future to bring improved efficiency and good profitability.

Share of Group turnover during the quarter

Poolia Germany

POOLIA FINLAND

Revenues

Poolia Finland's revenues totalled MSEK 8.3 (9.5). Revenues fell by 7% 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 increased from 14% to 21%.

Profit/loss

Poolia Finland's operating profit was MSEK 0.8 (1.9), The operating margin was 9.7% (20.0%).

The Finnish market is slowing down, with a decline in particular in accounting and IT services. Poolia Finland reports a fall in revenues of 7%, which is largely in line with the decline in the market. The proportion of business in permanent placement increased, partly due to the expansion in Search services, which we built up during 2012. Despite the drop in revenues, Finland reports the highest operating margin in the Group at 9.7%. As we mentioned in the interim report in 2011, the comparative figure for 2011 was affected positively by accruals to the order of MSEK 0.7. The adjusted operating margin for the period in 2011 was 12%.

JANUARY - DECEMBER GROUP

Revenues

The Group's revenues fell by 12.6% to MSEK 981.4 (1,122.6). The exchange rate had a negative impact of -0.2% on revenues during the period. Temporary staffing is the largest service area. The proportion of business in permanent placement rose from 11% to 12%.

The chart below shows the distribution of the Group's revenues for the period by segment.

Profit/loss

The operating profit totalled MSEK -29.9 (17.2) MSEK and the operating margin -3.0% (1.5). Restructuring costs totalled MSEK 13.2, and depreciation and the amended assessment of the useful life of our investments MSEK 6.6. Profit before tax was MSEK -29.7 (17.7). Unallocated parent company expenses totalled MSEK -17.3 (-14.6). The Group's net financial items totalled MSEK 0.1 (0.5). The Group's tax was MSEK 4.2 (-2.9). 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 31 December 2012 totalled MSEK 4.0 (7.5). The Group's Swedish business has an overdraft facility of MSEK 40 (40). MSEK 12.4 (18.5) of this amount had been utilised as of 31 December 2012. An extended overdraft facility for 2013 of MSEK 20 was granted during February 2013, making the total overdraft facility MSEK 60. Cash flow from operating activities during the period was MSEK 10.7 (-5.6). A share dividend of MSEK -7.4 was paid. The equity/assets ratio as of 31 December 2012 was 29.7% (34.9%).

Investments

The Group's investments in non-current assets in the period January-December totalled MSEK 5.0 (8.8).

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 10.70. During the period, 2,844,572 shares were traded at a total value of MSEK 40.0.

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 1,699 (1,896). As of 31 December 2012 the number of employees was 1,607 (1,917).

Seasonal variations

Number of working days during the year:

	Sweden	UK	Germany	Finland
Jan-Mar	64(63)	64(59)	65(64)	63(63)
Apr-Jun	59(60)	60(60)	59(60)	63(60)
Jul-Sep	65(66)	64(69)	65(63)	63(66)
Oct-Dec	62(64)	63(63)	62(62)	63(64)
Full year	250(253)	251(251)	251(249)	252(253)

Parent company

Overall Group management, development, financial management and IT administration are centralised in the parent company. Revenues during the period totalled MSEK 28.3 (24.0). The profit after financial items was MSEK -14.7 (14.6). The profit figure includes dividends from subsidiaries to the order of MSEK 3.2 (29.3).

Significant risks and uncertainties

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

Events after the end of the period

The CFO will be leaving on 28 February 2013 and the recruitment of a replacement is under way. There are no other significant events to report.

Related party transactions

As of 31 December 2012, Poolia had trade and other payables to Uniflex AB of MSEK 9.8, relating primarily to services that were forward invoiced on behalf of clients. There were no other 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
Amounts in MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Continuing operations	228.8	292.0	981.4	1,122.6
Operating income
Operating expenses
Personnel expenses	-225.2	-261.3	-906.3	-998.5
Other expenses	-29.0	-30.9	-93.6	-99.4
Depreciation, amortisation and impairment of assets	-6.9	-1.6	-11.4	-7.5
Operating profit/loss	-32.3	-1.8	-29.9	17.2
Financial items	0.2	0.4	0.2	0.5
Profit/loss before tax	-32.1	-1.4	-29.7	17.7
Tax	5.9	2.8	4.2	-2.9
Profit/loss for the period from continuing operations	-26.2	1.4	-25.5	14.8
Discontinued operations (distribution)
Profit/loss for the period from discontinued operations	-	-	-	1.3
Profit/loss for the period	-26.2	1.4	-25.5	16.1
Other comprehensive income
Translation differences	0.4	-1.0	-1.0	-0.1
Total comprehensive income for the period	-25.8	0.4	-26.5	16.0
Operating margin, continuing operations, %	-14.1	-0.6	-3.0	1.5
Profit margin, continuing operations, %	-14.0	-0.5	-3.0	1.6
Profit/loss for the period attributable to:
Owners of the parent company	-26.2	1.4	-25.5	16.0
Non-controlling interests	0.0	0.0	0.0	0.1
Earnings per share, before and after dilution, SEK
Earnings per share from continuing and
discontinued operations	-1.53	0.08	-1.49	0.94
Earnings per share from discontinued operations	-	-	-	0.08
Total comprehensive income attributable to:
Owners of the parent company	-25.8	0.4	-26.5	15.9
Non-controlling interests	0.0	0.0	0.0	0.1

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in MSEK	31/12/2012	31/12/2011
Assets
Non-current assets
Goodwill	27.7	27.9
Other non-current assets	10.4	17.3
Deferred tax assets	14.8	10.8
Current assets
Current receivables	209.5	261.0
Cash & cash equivalents	4.0	7.5
Total assets	266.4	324.5
Equity and liabilities
Equity	79.2	113.1
Minority share of equity	0.0	0.0
Non-current liabilities	0.9	1.9
Current liabilities to credit institutions	3.7	4.4
Current liabilities	182.6	205.1
Total equity and liabilities	266.4	324.5
Pledged assets and contingent liabilities	8.7	21.2

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	2012	2011	2012	2011
Amounts in MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Profit/loss before tax	-32.1	-1.4	-29.7	19.4
Adjustments	7.6	1.6	12.1	7.5
Income tax paid	-2.3	4.0	-8.1	-10.4
Cash flow from operating activities before changes in working capital	-26.8	4.2	-25.7	16.5
Increase (-)/decrease (+) in current receivables	13.0	-7.5	48.9	-33.2
Increase (+)/decrease (-) in current liabilities	7.5	-4.1	-12.5	11.1
Cash flow from operating activities	-6.3	-7.4	10.7	-5.6
Cash flow from investing activities	-0.7	-1.3	-5.4	-9.3
Cash flow from financing activities	3.7	4.4	-8.0	-7.7
Cash flow for the period	-3.3	-4.3	-2.7	-22.6
Cash & cash equivalents at beginning of period	6.9	12.5	7.5	29.6
Exchange differences	0.4	-0.7	-0.8	0.5
Cash & cash equivalents at end of period	4.0	7.5	4.0	7.5

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	2012	2011
Amounts in MSEK	Jan-Dec	Jan-Dec
Opening balance	113.1	137.3
Dividend	-7.4	-6.8
Dividend, Dedicare	-	-33.2
Total comprehensive income for the period attributable to owners of the parent company	-26.5	15.9
Closing balance attributable to owners of the parent company	79.2	113.1
Minority share of equity	0.0	0.0
Closing balance including minority share	79.2	113.1

CONDENSED INCOME STATEMENT FOR THE PARENT COMPANY

	2012	2011	2012	2011
Amounts in MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	8.8	6.8	28.3	24.0
Operating expenses
Personnel expenses	-5.8	-4.3	-16.0	-17.0
Other expenses	-4.7	-5.4	-19.7	-18.4
Depreciation, amortisation and impairment of assets	-6.6	-1.3	-9.9	-3.3
Operating profit/loss	-8.3	-4.2	-17.3	-14.7
Financial items	0.2	25.9	2.6	29.3
Profit/loss after financial items	-8.1	21.7	-14.7	14.6
Appropriations	4.9	-0.7	4.9	-0.7
Tax	0.5	-4.1	2.9	-2.2
Profit/loss for the period	-2.7	16.9	-6.9	11.7
STATEMENT OF COMPREHENSIVE INCOME FOR THE PARENT COMPANY
	2012	2011	2012	2011
Amounts in MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Profit/loss for the period	-2.7	16.9	-6.9	11.7

Other comprehensive income - - - - Total comprehensive income for the period -2.7 16.9 -6.9 11.7

CONDENSED BALANCE SHEET FOR THE PARENT COMPANY

Amounts in MSEK	31/12/2012	31/12/2011
Assets
Non-current assets
Investments in Group companies	24.4	24.4
Other non-current assets	7.9	14.8
Current assets
Current receivables	65.2	68.0
Cash and bank balances	0.0	0.0
Total assets	97.5	107.2
Equity and liabilities
Equity	67.0	81.3
Untaxed reserves	-	4.9
Provisions	1.2	0.5
Current liabilities to credit institutions	13.0	11.3
Other current liabilities	16.3	9.2
Total equity and liabilities	97.5	107.2
Pledged assets and contingent liabilities	15.1	14.6

QUARTERLY OVERVIEW OF KEY FINANCIAL RATIOS

	2012	2012	2012	2012	2011	2011	2011	2011
	Oct Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep	Apr-Jun	Jan-Mar
Operating income3	228.8	217.8	258.1	276.7	292.0	263.8	283.2	283.6
Growth3,%	-21.7	-17.4	-8.9	-2.4	-1.2	7.5	12.2	20.5
Growth in local currency3,%	-20.9	-16.6	-9.5	-2.6	-1.0	8.7	14.6	23.5
Operating margin3, %	-14.1	-0.3	0.1	1.0	-0.6	1.2	2.0	3.7
Profit margin3, %	-14.0	-0.4	0.2	0.9	-0.5	1.1	2.0	3.7
Return on capital employed1, %	-29.1	1.6	4.9	9.2	15.5	-24.2	-20.7	-21.1
Return on total capital1, %	-9.9	0.6	1.6	3.3	5.6	-9.8	-8.3	-9.1
Return on equity1, %	-26.5	1.9	4.7	7.8	12.9	-33.5	-31.0	-28.9
Equity/assets ratio, %	29.7	36.0	33.2	35.4	34.9	34.8	33.6	35.6
Proportion of risk-bearing capital, %	29.7	36.5	33.8	35.8	35.3	35.3	34.1	36.1
Number of FTEs, average3	1,572	1,690	1,776	1,760	1,877	1,921	1,944	1,843
Income per employee3, SEK 000	146	129	145	157	156	137	146	154
Number of shares, average (000)	17,122	17,122	17,122	17,122	17,122	17122	17122	17122
Number of shares, outstanding (000)	17,122	17,122	17,122	17,122	17,122	17,122	17,122	17,122
Earnings per share before dilution2, SEK	-1.53	-0.05	0.00	0.08	0.08	0.13	0.29	0.44
Equity per share, SEK	4.62	6.13	6.24	6.66	6.60	6.58	6.38	8.42

¹Rolling 12 months.

²No dilutive effects.

³Group, excluding Dedicare.

SUMMARY OF KEY FINANCIAL RATIOS FOR THE YEAR

	2012	2011
	Jan-Dec	Jan-Dec
Operating margin2, %	-3.0	1.5
Profit margin2, %	-3.0	1.6
Earnings per share before dilution1, SEK	-1.49	0.94
Equity per share, SEK	4.62	6.60

¹No 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.

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. Up to and including May 2011, Poolia also applied division into business segments, one segment of which was Dedicare's healthcare operations, temporary staffing of doctors and other healthcare staff (divested in May 2011), and the other being Poolia's other activities, namely temporary staffing, permanent placement of qualified professionals and outplacement.

The healthcare business formed a separate business segment as its market, clients, candidate structure and business logic differ from those of Poolia's other activities.

REVENUES BY OPERATING SEGMENT

	2012	2011	2012	2011
MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Continuing operations
Poolia Sweden	180.1	235.3	773.0	889.0
Poolia UK	14.2	24.7	76.9	111.8
Poolia Germany	26.2	22.5	97.1	86.4
Poolia Finland	8.3	9.5	34.3	35.5
Total	228.8	292.0	981.4	1,122.6
Discontinued operations
Dedicare	-	-	-	110.0
Total revenues	228.8	292.0	981.4	1,232.6

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2012	2011	2012	2011
MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Continuing operations
Poolia Sweden	-23.7	0.6	-16.9	26.0
Poolia UK	-0.6	-1.1	-1.5	-2.6
Poolia Germany	-0.5	1.0	2.6	4.3
Poolia Finland	0.8	1.9	3.3	4.2
Total	-24.0	2.4	-12.5	31.9
Discontinued operations
Dedicare	-	-	-	1.7
Total	-24.0	2.4	-12.5	33.6
Unallocated parent company costs	-8.3	-4.2	-17.3	-14.6
Total operating profit/loss	-32.3	-1.8	-29.9	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. Income for the full year 2011 totalled MSEK 110.0.

PROFIT/LOSS FROM DISCONTINUED OPERATIONS (DISTRIBUTION)

Profit/loss

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

	2012	2011	2012	2011
Amounts in MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating income	-	-	-	110.0
Operating expenses
Personnel expenses	-	-	-	-99.8
Other expenses	-	-	-	-8.5
Depreciation, amortisation and impairment of assets	-	-	-	-
Operating profit/loss	-	-	-	1.7
Financial items	-	-	-	0.0
Profit/loss before tax	-	-	-	1.7
Tax	-	-	-	-0.4
Profit/loss for the period	-	-	-	1.3
Other comprehensive income
Translation differences	-	-	-	-0.6
Total comprehensive income for the period	-	-	-	0.7
Cash flow from discontinued operations:	2012	2011	2012	2011
Amounts in MSEK	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating activities	-	-	-	-9.5
Investing activities	-	-	-	-0.1
Financing activities	-	-	-	-
Total:	-	-	-	-9.6

Accounting policies

The year-end 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 same is considered to apply in respect of new accounting policies that came into force as from 1 January 2013 for financial reports that will be issued henceforth.

The Board of Directors and the Chief Executive Officer hereby certify that this year-end 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.

Proposed appropriation of profits

The Board of Directors' dividend policy is that the annual dividend shall normally exceed 50% of the Group's profit after tax. The Group's profit after tax for the financial year 2012 was MSEK -25.2, and the Board of Directors therefore proposes that the Annual General Meeting should not make a decision on a dividend.

Future reporting dates

Interim report, Jan-Mar 2013	25 April
Annual General Meeting	25 April
Interim report, Jan-Jun 2013	18 July
Interim report, Jan-Sep 2013	24 October

The Annual General Meeting will be held at the Company's premises in Stockholm, at Kungsgatan 57 A, 2nd floor, at 16:00 on 25 April 2013. The annual report will be available as from 4 April 2013 on the company's website www.poolia.com.

Shareholders wishing to have a matter dealt with at the AGM must submit a written request to the Board of Directors in sufficiently good time for the matter to be included in the invitation to the meeting. Such a request must be received by the Board of Directors no later than seven weeks before the meeting, addressed to: "Styrelsen, Poolia AB, Box 207, SE-101 24 Stockholm, Sweden."

Stockholm, 14 February 2013

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 year-end report has not been the subject of a special audit 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 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 Corp. ID no: 556447-9912 www.poolia.com