PION Group — Interim / Quarterly Report 2014

Oct 24, 2014

INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2014

Quarterly period July-September, continuing operations

Reported revenue, earnings, cash flow and financial ratios relate to continuing operations, and do not include Utvecklingshuset and the UK.

• Revenue amounted to SEK 163.0 (164.5) million, a decline of 0.9%.
• Operating profit was SEK 3.6 (1.8) million, with an operating margin of 2.2% (1.1%).
• Profit before tax amounted to SEK 3.5 (1.7) million.
• Profit after tax was SEK 1.9 (1.7) million.
• Earnings per share was SEK 0.11 (0.10).
• Cash flow from operations for the quarter was SEK -5.2 (-3.6) million.

Discontinued operations

• Profit/loss from discontinued operations was SEK 0.0 (-16.0) million for the third quarter and SEK -1.6 (-19.4) million for the period January-September.
• Cash flow from discontinued operations, including the sale of the UK operations, was SEK 7.1 million for the period January-September.

From the CEO – Continuing focus on increased sales and improved profitability

Poolia's revenues in the third quarter from continuing operations amounted to SEK 163.0 million, a decline of SEK 1.5 million (0.8%) compared with the third quarter of 2013. Operating profit for the same period was SEK 3.6 (1.8) million.

Revenues for the Swedish business were SEK 105.7 (123.9) million, which corresponds to 65% of the Group's revenues for the quarter. Operating profit/loss amounted to SEK -2.2 (-0.6) million. The third quarter is Sweden's worst quarter of the year in terms of revenue. This is because resource temps take their holidays in this period and fewer permanent placements are completed. The cost of unplaced resource temps is now down to an acceptable level. Poolia Sweden incurred transition costs of SEK 1.0 million during the quarter (SEK 5.4 million for the year to date).

Poolia's German business continues to develop well. Revenues amounted to SEK 44.3 (31.9) million, corresponding to growth of 39%, and operating profit was SEK 5.6 (2.3) million, an increase of 140%. Our Finnish operations also reported a good third quarter. Growth compared with the third quarter of the previous year was 50%, with an acceptable operating profit.

Poolia Group's revenues from continuing operations declined by SEK 25.5 million (4.7%) during the period

Interim period January-September, continuing operations

Reported revenue, earnings, cash flow and financial ratios relate to continuing operations, and do not include Utvecklingshuset and the UK.

• Revenue amounted to SEK 521.3 (546.8) million, a decline of 4.7%.
• Operating profit was SEK 4.6 (3.2) million, with an operating margin of 0.9% (0.6%).
• Profit before tax amounted to SEK 4.4 (3.0) million.
• Profit after tax was SEK 1.8 (2.8) million.
• Earnings per share amounted to SEK 0.11 (0.16).
• Cash flow from operations for the period was SEK 5.0 (9.2) million.
• The equity/assets ratio ended the period at 34.4% (28.9%), and the Group's equity per share was SEK 3.89 (3.65).

January to September 2014. Operating profit for the same period amounted to SEK 4.6 (3.2) million, leaving an operating margin of 0.9% (0.6%). Cash flow from operations for the period was SEK 5.0 (9.2) million. The Group's liquidity is good.

We continue to work to improve and streamline Poolia's operations in Sweden. The savings programme aimed at reducing annual costs by SEK 15 million is proceeding according to plan.

The final payment for the sale of Poolia's UK operations has been received in October in 2014 and Poolia does not have any further obligations concerning the divestment of the UK operations.

Poolia's progress towards the goal of returning to good profitability continues at high intensity.

Morten Werner Managing Director and CEO

Business concept

Poolia's business concept is to provide companies and organisations with the skills that meet their temporary or permanent needs for qualified professionals.

Poolia Quality

Poolia's business is the temporary staffing and permanent placement of qualified professionals. We specialise in the areas of Finance & Accounting, IT, Office Support, Human Resources, Sales & Marketing, Life Science & Engineering, Legal and Executive Search. This specialisation focuses our expertise and deepens our commitment to our clients' business operations. We understand our clients' staffing

JULY – SEPTEMBER GROUP

Revenue

The Group's revenue for continuing operations declined by 0.9% to SEK 163.0 (164.5) million. Currency effects had a positive impact of 1.8% on revenue. Temporary staffing is the largest service area. Permanent placement's share of revenue increased from 8% to 9%.

Our experience, specialisation, commitment, and working methods combine to create the quality that gives our clients a crucial advantage: employees who not only perform, but also contribute. This is what we call Poolia Quality.

MARKET CONDITIONS

The market maintains a cautious attitude. The election results in Sweden may affect the industry in a negative way. We maintain our positive view of the long-term outlook for the staffing industry.

Earnings

Operating profit amounted to SEK 3.6 (1.8) million, with an operating margin of 2.2% (1.1%). The Group's net financial income/expense was SEK -0.1 (-0.1) million. Profit before tax amounted to SEK 3.5 (1.7) million. The Group's tax was SEK -1.6 (0.0) million.

POOLIA SWEDEN

Revenue

Poolia Sweden's revenue amounted to SEK 105.7 (123.9) million, a decline of 15% compared with the same period the previous year. Permanent placement's share of revenue increased from 7% to 10% during the period.

Earnings

Poolia Sweden's operating profit/loss was SEK -2.2 (-0.6) million. The operating margin was -2.1% (-0.5%).

Poolia's Swedish operations still need to

implement measures before satisfactory profitability is achieved. Two local offices closed down during the period and their business was moved to nearby locations. Poolia Sweden incurred transition costs of SEK 1.0 million during the quarter.

Share of Group revenue in the quarter

POOLIA GERMANY

Revenue

Poolia Germany's revenue amounted to SEK 44.3 (31.9) million, an increase of 39%. Currency effects had a positive impact of 7% on revenue during the quarter. Permanent placement's share of revenue declined from 13% to 7%, although the proportion varies from office to office.

Earnings

Poolia Germany's operating profit was SEK 5.6 (2.3) million. The operating margin was 12.6% (7.1%).

Poolia Germany's operations continue to develop positively. Holiday leave in Germany is spread over the year, which means that the third quarter counts as a strong quarter. This is reflected in an excellent operating margin, the highest in Poolia Germany's history. Despite worsened economic forecasts, we continue to be optimistic about Poolia Germany's development.

POOLIA FINLAND

Revenue

Poolia Finland's revenue amounted to SEK 13.0 (8.7) million, an increase of 50%. Currency effects had a positive impact of 8% on revenue during the quarter. Permanent placement's share of revenue increased from 6% to 8%.

Earnings

Poolia Finland's operating profit was SEK 0.3 (0.2) million. The operating margin was 2.0% (2.2%).

Although Finland is now in its third year of recession, Poolia's operations have performed positively. The majority of the growth is attributable to temporary staffing. We have acquired several new large companies as clients. Our clients in the IT industry continue to demand our staffing services.

JANUARY – SEPTEMBER GROUP

Revenue

The Group's revenue for continuing operations declined by 4.7% to SEK 521.3 (546.8) million. Currency effects had a positive impact of 1.4% on revenue. Temporary staffing is the largest service area. Permanent placement's share of revenue was unchanged at 10%. The chart below shows the Group's revenue by segment during the period.

Earnings

Operating profit amounted to SEK 4.6 (3.2) million, with an operating margin of 0.9% (0.6%). The Group's net financial income/expense was SEK -0.2 (-0.2) million. Profit before tax amounted to SEK 4.4 (3.0) million. The Group's tax was SEK -2.6 (-0.2) million. Profit from the discontinued operations Poolia UK and Utvecklingshuset during the period amounted to SEK -1.6 (-19.4) million.

Liquidity and financing

The Group's cash and cash equivalents at 30 September 2014 were SEK 4.1 (4.9) million. Cash flow from operating activities for continuing operations during the period was SEK 5.0 (9.2) million. The equity/assets ratio at 30 September 2014 was 34.4% (28.9%). Group transactions with one and the same lender are offset in the consolidated balance sheet. The Parent Company's credit balances and credit utilisation are recognised in the Parent Company's financial statements. The Group's Swedish business has a joint cash pool and an overdraft facility of SEK 40 (60) million. At 30 September 2014, SEK 11.4 (14.9) million of this amount had been utilised.

Investments

The Group's investments in non-current assets for the period January to September amounted to SEK 0.8 (2.0) million.

Pledged assets and contingent liabilities

Poolia AB has pledged shares in subsidiaries as security for its bank overdraft facility.

The share

The Poolia share is listed on NASDAQ OMX Stockholm AB under the ticker POOL B. The number of shares issued is 17,121,996. The price on the reporting date was SEK 9.80. During the period, 1,003,605 shares were traded at a total value of SEK 12.6 million.

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 full-time equivalents was 1,196 (1,294). The total number of employees at 30 September 2014 was 1,272 (1,354).

Seasonal variations

Number of working days in the year:

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

Parent Company

Group management, development and financial and IT management are centralised in the Parent Company. All Parent Company expenses are allocated to the operating segments. Revenue during the period was SEK 17.1 (26.3) million. Profit/loss after financial items was SEK -1.8 (-0.3) million.

Significant risks and uncertainties

Risks and risk management are described in Poolia's 2013 Annual Report. The risks can be summarised as economic fluctuations, dependence on clients and individuals, legislation and regulations, and financial risks. Significant risks and uncertainties at 30 September 2014 are unchanged from those at 31 December 2013.

Events after the end of the period

There were no significant events to report after the end of the period.

Related party transactions

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

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME
---------------------------------------------

2014 2013 2014 2013	2013
Amounts in SEK millions Jul-Sep Jul-Sep Jan-Sep Jan-Sep	Jan-Dec
Operating income 163.0 164.5 521.3 546.8	729.1
Operating expenses
Staff costs -143.9 -149.1 -473.3 -501.6	-668.7
Other expenses -14.7 -12.7 -40.6 -39.1	-54.1
Depreciation and amortisation of assets -0.8 -0.9 -2.8	-2.9 -3.9
Operating profit/loss 3.6 1.8 4.6	3.2 2.4
Financial items -0.1 -0.1 -0.2	-0.2 -0.1
Profit/loss before tax 3.5 1.7 4.4	3.0 2.3
Tax -1.6 0.0 -2.6	-0.2 0.2
Profit/loss for the period from continuing operations 1.9 1.7 1.8	2.8 2.5
Discontinued operations
Profit/loss for the period from discontinued operations 0.0 -16.0 -1.6 -19.4	-22.3
Profit/loss for the period 1.9 -14.3 0.2 -16.6	-19.8
Other comprehensive income
Items that will be reclassified to the income statement
Translation differences -0.1 -0.2 6.1	0.0 1.0
Total comprehensive income for the period 1.8 -14.5 6.3 -16.6	-18.8
Operating margin, continuing operations, % 2.2 1.1 0.9	0.6 0.3
Profit margin, continuing operations, % 2.2 1.1 0.8	0.6 0.3
Profit/loss for the period attributable to:
Shareholders of the Parent 1.9 -14.3 1.8 -16.6	-19.8
Non-controlling interests 0.0 0.0 0.0	0.0 0.0
Basic and diluted earnings per share, SEK
Earnings per share from continuing operations
and discontinued operations 0.11 -0.84 0.01 -0.97	-1.16
Earnings per share from continuing operations 0.11 0.10 0.11 0.16	0.15
Total comprehensive income attributable to: Shareholders of the Parent 1.8 -14.5 6.3 -16.6	-18.8
Non-controlling interests 0.0 0.0 0.0	0.0 0.0

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in SEK millions	30/09/2014	30/09/2013	31/12/2013
Assets
Non-current assets
Goodwill	12.3	14.9	12.2
Other non-current assets	7.2	9.5	9.0
Deferred tax assets	14.0	14.9	15.7
Current assets
Current receivables	156.2	171.9	166.8
Cash and cash equivalents	4.1	4.9	2.2
Assets held for sale	-	-	6.1
Total assets	193.8	216.1	212.0
Equity and liabilities
Equity	66.6	62.5	60.3
Non-controlling interest in equity	0.0	0.0	0.0
Non-current liabilities	1.4	0.9	1.4
Current liabilities to credit institutions	0.0	1.8	9.9
Other current liabilities	125.8	150.9	138.2
Liabilities held for sale	-	-	2.2
Total equity and liabilities	193.8	216.1	212.0
Pledged assets and contingent liabilities	1.6	1.8	9.2

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	2014	2013	2014	2013	2013
Amounts in SEK millions	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Profit/loss before tax	3.5	1.7	4.4	3.0	2.3
Adjustments	0.9	0.9	2.7	2.9	3.8
Income tax paid	-2.2	-2.2	-7.8	-4.8	-6.7
Cash flow from operating activities before changes in working capital	2.2	0.4	-0.7	1.1	-0.6
Increase (-)/decrease (+) in current receivables	11.8	22.0	18.2	40.0	27.9
Increase (+)/decrease (-) in current liabilities	-19.2	-26.0	-12.5	-31.9	-29.7
Cash flow from operating activities, continuing operations	-5.2	-3.6	5.0	9.2	-2.4
Cash flow from operating activities, discontinued operations	0.0	-2.5	2.4	-4.2	-7.7
Cash flow from investing activities, continuing operations	0.0	0.0	-0.8	-2.0	0.9
Cash flow from investing activities, discontinued operations	0.0	0.0	4.7	0.0	-0.1
Cash flow from financing activities, continuing operations	0.0	1.2	-9.9	-2.5	4.4
Cash flow from financing activities, discontinued operations	0.0	0.6	0.0	0.6	1.7
Cash flow for the period, continuing operations	-5.2	-2.4	-5.7	4.7	2.9
Cash flow for the period, discontinued operations	0.0	-1.9	7.1	-3.6	-6.1
Cash and cash equivalents at beginning of period	9.4	9.4	2.2	4.0	4.0
Exchange differences	-0.1	-0.2	0.5	-0.2	1.4
Cash and cash equivalents at end of period	4.1	4.9	4.1	4.9	2.2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	2014	2013	2013
Amounts in SEK millions	Jan-Sep	Jan-Sep	Jan-Dec
Opening balance	60.3	79.2	79.2
Total comprehensive income for the period attributable to shareholders of the Parent	6.3	-16.6	-18.8
Closing balance attributable to shareholders of the Parent	66.6	62.5	60.3
Non-controlling interest in equity	0.0	0.0	0.0
Closing balance including non-controlling interest	66.6	62.5	60.3

CONDENSED INCOME STATEMENT – PARENT COMPANY

	2014	2013	2014	2013	2013
Amounts in SEK millions	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Net sales	5.4	6.8	17.1	26.3	36.2
Operating expenses
Staff costs	-2.5	-3.4	-8.8	-15.7	-21.9
Other expenses	-3.0	-3.6	-8.4	-10.9	-15.1
Depreciation, amortisation and impairment of assets	-0.4	-0.5	-1.4	-1.9	-2.5
Operating profit/loss	-0.5	-0.7	-1.5	-2.2	-3.3
Financial items	0.0	-0.1	-0.3	1.9	-26.1
Profit/loss after financial items	-0.5	-0.8	-1.8	-0.3	-29.4
Tax	0.1	0.2	0.4	0.5	0.8
Profit/loss for the period	-0.4	-0.6	-1.4	0.2	-28.6
Statement of comprehensive income Profit/loss for the period Other comprehensive income	-0.4 -	-0.6 -	-1.4 -	0.2 -	-28.6 -
Total comprehensive income for the period	-0.4	-0.6	-1.4	0.2	-28.6

CONDENSED BALANCE SHEET – PARENT COMPANY

Amounts in SEK millions	30/09/2014	30/09/2013	31/12/2013
Assets
Non-current assets
Investments in Group companies	23.6	24.4	23.6
Other non-current assets	6.2	6.6	6.8
Current assets
Current receivables	26.2	62.5	36.4
Cash and bank balances	8.4	0.0	0.0
Total assets	64.4	93.5	66.8
Equity and liabilities
Equity	37.1	67.2	38.5
Provisions	1.4	1.2	1.4
Current liabilities to credit institutions	0.0	10.0	7.8
Other current liabilities	25.9	15.1	19.1
Total equity and liabilities	64.4	93.5	66.8
Pledged assets and contingent liabilities	15.6	15.1	15.6

OVERVIEW OF KEY FINANCIAL RATIOS BY QUARTER

	2014	2014	2014	2013	2013	2013	2013	2012
	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec
Operating income	163.0	176.8	181.6	182.2	164.5	188.2	194.2	207.7
Growth, %	-0.9	-6.1	-6.5	-12.2	-15.9	-19.6	-22.7	-21.8
Growth in local currency, %	-2.7	-7.8	-7.4	-12.8	-16.5	-18.8	-22.2	-20.9
Operating margin, %	2.2	-1.7	2.2	-0.4	1.1	-1.6	2.2	-14.7
Profit margin, %	2.2	-1.8	2.1	-0.1	1.1	-1.6	2.2	-14.6
Return on capital employed1, %	0.2	-31.9	-28.0	-25.6	-56.7	-37.6	-29.4	-29.1
Return on total assets1, %	0.1	-7.7	-8.9	-8.2	-18.9	-12.0	-9.9	-9.9
Return on equity1, %	-4.7	-30.4	-22.5	-28.5	-51.2	-32.0	-25.4	-26.5
Equity/assets ratio, %	34.4	30.7	32.0	28.4	28.9	30.2	31.4	29.7
Risk-bearing capital, %	34.4	30.7	32.0	28.4	28.9	30.2	31.4	29.7
Number of FTEs, average	1157	1211	1219	1282	1245	1328	1308	1439
Revenue per employee, SEK 000	141	146	149	146	132	142	148	144
Number of shares, average (000)	17,122	17,122	17,122	17,122	17,122	17,122	17,122	17,122
Number of shares, outstanding (000)	17,122	17,122	17,122	17,122	17,122	17,122	17,122	17,122
Basic earnings per share2, SEK	0.11	-0.16	0.16	-0.02	0.10	-0.13	0.19	-1.42
Equity per share, SEK	3.89	3.79	3.89	3.52	3.65	4.50	4.69	4.62

¹ Trailing12 months, incl. discontinued

operations.

² No dilutive effects.

OVERVIEW OF KEY FINANCIAL RATIOS BY PERIOD

	2014	2013
	Jan-Sep	Jan-Sep
Operating margin, %	0.9	0.6
Profit margin, %	0.8	0.6
Basic earnings per share1, SEK	0.11	0.16
Equity per share, SEK	3.89	3.65

¹ No dilutive effects.

DEFINITIONS

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/loss after tax divided by average equity.

Return on capital employed

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

Return on total assets

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

Equity per share

Equity divided by the number of shares outstanding.

Revenue per employee

Operating income divided by the average number of FTEs.

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 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/loss after financial items as a percentage of operating income.

Operating segments

Poolia's segment reporting is based on internal reporting, which means that the segment reporting format is geographical regions.

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 separate 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

REVENUE BY OPERATING SEGMENT

management team, in order to allocate resources to the segment and assess its performance.

Poolia's geographical segments are Sweden, Finland and Germany. From the fourth quarter of 2013, Poolia UK and Utvecklingshuset, which was part of Poolia Sweden, are reported as discontinued operations.

Comparative figures for prior periods have been restated. With effect from 2013, all Parent Company expenses are allocated to the operating segments.

SEK millions	2014 Jul-Sep	2013 Jul-Sep	2014 Jan-Sep	2013 Jan-Sep	2013 Jan-Dec
Poolia Sweden	105.7	123.9	361.6	433.2	574.4
Poolia Germany	44.3	31.9	121.5	87.4	117.8
Poolia Finland	13.0	8.7	38.3	26.3	36.8
Total revenue, continuing operations	163.0	164.5	521.3	546.8	729.1
Discontinued operations
Poolia UK	0.0	9.7	6.2	30.0	38.9
Utvecklingshuset	0.0	4.0	0.0	20.0	21.8
Total revenue	163.0	178.2	527.5	596.8	789.7

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2014	2013	2014	2013	2013
SEK millions	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Poolia Sweden	-2.2	-0.6	-9.6	-0.7	-3.7
Poolia Germany	5.6	2.3	12.7	2.8	4.1
Poolia Finland	0.3	0.2	1.4	1.1	2.0
Total operating profit/loss, continuing operations	3.6	1.8	4.6	3.2	2.4
Discontinued operations
Poolia UK	0.0	-0.8	-1.6	-3.0	-4.1
Utvecklingshuset	0.0	-15.2	0.0	-16.4	-18.2
Total operating profit/loss	3.6	-14.1	2.9	-16.2	-19.9

Discontinued operations

Poolia's UK operations were divested on 28 February 2014. Utvecklingshuset, which was reported as part of Poolia Sweden, was sold on 1 December 2013. Both businesses are reported under discontinued operations.

Poolia UK

Poolia UK's revenue for the third quarter of 2014 was SEK 0.0 (9.7) million and operating profit/loss was SEK 0.0 (-0.8) million. Revenue for the period January to September 2014 was SEK 6.2 (30.0) million and operating profit/loss was SEK -1.6 (-3.0) million. Operating profit/loss includes disposal proceeds of SEK 4.7 million after selling costs. On

PROFIT/LOSS FROM DISCONTINUED OPERATIONS
------------------------------------------	--

disposal of the operations, exchange differences on intra-Group loans which were previously recognised directly in equity were transferred to the income statement and affected operating profit/loss by SEK -5.4 million.

Utvecklingshuset

Utvecklingshuset's revenue for the third quarter of 2014 was SEK 0.0 (4.0) million and operating profit/loss was SEK 0.0 (-15.2) million. Revenue for the period January to September 2014 was SEK 0.0 (20.0) million and operating profit/loss was SEK 0.0 (-16.4) million.

Poolia UK	2014	2013	2014	2013	2013
Amounts in SEK millions	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Operating income	-	9.7	6.2	30.0	38.9
Operating expenses
Staff costs	-	-8.5	-5.9	-27.6	-36.0
Other expenses	-	-2.0	-1.2	-5.3	-6.9
Capital gain on sale of operation	-	-	4.7	-	-
Translation differences	-	-	-5.4	-	-
Depreciation, amortisation and impairment of assets	-	0.0	0.0	-0.1	-0.1
Operating profit/loss	-	-0.8	-1.6	-3.0	-4.1
Financial items	-	0.0	0.0	0.0	0.0
Profit/loss before tax	-	-0.8	-1.6	-3.0	-4.1
Tax	-	0.0	0.0	0.0	0.0
Profit/loss for the period	-	-0.8	-1.6	-3.0	-4.1
Other comprehensive income
Translation differences	-	0.0	5.4	0.0	0.0
Total comprehensive income for the period	-	-0.8	3.8	-3.0	-4.1
Utvecklingshuset	2014	2013	2014	2013	2013
Amounts in SEK millions	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Operating income	-	4.0	-	20.0	21.8
Operating expenses
Staff costs	-	-4.4	-	-16.6	-19.2
Other expenses	-	-2.0	-	-7.0	-8.0
Depreciation, amortisation and impairment of assets	-	-12.8	-	-12.8	-12.8
Operating profit/loss	-	-15.2	-	-16.4	-18.2
Financial items	-	0.0	-	0.0	0.0
Profit/loss before tax	-	-15.2	-	-16.4	-18.2
Tax	-	0.0	-	0.0	0.0
Profit/loss for the period	-	-15.2	-	-16.4	-18.2
Other comprehensive income
Translation differences	-	0.0	-	0.0	0.0
Total comprehensive income for the period	-	-15.2	-	-16.4	-18.2
Cash flow from discontinued operations
	2014	2013	2014	2013	2013
Amounts in SEK millions	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Operating activities	0.0	-2.5	2.4	-4.2	-7.7
Investing activities	0.0	0.0	4.7	0.0	-0.1
Financing activities	0.0	0.6	0.0	0.6	1.7
Total	0.0	-1.9	7.1	-3.6	-6.1

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 applied for the Group and the Parent Company are consistent with the accounting policies applied when preparing the most recent annual report.

New and amended IFRS standards and IFRIC interpretations which come into effect in 2014 have not had any significant effect on the Group's financial reporting.

The Board of Directors and CEO hereby 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 the material risks and uncertainties to which the Parent Company and Group companies are exposed.

Future reporting dates

2014 Year-end report 17 February 2015 Interim Report Jan-Mar 2015 27 April 2015 Interim report, Jan-Jun 2015 17 July 2015 Interim report, Jan-Sep 2015 23 October 2015

The Annual General Meeting will be held at 4 p.m. on 27 April 2015.

Stockholm, 24 October 2014

Björn Örås Chairman of the Board

Monica Caneman Board member

Anna Söderblom Board member

Lennart Pihl Board member

Dag Sundström Board member

Morten Werner Managing Director and CEO

Auditor's Review Report

Introduction

We have conducted a review of the interim report for Poolia AB (publ) for the period 1 January 2014 until 30 September 2014. 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 International Standard on Review Engagements (ISRE) 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 Auditing 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, 24 October 2014

Deloitte AB

Henrik Nilsson Authorised Public Accountant

Contact person:

Morten Werner, Managing Director and CEO, tel: +46 (0)70-636 25 25

POOLIA AB (PUBL)

Kungsgatan 57 A Box 207 SE-101 24 Stockholm Tel: +46 (0)8-555 650 00 Fax: +46 (0)8-555 650 01 Corp. ID no.: 556447-9912 www.poolia.com