PION Group — Interim / Quarterly Report 2014

Jul 18, 2014

INTERIM REPORT 1 JANUARY – 30 JUNE 2014

Quarterly period April-June, continuing operations

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

• Poolia's revenue amounted to SEK 176.8 (188.2) million, a decline of 6.1%.
• Operating profit/loss was SEK -3.1 (-3.0) million, with an operating margin of -1.7% (-1.6%).
• Profit/loss before tax was SEK -3.1 (-3.0) million.
• Profit/loss after tax was SEK -2.8 (-2.2) million.
• Earnings per share amounted to SEK -0.16 (-0.13).
• Cash flow from operations for the quarter was SEK 2.4 (7.1) million.

Discontinued operations

• Profit/loss from discontinued operations was SEK 0.0 (-2.4) million in the second quarter and SEK -1.6 (-3.4) million in the period January-June.
• Cash flow from divested operations, including the sale of the UK operations, during the period January-June was SEK 7.1 million.

From the CEO - "Continuing focus on increased sales and improved profitability"

Poolia's revenues for continuing operations in the second quarter showed a decline of SEK 11.4 million (6.1%) compared with the second quarter of 2013. Operating profit/loss for the same period was SEK -3.1 (-3.0) million.

The Swedish business accounted for 68% of the Group's revenue during the quarter. Poolia's sales and profitability were too low during the period, this partly due to seasonality, with fewer working days than in other quarters. The cost of unplaced resource temps did not start to fall until the end of the period. During the quarter, we incurred transition of costs of SEK 3.0 million (SEK 4.4 million for the year-to-date).

Poolia's German business is developing well, showing growth of 41% and a significant increase in operating profit. Our Finnish operations also had a good second quarter. Growth compared with the second quarter of the previous year was 61%, still with an acceptable operating profit.

Poolia Group's revenues from continuing operations decreased by SEK 24.0 million (6.3%) during the first half of 2014.

Operating profit for the same period amounted to SEK 0.9 (1.4) million, leaving an operating margin of 0.3% (0.4%). Cash flow for the period was SEK 10.1 (12.8) million. The Group's liquidity is good.

Interim period January-June, continuing operations

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

• Poolia's revenue amounted to SEK 358.4 (382.4) million, a decline of 6.3%.
• Operating profit/loss was SEK 0.9 (1.4) million, with an operating margin of 0.3% (0.4%).
• Profit/loss before tax was SEK 0.7 (1.3) million.
• Profit/loss after tax was SEK -0.1 (1.1) million.
• Earnings per share amounted to SEK -0.01 (0.07).
• Cash flow from operations for the period was SEK 10.1 (12.8) million.
• The equity/assets ratio ended the period at 30.7% (30.2%), and the Group's equity per share was SEK 3.79 (4.50).

Poolia's operations in Sweden need to be improved significantly. The competitive situation in Sweden is tough, and Poolia has not been able to adapt its core business to the prevailing situation. This has resulted in a downturn in revenue, reduced market share and negative profitability. To return Poolia Sweden to a positive trend, we are carrying out a programme of measures that aim not only to cut costs by SEK 15 million on an annual basis, but also to increase market presence in the form of intensified sales and marketing.

Poolia is an important company in an industry that develops the Swedish labour market. We have a good future and we must manage it in the best possible way.

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

APRIL – JUNE GROUP

Revenue

The Group's revenue for continuing operations declined by 6.1% to SEK 176.8 (188.2) million. Currency effects had a positive impact of 1.7% on revenue. Temporary staffing is the largest service area. Permanent placement's share of revenue increased from 10% to 11%.

MARKET CONDITIONS

Earnings Operating profit/loss amounted to SEK -3.1 (-3.0) million, with an operating margin of -1.7% (-1.6%). The Group's net financial income/expense was SEK 0.0 (0.0) million. Profit/loss before tax amounted to SEK -3.1 (-3.0) million. The Group's tax was SEK 0.3 (0.8) million.

needs, and we have the processes and tests in place to ensure the client gets the right person.

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

Clients are maintaining a cautious attitude. At the end of the reporting period, some companies increased their permanent placement inquiries. We maintain our positive view of the long-term outlook for the staffing industry.

also contribute. This is what we call Poolia Quality.

POOLIA SWEDEN

Revenue

Poolia Sweden's revenue amounted to SEK 121.8 (150.6) million, a decline of 19% compared with the same period the previous year. Permanent placement's share of revenue increased from 9% to 12% during the period.

Earnings

Poolia Sweden's operating profit/loss was SEK -7.4 (-4.0) million. The operating margin was -6.1% (-2.7%).

Poolia's Swedish operations are still suffering from overcapacity due to the decrease in revenue. In

addition, we do not see any connection between positive GDP growth and positive growth in demand. During the quarter, we incurred transition costs of SEK 3.0 million (SEK 4.4 million for the year-to-date).

Competition in the industry is intense. We have refrained from contracts in the face of unhealthy price expectations from customers.

A recent market analysis shows that Poolia has the industry's second most recognised brand. During the quarter, we devoted resources to preparing for an increased focus on sales and marketing. We expect to see the results of these efforts during this year.

POOLIA GERMANY

Revenue

Poolia Germany's revenue amounted to SEK 40.4 (28.6) million, an increase of 41%. Currency effects had a positive impact of 8% on revenue during the quarter. Permanent placement's share of revenue declined from 13% to 12%. The development varies from office to office.

Earnings

Poolia Germany's operating profit was SEK 3.6 (0.5) million. The operating margin was 9.0% (1.9%).

We are pleased with the performance of our German business. It shows that the long-term, determined focus on sales and profitability is bearing fruit. Amid fierce competition, our German management team has been successful in gaining market share with increased profitability. We are optimistic about developments in the short and long term.

POOLIA FINLAND

Revenue

Poolia Finland's revenue amounted to SEK 14.5 (9.0) million, an increase of 61%. Currency effects had a positive impact of 9% on revenue during the quarter. Permanent placement's share of revenue declined from 11% to 4%.

Earnings

Poolia Finland's operating profit was SEK 0.7 (0.5) million. The operating margin was 5.1% (6.1%).

Poolia's operations in Finland continue to develop

in a positive direction. Growth in temporary staffing is very strong. A focus on larger employers and the IT industry has produced positive effects. However, permanent placement has shown a serious decline compared with 2013 and this has resulted in the operating margin falling by one percentage point.

Poolia Finland has stable operations and has long-standing relationships with most clients. We are in Finland in order to further develop the business.

JANUARY – JUNE GROUP

Revenue

The Group's revenue for continuing operations declined by 6.3% to SEK 358.4 (382.4) million. Currency effects had a positive impact of 1.3% on revenue. Temporary staffing is the largest service area. Permanent placement's share of revenue increased from 10% to 11%. The chart below shows the Group's revenue by segment during the period.

Earnings

Operating profit amounted to SEK 0.9 (1.4) million, with an operating margin of 0.3% (0.4%). The Group's net financial income/expense was SEK -0.2 (-0.1) million. Profit before tax amounted to SEK 0.7 (1.3) million. The Group's tax was SEK -0.8 (-0.2) million.

Liquidity and financing

The Group's cash and cash equivalents at 30 June 2014 were SEK 9.4 (9.4) million. Cash flow from operating activities for continuing operations during the period was SEK 10.1 (12.8) million. The equity/assets ratio at 30 June 2014 was 30.7% (30.2%). 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 June 2014, SEK 5.6 (4.9) million of this amount had been utilised.

Investments

The Group's investments in non-current assets for the period January to June 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 12.60. During the period, 845 292 shares were traded at a total value of SEK 10.7 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 1,215 (1,318). The total number of employees at 30 June 2014 was 1,315 (1,434).

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 11.7 (19.4) million. Profit/loss after financial items was SEK -1.2 (0.4) 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 30/06/2014 were unchanged from those at 31/12/2013.

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	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating income	176.8	188.2	358.4	382.4	729.1
Operating expenses
Staff costs	-165.8	-176.6	-329.6	-352.5	-668.7
Other expenses	-13.1	-13.6	-26.0	-26.4	-54.1
Depreciation and amortisation of assets	-1.0	-1.0	-1.9	-2.1	-3.9
Operating profit/loss	-3.1	-3.0	0.9	1.4	2.4
Financial items	0.0	0.0	-0.2	-0.1	-0.1
Profit/loss before tax	-3.1	-3.0	0.7	1.3	2.3
Tax	0.3	0.8	-0.8	-0.2	0.2
Profit/loss for the period from continuing operations	-2.8	-2.2	-0.1	1.1	2.5
Discontinued operations
Profit/loss for the period from discontinued operations	0.0	-2.4	-1.6	-3.4	-22.3
Profit/loss for the period	-2.8	-4.6	-1.7	-2.3	-19.8
Other comprehensive income
Items that will be reclassified to the income statement
Translation differences	1.0	1.4	6.2	0.2	1.0
Total comprehensive income for the period	-1.8	-3.2	4.5	-2.1	-18.8
Operating margin, continuing operations, %	-1.7	-1.6	0.3	0.4	0.3
Profit margin, continuing operations, %	-1.8	-1.6	0.2	0.3	0.3
Profit/loss for the period attributable to:
Shareholders of the Parent	-2.8	-4.6	-1.7	-2.3	-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	-0.17	-0.27	-0.10	-0.14	-1.16
Earnings per share from continuing operations	-0.16	-0.13	-0.01	0.07	0.15
Total comprehensive income attributable to:
Shareholders of the Parent	-1.8	-3.2	4.5	-2.1	-18.8
Non-controlling interests	0.0	0.0	0.0	0.0	0.0

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in SEK millions	30/06/2014	30/06/2013	31/12/2013
Assets
Non-current assets
Goodwill	12.3	27.8	12.2
Other non-current assets	8.0	10.3	9.0
Deferred tax assets	15.2	14.9	15.7
Current assets
Current receivables	166.2	192.3	166.8
Cash and cash equivalents	9.4	9.4	2.2
Assets held for sale	-	-	6.1
Total assets	211.1	254.7	212.0
Equity and liabilities
Equity	64.8	77.0	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	0.0	9.9
Other current liabilities	144.9	176.8	138.2
Liabilities held for sale	-	-	2.2
Total equity and liabilities	211.1	254.7	212.0
Pledged assets and contingent liabilities	2.8	7.8	9.2

CONDENSED CONSOLIDATED CASH

FLOW STATEMENT

	2014	2013	2014	2013	2013
Amounts in SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Profit/loss before tax	-3.1	-3.0	0.7	1.3	2.3
Adjustments	0.9	1.0	1.9	2.1	3.8
Income tax paid	-3.1	0.8	-5.5	-2.6	-6.7
Cash flow from operating activities before changes in working capital	-5.3	-1.2	-2.9	0.8	-0.6
Increase (-)/decrease (+) in current receivables	3.2	5.6	6.3	18.0	27.9
Increase (+)/decrease (-) in current liabilities	4.5	2.7	6.7	-6.0	-29.7
Cash flow from operating activities, continuing operations	2.4	7.1	10.1	12.8	-2.4
Cash flow from operating activities, discontinued operations	1.7	-1.7	2.4	-1.7	-7.7
Cash flow from investing activities, continuing operations	-0.9	-1.0	-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	0.0	-9.9	-3.7	4.4
Cash flow from financing activities, discontinued operations	0.0	0.0	0.0	0.0	1.7
Cash flow for the period, continuing operations	1.5	6.1	-0.6	7.1	2.9
Cash flow for the period, discontinued operations	1.7	-1.7	7.1	-1.7	-6.1
Cash and cash equivalents at beginning of period	5.3	3.8	2.2	4.0	4.0
Exchange differences	0.9	1.2	0.7	0.0	1.4
Cash and cash equivalents at end of period	9.4	9.4	9.4	9.4	2.2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	2014	2013	2013
Amounts in SEK millions	Jan-Jun	Jan-Jun	Jan-Dec
Opening balance	60.3	79.2	79.2
Dividend	-	-	-
Total comprehensive income for the period attributable to shareholders of the Parent	4.5	-2.1	-18.8
Closing balance attributable to shareholders of the Parent	64.8	77.0	60.3
Non-controlling interest in equity	0.0	0.0	0.0
Closing balance including non-controlling interest	64.8	77.0	60.3

CONDENSED INCOME STATEMENT – PARENT COMPANY

	2014	2013	2014	2013	2013
Amounts in SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Net sales	6.1	11.9	11.7	19.4	36.2
Operating expenses
Staff costs	-3.4	-8.3	-6.3	-12.3	-21.9
Other expenses	-2.7	-3.7	-5.5	-7.3	-15.1
Depreciation, amortisation and impairment of assets	-0.5	-0.7	-1.0	-1.4	-2.5
Operating profit/loss	-0.5	-0.8	-1.1	-1.6	-3.3
Financial items	0.0	2.0	-0.1	2.0	-26.1
Profit/loss after financial items	-0.5	1.2	-1.2	0.4	-29.4
Appropriations	-	-	-	-	-
Tax	0.1	0.2	0.2	0.4	0.8
Profit/loss for the period	-0.4	1.4	-1.0	0.8	-28.6
Statement of comprehensive income
Profit/loss for the period	-0.4	1.4	-1.0	0.8	-28.6
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the period	-0.4	1.4	-1.0	0.8	-28.6

CONDENSED BALANCE SHEET – PARENT COMPANY

Amounts in SEK millions	30/06/2014	30/06/2013	31/12/2013
Assets
Non-current assets
Investments in Group companies	23.6	24.4	23.6
Other non-current assets	6.5	6.9	6.8
Current assets
Current receivables	26.0	65.8	36.4
Cash and bank balances	1.1	0.0	0.0
Total assets	57.2	97.1	66.8
Equity and liabilities
Equity	37.5	67.8	38.5
Provisions	1.7	1.2	1.7
Current liabilities to credit institutions	0.0	11.5	7.8
Other current liabilities	18.0	16.6	18.8
Total equity and liabilities	57.2	97.1	66.8
Pledged assets and contingent liabilities	15.6	15.1	15.6

OVERVIEW OF KEY FINANCIAL RATIOS BY QUARTER

	2014	2014	2013	2013	2013	2013	2012	2012
	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct Dec	Jul-Sep
Operating income	176.8	181.6	182.2	164.5	188.2	194.2	207.7	195.6
Growth, %	-6.1	-6.5	-12.2	-15.9	-19.6	-22.7	-21.8	-16.0
Growth in local currency, %	-7.8	-7.4	-12.8	-16.5	-18.8	-22.2	-20.9	-14.9
Operating margin, %	-1.7	2.2	-0.4	1.1	-1.6	2.2	-14.7	0.2
Profit margin, %	-1.8	2.1	-0.1	1.1	-1.6	2.2	-14.6	0.2
Return on capital employed1, %	3.2	3.1	-25.6	-56.7	-37.6	-29.4	-29.1	1.6
Return on total assets1, %	1.0	1.0	-8.2	-18.9	-12.0	-9.9	-9.9	0.6
Return on equity1, %	1.8	2.5	-28.5	-51.2	-32.0	-25.4	-26.5	1.9
Equity/assets ratio, %	30.7	32.0	28.4	28.9	30.2	31.4	29.7	36.0
Risk-bearing capital, %	30.7	32.0	28.4	28.9	30.2	31.4	29.7	36.5
Number of FTEs, average	1211	1219	1282	1245	1328	1308	1439	1509
Revenue per employee, SEK 000	146	149	146	132	142	148	144	130
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	-0.16	0.16	-0.02	0.10	-0.13	0.19	-1.42	0.02
Equity per share, SEK	3.79	3.89	3.52	3.65	4.50	4.69	4.62	6.13

¹ Trailing12 months, incl. discontinued

operations.

² No dilutive effects.

OVERVIEW OF KEY FINANCIAL RATIOS BY PERIOD

	2014	2013
	Jan-Jun	Jan-Jun
Operating margin, %	0.3	0.4
Profit margin, %	0.2	0.3
Basic earnings per share1, SEK	-0.01	0.07
Equity per share, SEK	3.79	4.50

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.

	2014	2013	2014	2013	2013
SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Poolia Sweden	121.8	150.6	255.9	309.3	574.4
Poolia Germany	40.4	28.6	77.2	55.4	117.8
Poolia Finland	14.5	9.0	25.3	17.7	36.8
Total revenue, continuing operations	176.8	188.2	358.4	382.4	729.1
Discontinued operations
Poolia UK	0.0	9.6	0.0	20.3	38.9
Utvecklingshuset	0.0	6.9	0.0	16.0	21.8
Total revenue	176.8	204.7	358.4	418.6	789.7

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2014	2013	2014	2013	2013
SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Poolia Sweden	-7.4	-4.0	-7.3	0.0	-3.7
Poolia Germany	3.6	0.5	7.1	0.5	4.1
Poolia Finland	0.7	0.5	1.2	0.9	2.0
Total operating profit/loss, continuing operations	-3.1	-3.0	0.9	1.4	2.4
Discontinued operations
Poolia UK	0.0	-1.1	-1.6	-2.2	-4.1
Utvecklingshuset	0.0	-1.4	0.0	-1.2	-18.2
Total operating profit/loss	-3.1	-5.4	-0.7	-2.1	-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 second quarter of 2014 was SEK 0.0 (9.6) million and operating profit/loss was SEK 0.0 (-1.1) million. Revenue for the period January to June 2014 was SEK 6.2 (20.3) million and operating profit/loss was SEK -1.6 (-2.2) 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, 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 second quarter of 2014 was SEK 0.0 (6.9) million and operating profit/loss was SEK 0.0 (-1.4) million. Revenue for the period January to June 2014 was SEK 0.0 (16.0) million and operating profit/loss was SEK 0.0 (-1.2) million.

Poolia UK	2014	2013	2014	2013	2013
Amounts in SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating income	-	9.6	6.2	20.3	38.9
Operating expenses
Staff costs	-	-9.2	-5.9	-19.0	-36.0
Other expenses	-	-1.5	-1.2	-3.4	-6.9
Capital gain on sale of operation	-	-	4.7	-	-
Exchange differences	-	-	-5.4	-	-
Depreciation, amortisation and impairment of assets	-	0.0	0.0	-0.1	-0.1
Operating profit/loss	-	-1.1	-1.6	-2.2	-4.1
Financial items	-	0.0	0.0	0.0	0.0
Profit/loss before tax	-	-1.1	-1.6	-2.2	-4.1
Tax	-	0.0	0.0	0.0	0.0
Profit/loss for the period	-	-1.1	-1.6	-2.2	-4.1
Other comprehensive income
Translation differences	-	0.0	5.4	0.0	0.0
Total comprehensive income for the period	-	-1.1	3.8	-2.2	-4.1
Utvecklingshuset	2014	2013	2014	2013	2013
Amounts in SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating income	-	6.9	-	16.0	21.8
Operating expenses
Staff costs	-	-5.7	-	-12.2	-19.2
Other expenses	-	-2.6	-	-5.0	-8.0
Depreciation, amortisation and impairment of assets	-	0.0	-	0.0	-12.8
Operating profit/loss	-	-1.4	-	-1.2	-18.2
Financial items	-	0.0	-	0.0	0.0
Profit/loss before tax	-	-1.4	-	-1.2	-18.2
Tax	-	0.0	-	0.0	0.0
Profit/loss for the period	-	-1.4	-	-1.2	-18.2
Other comprehensive income
Translation differences	-	0.0	-	0.0	0.0
Total comprehensive income for the period	-	-1.4	-	-1.2	-18.2
Cash flow from discontinued operations:
	2014	2013	2014	2013	2013
Amounts in SEK millions	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating activities	1.7	-1.7	2.4	-1.7	-7.7
Investing activities	0.0	0.0	4.7	0.0	-0.1
Financing activities	0.0	0.0	0.0	0.0	1.7
Total:	1.7	-1.7	7.1	-1.7	-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

Interim report, Jan-Sep 2014 23 October 2014

Stockholm, 17 July 2014

Björn Örås Chairman of the Board

Monica Caneman Board member

Dag Sundström Board member

This interim report has not been reviewed by the Company's auditors.

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

Anna Söderblom Board member

Lennart Pihl Board member

Morten Werner Managing Director and CEO