PION Group — Interim / Quarterly Report 2014

Feb 18, 2015

YEAR-END REPORT 1 JANUARY – 31 DECEMBER 2014

Quarterly period October-December, 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 179.2 (182.2) million, a decline of 1.6%.
• Operating profit was SEK 1.0 (-0.8) million, with an operating margin of 0.6% (-0.4%).
• Profit before tax amounted to SEK 0.9 (-0.8) million.
• Profit after tax was SEK 0.0 (-0.3) million.
• Earnings per share amounted to SEK 0.00 (-0.02).
• Cash flow from operations for the quarter was SEK 8.4 (-11.5) million.

Discontinued operations

• Profit/loss from discontinued operations was SEK -0.1 (-2.9) million for the fourth quarter and SEK -1.7 (-22.3) million for the period January-December.
• Cash flow from discontinued operations, including the sale of the UK operations, was SEK 7.5 million for the period January-December.

From the CEO – Light at the end of the tunnel

Poolia's revenues from continuing operations amounted to SEK 179.2 million in the fourth quarter, a decline of SEK 3.0 million (1.6%) compared with the fourth quarter of 2013. Operating profit for the same period was SEK 1.0 (-0.8) million.

Revenues for the Swedish business were SEK 126.1 (141.2) million, which corresponds to 70% of the Group's revenues for the quarter. Operating profit/loss for Sweden was SEK -2.3 (-3.0) million. The fourth quarter is Sweden's second-best quarter of the year in terms of revenue. Overall, the proportion of unplaced resource temps continues to fall, although it is still too high in some parts of the business. Poolia Sweden incurred restructuring costs of SEK 2.0 million during the quarter (SEK 7.4 million for the full year).

Poolia's German business continues to develop well. Revenues totalled SEK 40.3 (30.5) million, an increase of 32%, while operating profit was SEK 2.9 (1.3) million, an increase of 122%. The fourth quarter is normally the industry's weakest quarter in Germany as a large proportion of holidays are taken around Christmas.

Our Finnish operations also reported a good fourth quarter. Growth compared with the fourth quarter of the previous year was 22%. Operating profit, SEK 0.4 million, is still some way from an acceptable level.

Full year January-December, 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 700.6 (729.1) million, a decline of 3.9%.
• Operating profit was SEK 5.6 (2.4) million, with an operating margin of 0.8% (0.3%).
• Profit before tax amounted to SEK 5.3 (2.3) million.
• Profit after tax was SEK 1.8 (2.5) million.
• Earnings per share amounted to SEK 0.11 (0.15).
• Cash flow from operations for the period was SEK 13.3 (-2.4) million.
• The equity/assets ratio ended the period at 34.5% (28.4%), and the Group's equity per share was SEK 3.96 (3.52).
• The Board of Directors proposes that no dividend be paid to the shareholders.

Poolia Group's revenues from continuing operations declined by SEK 28.5 million (3.9%) during 2014.

Operating profit for the year amounted to SEK 5.6 (2.4) million, with an operating margin of 0.8% (0.3%). Cash flow from operations for the full year was SEK 13.3 (-2.4) million. The Group's liquidity is good.

Poolia made many decisions and made changes in terms of the overall strategic direction, organisation, and marketing and sales during 2014 – and these efforts are beginning to bear fruit. During autumn and winter, we won contracts with a number of well-known companies and organisations with the potential to become major clients. The savings programme aimed at reducing annual costs by SEK 15 million was implemented during the year. The full effect will be achieved from the second quarter of 2015.

The last place that improvement work is seen is the income statement. We continue resolutely and purposefully towards getting Poolia back in growth mode with good profitability.

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

OCTOBER – DECEMBER GROUP

Revenue

The Group's revenue for continuing operations declined by 1.6% to SEK 179.2 (182.2) 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 was unchanged at 9%.

Operating profit amounted to SEK 1.0 (-0.8) million, with an operating margin of 0.6% (0.4%). The Group's net financial income/expense was SEK -0.1 (0.0) million. Profit before tax amounted to SEK 0.9 (-0.8) million. The Group's tax was SEK -0.9 (0.5) million.

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

Our assessment is that the market within Poolia segments is maintaining a cautious approach. The relationship between positive GDP development and staffing industry growth appears weaker than in previous years. We believe that there will be very moderate growth in demand during 2015. We maintain our positive view of the long-term

also contribute. This is what we call Poolia Quality.

MARKET CONDITIONS

outlook for the staffing industry.

POOLIA SWEDEN

Revenue

Poolia Sweden's revenue amounted to SEK 126.1 (141.2) million, a decline of 11% compared with the same period the previous year. Permanent placement's share of revenue increased from 9% to 10% during the period.

Earnings

Poolia Sweden's operating profit/loss was SEK -2.3 (-3.0) million. The operating margin was -1.8% (-2.1%).

Poolia's challenge in Sweden is to win new

business and get back into a growth phase. We won a number of large-volume contracts in both temporary staffing and permanent placement during the fourth quarter. Poolia Sweden incurred restructuring costs of SEK 2.0 million during the quarter.

POOLIA GERMANY

Revenue

Poolia Germany's revenue amounted to SEK 40.3 (30.5) million, an increase of 32%. Currency effects had a positive impact of 6% on revenue during the quarter. Permanent placement's share of revenue declined from 10% to 7% during the period, although the share of revenue varies from office to office.

Earnings

Poolia Germany's operating profit was SEK 2.9 (1.3) million. The operating margin was 7.2% (4.3%).

Poolia Germany's positive development continued in the fourth quarter. This quarter is structurally the weakest of the year, which also affects the operating margin. The margin of 7.2% was achieved despite this scenario. Germany continues to revise down its GDP and industrial production forecasts. We remain optimistic about Poolia Germany's development, both in the short and long term.

Poolia Germany 22,5% 0% 4% 8% 12% 16% 0 5 10 15 20 25 30 35 40 45 50 SEK millions Operating revenue

Operating margin

Share of Group revenue in the quarter

POOLIA FINLAND

Revenue

Poolia Finland's revenue amounted to SEK 12.8 (10.5) million, an increase of 22%. Currency effects had a positive impact of 6% on revenue during the quarter. Permanent placement's share of revenue increased from 5% to 9%.

Earnings

Poolia Finland's operating profit was SEK 0.4 (0.9) million. The operating margin was 3.3% (8.7%). Poolia's Finnish business has a small market share and is confined to Helsinki. We have long

relationships with our clients, which is an advantage in the difficult economic conditions that Finland is now going through. We have added some more large companies as clients and some former clients have returned. Poolia Finland has a very good reputation for delivering high quality and safety in the market.

JANUARY – DECEMBER GROUP

Revenue

The Group's revenue for continuing operations declined by 3.9% to SEK 700.6 (729.1) 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 increased from 9% to 10%. The chart below shows the Group's revenue by segment during the period.

Earnings

Operating profit amounted to SEK 5.6 (2.4) million, with an operating margin of 0.8% (0.3%). The Group's net financial income/expense was SEK -0.3 (-0.1) million. Profit before tax amounted to SEK 5.3 (2.3) million. The Group's tax was SEK -3.5 (0.2) million. Profit/loss from the discontinued operations Poolia UK and Utvecklingshuset during the period amounted to SEK -1.7 (-22.3) million.

Liquidity and financing

The Group's cash and cash equivalents at 31 December 2014 were SEK 13.5 (2.2) million. Cash flow from operating activities for continuing operations during the period was SEK 13.3 (-2.4) million. The equity/assets ratio at 31 December 2014 was 34.5% (28.4%). 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 31 December 2014, SEK 5.4 (20.4) million of this amount had been utilised.

Investments

The Group's investments in non-current assets for the period January to December amounted to SEK 1.5 (2.3) 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 11.10. During the period, 1,477,755 shares were traded at a total value of SEK 17.4 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 1,189 (1,282). The total number of employees at 31 December 2014 was 1,233 (1,304).

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 22.7 (36.2) million. Profit/loss after financial items was SEK -20.0 (-29.4) million. A shareholder contribution of SEK 14.0 (20.0) million was paid to Poolia Sweden. An impairment loss of SEK 2.3 (7.0) million was recognised for receivables from Poolia UK.

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 31/12/2014 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
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating income	179.2	182.2	700.6	729.1
Operating expenses
Staff costs	-161.8	-167.5	-635.2	-668.7
Other expenses	-15.9	-14.5	-56.5	-54.1
Depreciation and amortisation of assets	-0.5	-1.0	-3.3	-3.9
Operating profit/loss	1.0	-0.8	5.6	2.4
Financial items	-0.1	0.0	-0.3	-0.1
Profit/loss before tax	0.9	-0.8	5.3	2.3
Tax	-0.9	0.5	-3.5	0.2
Profit/loss for the period from continuing operations	0.0	-0.3	1.8	2.5
Discontinued operations
Profit/loss for the period from discontinued operations	-0.1	-2.9	-1.7	-22.3
Profit/loss for the period	-0.1	-3.2	0.1	-19.8
Other comprehensive income
Items that will be reclassified to the income statement
Translation differences	1.3	1.0	7.4	1.0
Total comprehensive income for the period	1.2	-2.2	7.5	-18.8
Operating margin, continuing operations, %	0.6	-0.4	0.8	0.3
Profit margin, continuing operations, %	0.5	-0.4	0.8	0.3
Profit/loss for the period attributable to:
Shareholders of the Parent	-0.1	-3.2	0.1	-19.8
Non-controlling interests	0.0	0.0	0.0	0.0
Basic and diluted earnings per share, SEK
Earnings per share from continuing operations
and discontinued operations	-0.01	-0.19	0.00	-1.16
Earnings per share from continuing operations	0.00	-0.02	0.11	0.15
Total comprehensive income attributable to:
Shareholders of the Parent	1.2	-2.2	7.5	-18.8
Non-controlling interests	0.0	0.0	0.0	0.0

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in SEK millions	31/12/2014	31/12/2013
Assets
Non-current assets
Goodwill	12.4	12.2
Other non-current assets	7.1	9.0
Deferred tax assets	14.1	15.7
Current assets
Current receivables	149.7	166.8
Cash and cash equivalents	13.5	2.2
Assets held for sale	-	6.1
Total assets	196.8	212.0
Equity and liabilities
Equity	67.8	60.3
Non-controlling interest in equity	0.0	0.0
Non-current liabilities	1.4	1.4
Current liabilities to credit institutions	0.0	9.9
Other current liabilities	127.6	138.2
Liabilities held for sale	-	2.2
Total equity and liabilities	196.8	212.0

Pledged assets and contingent liabilities 14.6 9.2

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	2014	2013	2014	2013
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Profit/loss before tax	0.9	-0.8	5.3	2.3
Adjustments	0.6	1.0	3.3	3.8
Income tax paid	-0.2	-1.9	-8.0	-6.7
Cash flow from operating activities before changes in working capital	1.3	-1.7	0.6	-0.6
Increase (-)/decrease (+) in current receivables	-2.3	-12.1	15.9	27.9
Increase (+)/decrease (-) in current liabilities	9.4	2.3	-3.2	-29.7
Cash flow from operating activities, continuing operations	8.4	-11.5	13.3	-2.4
Cash flow from operating activities, discontinued operations	0.3	-3.6	2.8	-7.7
Cash flow from investing activities, continuing operations	-0.6	2.8	-1.4	0.9
Cash flow from investing activities, discontinued operations	0.0	-0.1	4.7	-0.1
Cash flow from financing activities, continuing operations	0.0	6.9	-9.9	4.4
Cash flow from financing activities, discontinued operations	0.0	1.2	0.0	1.7
Cash flow for the period, continuing operations	7.8	-1.8	2.0	2.9
Cash flow for the period, discontinued operations	0.3	-2.5	7.5	-6.1
Cash and cash equivalents at beginning of period	4.1	4.9	2.2	4.0
Exchange differences	1.3	1.6	1.8	1.4
Cash and cash equivalents at end of period	13.5	2.2	13.5	2.2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	2014	2013
Amounts in SEK millions	Jan-Dec	Jan-Dec
Opening balance	60.3	79.2
Total comprehensive income for the period attributable to shareholders of the Parent	7.5	-18.8
Closing balance attributable to shareholders of the Parent	67.8	60.3
Non-controlling interest in equity	0.0	0.0
Closing balance including non-controlling interest	67.8	60.3

CONDENSED INCOME STATEMENT – PARENT COMPANY

	2014	2013	2014	2013
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	5.5	9.9	22.7	36.2
Operating expenses
Staff costs	-2.7	-6.2	-11.5	-21.9
Other expenses	-3.2	-4.3	-11.6	-15.1
Depreciation, amortisation and impairment of assets	-0.1	-0.5	-1.6	-2.5
Operating profit/loss	-0.5	-1.1	-2.0	-3.3
Financial items	-17.8	-27.9	-18.0	-26.1
Profit/loss after financial items	-18.3	-29.0	-20.0	-29.4
Tax	0.4	0.2	0.8	0.8
Profit/loss for the period	-17.9	-28.8	-19.2	-28.6
Statement of comprehensive income Profit/loss for the period Other comprehensive income	-17.9 -	-28.8 -	-19.2 -	-28.6 -
Total comprehensive income for the period	-17.9	-28.8	-19.2	-28.6

CONDENSED BALANCE SHEET – PARENT COMPANY

Amounts in SEK millions	31/12/2014	31/12/2013
Assets
Non-current assets
Investments in Group companies	23.6	23.6
Other non-current assets	7.2	6.8
Current assets
Current receivables	9.0	36.4
Cash and bank balances	14.6	0.0
Total assets	54.4	66.8
Equity and liabilities
Equity	19.2	38.5
Provisions	1.4	1.4
Current liabilities to credit institutions	0.0	7.8
Other current liabilities	33.8	19.1
Total equity and liabilities	54.4	66.8
Pledged assets and contingent liabilities	15.6	15.6

OVERVIEW OF KEY FINANCIAL RATIOS BY QUARTER

	2014	2014	2014	2014	2013	2013	2013	2013
	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar
Operating income	179.2	163.0	176.8	181.6	182.2	164.5	188.2	194.2
Growth, %	-1.6	-0.9	-6.1	-6.5	-12.2	-15.9	-19.6	-22.7
Growth in local currency, %	-3.0	-2.7	-7.8	-7.4	-12.8	-16.5	-18.8	-22.2
Operating margin, %	0.6	2.2	-1.7	2.2	-0.4	1.1	-1.6	2.2
Profit margin, %	0.5	2.2	-1.8	2.1	-0.4	1.1	-1.6	2.2
Return on capital employed1, %	5.8	0.2	-31.9	-28.0	-25.6	-56.7	-37.6	-29.4
Return on total assets1, %	2.0	0.1	-7.7	-8.9	-8.2	-18.9	-12.0	-9.9
Return on equity1, %	0.1	-4.7	-30.4	-22.5	-28.5	-51.2	-32.0	-25.4
Equity/assets ratio, %	34.5	34.4	30.7	32.0	28.4	28.9	30.2	31.4
Risk-bearing capital, %	34.5	34.4	30.7	32.0	28.4	28.9	30.2	31.4
Number of FTEs, average	1167	1157	1211	1219	1249	1245	1328	1308
Revenue per employee, SEK 000	154	141	146	149	146	132	142	148
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	0.00	0.11	-0.16	0.16	-0.02	0.10	-0.13	0.19
Equity per share, SEK	3.96	3.89	3.79	3.89	3.52	3.65	4.50	4.69

¹ Trailing12 months, incl. discontinued

operations.

² No dilutive effects.

OVERVIEW OF KEY FINANCIAL RATIOS BY PERIOD

	2014	2013
	Jan-Dec	Jan-Dec
Operating margin, %	0.8	0.3
Profit margin, %	0.8	0.3
Basic earnings per share1, SEK	0.11	0.15
Equity per share, SEK	3.96	3.52

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
SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Poolia Sweden	126.1	141.2	487.7	574.4
Poolia Germany	40.3	30.5	161.8	117.8
Poolia Finland	12.8	10.5	51.1	36.8
Total revenue, continuing operations	179.2	182.2	700.6	729.1
Discontinued operations
Poolia UK	0.0	8.9	6.2	38.9
Utvecklingshuset	0.0	1.8	0.0	21.8
Total revenue	179.2	192.9	706.7	789.7

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2014	2013	2014	2013
SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
POOLIA SWEDEN	-2.3	-3.0	-11.8	-3.7
Poolia Germany	2.9	1.3	15.6	4.1
Poolia Finland	0.4	0.9	1.8	2.0
Total operating profit/loss, continuing	1.0	-0.8	5.6	2.4
operations
Discontinued operations
Poolia UK	-0.1	-1.1	-1.7	-4.1
Utvecklingshuset	0.0	-1.8	0.0	-18.2
Total operating profit/loss	0.9	-3.7	3.8	-19.9

Discontinued operations

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

Poolia UK

Poolia UK's revenue for the fourth quarter of 2014 was SEK 0.0 (8.9) million, while operating profit/loss was SEK -0.1 (-1.1) million. Revenue for the period January to December 2014 was SEK 6.2 (38.9) million and operating profit/loss was SEK -1.7 (-4.1) 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 -5.3 million.

Utvecklingshuset

Utvecklingshuset's revenue for the fourth quarter of 2014 was SEK 0.0 (1.8) million and operating profit/loss was SEK 0.0 (-1.8) million. Revenue for the period January to December 2014 was SEK 0.0 (21.8) million and operating profit/loss was SEK 0.0 (-18.2) million.

Poolia UK	2014	2013	2014	2013
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating income	0.0	8.9	6.2	38.9
Operating expenses
Staff costs	0.0	-8.4	-5.9	-36.0
Other expenses	-0.1	-1.6	-1.4	-6.9
Capital gain on sale of operation	-	-	4.7	-
Translation differences	-	-	-5.3	-
Depreciation, amortisation and impairment of assets	0.0	0.0	0.0	-0.1
Operating profit/loss	-0.1	-1.1	-1.7	-4.1
Financial items	0.0	0.0	0.0	0.0
Profit/loss before tax	-0.1	-1.1	-1.7	-4.1
Tax	0.0	0.0	0.0	0.0
Profit/loss for the period	-0.1	-1.1	-1.7	-4.1
Other comprehensive income
Translation differences	0.0	0.0	5.3	0.0
Total comprehensive income for the period	-0.1	-1.1	3.6	-4.1
Utvecklingshuset	2014	2013	2014	2013
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating income	-	1.8	-	21.8
Operating expenses
Staff costs	-	-2.2	-	-19.2
Other expenses	-	-1.4	-	-8.0
Depreciation, amortisation and impairment of assets	-	0.0	-	-12.8
Operating profit/loss	-	-1.8	-	-18.2
Financial items	-	0.0	-	0.0
Profit/loss before tax	-	-1.8	-	-18.2
Tax	-	0.0	-	0.0
Profit/loss for the period	-	-1.8	-	-18.2
Other comprehensive income
Translation differences	-	0.0	-	0.0
Total comprehensive income for the period	-	-1.8	-	-18.2
Cash flow from discontinued operations
	2014	2013	2014	2013
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating activities	0.3	-3.6	2.8	-7.7
Investing activities	0.0	-0.1	4.7	-0.1
Financing activities	0.0	1.2	0.0	1.7
Total:	0.3	-2.5	7.5	-6.1

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 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 year-end 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 Parent Company and Group companies are exposed.

Proposed appropriation of profits

According to the Board of Directors' dividend policy, the annual dividend shall normally exceed 50% of the Group's profit after tax. The Group's profit after tax for continuing

operations for the 2014 financial year is SEK 1.8 million. The Board will propose to the AGM that no dividend be paid.

Future reporting dates

Interim Report, Jan-Mar 2015	27 April 2015
Interim Report, Jan-Jun 2015	20 July 2015
Interim Report, Jan-Sep 2015	23 October 2015

The Annual General Meeting will be held at the Company's premises in Stockholm, at Kungsgatan 57 A, 4th floor, at 4 p.m. on 27 April 2015. The Annual Report will be available from 30 March 2015 on the Company's website www.poolia.com.

Shareholders wishing to have an item of business dealt with at the AGM must submit a written request to the Board of Directors as early as possible to ensure the item can be included in the notice of 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, 101 24 Stockholm, Sweden.

Stockholm, 17 February 2015

Björn Örås Chairman of the Board

Monica Caneman Board member

Dag Sundström Board member

Anna Söderblom Board member

Lennart Pihl Board member

Morten Werner Managing Director and CEO

This year-end 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