PION Group — Interim / Quarterly Report 2015

Feb 19, 2016

YEAR-END REPORT 1 JANUARY – 31 DECEMBER 2015

Quarterly period October-December, continuing operations

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

• Revenue amounted to SEK 210.2 (179.2) million, an increase of 17.3%.
• Operating profit amounted to SEK 6.9 (1.0) million, with an operating margin of 3.3% (0.6%).
• Profit before tax amounted to SEK 11.1 (0.9) million.
• Profit after tax was SEK 8.2 (0.0) million.
• Earnings per share amounted to SEK 0.48 (0.00).
• Cash flow from operations for the quarter was SEK 11.4 (-1.6) million.

Discontinued operations

• Profit/loss from discontinued operations was SEK -0.7 (-0.1) million for the fourth quarter and SEK -0.7 (-1.7) million for the period January-December.
• Cash flow from discontinued operations, including the sale of the UK operations, for the period January-December was SEK -0.0 (7.5) million.

From the CEO – Good end to the year

Poolia's revenue for continuing operations for the fourth quarter amounted to SEK 210.2 million, an increase of SEK 31.0 million (17.3%) compared with the same quarter in 2014. Operating profit for the same period was SEK 6.9 (1.0) million.

The Swedish business was responsible for 72% of the Group's revenue in the fourth quarter. Sweden increased its revenue by SEK 24.1 million to SEK 150.2 million, i.e. growth of 19.1% compared with the same quarter the previous year. Operating profit for Poolia Sweden during the quarter was SEK 1.4 (-2.2) million. The operating margin was 0.9% (-1.7%). Poolia Sweden incurred restructuring costs of SEK 0.3 (2.0) million during the quarter.

Revenue for Poolia's German operations increased by 18.1% to SEK 7.3 million during the fourth quarter. The operating margin improved to 11.6% (7.2%) during the period.

Revenue for Poolia's Finnish operations showed a decline of 3.0% to SEK 0.4 million during the quarter, which meant the operating margin fell to 0.0% (2.3%).

The Poolia Group's revenue for continuing operations increased by SEK 56.5 million during 2015, which corresponds to an increase of 8.1%. Operating profit for the same period was SEK 16.0 (5.6) million, with an operating margin of 2.1% (0.8%).

Cash flow from operations for the period was SEK 17.4 (8.3) million. The Company's restructuring costs for the full year amounted to SEK 5.3 (5.4) million. The Group's liquidity and financial position are good.

Our efforts to create an organisation able to grow with profitability are beginning to bear fruit. We place a lot of time

Full year January-December, continuing operations

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

• Revenue amounted to SEK 757.1 (700.6) million, an increase of 8.1%.
• Operating profit amounted to SEK 16.0 (5.6) million, with an operating margin of 2.1% (0.8%).
• Profit before tax amounted to SEK 22.5 (5.3) million.
• Profit after tax was SEK 16.0 (1.8) million.
• Earnings per share amounted to SEK 0.92 (0.11).
• Cash flow from operations for the period was SEK 17.4 (3.4) million.
• The equity/assets ratio ended the period at 32.4% (33.8%), and the Group's equity per share was SEK 4.41 (3.96).
• The Board proposes a dividend of SEK 0.5 per share, with a total value of SEK 8,560,998.

and effort in becoming more efficient in sales and marketing. For Poolia to have the goal of becoming best in the industry in the supply of skilled temps and employees goes without saying. It means we must be able to make the best possible match between temp/candidate and the relevant assignment. We are constantly improving our efforts to achieve this task with lower resource consumption, while maintaining consistent and high quality.

The list of new, returning and renewing clients continues to grow. Tendering processes won during the fourth quarter included SOBI, the Swedish Transport Administration, Volvo AB, Bergendahls, Parliament Administration, the Swedish Pensions Agency and Svenska Spel.

Integration of the acquired company Joblink Norden AB has now been completed according to plan. We now have a strong market position in Skåne, which is important for achieving our long-term goals for operations in Sweden.

The leadership development programme ("No Roof Leadership") is in progress and is highly rated by the participants. This programme is critical to the achievement of our 2020 targets. Poolia's long-term goals and strategies stand firm. The positive energy is stronger than ever; we take up our challenges with pleasure and have great confidence as we face the future.

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 sharpens our knowledge of 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 increased by 17.3% to SEK 210.2 (179.2) million. Currency effects had a positive impact of 0.8% (1.3%) on revenue. Temporary staffing is the largest service area. Permanent placement's share of revenue increased from 9% to 12%.

Earnings

Market conditions

less good in Finland.

staffing industry.

Operating profit amounted to SEK 6.9 (1.0) million, with an operating margin of 3.3% (0.6%). The Group's net financial income/expense was SEK 4.2 (-0.1) million. Profit before tax amounted to SEK 11.1 (0.9) million. The Group's tax was SEK -2.9 (-0.9) 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

It is our assessment that demand is increasing in Poolia's business areas in Sweden and Germany. The situation is

The purchasing managers' index for services in Sweden is at a high level (59.3 in January), which may indicate that our industry will have good demand in the coming quarters. We expect this demand to continue during 2016. We maintain our positive view of the long-term outlook for the

also contribute. This is what we call Poolia Quality.

POOLIA SWEDEN

Revenue

Poolia Sweden's revenue amounted to SEK 150.2 (126.1) million, an increase of 19.1% compared with the same period the previous year.

Permanent placement's share of revenue was 13% (10%) during the quarter.

Earnings

Poolia Sweden's operating profit was SEK 1.4 (-2.2) million. The operating margin was 0.9% (-1.7%).

The fourth quarter, and the first quarter, are the best quarters of the year in our industry. We are finally showing good growth again. The SEK 24.1

million increase in sales shows that we are winning clients' trust. As a result of growth in Sweden, Poolia Sweden's share of Group sales increased from 68.0% in the third quarter of 2015 to 71.5%.

We continue to build the Company's infrastructure and organisation capital. We have strengthened the organisation with new employees, primarily in the sales and marketing functions, in order to further increase our sales force. We are very pleased with the acquisition of Joblink, which in addition to an improved market position brings Poolia important expertise in IT solutions and marketing in social media.

Poolia Sweden incurred restructuring costs of SEK 0.3 (0) million during the quarter (SEK 5.3 (5.4) million for the full year).

Share of Group revenue in the quarter

Operating margin

POOLIA GERMANY

Revenue

Poolia Germany's revenue amounted to SEK 47.6 (40.3) million, an increase of 18.1%. Currency effects had a positive impact of 3% (6%) on revenue during the quarter. Permanent placement's share of revenue increased from 7% to 11%.

Earnings

Poolia Germany's operating profit was SEK 5.5 (2.9) million. The operating margin was 11.6% (7.2%).

Poolia Germany had a very good fourth quarter. Permanent placement in particular performed well, which contributed to a clear improvement in operating profit. We feel that in Germany we have achieved stability in management, organisation and the actual business itself, which means that we look to the future with confidence.

POOLIA FINLAND

Revenue

Poolia Finland's revenue for the quarter amounted to SEK 12.4 (12.8) million, a decline of 3%. Currency effects had a positive impact of 2% on revenue during the quarter. Permanent placement's share of revenue declined from 9% to 5%.

In 2015, sales decreased by 2% compared with 2014.

Earnings

Poolia Finland's operating profit was SEK 0.0 (0.3) million, with an operating margin of 0.0% (2.3%).

Finland's efforts to return to economic growth continue, but unfortunately without any signs of improvements in the economy at present. Companies have a gloomy view of the future and are making very few appointments, hence the falling sales for our permanent placement business.

Our temporary staffing is also being adversely affected by the economic situation. Competition is fierce, with strong price pressure. We are now reviewing our costs in order to adapt operations to the current situation, while ensuring that we are ready when growth in demand returns.

JANUARY – DECEMBER GROUP

Revenue

The Group's revenue for continuing operations increased by 8.1% to SEK 757.1 (700.6) million. Currency effects had a positive impact of 0.9% on revenue. Temporary staffing is the largest service area. Permanent placement's share of revenue increased to 11% (10%). The chart below shows the Group's revenue by segment during the period.

Earnings

Operating profit amounted to SEK 16.0 (5.6) million, with an operating margin of 2.1% (0.8%). The Group's net financial income/expense was SEK 6.5 (-0.3) million. Profit before tax amounted to SEK 22.5 (5.3) million. The Group's tax was SEK -6.5 (-3.5) million.

Poolia incurred restructuring costs of SEK 5.3 (5.4) million during the period.

Liquidity and financing

The Group's cash and cash equivalents at 31 December 2015 were SEK 20.2 (19.0) million. The change in cash and cash equivalents is largely attributable to improved earnings. Cash flow from operating activities for continuing operations during the period was SEK 17.4 (3.4) million. The equity/assets ratio at 31 December 2015 was 32.4% (33.8%). 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 (40) million. At 31 December 2015, SEK 1.9 (5.4) million of this amount had been utilised. The German operations generate a strong positive cash flow. The Swedish Parent Company uses some of this surplus in an intra-Group loan to reduce external borrowings. Currency effects for this loan had a positive effect on net financial items for the period.

Investments

The Group's investments in non-current assets for the period January to December amounted to SEK 1.1 (1.5) million. In addition, costs associated with acquisition for Joblink were SEK 10.7 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 12.40. During the period 3,198,597 shares were traded at a total value of SEK 35.6 million.

Employees

The average number of full-time equivalents was 1,353 (1,189). The total number of employees at 31 December 2015 was 1,551 (1,233).

Seasonal variations

Number of working days in 2015:

	Sweden	Germany	Finland
Jan-Mar	62(62)	63(63)	63(63)
Apr-Jun	59(59)	59(60)	63(63)
Jul-Sep	66(66)	66(66)	63(63)
Oct-Dec	63(62)	65(63)	63(63)
Full year	250(249)	253(252)	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 20.4 (22.7) million. Profit/loss after financial items was SEK -1.5 (-20.0) million.

Significant risks and uncertainties

Risks and risk management are described in Poolia's 2014 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 December 2015 are unchanged from those at 31 December 2014.

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.

	2015	2014	2015	2014
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	210.2	179.3	757.1	700.6
Operating expenses
Staff costs	-187.5	-161.9	-680.0	-635.2
Other expenses	-15.0	-15.9	-58.2	-56.5
Depreciation and amortisation of assets	-0.8	-0.5	-2.9	-3.3
Operating profit/loss	6.9	1.0	16.0	5.6
Financial items	4.2	-0.1	6.5	-0.3
Profit/loss before tax	11.1	0.9	22.5	5.3
Tax	-2.9	-0.9	-6.5	-3.5
Profit/loss for the period from continuing operations	8.2	0.0	16.0	1.8
Discontinued operations
Profit/loss for the period from discontinued operations	-0.7	-0.1	-0.7	-1.7
Profit/loss for the period	7.5	-0.1	15.3	0.1
Other comprehensive income
Items that will be reclassified to the income statement
Translation differences	-1.2	1.3	-7.6	7.4
Total comprehensive income for the period	6.3	1.2	7.7	7.5
Operating margin, continuing operations, %	3.3	0.6	2.1	0.8
Profit margin, continuing operations, %	5.3	0.5	3.0	0.8
Profit/loss for the period from continuing operations attributable to:
Shareholders of the Parent	8.2	-0.1	16.0	1.8
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	0.44	-0.01	0.89	0.00
Earnings per share from continuing operations	0.48	0.00	0.93	0.11
Total comprehensive income attributable to:
Shareholders of the Parent	6.3	1.2	7.7	7.5
Non-controlling interests	0.0	0.0	0.0	0.0

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in SEK millions	31/12/2015	31/12/2014
Assets
Non-current assets
Goodwill	18.5	12.4
Other non-current assets	7.3	5.7
Deferred tax assets	11.6	14.1
Current assets
Current receivables	175.2	149.7
Cash and cash equivalents	20.2	19.0
Total assets	232.8	200.9
Equity and liabilities
Equity	75.5	67.8
Non-controlling interests	0.0	0.0
Total equity	75.5	67.8
Liabilities to credit institutions	1.9	5.5
Other current liabilities	155.4	127.6
Total equity and liabilities	232.8	200.9
Pledged assets and contingent liabilities	24.5	14.6

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	2015	2014	2015	2014
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Profit/loss before tax	11.1	0.9	22.5	5.3
Adjustments	-5.9	0.6	-3.8	3.3
Income tax paid	4.6	-0.2	-1.5	-8.0
Cash flow from operating activities before changes in working capital	9.8	1.3	17.2	0.6
Increase (-)/decrease (+) in current receivables	-9.2	-2.3	-11.7	15.9
Increase (+)/decrease (-) in current liabilities	10.8	-0.6	11.9	-13.1
Cash flow from operating activities, continuing operations	11.4	-1.6	17.4	3.4
Cash flow from operating activities, discontinued operations	0.0	0.4	0.0	2.8
Cash flow from investing activities, continuing operations	0.0	-0.6	-11.8	-1.4
Cash flow from investing activities, discontinued operations	-	0.0	-	4.7
Cash flow from financing activities, continuing operations	-4.1	-5.0	-3.6	-14.9
Cash flow from financing activities, discontinued operations	-	0.0	-	0.0
Cash flow for the period, continuing operations	7.3	-7.2	2.0	-12.9
Cash flow for the period, discontinued operations	0.0	0.4	0.0	7.5
Cash and cash equivalents at beginning of period	13.5	24.5	19.0	22.6
Exchange differences	-0.6	1.3	-0.8	1.8
Cash and cash equivalents at end of period	20.2	19.0	20.2	19.0

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	2015	2014
Amounts in SEK millions	Jan-Dec	Jan-Dec
Opening balance	67.8	60.3
Total comprehensive income for the period attributable to shareholders of the Parent	7.7	7.5
Closing balance attributable to shareholders of the Parent	75.5	67.8
Non-controlling interests	0.0	0.0
Total equity, closing balance	75.5	67.8

CONDENSED INCOME STATEMENT – PARENT COMPANY

	2015	2014	2015	2014
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	5.4	5.6	20.4	22.7
Operating expenses
Staff costs	-2.9	-2.7	-10.6	-11.5
Other expenses	-2.8	-3.2	-11.4	-11.6
Depreciation, amortisation and impairment of assets	-0.2	-0.2	-0.6	-1.6
Operating profit/loss	-0.5	-0.5	-2.2	-2.0
Financial items	1.0	-17.7	0.8	-18.0
Profit/loss after financial items	0.5	-18.2	-1.4	-20.0
Group contributions	0.7	-	0.7	-
Tax	-1.2	0.4	-0.8	0.8
Profit/loss for the period	0.0	-17.8	-1.5	-19.2
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	0.0	-17.8	-1.5	-19.2

CONDENSED BALANCE SHEET – PARENT COMPANY

Amounts in SEK millions	31/12/2015	31/12/2014
Assets
Non-current assets
Investments in Group companies	23.6	23.6
Deferred tax assets	3.7	4.5
Other non-current assets	1.0	1.3
Current assets
Current receivables	1.0	1.0
Receivables from Group companies	37.7	28.0
Cash and bank balances	-	-
Total assets	67.0	58.4
Equity and liabilities
Equity	17.7	19.2
Liabilities to Group companies	42.7	29.6
Liabilities to credit institutions	1.9	5.5
Other current liabilities	4.7	4.1
Total equity and liabilities	67.0	58.4
Pledged assets and contingent liabilities	15.6	15.6

OVERVIEW OF KEY FINANCIAL RATIOS BY QUARTER¹

	2015	2015	2015	2015	2014	2014	2014	2014
	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar
Net sales	210.2	177.7	187.0	182.2	179.2	163.0	176.8	181.6
Growth, %	17.3	9.0	5.8	0.3	-1.6	-0.9	-6.1	-6.5
Growth in local currency, %	16.5	8.2	4.8	-1.4	-3.0	-2.7	-7.8	-7.4
Operating margin, %	3.0	2.4	0.8	1.9	0.6	2.2	-1.7	2.2
Profit margin, %	5.0	3.7	0.7	1.9	0.5	2.2	-1.8	2.1
Return on capital employed2, %	30.0	17.7	13.9	7.4	6.0	-1.0	-25.7	-27.9
Return on total assets2, %	9.9	5.7	4.3	2.4	1.9	-0.3	-7.8	-8.6
Return on equity2, %	21.3	11.3	7.5	2.0	0.1	-4.7	-27.1	-28.6
Equity/assets ratio, %	32.4	29.6	30.4	32.7	33.8	32.5	29.9	30.4
Risk-bearing capital, %	32.4	30.5	30.4	32.7	33.8	32.5	29.9	30.4
Number of FTEs, average	1,275	1,211	1,170	1,150	1,167	1,157	1,211	1,219
Revenue per employee, SEK 000	165	147	160	158	154	141	146	149
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 share3, SEK	0.44	0.26	0.06	0.14	0.00	0.11	-0.16	0.16
Equity per share, SEK	4.41	4.05	4.11	4.06	3.96	3.89	3.79	3.89

¹ The key figures have been restated to take into account the external loan liability being reported gross in the balance sheet.

²Trailing12 months, incl. discontinued operations.

³ No dilutive effects.

OVERVIEW OF KEY FINANCIAL RATIOS BY YEAR

	2015	2014
	Jan-Dec	Jan-Dec
Operating margin, %	2.0	0.8
Profit margin, %	2.9	0.8
Basic earnings per share1, SEK	0.89	0.11
Equity per share, SEK	4.41	3.96

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

Poolia's geographical segments are Sweden, Finland and Germany. With effect from the fourth quarter of 2013, Poolia UK is reported as a discontinued operation.

Comparative figures for prior periods have been restated. All Parent Company expenses are allocated to the operating segments.

REVENUE BY OPERATING SEGMENT

	2015	2014	2015	2014
SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Poolia Sweden	150.2	126.1	528.6	487.7
Poolia Germany	47.6	40.3	178.6	161.8
Poolia Finland	12.4	12.8	49.9	51.1
Total revenue, continuing operations	210.2	179.2	757.1	700.6
Discontinued operations
Poolia UK	-	0.0	-	6.2
Total revenue	210.2	179.2	757.1	706.7

OPERATING PROFIT/LOSS BY OPERATING SEGMENT

	2015	2014	2015	2014
SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Poolia Sweden	1.4	-2.2	-1.6	-11.8
Poolia Germany	5.5	2.9	16.4	15.6
Poolia Finland	0.0	0.3	1.2	1.8
Total operating profit/loss, continuing operations	6.9	1.0	16.0	5.6
Discontinued operations
Poolia UK	-0.7	-0.1	-0.7	-1.7
Total operating profit/loss	6.2	0.9	15.3	3.9
Reversal of discontinued operation	0.7	0.1	0.7	1.7
Financial items	4.2	-0.1	6.5	-0.3
Profit before tax before discontinued operation	11.1	0.9	22.5	5.3

Discontinued operation

Poolia's UK operations were divested on 28 February 2014. The operations are reported under discontinued operations.

Poolia UK's revenue was SEK 0.0 (6.2) million and its operating profit/loss was SEK -0.7 (-1.7) million. Operating profit/loss for 2014 includes disposal proceeds of SEK 4.7 million after selling costs. On disposal of the operations, exchange differences on intra-Group loans, which were previously recognised directly in equity, were transferred to the income statement, where they had an effect of SEK -5.4 million on operating profit/loss. The change during 2015 relates mainly to foreign currency effects on intra-Group loans.

Poolia UK	2015	2014	2015	2014
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	-	-	-	6.2
Operating expenses
Staff costs	-	-	-	-5.9
Other expenses	-0.7	-0.1	-0.7	-1.4
Capital gain on sale of operation	-	-	-	4.7
Translation differences	-	-	-	-5.3
Depreciation, amortisation and impairment of assets	-	0.0	-	0.0
Operating profit/loss	-0.7	-0.1	-0.7	-1.7
Financial items	-		-	0.0
Profit/loss before tax	-0.7	-0.1	-0.7	-1.7
Tax	-	-	-	0.0
Profit/loss for the period	-0.7	-0.1	-0.7	-1.7
Other comprehensive
income
Translation differences	0.0	-	-4.1	5.3
Total comprehensive income for the period	-0.7	-0.1	-4.8	3.6

Cash flow from discontinued operations

	2015	2014	2015	2014
Amounts in SEK millions	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating activities	-	0.3	-	2.8
Investing activities	-	0.0	-	4.7
Financing activities	-	0.0	-	0.0
Total	-	0.3	-	7.5

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 2015 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 Poolia's 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 2015 financial year is SEK 16.0 million. The Board of Directors proposes that the AGM adopt a dividend of SEK 0.5 per share, with a total value of SEK 8,560,998.

Future reporting dates

Interim Report, Jan-Mar 2016	27 April 2016
Interim Report, Jan-Jun 2016	20 July 2016
Interim Report, Jan-Sep 2016	27 October 2016
Year-end Report 2016	February 2017

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 2016.

The Annual Report will be available from 06 April 2016 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, 18 February 2016

Björn Örås Chairman of the Board

Lennart Pihl Board member

Marika Skärvik Board member

Dag Sundström Board member

Anna Söderblom 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 morten.werner@poolia.com

POOLIA AB (PUBL)

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