INTERIM REPORT 1 JANUARY 30 SEPTEMBER 2011

Transcription

1 INTERIM REPORT 1 JANUARY 3 SEPTEMBER 211 Quarterly period, July to September 211 * Poolia revenues were MSEK (245.4), an increase of 7%, which corresponds to 9% in local currency. Operating profit/loss was MSEK 3. (-.1) and operating margin was 1.2% (-.1). Profit/loss before tax was MSEK 3. (-.2). Profit after tax was MSEK 2.2 (.). Cash flow from operating activities was MSEK -1.1 (5.3). * Shares in the Dedicare subsidiary were distributed to Poolia shareholders in the second quarter of 211. In the consolidated comprehensive income, Dedicare is reported as a Discontinued Operation (dividend) and so is not included in the comparison figures above. Other significant events Poolia s CFO, Lotta Nilsson, has given notice and will be leaving her position within six months. Her successor will be Yvonne Helander who, for the past four years, has been Financial Manager for Poolia Sweden. This is subject to union approval. Interim report, January to September * Poolia revenues were MSEK 83.6 (733.2), an increase of 13%, which corresponds to 15% in local currency. Operating profit/loss was MSEK 19. (-6.4) and operating margin was 2.3% (-.9). Profit/loss before tax was MSEK 19.1 (-6.3). Profit after tax was MSEK 13.4 (-5.2). Earnings per share, including Dedicare, were SEK.86 (.37). Cash flow from operating activities, including Dedicare, was MSEK 1.9 (-5.2). Equity/assets ratio at the end of the period was 34.8% (45.1) and the Group's equity per share was SEK 6.58 (11.12). * Poolia s shares in the subsidiary Dedicare were distributed to the shareholders, in accordance with the resolution passed at the Annual General Meeting on 26 April. In the consolidated comprehensive income, Dedicare is reported as a Discontinued Operation (dividend). All the above figures are therefore exclusive of Dedicare, unless stated otherwise. Comment from the CEO Profitablility in Poolia's foreign operations I am proud to report on the progress in Poolia's operations outside Sweden. Operating profit increased from MSEK -.8 in the third quarter of 21 to MSEK 2.9 for the same period in 211. The operating margin was 4.7% (-1.2). Poolia has undergone both a cultural and organisational change in both Germany and the UK. In Germany, a new strong management team is moving the operation forward in a target-oriented and efficient manner. We have a large proportion of new employees working in operations. They have quickly settled in and are playing a key role in a customer-oriented and sales-driven culture. In the UK, we have reduced costs by MGBP.7 on a yearly basis. We expect this figure to be MGBP 1. by mid-212, when we will have reduced costs by approximately 1% of the sales revenue. Although still small, our operation in Finland is stable, and there has been considerable growth during the quarter. In Poolia Sweden, we have grown by 12% but we are not satisfied with profitability, so we are currently taking measures to improve this. We have flattened the organisation and we are becoming more decentralised. Our aim is to have an efficient and enterprising culture. We are taking measures to reduce costs, we are fine-tuning our processes and improving efficiency, and releasing more time for sales by restructuring our internal work. We are also investing in the future and during the period we have opened three new offices, in Helsingborg, Umeå and Sundsvall. The offices have new clients and we estimate that two of the three will reach break-even on a monthly basis before the end of the year. We will be investing in TV marketing, starting in the fourth quarter of 211. During the year, we have launched new services. Poolia Executive Search, which was launched at the beginning of the year, is exceeding expectations. We have started a new unit in Leadership & Development, which will help our customers implement their business strategies. We have also started TalentEye, an initiative that will help companies find young talented professionals and help students find and choose the right working environment in which to launch their careers. We have greatly reduced the central costs to MSEK 1.9 (4.8) during the quarter, half of these being long-term costs. We are working to strengthen our range of services, provide our customers with added value, and be the natural choice for permanent placements, temporary staffing, outplacement and development of organisation and managers. Monika Elling MD and CEO Poolia: Interim Report January-September 211 1

2 Business concept Poolia s business concept is to provide companies and organisations with the expertise that meets their temporary or permanent needs for qualified professionals and outplacement services. Poolia Quality Poolia provides temporary staffing and permanent placement of skilled professionals, as well as outplacement and HR consulting services. We specialise in the areas of Finance & Accounting, Financial Services, Human Resources, Sales & Marketing, IT & Engineering, Office Support and Executive Search. The specialisation focuses our expertise and deepens our commitment to our customers' business operations. We understand our customers HR needs, and we have the processes and tests in place to ensure the customer gets the right person. Experience, specialisation, commitment, and our working methods combine to create the quality that gives our customers something unique: employees who not only perform, but also contribute. We call this distinction Poolia Quality. Market trends The third quarter of the year was very positive for the staffing sector, thereby for Poolia too. We realise there is great uncertainty about how the economic climate will develop, and we are monitoring the enquiries status weekly. Between the end of the quarter and the date of this report, we have recorded a net increase in the number of temporary staffing assignments. We believe that market penetration, and thereby the proportion of temporary staff in the companies in our markets, will increase over time. JULY SEPTEMBER THE GROUP (EXCLUDING DEDICARE) Consolidated revenues increased by 7.5% to MSEK (245.4). The exchange rate had a negative impact of 1.2% on revenues. Temporary Staffing is the largest service area. The proportion of sales from the Permanent Placement service area increased from 9% to 1%. The main growth in sales is in Sweden and Finland. Permanent Placement has grown in all segments. Operating profit was MSEK 3. (-.1) and operating margin was 1.2% (-.1). The diagram below shows the operating profit/loss excluding the goodwill amortised in the UK in the fourth quarter of 21. Non-distributed parent company costs were MSEK -1.9 (-4.8). Consolidated profit/loss after financial items was MSEK. (-.1). The profit/loss before tax was MSEK 3. (-.2). Tax for the Group was MSEK -.8 (.2). MSEK % MSEK Consolidated operating profit Consolidated revenue Growth in local exchange rate Consolidated cash flow from operating activities Poolia: Interim Report January-September 211 2

3 Poolia segments during the quarter POOLIA SWEDEN Poolia Sweden revenues were MSEK 22.5 (181.), an increase of 12% compared with the corresponding period in the previous year. In the quarter, the Temporary Staffing and Permanent Placement areas grew equally in percentage terms. During the period, the proportion of business in Permanent Placement was 9%, unchanged from the corresponding period last year Poolia Sweden s operating profit/loss was MSEK 2. (5.5). The operating margin was 1.% (3.). The operation has been expanded with the aim of increasing growth and winning market shares. We have incurred costs for reorganisation, new initiatives and geographical expansion. We are now working to improve efficiency and monitor costs more closely in order to improve the margin. We continue to develop new service concepts. The new Poolia Executive Search has made a profit, while TalentEye and the unit for Leadership & Development are still in the start-up phase. Share of group revenue in the quartal Poolia Sweden 76,8% MSEK Operating revenue Operating margin 7% 6% 5% 4% 3% 2% 1% % POOLIA UK Poolia UK revenues were MSEK 28.9 (33.). In local currency, sales fell by 7%, and the exchange rate had a negative impact of 6% on revenues during the quarter. The proportion of business in Permanent Placement increased from 12% to 15%. Poolia UK s operating profit/loss for the period was MSEK.4 (-.4). The operating margin was 1.4% (-1.1). The company is being successfully restructured, and Poolia UK made a profit during the quarter. This has been achieved by considerably reducing overheads and by shifting the customer mix towards a higher proportion of small and medium-sized customers, as well as reorganising the team. The operation will continue to be developed in order to maintain sustainable profit. Share of group revenue in the quartal MSEK Poolia UK 11,% 4% 2% % -2% -4% -6% -8% -1% -12% Operating revenue Operating margin POOLIA GERMANY Poolia Germany revenues were MSEK 22.2 (24.9). In local currency, sales fell by 8%. The exchange rate had a negative impact of 3% on revenues during the quarter. The proportion of business in Permanent Placement increased from 7% to 16%. The percentage increase varied from office to office. Poolia Germany s operating profit/loss was MSEK 1.5 (-1.). The operating margin was 6.7% (-3.8). During the previous period, a large number of new key personnel were recruited, and we are now starting to see positive effects. Extensive work is taking place to build up, over the long term, team spirit, methods of working and market presence, as well as improve sales and operating profit. The Permanent Placement business is growing well, and we note that the previous negative trend for temporary staff is now reversing the number has grown compared with the previous quarter. Share of group revenue in the quartal MSEK Poolia Germany 8,4% Operating revenue Operating margin 12% 8% 4% % -4% -8% Poolia: Interim Report January-September 211 3

4 POOLIA FINLAND Poolia Finland revenues were MSEK 1.2 (6.4), an increase of 58%. The exchange rate had a negative impact of 5% on revenues during the quarter. In local currency, revenues increased by 63%. The proportion of business in Permanent Placement dropped from 13% to 9%. Poolia Finland s operating profit/loss was MSEK 1. (.6), and the operating margin was 1.% (8.6). The operation in Finland is stable and has grown strongly during the quarter. This is due to new customer contracts and high demand for temporary staff in the financial sector in the summer. Share of group revenue in the quartal MSEK Poolia Finland 3,9% 2% 17% 13% 1% 6% 2% -1% Operating revenue Operating margin Poolia: Interim Report January-September 211 4

5 JANUARY SEPTEMBER, GROUP Consolidated revenues, excluding Dedicare, increased by 13% to MSEK 83.6 (733.2). Consolidated revenues, including Dedicare, were MSEK 94.6 (982.2). The exchange rate had a negative impact of 2.2% on revenues during the period. Temporary Staffing is the largest service area. The Permanent Placement service area grew by 3%, with the proportion of business in Permanent Placement increasing from 1% to 12%. The following diagram shows how consolidated revenues were divided according to segment during the period. Share of revenue per segment Dedicare 11,7% Poolia Finland 2,8% Poolia Germany 6,8% Poolia UK 9,2% Poolia Sweden 69,5% The profit/loss before tax, excluding Dedicare, was MSEK 19.1 (-6.3). The operating profit/loss, excluding Dedicare, was MSEK 19. (-6.4) MSEK and the operating margin was 2.3% (-.9). Tax for the Group was MSEK -5.7 (1.1). The tax rate for the Group was 3% (17%). The profit/loss before tax, including Dedicare, was MSEK 2.9 (1.). The operating profit, including Dedicare, was MSEK 2.8 (1.4) MSEK and the operating margin was 2.2% (1.1). Undistributed parent company costs were MSEK -1.5 (-17.5). Consolidated profit/loss after financial items was MSEK.1 (.1). Discontinued operation On 26 April, 211, the Poolia Annual General Meeting passed a resolution that the shares in Dedicare be distributed to Poolia s shareholders and that the company should be listed on the Stockholm NASDAQ OMX Small Cap List. The first day of trading for Dedicare shares was 4 May. Consequently, in this report, Dedicare is reported as a discontinued operation. Dedicare was part of the Poolia Group up to and including 3 April 211. The dividend reduces Group equity by approximately MSEK 34 and the goodwill item by approximately MSEK 15. In this report, it is made clear whether the information provided applies to the entire Group or to the Group excluding Dedicare. All information that relates only to the third quarter is reported excluding Dedicare. Liquidity and financing The Group s cash and cash equivalents as of 3 September 211 were MSEK 12.5 (19.1). Cash flow from operating activities during the period, including Dedicare, was MSEK 1.9 (-5.2). The equity/assets ratio as of 3 September 211 was 34.8% (45.1). The distribution of shares in the Dedicare subsidiary is the largest single reason for the change in the equity/assets ratio. Investments Total Group investments in fixed assets in the period January- September 211 were MSEK 8. (16.2). The share The Poolia share is listed on the NASDAQ OMX Stockholm AB stock exchange under the designation POOL B, with 17,121,996 shares issued. The rate on the balance sheet date was SEK During the period, 2,976,429 shares changed owners for a total value of MSEK Dividend policy The Board of Directors long-term dividend policy is that annual dividends shall normally exceed 5% of the Group s post-tax profit. Employees The average number of permanent employees, excluding Dedicare, was 1,93 (1,667). As of 3 September 211, the number of employees was 2,39 (1,936). Seasonal fluctuations The number of working days during the year is: Sweden UK Germany Jan-Mar 63(62) 59(6) 64(63) Apr-Jun 6(61) 6(61) 6(6) Jul-Sep 66(66) 69(64) 63(66) Oct-Dec 64(64) 63(68) 62(63) Full year 253(253) 251(253) 249(252) Parent company The parent company engages in general corporate management, development, financial management and IT administration. Sales during the period were MSEK 17.2 (15.3), and the profit/loss after financial items was MSEK -7.1 (-17.7). Significant risks and uncertainty factors Risks and risk management are described in Poolia s annual report for 21. The risks can be summarised as economic fluctuations, dependence on clients and individuals, legislation and regulation, and financial risks. All significant risks and uncertainty factors as of 31 December 21 were the same on 3 September 211. Events after the end of the period Poolia s Nomination Committee has been appointed, more information is available at Poolia s CFO has given notice and will be leaving her post within six months. There are no other significant events to report. Transactions with related parties During the period, no transactions took place with related parties that had a significant bearing on the company s financial position and profit/loss. Poolia: Interim Report January-September 211 5

6 SUMMARY OF CONSOLIDATED COMPREHENSIVE INCOME Amounts in MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Remaining operations Operating revenues Operating expenses Personnel expenses Other costs Depreciation and impairments, fixed assets Amortisation of goodwill Operating profit/loss Financial items Profit/loss before tax Tax Profit/loss for the period from remaining operations Discontinued operation (dividend) Profit/loss for the period from discontinued operation Profit/loss for the period Other comprehensive income Translation differences Total comprehensive income for the period Operating margin, remaining operation, % Profit margin, remaining operation, % Profit/loss for the period attributable to: Parent company s shareholders Minority shareholders Earnings per share, before and after dilution, SEK Profit/loss per share from remaining operations and discontinued operation Profit/loss per share from discontinued operation Total comprehensive income attributable to: Parent company s shareholders Minority shareholders Poolia: Interim Report January-September 211 4

7 SUMMARY OF THE CONSOLIDATED BALANCE SHEET Amounts in MSEK Assets Fixed assets Goodwill Other fixed assets Deferred tax assets Current assets Current receivables Cash and cash equivalents Total assets Shareholders equity and liabilities Shareholders equity Minority share of shareholders equity Long-term liabilities Current liabilities Total shareholders equity and liabilities Pledged assets and contingent liabilities SUMMARY OF THE CONSOLIDATED CASH FLOW STATEMENT Amounts in MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Profit/loss before tax Adjustment items Taxes paid Cash flow from operating activities before changes in working capital Increase (-)/decrease (+) in current receivables Increase (-)/decrease (+) in current liabilities Cash flow from operating activities Cash flow from investment activities Cash flow from financing activities Cash flow for the period Opening cash and cash equivalents Exchange rate difference in cash and cash equivalents Closing cash and cash equivalents Poolia: Interim Report January-September 211 5

8 CHANGE IN GROUP EQUITY Amounts in MSEK Jan-Sep Jan-Sep Jan-Dec Opening amount Dividend Dividend, Dedicare Comp. income for period attributable to the parent company s shareholders Closing amount attributable to the parent company s shareholders Minority share of shareholders equity Closing amount including minority share SUMMARY OF THE PARENT COMPANY S COMPREHENSIVE INCOME Amounts in MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Net sales Operating expenses Personnel expenses Other costs Depreciation and impairments, fixed assets Operating profit/loss Financial items Profit/loss after financial items Appropriations Tax Profit/loss for the period Other comprehensive income Group contributions Tax effect of Group contributions Total comprehensive income for the period SUMMARY OF THE PARENT COMPANY S BALANCE SHEET Amounts in MSEK Assets Fixed assets Participations in Group companies Other fixed assets Current assets Current receivables Cash at bank and in hand... Total assets Shareholders equity and liabilities Shareholders equity Untaxed reserves Current liability to credit institution Other current liabilities Total shareholders equity and liabilities Pledged assets and contingent liabilities Poolia: Interim Report January-September 211 6

9 PERFORMANCE INDICATORS, SUMMARY BY QUARTER Jul-Sep Apr-Jun Jan-Mar Oct- Oct- Jul-Sep Apr-Jun Jan-Mar Dec Dec Operating revenues Growth 3,% Growth in local currency 3,% Operating margin 3, % Profit margin 3, % Return on capital employed 1, % Return on total assets 1, % Return on shareholders equity 1, % Shareholders equity/assets ratio, % Proportion of risk-bearing capital, % Number of full-time employees, average 3 1,921 1,944 1,843 1,896 1,784 1,674 1,543 1,541 Revenue per employee 3, SEK thousand Number of shares, average (thousand) 17,122 17,122 17,122 17,122 17,122 17,122 17,122 17,122 Number of shares, outstanding (thousand) 17,122 17,122 17,122 17,122 17,122 17,122 17,122 17,122 Earnings per share before dilution 2, SEK Shareholders equity per share, SEK Rolling 12 months 2 No dilution effect 3 Group, excluding Dedicare 4 Excluding amortisation of goodwill, UK PERFORMANCE INDICATORS, SUMMARY OF THE PERIOD Jan-Sep Jan-Sep Operating margin 2, % Profit margin 2, % Earnings per share before dilution 1, SEK Shareholders equity per share, SEK No dilution effect 2 Group, excluding Dedicare DEFINITIONS Proportion of risk-bearing capital Shareholders equity, plus minority interest and tax provisions, as a percentage of total assets. Number of full-time employees, 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 shareholders equity Profit/loss after tax, divided by average shareholders' equity. Return on capital employed Profit/loss after financial items plus financial expenses, divided by average capital employed. Return on total assets Profit/loss after financial items plus financial expenses, divided by average total assets. Shareholders equity per share Shareholders equity, divided by the number of shares outstanding. Revenue per employee Operating revenue, divided by the average number of fulltime employees. 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 revenue. Shareholders equity/assets ratio Shareholders equity, including minority share, as a percentage of total assets. Capital employed Total assets less non-interest-bearing liabilities, including tax provisions Profit margin Profit/loss after financial items as a percentage of operating revenue. Poolia: Interim Report January-September 211 7

10 Operational sectors and geographical regions Poolia applies IFRS 8, Operating Segments. Operating segments are reported in a way that complies with internal reporting, which for Poolia means a division into both geographical regions and business segments. An operating segment is a part of the Group that conducts business from which it can generate revenues and incur expenses, and for which separate financial information is available. The operating segment's operating profit/loss is reviewed regularly by the company's executive decisionmakers, i.e. the Poolia Group's corporate management team. This review forms the basis for decisions on the allocation of resources to the segment and for assessment of its performance. Poolia s geographical segments are Sweden, Finland, Germany and the UK. One business segment is made up of healthcare operations in Dedicare, providing doctors and other healthcare staff on a temporary basis. The other business segment comprises Poolia's other operations, i.e. temporary staffing and permanent placement of skilled professionals. Healthcare activities form a separate segment as the market, clients, candidate structure and business logic differ from those of Poolia s other activities. Dedicare conducts business under its own operative management and is established in Sweden and Norway. It is reported as a discontinued operation because of the Annual General Meeting passing a resolution on a dividend to the shareholders. During the period, the geographical segment division has changed, and Denmark is now included in the Sweden segment with regard to organisation and accounting. There were no significant changes in total assets or in the distribution of assets within or between segments. REVENUES PER OPERATING SEGMENT MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Remaining operations Poolia Sweden Poolia UK Poolia Germany Poolia Finland Total , 28.9 Discontinued operations Dedicare Total revenues ,36.8 OPERATING PROFIT/LOSS BY OPERATING SEGMENT MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Remaining operations Poolia Sweden Poolia UK Poolia Germany Poolia Finland Total Discontinued operation Dedicare Total Non-distributed parent company costs Total operating profit/loss Poolia: Interim Report January-September 211 8

11 Discontinued operation The Annual General Meeting passed a resolution on a dividend comprising all the company s shares in the subsidiary Dedicare AB. The transaction was completed on 29 April 211. The company was listed on the NASDAQ OMX Stockholm Small Cap List on 4 May. The company was part of the Poolia Group up to and including April 211. Dedicare s revenues were included in consolidated revenues up to and including April 211. In the third quarter, revenues were MSEK - (93.9). During the interim period, revenues were MSEK 11. (249.) Dedicare s operating profit/loss was included in consolidated revenues up to and including April 211. The operating profit/loss in the third quarter was MSEK - (8.5), with an operating margin of -% (9.). During the interim period, the operating profit/loss was MSEK 1.7 (16.9), with an operating margin of 1.6% (6.8). These figures include MSEK 3., costs of listing the company. PROFIT/LOSS FROM DISCONTINUED OPERATION (DIVIDEND) Amounts in MSEK Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Operating revenues Operating expenses Personnel expenses Other costs Depreciation and impairments, fixed assets Operating profit/loss Financial items Profit/loss before tax Tax Profit/loss for the period Other comprehensive income Translation differences Total comprehensive income for the period Cash flow from discontinued operation Amounts in MSEK Jul-Sep Jan-Sep Operating activities Investment activities Financing activities - - Total Poolias delårsrapport januari-september 211 9

12 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 correspond with the accounting policies applied when preparing the most recent annual report. The Annual General Meeting passed a resolution on a dividend comprising all the company s shares in the subsidiary, Dedicare AB. As it is the same parties that have the controlling influence before and after the distribution of assets, IFRIC 17, Distribution of Non-cash Assets to Owners, does not apply. Consequently, there has been no revaluation of Poolia s shares in Dedicare. New and revised IFRS standards and interpretations from IFRIC coming into effect from 211 have not had any significant effect on the Group s financial reporting. The Board of Directors and the Chief Executive Officer hereby certify that the interim report provides a fair view of the activities, financial position and financial results of the parent company and the Group, and describes significant risks and uncertainty factors faced by the company and the companies that are part of the Group. Future reporting dates Year-end Bulletin, February 211 Interim Report, Quarter 1 26 April 212 AGM 26 April 212 Stockholm, 26 October 211 Björn Örås Chairman of the Board Margareta Barchan Board member Monica Caneman Board member Dag Sundström Board member Håkan Winberg Board member Monika Elling MD and CEO Auditor s Report on Review of Interim Financial Information Introduction We have conducted a review of the interim report for Poolia AB (publ) for the period 1 January 211 until 3 September 211. 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 Standard for Review Engagements (SÖG) 241, 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. Poolias delårsrapport januari-september 211 1

13 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, 26 October 211 Deloitte AB Henrik Nilsson Authorised Public Accountant For further information, please contact: Monika Elling, MD and CEO, tel. +46 () , +46 () Lotta Nilsson, CFO, Tel. +46 () , +46 () POOLIA AB (PUBL) Warfvinges väg 2 Box 381 SE Stockholm Tel.: +46 () Fax: +46 () Corp. ID no: Poolia: Interim Report January-September