Proffice year-end financial report
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1 Proffice year-end financial report JANUARY DECEMBER 2010 Strong fourth quarter October December 2010 Revenue amounted to SEK 1,136 million (963) Operating profit amounted to SEK 45 million (30) Operating margin of 4.0% (3.1%) Profit after tax of SEK 35 million (25) Basic earnings per share totalled SEK 0.45 (0.32) Cash flow from operating activities amounted to SEK 105 million (95) January December 2010 Revenue amounted to SEK 4,095 million (3,908) Operating profit amounted to SEK 140 million (160) Operating margin of 3.4% (4.1%) Profit after tax of SEK 97 million (111) Basic earnings per share totalled SEK 1.20 (1.45) Cash flow from operating activities amounted to SEK 57 million (201) The Board proposes dividend of SEK 0.75 per share, totaling SEK 51 million The Board proposes the AGM resolves further authorization to buy back own shares 438,919 shares were repurchased during the year, for a total of SEK 9 million Lars Kry, president and CEO, commented: Now we've closed the 2010 books and see the outline of how 2011 has begun. It is striking how quickly the market has changed and how quickly Proffice has adapted to the new situation. Proffice finished the year with strong growth and higher profitability in the fourth quarter. Net sales rose to SEK 1,136 million in Q4, an increase of 18 percent, and operating profit rose 50 percent to SEK 45 million. Proffice has three-quarters of its operations in Sweden, where the market for staffing services rose substantially in 2010 by 39 percent in the third quarter and 42 percent in the last quarter. As we look at the year as a whole, I would like to highlight a number of strengths: 1: Increased profitability in Temporary Staffing and Recruitment in Sweden. Proffice in Sweden grew 33 percent in Temporary Staffing and Recruitment. In these areas, the operating margin rose to 7.3 percent, a highly satisfactory result that demonstrates that we can deliver on our long-term target margin of 6 percent. During the year, several key frame agreements were signed with customers such as Ericsson, ICA and Vattenfall. 2: Increased profitability in our Norwegian operations. We see clear results from our improvements in Norway. Here sales are up 12 percent to SEK 255 million for the quarter. In local currency, this is an increase of 37 percent. The operating profit also rose to SEK 7 million from SEK 4 million. Proffice1(13)
2 Looking at the full year, the profit improvement in Norway becomes extremely clear: From SEK -4 million to SEK 26 million. We are continuing our efforts to build Proffice into a larger player on the Norwegian market by reinforcing our focus on specialisations. 3: Outplacement operations in Sweden. Sales in Outplacement totalled SEK 30 million in Q4. Compare this to SEK 76 million during the same period last year. The market for Outplacement services turned quickly in Sweden, and as a result we reduced the cost of operations in one year with over SEK 180 million. We have taken measures to meet the new situation. New management, cost efficiencies, integration with other Proffice areas, and modification of our product offerings have resulted in operations that perform as planned today. A year ago, the Outplacement area accounted for much of the profitability while Temporary Staffing and Recruitment returned lower levels. This shows the intrinsic strength in our balanced offerring. 4: Increased specialisation and additional acquisitions. In 2010, we took several key steps to strengthen our specialisation strategy. In August, we acquired Legevisitten Bemanning, and it has successfully been integrated into Proffice Care, to create a Nordic market leader in healthcare staffing with operations in Sweden, Norway, and Denmark. Market drivers are the increasing need and higher efficiency requirements on health care. In addition, we started Proffice Finance, a new specialist company focused on finance. We recruited key staff with the right expertise to build a successful business. 5: We are properly equipped for the future. Proffice has successfully navigated the challenges and shown that we can return profit even in a recession. Now we will seize the opportunities of a stronger market environment. We have successfully created a good starting position in Sweden, Norway, and Finland. In Denmark we now see profit in previously problematic operations tailored to the white-collar segment. To reach our goal, we are now boosting our market activity and making more sales visits. Proffice's strategy is to operate in specialist areas in which we have high credibility and a strong capability to deliver. This allows us to be a stronger, more crucial partner to our customers. Most of our growth will be organic and our strong balance sheet will also allow us to make further acquisitions. Our vision is for Proffice to be the most successful staffing company in the Nordic region. We will succeed by nurturing opportunities for both people and businesses to grow. Proffice2(13)
3 KEY EVENTS DURING THE YEAR Fourth quarter Antenn Consulting, a member of the Proffice Group, appoints Kathrine Engman as new managing director Now that the labour market has stabilized, Outplacement specialist Antenn Consulting AB has transitioned into a new phase with a broader offering. It is supplementing its service offering with Rehab Outplacement and Change Support. Kathrine Engman joined Antenn from her most recent position as managing director for Iris Hadar AB. Proffice names a new managing director for Proffice Care in Norway Hans-Jørgen Johnsen, former Administrative Director for Legevisitten in the Nordic region, is the new director of Proffice Care in Norway. Proffice Care consolidates Medifact A/S and Legevisitten Bemanning A/S under one joint brand name and organisation. Proffice Care, single healthcare staffing supplier to parts of Örebro Municipality Proffice Care, a Proffice specialist company specializing in health care and medical staffing, is the only supplier to be entrusted by Örebro Municipality to provide staffing services to areas in the municipality. Proffice in Sweden expanded new offices established More and more new jobs are being created in Sweden. To meet the increased labour demand from Swedish companies, Proffice is acting proactively and opened seven new offices during the autumn. Other key events during the year Proffice signed a new staffing and recruitment services agreement with Ericsson Proffice acquired Legevisitten and established a leading player in health care staffing Proffice reinforced its Finance business area and started a new company, Proffice Finance AB New managing director to Proffice Mediakompetens Proffice appointed Visa Vainiola as interim managing director in Finland Customers named Proffice best in the staffing sector Proffice and ICA entered long-term partnership Proffice appointed Helene Hasselskog as HR director Proffice signed a Nordic frame agreement with Vattenfall Proffice signed an agreement with Landbrukssamvirket in Norway Proffice and Telecomputing collaborated on a framework agreement with the Swedish Legal, Financial and Administrative Services Agency Proffice appointed Carola Määttä as director of communication KEY EVENTS AFTER PERIOD S END Proffice appointed Magnus Uvhagen as acting CFO Proffice appointed Magnus Uvhagen as acting CFO and member of the Group Executive Team. Most recently, he held the position of CFO/Finance Director at Fujitsu Services. Proffice3(13)
4 The Group Sales and earnings Fourth quarter Consolidated revenue for Q amounted to SEK 1,136 million (963) a net sales increase of 18% compared to the same quarter last year. This is largely attributable to the revenue increase in the Temporary Staffing and Recruiting areas, mainly in Sweden, but Norway also showed positive growth. The Outplacement area has had a negative effect as the stronger economic situation resulted in a weaker demand for outplacement services. Consolidated operating profit for Q4 amounted to SEK 45 million (30). The operating margin rose to 4.0% (3.1%). Excluding the Outplacement operation, the operating margin was 5.0%, compared with 2.3% for the same period in January December Consolidated revenue for the full year amounted to SEK 4,095 million (3,908). This corresponds to a revenue growth of 4.8%. The largest portion of growth is attributable to the Temporary Staffing area. Consolidated operating profit for the full year amounted to SEK 140 million (160), a decrease of 13%. In 2010, Legevisitten Bemanning was acquired and fully integrated into the now larger Care business area. Liquidity and financial position Cash and cash equivalents at the balance sheet date totalled SEK 182 million (267) and the equity/assets ratio was 36.5% (39.5). Cash and cash equivalents during the year has been negatively affected by SEK 45 million due to dividend, SEK 9 million from share repurchase, and SEK 48 million through corporate acquisitions. Available cash resources, including unused lines of credit, amounted to SEK 358 million (470). Interest-bearing current liabilities stood at SEK 7 million (8). The Group s interest-bearing liabilities in 2010 were amortized by SEK 8 million. Consolidated equity at period s end was SEK 615 million (620). Of the Group s distributable equity, SEK 45 million has been distributed. Cash flow Fourth quarter Cash flow from operating activities for Q4 was SEK 105 million (95), including change in working capital of SEK 61 million (56). The change is mostly attributable to volume increases. January December Cash flow from operating activities for the period amounted to SEK 57 million (201), including change in working capital of SEK -36 million (56). The change is mostly attributable to volume increases and a modified product offering. Cash flow from investing activities amounted to SEK -73 million (-58); acquisition of subsidiaries amounted to SEK -48 million (-5). Cash flow from financing activities totalled SEK -62 million (-50) and consisted largely of repayment of temporary credit facilities of SEK 46 Million (0) and a shareholder dividend of SEK -45 million (-4). Taxes Group tax expense for the full year amounted to SEK -42 million (-49). The tax rate for the year was 30.3% (30.6). No prepaid tax was capitalized for the year s deficit in parts of the Danish operation. Tax expense is calculated on the basis of the current tax rate for the parent company and each subsidiary. Temporary differences and existing deficit deductions are taken into consideration. Employees The average number of full-time employees in the Group was 6,627 (5,773), an increase of 854 employees or 15%. Over 95% of this growth is organic, and the remainder is related to the acquisition of Legevisitten Bemanning. Proffice4(13)
5 Operating areas Distribution per operating area Oct-Dec Oct-Dec Jan-Dec Jan-Dec Oct-Dec SEK million Change Breakdown by operating area Jan-Dec 2010 Net turnover Temporary staffing % Recruitment % Career & Development % Total % Temporary staffing 93% Recruitment 4% Outplacement 3% Proffice has three operating areas: Temporary staffing, Recruitment and Outplacement. Outplacement only operates in Sweden. Fourth quarter Temporary staffing increased by 24%, partly due to successful sales in Sweden and Norway, as well as the improved market situation. Recruitment increased by 38%; the increase is mostly attributable to strong performance in Sweden and Norway. Outplacement declined 61%, reflecting a stronger economic environment and reduced demand for outplacement services. January December Temporary staffing increased 12%. Successful sales on an ever-improving market and favourable sales in Sweden during the year have contributed to the increase. Norway declined early in the year due to the later status of its economic recession cycle, but has recovered in Q3 and Q4. Recruitment increased 28%, due to a stronger market in Sweden and Norway during H2. Outplacement declined 64%, reflecting a stronger economic environment and reduced demand for outplacement services. The strong Swedish krona has affected sales with currency translation by SEK 93 million and operating profit by SEK 0. Business areas Distribution per business area in temporary staffing Oct-Dec Oct-Dec Jan-Dec Jan-Dec Oct-Dec MSEK change Breakdown by business area in temporary staffing Jan - Dec 2010 Finance 8% Office & Customer Service 36% IT 13% Industry & Logistics 31% Care 9% Life Science 3% Other 0% Revenue Finance % Office & Customer Service % IT % Indust & Logistics % Care % Life Science % Other Total % Figures for 2009 have been adjusted between business areas to adapt to the company's 2010 reporting. Fourth quarter Growth in Q4 was organic and mainly took place in Office & Customer Service and Industry & Logistics. Proffice5(13)
6 The Industry & Logistics business area displayed good growth of 39% during the quarter. It currently accounts for 30% (27) of the Group s sales for Temporary Staffing. Its growth rate in Sweden is stronger; here, the increase for Industry & Logistics is 53% compared with Q January December Growth for the full year is 12%. Development is positive mainly in Office & Customer Service and Industry & Logistics. Industry & Logistics grew 30% in the period, of which Sweden has the most positive growth for the full-year while Norway grew positively during H2. Office and Customer Service grew 13% in the same period. Countries Distribution per country Oct-Dec Oct-Dec Jan-Dec Jan-Dec Oct-Dec MSEK change Breakdown by country Jan - Dec 2010 Revenue Sweden % Norway % Denmark % Finland % Total % Sweden 73% Norway 24% Denmark 1% Finland 2% Operating profit/loss Sweden % Norway % Denmark Finland Other % Total % January December Sweden Sales in the Swedish operation rose 22% in the quarter, primarily through an increase in the Temporary staffing and Recruitment operating areas, and despite a decrease in Outplacement. For the full year, Sweden's sales in Temporary Staffing and Recruitment rose. The growth rate increased in Q3 and Q4. Sales in Sweden in Temporary Staffing and Recruitment are up 33%. Profitability has declined due to the earnings trend for the Outplacement operating area. Norway Developments in Norway have been somewhat behind those in Sweden.Sales and earnings were impacted by the weak first quarter. Norway had a positive market trend. Primarily frame agreements with major customers have shown results and contributed to the positive growth. Sales were up 12% to SEK 255 million (228). In local currency, an increase of 37%. Operating profit rose to SEK 7 million (4), up 75%. In local currency, an increase of 137%. Denmark The Danish companies have undergone a restructuring programme and now share common management. The restructuring measures made in Proffice A/S have improved profits. In Denmark, sales declined to SEK 8 million (16) in the quarter. Sales dropped substantially for Proffice Care in Denmark due to Region Huvudstaden putting the use of new temporary staffing on hold. This adversely affected earnings, even during Q4. Temporary Staffing and Recruiting operations, except the Care business, returned positive results in Q4. Operations have grown and now include two new agreements with Vattenfall and Gjensidige. Temporary Staffing and Recruiting operations, except the Care business, returned positive results in Q4. Finland Sales in Finland are on a level with last year. The result has improved compared with Q4 2009, due to Proffice6(13)
7 restructuring measures taken earlier in the year in Finland. Finland reported lower volumes for the full year compared to the preceding year. Operating results excluding restructuring costs are zero for the year (-3) which is an improvement. Other The parent company's operation is included in the "Other" item. Operating segments Distribution per operating segment Oct-Dec Oct-Dec Jan-Dec Jan-Dec MSEK Revenue National companies Nordic specialist companies Total Operating profit/loss National companies Nordic specialist companies Other Total Financial items Profit after financial items Proffice s Nordic specialist companies currently include Proffice Care in Healthcare, Dfind in IT, Proffice Life Science, Proffice Finance, and Antenn Consulting AB in Outplacement. The Proffice business model is based on areas of activity with different business cycles, which gives the Group stable financial growth. The market displayed a delayed reaction to the economic recovery, causing a downturn in Career & Development before an upturn occurred in Recruitment and Temporary Staffing. Overall, the specialisation strategy continues to have a positive marginal impact if regarded without the Outplacement operation. National companies Positive growth of 18.1% was achieved in Proffice's national companies in Q4. The operating margin for the national companies has increased to reach 6.1% (5.4) in the same quarter. The growth in sales in Proffice's national companies was SEK 329 million for the full year, an increase of 12% compared to Operating profit climbed by SEK 98 million for the full year. Nordic specialist companies The drop in sales and profit for the Nordic specialist companies is attributable to the Outplacement area of activity. Total sales rose by 44%, excluding the Outplacement area for Q4. The operating profit fell for the Nordic specialist companies, reaching SEK 8 million for Q4. The operating margin for the specialist companies excluding the Outplacement area and its restructuring costs was 5% for the same period. The operating profit fell for the Nordic specialist companies, reaching SEK 7 million for the full year. Other The parent company's operation is included in the "Other" item. Other disclosures The Proffice share The number of shares at 31 December 2010 stood at 68,623,773, of which 64,623,773 are class B shares. The warrant programme from 2007, corresponding to 2,100,000 warrants, expired in Q2 without effect. In 2009, according to a resolution passed at the AGM, a warrant programme was implemented for the Nordic management group and certain key persons. The offer was adjusted to market conditions. At the time of subscription for new shares with the support of all options, 1,000,000 new shares will be issued. As resolved by the AGM, SEK 34 million was paid in dividend during the year. The company in 2010 repurchased 438,919 shares at a cost of SEK 9 million. The company continues to be authorised by the AGM to buy back shares. Proffice7(13)
8 The Proffice share was transferred from the Nasdaq OMX Nordic Exchange Stockholm Small Cap to the Nasdaq OMX Nordic Exchange Stockholm Mid Cap segment on 1 January Per share data Oct-Dec Oct-Dec Jan-Dec Jan-Dec Number of shares at end of period Average number of shares, before dilution Average number of shares, diluted Basic earnings per share SEK 1 0,45 0,32 1,20 1,45 Diluted earnings per share, SEK 1 0,45 0,31 1,19 1,45 Equity per share, SEK 8,99 9,03 1 Earnings per share is calculated as earnings after tax attributable to the parent company s owners divided by average number of shares. Transactions with related companies In conjunction with the utilisation in Q2 of the option to acquire the minority share in Proffice Mediakompetens AB and Proffice Nord-Norge AS, transactions took place with the companies managing directors and previously minority owners. The scope of the transactions totals SEK 11 million, SEK 8 million of which regarding Proffice Mediakompetens AB and SEK 3 million Proffice Nord-Norge AS. In conjunction with the launch of specialist company Proffice Finance, three employees were offered a minor partnership in Proffice Finance AB. Since 2005, there has been a shareholders agreement between Proffice AB and the minority in Dfind AB that includes the purchase and sale of shares. During the period, the agreement has been expanded to include a minimum and maximum value, an opposite purchase option for Proffice AB, and a clause on minority utilization of option rights in case of a change of control. Besides the usual transactions between Group companies, there were no transactions with related parties that materially affected the company s position and profit during the period. Risks and uncertainty factors The Group s and parent company s most significant risk and uncertainty factors consist chiefly of sensitivity to economic fluctuations and market changes. The supply of qualified employees is also considered to be an uncertainty factor. Apart from this, owing to its Nordic presence Proffice is exposed to financial risks mainly in the form of currency risks. Influential factors and financial risk management are described in detail in the 2009 Proffice annual report, notes 2 and 3 (page 19 20). Besides the risks described there, no significant risks are judged to have been added. Antenn Consulting AB, Proffice s Outplacement firm, is in a dispute with subcontractors about the correctness of invoices concerning insignificant amounts. Company acquisitions In 2010, Proffice acquired all shares in medical staffing companies Legevisitten Bemanning AS and Legevisitten Bemanning AB along with the Swedish company's wholly-owned subsidiary, Legevisitten Bemanning II AB. The companies are included in the Group's comprehensive income and financial position as at 1 September Acquisition analysis SEK million Purchase price 56 Fair value of acquired assets and liabilities 1 Non-current assets 0 Current assets 39 Cash and bank balances 6 Non-current liabilities -3 Current liabilities -45 Acquired net assets -3 Capitalization of customer contract 1 Goodwill 58 1 Acquired net assets correspond to booked net assets as per IFRS Goodwill is attributable to the acquired operations earnings and the synergies expected after the acquisition of Legevisitten Bemanning. Besides the fixed purchase price, an additional payment may fall due based on the collective Legevisitten Bemanning s EBITDA for the 2011 financial year. The additional payment is estimated to be SEK 13 million. In the share transfer agreement, the maximum additional purchase price is SEK 17 million (undiscounted). Proffice8(13)
9 Parent company The parent company s activities consist of managing joint functions in a number of areas including finance, HR, IT, marketing and information. Revenue for 2010 amounted to SEK 121 million (60) and only refers to the internal invoicing of services. The parent company s operating loss amounted to SEK 50 million (loss of 46) for the period. Earnings after financial items amounted to SEK 30 million (-125). Investments in property, plant and equipment were SEK 23 million (0). Investments in property, plants and equipment were SEK 3 million (3). Unappropriated cash and cash equivalents were SEK 325 million (363), including borrowing facilities of SEK 205 million (202). Dividend The goal of the board is that, over time, dividends shall be at least 50 per cent of consolidated earnings after tax on average. For the 2010 financial year, the board proposes a dividend of SEK 0.75 per share, totalling SEK 51 million. The board proposes that the AGM authorise the board to purchase and sell own shares. Purchase may occur for up to one-tenth of all shares in the company. The purpose of the proposed buyback means and possibility to transfer company shares is to facilitate acquisitions of other companies or operations and adapt the Company's capital structure. Accounting principles The Group s interim report was prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report for the parent company was prepared pursuant to Chapter 9, about interim reporting, of the Swedish Annual Accounts Act. The accounting policies and bases of calculation used in the latest annual report were used for the Group and parent company, except for the following standards and interpretive statements. New and revised standards applied from 1 January 2010: The revised IFRS 3 Business Combinations applied from 1 July The revised standard continues to apply the acquisition method to business combinations, with some significant changes. For example, all payments for purchases of a business are recognized at fair value on the date of acquisition, with contingent payments classified as debt subsequently remeasured in profit and loss. As regards non-controlling interests in the acquired business, there is a choice on an acquisition-by-acquisition basis of measuring the non-controlling interest in the acquiree, either at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets. All acquisition-related costs should be expensed. In addition, a number of new and revised standards and interpretations came into effect for the financial year that began on 1 January These are not currently relevant to the Group, but may affect accounting of future operations and business transactions. IAS 27 (Amendment) requires that the effects of all transactions with non-controlling interests be recognized in shareholders' equity if they do not entail any change in the controlling influence and these transactions no longer give rise to goodwill or gains or losses. The standard also states that, when a Parent Company loses its controlling influence, any remaining portion be remeasured at fair value and a gain or loss recognized in profit and loss. A number of new and revised standards and interpretive statements come into effect in 2011 and have not been applied in advance in preparing this report. New and amended standards that will apply to fiscal years beginning after 2011 will not be applied in advance. These changes are not expected to have any material impact on the Group's financial statements. Stockholm, 24 February 2011 Proffice AB (publ) Lars Kry President and CEO In the case of questions about this interim report, please contact: Lars Kry, President and CEO, phone , lars.kry@proffice.com Magnus Uvhagen, acting CFO, phone , magnus.uvhagen@proffice.com Proffice9(13)
10 Proffice AB (publ), CIN , Box 70368, SE Stockholm, Sweden , Financial reporting events Interim report January March 2011: 4 May 2011, 8.00 am Interim report January June 2011: 24 August 2011, 8.00 am Interim report January September 2011: 9 November 2011, 8.00 am The 2011 Annual General Meeting will be held at Scandic Plaza Hotel in Stockholm at 3-5 pm on 4 May The annual report will be made available on the company s website three weeks before the AGM. Capital Markets Day: 4 April 2011, 12 pm - 4 pm in Stockholm. The information is such that Proffice is required to publish pursuant to the Swedish Securities Market Act. The information was submitted for publication on 24 February 2011 at (CET). Proffice10(13)
11 Consolidated statement of comprehensive income Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK million Revenue Operating costs Employee expenses Other operating expenses Restructuring costs Depreciation of non-current assets Operating profit Earnings from financial investments Financial income Finance costs Exchange differences Profit after financial items Tax Profit for the period Other comprehensive income Translation differences in foreign subsidiaries for the period Total comprehensive income for the period Period s profit attributable to: Parent company owners Non-controlling interest Comprehensive income for the period attributable to: Parent company owners Non-controlling interest Basic earnings per share (SEK) 1 0,45 0,32 1,20 1,45 Diluted earnings per share (SEK) 1 0,45 0,31 1,19 1,45 1 Earnings per share is calculated as earnings after tax attributable to the parent company s owners divided by average number of shares Consolidated statement of financial position Dec Dec SEK million Assets Intangible non-current assets Property, plant and equipment Other investments held as fixed assets 1 3 Deferred tax assets Current receivables Cash and cash equivalents Total assets Equity and liabilities Equity Non-interest-bearing non-current liabilities Interest-bearing non-current liabilities 6 16 Non-interest-bearing current liabilities Interest-bearing current liabilities 7 8 Total equity and liabilities Pledged assets Contingent liabilities - - Key ratios Oct-Dec Oct-Dec Jan-Dec Jan-Dec Operating margin 4,0% 3,1% 3,4% 4,1% Profit margin 4,4% 3,5% 3,4% 4,1% Return on equity 15,7% 19,5% Net debt, SEK million Equity/assets ratio 36,5% 39,5% Average number of full-time employees Proffice11(13)
12 Statement of changes in equity SEK million Attributable to parent company shareholders Share Other Reserves RetainedNon-controlling Total capital paid-up earnings interests equity capital Balance at 1 December Total comprehensive income for the period Premiums paid for options Share buy-back Dividend Balance at 31 December Total comprehensive income for the period Share buy-back Acqusition of non-controlling interests Dividend Balance at 31 December Consolidated statement of cash flows Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK million Operating activities Profit after financial items Adjustment for non-cash items Reversal of amortisation, depreciation and impairment losses Other Tax paid Cash flows from operating activities before changes in working capital Change in working capital Change in receivables Change in liabilities Total change in working capital Cash flows from operating activities Investing activities Acquisition of companies Acquisition of intangible non-current assets Acquisition of property, plant and equipment Amortisation of loans receivable Acquisition of other non-current financial assets Cash flows from investing activities Financing activities Other Dividend Loans raised Share buy-back Amortisation of liabilities Cash flows from financing activities Cash flows for the period Cash and cash equivalents at start of period Exchange-rate difference in cash and cash equivalents Cash and cash equivalents at end of period Proffice12(13)
13 Condensed income statement parent company Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK million Revenue Operating costs Employee expenses Other external costs Depreciation of property, plant and equipment Operating loss Earnings from financial items Earnings from shares and participating interests in Group companies Interest income and similar items Interest expenses and similar items Exchange differences Earnings after financial items Appropriations Tax Earnings for the period Other comprehensive income - parent company Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK million Profit for the period Other comprehensive income Total comprehensive income for the period Condensed balance sheet - parent company Dec Dec SEK million Assets Property, plant and equipment 3 3 Intangible non-current assets 23 0 Non-current financial assets Current receivables Cash and cash equivalents Total assets Equity and liabilities Equity Untaxed reserves Non-interest-bearing current liabilities Interest-bearing current liabilities Total equity and liabilities Pledged assets Contingent liabilities - 7 Proffice13(13)
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