INTERIM REPORT, 1 JANUARY 30 JUNE 2011

Transcription

1 INTERIM REPORT, 1 JANUARY 3 JUNE 211 Quarterly period, April to June 211 Poolia revenues, excluding Dedicare, were MSEK (252.5), an increase of 12%, which corresponds to 15% in local currency. Poolia revenues, including Dedicare, were MSEK (334.6). Operating profit/loss, excluding Dedicare, was MSEK 5.6 (-4.4) and operating margin was 2.% (-1.7). Operating profit/loss, including Dedicare, was MSEK 7. (.7). was 2.2% (.2). Profit/loss before tax, excluding Dedicare, was MSEK 5.7 (-4.5). Profit/loss after tax, excluding Dedicare, was MSEK 4.1 (-3.6). Cash flow from operating activities, including Dedicare, was MSEK -4.4 (.5). Other significant events CEO Monika Elling also took over as country manager for Sweden when Åsa Edman Källströmer left her position. Gavin Warner, operational manager for Poolia UK is leading the work of restructuring the company, and therefore has local responsibility. Dedicare shares were distributed to the shareholders, and so the segment is reported as a discontinued operation. Comment from the CEO Poolia s growth continues The Dedicare shares were successfully distributed to our shareholders on 4 May, and Dedicare is thus reported as a discontinued operation. Poolia is a company now totally focused on permanent placement, temporary staffing and outplacement in the white-collar segment. Our aim is to be the obvious choice in these areas. We are expanding our existing range of services and also introducing new ones. We have started Poolia Executive Search which has been profitable from day one. We have opened a new Poolia office in Falun. In the autumn, we will also be opening offices in Umeå, Sundsvall and Helsingborg. Poolia grew in the quarter by 15% in local currency compared with the previous year, and the operating profit increased to MSEK 5.6 (-4.4). I am pleased to see this continued growth and the inflow of orders from both existing and new customers. Poolia Sweden reported growth of 19% in the quarter, and has also won important contracts. The operating margin has increased to 4.3%, compared with the figure of -1.4% in the corresponding period. We were declared best employer in the sector in a survey carried out by Universum. This is an important testimonial for us, as we are convinced that Interim report, January to June 211 Poolia revenues, excluding Dedicare, were MSEK (487.8), an increase of 16%, which corresponds to 19% in local currency. Poolia revenues, including Dedicare, were MSEK (642.9). Operating profit/loss, excluding Dedicare, was MSEK 16. (-6.3) and operating margin was 2.8% (-1.3). Operating profit/loss, including Dedicare, was MSEK 17.7 (2.1), which was affected by listing costs of MSEK 3.. was 2.6% (.3). Profit/loss before tax, excluding Dedicare, was MSEK 16. (-6.3). Profit/loss after tax, excluding Dedicare, was MSEK 11.2 (-5.3). Earnings per share, including Dedicare, were SEK.73 (.3). Cash flow from operating activities, including Dedicare, was MSEK 3. (-1.5). Equity/assets ratio at the end of the period was 33.6% (45.5) and the Group's equity per share was SEK 6.38 (11.27). satisfied employees are the key when working for the customer, and because it will help us attract both new customers and candidates. Poolia UK reports a profit of MSEK.5, excluding restructuring costs of MSEK 1, which is a very important milestone. We have reduced our costs and restructured, and now focus on areas where we, historically, have been most successful. Poolia Germany is developing according to plan. We have a strong and skilled team in place, with a mix of old and new employees. This new team gives us a much stronger focus on sales and efficiency, which are key factors in long-term, stable and positive development. Poolia Finland has increased its rate of growth and has attained 25% growth in local currency during the quarter. The operating margin is strong and has increased to 9.2% (6.7), which is highest in the group. Our Danish operation is very small, and is now run and reported together with Poolia Sweden. We see many new openings in our current markets and are optimistic about the future. Monika Elling MD and CEO Poolia Interim Report, January-June 211 1

2 Business concept Poolia s business concept is to provide companies and organisations with the skills that, either temporarily or permanently, meet their needs for qualified professionals and outplacement services. Poolia Quality Poolia is engaged in provision of temporary staffing and permanent placement of qualified professionals. Our specialisation is 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 generates greater 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 second quarter of the year was very positive for the staffing industry and also for Poolia. We believe that the positive economic trend will continue. We believe that market penetration, and thereby the proportion of temporary staff in the companies in our markets, will increase over time. APRIL JUNE THE GROUP, EXCLUDING DEDICARE Consolidated revenues, excluding Dedicare, increased by 12.2% to MSEK (252.5). The exchange rate had a negative impact of 2.4% on revenues. Temporary Staffing is the largest service segment. The proportion of revenues from the Permanent Placement service area increased from 11% to 13%. The main growth in revenue is in Sweden and Finland. Permanent Placement has grown in all segments. All segments are planning for growth in order to make the most of the market situation. The operating margin shown in the diagram below excludes amortisation of goodwill in the UK that took place in the fourth quarter of 21. MSEK % The operating profit/loss, excluding Dedicare, was MSEK 5.6 (-4.4) and the operating margin was 2.% (-1.7). The diagram below shows the operating profit excluding the amortisation of goodwill in the UK that was carried out in the fourth quarter of 21. Non-distributed parent company costs were MSEK -4.3 (-6.8). Consolidated profit/loss after financial items was MSEK. (.). The profit/loss before tax was MSEK 5.7 (-4.5). Tax for the Group was MSEK -1.6 (.9). MSEK Consolidated operating profit Consolidated revenue Consolidated cash flow from operating activities Poolia Interim Report, January-June 211 2

3 Poolia segments during the quarter POOLIA SWEDEN Poolia Sweden revenues were MSEK (19.3), a growth of 19% compared with the corresponding period in the previous year. Temporary Staffing and Permanent Placement areas are growing equally fast in percentage terms. The proportion of Permanent Placement was 12% compared with 1% in the corresponding period in the previous year. Poolia Sweden s operating profit was MSEK 9.7 (2.6). The operating margin was 4.3% (-1.4). The financial results during the period improved compared with the corresponding period last year. Measures are still being implemented to increase growth and to further improve the margin through greater efficiency and by controlling costs. Poolia Sweden has won important customer contracts, and new offices will soon be opened in Umeå, Sundsvall and Helsingborg. Concepts continue to be developed and the newly-started Poolia Executive Search has doubled the number of completed assignments in the second quarter compared with the first quarter. Share of group revenue in the quarter MSEK Poolia Sweden 72,9% Operating revenue 7% 6% 5% 4% 3% 2% 1% % POOLIA UK Poolia UK revenues were MSEK 28.7 (33.6). In local currency, revenues fell by 4%, and the exchange rate had a negative impact of 11% on revenues during the quarter. The proportion of Permanent Placement increased from 14% to 2%. Poolia UK s operating profit/loss for the period was MSEK -.5 (-.7). The company is currently undergoing restructure. The profit/loss for the quarter is negatively affected by a one-off cost for outplacements of approximately MSEK 1. Excluding one-off restructuring costs, Poolia UK makes a profit. This has been achieved through a substantial reduction in overheads, and by shifting the customer mix towards a greater proportion of small and medium-size customers, as well as a reorganisation of the teams. The operation is still being developed in order to attain sustainable profit. Share of group revenue in the quarter MSEK Poolia UK 9,2% % -2% -4% -6% -8% -1% -12% Operating revenue POOLIA GERMANY Poolia Germany revenues were MSEK 19.5 (21.5). In local currency, revenues fell by 2%. The exchange rate had a negative impact of 8% on revenues during the quarter. The proportion of business in Permanent Placement increased from 9% to 18%. The percentage increase varies from office to office. Poolia Germany s operating profit/loss was MSEK. (.). The operating margin was.1% (-.2). During the period, a number of new key personnel were recruited, and we are optimistic about the long-term effect this will have on team spirit, methods of working, market presence, as well as revenues and operating profit. Business in Permanent Placement is increasing strongly, but the number of temporary staffing assignments have fallen due to earlier turbulence in the organisation and the decrease still outnumber new temporary staffing assignments acquired by the new team. Share of group revenue in the quarter MSEK Poolia Germany 6,3% Operating revenue 12% 8% 4% % -4% -8% Poolia Interim Report, January-June 211 6

4 POOLIA FINLAND Poolia Finland revenues were MSEK 8.1 (7.1), which is an increase of 16%. The exchange rate effect had a negative impact of 1% on revenues during the quarter. In local currency revenue increased by 25%. The proportion of business in Permanent Placement increased from 15% to 16%. The operating profit/loss in Finland was MSEK.7 (.5), and the operating margin was 9.2% (6.7%). The operation in Finland is stable and shows a positive trend. We are continuing to work for greater growth and to maintain a strong margin. Share of group revenue in the quarter MSEK Poolia Finland 2,6% 2% 17% 13% 1% 6% 2% -1% Operating revenue DEDICARE During the period, Poolia s shares in Dedicare were distributed to the shareholders, and since 4 May the company has been listed on NASDAQ OMX Stockholm AB under the designation DEDI B. Dedicare is therefore reported as a discontinued operation from Poolia. The company was part of the Poolia Group up to and including April 211. Share of group revenue in the quarter MSEK 12 Dedicare 9,% 12% Dedicare is engaged in providing staff for healthcare and care institutions. For more information visit % 8% Dedicare s revenues in the quarter (April) were MSEK 28.1 (82.1) % 4% The operating profit/loss was MSEK 1.4 (5.1) and the operating margin was 4.8% (6.2). The graph shows the financial results for the first quarter adjusted for costs (MSEK 3) relating to listing of the company. 2 2% % Operating revenue Poolia Interim Report, January-June 211 4

5 JANUARY-JUNE GROUP Consolidated revenues, excluding Dedicare, increased by 16% to MSEK (487.8). Consolidated revenues, including Dedicare, were MSEK (642.9). The exchange rate had a negative impact of 2.7% on revenues during the period. Temporary Staffing is the largest service segment. The temporary staffing area grew by 36% and the proportion of permanent placement grew from 1% to 12%. The following diagram shows how consolidated revenues were divided according to segment during the quarter. Proportion of revenues by segment Dedicare 16,3% Poolia Finland 2,3% Poolia Germany 7,1% Poolia UK 8,6% Poolia Sweden 66,7% Profit/loss before tax, excluding Dedicare, was MSEK 16.1 (-6.1). Operating profit/loss, excluding Dedicare, was MSEK 16. (-6.3) and the operating margin was 2.8% (-1.3). Profit/loss before tax, including Dedicare, was MSEK 17.9 (2.). Operating profit/loss, including Dedicare, was MSEK 17.7 (2.1) and the operating margin was 2.6% (.3). Undistributed parent company costs were MSEK -8.6 (-12.6). Consolidated profit/loss after financial items was MSEK.1 (.2). Tax for the Group was MSEK -4.9 (-.9). The tax rate for the Group was 3% (64%). Discontinued operation On 26 April, 211, the Poolia Annual General Meeting passed the resolution that the shares in Dedicare be distributed to Poolia s shareholders and that the company was to be listed on the NASDAQ OMX Stockholm 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. The company was part of the Poolia Group up to and including 3 April 211. In this report, it is made clear whether the information provided applies to the entire Group or to the Group excluding Dedicare. Liquidity and financing The Group s cash and cash equivalents as at 3 June 211 were MSEK 15.4 (16.1). Cash flow from operating activities, including Dedicare, was MSEK 3. (-1.5). The equity/assets ratio as of June 3, 211 was 33.6% (45.5%). Investments Total Group investments in fixed assets in the period January-June 211 were MSEK 5.1 (16.). 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, 2,147,922 shares changed owners for a total amount 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 1,894 (1,68). As of 3 June 211 the number of employees was 2,115 (1,877). 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 and financial management and IT administration. for the period were MSEK 1.7 (1.2), and the loss after financial items was MSEK -5.1 (-12.8). 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 regulations, and financial risks. All significant risks and uncertainty factors as of 31 December 21 were the same on 3 June 211. Events after the end of the period There are no significant events to report. Transactions with related parties During the period, no transactions were made with related parties that had a significant effect on the company s position and profit. Poolia Interim Report, January-June 211 5

6 SUMMARY STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME Amounts in MSEK Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Remaining operations Operating revenues ,28.9 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 , 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 operations Profit/loss per share from discontinued operation Total comprehensive income attributable to: Parent company s shareholders Minority shareholders Poolia Interim Report, January-June 211 6

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 Apr-Jun Apr-Jun Jan-Jun Jan-Jun 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-June 211 7

8 CHANGE IN GROUP EQUITY Amounts in MSEK Jan-Jun Jan-Jun 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 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Net revenues 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 Dec 21 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-June 211 8

9 KEY RATIO QUARTERLY OVERVIEW Apr-Jun Jan-Mar Oct- Oct- Jul-Sep Apr-Jun Jan-Mar Dec Dec Jul-Sep Operating revenues Growth 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, % Average number of full-time employees 3 1,944 1,843 1,896 1,784 1,674 1,543 1,541 1,562 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. KEY RATIO INTERIM OVERVIEW Jan-Jun Jan-Jun 2, % Profit margin 2, % Earnings per share before dilution 1, SEK.73.3 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. Average number of employees Total number of hours worked during the year 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 revenues 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 profit/loss as a percentage of operating revenues. 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 revenues. Poolia Interim Report, January-June 211 9

10 Operational branches and geographical regions Poolia applies IFRS 8 Operating Segments. Operating segments are reported in a way that complies with internal reporting, which for Poolia involves a division into both geographical regions and business segments. An operating segment is a part of the Group that operates a 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 chief decision-makers, 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 comprises healthcare operations in Dedicare, providing temporary doctors and other healthcare and care staff. The other business segment comprises Poolia's other operations, i.e. temporary staffing and permanent placement of qualified 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 engages in activities 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 distribution of its shares to the shareholders. During the period, the geographical segment division has changed as Denmark is now included in the Sweden segment as regards 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 Apr-Jun Apr-Jun Jan-Jun Jan-Jun 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 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Remaining operations Poolia Sweden Poolia UK Poolia Germany Poolia Finland Total Discontinued operations Dedicare Total Non-distributed parent company costs Total operating profit/loss Poolia Interim Report, January-June 211 1

11 Discontinued operation The Annual General Meeting passed a resolution on a dividend of 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 second quarter, revenues were MSEK 28.1 (82.1). During the interim period, revenues were MSEK 11. (155.). Dedicare s operating profit/loss was included in consolidated revenues up to and including April 211. The operating profit/loss in the second quarter was MSEK 1.4 (5.1) and the operating margin was 4.8% (6.2%). The operating profit/loss in the interim period was MSEK 1.8 (8.4) and the operating margin was 1.6% (5.4%). PROFIT/LOSS FROM DISCONTINUED OPERATION (DIVIDEND) Amounts in MSEK Apr-Jun Apr-Jun Jan-Jun Jan-Jun 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 operations Amounts in MSEK Apr-Jun Jan-Jun Operating activities Investment activities Financing activities - - Total Poolia Interim Report, January-June 211 6

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 Reporting 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 Interim Report, Jan-Sep October, 7: Stockholm, 26 July 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 This interim report has not been the subject of any special examination by the company s auditors. 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-June 211 6