You are on page 1of 46

poolia lorem ipsum

POOLIA ANNUAL REPORT 2009

Poolia AB (publ) | Warfvinges väg 20 | Box 30081 | 104 25 Stockholm | Tel: +46 8 - 555 650 00 Fax: +46 8- 555 650 01 | Corp. ID no: 556447- 9912 | www.poolia.com
1

Invitation to the Annual General Meeting Holding
The shareholders of Poolia AB (publ) are hereby invited to the AGM, to be held on Tuesday 27 April 2010 at 4pm at the company's premises in Stockholm at Warfvinges väg 20.
Shareholder information Poolia in brief 2009 From the CEO Markets The Poolia share Five-year summary Board of Directors’ Report Group Parent company Notes Auditors’ report Corporate governance report Group management Board of directors Definitions Addresses 2 3 5 7 10 12 13 20 23 25 36 37 43 44 45 46

Applications
Shareholders who wish to attend the AGM must be registered in the Euroclear Sweden AB share register no later than Wednesday, 21 April 2010, and be registered with Poolia no later than Wednesday, 21 April 2010. Applications to participate at the AGM may be submitted to Poolia AB To: Tarja Roghult Box 30081, SE-104 25 Stockholm Applications may also be submitted by Tel: +46 8 - 555 650 33 Fax: +46 8 - 555 650 90 e-mail: tarja.roghult@poolia.se The application must include name, phone number, personal ID number or corporate registration number, as well as the number of proxies. If shareholders with shares registered to administrators are to be entitled to participate at the AGM, it is a requirement that the shareholder has his/her shareholding registered under his/her own name so that the shares are registered to their owner in good time ahead of 21 April 2010.

Dividend
The Board of Directors proposes a dividend to shareholders of SEK 1.50 per share. It is proposed that 30 April be the reconciliation date. If the AGM passes a resolution in accordance with this proposal, it is estimated that the dividend will be issued from Euroclear Sweden AB on 5 May.

CALENDAR
Interim Report January-March Interim Report January-June Interim Report January-September Year-end report 2010 27 April 2010 20 July 2010 27 October 2010 February 2011 Other ISIN-code SE0000567539 Short name on NASDAQ OMX

POOL B
2

Poolia in brief, 2009

Poolia in brief
Poolia's history

1989
Björn Örås founds Ekonompoolen (“Pool of Accountants”) in Stockholm.

1992
New legislation in Sweden to deregulate temporary staffing.

1993
Teknikerpoolen founded. Deregulation of the permanent placement market.

1996
Björn Örås becomes sole owner. The company adopts a new strategy to become a full-service supplier within the staffing sector.

1999
Poolia is launched on the Stock Exchange, and becomes the first company in Sweden to offer a Legal business area.

2000
Poolia becomes Sweden's second fastest-growing company and third largest staffing company. Operations start in Denmark and Finland.

2001
Acquisition of Competence Sköterskejouren, leading to the inception of Poolia Vård. Acquisition of A&Z and thereby the start of operations in Germany. The staffing market declines due to the recession and Poolia's profitability falls.

2002
New strategy – a focus on qualified positions under the Poolia Professionals brand. Services within Warehouse & Industry are organised in a separate subsidiary called Uniflex. Poolia Healthcare starts up in Norway.

2004
Poolia turns to profit. Acquisition of UK company Parker Bridge, with operations in London and Edinburgh. Uniflex is portioned out to shareholders and listed on the Stock Exchange.

2007
Johan Eriksson is appointed new MD and CEO. Dedicare is launched under a separate brand.

2008
Continued strong growth and Poolia's most profitable year ever. Continued expansion in Germany.

2009
Recession and decline in demand places high demands on efficiency and cost awareness. Continued growth in the subsidiary Dedicare.

proportion of revenues by segment

revenues, MSEK

Dedicare 26.1 %

1600 1400 1200

UK 10.2 %

1000 800 600

Germany 7.4 % Denmark 0.5 % Finland 2.5 %

Sweden 53.4 %

400 200 0 2005 2006 2007 2008 2009
3

Poolia in brief, 2009

equity/assets, %
70 60 50 40 30 20 10 2005 2006 2007 2008 2009

average number of employees
2250 2000 1750 1500 1250 1000 750 500 250 0 2005 2006 2007 2008 2009

operating profit/loss, MSEK
120 100 80 60 40 20 0 -20 -40 2005 2006 2007 2008 2009

proportion of employees by country
UK 14 %

Finland 3 % Sweden 67 % Norway 4 % Denmark 1 %

Germany 11 %

earnings per share, SEK
5 4 3 2 1 0 -1 -2 -3 2005 2006 2007 2008 2009

gender distribution

Women 67 % Men 33 %

Employee satisfaction index 2005-2009
70 68 66 64 62 60 58 56 2005 2006
Poolia

Employee satisfaction index 2009
80

60

40

2007

2008

2009

20

Private sector
0

Sweden

Finland

Germany

UK

Employee survey conducted annually among employees in each country (excluding Dedicare). In Sweden this includes both internal staff and temps, while in Finland, the UK and Germany only internal staff are included. Denmark excluded for reasons of size. 4

From the ceo

Poolia adapted quickly and is moving steadily out of the recession
After a good start with a stable first quarter, demand slowed down during the second and third quarters, mainly in the permanent placement service segment. During the fourth quarter, the market stabilised and the demand for temporary staffing and permanent placement grew gradually. By means of significant cost adjustments and efficiency improvements we have managed to reduce the effects of the recession and maintained positive earnings and cash flow from operating activities. We have captured market share
The staffing industry has lost sales over the year which has impacted on all players. It is therefore encouraging that we have captured market share over the year in several markets, including Sweden and Finland. This suggests that clients demand a stable and quality oriented partner when the economy takes a turn for the worse. In Finland, permanent placement accounted for a large share of revenues in 2009, but even here demand for permanent placement dropped sharply during the year. I am therefore very proud of how our employees in Finland have succeeded in maintaining positive figures by growing the temporary staffing business to cover the loss of revenue from permanent placement. The market in healthcare staffing has been more stable, and in 2009 Dedicare has increased both sales and earnings. For years we have been working to increase our geographical spread and client distribution to expand our market.

A year full of challenges
With the record year of 2008 behind us, we entered 2009 with a certain degree of uncertainty as to how the economy might develop. We had already taken crucial decisions in 2008, in the face of a pending downturn, and can in retrospect see that we did this just at the right time. Revenues maintained a good level in the first quarter but then dropped in quarter two and three only to stabilise in the fourth quarter. Demand for the permanent placement segment decreased by about 49 % while temporary staffing dropped by around 5 %, which had a major impact on revenues and earnings.

Quality pays off
Something that has surprised us this year is that in all six markets we have seen a certain shortage of candidates despite the current climate in the labour market. This combined with the sluggish pace that is particularly evident in a recession, has contributed to fewer business closures than expected. Moreover, another effect of the recession is shortterm price pressure. We compete primarily on quality, skills and sustainability rather than on price and short-term gains. We have had very few bad debts during the year, which is proof that our concept works and that quality pays off.

Improved efficiency
As early as 2008, we began reviewing our processes to reduce costs and increase efficiency. Because of the low demand in 2009, we had to further improve our processes to maintain a positive bottom line. The efficiency improvements we made have been difficult to implement but they have had the desired effect. By way of example, we have upped the frequency of visits to clients in 2009 compared to 2008 despite the fact that we have fewer employees. On the cost side, we have made substantial cutbacks.

Useful tool to counter the recession
Part of our work to streamline the business we conducted during the year has concerned the sales process. We have
5

From the ceo

produced a more structured selection of clients and industries that we have focused on. This has allowed us to expand our client base in order to reduce the dependence on individual clients. In Sweden, the recent economic downturn has to date been characterised by regional differences in which the Stockholm region has fared well. We have a major presence in and around Stockholm, which has benefited us.

costs were higher than if phasing them out, but we believe that it will be a profitable strategy in the long term.

Poolia's growth
In 2009, we established two new offices, one in Linköping and one in Gävle. Dedicare opened a new office in Oslo thereby expanding its geographical coverage in the Norwegian market. A local affiliation is required to interface with clients and to attract candidates. The focus is entirely consistent with our objective to grow organically. We hope and believe that this will attract new clients and employees and result in a stronger position in the market. Last year we entered the outplacement market which is a market that has developed extremely positively in 2009. We will be putting additional focus on this business area in 2010 where there is still a great potential to do business.

Satisfied employees and healthy finances
One of the main reasons why we have managed well in the downturn is, in addition to our high quality and the effectiveness of our processes, the skill of our staff. As our single most important resource, staff job satisfaction and their commitment are key issues for us. It is therefore gratifying that we have improved the results in this year's employee survey, and for each business area and also for the Group as a whole. Being a good employer is a prerequisite for attracting and recruiting skilled employees. Our strong financial position in these times creates stability and a good working atmosphere. Not having to be influenced by the demands of external funders and lenders means that we do not have to adapt to changing loan terms and implement short-term solutions to solve liquidity problems. We can focus on running our business from a long-term perspective and in the best possible way. The ongoing process of streamlining our processes and cost control are the reasons for our strong cash flow. Liquidity exceeds our working capital needs and we are therefore proposing a dividend of SEK 1.50 per share, which corresponds to MSEK 25.7 in total.

Focus 2010
We will be investing in 2010 to expand the permanent placement segment as it is strategically important to us and has a major impact on the bottom line. To have extra focus on permanent placement is particularly important in the UK for us to succeed in turning a loss in 2009 into profit 2010. We will also be focusing on identifying new, qualified candidates who are ready to take on our new assignments. The markets that reported a negative result in 2009, extra focus will be on turning them into a positive one. It is also important that we can get the small offices to grow into stable operations. The costs of establishment have already been made, so we can now focus on building the critical mass. Finally, I am proud that we can sum up the year by announcing a positive cash flow and that we can provide a high dividend to our shareholders. I would like to thank our employees for their dedication and efficiency in helping to make Poolia the successful company it is. I would also like to thank our clients for their trust, and hope that we together can make 2010 a successful year.

Industry development
The staffing industry has, like many other industries, had a challenging year. A positive factor for the staffing industry is that it historically has grown more than other industries following each recession. During the next upturn the penetration rate will in all likelihood increase primarily in Sweden and Germany, where it currently is relatively low. One reason for this is that employers want more flexibility to be in a better position to meet market demand. The low penetration rate in the professional segment in Germany supports our belief that this market has the potential to perform strongly in the future. We therefore chose to retain the existing offices in order to be ready to capture market share once the economy starts to recover. This meant that

Johan Eriksson MD and CEO
6

markets

Markets
Poolia operates today in the markets in Sweden, Denmark, Finland, Germany and the UK. Our segmentation matches our geographic division, and healthcare segment in which our subsidiary Dedicare operates. Dedicare is also active in Norway. Poolia works exclusively with permanent placement and staffing in the processional field.

Poolia Sweden
In 2008, sales for the Swedish staffing market were MEUR 2,400* and had a penetration rate of 1.3 %*. Poolia is the single largest supplier that focuses exclusively on skilled staff. Poolia Sweden's sales dropped by 17 % to MSEK 700.2 with an operating profit of MSEK 31.0. The operating margin for the full year was Åsa Edman Källströmer 4.4 %. Poolia's Swedish operations MD Poolia Sweden accounted for 53.4 % of consolidated revenues. Temporary staffing services accounted for 95 % of revenue and permanent placement for 5 %. Our estimated market share** in the professional segment was 10.3 %, which is in line with previous year.

Sweden revenues and operating margin
MSEK

%
%

900 800 700 600 500 400 300 200 100 0 2005 2006 2007 2008 2009

12 10 8 6 4 2 0

Poolia UK
With sales of MEUR 3,500* the staffing market in the UK is by far the largest in Europe. It is also a mature market, with a penetration rate of 4.1 %, more than in all other European countries. Poolia's revenues totalled MSEK 132.2, which is a drop of 24 % The operating loss was MSEK -6.9 The UK accounts for about 10 % of Poolia's revenues. Temporary staffing services accounted for 90 % of revenue and permanent

UK revenues and operating margin
MSEK %

350 300 250 200

20

0 150 100 50 0 2005 2006 2007 2008 2009 -20

Shaun Greenfield MD Poolia UK

placement for 10 %.

* Latest available statistics for market sales are taken from the 2008 figures in CIETT (International Confederation of Private Employment Agencies).

** The market share is calculated on the part of the market comprising permanent placement and temporary staffing in the professional sector for the 35 companies that form the basis of Bemanningsföretagen’s statistics.
7

markets

Poolia Germany
The German staffing market had sales of approximately MEUR 14,700* in 2008. The penetration rate stood at 2.0 %*. Poolia Germany's sales were MSEK 97.4, a drop of 3 %, with an operating profit of MSEK 2.4. The operating margin for the full year was 2.5 %. Operations account for about 7.5 % of Poolia revenues and 8.4 % of Alfred Unterschemmann operating profit. Temporary staffing MD Poolia Germany services accounted for 89 % of revenue and permanent placement for 11 %. The German market is very regional and conditions vary greatly between the regions, and a local presence is important in terms of the potential to do business.

germany revenues and operating margin
MSEK %

120 100 80 60 40 20 0 2005 2006 2007 2008 2009

20 0 -20 -40 -60 -80 -100 -120

Poolia Finland
The total staffing market in Finland in 2008 had sales of around MEUR 1,050*. The penetration rate was approximately 1.3 %*. Poolia Finland revenues have enjoyed better growth than the industry in general showing an increase of 5 %. Poolia Finland's sales in 2009 were MSEK 32.6 with an operating profit of MSEK 2.2. Temporary staffing services accounted for 93 % of revenue and permanent placement for 7 %.

finland revenues and operating margin
MSEK

%
%

35 30 25 20

12 10 8 6

15 10 5 0 2005 2006 2007 2008 2009 4 2 0

Jose Majanen MD Poolia Finland

Poolia Denmark
The total staffing market in Denmark in 2008 was estimated at MEUR 1,600. Temporary staffing in the staffing industry in Denmark relates to a relatively high proportion of industrial and warehouse and construction workers, while the proportion in the professional sector is lower than in other Nordic countries. The Lars Hezsö penetration rate was around 0.8 %*. MD Poolia Denmark Poolia Denmark's sales fell in 2009 by 62 % to MSEK 5.9. The operating loss was MSEK -3.5. Temporary staffing services accounted for 60 % of revenue and permanent placement for 40 %.

denmark revenues and operating margin
MSEK %

25 20 15 10 5 0 2005 2006 2007 2008 2009

20 10 0 -10 -20 -30 -40 -50 -60 -70

8

dedicare

Dedicare, Poolia's subsidiary in healthcare staffing operates in Sweden, Norway and Finland. Dedicare has been very successful in both the Swedish and Norwegian markets, and is now the biggest in Sweden in temporary staffing of nurses, and one of the four largest in temporary staffing of doctors. Dedicare continued to perform well during the Stig Engcrantz MD Dedicare year. In 2009, revenues rose by 26 % to MSEK 341.8, which is 26 % of the Group's total revenues. The operating profit was MSEK 25.1 and the operating margin was 7.3 % which is in level with last year.

dedicare revenues and operating margin
MSEK

%
%

9 350 300 250 200 150 100 50 0 2005 2006 2007 2008 2009 8 7 6 5 4 3 2 1 0

9

The Poolia share

The Poolia share
Poolia was launched on the Stockholm Stock Exchange on 23 June 1999. Share capital as at 31 December 2009 totalled SEK 3,424,399 divided among 17,121,996 shares, of which 4,023,815 were class A shares and 13,098,181 were class B shares, at a par value of SEK 0.20. Each share provides equal entitlement to the company’s assets and profits. A class A share provides entitlement to one vote and a class B share to 1/5 vote.
Holdings at 31 December 2009
No. of shares No. of shareholders Holding % Votes %

1 – 1,000 1,001 – 5,000 5,001 – 50,000 50,001 – Total

2,248 280 53 27

3.86 3.88 3.83 88.44

1.99 2.00 1.97 94.04 100.00

2,608 100.00

Incentive schemes
There are no incentive schemes.
the ten largest foreign shareholders
Name A-shares B-shares Holding % Votes %

Share price movement
The share price was SEK 23.00 at the beginning of the year and SEK 37.40 at 31 December 2009. The highest price of the Poolia share during the year was SEK 38.80, and the lowest SEK 22.50.

United Nations Joint Staff Pension Fund UK SSB CL Omnibus AC OM07 (15 PCT), USA Baillie Gifford EUR Smaller CO FNDS, UK Northern Trst Guernsey Treaty Clien, Lending Acc, USA Banque Cantonale Vaudoise, W8IMY, Switzerland CR Suisse Lux S A PB, Luxembourg Catsab Investment AS, Denmark Jyske Bank CLNT HDG NON DK Clients, Denmark Placeringsfond Nordea, Garanti, Finland SEB Private Bank S.A., NQI, Luxembourg Total

294,000 265,922 144,962 118,340 82,000 63,400 59,397 48,441 37,605 37,200 1,151 267

1.72 1.55 0.85 0.69 0.48 0.37 0.35 0.28 0.22 0.22 6.72

0.89 0.80 0.44 0.36 0.25 0.19 0.18 0.15 0.11 0.11 3.47

Stock exchange trading
The Poolia share is listed on the NASDAQ OMX Stockholm AB stock exchange under the designation POOL B. A round lot consists of 1 share, and the par value of the share is SEK 0.20.

Dividend policy
The Board of Directors’ long-term dividend policy is that annual dividends shall normally exceed 50 % of the Group's after-tax profit.

the ten biggest Swedish shareholders
Name A-shares B-shares Holding % Votes %

analysts who monitor poolia
Name Company

Björn Örås Swedbank Robur Småbolagsfond Norden Skandia Fond Småbolag Sweden Fjärde AP-fonden Swedbank Robur Småbolagsfond Norden Verdipapirfond Odin Sweden Riksbankens Jubileumsfond Carlson Småbolagsfond Stella Småbolag LivförsäkringsAB Skandia (publ) Total

4,023,815

4,151,445 737,273 657,000 632,497 606,461 561,587 450,000 396,703 300,000 281,372

47.75 4.31 3.84 3.69 3.54 3.28 2.63 2.32 1.75 1.64 74.75

73.07 2.22 1.98 1.90 1.83 1.69 1.35 1.19 0.90 0.85 86.98

Stefan Andersson Anders Tegeback Mikael Löfdahl Alexander Weiss

SEB Enskilda Handelsbanken Carnegie Remium

4,023,815

8,774,338

10

The Poolia share

Change in share price 2005–2009, sek
B shares
OMX Stockholm_PI 70 60

Change in share price 2009, sek
B shares
OMX Stockholm_PI 40

35

50

30

40

25

30

20

20 2005 2006 2007 2008 2009 © NASDAQ OMX

15

JAN 2009

FEB

MAR

APR

MAJ

JUN

JUL

AUG

SEP

OKT

NOV

DEC

© NASDAQ OMX

key ratios per share
2009 2008 2007 2006 2005

ownership categories
Foreign owners 8 % Public sector 3 % Social insurance funds 5 % Other 7 %

No. of shares, average 17,121,996 17,808,094 18,466,506 18,460,553 18,443,464 No. of shares, outstanding 17,121,996 17,121,996 18,466,506 18,466,506 18,444,970 Profit per share, SEK Equity per share, SEK Dividend per share, SEK Share price 31/12, SEK P/E ratio 1.04 12.79 1.501 37.40 36.0 4.61 16.21 4.50 20.80 4.5 3.54 15.90 2.50 35.00 9.9 3.00 14.91 2.50 67.25 22.4 –2.39 12.30 0.25 42.00 neg

Financial companies 22 % Swedish private individuals 55 %

1) Proposed by the Board of Directors.

share capital development (issued shares)
Year Event Change to share capital Total share capital Change to no. of shares Total no. of shares

1997 1999 1999 1999 1999 2000 2001 2003 2004 2004 2004 2005 2006 2009

Fund issue Split New issue Fund issue New issue New issue Fund issue Share redemption Reduction New issue Fund issue New issue New issue Share redemption

50,000 – 7,301.76 965,715.84 266,660 193,599.8 3,066,555.2 -913,148.8 -184,401.9 1,354 184,401.9 956 4,307.2 -268,902.2

100,000 100,000 107,301.76 1,073,017.6 1,339,677.8 1,533,277.6 4,599,832.8 3,686,684 3,502,282.1 3,503,636.1 3,688,038 3,688,944 3,693,301.2 3,424,399

500 4,999,000 365,088 – 365,088 365,088 365,088 -4,565,744 – 6,770 – 4,780 21,536 -1,344,510

1,000 5,000,000 5,365,088 5,365,088 6,698,388 7,666,388 22,999,164 18,433,420 18,433,420 18,440,190 18,440,190 18,444,970 18,466,506 17,121,996
11

FIVE-YEAR SUMMARY

Five-year summary
The tables below present condensed financial information for the financial years 2005-2009.
summary of the income statement
Amounts in MSEK 2009 2008 2007 2006 2005

Operating revenues Operating expenses Operating profit/loss before depreciation and impairments Depreciation of fixed assets (excluding goodwill) Goodwill impairment losses Operating profit/loss Financial items Profit/loss before tax Taxes Profit/loss for the year

1,311.1 -1,268.1 43.0 -14.6 – 28.4 2.2 30.6 -12.1 18.5

1,437.8 -1,325.1 112.7 -7.4 – 105.3 4.3 109.6 -27.0 82.6

1,339.7 -1,262.4 77.3 -7.3 – 70.0 2.8 72.8 -7.5 65.3

1,212.4 -1,132.9 79.5 -4.8 – 74.7 1.9 76.6 -21.3 55.3

1,008.7 -988.6 20.1 -4.6 –48.1 -32.6 1.1 -31.5 -12.6 -44.1

summary of the balance sheet
Amounts in MSEK 31/12/2009 31/12/2008 31/12/2007 31/12/2006 31/12/2005

Assets Goodwill Other fixed assets Deferred tax assets Current receivables Cash and cash equivalents Total assets 91.5 25.0 16.8 221.8 67.8 422.9 89.6 34.0 17.5 244.0 116.5 501.6 98.8 28.6 17.9 244.3 111.4 501.0 99.5 21.5 7.4 246.3 95.5 470.2 99.7 15.7 7.1 181.9 88.2 392.6

Shareholders’ Equity and liabilities Shareholders’ Equity Long-term liabilities Current liabilities Total Shareholders’ equity and liabilities 221.0 2.4 199.4 422.9 279.4 8.3 213.9 501.6 293.6 2.1 205.3 501.0 275.4 0.5 194.3 470.2 226.8 2.3 163.5 392.6

key ratios
2009 2008 2007 2006 2005

Operating margin, % Profit margin, % Return on equity, % Return on capital employed, % Return on total assets, % Equity/assets ratio, % Share of risk-bearing capital, % Average number of employees Revenues per employee, KSEK Profit/loss per share, SEK

2.2 2.3 7.4 12.4 6.7 52.3 52.8 1,888 694 1.04

7.3 7.6 28.9 38.4 22.0 55.7 57.4 2,108 682 4.61

5.2 5.4 23.0 25.6 15.0 58.6 59.0 2,136 627 3.54

6.1 6.3 22.0 30.5 17.8 58.6 58.6 2,047 597 3.00

-3.2 -3.1 -17.8 -12.6 -7.7 57.8 57.8 1,934 522 –2.39
12

Directors’ Report

Board of Directors’ Report
Poolia AB (publ) Corp. ID no. 556447-9912

The Board of Directors and the Managing Director of Poolia AB (publ), with its registered office in Stockholm, Sweden, hereby submits its annual report and consolidated accounts for the financial year 2009. The following income statements, report on comprehensive income, balance sheets, specifications of shareholders’ equity, cash flow statements and reports on the accounting principles applied and notes represent Poolia’s formal financial reports.

The Poolia share
Poolia is listed on NASDAQ OMX Stockholm AB under the designation POOL B. The company's largest shareholder, Björn Örås, had at the end of 2009 73.07 % of the votes and 47.75 % of the capital. Björn Örås is also the Chairman of the Board of Poolia. No other shareholder had a holding that corresponded to voting rights of 10 % or more.
the ten biggest shareholders

Business description

Poolia’s business concept is to provide companies and organisations with the skills that, either temporarily or permanently, meet their needs for qualified professionals. Poolia has chosen its path and focuses on temporary staffing and permanent placement in the business areas of Finance & Accounting, Financial Services, Human Resources, Sales & Marketing, IT & Engineering, Office Support and Executive. Activities in the field of healthcare staffing have been brought together under the separate Dedicare brand. In 2009 Poolia operated in six countries: Sweden, Denmark, Finland, Norway, Germany and the UK. Poolia's vision is to become a European leader in temporary staffing and permanent placement of qualified professionals, created by skilled and dedicated employees with the same value base. The long term goal is to become one of the top five in Europe in temporary staffing and permanent placement of qualified professionals. Growth will primarily be organic, and in exceptional cases through acquisitions. The business is run in six subsidiaries that structurally conform with the six segments in line with which the business is reported.
segment
Poolia Sweden

Name

A-shares

B-shares

Holding %

Votes %

Björn Örås Swedbank Robur Småbolagsfond Norden Skandia Fond Småbolag Sweden Fjärde AP-fonden Swedbank Robur Småbolagsfond Norden Verdipapirfond Odin Sweden Riksbankens Jubileumsfond Carlson Småbolagsfond Stella Småbolag United Nations Joint Staff Pension Fund, UK Total

4,023,815

4,151,445 737,273 657,000 632,497 606,461 561,587 450,000 396,703 300,000 294,000

47.75 4.31 3.84 3.69 3.54 3.28 2.63 2.32 1.75 1.72 74.83

73.07 2.22 1.98 1.90 1.83 1.69 1.35 1.19 0.90 0,89 87.02

4,023,815

8,786,966

The total number of shares issued is 17,121,996, of which 4,023,815 are Class A shares and 13,098,181 are Class B shares. Each Class A share provides entitlement to one vote and each class B share to 1/5 vote.
share of revenues
53.4 %

subsidiary
Poolia Sverige AB (incl subsidiaries in commission) Poolia Danmark A/S Poolia Suomi OY Poolia Holding GmbH (incl subsidiary) Poolia UK Holdings Ltd (incl subsidiary) Dedicare AB (incl subsidiaries)

holding
100 %

establishment
Gävle, Gothenburg, Jönköping, Malmö, Norrköping, Linköping, Stockholm, Södertälje, Uppsala, Västerås, Örebro. Copenhagen Helsinki Düsseldorf, Frankfurt, Hamburg, Hannover, Cologne, Mannheim, Munich London Sweden, Norway and Finland

Poolia Denmark Poolia Finland Poolia Germany Poolia UK Dedicare
1)

100 % 100 % 100 % 100 % 96 % 1)

0.5 % 2.5 % 7.4 % 10.2 % 26.1 %

4 % of the shares owned by Dedicare's MD, Stig Engcrantz

13

Directors’ Report

There are no restrictions on the transferability of shares on the basis of provisions in the Articles of Association. There are no agreements known to the company between shareholders that limit the entitlement to transfer shares. Nor are there any agreements to which the company is a party that take effect, are changed or cease to be valid if control over the company changes as a consequence of a public take-over bid. According to the Articles of Association, Board members are appointed every year at the Annual General Meeting. The Articles of Association contain no restrictions on the appointment or compulsory retirement of Board members or in respect of changes to the Articles of Association. Decisions must be made in accordance with the Swedish Companies Act. There are no agreements between the company and Board members or employees that define compensation if anyone serves notice to leave the company, is dismissed without reasonable cause or if their employment ceases as a consequence of a public take-over bid, other than the agreements between the company and senior executives as described in Note 8 and that include a severance payment to the Managing Director and other senior executives of a maximum of 12 months.

Quarter 2
• educed volumes and halving the proportion of permaR nent placement has a major impact on margins. • Continued cost adjustments. • Continued strong growth in Dedicare.

Quarter 3
• Strenghtened market positions in certain sections of the Swedish market. • Impairment of fixed asset impacts on profits. • Consolidation of operations in Denmark.

Quarter 4
• dditional structural measures for improved efficiency A implemented. • ncreasing the share of permanent placement compared I to quarter 3.

Significant events in 2009 Summary
• he global recession has a major impact on the staffing T industry. • ith the help of substantial cost savings, streamlining W and increased sales initiatives, the company succeeds in reducing the impact on results and maintaining a positive cash flow. • ermanent placement has reduced its share of revenues P to 5 % (9 %).

Market trend
The global recession has affected Poolia over the year by a fall in demand particularly in the permanent placement field. This fall in demand was evident in all segments except in Dedicare which showed strong growth even in 2009. The decline in permanent placement was sharp throughout 2009 while the decline in temporary staffing became evident after the first quarter, although this part of the business remained relatively strong. In the healthcare segment, in which Dedicare operates, growth has been good over the year. A description of market trends by country is reported on Page 7.

Seasonal fluctuations
Revenues from temporary staffing operations are highly dependent on the number of working days (non public holidays) in the month and on holiday periods. The number of working days has the most significant effect on earnings as temporary consultants in certain countries receive a fixed monthly salary, regardless of the number of working days. This occurs mainly in Sweden and Germany. In Sweden, approximately 15 % of temporary consultants receive a fixed monthly salary. Revenues from temporary assignments extend over a longer period than revenues from permanent placements. Revenues from both temporary staffing and permanent placement are lower during the holiday period in the summer, except in the healthcare sector, where the seasons are reversed.
14

Significant events by quarter Quarter 1
• dapting the business to the recession which meant inA tensified sales initiatives and increased market presence. • oolia Sweden establishes branch offices in Gävle and P Linköping. • ecured contracts with the four Helse regions in Norway S gives Dedicare the opportunity to expand throughout the whole country. • edicare initiates the establishment of a national delivD ery organisation in Norway.

Directors’ Report

Revenues
Revenues for the Group fell by 8.8 % to MSEK 1,311.1 (1,437.8). Exchange rate fluctuations had a positive effect on revenues of 1 % during 2009. Temporary staffing continued to be the dominant service area and accounted for 95 % of revenues. The proportion of permanent placement has decreased from 9 % to 5 %, but the proportion of permanent placement increased to 6 % in the fourth quarter. For the temporary staffing operation, revenues were distributed among the segments below. Finance 1) Administration 2) IT Engineering Healthcare (Dedicare)
1)

operating profit for Dedicare was MSEK 25.1 (21.2) and the operating margin was 7.3 (7.8) %. Consolidated profit after financial items was MSEK 2.1 (4.3). Non-distributed parent company costs totalled MSEK -21.8 (-17.5) including a one-off cost for impairment of fixed asset of MSEK 5.6. The tax rate for the Group was 39 (25) %. The tax rate is affected by a non-posted tax asset on the loss for the year, the impairment of a previously posted deferred tax asset relating to tax loss carry forwards and an adjustment of previous years’ tax in Germany.

Financial position
The Group’s cash and cash equivalents as at 31 December 2009 totalled MSEK 67.8 (116.5). Cash flow from operating activities during the period was MSEK 35.8 (MSEK 105.7). A share dividend of MSEK 77.0 was paid. The equity/assets ratio was 52.3 (55.7) % as at 31 December 2009. No loans or credit lines existed at 31 December 2009. The principles applied for financial risk management and exposure in respect of the various types of risks are presented in Note 4.

36 % (40) 18 % (22) 14 % (14) 5 % (3) 27 % (21)

2)

Finance & Accounting and Financial Services HR, Sales & Marketing, Office Support (Executive was distributed in all business areas.)

Investments
The Group's investments in fixed assets totalled MSEK 5.9 (12.9) and relate primarily to investments in Group-wide administrative systems.

The drop in sales for Poolia Sweden was 17 %. The global recession has resulted in lower demand for the company's services and even longer decision-making processes at our clients, which has reduced the number of assignments, primarily in permanent placement. Revenues for Poolia Sweden totalled MSEK 700.2 (845.4). Sales in Denmark were MSEK 5.9 (15.6). Finland showed a growth of 5 % to MSEK 32.6 (31.1) which is a result of a successful sales focus strategy in the Finnish organisation. Revenues in Germany totalled MSEK 97.4 (100.8), a drop of 3 %. Currency fluctuations had a positive effect of 9 %. In the UK revenues dropped by 24 % to MSEK 133.2 (174.4). Currency fluctuations had a negative effect of 1 %. The decline is a result of low market demand in all our business areas. Dedicare, which covers healthcare in Sweden, Norway and Finland, had sales of MSEK 341.8 (270.5). This is equivalent to a growth of 26%.

Goodwill
Group goodwill totalled MSEK 91.5 (89.6). No impairment requirements came to light during the annual impairment tests. The change compared with the previous year consisted of exchange rate differences. The principles applied for the valuation and a summary of the distribution of cash-generating units are shown in note 15.

Employees
The average number of permanent employees for the year was 1,888 (2,108). As at 31 December 2009 the total number of employees was 2,039 (2,380). The vast majority - nine out of ten - of Poolia's employees are temporary staff, who are placed on temporary staffing assignments with clients in various sectors for shorter or longer periods of time. Internal staff, who take care of sales, followup and administration, constitute about 10 % of the entire workforce. Poolia has a consistent and long-term staff enhancement policy with yearly employee satisfaction surveys and annual appraisals, and opportunities for skills development and good internal communication as key ingredients. At all times
15

Financial results
The profit after financial items was MSEK 30.6 (109.6). The operating profit was MSEK 28.4 (105.3). The operating margin was 2.2 (7.3) %. Poolia Sweden showed an operating profit of MSEK 31.0 (88.1) and the operating margin was 4.4 (10.4) %. The operating loss for Denmark was MSEK -3.5 (0.0) and the operating profit in Finland was MSEK 2.2 (3.4) while the operating margin was 6.7 (10.8) %. Germany's operating profit was MSEK 2.4 (10.0) and the operating margin was 2.5 (9.9) %. The UK's operating loss for the year was MSEK -6.9 (0.2). The

Directors’ Report

Poolia takes care to comply with the laws and regulations in force in each country, for example in terms of employment and wage models, working time rules, the working environment and healthcare. Workplace equality is an accepted concept at Poolia. The dedicated work has resulted in an improved employee satisfaction index in all segments during the year.

Variable remuneration
The variable remuneration shall be based on the trend in revenues and/or profits within the individual’s own area of responsibility and the Group. The variable remuneration of senior executives must be able to vary from minus 20 % to plus 80 % of fixed salary. Decisions on any share and share related incentive schemes aimed at senior executives must be made at the AGM.

Environmental information
Poolia does not conduct any operations that are subject to registration or licence obligations under the Swedish Environmental Code. One of the company’s fundamental values is “to be the good company”, an obvious element of which is that we accept our responsibility to the environment. This means that the company comfortably satisfies the requirements of each country’s environmental legislation for a company with the kind of operations in which Poolia is involved. Environmental adaptation is based on what is technically possible, financially reasonable and environmentally justified, with reference to the Group’s size and resources. See further description on our website www.poolia.com.

Other remuneration and terms of employment
The Managing Director has, in addition to retirement benefits under the law on general insurance, a personal pension contract. Other senior executives are covered by defined contribution pension plans that are essentially equal to the premium level for the ITP plan. The retirement age for all senior executives is 65. Senior executives are entitled to six or twelve months’ notice if the employment contract is terminated by themselves or by the relevant company respectively. The monthly salary shall be paid during the entire period of notice, although with a deduction for any other salary received during the period of notice. There are no agreements on additional severance payments for senior executives. Some senior executives also have a company car.

Guidelines on remuneration for senior executives
At the 2009 AGM a decision was made on guidelines on remuneration for senior executives. The company’s senior executives have in 2009 been the Group’s management group comprising of the CEO/Managing Director of its parent company, country managers in Sweden, Germany and the UK, Marketing Director and Chief Financial Officer. The Board intends to propose unchanged guidelines for remuneration to senior executives at the 2010 AGM.

Deviations from the guidelines
The Board is entitled to deviate from the above guidelines if the Board considers that there are special reasons in an individual case to justify this.

Motivation
Poolia shall offer competitive terms that enable the company to recruit and retain skilled professionals. Remuneration to senior executives shall consist of basic salary, variable remuneration, pension and other standard benefits. The remuneration is based on the individual’s commitment and performance in relation to targets defined in advance, both individual targets and shared targets for the company as a whole. There is continuous evaluation of individual performance.

Parent company
The parent company engages in general Group Management, development, IT operations and system administration as well as financial management. Revenues in 2009 totalled MSEK 21.1 (22.4), and there was a loss after financial items of MSEK -25.7 (-20.4). The loss includes the impairment of fixed assets to the order of MSEK 5.6 and the impairment of shares in subsidiaries to the order of MSEK 7.3. A share dividend was received from a subsidiary to the order of MSEK 2.5. The previous year’s financial result included a capital gain of MSEK 5.6 from the sale of a subsidiary and the impairment of shares in subsidiaries to the order of MSEK 6.7 in connection with shareholders’ contribution. On 11 August 2009 the Swedish Companies Registration Office gave permission for a reduction of the share capital in accordance with a decision at the Annual General Meeting. The 1,344,510 shares that the company earlier bought
16

Basic salary
The basic salary is usually reviewed once a year and must take into account the quality of the individual’s performance. The basic salary for the Managing Director and other senior executives must be competitive.

Directors’ Report

back were then withdrawn and after which the share capital totals SEK 3,424,399, divided into 17,121,996 shares.

Risks and uncertainty factors
All business activities involve some degree of risk. Poolia performs a continuous assessment of which risks the company is exposed to, and minimises them by means of preventive action and action plans defining how to deal with any riskrelated situations that might arise. The risks the Poolia Group faces can be divided into three categories: operational risks, legal risks, and financial risks.

ence on the state of the economy in individual markets. We also work constantly to increase the proportion of variable costs. The biggest expense item is payroll costs, and in recent years flexible payroll systems have been introduced for both resource temps and internal staff. Nowadays most of Poolia’s employees have partly flexible pay. As regards fixed costs such as premises and IT, we strive constantly to limit the binding period and to create flexibility by paying for each user.

Client dependence
Poolia’s business is based on delivering quality to create satisfied clients, who then choose to continue to purchase services from Poolia. To ensure that our deliveries result in satisfied clients, all of our assignments are followed up with a client survey which guarantees both the individual assignment and the development of our processes. If most revenues are generated from a small number of individual clients, or clients in one single sector, this situation always constitutes a risk for a company like Poolia. We work actively with client segmentation which is based on a good distribution between both sectors and client sizes, we have reduced dependence on individual client companies and sectors. In 2009, the ten largest clients accounted for 30 % of total Group revenue, an increase from the previous year and a direct result of the recession. During the preceding five years, this share has been below 30 %. No one client has a share exceeding 10 % of total Group revenues.

Operational risks Economy and demand
There is an underlying structural growth in the staffing sector, but the volume is also affected by economic fluctuations. There is a high level of correlation between growth in the staffing sector and in the economy in general. Studies conducted by the Dutch investment bank ING Wholesale Banking show that good economic growth has a five-fold effect on the staffing sector. At the same time, when general economic growth is low or stops completely, the market for staffing services drops. The explanation for this is that if the economy weakens, client companies find themselves over-staffed and thus have less need to take in temporary labour from outside. One challenge for Poolia is therefore to deal with fluctuations in the economy while still remaining profitable.

Staff dependence
Like all service companies, Poolia is dependent on the employees within the business. With a view to guaranteeing the structural capital and reducing dependence on key individuals, the company’s concept has been documented in the Poolia Business Guide, a description of Poolia’s work processes and methodology that serves as the Group’s joint management tool and shortens the set-up time when opening new businesses.

Risks in a healthy economy
During periods with an increased rate of growth the business depends on how well Poolia manages to attract and recruit qualified professionals. One success factor is therefore the supply of competence that is in demand, and the rate of growth is largely determined by this. One of Poolia’s strategic objectives is to be the most attractive employer in the sector, and we work actively on HR matters regardless of the state of the economy. We also place great emphasis on constantly making contact with new candidates with the right competence profile, so that we always have a large candidate base.

Liability risks
Poolia’s liability risks are primarily risks of damages that a temp on a temporary staffing assignment might cause to a client’s business or property, as well as employee injuries. Poolia’s policy is never to assume liability for supervision, the service only involves providing the client with the requested competence. Information about the temp’s competence and background of relevance to the assignment are produced regularly for all assignments. The Group has adequate insurance cover for liability risks, in accordance with Poolia’s general terms of delivery.
17

Risks in a weak economy
When there is a downturn in the economy profitability depends on how quickly Poolia can perceive and interpret the signals in the market, and also how well we can adapt the company’s cost base during the downturn. In due course Poolia’s European strategy will lead to there being less depend-

Directors’ Report

Property risks
Poolia's operations are run in rented premises that are exposed to the risk of being subjected to intrusion, sabotage and fire. The items most at risk of theft are computers and other office equipment. The value of computers and the risk of losing information content has been limited in recent years, as computer operations have been transferred to Citrix, with central processing power and storage at an external partner in premises away from Poolia's offices. Central operations also mean that the setting up of operations in a new location can take place relatively quickly.

Interest rate risk
Interest rate risk means the risk that changes in the market rate will have a negative effect on the Group’s net interest revenues. The Group's exposure to interest rate risk was limited the closing date. Poolia has no holding of interestbearing financial liabilities, and interest-bearing financial assets comprise primarily unrestricted bank funds. A change in the market rate of one percentage point would affect all of the Group’s interest-bearing assets and liabilities, and would have an effect on earnings before tax of about MSEK 0.7.

Legal risks
Demand for Poolia's services depends to a large extent on the laws and regulations that affect the labour market and the staffing sector in countries where we operate. Future changes in these laws and regulations may therefore have both a positive and a negative impact on Poolia. Country managers are responsible for monitoring developments in this area closely, for example by obtaining information from the industry organisation in the country in question.

Credit risk and counterparty risk
The credit risk and counterparty risk relates to the risk that the counterparty in a transaction is unable to fulfil its commitment and thus generates a loss for the Group. The Group is exposed to credit risk and counterparty risk when surplus liquidity is invested in financial assets. To limit the counterparty risk, only counterparties with a high credit rating are accepted under the defined finance policy. As at 31 December 2009 there were no derivatives. Poolia's biggest operating assets are its accounts receivable. Bad debts may arise in a business relationship or from a dispute after a client has become insolvent. Poolia's receivables from any single client are relatively small in relation to the outstanding accounts receivable portfolio. This means that there is a limited risk of bad debts. The Group applies a credit policy that includes credit testing and meticulous follow-up on payments. The commercial credit risk within the Group is limited in that there is no significant credit risk concentration for the Group in relation to any particular client counterparty or in relation to any particular geographic region. The maximum credit risk corresponds to the book value of Poolia's financial assets.

Financial risks
Poolia is exposed to various types of financial risk. The company's general policy for financial risk management is that at any given time the negative effects on the Group’s earnings as a consequence of market fluctuations must be minimised. The Group’s financial policy is defined every year by the Board of Directors and governs how financial risks are to be addressed and which financial instruments may be used.

Currency risk
Currency risk is the risk that exchange rate changes have a negative impact on the Group’s earnings. Poolia's currency risk arises in connection with internal Group financing and when translating the income statements and balance sheets of foreign subsidiaries into Swedish kronor. Translation exposure relates to translation from Euros, British Pounds, Norwegian Kroner and Danish Kroner. The finance policy states that translation exposure shall not be hedged. For 2009, translation of foreign subsidiaries had a positive effect on Group equity to the order of MSEK 0.1 (-10.0). At present Poolia has no other currency exposure.

Liquidity risk and cash flow risk
Liquidity risk is the risk that the Group may encounter difficulties in accessing money to meet commitments associated with financial instruments. Poolia's cash and cash equivalents are currently deposited in short-term bank or deposit accounts. There is not any refinancing need at present.

18

Directors’ Report

Expected future development
The global recession in 2009 has resulted in a negative trend for the economy in all the markets in which Poolia operates. It is estimated that this trend will turn in 2010 and that demand for temporary staffing and permanent placement will thereby grow. The effect on Poolia's business is deemed to vary in different markets depending on the market structure and Poolia's position. In the section above entitled Risks and risk management, the effects of the recession on Poolia's business are described in greater detail

The Board of Directors proposes a dividend of SEK 1.50 (4.50) per share. This means that a total of MSEK 25.7 (77.0) will be paid in dividends to shareholders. Poolia’s equity/assets ratio is, after the proposed dividend, 49 %. Available to the Annual General Meeting Retained earnings Profit/loss for the year 166,016,056 – 9,823,497 156,192,559

Events after the balance sheet date
There are no significant events to report.

The Board and Managing Director propose that earnings be disposed of as follows: To the shareholders, a dividend of 25,682,994 Carried forward to the new accounts 130,509,565 156,192,559

Share-based incentive scheme
There are no share-based incentive schemes.

Proposed appropriation of profit
Following positive results, Poolia's business generates a cash flow that exceeds the need for working capital. The goal for the return to shareholders, in line with the revised dividend policy is that the dividend should exceed 50 % of consolidated profit after tax. The company’s growth strategy is based on continued organic growth and growth by acquisition, the latter applying mainly in connection with the penetration of new markets. The Board of Directors believes that Poolia’s financial position is good and that the dividend proposed below does not prevent the company from performing its obligations in the short and the long term, and that it also does not prevent the company from undertaking necessary investments. The Group’s cash holding as of 31-12-2009 totals MSEK 67.8, and during 2010 the Group expects to continue to generate a positive cash flow. The proposed dividend is thus authorised with due regard to the requirements specified in section 17:3(2) and (3) of the Swedish Companies Act. It is proposed that 30 April 2010 be the reconciliation date.

19

Group

statement of consolidated comprehensive income
Amounts in KSEK Note 2009 2008

Operating revenues Operating expenses Other costs Personnel expenses Depreciation and impairments of tangible and intangible assets Operating profit/loss Profit/loss from financial investments Interest revenues and similar income statement items Interest expenses and similar income statement items Profit/loss before tax Tax on profit/loss for the year Profit/loss for the year Other comprehensive income Translation differences Comprehensive income for the year Profit/loss for the year attributable to: Parent company shareholders Minority shareholders Earnings per share before dilution, SEK Earnings per share after dilution, SEK Comprehensive income for the year attributable to: Parent company shareholders Minority shareholders

6

1,311,135

1,437,812

9, 10, 17 8 15, 16, 17

–104,648 –1,163,419 –14,633 28,435

–115,250 –1,209,908 –7,388 105,266

11 12

2,484 –364 30,555

4,836 –540 109,562 –26,961 82,601

14

–12,063 18,492

144 18,636

–9,998 72,603

17,782 710 22 22 1.04 1.04

82,092 509 4.61 4.61

17,847 789

72,126 477

20

Group

balance sheet, Group
Amounts in KSEK Note 31/12/09 31/12/08

assets
Fixed assets Goodwill Other intangible assets Tangible fixed assets Deferred tax assets Total fixed assets Current assets Accounts receivable Current tax receivables Other receivables Prepaid expenses and accrued revenues Cash and cash equivalents Total current assets Total assets 20 19 158,824 4,816 1,505 56,685 67,780 289,610 422,861 159,344 7,293 2,198 75,144 116,498 360,477 501,559 15 16 17 14 91,517 19,928 4,985 16,821 133,251 89,553 26,873 7,109 17,547 141,082

equity and liabilities
Equity Share capital Other capital contributions Reserves Retained earnings Minority share of equity Total shareholders' equity Long-term liabilities Provision for deferred tax liabilities Total long-term liabilities Current liabilities Accounts payable Other liabilities Accrued expenses and prepaid revenues Total current liabilities Total liabilities Total equity and liabilities 25 27,537 51,051 120,902 199,490 201,857 422,861 28,345 54,363 131,144 213,852 222,142 501,559 14 2,367 2,367 8,290 8,290 21 3,424 187,658 –11,637 39,593 1,966 221,004 3,693 187,389 –11,702 98,860 1,177 279,417

pledged assets and contingent liabilities
Pledged assets Blocked bank funds Total pledged assets Contingent liabilities Total contingent liabilities Total pledged assets and contingent liabilities – 191 – 202 191 191 202 202

21

Group

cash flow statement, Group
Amounts in KSEK Note 2009 2008

operating activities
Profit/loss before tax Depreciation and impairments charged against earnings Capital gain (-)/loss (+) on sale of fixed assets Taxes paid Cash flow from operating activities before changes in working capital 30,556 14,633 60 –14,783 30,466 109,562 7,388 75 –24,028 92,997

changes in working capital
Increase (-)/decrease (+) in current receivables Increase (+)/decrease (-) in current liabilities Cash flow from operating activities 19,672 –14,362 35,776 4,129 8,582 105,708

investment activities
Acquisition of equipment Acquisition of intangible assets Sales of operations Sale of equipment Cash flow from investment activities –809 –5,112 – 16 –5,905 –1,843 –11,039 1,040 – –11,842

financing activities
Change in long-term liabilities Acquisition of own shares Dividend to shareholders Cash flow from financing activities Cash flow for the year Cash and cash equivalents at the beginning of the year Exchange rate difference in cash and cash equivalents Cash and cash equivalents at the end of the year 27 – – –77,049 –77,049 –47,178 116,498 –1,540 67,780 –200 –41,336 –46,166 –87,702 6,164 111,424 –1,090 116,498

change in Group equity
Amounts in KSEK Share capital Other capital contributions Reserves Retained earnings Minority share Total

Opening balances 01/01/08 Share dividend Divestment of participation in Dedicare Acquisition of own shares Comprehensive income Profit/loss for the year Other comprehensive income Translation differences Closing balance 31/12/08 Share dividend Reduction in share capital Comprehensive income Profit/loss for the year Other comprehensive income Translation differences Closing balance 31/12/2009

3,693

228,725

–1,736

62,935 –46,166 700

293,616 –46,166 700 –41,336

–41,336

82,092

509

82,601

–9,966 3,693 187,389 –11,702 98,860 –77,049 –269 269

–32 1,177

–9,998 279,417 –77,049 0

17,782

710

18,492

65 3,424 187,658 –11,637 39,593

79 1,966

144 221,004

Accumulated translation difference in the Group charged directly to shareholders' equity in 2009 totalled -11,637 (-11,702).
22

parent company

income statement, parent company
Amounts in KSEK Note 2009 2008

balance sheet, parent company
Amounts in KSEK Note 31/12/09 31/12/08

Net revenues Operating expenses Other external expenses Personnel expenses Depreciation and impairments of tangible and intangible assets Operating loss Profit/loss from financial investments Profit from participations in Group companies 10 Interest revenues and similar income statement items Interest expenses and similar income statement items Profit/loss after financial items Appropriations Tax on profit/loss for the year Profit/loss for the year 13 14 11 12 9 8 16 5

21,067

22,420

assets
Fixed assets Intangible fixed assets Other intangible assets Total intangible assets Financial fixed assets Participations in Group companies Total financial fixed assets 18 117,920 117,920 122,382 122,382 16 12,626 12,626 15,184 15,184

–18,753 –20,482 –16,470 –19,484 –7,633 –21,789 –211 –17,757

–4,829 1,085 –144

–1,151 1,803 –3,301

Current assets Current receivables Receivables at Group companies Other receivables Prepaid expenses and accrued revenues Total current receivables Cash at bank and in hand Total assets 20 36,818 3,456 626 40,900 1,885 173,331 93,499 4,849 1,174 99,522 15,406 252,494

–25,677 –20,406 14,214 –18,514 1,640 9,284

–9,823 –29,636

statement of comprehensive income
Profit/loss for the year Other comprehensive income Group contributions received Tax effect of Group contributions Total comprehensive income 30,000 80,000 –7,890 –22,400 12,287 27,964 –9,823 –29,636

equity and liabilities
Equity Restricted shareholders' equity Share capital Total restricted shareholders' equity Unrestricted shareholders' equity Retained earnings Profit/loss for the year Total unrestricted shareholders' equity Total shareholders' equity Untaxed reserves Current liabilities Accounts payable Liabilities to Group companies Other liabilities Accrued expenses and prepaid revenues Total current liabilities Total equity and liabilities 25 2,006 4,974 350 2,084 9,414 173,331 3,842 – 627 5,132 9,601 252,494 13 166,016 –9,823 156,193 159,617 4,300 250,322 –29,636 220,686 224,379 18,514 21 3,424 3,424 3,693 3,693

pledged assets and contingent liabilities
Pledged assets Total pledged assets Contingent liabilities Total contingent liabilities Total pledged assets and contingent liabilities – – – – – –

23

parent company

cash flow statement, parent company
Amount in KSEK Note 2009 2008

operating activities
Profit/loss after financial items Depreciation and impairments charged against earnings Earnings from divestment of participations in Group companies Taxes paid Cash flow from operating activities before changes in working capital –25,677 14,947 – –5,666 –16,396 –20,406 6,956 –5,594 –18,375 –37,419

changes in working capital
Increase (-)/decrease (+) in current receivables Increase (+)/decrease (-) in current liabilities Cash flow from operating activities 5,553 –187 –11,030 24,152 4,767 –8,500

investment activities
Dividend form subsidiaries Acquisition of intangible assets Acquisition of participations in Group companies Divestment of participations in Group companies Group contributions Cash flow from investment activities 27 2,485 –5,075 –2,852 – 80,000 74,558 – –15,395 – 1,040 80,000 65,645

financing activities
Acquisition of own shares Dividend to shareholders Cash flow from financing activities Cash flow for the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 27 – –77,049 –77,049 –13,521 15,406 1,885 –41,336 –46,166 –87,502 –30,357 45,763 15,406

change in parent company equity
Amounts in KSEK Share capital Retained earnings Profit/loss for year Total

Opening balances 01/01/08 Profit/loss for 2007 brought forward Share dividend Acquisition of own shares Comprehensive income Profit/loss for the year Other comprehensive income Group contributions Tax effect of Group contributions Closing balance 31/12/08 Profit/loss for 2008 brought forward Share dividend Reduction in share capital Comprehensive income Profit/loss for the year Other comprehensive income Group contributions Tax effect of Group contributions Closing balance 31/12/09

3,693

280,466 –242 –46,166 –41,336

–242 242

283,917 0 –46,166 –41,336

–29,636

–29,636

80,000 –22,400 3,693 250,322 -29,636 –77,049 –269 269 –29,636 29,636

80,000 –22,400 224,379 0 –77,049 0

–9,823

–9,823

30,000 –7,890 3,424 166,016 –9,823

30,000 –7,890 159,617
24

notes

All amounts are in SEK thousands, unless otherwise specified.
note 1 general information The consolidated accounts were approved for publication by the Board on 25 March, 2010, and finally adopted at the parent company's annual general meeting on 27 April 2010. note 2 accounting policies The consolidated accounts have been prepared in accordance with the EUapproved International Financial Reporting Standards (IFRS) and interpretations of International Financial Reporting Interpretations Committee (IFRIC) as at 31 December 2009. Furthermore, the Group applies RFR 1.2 Supplementary Accounting Rules for Groups, which specifies the additions to IFRS disclosures required by the provisions of the Annual Accounts Act. The annual report of the Parent Company have been prepared in accordance with the Annual Accounts Act, RFR 2.2 Accounting for legal entities and the relevant statements from the Council for financial reporting. From January 1, 2009 Poolia will apply the amendments to IAS 27 Consolidated and separate financial statements, IFRS 2 Share-based payments, IFRS 7 Financial Instruments: Information (fair value and liquidity risk), IFRS 8 Operating segments, IAS 1 Presentation of financial statements (revised formats), IAS 23 Financial instruments (classification), IAS 39 Financial instruments: Recognition and Measurement, IFRIC 9 Reassessment of embedded derivatives, IFRIC 13 Customer loyalty programmes, IFRIC 15 Agreements for the construction of real estate, IFRIC 16 Hedges of net investments in foreign operations and IFRIC 18 Transfers of funds from customers. The amendment to IAS 1 has resulted in revised formats for the Group. All the Group's revenues and expenses are now presented in an "account" called the Statement of comprehensive income. The consolidated statement of changes in equity presents items in comprehensive income separately from transactions with owners. Other new standards and interpretations have not had any effect on the consolidated financial statements for 2009. New and revised IFRS standards and interpretations The International Accounting Standards Board (IASB) has issued the following new and revised standards which are not yet in force. New standards are IFRS 9 Financial instruments and standards are revised IFRS 1, 2 and 3 and IAS 24, 27, 32 and 39. In addition, IFRIC has published new interpretations IFRIC 17 and 19 and an amendment to IFRIC 14 which are not yet in force. The above new and revised standards and interpretations have not yet been applied. Management believes that the new and amended standards and interpretations will not result in any significant impact on the consolidated financial statements for the period they are first applied. Consolidated accounts The consolidated accounts include Poolia AB (publ) and all subsidiaries. Subsidiaries are legal entities in which Poolia AB (publ) owns or controls more than half the votes or owns shares in the legal entity and has the right to unilaterally exercise a decisive influence over the company pursuant to agreements or other directives. Decisive influence means that the Group has the right to determine financial and operational strategies for the purpose of obtaining financial benefit. Subsidiaries are included in the consolidated accounts as from the time when the decisive influence is gained until the time when the decisive influence ceases. Subsidiaries are reported in accordance with the acquisition method. Acquired, identifiable assets, liabilities and contingent liabilities are valued according to their fair value on the acquisition date. If the acquisition value of the acquired participation exceeds the total fair value of the acquired identifiable assets and liabilities, the difference is reported as goodwill. If the acquisition cost is less than fair value, calculated as above, the difference is recognised directly in the income statement. Minority interests consist initially of the minority's share of fair values of net assets. Minority interests recognised in the consolidated financial statements as part of equity, are separate from the parent company's equity. Minority interests are included in the consolidated statement of comprehensive income and are recognised separately from the parent company's results and comprehensive income as an allocation of these results for the period. All internal transactions between Group companies and inter-company balances are eliminated in the consolidated accounts. Segment Reporting Poolia Group's segment information is presented based on the company management's perspective and identifies operating segments based on internal reporting to the company's top executive decision makers. The Group has identified the MD as its chief executive decision maker, and the internal reporting used by the MD to follow up the business and make decisions about resource allocation is the basis for the segment information that is presented. Poolia segment reporting involves a classification of both the geographical and business segments. Poolia’s geographical segments are Sweden, Finland, Denmark, Germany and the UK. One business segment is made up of healthcare operations, temporary staffing of doctors and other healthcare professionals, and the second is Poolia's other operations, temporary staffing and permanent placement of skilled professionals. Healthcare activities form an independent segment as the market, clients, candidate structure and business logic differ from Poolia’s other activities. Healthcare activities are conducted under their own operational management and are currently established in Sweden, Norway and Finland. These activities are not reported separately according to the geographical division due to their relatively limited scope in Norway and Finland. The same accounting policies that are applied for the Group apply to all segments. The table below shows where the various business segments are geographically established.
Poolia (excl Dedicare) Dedicare

Notes

Sweden Finland Denmark Norway Germany UK

• • • – • •

• • – • – –

Revenue recognition (a) Sales of services Operating revenue includes the sale of services in the areas of temporary staffing and permanent placement. Revenues are recognised in the accounting period in which they arise. (b) Interest revenues Interest revenues are allocated across the period of maturity applying the effective interest method. (c) Dividend revenues Dividend revenues are recognised once the right to receive payment has been determined. Leasing A financial lease agreement is an agreement according to which the financial risks and benefits associated with ownership of an object are, to all intents and purposes, transferred from the lessor to the lessee. Lease agreements not classed as financial are classed as operational. The Group as lessee Assets held in accordance with financial lease agreements are reported as fixed assets in the consolidated balance sheet, at fair value at the start of the lease period or at the present value of the minimum lease fees if this is lower. The equivalent liability is reported in the balance sheet as a liability to the lessor. Lease payments are divided between interest and amortisation of the liability. The interest is distributed over the lease period so that each accounting period is charged with an amount corresponding to a fixed rate of interest on the liability reported in each period. Assets held under financial leases are amortised in the same way as owned assets, with the exception of leased assets where it is not likely that Poolia will redeem the asset concerned. In such cases the asset is amortised across its useful life or the lease period, whichever is shorter. Lease fees paid under operational lease agreements are charged to expenses systematically across the lease period. Employee benefits Employee benefits in the form of wages, paid holidays, paid sick leave, etc. and pensions are posted as they are earned. As regards pensions and other benefits after the end of employment, these are be classified as contribution-based or benefit-based pension plans.

25

notes

Defined contribution plans In contribution-based plans the company pays fixed contributions to a separate, independent legal entity and has no obligation to pay any further contributions. Charges are made against the Group’s earnings at the rate at which benefits are earned, which normally coincides with the timing of premium payments. Defined benefit plans One of the Group's defined benefit plans is the Alecta ITP plan. ITP is a plan covering several employers and is classified as a defined benefit plan under IAS 19. Alecta has not been able to present sufficient information to permit a return to a defined benefit plan, which is why the ITP plan is reported as a defined contribution plan. In Finland there is a statutory old-age and invalidity pension scheme regulated by the Occupational Pension Act that covers all Finnish companies. The pension obligation according to the Occupational Pension Act is reported according to the rules concerning contribution-based plans, that is, the premiums paid are posted to expenses as the contributions are paid and the benefits are earned. Foreign exchange Transactions in foreign currency are reported in each unit on the basis of the unit’s functional currency at the exchange rate applying on the transaction date. Monetary assets and liabilities in foreign currency are recalculated on each balance sheet date at the closing rate. Exchange differences are included in net income. Exchange rate differences in long-term loans within the Group are posted directly to shareholders' equity, when the intercompany balance is of such a nature that it is not intended that it be settled. When drawing up consolidated accounts, the balance sheets for the Group’s foreign businesses are translated from their functional currencies into Swedish kronor on the basis of the exchange rate on the balance sheet date. The income statement is translated at the average exchange rate for the period. Any translation differences that arise are posted against the translation reserve in shareholders’ equity. When a foreign subsidiary is divested, the accumulated translation difference is reallocated and posted as part of the capital gain or loss. Goodwill and adjustments in fair value attributable to acquisitions of operations with a functional currency other than SEK are treated as assets and liabilities in the currency of the acquired operations and are translated using the exchange rates on the balance sheet date. Intangible assets Goodwill Goodwill comprises the amount by which the acquisition value exceeds the fair value of the Group’s participation in the acquired subsidiary’s identifiable net assets on the acquisition date. If it proves, in connection with the acquisition, that the fair value of acquired assets, liabilities and contingent liabilities exceeds the acquisition value, the surplus is posted immediately as revenues to the income statement. Goodwill has an indeterminate useful life and is posted at the acquisition value minus accumulated impairment. On the sale of an operation, that part of goodwill attributable to these operations that has not been amortised is reported in the calculation of the gain or loss on the divestment. Other intangible assets Other intangible assets, primarily comprising new investments and improvements to administrative systems, are posted at the acquisition cost minus accumulated amortisation and any impairment applied. Internally refined intangible assets are only posted as an asset if an identifiable asset has been created, it is likely that the asset will generate future financial benefits and the cost of developing the asset can be calculated in a reliable way. If it is not possible to post an internally refined intangible asset, development costs are posted as an expense in the period when they are incurred. Amortisation of other intangible assets is posted to expenses so that the value of the asset is amortised on a straight-line basis over its expected useful life, which has been estimated at five years.

Tangible fixed assets Tangible fixed assets are recognised as an asset if it is probable that the company will enjoy future economic benefits and the cost of an asset can be reliably measured. Tangible fixed assets consist primarily of inventories and computers, and are posted at the acquisition value minus accumulated depreciation and any impairment applied. Depreciation of tangible fixed assets is posted to expenses so that the asset’s value is depreciated on a straight-line basis over its expected useful life. The following percentages have been applied: Inventories and computers 20–33 % Impairment On the occasion of each financial report, an assessment is made to determine whether there are any indications of impaired value regarding the Group’s assets. If this is the case, an assessment is made of the recoverable value of the asset. Goodwill has been allocated to cash-generating units and is, alongside intangible assets with an indeterminate useful life and intangible assets that are not brought into use, subject to annual impairment testing even if there has been no indication of decreased value. However, impairment testing is conducted more frequently if there has been an indication of decreased value. The recoverable value comprises the higher of the useful value of the asset in the operation and the value that would be received if the asset were sold to an independent party (the net sale value). The useful value comprises the current value of incoming and outgoing payments attributable to the asset during the period when it is expected to be used in the operation plus the current value of the net sale value at the end of the useful life. If the calculated recoverable value is less than the posted value, the value is written down to the asset’s recoverable value. An impairment is posted to the income statement. Recognised impairment is reversed if changes to the original assumptions triggering the recognition of impairment mean that this impairment no longer justified. Reversal of a recognised impairment is performed so that the posted value does not exceed what would have been posted, after deduction of planned depreciation, if the impairment had not been recognised. Reversal of a recognised impairment is posted to the income statement. Impairment of goodwill is not reversed. Taxes The Group’s total tax expense comprises current and deferred taxes. Current taxes are those to be paid or received pertaining to the current year and adjustments in the current tax of previous years. Deferred tax is calculated on the difference between book value and the value for tax purposes of the company’s assets and liabilities. Deferred tax is posted according to the so-called balance sheet method. Deferred tax liabilities are, in principle, reported for all taxable temporary differences, while deferred tax assets are reported to the extent it is likely that the amounts may be utilised against future taxable surpluses. The book value of deferred tax assets is reviewed in conjunction with the year-end accounts and reduced to the extent that it is no longer likely that a sufficient taxable surplus will be available for use, either fully or partly, against the deferred tax asset. Deferred tax is calculated according to the tax rates expected to apply for the period in which the asset is recovered or the liability is settled. Deferred tax is posted as revenues or expense in the income statement, except in cases where it pertains to transactions or events posted directly to shareholders’ equity. In such cases, the deferred tax is also posted directly to shareholders’ equity. Deferred tax assets and tax liabilities are offset against one another if they are attributable to income tax charged by the same authority and if the Group intends to offset the tax by a net amount. Provisions Provisions are posted in the balance sheet when an undertaking exists, when it is likely that an outflow of resources will be necessary to settle the undertaking and when a reliable estimate of the amount can be produced. Provisions are reviewed for each year-end accounts.

26

notes

Financial instruments A financial asset or financial liability is recognised in the balance sheet when the company becomes a party to the instrument's contractual terms. A financial asset is removed from the balance sheet when the rights in the agreement have been realised, mature or the company loses control over them. A financial liability is removed from the balance sheet when the obligation in the agreement is honoured or settled in any other way. Acquisitions and divestment of financial assets are recognised on the transaction date except in cases where the company acquires or divests listed securities, in which case settlement date accounting is applied instead. Financial instruments are recognised at their accrued acquisition value or fair value depending on their initial classification according to IAS 39. On each reporting occasion the company assesses whether there are objective indications of a need to recognise impairment of a financial asset or Group of financial assets. Calculation of the fair value of financial instruments In determining the fair value of short-term investments and loan liabilities, official market quotations on the balance sheet date are used. If these are not available, a valuation is performed by generally accepted methods such as discounting of future cash flows to listed market interest rates for the applicable maturity period. Translation to SEK is performed at the listed exchange rate on the balance sheet date. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and posted as a net amount in the balance sheet where there is a legal right to offset and the intention is to offset the items with a net amount or to simultaneously realise the asset and settle the liability. Cash and cash equivalents Cash and cash equivalents comprise cash balances with financial institutes, and short-term investments with a maturity from the acquisition date of less than three months and which are exposed to only a minimal risk of value fluctuation. Cash and cash equivalents are recognised at their nominal amounts. Short-term investments Poolia’s short-term investments comprise Swedish interest-bearing securities acquired with the intention of being held to maturity. These are valued at their accrued acquisition value. Accounts receivable Accounts receivable are categorised as “Loan receivables and accounts receivable”, which means valuation at accrued acquisition value. The expected maturity of accounts receivable is short, which is why the value has been posted at the nominal amount with no discount. Dubious accounts receivable are assessed individually and a provision is posted for them in the balance sheet on the basis of the recoverable amount. Any impairment is recognised in operating expenses. Other receivables: Other receivables are those arising when the company makes funds available without the intention of trading the claim. If the expected holding period is less than one year, these are categorised as other current receivables. In accordance with IAS 39, these receivables are classed as “Loan receivables and accounts receivable.” Assets in this category are valued at the accrued acquisition value. Derivatives Poolia did not hold any derivatives in 2009. Liabilities Poolia’s liabilities to credit institutions, accounts payable and other liabilities are classed as “Other liabilities” and are valued at their accrued acquisition value. Possible borrowing costs are reported in the income statement, distributed across the period of the loan, applying the effective interest method. Long-term liabilities have an expected term of more than one year, while current liabilities have a term of less than one year. The expected term of accounts payable is short, and for this reason the liability is posted at a nominal amount with no discount. The parent company’s accounting policies The parent company has prepared its annual report in accordance with the Annual Accounts Act and RFR 2.1 Accounting for legal entities, as well as the

relevant statements by the Council for financial reporting. According to RFR 2.1, the parent company should apply in its annual report for the legal entity all of the IFRS standards and statements approved by the EU to the extent that this is possible within the framework of the Swedish Annual Accounts Act and the Swedish Pension Security Act, and taking into account the correlation between reporting and taxation. This recommendation specifies which exceptions and additions must be applied with regard to IFRS. The parent company’s accounts comply with the Group’s policies, with the exception of what is stated below. Taxes Tax laws allow allocations to special reserves and funds. This allows companies to have at their disposal and retain reported earnings in the business, within certain limits, without being taxed immediately. The untaxed reserves are not subject to taxation until they are utilised. In the event that the business shows a loss, however, the untaxed reserves can be utilised to cover the loss without being taxed. Accumulated accelerated depreciation Depreciation for tax purposes is calculated in accordance with current tax legislation. Depreciation for tax purposes over and above depreciation according to plan is considered as accelerated depreciation, which constitutes an untaxed reserve. Changes in this reserve are reported under appropriations in the income statement.

27

notes

note 3 Important estimates and evaluation for accounting purposes Estimates and evaluations are continuously assessed and are based on historical experience and other factors, including expectations of future events that are considered reasonable under prevailing circumstances. Poolia makes estimates and assumptions about the future. The estimates for accounting purposes that result from these will, by definition, seldom correspond with the actual outcome. The estimates and assumptions that involve a significant risk of material adjustments to the recognised values for assets and liabilities during the next financial year are discussed below. a. Impairment testing of goodwill Poolia tests annually whether there is any need for the impairment of goodwill, in accordance with the accounting policy described in Note 2. Impairment tests occur, however, more often if there are indications that a value impairment may have occurred during the year. The recoverable values of cash-generating units have been defined by means of calculating the useful value. Certain estimates must be made for these calculations (see Note 15). If the assessed volume trend over the next five years after 2010 were to be half that estimated by the company at 31 December 2009, Poolia would not have to recognise a goodwill impairment. If the reassessed estimated discount interest rate before tax applied for discounted cash flows had been 5 percentage points higher than the company’s assessment, impairment testing would not be required. b. Income taxes Poolia has reported a total of MSEK 16.8 as a deferred tax asset, which arose through historic tax losses in operations. This tax asset represents approximately 70 % of the total potential tax assets that could be reclaimed if operations generate a taxable surplus. The tax asset is calculated according to current tax legislation in the countries concerned and the assessed taxable profit trend in these different countries. A weaker trend in future taxable earnings than the Group’s assessment at 31 December 2009 could result in the tax asset being lower than estimated. A higher performance in terms of tax than the assessment made by the company as of 31 December 2009, may cause the actual tax asset to exceed the recognised value. note 4 financial risk management Poolia is exposed to various types of financial risk. The company's general policy for financial risk management is that at any given time the negative effects on the Group’s earnings as a consequence of market fluctuations must be minimised. The Group’s financial policy is defined every year by the Board of Directors and governs how financial risks are to be addressed and which financial instruments may be used. Currency risk Currency risk is the risk that exchange rate changes have a negative impact on the Group’s earnings. Poolia's currency risk arises in connection with internal Group financing and when translating the income statements and balance sheets of foreign subsidiaries into Swedish kronor. Translation exposure relates to translation from EUR, GBP, NOK and DKK. The finance policy states that translation exposure shall not be hedged. For 2009, translation of foreign subsidiaries had a positive effect on Group equity to the order of MSEK 65. At present Poolia has no other currency exposure.

currency effects on the consolidated income statement in 2009, MSEK
Currency Operating revenues Operating profit/loss Net profit/loss

EUR GBP NOK DKK Total

12.2 -1.7 3.0 0.5 14.0

0.5 – 0.1 – 0.6

0.5 – 0.1 – 0.6

translation exposure in the consolidated balance sheet, before taking into account any tax effects in 2009, MSEK
Currency Net investment Effect on shareholders’ equity of a 1% change

EUR GBP NOK DKK Total

37.5 61.5 20.1 1.5 120.6

0.4 0.6 0.2 0.0 1.2

Interest rate risk Interest rate risk means the risk that changes in the market rate will have a negative effect on the Group’s net interest revenues. The Group's exposure to interest rate risk was limited on the closing date. Poolia has no essential holding of interest-bearing financial liabilities, and interest-bearing financial assets comprise primarily unrestricted bank funds. A change in the market rate of one percentage point would affect all of the Group’s interest-bearing assets and liabilities, and would have an effect on earnings of about MSEK 0.7. Credit risk and counterparty risk The credit risk and counterparty risk relates to the risk that the counterparty in a transaction is unable to fulfil its commitment and thus generates a loss for the Group. The Group is exposed to credit risk and counterparty risk when surplus liquidity is invested in financial assets. To limit the counterparty risk, only counterparties with a high credit rating are accepted under the defined finance policy. As at 31 December 2009 there were no derivatives. The commercial credit risk within the Group is limited in that there is no significant credit risk concentration for the Group in relation to any particular client counterparty or in relation to any particular geographic region. The maximum credit risk corresponds to the book value of Poolia's financial assets. Liquidity risk Liquidity risk is the risk that the Group may encounter difficulties in accessing money to meet commitments associated with financial instruments. Poolia’s cash and cash equivalents are currently deposited in short-term bank or deposit accounts. There is not any refinancing need at present. note 5 Intra-Group purchases and sales The parent company’s net sales relate to the sale of services to subsidiaries. Of the parent company's other external expenses, 9.5 (6.3) % relate to purchases from other companies within the Group to which the company belongs. note 6 Operating revenues

distribution of revenues by service area
MSEK Change % Share %

Group Temporary staffing

2009 1,245.2

2008 1,309.6 128.2 1,437.8 -4.9 -48.6 -8.8

2009 95 5 100

2008 91 9 100

Permanent placement 65.9 Total 1311.1

28

notes

note 7 Information about operational branches and geographical regions Poolia applies segment reporting based on internal reporting, which means a division into both geographical regions and business segments. Poolia’s geographical segments are Sweden, Finland, Denmark, Germany and the UK. One business segment is made up of healthcare operations, temporary staffing of doctors and other healthcare professionals, and the second is Poolia's other operations, temporary staffing and permanent placement of skilled professionals. Healthcare operations constitute a separate segment as the market, clients, candidate structure and business logic differ from Poolia's other operations. Healthcare activities are conducted under their own operational management and are currently established in Sweden, Norway and Finland. These activities are not reported separately according to the geographical division due to their relatively limited scope in Norway and Finland. No one client has a share exceeding 10 % of total Group revenues.
2009 Sweden Finland Denmark Germany UK Dedicare Group-wide Elimination Total

Operating revenues Operating profit/loss Interest revenues Interest expenses Tax Profit/loss for the year Assets Liabilities Investments Depreciation and impairments
2008

700,158 31,014

32,618 2,194

5,939 –3,493

97,405 2,389

133,220 –6,939

341,795 25,059 –21 789

1,311,135 28 435 2,484 –364 –12,063 18,492

169,224 –150,580 124 –5,645
Sweden

10,721 –3,633 – –
Finland

2,379 –877 – –
Denmark

42,47 –12,043 154 –536
Germany

87,332 –25,832 47 –537
UK

105,582 –48,342 521 –283
Dedicare

59,485 –14,619 5,075 –7 632
Group-wide

–54,009 54,069

422,861 –201,857 5,921 –14,633

Elimination

Total

Operating revenues Operating profit/loss Interest revenues Interest expenses Tax Profit/loss for the year Assets Liabilities Investments Depreciation and impairments

845,385 88,080

31,141 3,351

15,610 –44

100,793 10,039

174,409 211

270,474 21,167 –17,538

1,437,812 105,266 4,836 -540 –26,961 82,601

227,168 –209,810 282 –5,875

12,612 –4,198 – –30

4,784 –1,536 280 –

45,647 –15,653 954 –490

96,437 –28,973 393 –625

91,453 –54,910 214 –157

134,162 –18,519 10,759 –211

–110,704 111,457

501,559 –222,142 12,882 –7,388

29

notes

note 8 personnel
Average no of employees No of employees 2009 2008 Of which men 2009 2008 Salaries and other benefits

Salaries and other benefits

Social security

Pension expenses

2009

2008

2009

2008

2009

2008

Parent company Subsidiaries Group total

11 1,877 1,888

10 2,098 2,108

5 612 617

5 604 609

Parent company Subsidiaries Group total

10,518

12,582

3,765

4,466

2,171

1,446

763,139 809,848 773,657 822,430

169,121 186,271 172,886 190,737

41,171 35,692 43,342 37,138

Geographical distribution

2009

No of employees 2008

2009

Of which men 2008

Of the Group's pension expenses, 1,680 (2,317) relate to the Board of Directors and Managing Director category. Terms, conditions and remuneration of senior executives At the AGM held in April 2009 a motion was passed on guidelines on remuneration for senior executives in accordance with a proposal put forward by the Board. The Board as a whole served as the Remuneration Committee during the year. In accordance with resolutions made by the AGM, fees for Board members of the parent company are 150 per member, to the Deputy Chairman of the Board Curt Lönnström 225 and to the Chairman Björn Örås 800. The Managing Director of the parent company, Johan Eriksson, has had a variable salary model based on the annual results of the Group. Based on this salary model, Johan Eriksson’s salary for 2009 could have been in the range of 2,496 to 5,616, plus holiday pay and less any deductions for sick leave/leave of absence. Johan Eriksson received a salary of 2,969 and a total of 52 in holiday pay and deductions for sick leave/leave of absence. Other senior executives, who include the MD of Poolia Sweden, MD of Poolia UK, MD of Poolia Germany, Chief Financial Officer and Marketing Director, have a variable salary model based on the results of the Group and in terms of subsidiary managers even on revenue and earnings in each subsidiary. Based on this salary model, the total salary of the other senior executives for 2009 could have been in the range of 6,339 to 10,352, plus holiday compensation and less any deductions for sick leave or leave of absence. Other senior executives received a total salary of 6,632 and a total of 49 in holiday pay and deductions for sick leave/leave of absence. The Managing Director and other senior executives are entitled to a period of notice of six months if they terminate their own employment, or of 12 months if the company terminates their employment. There are no agreements on additional severance payments for senior executives. The Managing Director has a personal pension agreement under which, in addition to the pension benefits pursuant to the Swedish National Insurance Act, the sum of 384 per annum is paid in pension premiums. Other senior executives are entitled to pension benefits in accordance with the regulations applying to collective bargaining agreements in accordance with the ITP (individual supplementary pension) plan. Some senior executives also have company cars. The value is reported under “Other benefits” in the table. The retirement age for all senior executives is 65.
Board Born Member of the Board Holding1)

Sweden Denmark Finland Norway Germany UK Group total

1,265 9 64 79 204 267 1,888

1,387 0 61 76 228 336 2,108

397 3 30 28 72 87 617

405 4 17 20 53 110 609

The parent company's Board of Directors comprises three men and two women. Other senior executives in the Group have comprised four men and two women in 2009.
Sick leave, % Sweden 2009 2008

Total sick leave Sick leave for men Sick leave for women Employees –29 years Employees 30–49 years Employees 50 years– Long-term sick leave as a % of total sick leave
Board and Managing directors1) Of which bonuses and thereby similar remuneration

3.6 2,6 4.1 3.4 3.7 3.8 28.2

4.1 3,1 4.5 3.8 3.9 5.1 31.7

Salaries and other benefits

Other employees

2009

2008

2009

2008

2009

2008

Parent company Subsidiaries Sweden Denmark Finland Norway Germany UK Total in subsidiaries Group total
1)

4,496

5,534

–156

886

6,022

7,048

3,238 992 849 1,167 1,759 1,217

6,145 1,145 1,058 826 2,407 1,181

–20 – – 280 – – 260 104

897 –55 – 161 656 112 1,771 2,657

475,187 509,288 5,215 21,639 55,853 63,394 10,809 14,590 35,289 69,666

Margareta Barchan Monica Caneman Curt Lönnström Per Uebel Björn Örås

1950 1954 1943 1966 1949

2003 2003 1999 2006 Since foundation

2,500 B 3,000 B 9,000 B – 4,023,815 A 4,151, 445 B

132,629 157,444 753,917 797,086 759,939 804,134

9,222 12,762 13,718 18,296

1)

Directly and/or via companies.

Includes current and former Board members as well as current and former Managing Directors.

30

notes

cont. note 8 personnel
Senior executives Salary/Board remuneration Flexible salaries Other benefits Pension costs Total

Board Chairman Other Board members Managing Director Other senior executives (five people) Total note 9 remuneration paid to auditors

800 675 3,177 6,763 11,415 –156 –82 –238

– – – 380 380

– – 415 1,137 1,552

800 675 3,436 8,198 13,109

Untaxed reserves Group 2009 2008 Parent company 2009 2008

2009

2008

Accumulated excess depreciation Tax allocation reserve 2009 Total

–4,300 – –4,300

–4,400 –14,114 –18,514

Deloitte, audit Deloitte, other assignments Total

1,805 270 2,075

1,820 490 2,310

290 89 379

320 242 562

Audit assignments refer to the audit of the annual report and accounting records and the Board and Managing Director's administration, other tasks that might be incumbent on the company's auditors, as well as advice and other assistance as a result of findings from the audit or the implementation of other tasks. Everything else is secondary.

note 14 tax
Tax on profit/loss for the year 2009 Group 2008 2009 Parent company 2008

Current tax Deferred tax

–9,640 –2,423 – –12,063

–28,953 1,992 – –26,961

–6 250 – 7,890 1,640

–13,116 – 22,400 9,284

note 10 profit from participations in Group companies
Parent company 2009 2008

Tax attributable to Group contributions – 5,594 –6,745 –1,151 Total tax on profit/loss for the year

Share dividend Earnings from divestment of participations Impairment of participations Total

2,485 – –7,314 –4,829

Relationship between tax expense for the period and reported net profit.
Group 2009 2008

Recognised profit/loss before tax Tax according to applicable domestic tax rate in each country Tax effects of non-deductible expenses

30,555 –8,100 –506 –129 –2,294 –181 –1,575 722 –12,063
2009

109,562 –30,655 –505 536 –158 2,150 – –1,260 2,931 –26,961
2008

In 2009, a share dividend has been received from Poolia Suomi OY. Impairment has been made for part of the holding in Poolia Danmark A/S.

note 11 Interest expenses and similar income statement items
2009 Group 2008 2009 Parent company 2008

Effect of change in tax rate Tax effect of temporary differences Effect of appreciation/impairment of tax receivable Tax effect of interest on tax allocation reserve Tax adjustments from previous years Tax effect of tax loss carryforwards where deferred tax assets are not reported Total tax on profit for the year
Parent company

Interest

1,186

4,836 – 4,836

143 942 1,085

1,803 – 1,803

Exchange rate differences, net 1,298 Total 2,484

Interest revenues in the parent company include - (656) from Group companies. note 12 Interest expenses and similar income statement items
Group Parent company 2009 2008

2009

2008

Recognised profit/loss after financial items Tax according to applicable domestic tax rate Tax effect of non-deductible expenses Tax effect of appropriations Tax effect of dividends Tax effect of interest on tax allocation reserve Tax effect of divestment subsidiaries

–25,677 6,753 –29 –3,738 654 -77 – –1,923 – 1,640

–20,406 5,713 –31 5,184 – – 1,566 –1,888 –1,260 9,284

Interest Exchange rate differences, net Other Total

221 – 143 364

84 454 2 540

– – 144 144

4 3,297 – 3,301

The current year’s operating profit was not affected by exchange rate differences. note 13 Appropriations and untaxed reserves
Appropriations Parent company 2009 2008

Tax effect of impairment of participations in Group companies Tax adjustments from previous years Total tax on profit/loss for the year

Difference between book depreciation and depreciation according to plan Change of tax allocation reserve Total

100 14,114 14,214

–4,400 –14,114 –18,514

31

notes

Unrecognised deferred tax Unrecognised deferred tax, i.e. the difference between income tax that has actually been reported in the income statements for the current and previous years (expensed tax) and income tax with which the company will ultimately be charged based on operations of the current and previous financial years (full tax), is as follows:
Group 2009 2008

any growth. The assessment is based on the budget for 2010 and an estimated growth for each cash-generating unit of the succeeding five years, and then zero growth. Estimated growth 2011-2015 is in the range 5-15 (5-10) %. The impairment test was conducted at the lowest level at which separable cash flows have been identified. In calculating useful value, a discount rate of 10 (10) % before tax has been applied, except for the unit in the UK where 14 (14%) has been applied. note 16 other intangible assets

Deferred tax assets Pertaining to unutilised tax loss carryforwards Pertaining to other temporary differences Less recognised deferred tax asset Unrecognised deferred tax asset 23,028 982 –16,821 7,189 25,134 669 –17,547 8,256

Group

2009

2008

Opening acquisition values Acquisitions during the year Sales/disposals Closing accumulated acquisition values Opening depreciation Depreciation for the year Closing accumulated depreciation Closing residual value according to plan
Parent company

43,542 5,112 –5,840 42,814 –16,669 –6,217 –22,886 19,928
2009

32,503 11,039 – 43,542 –12,114 –4,555 –16,669 26,873
2008

Deferred tax assets are recognised in the consolidated balance sheet for unutilised tax loss carryforwards to the extent that they can be met by utilising untaxed reserves, or if it is considered highly likely that they will be used in the foreseeable future. Tax assets in Norway are 2,756, which are also recorded. Total tax assets in Denmark are 3,278, which are not recorded. The right to use loss carryforwards in Norway and Denmark has no time limit. Deferred tax in Finland is 1,358, of which 717 is recorded. Finland lost the right to deduct losses attributable to booked tax assets during 2011-2012. Other loss carryforwards are also due in 2019-2020. Deferred tax assets in Germany are 13,920, including 13,348 recorded. Deferred, non-booked, tax assets in the UK are 2,698. In Germany and the UK the right to use loss carryforwards has no time limit. The tax rate in Sweden is 26.3 %, in Norway and the UK 28 %, in Finland 26 %, in Denmark 25 % and in Germany 29 %.
Group 2009 2008

Opening acquisition values Acquisitions during the year Sales/disposals Closing accumulated acquisition values Opening depreciation

15,395 5,075 –5,645 14,825 –211 –1,988 –2,199 12,626

– 15,395 – 15,395 – –211 –211 15,184

Deferred tax liability Pertaining to untaxed reserves note 15 goodwill
Group 2009 2008

2,367

8,290

Depreciation for the year Closing accumulated depreciation Closing residual value according to plan

Opening acquisition values Sales/disposals Translation differences Closing accumulated acquisition values Opening impairments Impairments during the year Translation differences Closing accumulated impairments Closing value

141,959 1,964 143,923 –52,406 – – –52,406 91,517

151,208 -320 –8,929 141,959 –52,406 – – –52,406 89,553

During 2008 and 2009 an investment in a new business support system was capitalised. In 2009 an impairment of an IT system developed for use in the UK has been recognised as 5,645. note 17 tangible fixed assets
Group 2009 2008

Opening acquisition values Purchases Sales/disposals Translation differences Closing accumulated acquisition values Opening depreciation Sales/disposals Depreciation for the year Translation differences Closing accumulated depreciation Closing residual value according to plan

33,159 809 –7,736 –315 25,917 –26,049 7,475 –2,771 413 –20,932 4,985

31,901 1,843 –755 170 33,159 –23,729 679 –2,835 -165 –26,050 7,109

Goodwill is allocated to the Group’s cash-generating units identified by geographical area. A summary of the distribution of goodwill at segment level is presented below.
2009 2008

Poolia Sweden Poolia Germany Poolia UK Dedicare

8,598 4,213 62,430 16,276

8,598 4,478 61,182 15,295

Each year, goodwill is tested per segment to determine impairment requirements, and more frequently if there are indications of an impairment requirement. Recoverable amounts for cash generating units are determined based on calculations of useful value. These calculations are based on estimated future cash flows based on financial budgets approved by the Board and cover a five year period. Cash flows beyond the five-year period are extrapolated without

The Group has at its disposal, under lease agreements, computers and vehicles with an estimated acquisition value of 7,302. Contracted lease payments under these agreements amount to 2,164, of which 1,580 relate to 2010 and the remainder to 2011-2012. All agreements are operating leasing agreements. This year's cost for the rental of computers and vehicles for lease payments are 1,721. The Group also has at its disposal premises with agreed annual rents amounting to 18,874. Most of these lease agreements were concluded from 2007 to 2009 and generally run for 1-5 years.
32

notes

note 18 participations in Group companies
Scope Qty Capital shares share % Value Nominal Book value value

Poolia UK Holdings Ltd Corp. Reg. No, London

101,414

100 100

KGBP 10 85,279 – – 117,920

Domicile

Poolia UK Ltd Corp. Reg. No. 2442269, London 1,000 000 Total

Shares in Swedish subsidiaries Poolia Sverige AB Corp. Reg. No. 556426-7655, Stockholm 1,000,000 100 Poolia Ekonomi AB Corp. Reg. No. 556363-8039, Stockholm Poolia IT AB Corp. Reg. No. 556447-9581, Stockholm Poolia Kontor AB Corp. Reg. No. 556532-4240, Stockholm Poolia Sälj & Marknad AB Corp. Reg. No. 556532-5221, Stockholm Poolia Teknik AB Corp. Reg. No. 556532-4232, Stockholm Poolia Väst AB Corp. Reg. No. 556399-9621, Stockholm Poolia Syd AB Corp. Reg. No. 556417-7581, Stockholm Poolia Juridik AB Corp. Reg. No. 556420-3841, Stockholm Poolia Jönköping AB Corp. Reg. No. 556557-4067, Jönköping Poolia International AB Corp. Reg. No. 556583-6466, Stockholm Poolia Nord AB Corp. Reg. No. 556501-9246, Stockholm Poolia Öst AB Corp. Reg. No. 556584-1748, Stockholm Poolia Chef AB Corp. Reg. No. 556573-6336, Stockholm Poolia B & F AB Corp. Reg. No. 556599-5999, Stockholm Poolia Rekrytering AB Corp. Reg. No. 556558-8141, Stockholm Dedicare AB Corp. Reg. No. 556516-1501, Stockholm Dedicare Sales AB Corp. Reg. No. 556599-1634, Stockholm Dedicare Doctor AB Corp. Reg. No. 556583-9742, Stockholm shares in foreign subsidiaries Poolia Suomi OY Corp. Reg. No. 1614293-5, Helsinki Dedicare OY Corp. Reg. No. 2219561-1, Helsinki Poolia Danmark A/S Corp. Reg. No. 25507835, Copenhagen Dedicare Doctor AS Corp. Reg. No. 983077196, Oslo Dedicare AS Corp. Reg. No. 982529786, Stjørdal Poolia Holding GmbH Corp. Reg. No. HRB 79318, Düsseldorf A&Z Poolia GmbH Corp. Reg. No. HRB 57687, Düsseldorf Poolia GmbH Corp. Reg. No. HRB 557708, Düsseldorf Poolia Deutschland GmbH Corp. Reg. No. HRB 56837, Düsseldorf Poolia Düsseldorf GmbH Corp. Reg. No. HRB 53751, Düsseldorf 140,000 100 KEUR 118 1,000 100 – 3,410 – 1,500 – – 5,223 – – – – 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 1,000 100 5,000 96 100 14,164 – – – – – – – – – – – – – – – – – – –

Dedicare AS, Dedicare Doctor AS and Dedicare OY are subsidiaries of Dedicare AB.

note 19 accounts receivable – – – – – – –
Receivables due that are not considered insecure 2009 2008 Group 2009 2008

Accounts receivable, gross Opening reserve for insecure receivables Reservations for the period Actual losses Reversed reservations Translation differences Closing reserve for insecure receivables Accounts receivable, net

159,650 –1,348 –719 945 303 –7 –826 158,824

160,692 –663 –893 198 70 –60 –1,348 159,344

– – – – – – – 8,345 – –

1–30 days 31–90 days 91–180 days >180 days Total

19,469 6,008 1,481 1,659 28,617

26,727 2,154 519 416 29,816

note 20 prepaid expenses and accrued revenues
2009 Group 2008 Parent company 2009 2008

Accrued fee-based revenues Other prepaid expenses and accrued revenues Total

43,327 13,358 56,685

62,772 12,372 75,144

– 626 626

– 1,174 1,174

1,000 100 1,000 100

note 21 share capital
A-shares B-shares Total

As at 1 January 2008 Repurchase of own shares As at 31 December 2008 As at 31 December 2009

4,023,815 – 4,023,815 4,023,815

14,442,691 18,466,506 –1,344,510 –1,344,510 13,098,181 13,098,181 17,121,996 17,121,996

902 100 KDKK 902 905 100 3,956 100 100 100 100 100 100 – – KEUR 25 – – – –

A class A share provides entitlement to one vote and a class B share to 1/5 vote. The par value is SEK 0.20 per share. At the AGM on 14 April 2008 the Board was authorised to acquire up to 10 % of Poolia's shares. In 2008 a total of 1,344,510 B shares were acquired, about 7.3 % of total shares. Payment for shares were paid with 41,336. The repurchased shares were withdrawn in 2009 in connection with the reduction of share capital. No incentive schemes were launched in 2009.

33

notes

Asset management Capital means shareholders’ equity. The Group’s aim in managing its capital is to secure the Group’s continued survival and freedom to act, and to make sure that shareholders continue to receive a return on the funds they have invested. In order to maintain and adapt the capital structure, the Group may pay dividends, increase shareholders’ equity through the issuing of new shares or capital contributions, buy back shares or reduce or increase its liabilities. According to the Group's revised dividend policy, the aim is that dividend will normally exceed 50 % of net profit after tax. The change in shareholders’ equity specifies the breakdown of the equity into its component parts and the changes during the period.

note 26 financial assets and liabilities Book value for each category of financial instrument
Group 2009 2008

Assets Cash and cash equivalents Loan receivables and accounts receivable Total Liabilities Other liabilities 80,988 80,988 93,400 93,400 67,780 202,151 269,931 116,498 222,116 338,614

note 22 earnings per share
2009 2008

Total

Net profit/loss Number of shares, average Number of shares, average after dilution Earnings per share, SEK Earnings per share after dilution, SEK Proposed dividend per share, SEK Proposed dividend

18,492 17,122 17,122 1.04 1.04 1.50 25,683

82,601 17,808 17,808 4.61 4.61 4.50 77,049

For all financial assets and liabilities, unless otherwise stated in the note, the recognised value is a good approximation of the actual value because of short periods of maturity.
Maturity analysis 2009 2008

Assets Cash and cash equivalents 1-30 days Loan receivables and accounts receivable 67,780 116,498

note 23 pension provision The Group’s pension plans are contribution-based, apart from in Sweden. Commitments for retirement pensions and family pensions for salaried employees in Sweden are secured through insurance with Alecta. According to a statement issued by the Council for financial reporting, UFR 3, this is a benefit-based plan involving several employers. For financial years for which the company did not have access to information that enabled it to report this plan as a benefit-based plan, a pension plan under ITP that is secured through a policy with Alecta must be reported as a contribution-based plan. The Group and parent company's pension expenses are shown in note 8.

1-30 days 31-90 days 91-180 days >180 days Total Liabilities Other liabilities 1-30 days

129,812 71,507 376 456 202 151

145,795 75,862 – 459 222 116

76,918 3,680 390 80,988

86,703 6,459 238 93,400

note 24 liabilities to credit institutions The Group has no overdraft facility.

31-90 days 91-180 days Total

note 25 Accrued expenses and prepaid revenues
2009 Group 2008 Parent company 2009 2008

Holiday pay liability Personnel-related taxes and fees Accrued salaries Other accrued expenses and prepaid revenues Total

43,466 10,389 53,451 13,596 120,902

43,201 10,098 65,055 12,790 131,144

185 497 386 1,016 2,084

151 351 3,353 1,277 5,132

34

notes

note 27 cash flow statement In 2009 the parent company received Group contributions from Poolia Sverige AB of 30,000.
Cash and cash equivalents 2009 Group 2008 2009 Parent company 2008

note 28 transactions with related parties Poolia has certain cooperation agreements and commercial transactions with Uniflex AB. Poolia’s Chairman of the Board and largest shareholder Björn Örås is also the Chairman and largest shareholder of Uniflex AB. In 2009, Poolia invoiced Uniflex AB for services rendered of MSEK 1.5. Poolia’s purchases from Uniflex AB in 2009, which did not pertain exclusively to forward invoicing, totalled MSEK 0.4. As at 31 December 2009 Poolia had an account payable to Uniflex AB of MSEK 3.1, relating primarily to services that were forward invoiced on behalf of clients. On 31 December 2009, Poolia had an account receivable from Uniflex AB of MSEK 0.1. In 2009 no sales were made to Björn Örås’ related companies Bro Hof Slott AB and Bro Hof Golf AB. No provisions had to be posted in 2009 or 2008 for the receivables Poolia had from related companies or parties.

Cash at bank and in hand Short-term investments Amounts at end of the year

67,780 – 67,780

116,498 – 116,498

1,885 – 1,885

15,406 – 15,406

Disclosure about interest paid During the year interest received in the Group totalled 1,186 (4,856). During the year interest paid in the Group totalled 221 (84). During the year interest received in the parent company totalled 143 (1,935). During the year interest paid the parent company totalled – (–).

The Board and Managing Director hereby certify that the annual report has been prepared in accordance with the Annual Accounts Act and RFR 2.2 and gives a true picture of the company's financial position and performance and that the Directors’ Report gives a true and fair view of the development of the company's operations, financial position and performance and describes significant risks and uncertainties that the company is facing. The Board and Managing Director hereby certify that the consolidated accounts have been prepared under International Financial Reporting Standards (IFRS) as adopted by the EU, and give a true picture of the Group's financial position and performance, and the Directors’ Report for the Group gives a true and fair view of the development of the Group's operations, financial position and performance and describes significant risks and uncertainties that the companies included in the Group are facing.

Stockholm, 25 March 2010

Björn Örås Chairman of the Board

Johan Eriksson CEO

Curt Lönnström Deputy Chairman

Margareta Barchan Board member

Per Uebel Board member

Monica Caneman Board member

Our audit report was issued on 25 March 2010

Deloitte AB

Jan Berntsson Authorized Public Accountant

35

Auditors’ Report

Auditors’ Report
To the Annual General Meeting of Poolia AB (publ) Corporate Registration Number 556447-9912

We have audited the annual report, the consolidated accounts, the accounting records and the administration of the Board of Directors and the Managing Director of Poolia AB (publ) for the financial year 2009. The annual report and consolidated accounts are included in the printed version of this document on Pages 13-35. The Board of Directors and the Managing Director are responsible for these accounts and the administration of the company as well as for the application of the Swedish Annual Accounts Act when preparing the annual report and the application of International Financial Reporting Standards, IFRS, as adopted by the EU and the Swedish Annual Accounts Act when preparing the consolidated accounts. Our responsibility is to express an opinion on the annual report, consolidated accounts and the administration based on our audit. The audit was conducted in accordance with generally accepted auditing standards in Sweden. Those standards require that we plan and perform the audit to obtain reasonable, but not absolute, assurance that the annual report and the consolidated accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting policies used and their application by the Board of Directors and the Managing Director, and significant estimates made by the Board of Directors and the Managing Director when preparing the annual report and consolidated accounts, as well as evaluating the overall presentation of information in the annual report and the consolidated accounts. As a basis for our opinion

concerning discharge from liability, we examined significant decisions, actions taken and circumstances of the company in order to be able to determine the possible liability to the company of any Board member or the Managing Director. We also examined whether any Board member or the Managing Director has, in any other way, acted in contravention of the Swedish Companies Act, the Swedish Annual Accounts Act or the Articles of Association. We believe that our audit provides a reasonable basis for our opinion set out below. The annual report has been prepared in accordance with the Swedish Annual Accounts Act and gives a true and fair view of the company’s financial position and performance of operations in accordance with generally accepted accounting policies in Sweden. The consolidated accounts have been prepared in accordance with International Financial Reporting Standards, IFRS, as adopted by the EU and the Swedish Annual Accounts Act, and give a true and fair view of the Group’s financial position and performance of operations. The Directors’ Report is consistent with the other parts of the annual report and the consolidated accounts. We recommend to the Annual General Meeting to adopt the income statement and balance sheet of the Parent Company, and the statement of comprehensive income and balance sheet of the Group, to allocate earnings in the Parent Company in accordance with the proposal in the Directors’ Report, and approve that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year.

Stockholm, 25 March 2010
Deloitte AB

Jan Berntsson Authorized Public Accountant

36

corporate governance report

Corporate governance report
Description of Poolia
Poolia AB is a Swedish public company with its registered office in Stockholm. The company is the parent company of the Poolia Group (Poolia). In 2009, the Group conducted business in the Nordic countries (except Iceland) and in Germany and the UK. Poolia shares are listed on the NASDAQ OMX Stockholm AB.

Corporate governance
largest shareholder, shareholder group, as at 31/12/09
Shares Votes (%)

Örås, Björn* Swedbank Robur fonder* Skandia fonder Fjärde AP-fonden*

8,175,260 1,652,608 657,000 632,497 561,587 471,703 450,000 294,000 281,372 266,924

73.07 4.98 1.98 1.90 1.69 1.42 1.35 0.89 0.85 0.80

Framework
Poolia's corporate governance is regulated partly by Swedish law, primarily the Swedish Companies Act, and the regulatory framework for issuers on the Stockholm Stock Exchange, which includes the Swedish Code of Corporate Governance (the Code). In addition to legislation, regulations and recommendations, the Articles of Association is also a central document with regards to governance of the company. The Articles of Association are available at www.poolia.com. The Corporate Governance Report is not part of the formal annual report statements and has therefore not been reviewed by the auditors.

Verdipapirfond Odin Sweden Carlson fonder AB Riksbankens jubileumsfond United Nations Joint Staff Pension Fund Livförsäkrings AB Skandia Didner & Gerge Fonder Aktiebolag * Representative of the Nomination Committee

ownership categories
Holding (%)

Swedish private individuals Foreign shareholders Financial corporations

55.45 7.72 22.19 2.63 4.77 7.23

Poolia's application of the code
Poolia applies the Code in full.

Public sector Social insurance funds Other

external audit (auditing company)

external regulatory framework
Swedish Companies Act Listing agreement Swedish Code of Corporate Governance

Annual General Meeting

board of directors

CEO group management staffs

segment in poolia

segment dedicare

internal regulatory framework
Articles of Association Board’s working procedures Division of work Board / CEO Decision-making procedures Poolia Business Guide Policies, rules, guidelines and instructions

internal control environment

nomination committee
Election of and remuneration for Board of Directors and auditors

37

corporate governance report

AGM
The Annual General Meeting of Poolia AB is the company’s supreme decision-making body, through which the shareholders exercise their influence over the company. Some of the AGM's principal tasks are to adopt the company's balance sheet and income statement, decide on the appropriation of profits and compensation principles for senior executives at the company and the discharge of liability for the Board and Chief Executive Officer who is also the Managing Director. Following a proposal from the Nomination Committee, the AGM elects Board members until the end of the next AGM and establishes principles for appointing the Nomination Committee for the next AGM. All shareholders recorded in the shareholders’ register and who notify the company of their intention to attend, in accordance with the issued AGM Notice, shall be entitled to participate in the proceedings of the AGM. Each class B share carries 1/5 of a vote, while each class A share carries one vote; all shares, however, carry equal entitlement to a share of the company’s assets and profit.

For more information please visit the company website www.poolia.com

AGM 2010
The Annual General Meeting for the financial year 2009 will be held at the company’s premises in Stockholm, at Warfvinges väg 20, fifth floor, on 27 April 2010 at 4pm. The Annual Report is available from 31 March 2010 on the company website www.poolia.com. The AGM Notice is issued via Post- och Inrikes Tidningar and the Dagens Industri newspapers on 23 March 2010. See the company's website for the latest dates and recipients for shareholders who wish to raise an issue at the meeting.

Board of directors Board’s liability
Poolia's Board has overall responsibility for the organisation and management of the company, and that guidelines for managing the company's funds are appropriately structured and enforced. The Board is also responsible for establishing and evaluating Poolia's comprehensive, long-term strategies and goals, determining budgets and business plans, reviewing and approving financial statements, adopting general guidelines, making decisions on matters relating to acquisitions and divestitures of businesses, and deciding on major investments and significant changes to Poolia's organisation and operations. The Board also procures auditing services and maintains regular contact with the company's auditor. The Board appoints the CEO and adopts the CEO’s instructions. The Board sets salaries and remuneration for the CEO and other senior executives. The Board must always work in the best interests of the company and all its shareholders.

AGM 2009
The most recent AGM was held on 28 April 2009 in Stockholm. The meeting was attended by shareholders who represented 78.25 % of the votes and 59.29 % of the capital. In accordance with a motion from the Nomination Committee, the Meeting re-elected all incumbent members of the Board. Björn Örås was re-elected as Chairman of the Board, and Curt Lönnström as Deputy Chairman. The AGM also decided that a Board remuneration of SEK 800,000 (800,000) be paid to the Chairman, SEK 225,000 (225,000) to the Deputy Chairman and SEK 150,000 (150,000) to members not employed by the company. The Annual General Meeting adopted the 2008 income statement and balance sheet and, in accordance with a motion from the Board, approved a dividend for 2008 of SEK 1.50 per share as a basic dividend as well as SEK 3.00 per share as an extra dividend. The members of the Board and the Managing Director were also discharged from liability for their management of the company during 2008. Furthermore, additional decisions made were: • o approve the Board's proposal to amend the Articles of T Association. • o authorise the Board to decide on the acquisition and T transfer of own shares. • o approve the Board's proposal to reduce the share T capital through the withdrawal of repurchased shares. • o approve the Nomination Committee's proposal for T principles for the make-up of the Nomination Committee. • Guidelines on remuneration for senior executives.

Board composition
Following the 2009 AGM, Poolia's Board is made up of five members. The CEO is not on the Board, but participates by presenting matters together with the company's CFO. Other officials at the company also participate as rapporteurs on a continuous basis and whenever necessary. For a more detailed description of Board members see Page 44.

Board independence
All members of the Board of Poolia are considered to be independent of both company and owners, apart from Björn Örås who, as principal owner is not considered independent.

38

corporate governance report

Nomination Committee
The Nomination Committee is the AGM body charged with preparing the meeting's resolutions for election and remuneration issues. In accordance with a resolution by the 2009 Annual General Meeting, the Chairman of the Board, no later than at the close of the third quarter, must convene the three largest shareholders in the company in terms of votes, who are then entitled to appoint one member each to the Nomination Committee. If any of the three largest shareholders waive their right to appoint a member to the Nomination Committee, the next shareholder in order of size is given the opportunity to appoint a member to the nomination committee. A representative of the shareholders should be appointed Chairman of the Nomination Committee. The Nomination Committee's term of office extends until a new committee is appointed. The composition of the Nomination Committee must be disclosed no later than in connection with the issue of the company’s interim report for the third quarter. This will ensure that all shareholders know the people who can be contacted in nomination matters. The Nomination Committee is constituted on the basis of known shareholding in the company no later than the end of the third quarter. If significant changes are made to the ownership structure after the Nomination Committee's constitution, the composition of the Nomination Committee should also be amended in accordance with the principles above. Changes to the Nomination Committee must be made public immediately. The Nomination Committee must prepare and submit proposals to the AGM for: • lection of Board Chairman and other members to the E company's Board. • oard remuneration divided among the Chairman and B other members of the Board, and any payment for committee work. • Election of, and fees for the auditor. • esolutions regarding the principles for appointing the R Nomination Committee. • Chairman of the Annual General Meeting No remuneration is to be paid to Nomination Committee members. The Nomination Committee is to be entitled, upon approval by the Chairman, to charge the company for the cost of recruitment consultants and other expenses necessary for the committee to fulfil its duties.
Board composition and attendance
Member Elected Post Attendance

Poolia's Nomination Committee was appointed on 27 October 2009. The Nomination Committee ahead of the 2010 Annual General Meeting consists of Jan Andersson, Swedbank Robur Fonder, Pia Axelsson, Fjärde AP-fonden and Björn Örås. Jan Andersson has been appointed Chairman of the Nomination Committee. Up until the adoption of the annual report, the Nomination Committee has held six meetings.

Chairman of the Board
The Chairman manages the Board's work so that it is conducted in accordance with the relevant laws and regulations. The Chairman follows operations through dialogue with the CEO and is responsible for ensuring that other members receive adequate information and decision data to conduct their work. The Chairman coordinates the annual evaluation of the Board and the CEO’s work, which is also distributed to the Nomination Committee. The Chairman is also involved in the evaluation and development of the Group's senior executives. The Chairman of the Board represents the Board both externally and internally. Björn Örås was re-elected Chairman at the 2009 Annual General Meeting. He has been Chairman of the Board since 2000.

The Board’s work The Board’s work in 2009
In the fiscal year of 2009, the Board held seven regular meetings and one statutory meeting up until the adoption of this annual report. At these meetings, the Board of Directors addressed the fixed items on the agenda of the particular meeting, such as business status, market conditions, financial reporting, budget, forecasts and projects. In addition to this, overall strategic matters pertaining to such issues as the company’s focus, global market development and growth opportunities were analysed. The CEO and CFO are co-opted at all Board meetings except in matters relating to executive compensation and the evaluating of the Board and the CEO's work. During the year, a country or staff manager participated at Board meetings on three occasions to report the results of their operations. The Board included the following members elected by the AGM: Björn Örås (Chairman), Curt Lönnström (Deputy Chairman), Margareta Barchan, Monica Caneman and Per Uebel. For information on the Board Members’ significant assignments outside the Group and their shareholdings in the company, please refer to page 44. Meeting attendance is listed below.
Independent of the company and corporate management Independent of the company's major shareholders

Björn Örås Curt Lönnström Margareta Barchan Monica Caneman Per Uebel

1989 1999 2003 2003 2006

Chairman Deputy Chairman Member Member Member

8/8 8/8 8/8 8/8 8/8

Yes Yes Yes Yes Yes

No Yes Yes Yes Yes
39

corporate governance report

Committees
The Board is responsible for all remuneration and audit issues, which is why Poolia has not appointed any separate remuneration or audit committees. Given the number of Board members, company size and that all members are independent of the company and its corporate management, the Board believes that this constitutes an effective process for handling remuneration and audit issues. The question of the appointment of committees is examined each year in conjunction with the constitution of the Board.

Group Management at the end of 2009
Name Post Employee

Johan Eriksson Lotta Nilsson Johanna Ragnartz Åsa Edman Källströmer Shaun Greenfield Alfred Unterschemmann

CEO CFO Acting Marketing Director Manager Poolia Sweden Manager Poolia UK Manager Poolia Germany

2007 2008 2009 1998 2006 2005

Internal management and control Cheif Executive Officer (CEO)
The CEO heads operations within the frameworks that the Board has established. The last applicable instruction for the CEO was adopted by the Board on 28 April 2009 and regulates the CEO's role at the company. The CEO provides the necessary information and decision data for Board meetings. The CEO or his representative acts as the rapporteur in the Board. The CEO keeps the Board and the Chairman of the Board continuously informed of the company’s financial position and development. The Board annually evaluates the CEO's working methods and performance. Poolia's CEO since 1 October 2007 is Johan Eriksson. The Board is responsible for ensuring the company has sound internal controls and formalised procedures for guaranteeing that the established principles of financial reporting and internal control are in compliance and that the company's financial reporting is prepared in accordance with the law, applicable accounting standards and other requirements for listed companies.

Financial reporting
Interim reports, the year-end report and the annual report are dealt with by the Board and can be issued by the CEO on behalf of the Board. The CEO is responsible for ensuring that the bookkeeping of all of the companies in the Group is maintained in compliance with the law, and that funds are managed in a safe manner. Consolidated accounts are prepared on a monthly basis, and are submitted to the Board and to Group Management. Systems and IT environments at Poolia in recent years have been harmonised into the common systems for all companies. A common financial manual and monthly check lists are implemented tools to ensure accurate reporting.

Group management
The CEO of Poolia AB directs Group Management, which in addition to the CEO consists of the executives appointed by him. Management is a consulting body to the CEO and drives overall policy and development issues within Poolia. Group Management convenes under the structures determined by the CEO. Group Management holds minuted meetings at least six times a year. The Chief Financial Officer has an obligation to report to the Board, thus ensuring that all significant financial information reaches the Board. Furthermore, the CFO is also responsible for monitoring Group Management and other senior executives from an internal perspective, and reporting any findings directly to the Board. For guidelines for senior executives, see the Board of Directors’ Report on Page 16.

Internal audit
The Board has assessed that Poolia, in addition to existing processes and functions for internal control, do not need to impose their own internal audit function. The monitoring conducted by the Board, management and the external auditors is assessed to currently satisfy this need. However, an annual assessment is made as to whether such a feature is necessary to maintain good control within the company.

40

corporate governance report

Auditors
The 2007 Annual General Meeting appointed the auditing company Deloitte with Jan Berntsson as chief auditor. These are elected until AGM 2011. Jan Berntsson, born 1964, is an Authorized Public Accountant, and partner and Managing Director of Deloitte AB. Poolia's assessment is that Jan Berntsson has no relationship with Poolia or affiliates of Poolia that may affect the auditor's independence in relation to the company. Jan Berntsson is also deemed to have the requisite expertise to perform his duties as auditor of Poolia. During the year, Jan Berntsson has attended one board meeting and reported a final audit and reported in writing on the outcome of the ongoing audit on one occasion.

ficient, structured and coherent working approach within the company. The guidelines include, among other things, instructions for the CEO, Managing Directors of subsidiaries, financial policy, information policy and decision-making rules. Certification guidelines are in place to enhance control on decisions regarding investment, costs and contractual relations. Every year, a revision is made to ensure the guidelines and policy documents are up to date. In addition, there are procedures to adapt these immediately, if there are extraneous circumstances that require these to be updated. Responsibility for updating lies with the CFO.

Risk assessment
As part of ongoing operations and monitoring, there are procedures in place for risk assessment and thereby the opportunity for creating an accurate financial report. Each subsidiary's Finance Manager holds, together with the Chief Financial Officer, a special responsibility for the analysis of risks, the application of laws and regulations and to ensure correct financial reporting. This responsibility is based on the Self Assessment Audit that was implemented in 2008 to further develop internal controls. The process is based on the CEO annually determining the specific areas in the process of financial reporting to be prioritised and focused. The monitoring of these areas takes place twice a year by the Chief Financial Officer and the Finance Manager of each subsidiary. The process results in significant risks being identified and the need for measures are reported to the CEO and each MD for the subsidiaries. The above-mentioned procedures cover, for example, areas such as: procedures for lending, insurance protection, revenue and payroll process, management process, the process for approval and certification. Business intelligence is created by the MD of each subsidiary preparing a report that is to reflect the company's position with regard to the market and competition. The report is then followed up quarterly and, if applicable, a new assessment is made for the coming period for the market, the demand and the necessary organisational changes. In a separate section in the monthly report, significant legislative changes are described both for operations and for the financial reporting process.

The Board's description of internal control with respect to financial reporting
The Board's responsibility is detailed in the Swedish Companies Act and the Code for internal control. The internal control is described under the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, COSO. The five components that are described from the report are the control environment, risk assessment, control activities, information and communication, and follow-up.

Control environment
Effective Board work is the foundation for sound internal control. The Board has established structured work processes and a clearly-defined procedure for its work. An important part of the Board's work is to develop and approve basic rules and guidelines. Employees have access to guidelines, including through Poolia's intranet. Poolia's ambition is that the control environment is guided by the company's values for the "good company", i.e. the adherence to laws and rules, professionalism and generating confidence. The Board has also ensured that the organisation is well structured and transparent, with clearly-defined responsibilities and processes conducive to the effective management of operational risks and the facilitation of target fulfilment. The internal and external reporting at Poolia is divided up according to functions and the responsibility for this is clearly defined. Responsibility is apportioned across the functions of consulting, administration, accounting, finance and payroll department. Poolia has a conceptual framework that guides all decisions and actions throughout the organisation. The basis of this framework is the business plan, Poolia Business Guide, the financial manual and guidelines that contribute to an ef-

Control activities
A control structure is created based on the most critical processes at the company through a number of control activities. These aim to prevent, detect and correct any errors or discrepancies that arise in financial reporting, and prevent irregularities and various types of company-hostile incidents occurring. The risks that are monitored are those deemed most important as specified in the risk assessment, and the risks associated with the long-term objective for the internal control must be monitored and limited.
41

corporate governance report

The CFO together with the Finance Manager of each subsidiary sets requirements for accurate financial reporting and appropriate monitoring along with a non-conformance analysis if necessary. Ongoing monitoring is conducted primarily as a monthly report which each subsidiary's financial manager is required to prepare and present to the CFO and CEO as well as the MD for each subsidiary. Poolia's monthly reporting includes both financial and non financial key ratios, which translates to a traffic light-based depiction with a clear overview of low and high risk areas. Reports are supplemented with a written report which is addressed by the MD of each subsidiary at monthly teleconferences and quarterly follow-ups in which all business decisions are documented and followed up. The monthly report is designed in line with a standard template in the Agresso financial system. The standardisation of reporting will facilitate tracking and monitoring of each country's development, performance and analysed risks. A check list is compiled each month that specifies the responsibilities and the status of tasks, and activities relevant to financial reporting within each subsidiary are reported. This provides a report to managers, deadlines and the reporting frequency for the activities. The Finance Manager of each subsidiary is responsible for the check list and reports this to the Chief Financial Officer or MD at the parent company. Planning and preparation of financial reporting is facilitated and as a consequence minimises the risk of error.

cated and how this communication is to take place. The purpose of the policy is to ensure that the information obligations are met in a correct and complete way. For shareholders and other external interested parties who want to follow the company's development, up to date financial information is posted on Poolia's website.

Monitoring
Monitoring the work of the internal control and its efficiency is an integral part of ongoing operations. The Board's work includes regular monitoring of the effectiveness of internal controls and discussions of significant issues regarding accounting and reporting. As part of the liability structure, the Board's evaluation of the business performance and results is included through an appropriate package of reports containing results, forecasts and analysis of important key factors. Control and monitoring are included in the management of the parent company and the management of each subsidiary's ordinary activities, but also for employees in the performance of their regular duties. Any shortcomings and errors in the internal control and monitoring systems must be reported to the immediate manager. Policies, guidelines and procedures are updated and evaluated as necessary but at least once a year. Responsibility for maintaining up to date documents and communicating these is incumbent on the Board for general control documents and the CEO or Staff Manager for other documents. Recommendations from external auditors conducting independent audits of internal controls are reported to management and the Board. The recommendations are followed up and, if necessary, measures are implemented to check the potential risk. For the auditors' subsequent review, compliance of the previous year's recommendations is monitored. The outcome from the process of self-assessment results in an overview of the efficiency of the control activities in the handling of identified risks. If the control activities are not considered to meet their objective, they are reviewed to further improve the monitoring and control of the risks that are considered essential for company operations. Poolia will continue to work proactively with risk management and internal control through an annual evaluation and by updating internal control documents and guidelines. The aim of this work is to ensure that internal controls are maintained at a high level.

Information and communication
The company's essential governing documentation in terms of rules, guidelines and manuals, to the extent they relate to financial reporting, are kept continuously updated and communicated via the intranet, internal communications and meetings. Overall policy directives are communicated throughout the organisation to ensure that all employees have fully understood their content, and thereby act in accordance with these. To ensure that internal information is disseminated effectively, there are guidelines and procedures in place for how financial information is communicated between management and employees and between the parent company and subsidiaries. For communication with external parties, the Board has adopted an information policy which provides guidelines for what should be communicated, by whom this is communi-

Poolia ab business control

Dedicare

Poolia Sweden

Poolia UK

Poolia Germany

Poolia Finland

Poolia Denmark

Poolia AB’s role in the Group is to work on general matters relating to policy and development, Group-wide support functions and providing support to the operational units. Each country manager has full responsibility for operations in his or her country in areas such as sales and marketing, business development and HR issues. Dedicare has the same operational role, but is otherwise treated as a completely separate unit within the Group.
42

group management

Group management

johan eriksson
MD/CEO Poolia AB Born 1965; employed at Poolia since 2007. Graduate in Business Administration, Karlstad University. Background: Head of Operations and Deputy MD, Loomis AB. Various senior positions at Loomis/Securitas such as Regional Manager for Nordic Region, Germany, Austria, and MD of Securitas UK. Shareholding: 10,000

shaun greenfield
MD, Poolia UK Born 1968; employed at Poolia since 2006. Studies in business administration. Background: Sales Manager, Manpower UK; various senior positions at Manpower; various positions at Barclays Bank. Shareholding: 0

åsa edman källströmer
MD, Poolia Sweden Born 1966; employed at Poolia since 1998. Business School Economist Background: Various senior positions at Poolia such as Regional Manager Stockholm, MD of Poolia Kontor AB and Poolia Ekonomi AB. Shareholding: 960

alfred unterschemmann
MD, Poolia Germany Born 1963; employed at Poolia since 2005. Graduate in Business Administration, University of Bochum. Background: MD, Postbank Interserv, Regional Manager, Randstad, MD, Norma Discount Cochem; Regional Manager Aldi Discount. Shareholding: 0

johanna ragnartz
Acting Marketing Director Born 1962; employed at Poolia since 2009. Diploma in Human Resource Management, Stockholm University. Background: Various senior positions at Arla Foods, including Nordic Category Manager Foodservice, Beverage Marketing Manager, Digital Media Manager, Key Account Manager. Shareholding: 0

lotta nilsson
Chief Financial Officer Born 1971; employed at Poolia since 2008. Graduate in Business Administration, Uppsala University. Background: Finance Manager, Poolia Sverige AB, Finance Manager Taxi 020 AB, Business Consultant Connecta AB. Shareholding: 0

tarja roghult
Executive Assistant / IRCoordinator Born 1959; employed at Poolia since 2001. Studies in English, Social Anthropology and Business Economics. Background: Secretary to the Director General and Assistant for SIDA (Swedish International Development Agency) in Zambia and South Africa. Shareholding: 300
43

board of directors

Board of Directors

björn örås
Chairman of the Board Born 1949; Board member since foundation in 1989. BA in Economics, Lund University. Background: Product Group Manager, Pierre Robert; Product Group Manager, IKEA; MD and Advertising Agency Director, Appel & Falk, Blanking; Managing Director, Poolia. Own businesses: Björn Örås Marketing, Karat Utveckling, SMA. Board Assignments: Chairman of Uniflex AB, Bro Hof Slott and Scandinavian Masters. Shareholding: 8,175,260

curt lönnström
Deputy Chairman of the Board Born 1943; Board member since 1999. Graduate in Business Administration, Stockholm University. Background: MD and CEO at Beijer Alma, Kongsbo Industrier, Investment AB Argentus and Tibnor AB. Board Assignments: Chairman of Domarbo Skog AB, Innoventus Project AB, Gnosjö Interior AB, Scandbook AB. Board member of O.F. Ahlmark & Co AB, HQ Bank, Mont Blanc AB, Olle Olsson Holding AB and Uniflex AB. Advisor at Accent Equity Partners AB. Shareholding: 9,000

margareta barchan
Born 1950; Board member since 2003. MSc, HEC Jouy en Josas and University of Oxford; studies at Harvard Business School. Background: Founder of several knowledge companies, including Celemi (MD), NormannPartners and The Change Leaders, as well as the international youth organisation "Pioneers of Change". Board Assignments: Celemiab Group AB, Invest in Skåne AB. Shareholding: 2,500

monica caneman
Born 1954; Board member since 2003. Graduate in Business Administration, Stockholm School of Economics. Background: Executive Deputy President and Acting CEO at SEB. Board Assignments: Chairman of LinkMed AB, Point Scandinavia AB, SOS International AS and Fjärde APfonden. Board member of Investment AB Öresund, Orexo AB, Schibsted ASA, SJ AB, Securia AB and Intermail AS. Shareholding: 3,000

per uebel
Born 1966; Board member since 2006. Graduate in Business Administration, Stockholm University. Background: Senior executive positions at H&M, MD ICA Sverige AB, MD Hemköpskedjan AB, MD & CEO Plantasjen ASA. Board Assignments: internal subsidiaries at Plantasjen ASA. Shareholding: 0

44

definitions

Definitions
Share 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 average number of working hours per year for a full-time employee. Return on shareholders’ equity. Profit/loss after taxes 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. Revenues per employee Operating revenues divided by the average number of full-time employees. P/E ratio Share price on closing day divided by earnings per share. Earnings per share Profit/loss for the year after taxes divided by the average no. of shares. Operating margin, Operating profit/loss as a percentage of operating revenues. 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 after financial items as a percentage of operating revenues.

45

ADDRESSES

Addresses
HEAD OFFICES poolia ab Warfvinges väg 20 Box 30081 SE-104 25 Stockholm Tel: +46 8-555 650 00 Fax: +46 8-555 650 01 info@poolia.se SWEDEN poolia gävle Teknikparken Nobelvägen 2 SE-802 67 Gävle Tel: +46 26-541545 gavle@poolia.se SE-411 15 Gothenburg Kungsgatan 42 SE-411 15 Gothenburg Tel: +46 31-743 20 00 gbg@poolia.se poolia jönköping Norra Strandgatan 4 SE-553 20 Jönköping Tel: +46 36-17 32 60 jonkoping@poolia.se poolia linköping Mjärdevi Science Park Teknikringen 10 SE-583 30 Linköping Tel: +46 11-21 96 38 linkoping@poolia.se poolia malmö Baltzarsgatan 31 SE-211 36 Malmö Tel: +46 40-661 25 00 malmo@poolia.se poolia norrköping S:t Persgatan 105 SE-602 33 Norrköping Tel: +46 11-21 96 30 norrkoping@poolia.se poolia stockholm Warfvinges väg 20 Box 30081 SE-104 25 Stockholm Tel: +46 8-555 650 00 info@poolia.se poolia södertälje Lovinsingatan 3 SE-151 73 Södertälje Tel: +46 8-555 650 00 sodertalje@poolia.se poolia uppsala Kungsängsgatan 5B SE-753 22 Uppsala Tel: +46 8-555 650 00 uppsala@poolia.se poolia västerås Iggebygatan 12 SE-722 20 Västerås Tel: +46 21-15 19 70 vasteras@poolia.se poolia örebro Rudbecksgatan 7 SE-702 11 Örebro Tel: +46 19-766 37 00 orebro@poolia.se DENMARK poolia köpenhamn Langebrogade 5 DK-1411 Copenhagen K Tel: +45 70 27 37 47 danmark@poolia.com FINLAND poolia helsinki Salomonkatu 17B FI-00100 Helsinki Tel: +358 20 7290 830 finland@poolia.com GERMANY poolia düsseldorf Graf-Adolf-Straße 70 DE-40210 Düsseldorf Tel: +49 211 936 564-0 duesseldorf@poolia.com poolia frankfurt Stresenmannallee 30 DE-60596 Frankfurt Tel: +49 69 21 93 09-0 frankfurt@poolia.com poolia hamburg Mönckebergstraße 5 DE-20095 Hamburg Tel: +49 40 323 10 79-0 hamburg@poolia.com poolia hannover Grupenstrasse 2 DE-30159 Hannover Tel: +49 511 763 579-0 hannover@poolia.com poolia cologne Hohenzollernring 37 DE-50672 Cologne Tel: +49 221 2779 45-0 koeln@poolia.com poolia mannheim N2, 4 DE-68161 Mannheim Tel: +49 621 170 29 29 mannheim@poolia.com poolia munich Schellingstraße 35 DE-80799 München Tel: +49 89 242 948-0 muenchen@poolia.com UK poolia london Marlborough Court 14–18 Holborn GB-London EC1N 2LE Tel: +44 20 7464 1550 london@poolia.co.uk DEDICARE dedicare stockholm Kungsholmsstrand 147 SE-112 48 Stockholm Tel: +46 8-555 656 00 dedicare@dedicare.se dedicare gothenburg Bror Nilssons gata 16 SE-417 55 Gothenburg Tel: +46 8-555 656 40 dedicare@dedicare.se dedicare karlskrona Box 13 SE-371 21 Karlskrona Tel: +46 8-555 656 10 dedicare@dedicare.se dedicare örebro Klostergatan 23 SE-703 61 Örebro Tel: +46 8-555 656 10 dedicare@dedicare.se dedicare oslo Holbergsgt 21 NO-0166 Oslo Tel: +47 74 80 40 70 dedicare@dedicare.no dedicare stjørdal Stokmoveien 2 Postboks 41 NO-7501 Stjørdal Tel: +47 74 80 40 70 dedicare@dedicare.no dedicare helsinki Salomonkatu 17B FI-00100 Helsinki Tel: +358 20 787 1320 nurse@dedicare.fi doctor@dedicare.fi

Produced by Poolia AB.
46