STOCKHOLM, Sweden, Aug. 13, 2002 (PRIMEZONE) -- Poolia:
-- Sales during the period dropped 30.7% to SEK 401.4 M (first
half of 2001: 578.9).
-- A pretax loss of SEK 38.0 M (profit: 23.4) and an operating
loss of SEK 45.9 M (profit: 14.8) were reported.
-- A loss per share of SEK 1.25 (profit: 0.58) was reported.
-- The Company's shareholders' equity amounts to SEK 23.20 per share.
-- Following the close of the report period, the sector concluded
a new collective bargaining agreement for salaried employees in
Sweden.
Sales
Sales dropped 30.7% to SEK 401.4 M (first half of 2001: 578.9). Sales from operations outside Sweden amounted to SEK 64.9 M (63.5). Operations conducted within the subsidiary Uniflex AB generated sales of SEK 61.8 M. Temporary Staffing continued to be the predominant service area. Accounting was the largest occupational segment in absolute terms.
Sales by service area were distributed as follows:
Jan - June Jan-June % change % share % share
SEK M 2002 2001 2002 2001
Temporary 374.4 536.4 -30.2 93 93
Staffing
Recruitment 18.4 36.4 -49.5 5 6
Outsourcing 8.6 6.1 41.0 2 1
Total 401.4 578.9 -30.7% 100 100
Earnings
A pretax loss of SEK 38.0 M (profit: 23.4) was reported for the period. The operating result was a loss of SEK 45.9 M (profit: 14.8). The operating result was charged with approximately SEK 19.1 M for the cost of operations outside Sweden. Operations conducted within the subsidiary Uniflex AB reported an operating loss of SEK 11.6 M.
Earnings from Swedish operations were affected adversely by reduced demand in the recruitment segment and by restructuring, adjustment and adaptation costs connected to such measures as the division of operations into two trademarks - Poolia Professionals and Uniflex.
The Group's financial net for the period amounted to income of SEK 7.9 M (8.6).
Significant events during the second quarter
Costs within Swedish operations continued to be adjusted to the prevailing market conditions. As a result of a change in Swedish legislation concerning social security contributions, the Company's pension costs rose retroactively as of the first quarter of 2002.
The utilization rate for consultants with the most advanced academic credentials declined slightly during the second quarter, compared with the first quarter.
The Annual General Meeting held on April 8, 2002 approved a dividend of SEK 0.25 (0.75) per share to shareholders. The Meeting also voted in favor of a continuation of the options program initiated during a prior year for senior executives.
Significant events after the close of the report period
Within the staffing services market, a new collective bargaining agreement for salaried employees in Sweden has been in effect since July 1. The agreement means that consultants who have worked for a staffing services company for more than 18 months will receive a fixed monthly salary.
Liquidity and financing
On June 30, 2002, the Group's liquid assets amounted to SEK 372.0 M (445.7). Cash flow from operations was negative in an amount of SEK 20.1 M (positive: 3.8).
During the second quarter of 2002, the Company received SEK 0.6 M in connection with the subscription of option rights by employees. Dividends in an amount of SEK 5.7 M were paid to shareholders.
The equity/assets ratio was 75.1% (73.7). The Company's shareholders' equity amounted to SEK 533.5 M, of which liquid assets accounted for SEK 372.0 M.
Investments
The Group's investments in fixed assets during the period amounted to SEK 42.1 M (52.4), of which goodwill accounted for SEK 40.2 M, which in all essential effects was an effect of the fulfillment of previous agreements during Q1.
Employees
The average number of annual employees during the period was 2,009 (2,716). The total number of employees on June 30, 2002 was 2,300 (3,006).
Parent Company
The Parent Company engages in general corporate management, development and financial management activities. Sales during the period amounted to SEK 3.2 M (2.2) and pretax profit to SEK 8.7 M (7.3).
Market
According to SPUR (the Swedish Association of Temporary Work Businesses and Staffing Services), sales in the Swedish staffing services sector totaled SEK 2,021 M during the first quarter of 2002. Poolia's market share was 8.4%..
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