Interim report 1 January – 30 September 2014

3 months ended 30 September 2014

  · Local currency sales increased by 1% and Euro sales decreased by 7% to
€274.5m (€294.6m).
  · Number of active consultants decreased by 2% to 2.9m.
  · EBITDA amounted to €26.3m (€26.9m).
  · Adjusted* operating margin was 7.2% (7.8%), negatively impacted by
approximately 300 bps from currency movements, largely offset by positive
price/mix effects and cost reductions ahead of plan, resulting in an adjusted*
operating profit of €19.7m (€23.1m). (Operating margin was 7.2% (6.6%) and
operating profit €19.7 m (€19.5 m)).
  · Adjusted* net profit amounted to €11.8m (€9.4m) and adjusted* EPS amounted
to €0.21 (€0.17). (Net profit was €11.8 m (€5.7 m) and EPS €0.21 (€0.10)).
  · Cash flow from operating activities amounted to €-4.9m (€-9.3m).
  · The Board of Directors will continue to prioritise reducing the debt during
the forthcoming quarters to ensure that the company remains financially strong.
As a consequence, the Board has decided for no dividend payment in Q1 2015.
  · Trading update: The year to date sales development compared to the same
period prior year is unchanged in local currency and the development in the
fourth quarter to date is approximately 4% in local currency.

* Adjusted for restructuring costs in the third quarter 2013 of €3.6m.

9 months ended 30 September 2014

  · Local currency sales decreased by 1% and Euro sales decreased by 12% to
€912.1m (€1,035.5m).
  · EBITDA amounted to €88.5m (€114.5m).
  · Adjusted* operating margin was 7.5% (9.2%), negatively impacted by
approximately 350 bps from currency movements, partly offset by hedging and
positive price/mix effects as well as cost reductions ahead of plan, resulting
in an adjusted* operating profit of €68.0m (€95.6m). (Operating margin was 7.3%
(8.9%) and operating profit €66.3m (€91.9)).
  · Adjusted* net profit amounted to €35.9m (€57.2m) and adjusted* EPS amounted
to €0.65 (€1.03). (Net profit was €34.1m (€53.6 m) and EPS €0.61 (€0.96 m)).
  · Cash flow from operating activities amounted to €24.0m (€48.4m).

* Adjusted for restructuring costs during the period €1.7m and 2013 3.6m

CEO Magnus Brännström comments
“As mentioned in connection to the second quarter report, we began to see
positive effects from the strategic initiatives carried out in the CIS. While
the geopolitical situation remains uncertain these positive effects start to
result in overall improved development. Currency movements continued to impact
us negatively in the quarter, although with consistent price increases and
implementation of cost saving initiatives, we managed to offset most of the
impact. We have continued challenges ahead of us, especially related to exchange
rates and macro-economic development in some of our main markets. At the same
time, I am very pleased to see continued strong development in Latin America,
Turkey, Africa & Asia. ”

For further information, please contact:
Magnus Brännström, Chief Executive Officer, Tel: +352 691 151 930
Gabriel Bennet, Chief Financial Officer,          Tel: +41 798 263 713
Johanna Palm, Director Investor Relations,    Tel: +46 765 422 672