Poolia AB (publ) Interim Report for the period January 1- June 30, 2001

8/14/2001 7:09 AM EST

Poolia AB (publ)

Interim Report for the period
January 1 - June 30, 2001

· Sales during the period rose 38.2% to SEK 578.9 M (418.8).
· Pretax profit amounted to SEK 23.4 M (33.5) and operating
profit to SEK 14.8 M (32.8).
· Earnings per share amounted to SEK 0.58 (1.17).
· Bonus issue (2:1) was implemented following decision by Annual
General Meeting.
· Extraordinary General Meeting voted in favor of continuation
fore the incentive program.
· Operations established in Norway.

Sales
Sales rose 38.2% during the period to SEK 578.9 M (418.8), of which
operations outside Sweden accounted for SEK 63.5 M (0). Sales deriving
from acquired companies totaled SEK 82.0 M. Excluding acquired
operations, the sales increase was 18.6%. Temporary Staffing continues
to be the predominant service area, noting growth of 40.4%. Accounting
is the largest occupational segment in absolute terms.

Sales were distributed as follows by service area:

Jan - Jan - Chang % %
June June e share share
SEK M 2001 2000 % 2001 2000
Temporary 536.4 382.0 40.4 93 91
Staffing
Recruitment 36.4 32.1 13.4 6 8
Outsourcing 6.1 4.7 29.8 1 1
Total 578.9 418.8 38.2 100 100

Earnings
Pretax profit for the period amounted to SEK 23.4 M (33.5). Operating
profit totaled SEK 14.8 M (32.8). Earnings during the period were
charged with costs of approximately SEK 6 M for the establishment and
acquisition of operations outside Sweden.

Due to reduced demand in the telecom industry, among other sectors,
Poolia's workforce was reduced by approximately 250 employees during the
second quarter.

The companies acquired during the period - A&Z (Arbeit & Zeit Renate
Sandow GmbH) and CSI Competence Sköterskejouren International AB - are
included in earnings as of January 1, 2001.

The Group's financial net for the period amounted to income of SEK 8.6 M
(0.7).

Significant events during the second quarter
A subsidiary was formed in Norway, where operations in Oslo were
initiated during April 2001.

The Annual General Meeting held on April 5, 2001 approved dividend of
SEK 2.50 per share to shareholders.

The Annual General Meeting also voted in favor of the implementation of
a bonus issue of shares, whereby the Company's share capital was
increased to SEK 4,599,832.80 through a transfer of SEK 3,066,555.20
from the premium reserve. As a result of the bonus issue, shareholders
received two new shares for every existing share held.

An Extraordinary General Meeting on May 18, 2001 voted in favor of a
continuation of the incentive program for senior executives that was
introduced in the preceding year.

Liquidity and financing
On June 30, 2001, the Group's liquid assets amounted to SEK 445.7 M
(76.8). Cash flow from operations during the period amounted to SEK 3.8
M (38.9). During the first half of the year, Alecta-rights (SPP) were
purchased for SEK 26.6 M, which temporarily reduced cash flow from
operations.

During the second quarter, the Company received SEK 1.1 M in connection
with the subscription of option rights by employees. Dividends in an
amount of SEK 17.2 M were paid to shareholders. The equity/assets ratio
was 74% (52).

Investments
The Group's investments in fixed assets during the period amounted to
SEK 52.4 M (22.5), of which goodwill accounted for SEK 49.7 M.

Employees
The average number of employees during the period was 2,716 (1,840). The
total number of employees on June 30, 2001 was 3,066 (2,688).

Parent Company
The Parent Company engages in general corporate management, development
and financial management activities. Sales during the period amounted to
SEK 2.2 M (1.4) and pretax profit to SEK 7.3 M (-0.4).

Market
According to SPUR (membership companys), sales in the Swedish staffing
services sector totaled SEK 2.4 billion during the first quarter of
2001. Poolia's market share during the first quarter of 2001 was 11.5%.