Interim report January March 2013

Transcription

1 Interim report January March 2013 Lars Kry, President and CEO Benno Eliasson, CFO 23 May 2013 This presentation was prepared in Swedish and translated into English. In the event of any discreptancies between the Swedish version and the translation, the former shall have precedence. 1

2 Agenda Report in brief Market and trends Financial development Looking ahead 2

3 Report in brief 3

4 Introductory comments Q Quick action led to positive earnings Market continues to be tough, but cautiously optimistic Action plan is completed Improved cash flow Outplacement business increased in Sweden Agreements in Q1: Dfind Finance Recruitment company of the year 4

5 Q1 in brief 1st Quarter Change quarter Full Year 2012 Revenue, SEK million 1,062 1,200-12% 4,876 EBITA, SEK million % 110 EBITA, per cent 0,9 3,3-2.3 Profit after tax, SEK million % 78 Basic earnings per share, SEK % 1.11 Cash flow from operating activities, SEK million Less demand and fewer workdays in Sweden and Norway A lower activity level on the Swedish market affects the result, mainly through its downward pressure on prices Guaranteed wage expenses Sick pay expenses 5

6 Market and trends

7 Purchasing Managers Index PMI Total index, adjusted for season Total index, not adjusted for season Source: Swedbank 7

8 jan-08 mar-08 maj-08 jul-08 sep-08 nov-08 jan-09 mar-09 maj-09 jul-09 sep-09 nov-09 jan-10 mar-10 maj-10 jul-10 sep-10 nov-10 jan-11 mar-11 maj-11 jul-11 sep-11 nov-11 jan-12 mar-12 maj-12 jul-12 sep-12 nov-12 jan-13 mar-13 Redundancy notices recorded by the Swedish Public Employment Service, Affected persons Source: The Swedish Public Employment Service 8

9 Print ads from Proffice s ad system Number of ads

10 Market shares in Sweden ,0% 23.8% 21.3% 20,0% 17.4% 17.6% 15,0% 12.3% 12.2% 10,0% 7.5% 7.2% 6.6% 6.4% 5,0% 0,0% Manpower Proffice Adecco Uniflex Bemanning Lernia Bemanning Source: The Swedish Staffing Agents, Bemanningsföretagen 10

11 Market shares in Norway ,0% 24.7% 23.0% 23.4% 22.3% 20,0% 15,0% 10,0% 7.0% 6.9% 6.5% 6.6% 5,0% 4.4% 4.2% 0,0% Adecco Manpower Jobzone Proffice ISS Personalhuset Source: NHO Service 11

12 Financial Development Benno Eliasson, CFO 12

13 Income statement 1st quarter Full year SEK million Revenue 1,062 1,200 4,876 Other operating income Operating expenses Employee expenses ,002-4,165 Other operating expenses Depreciation and amortisation of assets EBITA Operating profit Profit after financial items Tax Profit for the period

14 Revenue and operating margin SEK million 1400 Per cent Q Q Q Q Q Q Q Q Revenue (MSEK) Operating margin (%) -2 14

15 Countries 1st quarter SEK million Change quarter Full year 2012 Revenue Sweden % 3,679 Norway % 1,110 Finland % 68 Denmark 6 6 0% 19 Total 1,062 1,200-12% 4,876 EBITA Sweden % 129 Norway % 36 Finland 0 0 0% -4 Denmark 0 0 0% 0 Other % -51 Total % 110 EBITA, per cent Sweden Norway Finland Denmark Other Total

16 Operating areas 1st quarter SEK million Change quarter Full year 2012 Revenue Staffing 989 1,128-12% 4,611 Recruitment % 183 Outplacement % 82 Total 1,062 1,200-12% 4,876 16

17 Business area Staffing 1st quarter SEK million Change quarter Full year 2012 Revenue Office & Customer Service % 1,554 Industry & Logistics % 1,728 Finance % 365 IT % 491 Care % 342 Life Science % 131 Total 989 1,128-12% 4,611 17

18 Balance sheet 31 Mar 31 Mar 31 Dec SEK million Assets Intangible non-current assets Property, plant, and equipment Other investments held as non-current assets Non-current receivables Deferred tax assets Current receivables 947 1,127 1,031 Cash and cash equivalents Total assets 1,654 1,852 1,795 Equity and liabilities Equity Deferred tax liability Interest-bearing non-current liabilities Interest-bearing current liabilities Non-interest-bearing current liabilities 904 1, Total equity and liabilities 1,654 1,852 1,795 Pledged assets Contingent liabilities

19 Q Q Q Q Q Q Q Q Cash flow from operating activities SEK million

20 Cash flow from operating activities SEK million Profit after financial items Adjustment for non-cash items Tax paid Decrease in operating receivables Decrease in operating liabilities SUM 20

21 Q Q Q Q Q Q Q Q Days sales outstanding (DSO) Number of days

22 Looking ahead 22

23 Images by: Start Miles and David Castillo, Ambra, FreeDigitalPhotos.net, Looking ahead Flexibility a success factor for more and more employers Correct skillset still in short supply Companies are looking for temporary employees We focus on expanding our customer base and increasing customer satisfaction 23

24 Does your organisation need to recruit new employees during the coming three months? 52% 48% Yes No Source: Proffices arbetsmarknadsanalys flexibilitet och matchning 2013 (performed by TNS Sifo) 24

25 Flexibility a key to success We have significant difficulty adapting 3 Swedish companies that believe flexibility is a success factor: 77% We have somewhat large difficulty adapting We have some difficulty adapting Respondents that find it difficult to adapt their organisation to external demands: 71% We have little or no difficulty adapting 28 Employers that feel an increasing need to quickly change the size and structure of their workforce: 65% % Source: Proffices arbetsmarknadsanalys flexibilitet och matchning 2013 (performed by TNS Sifo) 25

26 Flexible employment options in demand In your opinion, what is the best way to handle an increasing need for resources? Permanent employment 49 Short-term employment (temporary, project employment or other temporary employment form) 37 Hiring from a staffing or other type of consulting company 10 Other % Source: Proffices arbetsmarknadsanalys flexibilitet och matchning 2013 (genomförd av TNS Sifo) 26

27 Lack of correct skillset blocks flexibility How would you weight the following obstacles to quickly adapting the staffing of your business? Difficulty to find and retain the correct skillset Difficulty retaining the correct skillset Difficulty to make correct, reliable business forecasts Owners or board members Other rules and laws Inability to make decisions internally/by management Employment Protection Act % 1 = Not at all important = Very important Source: Proffices arbetsmarknadsanalys flexibilitet och matchning 2013 (genomförd av TNS Sifo) 27

28 Focus areas 2013 Sales Industrial & Logistics Norway Effectiveness Sourcing Annika Nordlander Nordic Sales Director Proffice AB Michael Gozzi Business Unit Director Proffice Industrial & Logistics Stein André Haugerud Business Unit Director Proffice Norge Ci Taylor Commercial Director Proffice AB Anna Lindqvist Sourcing Manager Proffice Adm & Customer Solutions 28

29 Demand Margin Costs 29

30 KEEP IMPROVING 30