Proffice half year report JANUARY JUNE 2010 The market is on the way up turnover is increasing April June 2010 Net turnover was MSEK 1.024 (1.004) Operating profit before tax MSEK 25 (40) Operating margin 2.3 % (4.0 %) Operating profit after tax MSEK16 (25) Earnings per share SEK 0.20 (0.34) Cash flow from current operations MSEK -64 (5) During the period, in accordance with the resolution of the Annual General Meeting, the Company distributed MSEK 45 in dividends to shareholders, of which MSEK 11 attributable to minorities. Proffice acquires Legevisitten Bemanning, a health care company. January June 2010 Net turnover was MSEK1.931 (2.053) Operating profit before tax MSEK 53 (88) Operating margin 2.7 % (4.3%) Operating profit after tax MSEK 37(59) Earnings per share SEK 0.42 (0.80) Cash flow from current operations MSEK -70 (52) Lars Kry, CEO, comments: The business climate is clearly improving. Now that companies are growing, staffing solutions are often the first choice for being able to expand quickly and improve competitiveness. This trend is especially strong in Sweden. It is also very satisfying that both turnover and earnings have improved in our Norwegian business. The Proffice Group as a whole increased turnover during the quarter to MSEK 1.024, compared with MSEK 1.004. Operating profit was MSEK 25, compared with MSEK 40. Our Swedish temporary staffing and recruitment operations have grown strongly. During the second quarter of 2010, turnover was MSEK 716 compared with MSEK 602 for the same period of the previous year, an increase of 20 percent. Profitability has grown from MSEK 34 to MSEK 57, an increase of 68 percent. While this part of Proffice is expanding, we are seeing how other parts are contracting on account of the improved business climate. Sales in outplacement declined by MSEK 78, or 67 percent, when Q2 2010 is compared with Q2 2009. Here, we made a loss of MSEK 12 during the quarter, compared with a profit of MSEK 32 one year ago. We have successfully reduced costs and repositioned ourselves quickly; however, some work remains to be done. Our specialist company, Antenn, has succeeded in taking market shares, despite the fact that the market has declined by 70 percent over the past year. Proffice 1(13)
This shows the dynamism and strength of our balanced offering. Temporary staffing and recruitment grow when times are good, while outplacement grows when times are not so good. It is now important to improve the profitability within outplacement as soon as possible at the same time as we continue to improve the profitability within temporary staffing and recruitment. Our specialisation strategy has been successful and now the process is continuing. Proffice is launching a new specialist company, Proffice Finance. This business covers recruitment and temporary staffing in finance at all levels from CFO to accounting assistants. We will also offer interim solutions for executive managerial positions a very interesting segment. Thanks to our specialisation strategy, we are better able to meet the demands of customers and candidates. We have recruited top management and consultant managers to the company with extensive sector experience a background that customers request as a sounding board in staffing issues. This has been an important factor in the success of our other specialist companies. The market is immense, and will continue to grow. Today, the Swedish market is worth BSEK 2,5. With the launch of Proffice Finance, our emphasis will be on taking a larger share of the cake. Today, we have also an acquisition to present. Legevisitten Bemanning specialises in temporary staffing of doctors, with an annual turnover of about MSEK 200. The company is active in Sweden and Norway. Proffice is strengthening its position in a substantial market, which is also relatively stable as regards the business cycle. This acquisition will lead to Proffice being biggest within the temporary staffing of doctors in Sweden, and number two in Norway. The care market is undergoing a consolidation in which both customers and staffing companies are merging, and our ambition is to continue to strengthen our position. Our strong balance sheet gives us good prospects of continuing to make selective acquisitions although the main part of Proffice s growth, as stated previously, will continue to be organic. We do not purchase turnover, we seek new or complementary positions in interesting specialist areas. The outlook continues to be good. In total, our assessment remains unchanged, that the downturn in outplacement will be compensated by the increase in temporary staffing and recruitment, primarily driven by developments in Sweden and Norway. The business climate is now improving with increased opportunities for growth. Our goal is clear and challenging Proffice is to be the most successful staffing company in the Nordic Area. This means that we will maintain a high tempo and will react quickly in the market to meet customers requirements and offer the best solutions. Proffice 2(13)
IMPORTANT EVENTS During the second quarter Dfind signs an agreement with Capgemini Dfind is signing a national recruitment agreement with Capgemini. The agreement refers to the recruitment of at least 70 new employees with leading competence within IT during the period 15 May - 31 December. Proffice signs a cooperation agreement with SAS in Sweden and Norway Proffice has been selected as one of two contractual suppliers for the Swedish and Norwegian market. Under the agreement, Proffice can deliver services within administration and finance until 31-12-2011. Statoil in Norway renews general agreement Proffice is renewing the general agreement with Statoil in Norway as one of several preferred suppliers of temporary staffing within administration and commerce. The agreement runs for three years with the option of extension. Two-year general agreement with SEB in Norway Proffice has entered into a two-year general agreement with SEB in Norway as one of two suppliers on an equal footing in the area of temporary staffing. Klarna recruits with the help of Dfind Klarna recruits 40 employees with the help of Dfind, most of them before the summer, primarily programmers, testers, test analysts and Scrum Masters. Proffice acquires the remaining shares in Proffice Mediakompetens AB and Proffice Nord-Norge AS As of 30 June 2010, the Group has acquired the minority s shares in Proffice Mediakompetens AB and Proffice Nord-Norge AS. After the acquisition, the Group holds all shares in the companies. Recruitment of HR director During the quarter, the recruitment of an HR director was completed. Helene Hasselskog comes to us from an equivalent position with JM, and will assume her new position at Proffice not later than 1 December. Helene Hasselskog will also be a member of the Group executive management team. Dividend The dividend of SEK 0.50 per share, resolved by the Annual General Meeting, was distributed to the shareholders during the quarter, a total of MSEK 34. After the period Proffice boosts business area Finance and starts a new company Proffice is launching a new specialist company, Proffice Finance. The business is focused on economics, banking and finance. The offerings comprise recruitment and temporary staffing at all levels from CFO to accounting assistants. The CEO of the company will be Anna Lannerhjelm. Additional buy-back of shares At the Proffice Annual General Meeting on 6 May 2010, the board was authorised to make decisions regarding the acquisition and transfer of the Company s own shares. On 8 July, a total of 438 919 shares were bought back in accordance with the mandate provided by the Annual General Meeting on 6 May 2010. The shares were repurchased at an average price of SEK 20.90. Proffice has signed a new agreement with Ericsson on staffing and recruitment services For over ten years, Proffice has cooperated extensively with Ericsson in Sweden with staffing services. The new agreement is valid for five years, and covers both recruitment and staffing services within areas which include: logistics, production, office, HR and finance, and technology and IT. Proffice 3(13)
Proffice and ICA enter into a long-term partnership Proffice and ICA entered into a two-year cooperation agreement in 2008 for the collective agreement and salaried employees sector. The agreement, which was then unique for the sector, has been renewed and developed further for a period of 3.5 years. Proffice has the status of Preferred Supplier, which means that ICA and Proffice will concentrate cooperation further with even stronger ties. Mediakompetens signed an agreement with Schibsted Sverige Schibsted Sverige AB has signed an agreement with Proffice Mediakompetens. The agreement covers staffing services for editorial personnel and runs for a year. New Managing Director for Proffice Mediakompetens AB Maria Rosengren has been appointed new CEO of Proffice Mediakompetens AB, and will assume her position on 11 October 2010. The present CEO, Thomas Lundkvist, will become Chairman of the Board, replacing Lars Weiss. Lars Weiss will remain as a member of the Board. Maria Rosengren comes to us from TV4 Sverige, where she was business area head. Acquisition of Legevisitten Bemanning Proffice acquires Legevisitten Bemanning, specialised in physician staffing with operations in Sweden and Norway, with a turnover of MSEK 200 during 2009. Proffice will pay a fixed purchase sum for 100 per cent of the shares. In addition to the fixed purchase sum, there will be an additional purchase sum which will be based on the results for the full year 2011. Proffice s preliminary assessment is that the purchase sum is primarily attributable to intangible assets. The acquisition is expected to have a positive effect on the results already during this financial year. Through the acquisition Proffice will strengthen the position in the health care market. The acquisition needs an approval by the Norwegian competition authority (Konkurransetillsynet).. Proffice 4(13)
THE GROUP Group turnover and operating profit The Group s net turnover for the second quarter 2010 amounted to MSEK 1.024 (1.004). This is an increase in turnover of 2% compared to the same quarter of the previous year. This is largely attributable to the increase in turnover within temporary staffing, primarily in Sweden. The turnover within outplacement has declined by MSEK 78 or 67 per cent, when comparing Q2 2010 to Q2 2009. The Group s operating result for the second quarter 2010 amounted to MSEK 25 (40), a decline of 37% compared with the same period of the previous year. The decline is largely attributable to the market situation within outplacement. The operating result for outplacement showed a loss of MSEK -12 during the quarter, compared with a profit of MSEK 32 previous year. Earnings after financial items for the quarter amounted to MSEK 24 (39), a decline of 38% compared with the same period of the previous year. The Group s net turnover for the first half year of 2010 amounted to MSEK 1.931 (2.053). This is a decline in turnover of 6 % compared with the same period of the previous year. This is largely attributable to the new market situation in outplacement and the lag in Norway during the first quarter. The Group s operating result for the first half year amounted to MSEK 53 (88), a decline of 40% compared with the same period of the previous year. The decline is attributable to a reduced demand within outplacement. Earnings after financial items for the first half year amounted to MSEK 52 (87), a decline of 40% compared with the same period of the previous year. Liquidity and financial position Cash and bank at the end of the period was MSEK 136 (191) and the equity/assets ratio was 40 (38) %. Disposable liquid assets, including unused credit undertakings, amounted to MSEK 341 (371). Interest-bearing liabilities amounted to MSEK 19 (30). During the first half year, Group interest-bearing liabilities have been payed off by MSEK 5. The Group shareholders equity at the end of the period was MSEK 603 (594). Shareholders equity has increased by MSEK 28 since the turn of the year. Of the Group s non-restricted equity, a total of MSEK 45 has been distributed to the shareholders. Cash flow Cash flow for the second quarter from current operations amounted to MSEK -64 (5), of which changes in working capital amounted to MSEK -83 (-27). The change in receivables is attributable as a whole to accounts receivable. The change in accounts receivable can be explained partly by the increase of accounts receivable due less than a week, almost 70% of the increase, partly the increase of turnover between the quarters. Cash flow for the period from current operations amounted to MSEK -70 (52), of which changes in working capital amounted to MSEK -85 (-13). This is attributable to the market turn around for recruitment and temporary staffing and to an increased binding of capital in accounts receivable. Cash flow from investment activities amounted to MSEK -12 (-17), acquisition of tangible fixed assets amounted to MSEK -1 (-12). Cash flow from financing operations amounted to MSEK -45 (-18) and is largely attributable to the pay off of an acquisition loan for Medifact AS by MSEK -5 (-4) and the distribution to shareholders by MSEK -40 (-2). After the period another MSEK 5 has been paid off. Cash flow from current operations has been affected by payment of taxes of MSEK -52 (-28). Taxes The Group s tax expense for the first half year amounted to MSEK -15 (-28). The tax rate for the year amounts to 29% (32) %. Income taxes recoverable in respect of the year s deficit in parts of the Danish businesses have not been activated. The tax expense is calculated on the basis of the current tax rate for the Parent Company Proffice 5(13)
and subsidiary companies respectively. Consideration is given to temporary differences and existing deficit deductions. Personnel The average number of employees in the Group amounted to 6,375 (6,647), a reduction of 272 employees or 4%. OPERATING AREAS During the second quarter Temporary staffing increased by 10%, largely attributable to the improved market situation in Sweden and Norway. Recruitment has increased by 32%, largely attributable to the improved market situation in Sweden by 39%. Outplacement has declined by 67%, due to the changed market conditions and a reduced demand. During the first half year Temporary staffing increased by 1 %, to a large extent due to an increase in the Swedish operations. Recruitment increased by 23 %, primarily driven by an improvement in the Swedish market with 35%. Outplacement declined by 65 %, largely attributable to the declined outplacement market. Break-down by operating areas Apr-June Apr-June Jan-June Jan-June Jan-June MSEK 2010 2009 2010 2009 change Temporary staffing 91% Recruitment 5% Outplacement 4% Net turnover Temporary staffing 940 853 1 760 1 742 10% Recruitment 45 34 86 70 32% Outplacement 39 117 85 241-67% Total 1 024 1 004 1 931 2 053 2% BUSINESS AREAS During the second quarter Business area Finance continues to decline in the Norwegian market compared to the same period during the previous year. Business area Industry/Logistics is showing good growth. The business area currently has 31% (25%) of the total Temporary Staffing turnover. Also during the second quarter, the recruitment freeze in Region Huvudstaden in Denmark attributes to a decline in business area Care. During the first half year Temporary staffing is Proffice s largest operational area, and is divided into a number of business areas. Some activities are conducted in Nordic specialist companies and other areas are conducted in national units. The decline in business areas Finance and Office/Customer Service are mainly attributable to the market in Norway, and late implementation of agreements with some major Norwegian companies during the first quarter. The decline within Care is due to the recruitment freeze in Region Huvudstaden in Denmark. Proffice 6(13)
Break-down by business area in temporary staffing Apr-June Apr-June Jan-June Jan-June Apr-June MSEK 2010 2009 2010 2009 change Break-down by business area Jan - June 2010 Finance 9% Office/Cust 35% IT 13% Indust/Logist 31% Care 8% Life Science 4% Other0% Net turnover Finance 76 89 153 198-15% Office/Cust 324 299 620 605 8% IT 123 117 233 238 5% Indust/Logist 308 225 546 441 37% Care 70 83 137 177-16% Life Science 34 36 65 72-6% Other 5 4 6 11 25% Total 940 853 1 760 1 742 40% COUNTRIES Sweden Proffice s Swedish operations increased during the quarter by 5% due to the increase within Temporary Staffing and Recruitment, in spite of the decline in Outplacement. Temporary Staffing and Recruitment had a strong growth. During the second quarter 2010 the turnover was MSEK 716, compared to MSEK 602 during the same period previous year, an increase by 20%. The profitability has increased by MSEK 34 to MSEK 57, an increase by 68 per cent. Turnover within outplacement has declined by MSEK 78 or 67 per cent, when comparing Q2 2010 with Q2 2009. This was a loss by MSEK -12 for the quarter, compared to previous year s profit of MSEK 32. The specialisation strategy continued to have a positive effect compared with the market in general. Norway Norway was affected later than Sweden both by the market downturn and upturn. During the second quarter, the trend in turnover changed and the turnover increases. Earnings have clearly improved from MSEK -11 during the second quarter last year to a profit of MSEK 4 during this quarter. Denmark Proffice Care experienced a considerable decline in volume on account of an employment freeze in Region Huvudstaden, which had a negative effect on earnings also during the second quarter. Restructuring measures carried out by Proffice A/S have produced a considerable improvement in earnings. This includes all temporary staffing activities excluding Care. The companies in Denmark underwent a restructuring programme, and now have joint management for both businesses. Finland Proffice Finland experienced a decline in volumes during the period compared with the previous year. The operating result for the period is the same. Proffice 7(13)
Break-down by countries Apr-June Apr-June Jan-June Jan-June Jan-June MSEK 2010 2009 2010 2009 change Breakdown by countries Jan - June 2010 Turnover Sweden 755 720 1 422 1 444 5% Norway 239 231 443 488 3% Denmark 9 24 23 61-63% Finland 21 29 43 60-28% Total 1 024 1 004 1 931 2 053 2% Sweden 74% Norway 23% Denmark 1% Finland 2% Operating profit Sweden 45 68 83 127-34% Norway 4-11 4-9 - Denmark -5-4 -7-5 - Finland 0-1 0-2 - Other -20-12 -28-23 -67% Total 24 40 52 88-40% OPERATING SEGMENTS At present, Proffice s Nordic specialist companies comprise Proffice Care within Care, Dfind within IT, Proffice Life Science, and Antenn within Outplacement. The decline in turnover and earnings of the Nordic specialist companies is primarily attributable to the decline in the Outplacement business area. The specialisation strategy continues to have a positive effect on margins in total. In Proffice s national companies, there has been a positive growth. The Nordic specialist companies has had a negative growth, the largest single cause is the decline in the Outplacement business area. The operating margin of the national companies has improved, and now amounts to 5.4 (1.5) % during the first half year. The operating margin for the national specialist companies has declined and amounts to 0.6 (12.8) % for the period. Proffice s business model is based on balanced operating areas with a purpose to give the Group a stable financial development. At the recovery of the business climate there was a delay in the market, which gave Outplacement a decline before the upturn in Recruitment and Temporary Staffing. The change from the first quarter to the second quarter of the operating profit for Other is attributable to the timing of the different projects. Break-down by segment Apr-June Apr-June Jan-June Jan-June Jan-Dec MSEK 2010 2009 2010 2009 2009 Turnover National companies 757 656 1 405 1 335 2 634 Nordic specialist companies 267 348 526 718 1 274 Total 1 024 1 004 1 931 2 053 3 908 Operating profit National companies 42 7 77 20 84 Nordic specialist companies 2 46 3 92 123 Other -20-13 -28-24 -47 Total 24 40 52 88 160 Result from financial investments 0-1 0-1 0 Result after financial items 24 39 52 87 160 The above item Other includes the Parent Company s operations. Proffice 8(13)
OTHER INFORMATION The Proffice share On June 30 2010, the number of shares was 69,723,773, of which 65,723,773 were Class B shares. The 2007 options programme equivalent to 2,100,000 options expired during the period without being utilized. In accordance with the resolution of the Annual General Meeting in 2009, an options programme for the Nordic Management Group and other key staff was carried through. The offer was made on terms adjusted to market conditions. On full redemption of the options, a maximum of 1,000,000 new shares can be issued, which corresponds to a dilution of approximately 1.42% of the total number of shares. The Proffice share is listed on the Small Cap segment of the OMX Nordic Exchange Stockholm. Data per share Apr-June Apr-June Jan-June Jan-June Jan-Dec 2010 2009 2010 2009 2009 Number of shares at end of period 69 723 773 69 723 773 69 723 773 69 723 773 69 723 773 Average number of shares 68 840 000 69 723 773 68 842 851 69 723 773 69 528 298 Earnings per share before dilution, SEK 1) 0,20 0,34 0,42 0,80 1,45 Earnings per share after dilution, SEK 1) 0,20 0,34 0,42 0,80 1,45 Shareholders' equity per share, SEK 8,65 8,52 8,65 8,52 9,03 1) Earnings per share is calculated as profit after taxes on continued operations relating to owners of parent company divided by average number of shares Transactions with associated companies or connected persons In connection with the redemption of an option to acquire the minority share in Proffice Mediakompetens AB and Proffice Nord-Norge AS, a transaction has been carried through with previous minority owners, the companies managing directors. The transaction amounts to a total of MSEK 11, MSEK 8 attributes to Proffice Mediakompetens AB, and MSEK 3 attributes to Proffice Nord-Norge AS. Other than this, no transactions with associated companies or connected persons with any substantial effect on the Company s position and earnings have occurred during the period, apart from customary transactions between Group companies. Risks and uncertainty factors The most significant risk and uncertainty factors of the Group and Parent Company primarily include sensitivity to the business cycle and market changes. Access to qualified staff is also seen as an uncertainty factor. In addition to this, through its Nordic presence, Proffice is exposed to financial risks primarily in the form of currency risks. Influence factors and financial risk management are explained in detail in Proffice s 2009 Annual Report, Note 2 and Note 3 (pages 19-20). Apart from the risks described there, it is considered that no other substantial risks have occurred. Antenn Consulting AB has a lawsuit against a subcontractor over the correctness of invoices, at a non-material value. The Parent Company The Parent Company s operations consist of joint functions within such things as Finance, HR, IT, marketing and information. Net turnover amounted to MSEK 59 (30) and refers solely to internal invoicing of services. The Parent Company s operating earnings amounted to MSEK -29 (-22) for the period. Earnings after financial items amounted to MSEK -27 (-93). Investments in tangible fixed assets amounted to MSEK 0 (0). Disposable liquid funds amounted to MSEK 242 (274), including unutilised credit lines of MSEK 205 (203). Accounting principles The Group s Interim Report has been prepared in accordance with IAS34 Interim Financial Reporting and in accordance with the Swedish Annual Accounts Act. The Interim Report for the Parent Company has been prepared in accordance with the Annual Report Act, Chapter 9, Interim Report. The same accounting principles have been used for the Group and the Parent Company as in the latest Annual Report, except standards and interpretation statements as follows. Proffice 9(13)
Revised IFRS 3 Business Combinations and revised IAS 27 Consolidated and Separate Financial Statements. The revised and amended standards will be applied as from 2010. The amendments will only have future effects for the Company. Other new aspects are not expected to have any effect. This Interim Report has not been subject to review by the Company s auditors. The Board of Directors and CEO certify that the interim report gives a true and fair overview of the Group s operations, financial position and results of operations, and describes significant risks and uncertainties facing the Group. Proffice AB (publ) Stockholm August 19, 2010 Lars Kry VD och koncernchef Lars Murman Cecilia Daun Wennborg Christer Hägglund Styrelsens Ordförande Styrelseledamot Styrelseledamot Gunilla Wikman Joakim Rubin Karin Eliasson Styrelseledamot Styrelseledamot Styrelseledamot Pamela Valenzuela Silva Styrelseledamot/Personalrepresentant Sylvia Kristensen Styrelseledamot/Personalrepresentant Questions related to this report will be answered by: Lars Kry, CEO, phone +46 73 3434 300, lars.kry@proffice.com Markku Onnela, CFO, phone +46 73 3434 800, markku.onnela@proffice.com Proffice AB (publ), org. nr. 556089-6572, Box 70368, 107 24 Stockholm. phone: +46 8 787 17 00, www.proffice.com Upcoming reports: Interim report January September 2010: 2010-11-11 at 08:00 CET The Annual Report is available on the Company s website. The printed version can be ordered via the company s e-mail address: info@proffice.com This report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish and the translation, the former shall have precedence. Proffice 10(13)
Consolidated comprehensive income statement Apr-June Apr-June Jan-June Jan-June Jan-Dec MSEK 2010 2009 2010 2009 2009 Net turnover 1,024 1,004 1,931 2,053 3,908 Operating costs Staff costs -820-770 -1,547-1,554-2,965 Other external costs -173-191 -320-405 -738 Restructuring costs - - - - -25 Depreciation of tangible assets -6-3 -11-6 -20 Operating profit 25 40 53 88 160 Profit from financial items Financial income 2 2 3 4 8 Financial expenses -1-2 -2-4 -8 Exchange rate fluctuation -2-1 -2-1 - Profit after financial items 24 39 52 87 160 Taxes -8-14 -15-28 -49 Profit for the period 16 25 37 59 111 Other comprehensive income for the period Translation differences in foreign subsidiaries for the period -4-1 -9 16 18 Comprehensive income for the period 12 24 28 75 129 Period s profit attributable to Parent company shareholders 10 24 29 56 101 Minority share of comprehensive income 6 1 8 3 10 Period s comprehensive income attributable to Parent company shareholders 6 23 20 72 118 Minority share of comprehensive income after dilution 6 1 8 3 11 Earnings per share before dilution, SEK 1) 0.20 0.34 0.42 0.80 1.45 Earnings per share after dilution, SEK 1) 0.20 0.34 0.42 0.80 1.45 1) Earnings per share is calculated as profit after taxes on continued operations relating to owners of parent company divided by average number of shares Statement of consolidated financial position June June Dec MSEK 2010 2009 2009 Assets Intangible assets 422 427 438 Tangible assets 44 35 55 Financial assets 1 1 3 Deferred Tax 22 17 19 Current receivables 902 894 789 Liquid resources 136 191 267 Total assets 1,527 1,565 1,571 Shareholders' equity and liabilities Shareholders' equity 580 568 590 Minority interest 23 26 30 Non interest-bearing long-term liabilities 27 25 27 Interest-bearing long-term liabilities 11 29 16 Non interest-bearing short-term liabilities 878 916 900 Interest-bearing short-term liabilities 8 1 8 Total shareholders' equity and liabilities 1,527 1,565 1,571 Pledged assets 245 245 245 Contingent liabilities - - - Key ratios Apr-June Apr-June Jan-June Jan-June Jan-Dec 2010 2009 2010 2009 2009 Operating margin 2.3% 4.0% 2.7% 4.3% 4.1% Profit margin 2.3% 3.9% 2.7% 4.2% 4.1% Return on shareholders' equity 14.9% 12.4% 14.9% 12.4% 19.5% Net debt, MSEK -117-161 -117-161 -243 Equity/assets ratio 39.5% 38.0% 39.5% 38.0% 39.5% Average number of employees 6,375 6,647 6,375 6,647 5,773 Proffice 11(13)
Change in shareholders' equity Attributable to the parent company shareholders Share- Other Reserves Profit Attributable Total capital contributed brought to minority shareholder's MSEK capital forward shareholders equity Shareholders' equity 31 December 2008 17 358 1 119 24 519 - Total result for the period - - - 49 2 51 Shareholders' equity June 2009 17 359 5 187 26 594 Shareholders equity 1 jan 2009 17 358 1 119 24 519 - Total result for the period - - 18 101 10 129 - Premiums paid for options - 2 - - - 2 - Repurchase of shares - - - -26 - -26 - Dividend - - - - -4-4 Shareholders' equity December 2009 17 360 19 194 30 620 - Total result for the period - - - 20 8 28 - Dividend - - - -34-11 -45 Shareholders' equity June 2010 17 360 19 180 27 603 Consolidated cash flow statement Apr-June Apr-June Jan-June Jan-June Jan-Dec MSEK 2010 2009 2010 2009 2009 Operating activities Profit after financial items 24 39 52 87 160 Adjustment for non-cash items Reversed depreciation and write-downs 5 3 11 6 20 Other 4 0 4 0 1 Tax paid -14-10 -52-28 -36 Cash flow from operating activities before change in working capital 19 32 15 65 145 Change in working capital Change in receivables -119 5-90 1 100 Change in liabilities 36-32 5-14 -44 Cash flow from operating activities -83-27 -85-13 56 Cash flow from current operations -64 5-70 52 201 Investing activities Acquisition of subsidiarie -11-5 -11-5 -5 Acquistion of intangible assets 0-0 0-9 Acquisition of tangible fixed assets -1-6 -1-12 -45 Amortization of loans receivable 0 0 0 0 1 Sale of tangible assets 0 0 0 0 0 Cash flow from investing activities -12-11 -12-17 -58 Financing activities Paid-in options - 1-1 2 Paid dividends -40-2 -40-2 -4 Share buy-back - - - - -26 Amortisation of loans -2-1 -5-17 -22 Cash flow from financing activities -42-2 -45-18 -50 Cashflow for the period -118-8 -127 17 93 Liquid funds at beginning of year 255 200 267 168 168 Exchange rate differences in liquid funds -1-1 -4 6 6 Liquid funds at period-end 136 191 136 191 267 Proffice 12(13)
Income statement - Parent company Apr-June Apr-June Jan-June Jan-June Jan-Dec MSEK 2010 2009 2010 2009 2009 Net turnover 29 13 59 30 60 Operating costs Staff costs -23-13 -41-29 -55 Other external costs -25-11 -47-23 -50 Depreciation of tangible assets 0 0 0 0-1 Operating loss -19-11 -29-22 -46 Profit/loss from financial items Loss from shares and participations in Group and associated companies - - - -73-81 Interest income and similiar income statement items 3 2 4 4 5 Interest expenses and similiar income statement items -1-1 -2-2 -3 Loss after financial items -17-10 -27-93 -125 Appropriations - - - - Tax 5 2 6 4-15 15 Loss for the period -12-8 -21-89 -125 Balance sheet - parent company June June Dec MSEK 2010 2009 2009 Assets Tangible assets 2 3 3 Financial assets 449 436 439 Current receivables 504 498 669 Liquid resources 37 94 160 Total assets 992 1,031 1,271 Shareholders' equity and liabilities Shareholders' equity 358 397 413 Tax allocation reserve 49 33 49 Non interest-bearing short-term liabilities 36 49 66 Interest-bearing short-term liabilities 549 552 743 Total shareholders' equity and liabilities 992 1,031 1,271 Pledged assets 182 182 182 Contingency liabilities 7 6 7 Proffice 13(13)