Poolia Annual Report 2009


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2

Applications

Shareholders who wish to attend the AGM must be regis-tered in the Euroclear Sweden AB share register no later thanWednesday, 21 April 2010, and be registered with Poolia nolater than Wednesday, 21 April 2010.

Applications to participate at the AGM may be submitted toPoolia ABTo: Tarja RoghultBox 30081, SE-104 25 Stockholm

Applications may also be submitted byTel: +46 8 - 555 650 33

Fax: +46 8 - 555 650 90e-mail: [email protected]

The application must include name, phone number, personalID number or corporate registration number, as well as thenumber o proxies. I shareholders with shares registered toadministrators are to be entitled to participate at the AGM, itis a requirement that the shareholder has his/her shareholdingregistered under his/her own name so that the shares are regis-tered to their owner in good time ahead o 21 April 2010.

Dividend

The Board o Directors proposes a dividend to shareholderso SEK 1.50 per share. It is proposed that 30 April be the rec-onciliation date. I the AGM passes a resolution in accord-ance with this proposal, it is estimated that the dividend willbe issued rom Euroclear Sweden AB on 5 May.

CALENDAR

Interim Report January-March 27 April 2010

Interim Report January-June 20 July 2010Interim Report January-September 27 October 2010 Year-end report 2010 February 2011

Other

ISIN-codeSE0000567539Short name on NASDAQ OMX POOL B

Invitation to the Annual General Meeting

The shareholders o Poolia AB (publ) are hereby

invited to the AGM, to be held on Tuesday 27

April 2010 at 4pm at the company's premises

in Stockholm at Warvinges vg 20.

Holding

Shareholder inormation 2Poolia in brie 2009 3From the CEO 5Markets 7The Poolia share 10Five-year summary 12

Board o Directors Report 13

Group 20Parent company 23Notes 25 Auditors report

Corporate governance report 37Group management 43Board o directors 44Denitions 45

Addresses


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3

Poolia in brie, 2009

1989Bjrn rs ounds Ekonompoolen(Pool o Accountants) inStockholm.

2008Continued strong growth andPoolia's most protable year ever.Continued expansion in Germany.

1999Poolia is launched on the StockExchange, and becomes the rstcompany in Sweden to oer a Legal

business area.

1992New legislation in Sweden toderegulate temporary stang.

2009Recession and decline in demandplaces high demands on eciencyand cost awareness. Continuedgrowth in the subsidiary Dedicare.

1996Bjrn rs becomes sole owner.The company adopts a new strategyto become a ull-service supplier

within the stang sector.

Poolia in brief

Poolia's history

2000Poolia becomes Sweden's secondastest-growing company andthird largest stang company.Operations start in Denmark andFinland.

2004Poolia turns to prot. Acquisitiono UK company Parker Bridge,

with operations in London andEdinburgh. Unifex is portioned outto shareholders and listed on theStock Exchange.

2001Acquisition o CompetenceSkterskejouren, leading tothe inception o Poolia Vrd.

Acquisition o A&Z and thereby thestart o operations in Germany. Thestang market declines due to the

recession and Poolia's protabilityalls.

proportion o revenues by segment revenues, MSEK

0

200

400

600

800

1000

1200

1400

1600

2005 2006 2007 2008 2009

2002New strategy a ocus on qualiedpositions under the PooliaProessionals brand. Services within

Warehouse & Industry are organisedin a separate subsidiary calledUnifex. Poolia Healthcare starts up

in Norway.

2007Johan Eriksson is appointed newMD and CEO. Dedicare is launchedunder a separate brand.

1993Teknikerpoolen ounded.Deregulation o the permanentplacement market.

Dedicare 26.1 %

Germany 7.4 %

Denmark 0.5 %Finland 2.5 %

Sweden 53.4 %

UK 10.2 %


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4

Employee survey conducted annually among employees in each country (excluding

Dedicare). In Sweden this includes both internal sta and temps, while in Finland, the UK

and Germany only internal sta are included. Denmark excluded or reasons o size.

average number o employees

earnings per share, SEK

Employee satisaction index 2005-2009

equity/assets, %

operating prot/loss, MSEK proportion o employees by country

gender distribution

Employee satisaction index 2009

10

20

30

40

50

60

70

2005 2006 2007 2008 2009

-3

-2

-1

0

1

2

3

4

5

2005 2006 2007 2008 2009

56

58

60

62

64

66

68

70

2005 2006 2007 2008 2009

0

20

40

60

80

Women 67 %

-40

-20

0

20

40

60

80100

120

2005 2006 2007 2008 2009

2250

0

250

500

750

1000

1250

1500

1750

2000

2005 2006 2007 2008 2009

Poolia in brie, 2009

UK 14 %

Finland 3 %

Norway 4 %

Denmark 1 %

Germany 11 %

Sweden 67 %

Men 33 %

Poolia

Sweden Finland Germany UK

Private sector


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6

From the ceo

produced a more structured selection o clients and indus-tries that we have ocused on. This has allowed us to expandour client base in order to reduce the dependence on indi-vidual clients.

In Sweden, the recent economic downturn has to date been characterised by regional dierences in which theStockholm region has ared well. We have a major presencein and around Stockholm, which has beneted us.

Satised employees and healthy nances

One o the main reasons why we have managed well in thedownturn is, in addition to our high quality and the eective-ness o our processes, the skill o our sta. As our single mostimportant resource, sta job satisaction and their commit-ment are key issues or us. It is thereore gratiying that wehave improved the results in this year's employee survey, andor each business area and also or the Group as a whole. Be-ing a good employer is a prerequisite or attracting and re-cruiting skilled employees.

Our strong nancial position in these times creates stabilityand a good working atmosphere. Not having to be infuencedby the demands o external unders and lenders means thatwe do not have to adapt to changing loan terms and imple-ment short-term solutions to solve liquidity problems. Wecan ocus on running our business rom a long-term per-spective and in the best possible way. The ongoing process ostreamlining our processes and cost control are the reasonsor our strong cash fow. Liquidity exceeds our working capi-tal needs and we are thereore proposing a dividend o SEK1.50 per share, which corresponds to MSEK 25.7 in total.

Industry developmentThe stang industry has, like many other industries, had achallenging year. A positive actor or the stang industry isthat it historically has grown more than other industries ol-lowing each recession. During the next upturn the penetra-tion rate will in all likelihood increase primarily in Swedenand Germany, where it currently is relatively low. One reasonor this is that employers want more fexibility to be in a bet-ter position to meet market demand.The low penetration rate in the proessional segment in Ger-

many supports our belie that this market has the potentialto perorm strongly in the uture. We thereore chose to re-tain the existing oces in order to be ready to capture mar-ket share once the economy starts to recover. This meant that

costs were higher than i phasing them out, but we believethat it will be a protable strategy in the long term.

Poolia's growth

In 2009, we established two new oces, one in Linkpingand one in Gvle. Dedicare opened a new oce in Oslothereby expanding its geographical coverage in the Norwe-gian market. A local aliation is required to interace with

clients and to attract candidates. The ocus is entirely con-sistent with our objective to grow organically. We hope andbelieve that this will attract new clients and employees andresult in a stronger position in the market.

Last year we entered the outplacement market which is amarket that has developed extremely positively in 2009. Wewill be putting additional ocus on this business area in 2010where there is still a great potential to do business.

Focus 2010

We will be investing in 2010 to expand the permanent place-ment segment as it is strategically important to us and has amajor impact on the bottom line. To have extra ocus on per-manent placement is particularly important in the UK orus to succeed in turning a loss in 2009 into prot 2010. Wewill also be ocusing on identiying new, qualied candidateswho are ready to take on our new assignments. The marketsthat reported a negative result in 2009, extra ocus will beon turning them into a positive one. It is also important thatwe can get the small oces to grow into stable operations.The costs o establishment have already been made, so wecan now ocus on building the critical mass.

Finally, I am proud that we can sum up the year by announc-ing a positive cash fow and that we can provide a high divi-dend to our shareholders. I would like to thank our employeesor their dedication and eciency in helping to make Pooliathe successul company it is. I would also like to thank ourclients or their trust, and hope that we together can make2010 a successul year.

Johan ErikssonMD and CEO


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7

Poolia Sweden

In 2008, sales or the Swedish sta-ing market were MEUR 2,400* andhad a penetration rate o 1.3 %*.

Poolia is the single largest supplierthat ocuses exclusively on skilledsta. Poolia Sweden's sales droppedby 17 % to MSEK 700.2 with an op-

erating prot o MSEK 31.0. The op-erating margin or the ull year was4.4 %. Poolia's Swedish operationsaccounted or 53.4 % o consolidated

revenues. Temporary stang services accounted or 95 % orevenue and permanent placement or 5 %. Our estimatedmarket share** in the proessional segment was 10.3 %,which is in line with previous year.

Poolia UK

With sales o MEUR 3,500* the

stang market in the UK is by arthe largest in Europe. It is also amature market, with a penetrationrate o 4.1 %, more than in all otherEuropean countries. Poolia's rev-enues totalled MSEK 132.2, whichis a drop o 24 % The operating loss was MSEK -6.9 The UK accountsor about 10 % o Poolia's revenues.Temporary stang services account-

ed or 90 % o revenue and permanentplacement or 10 %.

markets

Poolia operates today in the markets in Sweden, Denmark, Finland, Germanyand the UK. Our segmentation matches our geographic division, and healthcaresegment in which our subsidiary Dedicare operates. Dedicare is also active inNorway. Poolia works exclusively with permanent placement and stang in theprocessional eld.

sa Edman KllstrmerMD Poolia Sweden

** The market share is calculated on the part o the market comprising per-manent placement and temporary stang in the proessional sector orthe 35 companies that orm the basis o Bemanningsretagens statistics.

Markets

Swedenrevenues and operating margin

0

2

4

6

8

10

12

0

100

200

300

400

500

600

700

800

900

2005 2006 2007 2008 2009

%MSEK %

* Latest available statistics or market sales are taken rom the 2008 guresin CIETT (International Conederation o Private Employment Agencies).

Shaun GreeneldMD Poolia UK

UKrevenues and operating margin

-20

0

20

0

50

100

150

200

250

300

350

2005 2006 2007 2008 2009

MSEK %


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8

Poolia Germany

The German stang market hadsales o approximately MEUR 14,700*

in 2008. The penetration rate stoodat 2.0 %*. Poolia Germany's saleswere MSEK 97.4, a drop o 3 %, withan operating prot o MSEK 2.4. Theoperating margin or the ullyear was2.5 %. Operations account or about7.5 % o Poolia revenues and 8.4 % o

operating prot. Temporary stangservices accounted or 89 % o rev-enue and permanent placement or

11 %. The German market is very regional and conditionsvary greatly between the regions, and a local presence is im-portant in terms o the potential to do business.

Poolia Finland

The total stang market in Finlandin 2008 had sales o around MEUR1,050*. The penetration rate was ap-

proximately 1.3 %*. Poolia Finlandrevenues have enjoyed better growththan the industry in general showingan increase o 5 %. Poolia Finland'ssales in 2009 were MSEK 32.6 withan operating prot o MSEK 2.2.Temporary stang services account-ed or 93 % o revenue and permanentplacement or 7 %.

Poolia Denmark

The total stang market in Den-mark in 2008 was estimated atMEUR 1,600. Temporary stangin the stang industry in Denmarkrelates to a relatively high proportiono industrial and warehouse and con-struction workers, while the propor-tion in the proessional sector is lowerthan in other Nordic countries. Thepenetration rate was around 0.8 %*.Poolia Denmark's sales ell in 2009

by 62 % to MSEK 5.9. The operating loss was MSEK -3.5.

Temporary stang services accounted or 60 % o revenueand permanent placement or 40 %.

markets

Jose MajanenMD Poolia Finland

Alred UnterschemmannMD Poolia Germany

nlandrevenues and operating margin

0

2

4

6

8

10

12

0

5

10

15

20

25

30

35

2005 2006 2007 2008 2009

%MSEK %

germanyrevenues and operating margin

MSEK %

-120-100

-80

-60

-40

-20

0

20

0

20

40

60

80

100

120

2005 2006 2007 2008 2009

Lars HezsMD Poolia Denmark

denmarkrevenues and operating margin

MSEK %

-70

-60

-50

-40

-30

-20

-10

0

10

20

0

5

10

15

20

25

2005 2006 2007 2008 2009


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9

dedicare

Dedicare, Poolia's subsidiary inhealthcare stafng operates in

Sweden, Norway and Finland.Dedicare has been very successulin both the Swedish and Norwegianmarkets, and is now the biggest inSweden in temporary stang o nurs-es, and one o the our largest in tem-porary stang o doctors. Dedicarecontinued to perorm well during the

year. In 2009, revenues rose by 26 %to MSEK 341.8, which is 26 % o theGroup's total revenues. The operating prot was MSEK 25.1and the operating margin was 7.3 % which is in level withlast year.

Stig Engcrantz MD

Dedicare

dedicarerevenues and operating margin

0

1

2

3

4

5

6

7

8

9

0

50

100

150

200

250

300

350

2005 2006 2007 2008 2009

%MSEK %


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10

the ten biggest Swedish shareholdersHolding Votes

Name A-shares B-shares % %

Bjrn rs 4,023,815 4,151,445 47.75 73.07

Swedbank Robur SmbolagsondNorden 737,273 4.31 2.22

Skandia Fond Smbolag Sweden 657,000 3.84 1.98

Fjrde AP-onden 632,497 3.69 1.90


Verdipapirond Odin Sweden 561,587 3.28 1.69

Riksbankens Jubileumsond 450,000 2.63 1.35

Carlson Smbolagsond 396,703 2.32 1.19

Stella Smbolag 300,000 1.75 0.90

LivrskringsAB Skandia (publ) 281,372 1.64 0.85

Total 4,023,815 8,774,338 74.75 86.98

The Poolia sharePoolia was launched on the Stockholm Stock Exchange on23 June 1999. Share capital as at 31 December 2009 totalledSEK 3,424,399 divided among 17,121,996 shares, o which4,023,815 were class A shares and 13,098,181 were class Bshares, at a par value o SEK 0.20. Each share provides equalentitlement to the companys assets and prots. A class Ashare provides entitlement to one vote and a class B shareto 1/5 vote.

Incentive schemesThere are no incentive schemes.

Share price movementThe share price was SEK 23.00 at the beginning o the year

and SEK 37.40 at 31 December 2009. The highest price othe Poolia share during the year was SEK 38.80, and thelowest SEK 22.50.

Stock exchange tradingThe Poolia share is listed on the NASDAQ OMX StockholmAB stock exchange under the designation POOL B. A round lotconsists o 1 share, and the par value o the share is SEK 0.20.

Dividend policy

The Board o Directors long-term dividend policy is that

annual dividends shall normally exceed 50 % o the Group's

ater-tax prot.

The Poolia share

the ten largest oreign shareholders

Holding VotesName A-shares B-shares % %

United Nations Joint StaPension Fund UK 294,000 1.72 0.89

SSB CL Omnibus AC OM07(15 PCT), USA 265,922 1.55 0.80

Baillie Giord EUR Smaller CO FNDS,UK 144,962 0.85 0.44

Northern Trst Guernsey Treaty Clien,Lending Acc, USA 118,340 0.69 0.36

Banque Cantonale Vaudoise, W8IMY,Switzerland 82,000 0.48 0.25

CR Suisse Lux S A PB, Luxembourg 63,400 0.37 0.19

Catsab Investment AS, Denmark 59,397 0.35 0.18

Jyske Bank CLNT HDG NON DKClients, Denmark 48,441 0.28 0.15

Placeringsond Nordea, Garanti, Finland 37,605 0.22 0.11

SEB Private Bank S.A., NQI, Luxembourg 37,200 0.22 0.11

Total 1,151 267 6.72 3.47

Holdings at 31 December 2009

Holding VotesNo. o shares No. o shareholders % %

1 1,000 2,248 3.86 1.99

1,001 5,000 280 3.88 2.00

5,001 50,000 53 3.83 1.97

50,001 27 88.44 94.04

Total 2,608 100.00 100.00

analysts who monitor poolia

Name Company

Stean Andersson SEB Enskilda

Anders Tegeback Handelsbank

Mikael Ldahl Carnegie

Alexander Weiss Re


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11

The Poolia share

Change in share price 2009, sek

ownership categories

Change in share price 20052009, sek

key ratios per share

2009 2008 2007 2006 2005

No. o shares,average 17,121,996 17,808,094 18,466,506 18,460,553 18,443,464

No. o shares,outstanding 17,121,996 17,121,996 18,466,506 18,466,506 18,444,970

Prot pershare, SEK 1.04 4.61 3.54 3.00 2.39

Equity pershare, SEK 12.79 16.21 15.90 14.91 12.30

Dividend pershare, SEK 1.501 4.50 2.50 2.50 0.25

Share price31/12, SEK 37.40 20.80 35.00 67.25 42.00

P/E ratio 36.0 4.5 9.9 22.4 neg

1) Proposed by the Board o Directors.

share capital development (issued shares)

Year Event Change to share capital Total share capital Change to no. o shares Total no. o shares

1997 Fund issue 50,000 100,000 500 1,000

1999 Split 100,000 4,999,000 5,000,000

1999 New issue 7,301.76 107,301.76 365,088 5,365,088

1999 Fund issue 965,715.84 1,073,017.6 5,365,088

1999 New issue 266,660 1,339,677.8 365,088 6,698,388

2000 New issue 193,599.8 1,533,277.6 365,088 7,666,388

2001 Fund issue 3,066,555.2 4,599,832.8 365,088 22,999,164

2003 Share redemption -913,148.8 3,686,684 -4,565,744 18,433,420

2004 Reduction -184,401.9 3,502,282.1 18,433,420

2004 New issue 1,354 3,503,636.1 6,770 18,440,190

2004 Fund issue 184,401.9 3,688,038 18,440,1902005 New issue 956 3,688,944 4,780 18,444,970

2006 New issue 4,307.2 3,693,301.2 21,536 18,466,506

2009 Share redemption -268,902.2 3,424,399 -1,344,510 17,121,996

2009

JAN FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC15

20

25

30

35

40

OMX Stockholm_PI

NASDAQ OMX

2005 2006 2007 2008 2009

20

30

40

50

60

70

OMX Stockholm_PI

NASDAQ OMX

B shares B shares

Foreign owners 8 %Public sector 3 %

Social insuranceunds 5 %

Other 7 %

Financialcompanies 22 %

Swedish privateindividuals 55 %


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12

summary o the balance sheet

Amounts in MSEK 31/12/2009 31/12/2008 31/12/2007 31/12/2006 31/12/2005

Assets

Goodwill 91.5 89.6 98.8 99.5 99.7Other xed assets 25.0 34.0 28.6 21.5 15.7

Deerred tax assets 16.8 17.5 17.9 7.4 7.1

Current receivables 221.8 244.0 244.3 246.3 181.9

Cash and cash equivalents 67.8 116.5 111.4 95.5 88.2

Total assets 422.9 501.6 501.0 470.2 392.6

Shareholders Equity and liabilities

Shareholders Equity 221.0 279.4 293.6 275.4 226.8

Long-term liabilities 2.4 8.3 2.1 0.5 2.3

Current liabilities 199.4 213.9 205.3 194.3 163.5

Total Shareholders equity and liabilities 422.9 501.6 501.0 470.2 392.6

summary o the income statement

Amounts in MSEK 2009 2008 2007 2006 2005

Operating revenues 1,311.1 1,437.8 1,339.7 1,212.4 1,008.7

Operating expenses -1,268.1 -1,325.1 -1,262.4 -1,132.9 -988.6

Operating prot/loss beore depreciation and impairments 43.0 112.7 77.3 79.5 20.1

Depreciation o xed assets (excluding goodwill) -14.6 -7.4 -7.3 -4.8 -4.6

Goodwill impairment losses 48.1

Operating prot/loss 28.4 105.3 70.0 74.7 -32.6

Financial items 2.2 4.3 2.8 1.9 1.1

Prot/loss beore tax 30.6 109.6 72.8 76.6 -31.5

Taxes -12.1 -27.0 -7.5 -21.3 -12.6

Prot/loss or the year 18.5 82.6 65.3 55.3 -44.1

Five-year summary

FIVE-YEAR SUMMARY

The tables below present condensed nancial inormation or the nancial years 2005-2009.

key ratios

2009 2008 2007 2006 2005

Operating margin, % 2.2 7.3 5.2 6.1 -3.2

Prot margin, % 2.3 7.6 5.4 6.3 -3.1

Return on equity, % 7.4 28.9 23.0 22.0 -17.8

Return on capital employed, % 12.4 38.4 25.6 30.5 -12.6

Return on total assets, % 6.7 22.0 15.0 17.8 -7.7

Equity/assets ratio, % 52.3 55.7 58.6 58.6 57.8

Share o risk-bearing capital, % 52.8 57.4 59.0 58.6 57.8 Average number o employees 1,888 2,108 2,136 2,047 1,934

Revenues per employee, KSEK 694 682 627 597 522

Prot/loss per share, SEK 1.04 4.61 3.54 3.00 2.39


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13

The Board o Directors and the Managing Director oPoolia AB (publ), with its registered oce in Stockholm,Sweden, hereby submits its annual report and consolidatedaccounts or the nancial year 2009.

The ollowing income statements, report on comprehen-sive income, balance sheets, specications o shareholdersequity, cash fow statements and reports on the accounting

principles applied and notes represent Poolias ormal nan-cial reports.

Business descriptionPoolias business concept is to provide companies and or-ganisations with the skills that, either temporarily or perma-nently, meet their needs or qualied proessionals. Pooliahas chosen its path and ocuses on temporary stang andpermanent placement in the business areas o Finance & Accounting, Financial Services, Human Resources, Sales& Marketing, IT & Engineering, Oce Support and Execu-tive. Activities in the eld o healthcare stang have been

brought together under the separate Dedicare brand. In2009 Poolia operated in six countries: Sweden, Denmark,Finland, Norway, Germany and the UK. Poolia's visionis to become a European leader in temporary stang andpermanent placement o qualied proessionals, created byskilled and dedicated employees with the same value base.The long term goal is to become one o the top ve in Europein temporary stang and permanent placement o qualiedproessionals. Growth will primarily be organic, and in ex-ceptional cases through acquisitions.

The business is run in six subsidiaries that structurallyconorm with the six segments in line with which the busi-

ness is reported.

The Poolia share

Poolia is listed on NASDAQ OMX Stockholm AB under thedesignation POOL B. The company's largest shareholder,Bjrn rs, had at the end o 2009 73.07 % o the votes and47.75 % o the capital. Bjrn rs is also the Chairman o

the Board o Poolia. No other shareholder had a holding thatcorresponded to voting rights o 10 % or more.

The total number o shares issued is 17,121,996, o which4,023,815 are Class A shares and 13,098,181 are Class Bshares. Each Class A share provides entitlement to one vote

and each class B share to 1/5 vote.

Board of Directors Report

Directors Report

Poolia AB (publ) Corp. ID no. 556447-9912

segment subsidiary holding share o establishmentrevenues

Poolia Sweden Poolia Sverige AB 100 % 53.4 % Gvle, Gothenburg, Jnkping, Malm,(incl subsidiaries in commission) Norrkping, Linkping, Stockholm,

Sdertlje, Uppsala, Vsters, rebro.

Poolia Denmark Poolia Danmark A/S 100 % 0.5 % Copenhagen

Poolia Finland Poolia Suomi OY 100 % 2.5 % Helsinki

Poolia Germany Poolia Holding GmbH 100 % 7.4 % Dsseldor, Frankurt, Hamburg,(incl subsidiary) Hannover, Cologne, Mannheim, Munich

Poolia UK Poolia UK Holdings Ltd 100 % 10.2 % London(incl subsidiary)

Dedicare Dedicare AB (incl subsidiaries) 96 % 1) 26.1 % Sweden, Norway and Finland

the ten biggest shareholders

Holding VotesName A-shares B-shares % %

Bjrn rs 4,023,815 4,151,445 47.75 73.07


Skandia Fond Smbolag Sweden 657,000 3.84 1.98

Fjrde AP-onden 632,497 3.69 1.90


Verdipapirond Odin Sweden 561,587 3.28 1.69

Riksbankens Jubileumsond 450,000 2.63 1.35

Carlson Smbolagsond 396,703 2.32 1.19

Stella Smbolag 300,000 1.75 0.90

United Nations Joint Sta PensionFund, UK 294,000 1.72 0,89

Total 4,023,815 8,786,966 74.83 87.02

1) 4 % o the shares owned by Dedicare's MD, Stig Engcrantz


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14

There are no restrictions on the transerability o shares onthe basis o provisions in the Articles o Association. There areno agreements known to the company between shareholdersthat limit the entitlement to transer shares. Nor are there anyagreements to which the company is a party that take eect,are changed or cease to be valid i control over the companychanges as a consequence o a public take-over bid.

According to the Articles o Association, Board membersare appointed every year at the Annual General Meeting.The Articles o Association contain no restrictions on the ap-pointment or compulsory retirement o Board members or

in respect o changes to the Articles o Association.Decisions must be made in accordance with the Swed-

ish Companies Act. There are no agreements between thecompany and Board members or employees that dene com-pensation i anyone serves notice to leave the company, isdismissed without reasonable cause or i their employmentceases as a consequence o a public take-over bid, other thanthe agreements between the company and senior executivesas described in Note 8 and that include a severance paymentto the Managing Director and other senior executives o amaximum o 12 months.

Signicant events in 2009

Summary

Theglobalrecessionhasamajorimpactonthestang

industry. Withthehelpofsubstantialcostsavings,streamlining

and increased sales initiatives, the company succeeds inreducing the impact on results and maintaining a posi-tive cash fow.

Permanentplacementhasreduceditsshareofrevenues

to 5 % (9 %).

Signicant events by quarter

Quarter 1

Adaptingthebusinesstotherecessionwhichmeantin-tensied sales initiatives and increased market presence.

PooliaSwedenestablishesbranchocesinGvleand

Linkping. SecuredcontractswiththefourHelseregionsinNorway

gives Dedicare the opportunity to expand throughoutthe whole country. Dedicareinitiatestheestablishmentofanationaldeliv-

ery organisation in Norway.

Quarter 2

Reducedvolumesandhalvingtheproportionofperma-nent placement has a major impact on margins.

Continuedcostadjustments.

ContinuedstronggrowthinDedicare.

Quarter 3

Strenghtenedmarketpositionsincertainsectionsof

the Swedish market. Impairmentofxedassetimpactsonprots.

ConsolidationofoperationsinDenmark.

Quarter 4

Additional structural measures for improved eciency

implemented. Increasingtheshareofpermanentplacementcompared

to quarter 3.

Market trend

The global recession has aected Poolia over the year by aall in demand particularly in the permanent placementeld. This all in demand was evident in all segments exceptin Dedicare which showed strong growth even in 2009. Thedecline in permanent placement was sharp throughout 2009while the decline in temporary stang became evident aterthe rst quarter, although this part o the business remainedrelatively strong. In the healthcare segment, in which Dedi-care operates, growth has been good over the year. A descrip-tion o market trends by country is reported on Page 7.

Seasonal fuctuationsRevenues rom temporary stang operations are highly de-pendent on the number o working days (non public holidays)in the month and on holiday periods. The number o workingdays has the most signicant eect on earnings as temporaryconsultants in certain countries receive a xed monthly salary,regardless o the number o working days. This occurs mainlyin Sweden and Germany. In Sweden, approximately 15 % otemporary consultants receive a xed monthly salary.

Revenues rom temporary assignments extend over a longer period than revenues rom permanent placements.

Revenues rom both temporary stang and permanentplacement are lower during the holiday period in the sum-mer, except in the healthcare sector, where the seasons arereversed.

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RevenuesRevenues or the Group ell by 8.8 % to MSEK 1,311.1(1,437.8). Exchange rate fuctuations had a positive eect onrevenues o 1 % during 2009.

Temporary stang continued to be the dominant servicearea and accounted or 95 % o revenues. The proportion opermanent placement has decreased rom 9 % to 5 %, butthe proportion o permanent placement increased to 6 % inthe ourth quarter.

For the temporary stang operation, revenues were distrib-

uted among the segments below.

Finance 1) 36 % (40)Administration 2) 18 % (22)IT 14 % (14)Engineering 5 % (3)Healthcare (Dedicare) 27 % (21)

1) Finance & Accounting and Financial Services2) HR, Sales & Marketing, Oce Support(Executive was distributed in all business areas.)

The drop in sales or Poolia Sweden was 17 %. The globalrecession has resulted in lower demand or the company'sservices and even longer decision-making processes at ourclients, which has reduced the number o assignments, pri-marily in permanent placement.

Revenues or Poolia Sweden totalled MSEK 700.2(845.4). Sales in Denmark were MSEK 5.9 (15.6). Finlandshowed a growth o 5 % to MSEK 32.6 (31.1) which is a resulto a successul sales ocus strategy in the Finnish organisa-tion. Revenues in Germany totalled MSEK 97.4 (100.8), adrop o 3 %. Currency fuctuations had a positive eect o9 %. In the UK revenues dropped by 24 % to MSEK 133.2(174.4). Currency fuctuations had a negative eect o 1 %.

The decline is a result o low market demand in all our busi-ness areas. Dedicare, which covers healthcare in Sweden,Norway and Finland, had sales o MSEK 341.8 (270.5). Thisis equivalent to a growth o 26%.

Financial results

The prot ater nancial items was MSEK 30.6 (109.6). Theoperating prot was MSEK 28.4 (105.3). The operating marginwas 2.2 (7.3) %. Poolia Sweden showed an operating prot oMSEK 31.0 (88.1) and the operating margin was 4.4 (10.4) %.The operating loss or Denmark was MSEK -3.5 (0.0) and the

operating prot in Finland was MSEK 2.2 (3.4) while the oper-ating margin was 6.7 (10.8) %. Germany's operating prot wasMSEK 2.4 (10.0) and the operating margin was 2.5 (9.9) %.The UK's operating loss or the year was MSEK -6.9 (0.2). The

operating prot or Dedicare was MSEK 25.1 (21.2) and the op-erating margin was 7.3 (7.8) %. Consolidated prot ater nan-cial items was MSEK 2.1 (4.3). Non-distributed parent com-pany costs totalled MSEK -21.8 (-17.5) including a one-o costor impairment o xed asset o MSEK 5.6. The tax rate or theGroup was 39 (25) %. The tax rate is aected by a non-postedtax asset on the loss or the year, the impairment o a previouslyposted deerred tax asset relating to tax loss carry orwardsand an adjustment o previous years tax in Germany.

Financial position

The Groups cash and cash equivalents as at 31 December2009 totalled MSEK 67.8 (116.5). Cash fow rom operatingactivities during the period was MSEK 35.8 (MSEK 105.7).A share dividend o MSEK 77.0 was paid. The equity/assetsratio was 52.3 (55.7) % as at 31 December 2009.

No loans or credit lines existed at 31 December 2009.The principles applied or nancial risk management

and exposure in respect o the various types o risks are pre-sented in Note 4.

Investments

The Group's investments in xed assets totalled MSEK 5.9(12.9) and relate primarily to investments in Group-wide ad-ministrative systems.

Goodwill

Group goodwill totalled MSEK 91.5 (89.6). No impairmentrequirements came to light during the annual impairmenttests. The change compared with the previous year consistedo exchange rate dierences. The principles applied or thevaluation and a summaryo the distribution o cash-generat-ing units are shown in note 15.

Employees

The average number o permanent employees or the yearwas 1,888 (2,108). As at 31 December 2009 the total numbero employees was 2,039 (2,380).

The vast majority - nine out o ten - o Poolia's employeesare temporary sta, who are placed on temporary stang as-signments with clients in various sectors or shorter or longerperiods o time. Internal sta, who take care o sales, ollow-up and administration, constitute about 10 % o the entireworkorce.

Poolia has a consistent and long-term sta enhancementpolicy with yearly employee satisaction surveys and annualappraisals, and opportunities or skills development andgood internal communication as key ingredients. At all times

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Directors Report

Poolia takes care to comply with the laws and regulations inorce in each country, or example in terms o employment andwage models, working time rules, the working environmentand healthcare. Workplace equality is an accepted conceptat Poolia. The dedicated work has resulted in an improvedemployee satisaction index in all segments during the year.

Environmental inormation

Poolia does not conduct any operations that are subject toregistration or licence obligations under the Swedish Envi-ronmental Code. One o the companys undamental values is

to be the good company, an obvious element o which is thatwe accept our responsibility to the environment. This meansthat the company comortably satises the requirements oeach countrys environmental legislation or a company withthe kind o operations in which Poolia is involved. Environ-mental adaptation is based on what is technically possible,nancially reasonable and environmentally justied, withreerence to the Groups size and resources. See urther de-scription on our website www.poolia.com.

Guidelines on remuneration or senior

executivesAt the 2009 AGM a decision was made on guidelines on re-muneration or senior executives. The companys senior ex-ecutives have in 2009 been the Groups management groupcomprising o the CEO/Managing Director o its parent com-pany, country managers in Sweden, Germany and the UK,Marketing Director and Chie Financial Ocer. The Boardintends to propose unchanged guidelines or remuneration tosenior executives at the 2010 AGM.

Motivation

Poolia shall oer competitive terms that enable the companyto recruit and retain skilled proessionals. Remuneration tosenior executives shall consist o basic salary, variable remu-neration, pension and other standard benets. The remuner-ation is based on the individuals commitment and perorm-ance in relation to targets dened in advance, both individualtargets and shared targets or the company as a whole. Thereis continuous evaluation o individual perormance.

Basic salary

The basic salary is usually reviewed once a year and must takeinto account the quality o the individuals perormance. Thebasic salary or the Managing Director and other senior ex-ecutives must be competitive.

Variable remunerationThe variable remuneration shall be based on the trend inrevenues and/or prots within the individuals own area oresponsibility and the Group. The variable remuneration osenior executives must be able to vary rom minus 20 % toplus 80 % o xed salary.

Decisions on any share and share related incentive schemesaimed at senior executives must be made at the AGM.

Other remuneration and

terms o employmentThe Managing Director has, in addition to retirement ben-ets under the law on general insurance, a personal pensioncontract. Other senior executives are covered by dened con-tribution pension plans that are essentially equal to the pre-mium level or the ITP plan. The retirement age or all seniorexecutives is 65.

Senior executives are entitled to six or twelve months no-tice i the employment contract is terminated by themselvesor by the relevant company respectively. The monthly salaryshall be paid during the entire period o notice, although witha deduction or any other salary received during the period o

notice. There are no agreements on additional severance pay-ments or senior executives.

Some senior executives also have a company car.

Deviations rom the guidelines

The Board is entitled to deviate rom the above guidelines ithe Board considers that there are special reasons in an indi-vidual case to justiy this.

Parent company

The parent company engages in general Group Management,development, IT operations and system administration as well as nancial management. Revenues in 2009 totalledMSEK 21.1 (22.4), and there was a loss ater nancial itemso MSEK -25.7 (-20.4). The loss includes the impairment oxed assets to the order o MSEK 5.6 and the impairment oshares in subsidiaries to the order o MSEK 7.3. A share divi-dend was received rom a subsidiary to the order o MSEK2.5. The previous years nancial result included a capitalgain o MSEK 5.6 rom the sale o a subsidiary and the im-pairment o shares in subsidiaries to the order o MSEK 6.7 inconnection with shareholders contribution.

On 11 August 2009 the Swedish Companies RegistrationOce gave permission or a reduction o the share capitalin accordance with a decision at the Annual General Meet-ing. The 1,344,510 shares that the company earlier bought


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17

back were then withdrawn and ater which the share capi-tal totals SEK 3,424,399, divided into 17,121,996 shares.

Risks and uncertainty actors

All business activities involve some degree o risk. Poolia per-orms a continuous assessment o which risks the companyis exposed to, and minimises them by means o preventiveaction and action plans dening how to deal with any risk-related situations that might arise. The risks the Poolia Groupaces can be divided into three categories: operational risks,

legal risks, and nancial risks.

Operational risks

Economy and demand

There is an underlying structural growth in the stang sec-tor, but the volume is also aected by economic fuctuations.There is a high level o correlation between growth in thestang sector and in the economy in general. Studies con-ducted by the Dutch investment bank ING Wholesale Bank-ing show that good economic growth has a ve-old eect onthe stang sector. At the same time, when general economicgrowth is low or stops completely, the market or stangservices drops. The explanation or this is that i the economy weakens, client companies nd themselves over-staed andthus have less need to take in temporary labour rom outside.One challenge or Poolia is thereore to deal with fuctuationsin the economy while still remaining protable.

Risks in a healthy economy

During periods with an increased rate o growth the busi-ness depends on how well Poolia manages to attract and re-cruit qualied proessionals. One success actor is thereorethe supply o competence that is in demand, and the rate ogrowth is largely determined by this. One o Poolias strategicobjectives is to be the most attractive employer in the sector,and we work actively on HR matters regardless o the stateo the economy. We also place great emphasis on constantlymaking contact with new candidates with the right compe-tence prole, so that we always have a large candidate base.

Risks in a weak economy

When there is a downturn in the economy protability de-pends on how quickly Poolia can perceive and interpret thesignals in the market, and also how well we can adapt thecompanys cost base during the downturn. In due course Poo- lias European strategy will lead to there being less depend-

ence on the state o the economy in individual markets. Wealso work constantly to increase the proportion o variablecosts. The biggest expense item is payroll costs, and in recentyears fexible payroll systems have been introduced or bothresource temps and internal sta. Nowadays most o Pooliasemployees have partly fexible pay. As regards xed costs suchas premises and IT, we strive constantly to limit the bindingperiod and to create fexibility by paying or each user.

Client dependence

Poolias business is based on delivering quality to create satis-ed clients, who then choose to continue to purchase servicesrom Poolia. To ensure that our deliveries result in satisedclients, all o our assignments are ollowed up with a clientsurvey which guarantees both the individual assignmentand the development o our processes. I most revenues aregenerated rom a small number o individual clients, or cli-ents in one single sector, this situation always constitutes arisk or a company like Poolia. We work actively with clientsegmentation which is based on a good distribution between both sectors and client sizes, we have reduced dependenceon individual client companies and sectors. In 2009, the ten

largest clients accounted or 30 % o total Group revenue, anincrease rom the previous year and a direct result o the re-cession. During the preceding ve years, this share has been

below 30 %. No one client has a share exceeding 10 % o total

Group revenues.

Sta dependence

Like all service companies, Poolia is dependent on the employ-ees within the business. With a view to guaranteeing the struc-tural capital and reducing dependence on key individuals, thecompanys concept has been documented in the Poolia Busi-

ness Guide, a description o Poolias work processes and meth-odology that serves as the Groups joint management tool andshortens the set-up time when opening new businesses.

Liability risks

Poolias liability risks are primarily risks o damages thata temp on a temporary stang assignment might cause toa clients business or property, as well as employee injuries.Poolias policy is never to assume liability or supervision, theservice only involves providing the client with the requestedcompetence. Inormation about the temps competence and

background o relevance to the assignment are produced reg-ularly or all assignments. The Group has adequate insurancecover or liability risks, in accordance with Poolias generalterms o delivery.

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Expected uture development

The global recession in 2009 has resulted in a negative trendor the economy in all the markets in which Poolia operates.It is estimated that this trend will turn in 2010 and that de-mand or temporary stang and permanent placement willthereby grow. The eect on Poolia's business is deemed tovary in dierent markets depending on the market structureand Poolia's position. In the section above entitled Risks andrisk management, the eects o the recession on Poolia's

business are described in greater detail

Events ater the balance sheet date

There are no signicant events to report.

Share-based incentive scheme

There are no share-based incentive schemes.

Proposed appropriation o prot

Following positive results, Poolia's business generates a cashfow that exceeds the need or working capital. The goal orthe return to shareholders, in line with the revised dividendpolicy is that the dividend should exceed 50 % o consoli-dated prot ater tax. The companys growth strategy isbased on continued organic growth and growth by acqui-sition, the latter applying mainly in connection with thepenetration o new markets.

The Board o Directors believes that Poolias nancialposition is good and that the dividend proposed below doesnot prevent the company rom perorming its obligations inthe short and the long term, and that it also does not pre-vent the company rom undertaking necessary investments.The Groups cash holding as o 31-12-2009 totals MSEK67.8, and during 2010 the Group expects to continue togenerate a positive cash fow. The proposed dividend is thusauthorised with due regard to the requirements specied insection 17:3(2) and (3) o the Swedish Companies Act. It isproposed that 30 April 2010 be the reconciliation date.

The Board o Directors proposes a dividend o SEK 1.50(4.50) per share. This means that a total o MSEK 25.7 (77.0)will be paid in dividends to shareholders. Poolias equity/as-sets ratio is, ater the proposed dividend, 49 %.

Available to the Annual General Meeting

Retained earnings 166,016,056Prot/loss or the year 9,823,497

156,192,559

The Board and Managing Director proposethat earnings be disposed o as ollows:

To the shareholders, a dividend o 25,682,994Carried orward to the new accounts 130,509,565

156,192,559

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Group

statement o consolidated comprehensive income

Amounts in KSEK Note 2009

Operating revenues 6 1,311,135 1,437,812Operating expenses

Other costs 9, 10, 17 104,648 115,250

Personnel expenses 8 1,163,419 1,209,908

Depreciation and impairments o tangibleand intangible assets 15, 16, 17 14,633 7,388

Operating prot/loss 28,435 105,266

Prot/loss rom nancial investments

Interest revenues and similar income statement items 11 2,484 4,836

Interest expenses and similar income statement items 12 364 540

Prot/loss beore tax 30,555 109,562

Tax on prot/loss or the year 14 12,063 26,961

Prot/loss or the year 18,492 82,601

Other comprehensive income

Translation dierences 144 9,998

Comprehensive income or the year 18,636 72,603

Prot/loss or the year attributable to:

Parent company shareholders 17,782 82,092

Minority shareholders 710 509

Earnings per share beore dilution, SEK 22 1.04 4.61

Earnings per share ater dilution, SEK 22 1.04 4.61

Comprehensive income or the year attributable to:

Parent company shareholders 17,847 72,126

Minority shareholders 789 477


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Amounts in KSEK Note 31/12/09 31/1

assets

Fixed assets

Goodwill 15 91,517 89,553Other intangible assets 16 19,928 26,873

Tangible xed assets 17 4,985 7,109

Deerred tax assets 14 16,821 17,547

Total xed assets 133,251

Current assets

Accounts receivable 19 158,824

Current tax receivables 4,816 7,293Other receivables 1,505 2,198

Prepaid expenses and accrued revenues 20 56,685 75,144

Cash and cash equivalents 67,780 116,498

Total current assets 289,610

Total assets 422,861

equity and liabilities

Equity

Share capital 21 3,424 3,693

Other capital contributions 187,658 187,389

Reserves 11,637 11,702Retained earnings 39,593 98,860

Minority share o equity 1,966 1,177

Total shareholders' equity 221,004

Long-term liabilities

Provision or deerred tax liabilities 14 2,367 8,290

Total long-term liabilities 2,367

Current liabilities

Accounts payable 27,537

Other liabilities 51,051 54,363

Accrued expenses and prepaid revenues 25 120,902 131,144

Total current liabilities 199,490

Total liabilities 201,857

Total equity and liabilities 422,861 501,5

pledged assets and contingent liabilities

Pledged assets

Blocked bank unds 191 202

Total pledged assets 191

Contingent liabilities

Total contingent liabilities

Total pledged assets and contingent liabilities 191 202

Group

balance sheet, Group


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Group

cash ow statement, Group

change in Group equity

Amounts in KSEK Note 2009 operating activities

Prot/loss beore tax 30,556 109,562

Depreciation and impairments charged against earnings 14,633 7,388

Capital gain (-)/loss (+) on sale o xed assets 60 75

Taxes paid 14,783 24,028

Cash fow rom operating activities beore changes in working capital 30,466 92,997

changes in working capital

Increase (-)/decrease (+) in current receivables 19,672 4,129

Increase (+)/decrease (-) in current liabilities 14,362 8,582

Cash fow rom operating activities 35,776 105,708

investment activities Acquisition o equipment 809

Acquisition o intangible assets 5,112 11,0

Sales o operations 1,040

Sale o equipment 16

Cash fow rom investment activities 5,905 11,842

nancing activities

Change in long-term liabilities 200

Acquisition o own shares 41

Dividend to shareholders 77,049 46,166

Cash fow rom nancing activities 77,049 87,702Cash fow or the year 47,178 6,164

Cash and cash equivalents at the beginning o the year 116,498 111,424

Exchange rate dierence in cash and cash equivalents 1,540 1,090

Cash and cash equivalents at the end o the year 27 67,780 116,498

Amounts in KSEK Share capital Other capital contributions Reserves Retained earnings Minority share Total

Opening balances 01/01/08 3,693 228,725 1,736 62,935 293,616

Share dividend 46,166 46,166

Divestment o participation in Dedicare 700 700

Acquisition o own shares 41,336 41,3Comprehensive income

Prot/loss or the year 82,092 509 82,601


Translation dierences 9,966 32 9,998

Closing balance 31/12/08 3,693 187,389 11,702 98,860 1,177 279,417Share dividend 77,049 77,049

Reduction in share capital 269 269 0

Comprehensive income

Prot/loss or the year 17,782 710 18,492


Translation dierences 65 79 144

Closing balance 31/12/2009 3,424 187,658 11,637 39,593 1,966 221,004

Accumulated translation dierence in the Group charged directly to shareholders' equity in 2009 totalled -11,637 (-11,702).


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parent company

cash ow statement, parent company

Amount in KSEK Note 2009

operating activities

Prot/loss ater nancial items 25,677 20,406Depreciation and impairments charged against earnings 14,947 6,956

Earnings rom divestment o participations in Group companies 5,594

Taxes paid 5,666 18,375

Cash fow rom operating activities beore changes in working capital 16,396 37,419

changes in working capital

Increase (-)/decrease (+) in current receivables 5,553 24,152

Increase (+)/decrease (-) in current liabilities 187 4,767

Cash fow rom operating activities 11,030 8,500

investment activities

Dividend orm subsidiaries 2,485

Acquisition o intangible assets 5,075 15,3

Acquisition o participations in Group companies 2,852

Divestment o participations in Group companies 1,040

Group contributions 27 80,000 80,000

Cash fow rom investment activities 74,558 65,645

nancing activities

Acquisition o own shares 41

Dividend to shareholders 77,049 46,166

Cash fow rom nancing activities 77,049 87,502

Cash fow or the year 13,521 30,357

Cash and cash equivalents at the beginning o the year 15,406 45,763

Cash and cash equivalents at the end o the year 27 1,885 15,406

change in parent company equity

Amounts in KSEK Share capital Retained earnings Prot/loss or year Total

Opening balances 01/01/08 3,693 280,466 242 283,917

Prot/loss or 2007 brought orward 242 242 0


Acquisition o own shares 41,336 41,3




Group contributions 80,000 80,000

Tax eect o Group contributions 22,400 22,400

Closing balance 31/12/08 3,693 250,322 29,636 224,379Prot/loss or 2008 brought orward -29,636 29,636 0


Reduction in share capital 269 269 0



Other comprehensive incomeGroup contributions 30,000 30,000

Tax eect o Group contributions 7,890 7,890

Closing balance 31/12/09 3,424 166,016 9,823 159,617


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notes

Notes All amounts are in SEK thousands,unless otherwise specied.

note 1 general inormation

The consolidated accounts were approved or publication by the Board on25 March, 2010, and nally adopted at the parent company's annual generalmeeting on 27 April 2010.

note 2accounting policies

The consolidated accounts have been prepared in accordance with the EU-approved International Financial Reporting Standards (IFRS) and inter-pretations o International Financial Reporting Interpretations Committee(IFRIC) as at 31 December 2009. Furthermore, the Group applies RFR 1.2Supplementary Accounting Rules or Groups, which species the additionsto IFRS disclosures required by the provisions o the Annual Accounts Act.The annual report o the Parent Company have been prepared in accordance

with the Annual Accounts Act, RFR 2.2 Accounting or legal entities and therelevant statements rom the Council or nancial reporting.

From January 1, 2009 Poolia will apply the amendments to IAS 27 Consoli-dated and separate nancial statements, IFRS 2 Share-based payments, IFRS7 Financial Instruments: Inormation (air value and liquidity risk), IFRS 8Operating segments, IAS 1 Presentation o nancial statements (revised or-mats), IAS 23 Financial instruments (classication), IAS 39 Financial instru-ments: Recognition and Measurement, IFRIC 9 Reassessment o embeddedderivatives, IFRIC 13 Customer loyalty programmes, IFRIC 15 Agreementsor the construction o real estate, IFRIC 16 Hedges o net investments in or-eign operations and IFRIC 18 Transers o unds rom customers.The amendment to IAS 1 has resulted in revised ormats or the Group. All theGroup's revenues and expenses are now presented in an "account" called theStatement o comprehensive income. The consolidated statement o changesin equity presents items in comprehensive income separately rom transac-tions with owners. Other new standards and interpretations have not had anyeect on the consolidated nancial statements or 2009.

New and revised IFRS standards and interpretationsThe International Accounting Standards Board (IASB) has issued the ollow-

ing new and revised standards which are not yet in orce. New standards areIFRS 9 Financial instruments and standards are revised IFRS 1, 2 and 3 andIAS 24, 27, 32 and 39. In addition, IFRIC has published new interpretationsIFRIC 17 and 19 and an amendment to IFRIC 14 which are not yet in orce.

The above new and revised standards and interpretations have not yet beenapplied. Management believes that the new and amended standards and in-terpretations will not result in any signicant impact on the consolidated -nancial statements or the period they are rst applied.

Consolidated accountsThe consolidated accounts include Poolia AB (publ) and all subsidiaries. Sub-sidiaries are legal entities in which Poolia AB (publ) owns or controls morethan hal the votes or owns shares in the legal entity and has the right to unilat-erally exercise a decisive infuence over the company pursuant to agreementsor other directives. Decisive infuence means that the Group has the right todetermine nancial and operational strategies or the purpose o obtaining -nancial benet. Subsidiaries are included in the consolidated accounts as rom

the time when the decisive infuence is gained until the time when the decisiveinfuence ceases.

Subsidiaries are reported in accordance with the acquisition method. Ac-quired, identiable assets, liabilities and contingent liabilities are valued ac-cording to their air value on the acquisition date. I the acquisition value othe acquired participation exceeds the total air value o the acquired identi-able assets and liabilities, the dierence is reported as goodwill. I the acquisi-tion cost is less than air value, calculated as above, the dierence is recogniseddirectly in the income statement.

Minority interests consist initially o the minority's share o air values onet assets. Minority interests recognised in the consolidated nancial state-ments as part o equity, are separate rom the parent company's equity. Mi-nority interests are included in the consolidated statement o comprehensiveincome and are recognised separately rom the parent company's results andcomprehensive income as an allocation o these results or the period.

All internal transactions between Group companies and inter-companybalances are eliminated in the consolidated accounts.

Segment ReportingPoolia Group's segment inormation is presented based on the company man-agement's perspective and identies operating segments based on internalreporting to the company's top executive decision makers. The Group hasidentied the MD as its chie executive decision maker, and the internal re-porting used by the MD to ollow up the business and make decisions aboutresource allocation is the basis or the segment inormation that is presented.Poolia segment reporting involves a classication o both the geographical and

business segments. Poolias geographical segments are Sweden, Finland, Den-mark, Germany and the UK.

One business segment is made up o healthcare operations, temporary sta-ing o doctors and other healthcare proessionals, and the second is Poolia'sother operations, temporary stang and permanent placement o skilled pro-essionals. Healthcare activities orm an independent segment as the market,clients, candidate structure and business logic dier rom Poolias other activi-ties. Healthcare activities are conducted under their own operational manage-ment and are currently established in Sweden, Norway and Finland. These

activities are not reported separately according to the geographical divisiondue to their relatively limited scope in Norway and Finland.

The same accounting policies that are applied or the Group apply to allsegments. The table below shows where the various business segments aregeographically established.

Poolia (excl Dedicare) Dedicare

Sweden

Finland

Denmark

Norway

Germany

UK

Revenue recognition

(a) Sales o servicesOperating revenue includes the sale o services in the areas o tempo-rary stang and permanent placement. Revenues are recognised in theaccounting period in which they arise.

(b) Interest revenuesInterest revenues are allocated across the period o maturity applyingthe eective interest method.

(c) Dividend revenuesDividend revenues are recognised once the right to receive payment has

been determined.

Leasing

A nancial lease agreement is an agreement according to which the nancialrisks and benets associated with ownership o an object are, to all intentsand purposes, transerred rom the lessor to the lessee. Lease agreements notclassed as nancial are classed as operational.

The Group as lesseeAssets held in accordance with nancial lease agreements are reported as xedassets in the consolidated balance sheet, at air value at the start o the leaseperiod or at the present value o the minimum lease ees i this is lower. Theequivalent liability is reported in the balance sheet as a liability to the lessor.Lease payments are divided between interest and amortisation o the liability.The interest is distributed over the lease period so that each accounting periodis charged with an amount corresponding to a xed rate o interest on the lia-

bility reported in each period. Assets held under nancial leases are amortisedin the same way as owned assets, with the exception o leased assets where it isnot likely that Poolia will redeem the asset concerned. In such cases the asset isamortised across its useul lie or the lease period, whichever is shorter.Lease ees paid under operational lease agreements are charged to expensessystematically across the lease period.

Employee benets

Employee benets in the orm o wages, paid holidays, paid sick leave, etc. andpensions are posted as they are earned. As regards pensions and other benetsater the end o employment, these are be classied as contribution-based or

benet-based pension plans.


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notes

Dened contribution plansIn contribution-based plans the company pays xed contributions to a sepa-rate, independent legal entity and has no obligation to pay any urther contri-

butions. Charges are made against the Groups earnings at the rate at which benets are earned, which normally coincides with the timing o premiumpayments.

Dened benet plansOne o the Group's dened benet plans is the Alecta ITP plan. ITP is a plancovering several employers and is classied as a dened benet plan underIAS 19. Alecta has not been able to present sucient inormation to permita return to a dened benet plan, which is why the ITP plan is reported as adened contribution plan.

In Finland there is a statutory old-age and invalidity pension scheme regu-lated by the Occupational Pension Act that covers all Finnish companies. Thepension obligation according to the Occupational Pension Act is reported ac-cording to the rules concerning contribution-based plans, that is, the premi-

ums paid are posted to expenses as the contributions are paid and the benetsare earned.

Foreign exchangeTransactions in oreign currency are reported in each unit on the basis o theunits unctional currency at the exchange rate applying on the transactiondate. Monetary assets and liabilities in oreign currency are recalculated oneach balance sheet date at the closing rate. Exchange dierences are includedin net income. Exchange rate dierences in long-term loans within the Groupare posted directly to shareholders' equity, when the intercompany balance iso such a nature that it is not intended that it be settled.

When drawing up consolidated accounts, the balance sheets or the Groupsoreign businesses are translated rom their unctional currencies into Swed-ish kronor on the basis o the exchange rate on the balance sheet date. The in-come statement is translated at the average exchange rate or the period. Anytranslation dierences that arise are posted against the translation reserve inshareholders equity. When a oreign subsidiary is divested, the accumulated

translation dierence is reallocated and posted as part o the capital gain orloss. Goodwill and adjustments in air value attributable to acquisitions o op-erations with a unctional currency other than SEK are treated as assets and

liabilities in the currency o the acquired operations and are translated usingthe exchange rates on the balance sheet date.

Intangible assetsGoodwillGoodwill comprises the amount by which the acquisition value exceeds theair value o the Groups participation in the acquired subsidiarys identiablenet assets on the acquisition date. I it proves, in connection with the acquisi-tion, that the air value o acquired assets, liabilities and contingent liabilitiesexceeds the acquisition value, the surplus is posted immediately as revenues tothe income statement.

Goodwill has an indeterminate useul lie and is posted at the acquisitionvalue minus accumulated impairment. On the sale o an operation, that parto goodwill attributable to these operations that has not been amortised is re-

ported in the calculation o the gain or loss on the divestment.

Other intangible assetsOther intangible assets, primarily comprising new investments and improve-ments to administrative systems, are posted at the acquisition cost minusaccumulated amortisation and any impairment applied. Internally renedintangible assets are only posted as an asset i an identiable asset has beencreated, it is likely that the asset will generate uture nancial benets andthe cost o developing the asset can be calculated in a reliable way. I it is notpossible to post an internally rened intangible asset, development costs areposted as an expense in the period when they are incurred.

Amortisation o other intangible assets is posted to expenses so that thevalue o the asset is amortised on a straight-line basis over its expected useullie, which has been estimated at ve years.

Tangible xed assets

Tangible xed assets are recognised as an asset i it is probable that the compa-ny will enjoy uture economic benets and the cost o an asset can be reliablymeasured. Tangible xed assets consist primarily o inventories and comput-ers, and are posted at the acquisition value minus accumulated depreciationand any impairment applied. Depreciation o tangible xed assets is posted toexpenses so that the assets value is depreciated on a straight-line basis over itsexpected useul lie.

The ollowing percentages have been applied:Inventories and computers 2033 %

ImpairmentOn the occasion o each nancial report, an assessment is made to determine

whether there are any indications o impaired value regarding the Groups as-sets. I this is the case, an assessment is made o the recoverable value o theasset. Goodwill has been allocated to cash-generating units and is, alongsideintangible assets with an indeterminate useul lie and intangible assets thatare not brought into use, subject to annual impairment testing even i therehas been no indication o decreased value. However, impairment testing isconducted more requently i there has been an indication o decreased value.The recoverable value comprises the higher o the useul value o the asset inthe operation and the value that would be received i the asset were sold to anindependent party (the net sale value). The useul value comprises the current

value o incoming and outgoing payments attributable to the asset during theperiod when it is expected to be used in the operation plus the current valueo the net sale value at the end o the useul lie. I the calculated recoverable

value is less than the posted value, the value is written down to the assetsrecoverable value.

An impairment is posted to the income statement. Recognised impairmentis reversed i changes to the original assumptions triggering the recognitiono impairment mean that this impairment no longer justied. Reversal o arecognised impairment is perormed so that the posted value does not exceed

what would have been posted, ater deduction o planned depreciation, i theimpairment had not been recognised. Reversal o a recognised impairment isposted to the income statement. Impairment o goodwill is not reversed.

TaxesThe Groups total tax expense comprises current and deerred taxes. Currenttaxes are those to be paid or received pertaining to the current year and adjust-ments in the current tax o previous years. Deerred tax is calculated on thedierence between book value and the value or tax purposes o the companysassets and liabilities. Deerred tax is posted according to the so-called balancesheet method. Deerred tax liabilities are, in principle, reported or all taxabletemporary dierences, while deerred tax assets are reported to the extent it is

likely that the amounts may be utilised against uture taxable surpluses.The book value o deerred tax assets is reviewed in conjunction with the

year-end accounts and reduced to the extent that it is no longer likely that asucient taxable surplus will be available or use, either ully or partly, againstthe deerred tax asset.

Deerred tax is calculated according to the tax rates expected to apply or theperiod in which the asset is recovered or the liability is settled. Deerred tax isposted as revenues or expense in the income statement, except in cases whereit pertains to transactions or events posted directly to shareholders equity. Insuch cases, the deerred tax is also posted directly to shareholders equity.

Deerred tax assets and tax liabilities are oset against one another i theyare attributable to income tax charged by the same authority and i the Groupintends to oset the tax by a net amount.

ProvisionsProvisions are posted in the balance sheet when an undertaking exists, when itis likely that an outfow o resources will be necessary to settle the undertakingand when a reliable estimate o the amount can be produced. Provisions arereviewed or each year-end accounts.


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notes

Financial instrumentsA nancial asset or nancial liability is recognised in the balance sheet whenthe company becomes a party to the instrument's contractual terms. A nan-cial asset is removed rom the balance sheet when the rights in the agreementhave been realised, mature or the company loses control over them. A nancial

liability is removed rom the balance sheet when the obligation in the agree-ment is honoured or settled in any other way.

Acquisitions and divestment o nancial assets are recognised on the transac-tion date except in cases where the company acquires or divests listed securi-ties, in which case settlement date accounting is applied instead.

Financial instruments are recognised at their accrued acquisition value orair value depending on their initial classication according to IAS 39.

On each reporting occasion the company assesses whether there are objec-tive indications o a need to recognise impairment o a nancial asset or Groupo nancial assets.

Calculation o the air value o nancial instruments

In determining the air value o short-term investments and loan liabilities,ocial market quotations on the balance sheet date are used. I these are notavailable, a valuation is perormed by generally accepted methods such as dis-counting o uture cash fows to listed market interest rates or the applicablematurity period. Translation to SEK is perormed at the listed exchange rateon the balance sheet date.

Osetting o nancial assets and liabilitiesFinancial assets and liabilities are oset and posted as a net amount in the

balance sheet where there is a legal right to oset and the intention is to osetthe items with a net amount or to simultaneously realise the asset and settlethe liability.

Cash and cash equivalentsCash and cash equivalents comprise cash balances with nancial institutes,and short-term investments with a maturity rom the acquisition date o lessthan three months and which are exposed to only a minimal risk o value fuc-

tuation. Cash and cash equivalents are recognised at their nominal amounts.Short-term investmentsPoolias short-term investments comprise Swedish interest-bearing securitiesacquired with the intention o being held to maturity. These are valued at theiraccrued acquisition value.

Accounts receivableAccounts receivable are categorised as Loan receivables and accounts receiv-able, which means valuation at accrued acquisition value. The expected ma-turity o accounts receivable is short, which is why the value has been postedat the nominal amount with no discount. Dubious accounts receivable are as-sessed individually and a provision is posted or them in the balance sheet onthe basis o the recoverable amount. Any impairment is recognised in operat-ing expenses.

Other receivables:

Other receivables are those arising when the company makes unds availablewithout the intention o trading the claim. I the expected holding period is less than one year, these are categorised as other current receivables. In ac-cordance with IAS 39, these receivables are classed as Loan receivables andaccounts receivable. Assets in this category are valued at the accrued acquisi-tion value.

DerivativesPoolia did not hold any derivatives in 2009.

LiabilitiesPoolias liabilities to credit institutions, accounts payable and other liabilitiesare classed as Other liabilities and are valued at their accrued acquisition

value. Possible borrowing costs are reported in the income statement, dis-tributed across the period o the loan, applying the eective interest method.Long-term liabilities have an expected term o more than one year, while cur-rent liabilities have a term o less than one year. The expected term o accounts

payable is short, and or this reason the liability is posted at a nominal amountwith no discount.

The parent companys accounting policiesThe parent company has prepared its annual report in accordance with the

Annual Accounts Act and RFR 2.1 Accounting or legal entities, as well as the

relevant statements by the Council or nancial reporting. According to RFR2.1, the parent company should apply in its annual report or the legal entityall o the IFRS standards and statements approved by the EU to the extentthat this is possible within the ramework o the Swedish Annual Accounts Actand the Swedish Pension Security Act, and taking into account the correlation

between reporting and taxation. This recommendation species which excep-tions and additions must be applied with regard to IFRS.

The parent companys accounts comply with the Groups policies, with theexception o what is stated below.

TaxesTax laws allow allocations to special reserves and unds. This allows companiesto have at their disposal and retain reported earnings in the business, withincertain limits, without being taxed immediately. The untaxed reserves are notsubject to taxation until they are utilised. In the event that the business showsa loss, however, the untaxed reserves can be utilised to cover the loss without

being taxed.

Accumulated accelerated depreciationDepreciation or tax purposes is calculated in accordance with current tax leg-islation. Depreciation or tax purposes over and above depreciation accordingto plan is considered as accelerated depreciation, which constitutes an untaxedreserve. Changes in this reserve are reported under appropriations in the in-come statement.


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note 3 Important estimates and evaluation

or accounting purposes

Estimates and evaluations are continuously assessed and are based on histori-cal experience and other actors, including expectations o uture events thatare considered reasonable under prevailing circumstances.

Poolia makes estimates and assumptions about the uture. The estimatesor accounting purposes that result rom these will, by denition, seldom cor-respond with the actual outcome. The estimates and assumptions that involvea signicant risk o material adjustments to the recognised values or assetsand liabilities during the next nancial year are discussed below.

a. Impairment testing o goodwillPoolia tests annually whether there is any need or the impairment ogoodwill, in accordance with the accounting policy described in Note 2.Impairment tests occur, however, more oten i there are indications that a

value impairment may have occurred during the year.

The recoverable values o cash-generating units have been dened bymeans o calculating the useul value. Certain estimates must be made orthese calculations (see Note 15).

I the assessed volume trend over the next ve years ater 2010 were tobe hal that estimated by the company at 31 December 2009, Poolia wouldnot have to recognise a goodwill impairment.

I the reassessed estimated discount interest rate beore tax appliedor discounted cash fows had been 5 percentage points higher than thecompanys assessment, impairment testing would not be required.

b. Income taxesPoolia has reported a total o MSEK 16.8 as a deerred tax asset, whicharose through historic tax losses in operations. This tax asset representsapproximately 70 % o the total potential tax assets that could be re-claimed i operations generate a taxable surplus. The tax asset is calculatedaccording to current tax legislation in the countries concerned and theassessed taxable prot trend in these dierent countries.

A weaker trend in uture taxable earnings than the Groupsassessment at 31 December 2009 could result in the tax asset being lowerthan estimated.

A higher perormance in terms o tax than the assessment made by thecompany as o 31 December 2009, may cause the actual tax asset to exceedthe recognised value.

note 4 nancial risk management

Poolia is exposed to various types o nancial risk. The company's generalpolicy or nancial risk management is that at any given time the negativeeects on the Groups earnings as a consequence o market fuctuations must

be minimised. The Groups nancial policy is dened every year by the Boardo Directors and governs how nancial risks are to be addressed and whichnancial instruments may be used.

Currency risk

Currency risk is the risk that exchange rate changes have a negative impact onthe Groups earnings. Poolia's currency risk arises in connection with internalGroup nancing and when translating the income statements and balancesheets o oreign subsidiaries into Swedish kronor.

Translation exposure relates to translation rom EUR, GBP, NOK andDKK. The nance policy states that translation exposure shall not be hedged.For 2009, translation o oreign subsidiaries had a positive eect on Groupequity to the order o MSEK 65.

At present Poolia has no other currency exposure.

currency efects on the consolidated income statementin 2009, MSEK

Currency Operating revenues Operating prot/loss Net prot/loss

EUR 12.2 0.5 0.5

GBP -1.7

NOK 3.0 0.1 0.1

DKK 0.5

Total 14.0 0.6 0.6

translation exposure in the consolidated balance sheet,beore taking into account any tax efects in 2009, MSEK

Currency Net investment Eect on shareholders equity o a 1% change

EUR 37.5 0.4

GBP 61.5 0.6

NOK 20.1 0.2

DKK 1.5 0.0

Total 120.6

Interest rate risk

Interest rate risk means the risk that changes in the market rate will have anegative eect on the Groups net interest revenues. The Group's exposure tointerest rate risk was limited on the closing date. Poolia has no essential hold-ing o interest-bearing nancial liabilities, and interest-bearing nancial as-sets comprise primarily unrestricted bank unds. A change in the market rateo one percentage point would aect all o the Groups interest-bearing assetsand liabilities, and would have an eect on earnings o about MSEK 0.7.

Credit risk and counterparty risk

The credit risk and counterparty risk relates to the risk that the counterpartyin a transaction is unable to ull its commitment and thus generates a lossor the Group. The Group is exposed to credit risk and counterparty risk whensurplus liquidity is invested in nancial assets. To limit the counterparty risk,only counterparties with a high credit rating are accepted under the denednance policy. As at 31 December 2009 there were no derivatives.

The commercial credit risk within the Group is limited in that there is nosignicant credit risk concentration or the Group in relation to any particularclient counterparty or in relation to any particular geographic region. The maxi-mum credit risk corresponds to the book value o Poolia's nancial assets.

Liquidity risk

Liquidity risk is the risk that the Group may encounter diculties in accessingmoney to meet commitments associated with nancial instruments. Pooliascash and cash equivalents are currently deposited in short-term bank or de-

posit accounts. There is not any renancing need at present.

note 5 Intra-Group purchases and sales

The parent companys net sales relate to the sale o services to subsidiaries. Othe parent company's other external expenses, 9.5 (6.3) % relate to purchasesrom other companies within the Group to which the company belongs.

note 6 Operating revenues

distribution o revenues by service area

MSEK Change % Share %

Group 2009 2008 2009 2008

Temporary stang 1,245.2 1,309.6 -4.9 95 91

Permanent placement 65.9 128.2 -48.6 5 9

Total 1311.1 1,437.8 -8.8 100 100

notes


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notes

note 7 Inormation about operational branches and geographical regions

Poolia applies segment reporting based on internal reporting, which means a division into both geographical regions and business segments. Poolias geographi-cal segments are Sweden, Finland, Denmark, Germany and the UK. One business segment is made up o healthcare operations, temporary stang o doctorsand other healthcare proessionals, and the second is Poolia's other operations, temporary stang and permanent placement o skilled proessionals. Healthcareoperations constitute a separate segment as the market, clients, candidate structure and business logic dier rom Poolia's other operations. Healthcare activitiesare conducted under their own operational management and are currently established in Sweden, Norway and Finland. These activities are not reported sepa-rately according to the geographical division due to their relatively limited scope in Norway and Finland. No one client has a share exceeding 10 % o total Grouprevenues.

2009 Sweden Finland Denmark Germany UK Dedicare Group-wide Elimination Total

Operating revenues 700,158 32,618 5,939 97,405 133,220 341,795 1,311,135

Operating prot/loss 31,014 2,194 3,493 2,389 6,939 25,059 21 789 28 435

Interest revenues 2,484

Interest expenses 364

Tax 12,063

Prot/loss or the year 18,492

Assets 169,224 10,721 2,379 42,47 87,332 105,582 59,485 54,009 422,861

Liabilities 150,580 3,633 877 12,043 25,832 48,342 14,619 54,069 201,857

Investments 124 154 47 521 5,075 5,921

Depreciation andimpairments 5,645 536 537 283 7 632 14,633

2008 Sweden Finland Denmark Germany UK Dedicare Group-wide Elimination Total

Operating revenues 845,385 31,141 15,610 100,793 174,409 270,474 1,437,812

Operating prot/loss 88,080 3,351 44 10,039 211 21,167 17,538 105,266

Interest revenues 4,836

Interest expenses -540

Tax 26,961

Prot/loss or the year 82,601

Assets 227,168 12,612 4,784 45,647 96,437 91,453 134,162 110,704 501,559

Liabilities 209,810 4,198 1,536 15,653 28,973 54,910 18,519 111,457 222,142

Investments 282 280 954 393 214 10,759 12,882

Depreciation andimpairments 5,875 30 490 625 157 211 7,388


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notes

note 8 personnel

No o employees O which men Average no o employees 2009 2008 2009 2008

Parent company 11 10 5 5

Subsidiaries 1,877 2,098 612 604

Group total 1,888 2,108 617 609

No o employees O which menGeographical distribution 2009 2008 2009 2008

Sweden 1,265 1,387 397 405

Denmark 9 0 3 4

Finland 64 61 30 17

Norway 79 76 28 20

Germany 204 228 72 53

UK 267 336 87 110

Group total 1,888 2,108 617 609

The parent company's Board o Directors comprises three men and twowomen. Other senior executives in the Group have comprised our men andtwo women in 2009.

Sick leave, % 2009 2008

Sweden

Total sick leave 3.6 4.1

Sick leave or men 2,6 3,1

Sick leave or women 4.1 4.5

Employees 29 years 3.4 3.8



Long-term sick leave as a % o total sick leave 28.2 31.7

Board and O which bonusesManaging and thereby Otherdirectors1) similar remuneration employees

Salaries and other benets 2009 2008 2009 2008 2009 2008

Parent company 4,496 5,534 156 886 6,022 7,048

Subsidiaries

Sweden 3,238 6,145 20 897 475,187 509,288

Denmark 992 1,145 55 5,215 10,809Finland 849 1,058 21,639 14,590

Norway 1,167 826 280 161 55,853 35,289

Germany 1,759 2,407 656 63,394 69,666

UK 1,217 1,181 112 132,629 157,444

Total in subsidiaries 9,222 12,762 260 1,771 753,917 797,086

Group total 13,718 18,296 104 2,657 759,939 804,134

1) Includes current and ormer Board members as well as current and ormerManaging Directors.

Salaries and other Social Pensionbenets security expenses

Salaries and other benets 2009 2008 2009 2008 2009 2008

Parent company 10,518 12,582 3,765 4,466 2,171 1,446

Subsidiaries 763,139 809,848 169,121 186,271 41,171 35,692

Group total 773,657 822,430 172,886 190,737 43,342 37,138

O the Group's pension expenses, 1,680 (2,317) relate to the Board o Directorsand Managing Director category.

Terms, conditions and remuneration o senior executives At the AGM held in April 2009 a motion was passed on guidelines on re-muneration or senior executives in accordance with a proposal put orward

by the Board. The Board as a whole served as the Remuneration Committee

during the year.In accordance with resolutions made by the AGM, ees or Board mem-bers o the parent company are 150 per member, to the Deputy Chairman othe Board Curt Lnnstrm 225 and to the Chairman Bjrn rs 800. TheManaging Director o the parent company, Johan Eriksson, has had a vari-able salary model based on the annual results o the Group. Based on thissalary model, Johan Erikssons salary or 2009 could have been in the range o2,496 to 5,616, plus holiday pay and less any deductions or s ick leave/leave oabsence. Johan Eriksson received a salary o 2,969 and a total o 52 in holidaypay and deductions or sick leave/leave o absence. Other senior executives,

who include the MD o Poolia Sweden, MD o Poolia UK, MD o Poolia Ger-many, Chie Financial Ocer and Marketing Director, have a variable salarymodel based on the results o the Group and in terms o subsidiary managerseven on revenue and earnings in each subsidiary. Based on this salary model,the total salary o the other senior executives or 2009 could have been in therange o 6,339 to 10,352, plus holiday compensation and less any deductionsor sick leave or leave o absence. Other senior executives received a total salary

o 6,632 and a total o 49 in holiday pay and deductions or sick leave/leave oabsence.

The Managing Director and other senior executives are entitled to a pe-riod o notice o six months i they terminate their own employment, or o12 months i the company terminates their employment. There are no agree-ments on additional severance payments or senior executives. The ManagingDirector has a personal pension agreement under which, in addition to thepension benets pursuant to the Sw

Documents

Poolia Annual Report 2009