poolia lorem ipsum

POOLIA
ANNUAL REPORT
2009

Poolia AB (publ) | Warfvinges väg 20 | Box 30081 | 104 25 Stockholm | Tel: +46 8 - 555 650 00
Fax: +46 8-  555 650 01 | Corp. ID no: 556447- 9912 | www.poolia.com
1
Invitation to the Annual General Meeting Holding
The shareholders of 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 Warfvinges väg 20.
Shareholder information 2
Poolia in brief 2009 3
From the CEO 5
Markets 7
The Poolia share 10
Five-year summary 12

Applications Board of Directors’ Report 13

Shareholders who wish to attend the AGM must be regis-
tered in the Euroclear Sweden AB share register no later than
Wednesday, 21 April 2010, and be registered with Poolia no
later than Wednesday, 21 April 2010.
Applications to participate at the AGM may be submitted to
Poolia AB
To: Tarja Roghult
Box 30081, SE-104 25 Stockholm
Group 20
Parent company 23
Notes 25
Auditors’ report 36
Corporate governance report 37
Group management 43
Board of directors 44
Definitions 45
Addresses 46

Applications may also be submitted by

Tel: +46 8 - 555 650 33
Fax: +46 8 - 555 650 90
e-mail: tarja.roghult@poolia.se

The application must include name, phone number, personal

ID number or corporate registration number, as well as the
number of proxies. If shareholders with shares registered to
administrators are to be entitled to participate at the AGM, it
is a requirement that the shareholder has his/her shareholding
registered under his/her own name so that the shares are regis-
tered to their owner in good time ahead of 21 April 2010.

Dividend
The Board of Directors proposes a dividend to shareholders
of SEK 1.50 per share. It is proposed that 30 April be the rec-
onciliation date. If the AGM passes a resolution in accord-
ance with this proposal, it is estimated that the dividend will
be issued from Euroclear Sweden AB on 5 May.

CALENDAR
Interim Report January-March 27 April 2010 Other
Interim Report January-June 20 July 2010 ISIN-code
Interim Report January-September 27 October 2010 SE0000567539
Year-end report 2010 February 2011 Short name on NASDAQ OMX POOL B

2
 Poolia in brief, 2009

Poolia in brief
Poolia's history

1989 1992 1993 1996

Björn Örås founds Ekonompoolen New legislation in Sweden to Teknikerpoolen founded. Björn Örås becomes sole owner.
(“Pool of Accountants”) in deregulate temporary staffing. Deregulation of the permanent The company adopts a new strategy
Stockholm. placement market. to become a full-service supplier
within the staffing sector.

1999 2000 2001 2002

Poolia is launched on the Stock
Exchange, and becomes the first
company in Sweden to offer a Legal
business area.
Poolia becomes Sweden's second
fastest-growing company and
third largest staffing company.
Operations start in Denmark and
Finland.
Acquisition of Competence
Sköterskejouren, leading to
the inception of Poolia Vård.
Acquisition of A&Z and thereby the
start of operations in Germany. The
staffing market declines due to the
recession and Poolia's profitability
falls.
New strategy – a focus on qualified
positions under the Poolia
Professionals brand. Services within
Warehouse & Industry are organised
in a separate subsidiary called
Uniflex. Poolia Healthcare starts up
in Norway.

2004 2007 2008 2009

Poolia turns to profit. Acquisition
of UK company Parker Bridge,
with operations in London and
Edinburgh. Uniflex is portioned out
to shareholders and listed on the
Stock Exchange.
Johan Eriksson is appointed new Continued strong growth and Recession and decline in demand
MD and CEO. Dedicare is launched Poolia's most profitable year ever. places high demands on efficiency
under a separate brand. Continued expansion in Germany. and cost awareness. Continued
growth in the subsidiary Dedicare.

proportion of revenues by segment revenues, MSEK

Dedicare 26.1 %
1600

1400

1200

1000
UK 10.2 %
800

600

Germany 7.4 % 400

Sweden 53.4 %
Denmark 0.5 % 200
Finland 2.5 %
0
2005 2006 2007 2008 2009

3
 Poolia in brief, 2009

equity/assets, % average number of employees

2250
70 2000
60 1750
50 1500

40 1250
1000
30
750
20
500
10
2005 2006 2007 2008 2009 250
0
2005 2006 2007 2008 2009

operating profit/loss, MSEK proportion of employees by country

120
UK 14 %
100
80
60 Finland 3 %
40 Sweden 67 % Norway 4 %
20 Denmark 1 %
0
2005 2006 2007 2008 2009
-20 Germany 11 %
-40

earnings per share, SEK gender distribution

5
4
3
2
Women 67 %
1
0 Men 33 %
2005 2006 2007 2008 2009
-1
-2
-3

Employee satisfaction index 2005-2009 Employee satisfaction index 2009

80
70
68
66 60

64
62
40
60
58
56 20
2005 2006 2007 2008 2009

Poolia Private sector

0
Sweden Finland Germany UK

Employee survey conducted annually among employees in each country (excluding

Dedicare). In Sweden this includes both internal staff and temps, while in Finland, the UK
and Germany only internal staff are included. Denmark excluded for reasons of size.

4
 From the ceo

Poolia adapted quickly and is moving steadily

out of the recession
After a good start with a stable first quarter, demand slowed down during the second
and third quarters, mainly in the permanent placement service segment. During the
fourth quarter, the market stabilised and the demand for temporary staffing and
permanent placement grew gradually. By means of significant cost adjustments
and efficiency improvements we have managed to reduce the effects of the recession
and maintained positive earnings and cash flow from operating activities.

We have captured market share

A year full of challenges
With the record year of 2008 behind us, we entered 2009
with a certain degree of uncertainty as to how the economy
might develop. We had already taken crucial decisions in
2008, in the face of a pending downturn, and can in retro-
spect see that we did this just at the right time. Revenues
maintained a good level in the first quarter but then dropped
in quarter two and three only to stabilise in the fourth quar-
ter. Demand for the permanent placement segment decreased
by about 49 % while temporary staffing dropped by around
5 %, which had a major impact on revenues and earnings.
Improved efficiency
As early as 2008, we began reviewing our processes to reduce
costs and increase efficiency. Because of the low demand in
2009, we had to further improve our processes to maintain
a positive bottom line.
The efficiency improvements we made have been difficult to
implement but they have had the desired effect. By way of ex-
ample, we have upped the frequency of visits to clients in 2009
compared to 2008 despite the fact that we have fewer employ-
ees. On the cost side, we have made substantial cutbacks.
The staffing industry has lost sales over the year which has
impacted on all players. It is therefore encouraging that we
have captured market share over the year in several mar-
kets, including Sweden and Finland. This suggests that cli-
ents demand a stable and quality oriented partner when the
economy takes a turn for the worse. In Finland, permanent
placement accounted for a large share of revenues in 2009,
but even here demand for permanent placement dropped
sharply during the year. I am therefore very proud of how our
employees in Finland have succeeded in maintaining posi-
tive figures by growing the temporary staffing business to
cover the loss of revenue from permanent placement.
The market in healthcare staffing has been more stable, and
in 2009 Dedicare has increased both sales and earnings. For
years we have been working to increase our geographical
spread and client distribution to expand our market.
Quality pays off
Something that has surprised us this year is that in all six
markets we have seen a certain shortage of candidates de-
spite the current climate in the labour market. This com-
bined with the sluggish pace that is particularly evident in
a recession, has contributed to fewer business closures than
expected. Moreover, another effect of the recession is short-
term price pressure. We compete primarily on quality, skills
and sustainability rather than on price and short-term gains.
We have had very few bad debts during the year, which is
proof that our concept works and that quality pays off.
Useful tool to counter the recession
Part of our work to streamline the business we conducted
during the year has concerned the sales process. We have

5

produced a more structured selection of clients and indus-
tries that we have focused on. This has allowed us to expand
our 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 differences in which the
Stockholm region has fared well. We have a major presence
in and around Stockholm, which has benefited us.
Satisfied employees and healthy finances
One of the main reasons why we have managed well in the
downturn is, in addition to our high quality and the effective-
ness of our processes, the skill of our staff. As our single most
important resource, staff job satisfaction and their commit-
ment are key issues for us. It is therefore gratifying that we
have improved the results in this year's employee survey, and
for each business area and also for the Group as a whole. Be-
ing a good employer is a prerequisite for attracting and re-
cruiting skilled employees.
Our strong financial position in these times creates stability
and a good working atmosphere. Not having to be influenced
by the demands of external funders and lenders means that
we do not have to adapt to changing loan terms and imple-
ment short-term solutions to solve liquidity problems. We
can focus on running our business from a long-term per-
spective and in the best possible way. The ongoing process of
streamlining our processes and cost control are the reasons
for our strong cash flow. Liquidity exceeds our working capi-
tal needs and we are therefore proposing a dividend of SEK
1.50 per share, which corresponds to MSEK 25.7 in total.
Industry development
The staffing industry has, like many other industries, had a
challenging year. A positive factor for the staffing industry is
that it historically has grown more than other industries fol-
lowing each recession. During the next upturn the penetra-
tion rate will in all likelihood increase primarily in Sweden
and Germany, where it currently is relatively low. One reason
for this is that employers want more flexibility to be in a bet-
ter position to meet market demand.
The low penetration rate in the professional segment in Ger-
many supports our belief that this market has the potential
to perform strongly in the future. We therefore chose to re-
tain the existing offices in order to be ready to capture mar-
ket share once the economy starts to recover. This meant that
From the ceo
costs were higher than if phasing them out, but we believe
that it will be a profitable strategy in the long term.
Poolia's growth
In 2009, we established two new offices, one in Linköping
and one in Gävle. Dedicare opened a new office in Oslo
thereby expanding its geographical coverage in the Norwe-
gian market. A local affiliation is required to interface with
clients and to attract candidates. The focus is entirely con-
sistent with our objective to grow organically. We hope and
believe that this will attract new clients and employees and
result in a stronger position in the market.
Last year we entered the outplacement market which is a
market that has developed extremely positively in 2009. We
will be putting additional focus on this business area in 2010
where 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 a
major impact on the bottom line. To have extra focus on per-
manent placement is particularly important in the UK for
us to succeed in turning a loss in 2009 into profit 2010. We
will also be focusing on identifying new, qualified candidates
who are ready to take on our new assignments. The markets
that reported a negative result in 2009, extra focus will be
on turning them into a positive one. It is also important that
we can get the small offices to grow into stable operations.
The costs of establishment have already been made, so we
can now focus on building the critical mass.
Finally, I am proud that we can sum up the year by announc-
ing a positive cash flow and that we can provide a high divi-
dend to our shareholders. I would like to thank our employees
for their dedication and efficiency in helping to make Poolia
the successful company it is. I would also like to thank our
clients for their trust, and hope that we together can make
2010 a successful year.
Johan Eriksson
MD and CEO
6
 markets

Markets

Poolia operates today in the markets in Sweden, Denmark, Finland, Germany

and the UK. Our segmentation matches our geographic division, and healthcare
segment in which our subsidiary Dedicare operates. Dedicare is also active in
Norway. Poolia works exclusively with permanent placement and staffing in the
processional field.

Poolia Sweden Sweden

revenues and operating margin
In 2008, sales for the Swedish staff- %
MSEK %
ing market were MEUR 2,400* and 900 12
had a penetration rate of 1.3 %*. 800
10
Poolia is the single largest supplier 700
that focuses exclusively on skilled 600 8
staff. Poolia Sweden's sales dropped 500
by 17 % to MSEK 700.2 with an op- 6
400
erating profit of MSEK 31.0. The op- 300 4
erating margin for the full year was 200
Åsa Edman Källströmer
4.4  %. Poolia's Swedish operations 2
MD Poolia Sweden 100
accounted for 53.4 % of consolidated
0 0
revenues. Temporary staffing services accounted for 95 % of 2005 2006 2007 2008 2009
revenue and permanent placement for 5 %. Our estimated
market share** in the professional segment was 10.3 %,
which is in line with previous year.

Poolia UK UK
revenues and operating margin
With sales of MEUR 3,500* the MSEK %
staffing market in the UK is by far 350 20
the largest in Europe. It is also a
300
mature market, with a penetration
rate of 4.1 %, more than in all other 250
European countries. Poolia's rev-
200
enues totalled MSEK 132.2, which 0
is a drop of 24 % The operating loss 150
was MSEK -6.9 The UK accounts 100
Shaun Greenfield for about 10 % of Poolia's revenues.
MD Poolia UK 50
Temporary staffing services account-
ed for 90 % of revenue and permanent 0 -20
placement for 10 %. 2005 2006 2007 2008 2009

** The market share is calculated on the part of the market comprising per-
* Latest available statistics for market sales are taken from the 2008 figures manent placement and temporary staffing in the professional sector for
in CIETT (International Confederation of Private Employment Agencies). the 35 companies that form the basis of Bemanningsföretagen’s statistics.

7
 markets

Poolia Germany germany

revenues and operating margin
The German staffing market had MSEK %
sales of approximately MEUR 14,700* 120 20
in 2008. The penetration rate stood
100 0
at 2.0 %*. Poolia Germany's sales
-20
were MSEK 97.4, a drop of 3 %, with 80
an operating profit of MSEK 2.4. The -40
60
operating margin for the full year was -60
2.5 %. Operations account for about 40
-80
7.5 % of Poolia revenues and 8.4 % of
Alfred Unterschemmann operating profit. Temporary staffing 20 -100
MD Poolia Germany
services accounted for 89 % of rev- 0 -120
enue and permanent placement for 2005 2006 2007 2008 2009
11  %. The German market is very regional and conditions
vary greatly between the regions, and a local presence is im-
portant in terms of the potential to do business.

Poolia Finland finland

revenues and operating margin
%
The total staffing market in Finland MSEK %
35 12
in 2008 had sales of around MEUR
1,050*. The penetration rate was ap- 30 10
proximately 1.3 %*. Poolia Finland
25
revenues have enjoyed better growth 8
than the industry in general showing 20
6
an increase of 5 %. Poolia Finland's
15
sales in 2009 were MSEK 32.6 with 4
an operating profit of MSEK 2.2. 10
Jose Majanen Temporary staffing services account- 2
5
MD Poolia Finland
ed for 93 % of revenue and permanent
placement for 7 %. 0 0
2005 2006 2007 2008 2009

denmark
Poolia Denmark revenues and operating margin
MSEK %

The total staffing market in Den- 25 20

mark in 2008 was estimated at 10

20 0
MEUR 1,600. Temporary staffing
in the staffing industry in Denmark -10
15
relates to a relatively high proportion -20
of industrial and warehouse and con- 10
-30
struction workers, while the propor- -40
tion in the professional sector is lower 5 -50
than in other Nordic countries. The -60
Lars Hezsö penetration rate was around 0.8 %*. 0 -70
MD Poolia Denmark
Poolia Denmark's sales fell in 2009 2005 2006 2007 2008 2009
by 62 % to MSEK 5.9. The operating loss was MSEK -3.5.
Temporary staffing services accounted for 60 % of revenue
and permanent placement for 40 %.

8
 dedicare

dedicare
Dedicare, Poolia's subsidiary in revenues and operating margin
healthcare staffing operates in MSEK
%
%
Sweden, Norway and Finland. 9
Dedicare has been very successful 350 8
in both the Swedish and Norwegian 7
300
markets, and is now the biggest in
6
Sweden in temporary staffing of nurs- 250
es, and one of the four largest in tem- 5
200
porary staffing of doctors. Dedicare 4
150
Stig Engcrantz MD continued to perform well during the 3
Dedicare year. In 2009, revenues rose by 26 % 100
2
to MSEK 341.8, which is 26 % of the 50 1
Group's total revenues. The operating profit was MSEK 25.1
and the operating margin was 7.3 % which is in level with 0 0
2005 2006 2007 2008 2009
last year.

9

The Poolia share
Poolia was launched on the Stockholm Stock Exchange on
23 June 1999. Share capital as at 31 December 2009 totalled
SEK  3,424,399 divided among 17,121,996 shares, of which
4,023,815 were class A shares and 13,098,181 were class B
shares, at a par value of SEK 0.20. Each share provides equal
entitlement to the company’s assets and profits. A class A
share provides entitlement to one vote and a class B share
to 1/5 vote.
Incentive schemes
There are no incentive schemes.
Share price movement
The share price was SEK 23.00 at the beginning of the year
and SEK 37.40 at 31 December 2009. The highest price of
the Poolia share during the year was SEK 38.80, and the
lowest SEK 22.50.
Stock exchange trading
The Poolia share is listed on the NASDAQ OMX Stockholm
AB stock exchange under the designation POOL B. A round lot
consists of 1 share, and the par value of the share is SEK 0.20.
Dividend policy
The Board of Directors’ long-term dividend policy is that
annual dividends shall normally exceed 50 % of the Group's
after-tax profit.
the ten biggest Swedish shareholders
Holding Votes
Name A-shares B-shares % %
Björn Örås 4,023,815 4,151,445 47.75 73.07
Swedbank Robur Småbolagsfond
Norden 737,273 4.31 2.22
Skandia Fond Småbolag Sweden 657,000 3.84 1.98
Fjärde AP-fonden 632,497 3.69 1.90
Swedbank Robur Småbolagsfond
Norden 606,461 3.54 1.83
Verdipapirfond Odin Sweden 561,587 3.28 1.69
Riksbankens Jubileumsfond 450,000 2.63 1.35
Carlson Småbolagsfond 396,703 2.32 1.19
Stella Småbolag 300,000 1.75 0.90
LivförsäkringsAB Skandia (publ) 281,372 1.64 0.85
Total 4,023,815 8,774,338 74.75 86.98
The Poolia share
Holdings at 31 December 2009
Holding Votes
No. of shares No. of 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
the ten largest foreign shareholders
Holding Votes
Name A-shares B-shares % %
United Nations Joint Staff
Pension Fund UK 294,000 1.72 0.89
SSB CL Omnibus AC OM07
(15 PCT), USA 265,922 1.55 0.80
Baillie Gifford 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 DK
Clients, Denmark 48,441 0.28 0.15
Placeringsfond 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
analysts who monitor poolia
Name Company
Stefan Andersson SEB Enskilda
Anders Tegeback Handelsbanken
Mikael Löfdahl Carnegie
Alexander Weiss Remium
10
 The Poolia share

Change in share price 2005–2009, sek Change in share price 2009, sek
B shares B shares
OMX Stockholm_PI OMX Stockholm_PI
70 40

60 35

50
30

40
25

30
20

20 15
2005 2006 2007 2008 2009 JAN FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV DEC
2009
© NASDAQ OMX © NASDAQ OMX

key ratios per share ownership categories

2009 2008 2007 2006 2005 Foreign owners 8 %
Public sector 3 %
No. of shares, Social insurance
average 17,121,996 17,808,094 18,466,506 18,460,553 18,443,464 funds 5 %
No. of shares, Other 7 %
outstanding 17,121,996 17,121,996 18,466,506 18,466,506 18,444,970

Profit per
share, SEK 1.04 4.61 3.54 3.00 –2.39

Equity per
share, SEK 12.79 16.21 15.90 14.91 12.30

Dividend per Financial

share, SEK 1.501 4.50 2.50 2.50 0.25
companies 22 %
Share price
31/12, SEK 37.40 20.80 35.00 67.25 42.00
Swedish private
P/E ratio 36.0 4.5 9.9 22.4 neg individuals 55 %

1) Proposed by the Board of Directors.

share capital development (issued shares)

Year Event Change to share capital Total share capital Change to no. of shares Total no. of 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 – 18,440,190
2005 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

11
 FIVE-YEAR SUMMARY

Five-year summary
The tables below present condensed financial information for the financial years 2005-2009.

summary of 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 profit/loss before depreciation and impairments 43.0 112.7 77.3 79.5 20.1

Depreciation of fixed assets (excluding goodwill) -14.6 -7.4 -7.3 -4.8 -4.6

Goodwill impairment losses – – – – –48.1

Operating profit/loss 28.4 105.3 70.0 74.7 -32.6

Financial items 2.2 4.3 2.8 1.9 1.1

Profit/loss before tax 30.6 109.6 72.8 76.6 -31.5

Taxes -12.1 -27.0 -7.5 -21.3 -12.6

Profit/loss for the year 18.5 82.6 65.3 55.3 -44.1

summary of 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 99.7

Other fixed assets 25.0 34.0 28.6 21.5 15.7

Deferred 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

key ratios
2009 2008 2007 2006 2005

Operating margin, % 2.2 7.3 5.2 6.1 -3.2

Profit 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 of risk-bearing capital, % 52.8 57.4 59.0 58.6 57.8

Average number of employees 1,888 2,108 2,136 2,047 1,934

Revenues per employee, KSEK 694 682 627 597 522

Profit/loss per share, SEK 1.04 4.61 3.54 3.00 –2.39

12
 Directors’ Report

Board of Directors’ Report

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

The Board of Directors and the Managing Director of

Poolia AB (publ), with its registered office in Stockholm,
Sweden, hereby submits its annual report and consolidated
accounts for the financial year 2009.
The following income statements, report on comprehen-
sive income, balance sheets, specifications of shareholders’
equity, cash flow statements and reports on the accounting
principles applied and notes represent Poolia’s formal finan-
cial reports.
Business description
Poolia’s business concept is to provide companies and or-
ganisations with the skills that, either temporarily or perma-
The Poolia share
Poolia is listed on NASDAQ OMX Stockholm AB under the
designation POOL B. The company's largest shareholder,
Björn Örås, had at the end of 2009 73.07 % of the votes and
47.75 % of the capital. Björn Örås is also the Chairman of
the Board of Poolia. No other shareholder had a holding that
corresponded to voting rights of 10 % or more.
the ten biggest shareholders
Holding
Name A-shares B-shares %
Votes
%
Björn Örås 4,023,815 4,151,445 47.75 73.07

nently, meet their needs for qualified professionals. Poolia
has chosen its path and focuses on temporary staffing and
permanent placement in the business areas of Finance &
Accounting, Financial Services, Human Resources, Sales
Swedbank Robur Småbolagsfond
Norden 737,273 4.31 2.22
Skandia Fond Småbolag Sweden 657,000 3.84 1.98
Fjärde AP-fonden 632,497 3.69 1.90

& Marketing, IT & Engineering, Office Support and Execu- Swedbank Robur Småbolagsfond
Norden 606,461 3.54 1.83
tive. Activities in the field of healthcare staffing have been
brought together under the separate Dedicare brand. In Verdipapirfond Odin Sweden 561,587 3.28 1.69

2009 Poolia operated in six countries: Sweden, Denmark,
Finland, Norway, Germany and the UK. Poolia's vision
is to become a European leader in temporary staffing and
permanent placement of qualified professionals, created by
skilled and dedicated employees with the same value base.
The long term goal is to become one of the top five in Europe
in temporary staffing and permanent placement of qualified
professionals. Growth will primarily be organic, and in ex-
ceptional cases through acquisitions.
The business is run in six subsidiaries that structurally
conform with the six segments in line with which the busi-
ness is reported.
Riksbankens Jubileumsfond 450,000 2.63 1.35
Carlson Småbolagsfond 396,703 2.32 1.19
Stella Småbolag 300,000 1.75 0.90
United Nations Joint Staff Pension
Fund, UK 294,000 1.72 0,89
Total 4,023,815 8,786,966 74.83 87.02
The total number of shares issued is 17,121,996, of which
4,023,815 are Class A shares and 13,098,181 are Class B
shares. Each Class A share provides entitlement to one vote
and each class B share to 1/5 vote.

segment subsidiary holding share of establishment

revenues
Poolia Sweden Poolia Sverige AB 100 % 53.4 % Gävle, Gothenburg, Jönköping, Malmö,
(incl subsidiaries in commission) Norrköping, Linköping, Stockholm,
Södertälje, Uppsala, Västerås, Örebro.

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 % Düsseldorf, Frankfurt, 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

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

13

There are no restrictions on the transferability of shares on
the basis of provisions in the Articles of Association. There are
no agreements known to the company between shareholders
that limit the entitlement to transfer shares. Nor are there any
agreements to which the company is a party that take effect,
are changed or cease to be valid if control over the company
changes as a consequence of a public take-over bid.
According to the Articles of Association, Board members
are appointed every year at the Annual General Meeting.
The Articles of Association contain no restrictions on the ap-
pointment or compulsory retirement of Board members or
in respect of changes to the Articles of Association.
Decisions must be made in accordance with the Swed-
ish Companies Act. There are no agreements between the
company and Board members or employees that define com-
pensation if anyone serves notice to leave the company, is
dismissed without reasonable cause or if their employment
ceases as a consequence of a public take-over bid, other than
the agreements between the company and senior executives
as described in Note 8 and that include a severance payment
to the Managing Director and other senior executives of a
maximum of 12 months.
Significant events in 2009
Summary
• T
 he global recession has a major impact on the staffing
industry.
• With the help of substantial cost savings, streamlining
and increased sales initiatives, the company succeeds in
reducing the impact on results and maintaining a posi-
tive cash flow.
• Permanent placement has reduced its share of revenues
to 5 % (9 %).
Significant events by quarter
Quarter 1
• A dapting the business to the recession which meant in-
tensified sales initiatives and increased market presence.
• Poolia Sweden establishes branch offices in Gävle and
Linköping.
• Secured contracts with the four Helse regions in Norway
gives Dedicare the opportunity to expand throughout
the whole country.
• Dedicare initiates the establishment of a national deliv-
ery organisation in Norway.
Directors’ Report
Quarter 2
• R
 educed volumes and halving the proportion of perma-
nent placement has a major impact on margins.
• Continued cost adjustments.
• Continued strong growth in Dedicare.
Quarter 3
• Strenghtened market positions in certain sections of
the Swedish market.
• Impairment of fixed asset impacts on profits.
• Consolidation of operations in Denmark.
Quarter 4
• A dditional structural measures for improved efficiency
implemented.
• Increasing the share of permanent placement compared
to quarter 3.
Market trend
The global recession has affected Poolia over the year by a
fall in demand particularly in the permanent placement
field. This fall in demand was evident in all segments except
in Dedicare which showed strong growth even in 2009. The
decline in permanent placement was sharp throughout 2009
while the decline in temporary staffing became evident after
the first quarter, although this part of the business remained
relatively strong. In the healthcare segment, in which Dedi-
care operates, growth has been good over the year. A descrip-
tion of market trends by country is reported on Page 7.
Seasonal fluctuations
Revenues from temporary staffing operations are highly de-
pendent on the number of working days (non public holidays)
in the month and on holiday periods. The number of working
days has the most significant effect on earnings as temporary
consultants in certain countries receive a fixed monthly salary,
regardless of the number of working days. This occurs mainly
in Sweden and Germany. In Sweden, approximately 15 % of
temporary consultants receive a fixed monthly salary.
Revenues from temporary assignments extend over a
longer period than revenues from permanent placements.
Revenues from both temporary staffing and permanent
placement are lower during the holiday period in the sum-
mer, except in the healthcare sector, where the seasons are
reversed.
14

Revenues
Revenues for the Group fell by 8.8 % to MSEK 1,311.1
(1,437.8). Exchange rate fluctuations had a positive effect on
revenues of 1 % during 2009.
Temporary staffing continued to be the dominant service
area and accounted for 95 % of revenues. The proportion of
permanent placement has decreased from 9 % to 5 %, but
the proportion of permanent placement increased to 6 % in
the fourth quarter.
For the temporary staffing 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)
Finance & Accounting and Financial Services
1)
2)
HR, Sales & Marketing, Office Support
(Executive was distributed in all business areas.)
The drop in sales for Poolia Sweden was 17 %. The global
recession has resulted in lower demand for the company's
services and even longer decision-making processes at our
clients, which has reduced the number of assignments, pri-
marily in permanent placement.
Revenues for Poolia Sweden totalled MSEK 700.2
(845.4). Sales in Denmark were MSEK 5.9 (15.6). Finland
showed a growth of 5 % to MSEK 32.6 (31.1) which is a result
of a successful sales focus strategy in the Finnish organisa-
tion. Revenues in Germany totalled MSEK 97.4 (100.8), a
drop of 3  %. Currency fluctuations had a positive effect of
9 %. In the UK revenues dropped by 24 % to MSEK 133.2
(174.4). Currency fluctuations had a negative effect of 1 %.
The decline is a result of low market demand in all our busi-
ness areas. Dedicare, which covers healthcare in Sweden,
Norway and Finland, had sales of MSEK 341.8 (270.5). This
is equivalent to a growth of 26%.
Financial results
The profit after financial items was MSEK 30.6 (109.6). The
operating profit was MSEK 28.4 (105.3). The operating margin
was 2.2 (7.3) %. Poolia Sweden showed an operating profit of
MSEK 31.0 (88.1) and the operating margin was 4.4 (10.4) %.
The operating loss for Denmark was MSEK -3.5 (0.0) and the
operating profit in Finland was MSEK 2.2 (3.4) while the oper-
ating margin was 6.7 (10.8) %. Germany's operating profit was
MSEK 2.4 (10.0) and the operating margin was 2.5 (9.9) %.
The UK's operating loss for the year was MSEK -6.9 (0.2). The
Directors’ Report
operating profit for Dedicare was MSEK 25.1 (21.2) and the op-
erating margin was 7.3 (7.8) %. Consolidated profit after finan-
cial items was MSEK 2.1 (4.3). Non-distributed parent com-
pany costs totalled MSEK -21.8 (-17.5) including a one-off cost
for impairment of fixed asset of MSEK 5.6. The tax rate for the
Group was 39 (25) %. The tax rate is affected by a non-posted
tax asset on the loss for the year, the impairment of a previously
posted deferred tax asset relating to tax loss carry forwards
and an adjustment of previous years’ tax in Germany.
Financial position
The Group’s cash and cash equivalents as at 31 December
2009 totalled MSEK 67.8 (116.5). Cash flow from operating
activities during the period was MSEK 35.8 (MSEK 105.7).
A share dividend of MSEK 77.0 was paid. The equity/assets
ratio was 52.3 (55.7) % as at 31 December 2009.
No loans or credit lines existed at 31 December 2009.
The principles applied for financial risk management
and exposure in respect of the various types of risks are pre-
sented in Note 4.
Investments
The Group's investments in fixed 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 impairment
requirements came to light during the annual impairment
tests. The change compared with the previous year consisted
of exchange rate differences. The principles applied for the
valuation and a summary of the distribution of cash-generat-
ing units are shown in note 15.
Employees
The average number of permanent employees for the year
was 1,888 (2,108). As at 31 December 2009 the total number
of employees was 2,039 (2,380).
The vast majority - nine out of ten - of Poolia's employees
are temporary staff, who are placed on temporary staffing as-
signments with clients in various sectors for shorter or longer
periods of time. Internal staff, who take care of sales, follow-
up and administration, constitute about 10 % of the entire
workforce.
Poolia has a consistent and long-term staff enhancement
policy with yearly employee satisfaction surveys and annual
appraisals, and opportunities for skills development and
good internal communication as key ingredients. At all times
15

Poolia takes care to comply with the laws and regulations in
force in each country, for example in terms of employment and
wage models, working time rules, the working environment
and healthcare. Workplace equality is an accepted concept
at Poolia. The dedicated work has resulted in an improved
employee satisfaction index in all segments during the year.
Environmental information
Poolia does not conduct any operations that are subject to
registration or licence obligations under the Swedish Envi-
ronmental Code. One of the company’s fundamental values is
“to be the good company”, an obvious element of which is that
we accept our responsibility to the environment. This means
that the company comfortably satisfies the requirements of
each country’s environmental legislation for a company with
the kind of operations in which Poolia is involved. Environ-
mental adaptation is based on what is technically possible,
financially reasonable and environmentally justified, with
reference to the Group’s size and resources. See further de-
scription on our website www.poolia.com.
Guidelines on remuneration for senior
executives
At the 2009 AGM a decision was made on guidelines on re-
muneration for senior executives. The company’s senior ex-
ecutives have in 2009 been the Group’s management group
comprising of the CEO/Managing Director of its parent com-
pany, country managers in Sweden, Germany and the UK,
Marketing Director and Chief Financial Officer. The Board
intends to propose unchanged guidelines for remuneration to
senior executives at the 2010 AGM.
Motivation
Poolia shall offer competitive terms that enable the company
to recruit and retain skilled professionals. Remuneration to
senior executives shall consist of basic salary, variable remu-
neration, pension and other standard benefits. The remuner-
ation is based on the individual’s commitment and perform-
ance in relation to targets defined in advance, both individual
targets and shared targets for the company as a whole. There
is continuous evaluation of individual performance.
Basic salary
The basic salary is usually reviewed once a year and must take
into account the quality of the individual’s performance. The
basic salary for the Managing Director and other senior ex-
ecutives must be competitive.
Directors’ Report
Variable remuneration
The variable remuneration shall be based on the trend in
revenues and/or profits within the individual’s own area of
responsibility and the Group. The variable remuneration of
senior executives must be able to vary from minus 20 % to
plus 80 % of fixed salary.
Decisions on any share and share related incentive schemes
aimed at senior executives must be made at the AGM.
Other remuneration and
terms of employment
The Managing Director has, in addition to retirement ben-
efits under the law on general insurance, a personal pension
contract. Other senior executives are covered by defined con-
tribution pension plans that are essentially equal to the pre-
mium level for the ITP plan. The retirement age for all senior
executives is 65.
Senior executives are entitled to six or twelve months’ no-
tice if the employment contract is terminated by themselves
or by the relevant company respectively. The monthly salary
shall be paid during the entire period of notice, although with
a deduction for any other salary received during the period of
notice. There are no agreements on additional severance pay-
ments for senior executives.
Some senior executives also have a company car.
Deviations from the guidelines
The Board is entitled to deviate from the above guidelines if
the Board considers that there are special reasons in an indi-
vidual case to justify this.
Parent company
The parent company engages in general Group Management,
development, IT operations and system administration as
well as financial management. Revenues in 2009 totalled
MSEK 21.1 (22.4), and there was a loss after financial items
of MSEK -25.7 (-20.4). The loss includes the impairment of
fixed assets to the order of MSEK 5.6 and the impairment of
shares in subsidiaries to the order of MSEK 7.3. A share divi-
dend was received from a subsidiary to the order of MSEK
2.5. The previous year’s financial result included a capital
gain of MSEK 5.6 from the sale of a subsidiary and the im-
pairment of shares in subsidiaries to the order of MSEK 6.7 in
connection with shareholders’ contribution.
On 11 August 2009 the Swedish Companies Registration
Office gave permission for a reduction of the share capital
in accordance with a decision at the Annual General Meet-
ing. The 1,344,510 shares that the company earlier bought
16

back were then withdrawn and after which the share capi-
tal totals SEK 3,424,399, divided into 17,121,996 shares.
Risks and uncertainty factors
All business activities involve some degree of risk. Poolia per-
forms a continuous assessment of which risks the company
is exposed to, and minimises them by means of preventive
action and action plans defining how to deal with any risk-
related situations that might arise. The risks the Poolia Group
faces can be divided into three categories: operational risks,
legal risks, and financial risks.
Operational risks
Economy and demand
There is an underlying structural growth in the staffing sec-
tor, but the volume is also affected by economic fluctuations.
There is a high level of correlation between growth in the
staffing 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 five-fold effect on
the staffing sector. At the same time, when general economic
growth is low or stops completely, the market for staffing
services drops. The explanation for this is that if the economy
weakens, client companies find themselves over-staffed and
thus have less need to take in temporary labour from outside.
One challenge for Poolia is therefore to deal with fluctuations
in the economy while still remaining profitable.
Risks in a healthy economy
During periods with an increased rate of growth the busi-
ness depends on how well Poolia manages to attract and re-
cruit qualified professionals. One success factor is therefore
the supply of competence that is in demand, and the rate of
growth is largely determined by this. One of Poolia’s strategic
objectives is to be the most attractive employer in the sector,
and we work actively on HR matters regardless of the state
of the economy. We also place great emphasis on constantly
making contact with new candidates with the right compe-
tence profile, so that we always have a large candidate base.
Risks in a weak economy
When there is a downturn in the economy profitability de-
pends on how quickly Poolia can perceive and interpret the
signals in the market, and also how well we can adapt the
company’s cost base during the downturn. In due course Poo-
lia’s European strategy will lead to there being less depend-
Directors’ Report
ence on the state of the economy in individual markets. We
also work constantly to increase the proportion of variable
costs. The biggest expense item is payroll costs, and in recent
years flexible payroll systems have been introduced for both
resource temps and internal staff. Nowadays most of Poolia’s
employees have partly flexible pay. As regards fixed costs such
as premises and IT, we strive constantly to limit the binding
period and to create flexibility by paying for each user.
Client dependence
Poolia’s business is based on delivering quality to create satis-
fied clients, who then choose to continue to purchase services
from Poolia. To ensure that our deliveries result in satisfied
clients, all of our assignments are followed up with a client
survey which guarantees both the individual assignment
and the development of our processes. If most revenues are
generated from a small number of individual clients, or cli-
ents in one single sector, this situation always constitutes a
risk for a company like Poolia. We work actively with client
segmentation which is based on a good distribution between
both sectors and client sizes, we have reduced dependence
on individual client companies and sectors. In 2009, the ten
largest clients accounted for 30 % of total Group revenue, an
increase from the previous year and a direct result of the re-
cession. During the preceding five years, this share has been
below 30 %. No one client has a share exceeding 10 % of total
Group revenues.
Staff 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, the
company’s concept has been documented in the Poolia Busi-
ness Guide, a description of Poolia’s work processes and meth-
odology that serves as the Group’s joint management tool and
shortens the set-up time when opening new businesses.
Liability risks
Poolia’s liability risks are primarily risks of damages that
a temp on a temporary staffing assignment might cause to
a client’s business or property, as well as employee injuries.
Poolia’s policy is never to assume liability for supervision, the
service only involves providing the client with the requested
competence. Information about the temp’s competence and
background of relevance to the assignment are produced reg-
ularly for all assignments. The Group has adequate insurance
cover for liability risks, in accordance with Poolia’s general
terms of delivery.
17

Property risks
Poolia's operations are run in rented premises that are ex-
posed to the risk of being subjected to intrusion, sabotage
and fire. The items most at risk of theft are computers and
other office equipment. The value of computers and the risk
of losing information content has been limited in recent
years, as computer operations have been transferred to Cit-
rix, with central processing power and storage at an external
partner in premises away from Poolia's offices. Central op-
erations also mean that the setting up of operations in a new
location can take place relatively quickly.
Legal risks
Demand for Poolia's services depends to a large extent on the
laws and regulations that affect the labour market and the
staffing sector in countries where we operate. Future changes
in these laws and regulations may therefore have both a posi-
tive and a negative impact on Poolia. Country managers are
responsible for monitoring developments in this area closely,
for example by obtaining information from the industry or-
ganisation in the country in question.
Financial risks
Poolia is exposed to various types of financial risk. The com-
pany's general policy for financial risk management is that
at any given time the negative effects on the Group’s earn-
ings as a consequence of market fluctuations must be mini-
mised. The Group’s financial policy is defined every year by
the Board of Directors and governs how financial risks are to
be addressed and which financial instruments may be used.
Currency risk
Currency risk is the risk that exchange rate changes have a
negative impact on the Group’s earnings. Poolia's currency
risk arises in connection with internal Group financing and
when translating the income statements and balance sheets
of foreign subsidiaries into Swedish kronor. Translation ex-
posure relates to translation from Euros, British Pounds,
Norwegian Kroner and Danish Kroner. The finance policy
states that translation exposure shall not be hedged. For
2009, translation of foreign subsidiaries had a positive effect
on Group equity to the order of MSEK 0.1 (-10.0). At present
Poolia has no other currency exposure.
Directors’ Report
Interest rate risk
Interest rate risk means the risk that changes in the market
rate will have a negative effect on the Group’s net interest
revenues. The Group's exposure to interest rate risk was
limited the closing date. Poolia has no holding of interest-
bearing financial liabilities, and interest-bearing financial
assets comprise primarily unrestricted bank funds. A change
in the market rate of one percentage point would affect all of
the Group’s interest-bearing assets and liabilities, and would
have an effect on earnings before tax of about MSEK 0.7.
Credit risk and counterparty risk
The credit risk and counterparty risk relates to the risk
that the counterparty in a transaction is unable to fulfil
its commitment and thus generates a loss for the Group.
The Group is exposed to credit risk and counterparty risk
when surplus liquidity is invested in financial assets. To
limit the counterparty risk, only counterparties with a
high credit rating are accepted under the defined finance
policy. As at 31 December 2009 there were no derivatives.
Poolia's biggest operating assets are its accounts receiv-
able. Bad debts may arise in a business relationship or from
a dispute after a client has become insolvent. Poolia's receiv-
ables from any single client are relatively small in relation
to the outstanding accounts receivable portfolio. This means
that there is a limited risk of bad debts. The Group applies
a credit policy that includes credit testing and meticulous
follow-up on payments.
The commercial credit risk within the Group is limited in
that there is no significant credit risk concentration for the
Group in relation to any particular client counterparty or in
relation to any particular geographic region. The maximum
credit risk corresponds to the book value of Poolia's financial
assets.
Liquidity risk and cash flow risk
Liquidity risk is the risk that the Group may encounter diffi-
culties in accessing money to meet commitments associated
with financial instruments. Poolia's cash and cash equiva-
lents are currently deposited in short-term bank or deposit
accounts. There is not any refinancing need at present.
18
 Directors’ Report

The Board of Directors proposes a dividend of SEK 1.50

Expected future development
The global recession in 2009 has resulted in a negative trend
for the economy in all the markets in which Poolia operates.
It is estimated that this trend will turn in 2010 and that de-
mand for temporary staffing and permanent placement will
thereby grow. The effect on Poolia's business is deemed to
vary in different markets depending on the market structure
and Poolia's position. In the section above entitled Risks and
risk management, the effects of the recession on Poolia's
business are described in greater detail
Events after the balance sheet date
There are no significant events to report.
(4.50) per share. This means that a total of MSEK 25.7 (77.0)
will be paid in dividends to shareholders. Poolia’s equity/as-
sets ratio is, after the proposed dividend, 49 %.
Available to the Annual General Meeting
Retained earnings 166,016,056
Profit/loss for the year – 9,823,497
156,192,559
The Board and Managing Director propose
that earnings be disposed of as follows:
To the shareholders, a dividend of 25,682,994
Carried forward to the new accounts 130,509,565
156,192,559

Share-based incentive scheme

There are no share-based incentive schemes.

Proposed appropriation of profit

Following positive results, Poolia's business generates a cash
flow that exceeds the need for working capital. The goal for
the return to shareholders, in line with the revised dividend
policy is that the dividend should exceed 50 % of consoli-
dated profit after tax. The company’s growth strategy is
based on continued organic growth and growth by acqui-
sition, the latter applying mainly in connection with the
penetration of new markets.
The Board of Directors believes that Poolia’s financial
position is good and that the dividend proposed below does
not prevent the company from performing its obligations in
the short and the long term, and that it also does not pre-
vent the company from undertaking necessary investments.
The Group’s cash holding as of 31-12-2009 totals MSEK
67.8, and during 2010 the Group expects to continue to
generate a positive cash flow. The proposed dividend is thus
authorised with due regard to the requirements specified in
section 17:3(2) and (3) of the Swedish Companies Act. It is
proposed that 30 April 2010 be the reconciliation date.

19
 Group

statement of consolidated comprehensive income

Amounts in KSEK Note 2009 2008

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

Operating expenses

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

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

Depreciation and impairments of tangible

and intangible assets 15, 16, 17 –14,633 –7,388

Operating profit/loss 28,435 105,266

Profit/loss from financial investments

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

Interest expenses and similar income statement items 12 –364 –540

Profit/loss before tax 30,555 109,562

Tax on profit/loss for the year 14 –12,063 –26,961

Profit/loss for the year 18,492 82,601

Other comprehensive income

Translation differences 144 –9,998

Comprehensive income for the year 18,636 72,603

Profit/loss for the year attributable to:

Parent company shareholders 17,782 82,092

Minority shareholders 710 509

Earnings per share before dilution, SEK 22 1.04 4.61

Earnings per share after dilution, SEK 22 1.04 4.61

Comprehensive income for the year attributable to:

Parent company shareholders 17,847 72,126

Minority shareholders 789 477

20
 Group

balance sheet, Group

Amounts in KSEK Note 31/12/09 31/12/08

assets
Fixed assets

Goodwill 15 91,517 89,553

Other intangible assets 16 19,928 26,873

Tangible fixed assets 17 4,985 7,109

Deferred tax assets 14 16,821 17,547

Total fixed assets 133,251 141,082

Current assets

Accounts receivable 19 158,824 159,344

Current tax receivables 4,816 7,293

Other 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 289,610 360,477

Total assets 422,861 501,559

equity and liabilities

Equity

Share capital 21 3,424 3,693

Other capital contributions 187,658 187,389

Reserves –11,637 –11,702

Retained earnings 39,593 98,860

Minority share of equity 1,966 1,177

Total shareholders' equity 221,004 279,417

Long-term liabilities
Provision for deferred tax liabilities 14 2,367 8,290

Total long-term liabilities 2,367 8,290

Current liabilities

Accounts payable 27,537 28,345

Other liabilities 51,051 54,363

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

Total current liabilities 199,490 213,852

Total liabilities 201,857 222,142

Total equity and liabilities 422,861 501,559

pledged assets and contingent liabilities

Pledged assets

Blocked bank funds 191 202

Total pledged assets 191 202

Contingent liabilities

Total contingent liabilities – –

Total pledged assets and contingent liabilities 191 202

21
 Group

cash flow statement, Group

Amounts in KSEK Note 2009 2008

operating activities
Profit/loss before tax 30,556 109,562

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

Capital gain (-)/loss (+) on sale of fixed assets 60 75

Taxes paid –14,783 –24,028

Cash flow from operating activities before 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 flow from operating activities 35,776 105,708

investment activities
Acquisition of equipment –809 –1,843

Acquisition of intangible assets –5,112 –11,039

Sales of operations – 1,040

Sale of equipment 16 –

Cash flow from investment activities –5,905 –11,842

financing activities
Change in long-term liabilities – –200

Acquisition of own shares – –41,336

Dividend to shareholders –77,049 –46,166

Cash flow from financing activities –77,049 –87,702

Cash flow for the year –47,178 6,164

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

Exchange rate difference in cash and cash equivalents –1,540 –1,090

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

change in Group equity

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 of participation in Dedicare 700 700

Acquisition of own shares –41,336 –41,336

Comprehensive income

Profit/loss for the year 82,092 509 82,601

Other comprehensive income

Translation differences –9,966 –32 –9,998

Closing balance 31/12/08 3,693 187,389 –11,702 98,860 1,177 279,417

Share dividend –77,049 –77,049

Reduction in share capital –269 269 0

Comprehensive income

Profit/loss for the year 17,782 710 18,492

Other comprehensive income

Translation differences 65 79 144

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

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

22
 parent company

income statement, parent company balance sheet, parent company

Amounts in KSEK
Note 2009 2008 Amounts in KSEK Note 31/12/09 31/12/08

Net revenues 21,067 22,420 assets

Fixed assets
Operating expenses
Intangible fixed assets
Other external expenses
9 –18,753 –20,482
Other intangible assets 16 12,626 15,184
Personnel expenses
8 –16,470 –19,484
Total intangible assets 12,626 15,184
Depreciation and impairments of tangible
and intangible assets 16 –7,633 –211
Financial fixed assets
Operating loss
5 –21,789 –17,757
Participations in Group companies 18 117,920 122,382

Profit/loss from financial investments Total financial fixed assets 117,920 122,382

Profit from participations in Group companies
10 –4,829 –1,151
Current assets
Interest revenues and similar
income statement items 11 1,085 1,803 Current receivables

Interest expenses and similar Receivables at Group companies 36,818 93,499

income statement items 12 –144 –3,301
Other receivables 3,456 4,849
Profit/loss after financial items –25,677 –20,406
Prepaid expenses and
accrued revenues 20 626 1,174
Appropriations
13 14,214 –18,514
Total current receivables 40,900 99,522
Tax on profit/loss for the year
14 1,640 9,284
Cash at bank and in hand 1,885 15,406
Profit/loss for the year –9,823 –29,636
Total assets 173,331 252,494

statement of comprehensive income
equity and liabilities
Profit/loss for the year –9,823 –29,636
Equity
Other comprehensive income
Restricted shareholders' equity
Group contributions received 30,000 80,000
Share capital 21 3,424 3,693
Tax effect of Group contributions –7,890 –22,400
Total restricted shareholders' equity 3,424 3,693
Total comprehensive income 12,287 27,964

Unrestricted shareholders' equity

Retained earnings 166,016 250,322

Profit/loss for the year –9,823 –29,636

Total unrestricted shareholders' equity 156,193 220,686

Total shareholders' equity 159,617 224,379

Untaxed reserves 13 4,300 18,514

Current liabilities

Accounts payable 2,006 3,842

Liabilities to Group companies 4,974 –

Other liabilities 350 627

Accrued expenses and

prepaid revenues 25 2,084 5,132

Total current liabilities 9,414 9,601

Total equity and liabilities 173,331 252,494

pledged assets and contingent liabilities
Pledged assets

Total pledged assets – –

Contingent liabilities

Total contingent liabilities – –

Total pledged assets and contingent liabilities – –

23
 parent company

cash flow statement, parent company

Amount in KSEK Note 2009 2008

operating activities
Profit/loss after financial items –25,677 –20,406

Depreciation and impairments charged against earnings 14,947 6,956

Earnings from divestment of participations in Group companies – –5,594

Taxes paid –5,666 –18,375

Cash flow from operating activities before 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 flow from operating activities –11,030 –8,500

investment activities
Dividend form subsidiaries 2,485 –

Acquisition of intangible assets –5,075 –15,395

Acquisition of participations in Group companies –2,852 –

Divestment of participations in Group companies – 1,040

Group contributions 27 80,000 80,000

Cash flow from investment activities 74,558 65,645

financing activities
Acquisition of own shares – –41,336

Dividend to shareholders –77,049 –46,166

Cash flow from financing activities –77,049 –87,502

Cash flow for the year –13,521 –30,357

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

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

change in parent company equity

Amounts in KSEK Share capital Retained earnings Profit/loss for year Total

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

Profit/loss for 2007 brought forward –242 242 0

Share dividend –46,166 –46,166

Acquisition of own shares –41,336 –41,336

Comprehensive income

Profit/loss for the year –29,636 –29,636

Other comprehensive income

Group contributions 80,000 80,000

Tax effect of Group contributions –22,400 –22,400

Closing balance 31/12/08 3,693 250,322 –29,636 224,379

Profit/loss for 2008 brought forward -29,636 29,636 0

Share dividend –77,049 –77,049

Reduction in share capital –269 269 0

Comprehensive income

Profit/loss for the year –9,823 –9,823

Other comprehensive income

Group contributions 30,000 30,000

Tax effect of Group contributions –7,890 –7,890

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

24

Notes All amounts are in SEK thousands,
unless otherwise specified.
note 1 general information Segment Reporting
The consolidated accounts were approved for publication by the Board on
25 March, 2010, and finally adopted at the parent company's annual general
meeting on 27 April 2010.
note 2 accounting policies
The consolidated accounts have been prepared in accordance with the EU-
approved International Financial Reporting Standards (IFRS) and inter-
pretations of International Financial Reporting Interpretations Committee
(IFRIC) as at 31 December 2009. Furthermore, the Group applies RFR 1.2
Supplementary Accounting Rules for Groups, which specifies the additions
to IFRS disclosures required by the provisions of the Annual Accounts Act.
The annual report of the Parent Company have been prepared in accordance
with the Annual Accounts Act, RFR 2.2 Accounting for legal entities and the
relevant statements from the Council for financial reporting.
From January 1, 2009 Poolia will apply the amendments to IAS 27 Consoli-
dated and separate financial statements, IFRS 2 Share-based payments, IFRS
7 Financial Instruments: Information (fair value and liquidity risk), IFRS 8
Operating segments, IAS 1 Presentation of financial statements (revised for-
mats), IAS 23 Financial instruments (classification), IAS 39 Financial instru-
ments: Recognition and Measurement, IFRIC 9 Reassessment of embedded
derivatives, IFRIC 13 Customer loyalty programmes, IFRIC 15 Agreements
for the construction of real estate, IFRIC 16 Hedges of net investments in for-
eign operations and IFRIC 18 Transfers of funds from customers.
The amendment to IAS 1 has resulted in revised formats for the Group. All the
Group's revenues and expenses are now presented in an "account" called the
Statement of comprehensive income. The consolidated statement of changes
in equity presents items in comprehensive income separately from transac-
tions with owners. Other new standards and interpretations have not had any
effect on the consolidated financial statements for 2009.
New and revised IFRS standards and interpretations
The International Accounting Standards Board (IASB) has issued the follow-
ing new and revised standards which are not yet in force. New standards are
IFRS 9 Financial instruments and standards are revised IFRS 1, 2 and 3 and
IAS 24, 27, 32 and 39. In addition, IFRIC has published new interpretations
IFRIC 17 and 19 and an amendment to IFRIC 14 which are not yet in force.
The above new and revised standards and interpretations have not yet been
applied. Management believes that the new and amended standards and in-
terpretations will not result in any significant impact on the consolidated fi-
nancial statements for the period they are first applied.
Consolidated accounts
The consolidated accounts include Poolia AB (publ) and all subsidiaries. Sub-
sidiaries are legal entities in which Poolia AB (publ) owns or controls more
than half the votes or owns shares in the legal entity and has the right to unilat-
erally exercise a decisive influence over the company pursuant to agreements
or other directives. Decisive influence means that the Group has the right to
determine financial and operational strategies for the purpose of obtaining fi-
nancial benefit. Subsidiaries are included in the consolidated accounts as from
the time when the decisive influence is gained until the time when the decisive
influence ceases.
Subsidiaries are reported in accordance with the acquisition method. Ac-
quired, identifiable assets, liabilities and contingent liabilities are valued ac-
cording to their fair value on the acquisition date. If the acquisition value of
the acquired participation exceeds the total fair value of the acquired identifi-
able assets and liabilities, the difference is reported as goodwill. If the acquisi-
tion cost is less than fair value, calculated as above, the difference is recognised
directly in the income statement.
Minority interests consist initially of the minority's share of fair values of
net assets. Minority interests recognised in the consolidated financial state-
ments as part of equity, are separate from the parent company's equity. Mi-
nority interests are included in the consolidated statement of comprehensive
income and are recognised separately from the parent company's results and
comprehensive income as an allocation of these results for the period.
All internal transactions between Group companies and inter-company
balances are eliminated in the consolidated accounts.
notes
Poolia Group's segment information is presented based on the company man-
agement's perspective and identifies operating segments based on internal
reporting to the company's top executive decision makers. The Group has
identified the MD as its chief executive decision maker, and the internal re-
porting used by the MD to follow up the business and make decisions about
resource allocation is the basis for the segment information that is presented.
Poolia segment reporting involves a classification of both the geographical and
business segments. Poolia’s geographical segments are Sweden, Finland, Den-
mark, Germany and the UK.
One business segment is made up of healthcare operations, temporary staff-
ing of doctors and other healthcare professionals, and the second is Poolia's
other operations, temporary staffing and permanent placement of skilled pro-
fessionals. Healthcare activities form an independent segment as the market,
clients, candidate structure and business logic differ from Poolia’s 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 division
due to their relatively limited scope in Norway and Finland.
The same accounting policies that are applied for the Group apply to all
segments. The table below shows where the various business segments are
geographically established.
Poolia (excl Dedicare) Dedicare
Sweden • •
Finland • •
Denmark • –
Norway – •
Germany • –
UK • –
Revenue recognition
(a) Sales of services
Operating revenue includes the sale of services in the areas of tempo-
rary staffing and permanent placement. Revenues are recognised in the
accounting period in which they arise.
(b) Interest revenues
Interest revenues are allocated across the period of maturity applying
the effective interest method.
(c) Dividend revenues
Dividend revenues are recognised once the right to receive payment has
been determined.
Leasing
A financial lease agreement is an agreement according to which the financial
risks and benefits associated with ownership of an object are, to all intents
and purposes, transferred from the lessor to the lessee. Lease agreements not
classed as financial are classed as operational.
The Group as lessee
Assets held in accordance with financial lease agreements are reported as fixed
assets in the consolidated balance sheet, at fair value at the start of the lease
period or at the present value of the minimum lease fees if this is lower. The
equivalent liability is reported in the balance sheet as a liability to the lessor.
Lease payments are divided between interest and amortisation of the liability.
The interest is distributed over the lease period so that each accounting period
is charged with an amount corresponding to a fixed rate of interest on the lia-
bility reported in each period. Assets held under financial leases are amortised
in the same way as owned assets, with the exception of leased assets where it is
not likely that Poolia will redeem the asset concerned. In such cases the asset is
amortised across its useful life or the lease period, whichever is shorter.
Lease fees paid under operational lease agreements are charged to expenses
systematically across the lease period.
Employee benefits
Employee benefits in the form of wages, paid holidays, paid sick leave, etc. and
pensions are posted as they are earned. As regards pensions and other benefits
after the end of employment, these are be classified as contribution-based or
benefit-based pension plans.
25

Defined contribution plans
In contribution-based plans the company pays fixed contributions to a sepa-
rate, independent legal entity and has no obligation to pay any further contri-
butions. Charges are made against the Group’s earnings at the rate at which
benefits are earned, which normally coincides with the timing of premium
payments.
Defined benefit plans
One of the Group's defined benefit plans is the Alecta ITP plan. ITP is a plan
covering several employers and is classified as a defined benefit plan under
IAS 19. Alecta has not been able to present sufficient information to permit
a return to a defined benefit plan, which is why the ITP plan is reported as a
defined 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. The
pension 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 benefits
are earned.
Foreign exchange
Transactions in foreign currency are reported in each unit on the basis of the
unit’s functional currency at the exchange rate applying on the transaction
date. Monetary assets and liabilities in foreign currency are recalculated on
each balance sheet date at the closing rate. Exchange differences are included
in net income. Exchange rate differences in long-term loans within the Group
are posted directly to shareholders' equity, when the intercompany balance is
of such a nature that it is not intended that it be settled.
When drawing up consolidated accounts, the balance sheets for the Group’s
foreign businesses are translated from their functional currencies into Swed-
ish kronor on the basis of the exchange rate on the balance sheet date. The in-
come statement is translated at the average exchange rate for the period. Any
translation differences that arise are posted against the translation reserve in
shareholders’ equity. When a foreign subsidiary is divested, the accumulated
translation difference is reallocated and posted as part of the capital gain or
loss. Goodwill and adjustments in fair value attributable to acquisitions of op-
erations with a functional currency other than SEK are treated as assets and
liabilities in the currency of the acquired operations and are translated using
the exchange rates on the balance sheet date.
Intangible assets
Goodwill
Goodwill comprises the amount by which the acquisition value exceeds the
fair value of the Group’s participation in the acquired subsidiary’s identifiable
net assets on the acquisition date. If it proves, in connection with the acquisi-
tion, that the fair value of acquired assets, liabilities and contingent liabilities
exceeds the acquisition value, the surplus is posted immediately as revenues to
the income statement.
Goodwill has an indeterminate useful life and is posted at the acquisition
value minus accumulated impairment. On the sale of an operation, that part
of goodwill attributable to these operations that has not been amortised is re-
ported in the calculation of the gain or loss on the divestment.
Other intangible assets
Other intangible assets, primarily comprising new investments and improve-
ments to administrative systems, are posted at the acquisition cost minus
accumulated amortisation and any impairment applied. Internally refined
intangible assets are only posted as an asset if an identifiable asset has been
created, it is likely that the asset will generate future financial benefits and
the cost of developing the asset can be calculated in a reliable way. If it is not
possible to post an internally refined intangible asset, development costs are
posted as an expense in the period when they are incurred.
Amortisation of other intangible assets is posted to expenses so that the
value of the asset is amortised on a straight-line basis over its expected useful
life, which has been estimated at five years.
notes
Tangible fixed assets
Tangible fixed assets are recognised as an asset if it is probable that the compa-
ny will enjoy future economic benefits and the cost of an asset can be reliably
measured. Tangible fixed assets consist primarily of inventories and comput-
ers, and are posted at the acquisition value minus accumulated depreciation
and any impairment applied. Depreciation of tangible fixed assets is posted to
expenses so that the asset’s value is depreciated on a straight-line basis over its
expected useful life.
The following percentages have been applied:
Inventories and computers 20–33 %
Impairment
On the occasion of each financial report, an assessment is made to determine
whether there are any indications of impaired value regarding the Group’s as-
sets. If this is the case, an assessment is made of the recoverable value of the
asset. Goodwill has been allocated to cash-generating units and is, alongside
intangible assets with an indeterminate useful life and intangible assets that
are not brought into use, subject to annual impairment testing even if there
has been no indication of decreased value. However, impairment testing is
conducted more frequently if there has been an indication of decreased value.
The recoverable value comprises the higher of the useful value of the asset in
the operation and the value that would be received if the asset were sold to an
independent party (the net sale value). The useful value comprises the current
value of incoming and outgoing payments attributable to the asset during the
period when it is expected to be used in the operation plus the current value
of the net sale value at the end of the useful life. If the calculated recoverable
value is less than the posted value, the value is written down to the asset’s
recoverable value.
An impairment is posted to the income statement. Recognised impairment
is reversed if changes to the original assumptions triggering the recognition
of impairment mean that this impairment no longer justified. Reversal of a
recognised impairment is performed so that the posted value does not exceed
what would have been posted, after deduction of planned depreciation, if the
impairment had not been recognised. Reversal of a recognised impairment is
posted to the income statement. Impairment of goodwill is not reversed.
Taxes
The Group’s total tax expense comprises current and deferred taxes. Current
taxes are those to be paid or received pertaining to the current year and adjust-
ments in the current tax of previous years. Deferred tax is calculated on the
difference between book value and the value for tax purposes of the company’s
assets and liabilities. Deferred tax is posted according to the so-called balance
sheet method. Deferred tax liabilities are, in principle, reported for all taxable
temporary differences, while deferred tax assets are reported to the extent it is
likely that the amounts may be utilised against future taxable surpluses.
The book value of deferred tax assets is reviewed in conjunction with the
year-end accounts and reduced to the extent that it is no longer likely that a
sufficient taxable surplus will be available for use, either fully or partly, against
the deferred tax asset.
Deferred tax is calculated according to the tax rates expected to apply for the
period in which the asset is recovered or the liability is settled. Deferred tax is
posted as revenues or expense in the income statement, except in cases where
it pertains to transactions or events posted directly to shareholders’ equity. In
such cases, the deferred tax is also posted directly to shareholders’ equity.
Deferred tax assets and tax liabilities are offset against one another if they
are attributable to income tax charged by the same authority and if the Group
intends to offset the tax by a net amount.
Provisions
Provisions are posted in the balance sheet when an undertaking exists, when it
is likely that an outflow of resources will be necessary to settle the undertaking
and when a reliable estimate of the amount can be produced. Provisions are
reviewed for each year-end accounts.
26
 notes

Financial instruments
A financial asset or financial liability is recognised in the balance sheet when
the company becomes a party to the instrument's contractual terms. A finan-
cial asset is removed from the balance sheet when the rights in the agreement
have been realised, mature or the company loses control over them. A financial
liability is removed from the balance sheet when the obligation in the agree-
ment is honoured or settled in any other way.
Acquisitions and divestment of financial 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 or
fair value depending on their initial classification according to IAS 39.
On each reporting occasion the company assesses whether there are objec-
tive indications of a need to recognise impairment of a financial asset or Group
of financial assets.
Calculation of the fair value of financial instruments
In determining the fair value of short-term investments and loan liabilities,
official market quotations on the balance sheet date are used. If these are not
available, a valuation is performed by generally accepted methods such as dis-
counting of future cash flows to listed market interest rates for the applicable
maturity period. Translation to SEK is performed at the listed exchange rate
on the balance sheet date.
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and posted as a net amount in the
balance sheet where there is a legal right to offset and the intention is to offset
the items with a net amount or to simultaneously realise the asset and settle
the liability.
relevant statements by the Council for financial reporting. According to RFR
2.1, the parent company should apply in its annual report for the legal entity
all of the IFRS standards and statements approved by the EU to the extent
that this is possible within the framework of the Swedish Annual Accounts Act
and the Swedish Pension Security Act, and taking into account the correlation
between reporting and taxation. This recommendation specifies which excep-
tions and additions must be applied with regard to IFRS.
The parent company’s accounts comply with the Group’s policies, with the
exception of what is stated below.
Taxes
Tax laws allow allocations to special reserves and funds. This allows companies
to have at their disposal and retain reported earnings in the business, within
certain limits, without being taxed immediately. The untaxed reserves are not
subject to taxation until they are utilised. In the event that the business shows
a loss, however, the untaxed reserves can be utilised to cover the loss without
being taxed.
Accumulated accelerated depreciation
Depreciation for tax purposes is calculated in accordance with current tax leg-
islation. Depreciation for tax purposes over and above depreciation according
to plan is considered as accelerated depreciation, which constitutes an untaxed
reserve. Changes in this reserve are reported under appropriations in the in-
come statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances with financial institutes,
and short-term investments with a maturity from the acquisition date of less
than three months and which are exposed to only a minimal risk of value fluc-
tuation. Cash and cash equivalents are recognised at their nominal amounts.

Short-term investments
Poolia’s short-term investments comprise Swedish interest-bearing securities
acquired with the intention of being held to maturity. These are valued at their
accrued acquisition value.

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

Other receivables:
Other receivables are those arising when the company makes funds available
without the intention of trading the claim. If 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 and
accounts receivable.” Assets in this category are valued at the accrued acquisi-
tion value.

Derivatives
Poolia did not hold any derivatives in 2009.

Liabilities
Poolia’s liabilities to credit institutions, accounts payable and other liabilities
are 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 of the loan, applying the effective interest method.
Long-term liabilities have an expected term of more than one year, while cur-
rent liabilities have a term of less than one year. The expected term of accounts
payable is short, and for this reason the liability is posted at a nominal amount
with no discount.

The parent company’s accounting policies

The parent company has prepared its annual report in accordance with the
Annual Accounts Act and RFR 2.1 Accounting for legal entities, as well as the

27

note 3 Important estimates and evaluation
for accounting purposes
Estimates and evaluations are continuously assessed and are based on histori-
cal experience and other factors, including expectations of future events that
are considered reasonable under prevailing circumstances.
Poolia makes estimates and assumptions about the future. The estimates
for accounting purposes that result from these will, by definition, seldom cor-
respond with the actual outcome. The estimates and assumptions that involve
a significant risk of material adjustments to the recognised values for assets
and liabilities during the next financial year are discussed below.
a. Impairment testing of goodwill
Poolia tests annually whether there is any need for the impairment of
goodwill, in accordance with the accounting policy described in Note 2.
Impairment tests occur, however, more often if there are indications that a
value impairment may have occurred during the year.
The recoverable values of cash-generating units have been defined by
means of calculating the useful value. Certain estimates must be made for
these calculations (see Note 15).
If the assessed volume trend over the next five years after 2010 were to
be half that estimated by the company at 31 December 2009, Poolia would
not have to recognise a goodwill impairment.
If the reassessed estimated discount interest rate before tax applied
for discounted cash flows had been 5 percentage points higher than the
company’s assessment, impairment testing would not be required.
b. Income taxes
Poolia has reported a total of MSEK 16.8 as a deferred tax asset, which
arose through historic tax losses in operations. This tax asset represents
approximately 70 % of the total potential tax assets that could be re-
claimed if operations generate a taxable surplus. The tax asset is calculated
according to current tax legislation in the countries concerned and the
assessed taxable profit trend in these different countries.
A weaker trend in future taxable earnings than the Group’s
assessment at 31 December 2009 could result in the tax asset being lower
than estimated.
A higher performance in terms of tax than the assessment made by the
company as of 31 December 2009, may cause the actual tax asset to exceed
the recognised value.
note 4 financial risk management The commercial credit risk within the Group is limited in that there is no
Poolia is exposed to various types of financial risk. The company's general
policy for financial risk management is that at any given time the negative
effects on the Group’s earnings as a consequence of market fluctuations must
be minimised. The Group’s financial policy is defined every year by the Board
of Directors and governs how financial risks are to be addressed and which
financial instruments may be used.
Currency risk
Currency risk is the risk that exchange rate changes have a negative impact on
the Group’s earnings. Poolia's currency risk arises in connection with internal
Group financing and when translating the income statements and balance
sheets of foreign subsidiaries into Swedish kronor.
Translation exposure relates to translation from EUR, GBP, NOK and
DKK. The finance policy states that translation exposure shall not be hedged.
For 2009, translation of foreign subsidiaries had a positive effect on Group
equity to the order of MSEK 65.
At present Poolia has no other currency exposure.
notes
currency effects on the consolidated income statement
in 2009, MSEK
Currency Operating revenues Operating profit/loss Net profit/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,
before taking into account any tax effects in 2009, MSEK
Currency Net investment Effect on shareholders’ equity of 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 1.2
Interest rate risk
Interest rate risk means the risk that changes in the market rate will have a
negative effect on the Group’s net interest revenues. The Group's exposure to
interest rate risk was limited on the closing date. Poolia has no essential hold-
ing of interest-bearing financial liabilities, and interest-bearing financial as-
sets comprise primarily unrestricted bank funds. A change in the market rate
of one percentage point would affect all of the Group’s interest-bearing assets
and liabilities, and would have an effect on earnings of about MSEK 0.7.
Credit risk and counterparty risk
The credit risk and counterparty risk relates to the risk that the counterparty
in a transaction is unable to fulfil its commitment and thus generates a loss
for the Group. The Group is exposed to credit risk and counterparty risk when
surplus liquidity is invested in financial assets. To limit the counterparty risk,
only counterparties with a high credit rating are accepted under the defined
finance policy. As at 31 December 2009 there were no derivatives.
significant credit risk concentration for the Group in relation to any particular
client counterparty or in relation to any particular geographic region. The maxi-
mum credit risk corresponds to the book value of Poolia's financial assets.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulties in accessing
money to meet commitments associated with financial instruments. Poolia’s
cash and cash equivalents are currently deposited in short-term bank or de-
posit accounts. There is not any refinancing need at present.
note 5 Intra-Group purchases and sales
The parent company’s net sales relate to the sale of services to subsidiaries. Of
the parent company's other external expenses, 9.5 (6.3) % relate to purchases
from other companies within the Group to which the company belongs.
note 6 Operating revenues
distribution of revenues by service area
MSEK Change % Share %
Group 2009 2008 2009 2008
Temporary staffing 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
28
 notes

note 7 Information 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. Poolia’s geographi-
cal segments are Sweden, Finland, Denmark, Germany and the UK. One business segment is made up of healthcare operations, temporary staffing of doctors
and other healthcare professionals, and the second is Poolia's other operations, temporary staffing and permanent placement of skilled professionals. Healthcare
operations constitute a separate segment as the market, clients, candidate structure and business logic differ from Poolia's other operations. Healthcare activities
are 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 % of total Group
revenues.

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 profit/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

Profit/loss for 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 and
impairments –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 profit/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

Profit/loss for 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 and
impairments –5,875 –30 – –490 –625 –157 –211 –7,388

29

note 8 personnel
No of employees Of which men
Average no of 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 of employees Of which men
Geographical 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 of Directors comprises three men and two
women. Other senior executives in the Group have comprised four men and
two women in 2009.
Sick leave, % 2009 2008
Sweden many, Chief Financial Officer and Marketing Director, have a variable salary
Total sick leave 3.6 4.1
Sick leave for men 2,6 3,1
Sick leave for women 4.1 4.5
Employees –29 years 3.4 3.8
Employees 30–49 years 3.7 3.9
Employees 50 years– 3.8 5.1
Long-term sick leave as a % of total sick leave 28.2 31.7
Board and Of which bonuses
Managing and thereby Other
directors1) similar remuneration employees
Salaries and other
benefits 2009 2008 2009 2008 2009 2008
Parent company 4,496 5,534 –156 886 6,022 7,048
Subsidiaries senior executives is 65.
Sweden 3,238 6,145 –20 897 475,187 509,288
Denmark 992 1,145 – –55 5,215 10,809
Finland 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)
I ncludes current and former Board members as well as current and former
Managing Directors.
notes
Salaries and other Social Pension
Salaries and other
benefits security expenses
benefits 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
Of the Group's pension expenses, 1,680 (2,317) relate to the Board of Directors
and Managing Director category.
Terms, conditions and remuneration of senior executives
At the AGM held in April 2009 a motion was passed on guidelines on re-
muneration for senior executives in accordance with a proposal put forward
by the Board. The Board as a whole served as the Remuneration Committee
during the year.
In accordance with resolutions made by the AGM, fees for Board mem-
bers of the parent company are 150 per member, to the Deputy Chairman of
the Board Curt Lönnström 225 and to the Chairman Björn Örås 800. The
Managing Director of the parent company, Johan Eriksson, has had a vari-
able salary model based on the annual results of the Group. Based on this
salary model, Johan Eriksson’s salary for 2009 could have been in the range of
2,496 to 5,616, plus holiday pay and less any deductions for sick leave/leave of
absence. Johan Eriksson received a salary of 2,969 and a total of 52 in holiday
pay and deductions for sick leave/leave of absence. Other senior executives,
who include the MD of Poolia Sweden, MD of Poolia UK, MD of Poolia Ger-
model based on the results of the Group and in terms of subsidiary managers
even on revenue and earnings in each subsidiary. Based on this salary model,
the total salary of the other senior executives for 2009 could have been in the
range of 6,339 to 10,352, plus holiday compensation and less any deductions
for sick leave or leave of absence. Other senior executives received a total salary
of 6,632 and a total of 49 in holiday pay and deductions for sick leave/leave of
absence.
The Managing Director and other senior executives are entitled to a pe-
riod of notice of six months if they terminate their own employment, or of
12 months if the company terminates their employment. There are no agree-
ments on additional severance payments for senior executives. The Managing
Director has a personal pension agreement under which, in addition to the
pension benefits pursuant to the Swedish National Insurance Act, the sum
of 384 per annum is paid in pension premiums. Other senior executives are
entitled to pension benefits in accordance with the regulations applying to col-
lective bargaining agreements in accordance with the ITP (individual supple-
mentary pension) plan. Some senior executives also have company cars. The
value is reported under “Other benefits” in the table. The retirement age for all
Board Born Member of the Board Holding1)
Margareta Barchan 1950 2003 2,500 B
Monica Caneman 1954 2003 3,000 B
Curt Lönnström 1943 1999 9,000 B
Per Uebel 1966 2006 –
Björn Örås 1949 Since foundation 4,023,815 A
4,151, 445 B
1)
Directly and/or via companies.
30
 notes

cont. note 8 personnel

Senior executives Salary/Board remuneration Flexible salaries Other benefits Pension costs Total

Board Chairman 800 – – 800

Other Board members 675 – – 675

Managing Director 3,177 –156 – 415 3,436

Other senior executives (five people) 6,763 –82 380 1,137 8,198

Total 11,415 –238 380 1,552 13,109

note 9 remuneration paid to auditors

Untaxed reserves 2009 2008
Group Parent company
2009 2008 2009 2008 Accumulated excess depreciation –4,300 –4,400

Deloitte, audit 1,805 1,820 290 320 Tax allocation reserve 2009 – –14,114

Deloitte, other assignments 270 490 89 242 Total –4,300 –18,514

Total 2,075 2,310 379 562

Audit assignments refer to the audit of the annual report and accounting
records and the Board and Managing Director's administration, other tasks
that might be incumbent on the company's auditors, as well as advice and
other assistance as a result of findings from the audit or the implementation of
other tasks. Everything else is secondary.
note 14 tax
Group Parent company
Tax on profit/loss for the year 2009 2008 2009 2008
Current tax –9,640 –28,953 –6 250 –13,116
Deferred tax –2,423 1,992 – –

note 10 profit from participations in Group companies Tax attributable to

Parent company 2009 2008
Share dividend 2,485 –
Earnings from divestment of participations – 5,594
Impairment of participations –7,314 –6,745
Total –4,829 –1,151
In 2009, a share dividend has been received from Poolia Suomi OY.
Impairment has been made for part of the holding in Poolia Danmark A/S.
Group contributions – – 7,890 22,400
Total tax on
profit/loss for the year –12,063 –26,961 1,640 9,284
Relationship between tax expense for the period and reported net profit.
Group 2009 2008
Recognised profit/loss before tax 30,555 109,562
Tax according to applicable domestic
tax rate in each country –8,100 –30,655
Tax effects of non-deductible expenses –506 –505

note 11 Interest expenses and similar income statement items Effect of change in tax rate - 536

Tax effect of temporary differences –129 –158

Group Parent company
2009 2008 2009 2008
Interest 1,186 4,836 143 1,803
Exchange rate differences, net 1,298 – 942 –
Total 2,484 4,836 1,085 1,803
Interest revenues in the parent company include - (656) from Group companies.
Effect of appreciation/impairment of
tax receivable –2,294 2,150
Tax effect of interest on tax allocation reserve –181 –
Tax adjustments from previous years –1,575 –1,260
Tax effect of tax loss carryforwards where
deferred tax assets are not reported 722 2,931

Total tax on profit for the year –12,063 –26,961

note 12 Interest expenses and similar income statement items
Parent company 2009 2008

Group Parent company
2009 2008 2009 2008
Recognised profit/loss after financial items –25,677 –20,406

Interest 221 84 – 4 Tax according to applicable domestic tax rate 6,753 5,713

Exchange rate differences, net – 454 – 3,297 Tax effect of non-deductible expenses –29 –31

Other 143 2 144 – Tax effect of appropriations –3,738 5,184

Total 364 540 144 3,301 Tax effect of dividends 654 –

The current year’s operating profit was not affected by exchange rate differences. Tax effect of interest on tax allocation reserve -77 –

Tax effect of divestment subsidiaries – 1,566

note 13 Appropriations and untaxed reserves Tax effect of impairment of participations in

Group companies –1,923 –1,888
Parent company
Appropriations 2009 2008 Tax adjustments from previous years – –1,260

Difference between book depreciation Total tax on profit/loss for the year 1,640 9,284
and depreciation according to plan 100 –4,400

Change of tax allocation reserve 14,114 –14,114

Total 14,214 –18,514

31

Unrecognised deferred tax
Unrecognised deferred tax, i.e. the difference between income tax that has ac-
tually been reported in the income statements for the current and previous
years (expensed tax) and income tax with which the company will ultimately
be charged based on operations of the current and previous financial years
(full tax), is as follows:
Group 2009 2008
Deferred tax assets
Pertaining to unutilised tax loss carryforwards 23,028 25,134
Pertaining to other temporary differences 982 669
Less recognised deferred tax asset –16,821 –17,547
Unrecognised deferred tax asset 7,189 8,256
Deferred tax assets are recognised in the consolidated balance sheet for unu-
tilised tax loss carryforwards to the extent that they can be met by utilising
untaxed reserves, or if it is considered highly likely that they will be used in the
foreseeable future. Tax assets in Norway are 2,756, which are also recorded.
Total tax assets in Denmark are 3,278, which are not recorded. The right to use
loss carryforwards in Norway and Denmark has no time limit.
Deferred tax in Finland is 1,358, of which 717 is recorded. Finland lost the
right to deduct losses attributable to booked tax assets during 2011-2012.
Other loss carryforwards are also due in 2019-2020.
Deferred tax assets in Germany are 13,920, including 13,348 recorded.
Deferred, non-booked, tax assets in the UK are 2,698. In Germany and the
UK the right to use loss carryforwards has no time limit.
The tax rate in Sweden is 26.3 %, in Norway and the UK 28 %, in Finland
26 %, in Denmark 25 % and in Germany 29 %.
Group 2009 2008
Deferred tax liability
Pertaining to untaxed reserves 2,367 8,290
note 15 goodwill Closing accumulated depreciation –2,199 –211
Group 2009 2008
Opening acquisition values 141,959 151,208
Sales/disposals - -320
Translation differences 1,964 –8,929
Closing accumulated
acquisition values 143,923 141,959
Opening impairments –52,406 –52,406
Impairments during the year – –
Translation differences – –
Closing accumulated impairments –52,406 –52,406
Closing value 91,517 89,553
Goodwill is allocated to the Group’s cash-generating units identified by geo-
graphical area. A summary of the distribution of goodwill at segment level is
presented below.
2009 2008
Poolia Sweden 8,598 8,598
Poolia Germany 4,213 4,478
Poolia UK 62,430 61,182
Dedicare 16,276 15,295
Each year, goodwill is tested per segment to determine impairment require-
ments, and more frequently if there are indications of an impairment require-
ment. Recoverable amounts for cash generating units are determined based on
calculations of useful value. These calculations are based on estimated future
cash flows based on financial budgets approved by the Board and cover a five
year period. Cash flows beyond the five-year period are extrapolated without
notes
any growth. The assessment is based on the budget for 2010 and an estimated
growth for each cash-generating unit of the succeeding five years, and then
zero growth. Estimated growth 2011-2015 is in the range 5-15 (5-10) %. The
impairment test was conducted at the lowest level at which separable cash
flows have been identified. In calculating useful value, a discount rate of 10
(10) % before tax has been applied, except for the unit in the UK where 14
(14%) has been applied.
note 16 other intangible assets
Group 2009 2008
Opening acquisition values 43,542 32,503
Acquisitions during the year 5,112 11,039
Sales/disposals –5,840 –
Closing accumulated acquisition values 42,814 43,542
Opening depreciation –16,669 –12,114
Depreciation for the year –6,217 –4,555
Closing accumulated depreciation –22,886 –16,669
Closing residual value according to plan 19,928 26,873
Parent company 2009 2008
Opening acquisition values 15,395 –
Acquisitions during the year 5,075 15,395
Sales/disposals –5,645 –
Closing accumulated acquisition values 14,825 15,395
Opening depreciation –211 –
Depreciation for the year –1,988 –211
Closing residual value according to plan 12,626 15,184
During 2008 and 2009 an investment in a new business support system was
capitalised. In 2009 an impairment of an IT system developed for use in the
UK has been recognised as 5,645.
note 17 tangible fixed assets
Group 2009 2008
Opening acquisition values 33,159 31,901
Purchases 809 1,843
Sales/disposals –7,736 –755
Translation differences –315 170
Closing accumulated acquisition values 25,917 33,159
Opening depreciation –26,049 –23,729
Sales/disposals 7,475 679
Depreciation for the year –2,771 –2,835
Translation differences 413 -165
Closing accumulated depreciation –20,932 –26,050
Closing residual value according to plan 4,985 7,109
The Group has at its disposal, under lease agreements, computers and vehicles
with an estimated acquisition value of 7,302. Contracted lease payments un-
der these agreements amount to 2,164, of which 1,580 relate to 2010 and the
remainder to 2011-2012. All agreements are operating leasing agreements.
This year's cost for the rental of computers and vehicles for lease payments are
1,721. The Group also has at its disposal premises with agreed annual rents
amounting to 18,874. Most of these lease agreements were concluded from
2007 to 2009 and generally run for 1-5 years.
32
 notes

note 18 participations in Group companies Poolia UK Holdings Ltd

Corp. Reg. No, London 101,414 100 KGBP 10 85,279
Scope Value
Qty Capital Nominal Book Poolia UK Ltd
Domicile shares share % value value Corp. Reg. No. 2442269, London 1,000 000 100 – –
Shares in Swedish subsidiaries Total 117,920
Poolia Sverige AB
Corp. Reg. No. 556426-7655, Stockholm 1,000,000 100 100 14,164 Dedicare AS, Dedicare Doctor AS and Dedicare OY are subsidiaries of
Dedicare AB.
Poolia Ekonomi AB
Corp. Reg. No. 556363-8039, Stockholm 1,000 100 – –

Poolia IT AB note 19 accounts receivable

Corp. Reg. No. 556447-9581, Stockholm 1,000 100 – – Group 2009 2008
Poolia Kontor AB Accounts receivable, gross 159,650 160,692
Corp. Reg. No. 556532-4240, Stockholm 1,000 100 – –
Opening reserve for insecure receivables –1,348 –663
Poolia Sälj & Marknad AB
Corp. Reg. No. 556532-5221, Stockholm 1,000 100 – – Reservations for the period –719 –893
Poolia Teknik AB Actual losses 945 198
Corp. Reg. No. 556532-4232, Stockholm 1,000 100 – –
Reversed reservations 303 70
Poolia Väst AB
Corp. Reg. No. 556399-9621, Stockholm 1,000 100 – – Translation differences –7 –60
Poolia Syd AB Closing reserve for insecure receivables –826 –1,348
Corp. Reg. No. 556417-7581, Stockholm 1,000 100 – –
Accounts receivable, net 158,824 159,344
Poolia Juridik AB
Corp. Reg. No. 556420-3841, Stockholm 1,000 100 – –
Receivables due that are not considered insecure 2009 2008
Poolia Jönköping AB
Corp. Reg. No. 556557-4067, Jönköping 1,000 100 – – 1–30 days 19,469 26,727
Poolia International AB 31–90 days 6,008 2,154
Corp. Reg. No. 556583-6466, Stockholm 1,000 100 – –
91–180 days 1,481 519
Poolia Nord AB
Corp. Reg. No. 556501-9246, Stockholm 1,000 100 – – >180 days 1,659 416
Poolia Öst AB Total 28,617 29,816
Corp. Reg. No. 556584-1748, Stockholm 1,000 100 – –

Poolia Chef AB
Corp. Reg. No. 556573-6336, Stockholm 1,000 100 – – note 20 prepaid expenses and accrued revenues
Poolia B & F AB Group Parent company
Corp. Reg. No. 556599-5999, Stockholm 1,000 100 – – 2009 2008 2009 2008

Poolia Rekrytering AB Accrued fee-based revenues 43,327 62,772 – –

Corp. Reg. No. 556558-8141, Stockholm 1,000 100 – –
Other prepaid expenses
Dedicare AB and accrued revenues 13,358 12,372 626 1,174
Corp. Reg. No. 556516-1501, Stockholm 5,000 96 – 8,345
Total 56,685 75,144 626 1,174
Dedicare Sales AB
Corp. Reg. No. 556599-1634, Stockholm 1,000 100 – –

Dedicare Doctor AB note 21 share capital

Corp. Reg. No. 556583-9742, Stockholm 1,000 100 – –
A-shares B-shares Total

shares in foreign subsidiaries As at 1 January 2008 4,023,815 14,442,691 18,466,506

Poolia Suomi OY Repurchase of own shares – –1,344,510 –1,344,510

Corp. Reg. No. 1614293-5, Helsinki 140,000 100 KEUR 118 3,410
As at 31 December 2008 4,023,815 13,098,181 17,121,996
Dedicare OY
Corp. Reg. No. 2219561-1, Helsinki 1,000 100 – – As at 31 December 2009 4,023,815 13,098,181 17,121,996

Poolia Danmark A/S A class A share provides entitlement to one vote and a class B share to 1/5
Corp. Reg. No. 25507835, Copenhagen 902 100 KDKK 902 1,500 vote. The par value is SEK 0.20 per share. At the AGM on 14 April 2008
Dedicare Doctor AS the Board was authorised to acquire up to 10 % of Poolia's shares. In 2008 a
Corp. Reg. No. 983077196, Oslo 905 100 – – total of 1,344,510 B shares were acquired, about 7.3 % of total shares. Payment
for shares were paid with 41,336. The repurchased shares were withdrawn in
Dedicare AS
Corp. Reg. No. 982529786, Stjørdal 3,956 100 – – 2009 in connection with the reduction of share capital. No incentive schemes
were launched in 2009.
Poolia Holding GmbH
Corp. Reg. No. HRB 79318, Düsseldorf 100 KEUR 25 5,223

A&Z Poolia GmbH

Corp. Reg. No. HRB 57687, Düsseldorf 100 – –

Poolia GmbH
Corp. Reg. No. HRB 557708, Düsseldorf 100 – –

Poolia Deutschland GmbH

Corp. Reg. No. HRB 56837, Düsseldorf 100 – –

Poolia Düsseldorf GmbH

Corp. Reg. No. HRB 53751, Düsseldorf 100 – –

33
 notes

Asset management note 26 financial assets and liabilities

Capital means shareholders’ equity. The Group’s aim in managing its capital is
to secure the Group’s continued survival and freedom to act, and to make sure
that shareholders continue to receive a return on the funds they have invested.
In order to maintain and adapt the capital structure, the Group may pay
dividends, increase shareholders’ equity through the issuing of new shares or
capital contributions, buy back shares or reduce or increase its liabilities. Ac-
cording to the Group's revised dividend policy, the aim is that dividend will
normally exceed 50 % of net profit after tax. The change in shareholders’ eq-
uity specifies the breakdown of the equity into its component parts and the
changes during the period.
Book value for each category of financial instrument
Group 2009 2008
Assets
Cash and cash equivalents 67,780 116,498
Loan receivables and accounts receivable 202,151 222,116
Total 269,931 338,614
Liabilities

Other liabilities 80,988 93,400

note 22 earnings per share
Total 80,988 93,400
2009 2008
Net profit/loss 18,492 82,601
For all financial assets and liabilities, unless otherwise stated in the note, the
Number of shares, average 17,122 17,808 recognised value is a good approximation of the actual value because of short
periods of maturity.
Number of shares, average after dilution 17,122 17,808
Maturity analysis 2009 2008
Earnings per share, SEK 1.04 4.61
Assets
Earnings per share after dilution, SEK 1.04 4.61
Cash and cash equivalents
Proposed dividend per share, SEK 1.50 4.50
1-30 days 67,780 116,498
Proposed dividend 25,683 77,049
Loan receivables and accounts receivable

1-30 days 129,812 145,795

note 23 pension provision
The Group’s pension plans are contribution-based, apart from in Sweden. 31-90 days 71,507 75,862
Commitments for retirement pensions and family pensions for salaried em- 91-180 days 376 –
ployees in Sweden are secured through insurance with Alecta. According to
a statement issued by the Council for financial reporting, UFR 3, this is a >180 days 456 459
benefit-based plan involving several employers. For financial years for which
Total 202 151 222 116
the company did not have access to information that enabled it to report this
plan as a benefit-based plan, a pension plan under ITP that is secured through Liabilities
a policy with Alecta must be reported as a contribution-based plan. The Group
Other liabilities
and parent company's pension expenses are shown in note 8.
1-30 days 76,918 86,703

note 24 liabilities to credit institutions 31-90 days 3,680 6,459

The Group has no overdraft facility. 91-180 days 390 238

Total 80,988 93,400

note 25 Accrued expenses and prepaid revenues

Group Parent company

2009 2008 2009 2008

Holiday pay liability 43,466 43,201 185 151

Personnel-related taxes
and fees 10,389 10,098 497 351

Accrued salaries 53,451 65,055 386 3,353

Other accrued expenses

and prepaid revenues 13,596 12,790 1,016 1,277

Total 120,902 131,144 2,084 5,132

34
 notes

note 27 cash flow statement note 28 transactions with related parties

In 2009 the parent company received Group contributions from Poolia
Sverige AB of 30,000.
Group Parent company Poolia invoiced Uniflex AB for services rendered of MSEK 1.5. Poolia’s pur-
Cash and cash equivalents 2009 2008 2009 2008
Cash at bank and in hand 67,780 116,498 1,885 15,406
Short-term investments – – – –
Amounts at end of the year 67,780 116,498 1,885 15,406
Poolia has certain cooperation agreements and commercial transactions with
Uniflex AB. Poolia’s Chairman of the Board and largest shareholder Björn
Örås is also the Chairman and largest shareholder of Uniflex AB. In 2009,
chases from Uniflex AB in 2009, which did not pertain exclusively to forward
invoicing, totalled MSEK 0.4. As at 31 December 2009 Poolia had an account
payable to Uniflex AB of MSEK 3.1, relating primarily to services that were
forward invoiced on behalf of clients. On 31 December 2009, Poolia had an
account receivable from Uniflex AB of MSEK 0.1. In 2009 no sales were made
to Björn Örås’ related companies Bro Hof Slott AB and Bro Hof Golf AB.

Disclosure about interest paid No provisions had to be posted in 2009 or 2008 for the receivables Poolia had
During the year interest received in the Group totalled 1,186 (4,856). During from related companies or parties.
the year interest paid in the Group totalled 221 (84).
During the year interest received in the parent company totalled 143
(1,935). During the year interest paid the parent company totalled – (–).

The Board and Managing Director hereby certify that the annual report has been prepared in accordance with the Annual
Accounts Act and RFR 2.2 and gives a true picture of the company's financial position and performance and that the Direc-
tors’ Report gives a true and fair view of the development of the company's operations, financial position and performance and
describes significant risks and uncertainties that the company is facing.
The Board and Managing Director hereby certify that the consolidated accounts have been prepared under International
Financial Reporting Standards (IFRS) as adopted by the EU, and give a true picture of the Group's financial position and
performance, and the Directors’ Report for the Group gives a true and fair view of the development of the Group's operations,
financial position and performance and describes significant risks and uncertainties that the companies included in the Group
are facing.

Stockholm, 25 March 2010

Björn Örås Johan Eriksson Curt Lönnström

Chairman of the Board CEO Deputy Chairman

Margareta Barchan Per Uebel Monica Caneman

Board member Board member Board member

Our audit report was issued on 25 March 2010

Deloitte AB

Jan Berntsson
Authorized Public Accountant

35
 Auditors’ Report

Auditors’ Report
To the Annual General Meeting of Poolia AB (publ)
Corporate Registration Number 556447-9912

We have audited the annual report, the consolidated ac-
counts, the accounting records and the administration of the
Board of Directors and the Managing Director of Poolia AB
(publ) for the financial year 2009. The annual report and
consolidated accounts are included in the printed version of
this document on Pages 13-35. The Board of Directors and
the Managing Director are responsible for these accounts
and the administration of the company as well as for the ap-
plication of the Swedish Annual Accounts Act when prepar-
ing the annual report and the application of International
Financial Reporting Standards, IFRS, as adopted by the EU
and the Swedish Annual Accounts Act when preparing the
consolidated accounts. Our responsibility is to express an
opinion on the annual report, consolidated accounts and the
administration based on our audit.
The audit was conducted in accordance with generally
accepted auditing standards in Sweden. Those standards re-
quire that we plan and perform the audit to obtain reason-
able, but not absolute, assurance that the annual report and
the consolidated accounts are free of material misstatement.
An audit includes examining, on a test basis, evidence sup-
porting the amounts and disclosures in the accounts. An au-
dit also includes assessing the accounting policies used and
their application by the Board of Directors and the Managing
Director, and significant estimates made by the Board of Di-
rectors and the Managing Director when preparing the an-
nual report and consolidated accounts, as well as evaluating
the overall presentation of information in the annual report
and the consolidated accounts. As a basis for our opinion
concerning discharge from liability, we examined significant
decisions, actions taken and circumstances of the company
in order to be able to determine the possible liability to the
company of any Board member or the Managing Director.
We also examined whether any Board member or the Man-
aging Director has, in any other way, acted in contravention
of the Swedish Companies Act, the Swedish Annual Accounts
Act or the Articles of Association. We believe that our audit
provides a reasonable basis for our opinion set out below.
The annual report has been prepared in accordance with
the Swedish Annual Accounts Act and gives a true and fair
view of the company’s financial position and performance of
operations in accordance with generally accepted account-
ing policies in Sweden. The consolidated accounts have been
prepared in accordance with International Financial Report-
ing Standards, IFRS, as adopted by the EU and the Swedish
Annual Accounts Act, and give a true and fair view of the
Group’s financial position and performance of operations.
The Directors’ Report is consistent with the other parts of
the annual report and the consolidated accounts.
We recommend to the Annual General Meeting to adopt
the income statement and balance sheet of the Parent Com-
pany, and the statement of comprehensive income and bal-
ance sheet of the Group, to allocate earnings in the Parent
Company in accordance with the proposal in the Directors’
Report, and approve that the members of the Board of Direc-
tors and the Managing Director be discharged from liability
for the financial year.

Stockholm, 25 March 2010

Deloitte AB

Jan Berntsson
Authorized Public Accountant

36
 corporate governance report

Corporate governance report

Description of Poolia Corporate governance

Poolia AB is a Swedish public company with its registered
office in Stockholm. The company is the parent company of
the Poolia Group (Poolia). In 2009, the Group conducted
business in the Nordic countries (except Iceland) and in Ger-
many and the UK. Poolia shares are listed on the NASDAQ
OMX Stockholm AB.
largest shareholder, shareholder group, as at 31/12/09
Shares Votes (%)
Örås, Björn* 8,175,260 73.07
Swedbank Robur fonder* 1,652,608 4.98
Skandia fonder 657,000 1.98
Fjärde AP-fonden* 632,497 1.90

Verdipapirfond Odin Sweden 561,587 1.69

Framework Carlson fonder AB 471,703 1.42

Riksbankens jubileumsfond 450,000 1.35

Poolia's corporate governance is regulated partly by Swedish
United Nations Joint Staff Pension Fund 294,000 0.89
law, primarily the Swedish Companies Act, and the regulato-
ry framework for issuers on the Stockholm Stock Exchange, Livförsäkrings AB Skandia 281,372 0.85

which includes the Swedish Code of Corporate Governance Didner & Gerge Fonder Aktiebolag 266,924 0.80
(the Code). In addition to legislation, regulations and rec-
* Representative of the Nomination Committee
ommendations, the Articles of Association is also a central
document with regards to governance of the company. The ownership categories
Articles of Association are available at www.poolia.com. The Holding (%)
Corporate Governance Report is not part of the formal an-
Swedish private individuals 55.45
nual report statements and has therefore not been reviewed
Foreign shareholders 7.72
by the auditors.
Financial corporations 22.19

Public sector 2.63

Poolia's application of the code Social insurance funds 4.77

Other 7.23
Poolia applies the Code in full.

external regulatory framework

external audit Swedish Companies Act
(auditing company) Listing agreement
Swedish Code of Corporate Governance

CEO
Annual General segment
board of directors group management segment dedicare
Meeting in poolia
staffs

internal regulatory framework

Articles of Association internal
nomination
Board’s working procedures control
Division of work Board / CEO committee
Decision-making procedures
environment Election of and remunera-
Poolia Business Guide tion for Board of Directors and
Policies, rules, guidelines and instructions auditors

37

AGM
The Annual General Meeting of Poolia AB is the company’s
supreme decision-making body, through which the share-
holders exercise their influence over the company. Some of
the AGM's principal tasks are to adopt the company's balance
sheet and income statement, decide on the appropriation of
profits and compensation principles for senior executives at
the company and the discharge of liability for the Board and
Chief Executive Officer who is also the Managing Director.
Following a proposal from the Nomination Committee,
the AGM elects Board members until the end of the next
AGM and establishes principles for appointing the Nomina-
tion Committee for the next AGM. All shareholders recorded
in the shareholders’ register and who notify the company of
their intention to attend, in accordance with the issued AGM
Notice, shall be entitled to participate in the proceedings of
the AGM. Each class B share carries 1/5 of a vote, while each
class A share carries one vote; all shares, however, carry equal
entitlement to a share of the company’s assets and profit.
AGM 2009
The most recent AGM was held on 28 April 2009 in Stock-
holm. The meeting was attended by shareholders who rep-
resented 78.25 % of the votes and 59.29 % of the capital. In
accordance with a motion from the Nomination Committee,
the Meeting re-elected all incumbent members of the Board.
Björn Örås was re-elected as Chairman of the Board, and
Curt Lönnström as Deputy Chairman. The AGM also decid-
ed that a Board remuneration of SEK 800,000 (800,000)
be paid to the Chairman, SEK 225,000 (225,000) to the
Deputy Chairman and SEK 150,000 (150,000) to members
not employed by the company.
The Annual General Meeting adopted the 2008 income
statement and balance sheet and, in accordance with a mo-
tion from the Board, approved a dividend for 2008 of SEK
1.50 per share as a basic dividend as well as SEK 3.00 per
share as an extra dividend. The members of the Board and
the Managing Director were also discharged from liability
for their management of the company during 2008. Further-
more, additional decisions made were:
• T  o approve the Board's proposal to amend the Articles of
Association.
• To authorise the Board to decide on the acquisition and
transfer of own shares.
• To approve the Board's proposal to reduce the share
capital through the withdrawal of repurchased shares.
• To approve the Nomination Committee's proposal for
principles for the make-up of the Nomination Committee.
• Guidelines on remuneration for senior executives.
corporate governance report
For more information please visit the company website
www.poolia.com
AGM 2010
The Annual General Meeting for the financial year 2009
will be held at the company’s premises in Stockholm, at
Warfvinges väg 20, fifth floor, on 27 April 2010 at 4pm. The
Annual Report is available from 31 March 2010 on the com-
pany website www.poolia.com. The AGM Notice is issued via
Post- och Inrikes Tidningar and the Dagens Industri news-
papers on 23 March 2010. See the company's website for the
latest dates and recipients for shareholders who wish to raise
an issue at the meeting.
Board of directors
Board’s liability
Poolia's Board has overall responsibility for the organisation
and management of the company, and that guidelines for
managing the company's funds are appropriately structured
and enforced. The Board is also responsible for establishing
and evaluating Poolia's comprehensive, long-term strategies
and goals, determining budgets and business plans, review-
ing and approving financial statements, adopting general
guidelines, making decisions on matters relating to acquisi-
tions and divestitures of businesses, and deciding on major
investments and significant changes to Poolia's organisation
and operations. The Board also procures auditing services
and maintains regular contact with the company's auditor.
The Board appoints the CEO and adopts the CEO’s instruc-
tions. The Board sets salaries and remuneration for the CEO
and other senior executives. The Board must always work in
the best interests of the company and all its shareholders.
Board composition
Following the 2009 AGM, Poolia's Board is made up of five
members. The CEO is not on the Board, but participates by
presenting matters together with the company's CFO. Other
officials at the company also participate as rapporteurs on
a continuous basis and whenever necessary. For a more de-
tailed description of Board members see Page 44.
Board independence
All members of the Board of Poolia are considered to be
independent of both company and owners, apart from
Björn Örås who, as principal owner is not considered
independent.
38

Nomination Committee
The Nomination Committee is the AGM body charged with
preparing the meeting's resolutions for election and remu-
neration issues. In accordance with a resolution by the 2009
Annual General Meeting, the Chairman of the Board, no
later than at the close of the third quarter, must convene the
three largest shareholders in the company in terms of votes,
who are then entitled to appoint one member each to the
Nomination Committee. If any of the three largest share-
holders waive their right to appoint a member to the Nomi-
nation Committee, the next shareholder in order of size is
given the opportunity to appoint a member to the nomina-
tion committee. A representative of the shareholders should
be appointed Chairman of the Nomination Committee. The
Nomination Committee's term of office extends until a new
committee is appointed. The composition of the Nomination
Committee must be disclosed no later than in connection
with the issue of the company’s interim report for the third
quarter. This will ensure that all shareholders know the peo-
ple who can be contacted in nomination matters.
The Nomination Committee is constituted on the basis
of known shareholding in the company no later than the
end of the third quarter. If significant changes are made to
the ownership structure after the Nomination Committee's
constitution, the composition of the Nomination Committee
should also be amended in accordance with the principles
above. Changes to the Nomination Committee must be made
public immediately.
The Nomination Committee must prepare and submit
proposals to the AGM for:
• Election of Board Chairman and other members to the
company's Board.
• Board remuneration divided among the Chairman and
other members of the Board, and any payment for com-
mittee work.
• Election of, and fees for the auditor.
• Resolutions regarding the principles for appointing the
Nomination Committee.
• Chairman of the Annual General Meeting
No remuneration is to be paid to Nomination Committee
members. The Nomination Committee is to be entitled,
upon approval by the Chairman, to charge the company for
the cost of recruitment consultants and other expenses nec-
essary for the committee to fulfil its duties.
Board composition and attendance
Member Elected Post Attendance and corporate management major shareholders
Björn Örås 1989 Chairman 8/8 Yes No
Curt Lönnström 1999 Deputy Chairman 8/8 Yes Yes
Margareta Barchan 2003 Member 8/8 Yes Yes
Monica Caneman 2003 Member 8/8 Yes Yes
Per Uebel 2006 Member 8/8 Yes Yes
corporate governance report
Poolia's Nomination Committee was appointed on 27 October
2009. The Nomination Committee ahead of the 2010 Annual
General Meeting consists of Jan Andersson, Swedbank Robur
Fonder, Pia Axelsson, Fjärde AP-fonden and Björn Örås. Jan
Andersson has been appointed Chairman of the Nomination
Committee. Up until the adoption of the annual report, the
Nomination Committee has held six meetings.
Chairman of the Board
The Chairman manages the Board's work so that it is con-
ducted in accordance with the relevant laws and regulations.
The Chairman follows operations through dialogue with the
CEO and is responsible for ensuring that other members
receive adequate information and decision data to conduct
their work. The Chairman coordinates the annual evaluation
of the Board and the CEO’s work, which is also distributed to
the Nomination Committee. The Chairman is also involved
in the evaluation and development of the Group's senior ex-
ecutives. The Chairman of the Board represents the Board
both externally and internally. Björn Örås was re-elected
Chairman at the 2009 Annual General Meeting. He has
been Chairman of the Board since 2000.
The Board’s work
The Board’s work in 2009
In the fiscal year of 2009, the Board held seven regular meetings
and one statutory meeting up until the adoption of this annual
report. At these meetings, the Board of Directors addressed the
fixed items on the agenda of the particular meeting, such as
business status, market conditions, financial reporting, budget,
forecasts and projects. In addition to this, overall strategic mat-
ters pertaining to such issues as the company’s focus, global
market development and growth opportunities were analysed.
The CEO and CFO are co-opted at all Board meetings except in
matters relating to executive compensation and the evaluating
of the Board and the CEO's work. During the year, a country
or staff manager participated at Board meetings on three occa-
sions to report the results of their operations.
The Board included the following members elected by
the AGM: Björn Örås (Chairman), Curt Lönnström (Deputy
Chairman), Margareta Barchan, Monica Caneman and Per
Uebel. For information on the Board Members’ significant as-
signments outside the Group and their shareholdings in the
company, please refer to page 44. Meeting attendance is listed
below.
Independent of the company Independent of the company's
39

Committees
The Board is responsible for all remuneration and audit is-
sues, which is why Poolia has not appointed any separate
remuneration or audit committees. Given the number of
Board members, company size and that all members are in-
dependent of the company and its corporate management,
the Board believes that this constitutes an effective process
for handling remuneration and audit issues. The question
of the appointment of committees is examined each year in
conjunction with the constitution of the Board.
Cheif Executive Officer (CEO)
The CEO heads operations within the frameworks that the
Board has established. The last applicable instruction for
the CEO was adopted by the Board on 28 April 2009 and
regulates the CEO's role at the company. The CEO provides
the necessary information and decision data for Board meet-
ings. The CEO or his representative acts as the rapporteur
in the Board. The CEO keeps the Board and the Chairman
of the Board continuously informed of the company’s finan-
cial position and development. The Board annually evaluates
the CEO's working methods and performance. Poolia's CEO
since 1 October 2007 is Johan Eriksson.
Group management
The CEO of Poolia AB directs Group Management, which
in addition to the CEO consists of the executives appointed
by him. Management is a consulting body to the CEO and
drives overall policy and development issues within Poo-
lia. Group Management convenes under the structures de-
termined by the CEO. Group Management holds minuted
meetings at least six times a year. The Chief Financial Officer
has an obligation to report to the Board, thus ensuring that
all significant financial information reaches the Board. Fur-
thermore, the CFO is also responsible for monitoring Group
Management and other senior executives from an internal
perspective, and reporting any findings directly to the Board.
For guidelines for senior executives, see the Board of Direc-
tors’ Report on Page 16.
corporate governance report
Group Management at the end of 2009
Name Post Employee
Johan Eriksson CEO 2007
Lotta Nilsson CFO 2008
Johanna Ragnartz Acting Marketing Director 2009
Åsa Edman Källströmer Manager Poolia Sweden 1998
Shaun Greenfield Manager Poolia UK 2006
Alfred Unterschemmann Manager Poolia Germany 2005
Internal management and control
The Board is responsible for ensuring the company has sound
internal controls and formalised procedures for guarantee-
ing that the established principles of financial reporting and
internal control are in compliance and that the company's
financial reporting is prepared in accordance with the law,
applicable accounting standards and other requirements for
listed companies.
Financial reporting
Interim reports, the year-end report and the annual report
are dealt with by the Board and can be issued by the CEO
on behalf of the Board. The CEO is responsible for ensuring
that the bookkeeping of all of the companies in the Group is
maintained in compliance with the law, and that funds are
managed in a safe manner. Consolidated accounts are pre-
pared on a monthly basis, and are submitted to the Board
and to Group Management. Systems and IT environments
at Poolia in recent years have been harmonised into the com-
mon systems for all companies. A common financial manual
and monthly check lists are implemented tools to ensure ac-
curate reporting.
Internal audit
The Board has assessed that Poolia, in addition to existing
processes and functions for internal control, do not need to
impose their own internal audit function. The monitoring
conducted by the Board, management and the external audi-
tors is assessed to currently satisfy this need. However, an
annual assessment is made as to whether such a feature is
necessary to maintain good control within the company.
40

Auditors
The 2007 Annual General Meeting appointed the auditing
company Deloitte with Jan Berntsson as chief auditor. These
are elected until AGM 2011. Jan Berntsson, born 1964, is
an Authorized Public Accountant, and partner and Manag-
ing Director of Deloitte AB. Poolia's assessment is that Jan
Berntsson has no relationship with Poolia or affiliates of
Poolia that may affect the auditor's independence in relation
to the company. Jan Berntsson is also deemed to have the
requisite expertise to perform his duties as auditor of Poo-
lia. During the year, Jan Berntsson has attended one board
meeting and reported a final audit and reported in writ-
ing on the outcome of the ongoing audit on one occasion.
The Board's description of internal
control with respect to financial
reporting
The Board's responsibility is detailed in the Swedish Com-
panies Act and the Code for internal control. The internal
control is described under the framework issued by the Com-
mittee of Sponsoring Organizations of the Treadway Com-
mission, COSO. The five components that are described
from the report are the control environment, risk assess-
ment, control activities, information and communication,
and follow-up.
Control environment
Effective Board work is the foundation for sound internal
control. The Board has established structured work proc-
esses and a clearly-defined procedure for its work. An impor-
tant part of the Board's work is to develop and approve basic
rules and guidelines. Employees have access to guidelines,
including through Poolia's intranet. Poolia's ambition is that
the control environment is guided by the company's values
for the "good company", i.e. the adherence to laws and rules,
professionalism and generating confidence.
The Board has also ensured that the organisation is well
structured and transparent, with clearly-defined responsi-
bilities and processes conducive to the effective management
of operational risks and the facilitation of target fulfilment.
The internal and external reporting at Poolia is divided up
according to functions and the responsibility for this is clear-
ly defined. Responsibility is apportioned across the functions
of consulting, administration, accounting, finance and pay-
roll department.
Poolia has a conceptual framework that guides all deci-
sions and actions throughout the organisation. The basis of
this framework is the business plan, Poolia Business Guide,
the financial manual and guidelines that contribute to an ef-
corporate governance report
ficient, structured and coherent working approach within
the company. The guidelines include, among other things,
instructions for the CEO, Managing Directors of subsidiar-
ies, financial policy, information policy and decision-making
rules. Certification guidelines are in place to enhance con-
trol on decisions regarding investment, costs and contrac-
tual relations. Every year, a revision is made to ensure the
guidelines and policy documents are up to date. In addition,
there are procedures to adapt these immediately, if there are
extraneous circumstances that require these to be updated.
Responsibility for updating lies with the CFO.
Risk assessment
As part of ongoing operations and monitoring, there are
procedures in place for risk assessment and thereby the op-
portunity for creating an accurate financial report. Each
subsidiary's Finance Manager holds, together with the Chief
Financial Officer, a special responsibility for the analysis of
risks, the application of laws and regulations and to ensure
correct financial reporting. This responsibility is based on
the Self Assessment Audit that was implemented in 2008 to
further develop internal controls. The process is based on the
CEO annually determining the specific areas in the process of
financial reporting to be prioritised and focused. The moni-
toring of these areas takes place twice a year by the Chief Fi-
nancial Officer and the Finance Manager of each subsidiary.
The process results in significant risks being identified and
the need for measures are reported to the CEO and each MD
for the subsidiaries. The above-mentioned procedures cover,
for example, areas such as: procedures for lending, insurance
protection, revenue and payroll process, management proc-
ess, the process for approval and certification.
Business intelligence is created by the MD of each sub-
sidiary preparing a report that is to reflect the company's
position with regard to the market and competition. The re-
port is then followed up quarterly and, if applicable, a new
assessment is made for the coming period for the market,
the demand and the necessary organisational changes. In a
separate section in the monthly report, significant legislative
changes are described both for operations and for the finan-
cial reporting process.
Control activities
A control structure is created based on the most critical proc-
esses at the company through a number of control activities.
These aim to prevent, detect and correct any errors or dis-
crepancies that arise in financial reporting, and prevent ir-
regularities and various types of company-hostile incidents
occurring. The risks that are monitored are those deemed
most important as specified in the risk assessment, and the
risks associated with the long-term objective for the internal
control must be monitored and limited.
41

The CFO together with the Finance Manager of each subsidi-
ary sets requirements for accurate financial reporting and ap-
propriate monitoring along with a non-conformance analysis
if necessary. Ongoing monitoring is conducted primarily as a
monthly report which each subsidiary's financial manager is
required to prepare and present to the CFO and CEO as well
as the MD for each subsidiary. Poolia's monthly reporting in-
cludes both financial and non financial key ratios, which trans-
lates to a traffic light-based depiction with a clear overview of
low and high risk areas. Reports are supplemented with a writ-
ten report which is addressed by the MD of each subsidiary at
monthly teleconferences and quarterly follow-ups in which
all business decisions are documented and followed up. The
monthly report is designed in line with a standard template in
the Agresso financial system. The standardisation of reporting
will facilitate tracking and monitoring of each country's devel-
opment, performance and analysed risks.
A check list is compiled each month that specifies the re-
sponsibilities and the status of tasks, and activities relevant to
financial reporting within each subsidiary are reported. This
provides a report to managers, deadlines and the reporting
frequency for the activities. The Finance Manager of each
subsidiary is responsible for the check list and reports this
to the Chief Financial Officer or MD at the parent company.
Planning and preparation of financial reporting is facilitated
and as a consequence minimises the risk of error.
Information and communication
The company's essential governing documentation in terms
of rules, guidelines and manuals, to the extent they relate
to financial reporting, are kept continuously updated and
communicated via the intranet, internal communications
and meetings. Overall policy directives are communicated
throughout the organisation to ensure that all employees
have fully understood their content, and thereby act in ac-
cordance with these.
To ensure that internal information is disseminated ef-
fectively, there are guidelines and procedures in place for
how financial information is communicated between man-
agement and employees and between the parent company
and subsidiaries.
For communication with external parties, the Board has
adopted an information policy which provides guidelines for
what should be communicated, by whom this is communi-
Poolia ab
business control
Poolia Poolia Poolia
Sweden UK Germany
Poolia AB’s role in the Group is to work on general matters relating to policy and development, Group-wide support functions and providing support to the
operational units. Each country manager has full responsibility for operations in his or her country in areas such as sales and marketing, business development
and HR issues. Dedicare has the same operational role, but is otherwise treated as a completely separate unit within the Group.
corporate governance report
cated and how this communication is to take place. The pur-
pose of the policy is to ensure that the information obliga-
tions are met in a correct and complete way. For shareholders
and other external interested parties who want to follow the
company's development, up to date financial information is
posted on Poolia's website.
Monitoring
Monitoring the work of the internal control and its efficiency
is an integral part of ongoing operations. The Board's work
includes regular monitoring of the effectiveness of internal
controls and discussions of significant issues regarding ac-
counting and reporting. As part of the liability structure, the
Board's evaluation of the business performance and results is
included through an appropriate package of reports contain-
ing results, forecasts and analysis of important key factors.
Control and monitoring are included in the manage-
ment of the parent company and the management of each
subsidiary's ordinary activities, but also for employees in the
performance of their regular duties. Any shortcomings and
errors in the internal control and monitoring systems must
be reported to the immediate manager.
Policies, guidelines and procedures are updated and
evaluated as necessary but at least once a year. Responsibility
for maintaining up to date documents and communicating
these is incumbent on the Board for general control docu-
ments and the CEO or Staff Manager for other documents.
Recommendations from external auditors conducting inde-
pendent audits of internal controls are reported to manage-
ment and the Board. The recommendations are followed up
and, if necessary, measures are implemented to check the po-
tential risk. For the auditors' subsequent review, compliance
of the previous year's recommendations is monitored.
The outcome from the process of self-assessment results
in an overview of the efficiency of the control activities in the
handling of identified risks. If the control activities are not
considered to meet their objective, they are reviewed to fur-
ther improve the monitoring and control of the risks that are
considered essential for company operations.
Poolia will continue to work proactively with risk man-
agement and internal control through an annual evaluation
and by updating internal control documents and guidelines.
The aim of this work is to ensure that internal controls are
maintained at a high level.
Dedicare
Poolia Poolia
Finland Denmark
42
 group management

Group management

johan eriksson shaun greenfield åsa edman källströmer alfred unterschemmann

MD/CEO Poolia AB
Born 1965; employed at Poolia
since 2007.
Graduate in Business
Administration, Karlstad
University.
Background: Head of Operations
and Deputy MD, Loomis
AB. Various senior positions
at Loomis/Securitas such as
Regional Manager for Nordic
Region, Germany, Austria, and
MD of Securitas UK.
Shareholding: 10,000
MD, Poolia UK
Born 1968; employed at Poolia
since 2006.
Studies in business
administration.
Background: Sales Manager,
Manpower UK; various senior
positions at Manpower; various
positions at Barclays Bank.
Shareholding: 0
MD, Poolia Sweden
Born 1966; employed at Poolia
since 1998.
Business School Economist
Background: Various senior
positions at Poolia such as
Regional Manager Stockholm,
MD of Poolia Kontor AB and
Poolia Ekonomi AB.
Shareholding: 960
MD, Poolia Germany
Born 1963; employed at Poolia
since 2005.
Graduate in Business
Administration, University of
Bochum.
Background: MD, Postbank
Interserv, Regional Manager,
Randstad, MD, Norma
Discount Cochem; Regional
Manager Aldi Discount.
Shareholding: 0

johanna ragnartz lotta nilsson tarja roghult

Acting Marketing Director
Born 1962; employed at Poolia
since 2009.
Diploma in Human Resource
Management, Stockholm
University.
Background: Various senior
positions at Arla Foods,
including Nordic Category
Manager Foodservice, Beverage
Marketing Manager, Digital
Media Manager, Key Account
Manager.
Shareholding: 0
Chief Financial Officer
Born 1971; employed at Poolia
since 2008.
Graduate in Business
Administration, Uppsala
University.
Background: Finance Manager,
Poolia Sverige AB, Finance
Manager Taxi 020 AB, Business
Consultant Connecta AB.
Shareholding: 0
Executive Assistant / IR-
Coordinator
Born 1959; employed at Poolia
since 2001.
Studies in English, Social
Anthropology and Business
Economics.
Background: Secretary to the
Director General and Assistant
for SIDA (Swedish International
Development Agency) in
Zambia and South Africa.
Shareholding: 300
43
 board of directors

Board of Directors

björn örås curt lönnström margareta barchan

Chairman of the Board
Born 1949; Board member since
foundation in 1989.
BA in Economics, Lund University.
Background: Product Group
Manager, Pierre Robert; Product
Group Manager, IKEA; MD and
Advertising Agency Director, Appel &
Falk, Blanking; Managing Director,
Poolia. Own businesses: Björn Örås
Marketing, Karat Utveckling, SMA.
Board Assignments: Chairman
of Uniflex AB, Bro Hof Slott and
Scandinavian Masters.
Shareholding: 8,175,260
Deputy Chairman of the Board
Born 1943; Board member since 1999.
Graduate in Business Administration,
Stockholm University.
Background: MD and CEO at Beijer
Alma, Kongsbo Industrier, Investment
AB Argentus and Tibnor AB. Board
Assignments: Chairman of Domarbo
Skog AB, Innoventus Project AB,
Gnosjö Interior AB, Scandbook AB.
Board member of O.F. Ahlmark & Co
AB, HQ Bank, Mont Blanc AB, Olle
Olsson Holding AB and Uniflex AB.
Advisor at Accent Equity Partners AB.
Shareholding: 9,000
Born 1950; Board member since
2003.
MSc, HEC Jouy en Josas and
University of Oxford; studies at
Harvard Business School.
Background: Founder of several
knowledge companies, including
Celemi (MD), NormannPartners
and The Change Leaders, as well as
the international youth organisation
"Pioneers of Change". Board
Assignments: Celemiab Group AB,
Invest in Skåne AB.
Shareholding: 2,500

monica caneman per uebel

Born 1954; Board member since
2003.
Graduate in Business Administration,
Stockholm School of Economics.
Background: Executive Deputy
President and Acting CEO at SEB.
Board Assignments: Chairman of
LinkMed AB, Point Scandinavia AB,
SOS International AS and Fjärde AP-
fonden. Board member of Investment
AB Öresund, Orexo AB, Schibsted
ASA, SJ AB, Securia AB and Intermail
AS.
Shareholding: 3,000
Born 1966; Board member
since 2006.
Graduate in Business Administration,
Stockholm University.
Background: Senior executive
positions at H&M, MD ICA Sverige
AB, MD Hemköpskedjan AB, MD
& CEO Plantasjen ASA. Board
Assignments: internal subsidiaries at
Plantasjen ASA.
Shareholding: 0
44
 definitions

Definitions

Share of risk-bearing capital P/E ratio

Shareholders’ equity plus minority interest and tax Share price on closing day divided by earnings per share.
provisions as a percentage of total assets.
Earnings per share
Average number of employees Profit/loss for the year after taxes divided by the average no.
Total number of hours worked during the year divided by of shares.
the average number of working hours per year for a full-time
employee. Operating margin,
Operating profit/loss as a percentage of operating revenues.
Return on shareholders’ equity.
Profit/loss after taxes divided by average shareholders' Equity/assets ratio,
equity. Shareholders’ equity, including minority share, as a
percentage of total assets.
Return on capital employed,
Profit/loss after financial items plus financial expenses Capital employed
divided by average capital employed. Total assets less non-interest bearing liabilities, including
tax provisions.
Return on total assets
Profit/loss after financial items plus financial expenses Profit margin
divided by average total assets. Profit after financial items as a percentage of operating
revenues.
Shareholders' equity per share
Shareholders' equity divided by the number of shares
outstanding.

Revenues per employee

Operating revenues divided by the average number of
full-time employees.

45
 ADDRESSES

Addresses

HEAD OFFICES poolia stockholm GERMANY DEDICARE

poolia ab Warfvinges väg 20 poolia düsseldorf dedicare stockholm
Warfvinges väg 20 Box 30081 Graf-Adolf-Straße 70 Kungsholmsstrand 147
Box 30081 SE-104 25 Stockholm DE-40210 Düsseldorf SE-112 48 Stockholm
SE-104 25 Stockholm Tel: +46 8-555 650 00 Tel: +49 211 936 564-0 Tel: +46 8-555 656 00
Tel: +46 8-555 650 00 info@poolia.se duesseldorf@poolia.com dedicare@dedicare.se
Fax: +46 8-555 650 01
info@poolia.se poolia södertälje poolia frankfurt dedicare gothenburg
Lovinsingatan 3 Stresenmannallee 30 Bror Nilssons gata 16
SWEDEN SE-151 73 Södertälje DE-60596 Frankfurt SE-417 55 Gothenburg
poolia gävle Tel: +46 8-555 650 00 Tel: +49 69 21 93 09-0 Tel: +46 8-555 656 40
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Nobelvägen 2
SE-802 67 Gävle poolia uppsala poolia hamburg dedicare karlskrona
Tel: +46 26-541545 Kungsängsgatan 5B Mönckebergstraße 5 Box 13
gavle@poolia.se SE-753 22 Uppsala DE-20095 Hamburg SE-371 21 Karlskrona
Tel: +46 8-555 650 00 Tel: +49 40 323 10 79-0 Tel: +46 8-555 656 10
SE-411 15 Gothenburg uppsala@poolia.se hamburg@poolia.com dedicare@dedicare.se
Kungsgatan 42
SE-411 15 Gothenburg poolia västerås poolia hannover dedicare örebro
Tel: +46 31-743 20 00 Iggebygatan 12 Grupenstrasse 2 Klostergatan 23
gbg@poolia.se SE-722 20 Västerås DE-30159 Hannover SE-703 61 Örebro
Tel: +46 21-15 19 70 Tel: +49 511 763 579-0 Tel: +46 8-555 656 10
poolia jönköping vasteras@poolia.se hannover@poolia.com dedicare@dedicare.se
Norra Strandgatan 4
SE-553 20 Jönköping poolia örebro poolia cologne dedicare oslo
Tel: +46 36-17 32 60 Rudbecksgatan 7 Hohenzollernring 37 Holbergsgt 21
jonkoping@poolia.se SE-702 11 Örebro DE-50672 Cologne NO-0166 Oslo
Tel: +46 19-766 37 00 Tel: +49 221 2779 45-0 Tel: +47 74 80 40 70
poolia linköping orebro@poolia.se koeln@poolia.com dedicare@dedicare.no
Mjärdevi Science Park
Teknikringen 10 DENMARK poolia mannheim dedicare stjørdal
SE-583 30 Linköping poolia köpenhamn N2, 4 Stokmoveien 2
Tel: +46 11-21 96 38 Langebrogade 5 DE-68161 Mannheim Postboks 41
linkoping@poolia.se DK-1411 Copenhagen K Tel: +49 621 170 29 29 NO-7501 Stjørdal
Tel: +45 70 27 37 47 mannheim@poolia.com Tel: +47 74 80 40 70
poolia malmö danmark@poolia.com dedicare@dedicare.no
Baltzarsgatan 31 poolia munich
SE-211 36 Malmö FINLAND Schellingstraße 35 dedicare helsinki
Tel: +46 40-661 25 00 poolia helsinki DE-80799 München Salomonkatu 17B
malmo@poolia.se Salomonkatu 17B Tel: +49 89 242 948-0 FI-00100 Helsinki
FI-00100 Helsinki muenchen@poolia.com Tel: +358 20 787 1320
poolia norrköping Tel: +358 20 7290 830 nurse@dedicare.fi
S:t Persgatan 105 finland@poolia.com UK doctor@dedicare.fi
SE-602 33 Norrköping poolia london
Tel: +46 11-21 96 30 Marlborough Court
norrkoping@poolia.se 14–18 Holborn
GB-London EC1N 2LE
Tel: +44 20 7464 1550
london@poolia.co.uk

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