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Interim report January March 2013

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(1)

Interim report

January – March 2013

Lars Kry, President and CEO

Benno Eliasson, CFO

(2)

1

Agenda

Report in brief

Market and trends

Financial development

(3)

1

(4)

1

Introductory comments Q1-2013

Quick action led to positive earnings

Market continues to be tough, but cautiously optimistic

Action plan is completed

Improved cash flow

Outplacement business increased in Sweden

Agreements in Q1:

Dfind Finance

Recruitment

(5)

1

Q1 in brief

2013 2012 Change

quarter

2012

Revenue, SEK million 1,062 1,200 -12% 4,876

EBITA, SEK million 10 40 -75% 110

EBITA, per cent 0,9 3,3 - 2.3

Profit after tax, SEK million 13 26 -50% 78

Basic earnings per share, SEK 0.19 0.35 -46% 1.11 Cash flow from operating activities, SEK million 44 -51 - 0

1st Quarter Full Year

Less demand and fewer

workdays in Sweden

and Norway

A lower activity level on

the Swedish market

affects the result, mainly

through its downward

pressure on prices

Guaranteed wage

expenses

(6)

1

(7)

1

Purchasing Managers’ Index

30

35

40

45

50

55

60

65

70

Total index, adjusted for season

Total index, not adjusted for season

Source: Swedbank

(8)

1

Redundancy notices recorded by the Swedish

Public Employment Service, 2008-2013

3 638 2 318 4813 2398 4065 7989 19907 17960 17049 15802 13019 8731 9997 4412 5370 7634 5704 4746 6757 4644 3751 2968 1865 4811 3144 2609 3045 4644 2933 2646 4540 5666 6463 4838 6644 4974 3682 5175 3692 7329 10260 9868 5695 6745 3888 6570 5512

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

jan

-08

ma

r-0

8

ma

j-08

jul

-08

s

e

p

-0

8

no

v

-08

jan

-09

ma

r-0

9

ma

j-09

jul

-09

s

ep

-09

no

v

-09

jan

-10

ma

r-1

0

ma

j-10

jul

-10

s

ep

-10

no

v

-10

jan

-11

ma

r-1

1

ma

j-11

jul

-11

s

ep

-11

no

v

-11

jan

-12

ma

r-1

2

ma

j-12

jul

-12

s

ep

-12

no

v

-12

jan

-13

ma

r-1

3

Affected persons

(9)

1

Print ads from Proffice’s ad system

2011

2012

2013

Number

of ads

(10)

1

Market shares in Sweden 2011-2012

23.8% 17.4% 12.3% 7.5% 6.6% 21.3% 17.6% 12.2% 7.2% 6.4%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

Manpower

Proffice

Adecco

Uniflex Bemanning Lernia Bemanning

2011

2012

(11)

1

Market shares in Norway 2011-2012

24.7% 23.4% 7.0% 6.5% 4.4% 23.0% 22.3% 6.9% 6.6% 4.2%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

Adecco

Manpower

Jobzone

Proffice

ISS Personalhuset

2011

2012

(12)

1

Financial Development

(13)

1

Income statement

SEK million 2013 2012 2012

Revenue 1,062 1,200 4,876

Other operating income - - 40

Operating expenses

Employee expenses -909 -1,002 -4,165

Other operating expenses -140 -154 -625

Depreciation and amortisation of assets -3 -4 -16

EBITA 10 40 110

Operating profit 10 40 110

Profit after financial items 16 37 100

Tax -3 -11 -22

Profit for the period 13 26 78

(14)

1

Revenue and operating margin

-2

0

2

4

6

600

700

800

900

1000

1100

1200

1300

1400

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Revenue (MSEK)

Operating margin (%)

(15)

1

Countries

1st quarter Full year

SEK million 2013 2012 Change

quarter 2012 Revenue Sweden 790 930 -15% 3,679 Norway 242 244 -1% 1,110 Finland 24 20 20% 68 Denmark 6 6 0% 19 Total 1,062 1,200 -12% 4,876 EBITA Sweden 22 51 -57% 129 Norway 3 4 -25% 36 Finland 0 0 0% -4 Denmark 0 0 0% 0 Other -15 -15 0% -51 Total 10 40 -75% 110

EBITA, per cent

Sweden 2.8 5.5 - 3.5

Norway 1.2 1.6 - 3.2

Finland - - - -

(16)

1

Operating areas

SEK million 2013 2012 Change

quarter 2012 Revenue Staffing 989 1,128 -12% 4,611 Recruitment 45 51 -12% 183 Outplacement 28 21 33% 82 Total 1,062 1,200 -12% 4,876

(17)

1

Business area Staffing

SEK million 2013 2012 Change

quarter

2012

Revenue

Office & Customer Service 359 417 -14% 1,554

Industry & Logistics 322 363 -11% 1,728

Finance 81 99 -18% 365

IT 119 125 -5% 491

Care 78 86 -9% 342

Life Science 30 38 -21% 131

Total 989 1,128 -12% 4,611

(18)

1

Balance sheet

31 Mar 31 Mar

SEK million 2013 2012 2012

Assets

Intangible non-current assets 624 633 632

Property, plant, and equipment 12 18 13

Other investments held as non-current assets 1 1 1

Non-current receivables 1 4 2

Deferred tax assets 16 22 22

Current receivables 947 1,127 1,031

Cash and cash equivalents 53 47 94

Total assets 1,654 1,852 1,795

Equity and liabilities

Equity 508 538 512

Deferred tax liability 38 47 38

Interest-bearing non-current liabilities 83 8 8

Interest-bearing current liabilities 121 190 254

Non-interest-bearing current liabilities 904 1,069 983

Total equity and liabilities 1,654 1,852 1,795

Pledged assets 447 245 516

Contingent liabilities - - -

(19)

1

Cash flow from operating activities

44

-80

-60

-40

-20

0

20

40

60

80

100

120

SEK million

Q

2

20

11

Q

3

20

11

Q

4

20

11

Q

1

20

12

Q

2

20

12

Q

3

20

12

Q

4

20

12

Q

1

20

13

(20)

1

Cash flow from operating activities

16

44

5

-27

109

-59

-20

0

20

40

60

80

100

120

Profit after

financial items

Adjustment for

non-cash items

Tax paid

Decrease in

operating

receivables

Decrease in

operating

liabilities

SUM

SEK million

(21)

1

Days sales outstanding (DSO)

37

39

41

43

45

47

49

51

53

55

Q

2-20

11

Q

3-20

11

Q

4-20

11

Q

1-20

12

Q

2-20

12

Q

3-20

12

Q

4-20

12

Q

1-20

13

Number

of days

(22)

1

(23)

1

Looking ahead

Flexibility – a success factor for more and more employers

Im a g e s b y: S ta rt M il e s a n d Da vi d Ca sti ll o , A m b ra , F re e Di g ita lP h o to s.n e t,

Correct skillset – still in short supply

Companies are looking for temporary employees

We focus on expanding our customer base and increasing

customer satisfaction

(24)

1

Does your organisation need to recruit new

employees during the coming three months?

48%

52%

Source: Proffices arbetsmarknadsanalys – flexibilitet och matchning 2013 (performed by TNS Sifo)

(25)

1

28

50

18

3

0

10

20

30

40

50

60

We have little or no difficulty adapting

We have some difficulty adapting

We have somewhat large difficulty

adapting

We have significant difficulty adapting

%

Source: Proffices arbetsmarknadsanalys – flexibilitet och matchning 2013 (performed by TNS Sifo)

Swedish companies that

believe flexibility is a success

factor: 77%

Respondents that find it

difficult to adapt their

organisation to external

demands: 71%

Employers that feel an

increasing need to quickly

change the size and structure

of their workforce: 65%

(26)

1

Flexible employment options in demand

5

10

37

49

0

10

20

30

40

50

60

Other

Hiring from a staffing or other type of consulting

company

Short-term employment (temporary, project

employment or other temporary employment form)

Permanent employment

%

In your opinion, what is the best way to handle an increasing need for resources?

(27)

1

Lack of correct skillset blocks flexibility

How would you weight the following obstacles to quickly adapting the staffing of

your business?

19

16

13

15

10

6

4

24

26

26

22

19

20

13

29

30

35

31

36

37

29

17

20

16

24

26

25

35

11

8

9

9

9

13

19

0

10

20

30

40

50

60

70

80

90

100

Employment Protection Act

Inability to make decisions internally/by

management

Other rules and laws

Owners or board members

Difficulty to make correct, reliable business

forecasts

Difficulty retaining the correct skillset

Difficulty to find and retain the correct skillset

1 = Not at all important

2

3

4

5 = Very important

%

(28)

1

Focus areas 2013

Sales

Industrial & Logistics

Norway

Effectiveness

Sourcing

Annika Nordlander Nordic Sales Director

Proffice AB

Michael Gozzi Business Unit Director Proffice Industrial & Logistics

Stein André Haugerud Business Unit Director

Proffice Norge Ci Taylor Commercial Director Proffice AB Anna Lindqvist Sourcing Manager Proffice Adm & Customer Solutions

(29)

1

Demand

Margin

Costs

(30)

1

References

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