Olympia Flexgroup AG
Allbecon Olympia AG announces financials for the 1st quarter 2008

Allbecon Olympia AG / Quarter Results

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Allbecon Olympia AG announces financials for the 1st quarter 2008

Highlights
• Small increase in total sales
• Improvement of the competitive position in the Netherlands
• First franchise contract signed in Spain
• Three franchise branches opened in Germany
• Investments in strategy and organisation depress earnings

(Düsseldorf, 21 May 2008) Allbecon Olympia AG (ISIN DE000AOLBKV8) group
sales increased by 2.2 per cent to EUR 92.1 million in the first three
months of the 2008 fiscal year (previous year: EUR 90.1 million). Group
EBIT totalled EUR 1.5 million (previous year: EUR 3.0 million). Operating
costs increased disproportionately fast due to the investments in the
structures for further growth. Earnings in the first quarter of 2008 were
also depressed by non-recurring and/or temporary factors, such as the
switch to the collective agreement concluded with the central German
temporary employment association (BZA), the investments in rebranding and
the implementation of the new organisational structure of the European
Service Centre (ESC).

Marcel Slaghekke, CEO of Allbecon Olympia AG, explains: 'We made further
investments in the first quarter of 2008 in the strategy and the new
organisational structure needed for the Group. Although the Group
restructuring programme is being completed on schedule, it will take some
more time until the progress is reflected in further growth and higher
profitability as well.'

Sales development at national level

The competitive position in the Netherlands was improved and additional
market share was gained. Sales were up 9 per cent at EUR 53.4 million and
the gross margin was increased too.

Allbecon Olympia’s sales in Germany decreased to EUR 16.3 million (previous
year: EUR 18.0 million). There are various reasons for this: on the one
hand, a key account relocated its production operations to another country.
On the other hand, there were changes in front office positions due to the
reorganisation processes, such as the implementation of a new management in
the 3rd quarter 2007 and the introduction of the new strategy. The
personnel changes had a negative impact on sales. After successful
familiarisation of the new staff business volume is currently rising again.
Three more franchise branches opened in the first quarter provide further
growth potential.

Allbecon Olympia generated sales of EUR 17.7 million in Spain and Portugal
(previous year: EUR 20.1 million). The appointment of new management at the
end of 2007 and temporary personnel fluctuations depressed sales in the
first quarter. The first franchise contract was signed in Spain. The branch
will probably be opened in the third quarter.

The company succeeded in increasing sales in Italy by 28 per cent from EUR
2.9 million to EUR 3.7 million.

Developments in Switzerland and Poland are going according to plan. Sales
in Poland were 50 per cent higher at EUR 0.5 million. Sales in Switzerland
were EUR 0.7 million after EUR 0.6 million in the previous year.

About Allbecon Olympia AG

Olympia is a European temporary work company with activities in seven
countries, around 200 branches and over 18,000 employees. Our services
comprise general temporary employment as well as in-house services. 
Olympia has special know-how in logistics, production, telecommunications,
call centre services and waste management, facility management, finance and
administration. With the entrepreneurial spirit derived from its franchise
concept, Olympia is a dedicated partner for its employees and customers.
Our aim is to become one of the fastest organically growing temporary
employment agencies in Europe.

Press inquiries:
Kirchhoff Consult AG
Ulla v. Blittersdorff
Tel.: +49 40 60 91 86 34
Fax: +49 40 60 91 86 71
E-mail: ulla.v.blittersdorff@kirchhoff.de
21.05.2008  Financial News transmitted by DGAP
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Language:     English
Issuer:       Allbecon Olympia AG
              Zollhof 4
              40221 Düsseldorf
              Deutschland
Phone:        +49 (0)211 86 29 86-0
Fax:          +49 (0)211 86 29 86-99
E-mail:       ir@allbecon.de
Internet:     www.allbecon.de
ISIN:         DE000A0LBKV8
WKN:          A0LBKV
Listed:       Regulierter Markt in Frankfurt (General Standard);
              Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
              Stuttgart
 
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