Ework Group — Interim / Quarterly Report 2010

Oct 22, 2010

Interim Report THIRD QUARTER 2010

Third quarter 2010

• Net sales continued to rise compared with the same period 2009, and amounted to SEK 425.6 million (326.6), representing an increase of 30.3 percent.
• Operating profit improved to SEK 7.2 million (0.9) further to the rise in sales and impact of implemented cost-reductions. The operating margin was 1.7 percent (0.3).
• Order intake was SEK 396 million (357).
• Several framework agreements were signed with major clients such as Telenor and the City of Gothenburg.
• Earnings per share after tax were SEK 0.36 (-0.01).
• Staffan Salén was appointed new Chairman of the Board in September.

Nine months 2010

• The first nine months showed a steady improvement of both net sales and operating profit.
• Net sales for the year's first nine months were higher than the same period last year.
• Operating profit substantially higher than last year.
• Earnings per share after tax were SEK 1.13 (0.44).

		1 July – 30 September	1 January – 30 September
SEK million	2010	2009	2010	2009
Net sales	425.6	326.6	1 325.6	1 228.9
Operating profit	7.2	0.9	24.0	10.8
Profit before tax	7.2	0.0	23.1	10.2
Profit/loss after tax	6.0	-0.1	18.9	7.3
Cash flow, operating activities	-7.1	13.1	-24.9	-22.2
Operating margin, %	1.7	0.3	1.8	0.9
Equity/assets ratio, %	17.2	19.0	17.2	19.0

CEO commentary

The positive developments seen in the beginning of the year continued in the third quarter. Order intake, invoicing and profitability improved compared with last year.

Demand in the third quarter was good, and we had up to 1,716 consultants out on assignments, which is the highest number ever recorded.

The Group's efforts were focused particularly on sales during the quarter. Several measures were taken during the period to further strengthen eWork's sales organisation.

Sales to new clients were satisfactory. A large part of growth comes from takeover contracts, where eWork takes over ongoing consultancy assignments. As seen previously, these have a slightly lower margin than our standard business, where eWork matches a specific consultant to a new assignment. However, takeovers have increasingly represented a means for eWork to enter into long-term collaboration agreements, which in turn provide opportunities for new business and subsequently improved margins.

Demand for deliveries of project commitments has increased during the year, which is one way of improving our value-added ratio and scope for higher margins. It is therefore an important part of our long-term progress towards the Company's financial objective known as "5-5-15" (SEK 5 billion in sales with 5 percent net margin by the year 2015).

For eWork, competition for consultants from abroad represents both challenges and opportunities. From a short-term perspective, we can see that major consultancy purchasers place assignments in low-cost countries. eWork is currently building up a specialised department in order to meet the increased demand, and a Global Sourcing Manager has been recruited during the period.

The market is developing as anticipated with gradual improvements. eWork is well-positioned to benefit from the opportunities that subsequently arise, and we believe in continued growth in tandem with the stronger economic climate.

Stockholm, 22 October 2010 Claes Ruthberg, CEO

Market

The gradual improvement experienced during the year was confirmed in the third quarter. The number of incoming enquiries was significantly higher than the same period last year. The summer months, which dominate the third quarter, are normally weaker than the rest of the year. The same was experienced this year, although the downturn was moderate and demand picked up relatively quickly after the holiday period. Pressure on prices, which was very noticeable in the beginning of the year, has subsided and the situation is gradually becoming more normal.

Trends were similar in the entire Nordic region. In Sweden, improvements are quite distinct, with the exception of the Öresund region where consultancy purchasers lingered and pressure on prices continued. The economic downturn and the aftereffects of the finance crisis are still felt more strongly in Denmark. Norway and Finland have a positive trend similar to that seen in Sweden, despite stabilisation coming slightly later in Finland than the rest of the Nordic region.

Competition is still hard. This implies continued rationalisation and consolidation of clients' consultancy purchases, which are driving forces that open doors to new business for eWork.

The consolidation of client's consultancy purchases to increasingly fewer suppliers also explains the trend towards greater interest for project commitments. It is a natural consequence that consultancy purchasers move towards fewer suppliers, and thereby expect that each supplier can assume greater commitments. eWork is currently expanding its offer in order to be able to take on such projects, and thereby satisfy clients' demands.

All in all, market trends are following the pattern forecasted earlier this year, with gradual improvements and continued underlying structural driving forces.

Operational developments

The Group's sales developed positively in the third quarter 2010, and the order intake was SEK 396 million (357). The number of consultants on assignment was 1,716 at its highest point. Net sales increased in the third quarter in all countries. The order intake for the period Jan.- Sept. amounted to SEK 1,557 million (1,315).

eWork has continued to rationalise and improve processes for consultants and consultancy purchasers. A new service for electronic contracts has been launched, which will eliminate the need for paper contracts. Each call-off order implies that eWork and two other parties shall exchange contracts, and the new electronic service will radically rationalise the handling of contracts. The sales organisation has been strengthened during the period.

In Sweden, developments were positive with rising invoicing and improved results. The quarter's net sales increased by 33.9 percent to SEK 310.9 million (232.2). The number of enquiries in existing contracts rose, and a number of new framework agreements have been signed, including with the City of Gothenburg. The operating profit was SEK 5.9 million (0.9). This improvement is attributable to both a reduction in costs and greater volume. Net sales for the first nine months amounted to SEK 971.1 million (885.4). The operating profit was SEK 20.0 million (9.0).

In Finland, net sales increased for the quarter by 16.5 percent to SEK 63.3 million (54.3). The operating profit improved compared with last year to SEK 2.7 million (2.0). Finland lies behind the rest of the Nordic region in the economic cycle, although the higher sales in the quarter are a clear indication that the market has now stabilised and is gradually improving. Net sales for the period January-September were SEK 197.9 million (198.2), and were still slightly lower than last year. However, the operating profit was higher this year at SEK 8.5 million (7.1) for the first nine months.

In Denmark, net sales rose in the third quarter to SEK 19.8 million (15.7) despite the relatively weak economic climate. The loss was reduced to SEK -0.2 million (-1.2). Further to the implementation of sweeping organisational changes, operations are now showing that significant growth is possible despite the sluggish market and tough competition, thus providing prerequisites for positive operating results. However, for the first nine months of the year, Denmark has not reached the figures seen in 2009. Sales were SEK 54.5 million (60.0), representing a fall of 9.2 percent. The operating loss was halved to SEK -1.9 million (-3.7).

Operations in Norway experienced continued positive sales trends, and net sales for the quarter rose to SEK 31.6 million (24.4). Even this quarter, a relatively large part of sales were takeover contracts with low gross margins, which explains the relatively low operating profitability despite higher sales compared with last year. The operating profit declined slightly to SEK 0.3 million (0.4). For the first nine months of the year, net sales amounted to SEK 102.1 million (85.5) and the operating profit was SEK 1.9 million (2.4).

Net sales

The Group's consolidated net sales for the third quarter 2010 amounted to SEK 425.6 million (326.6), representing an increase of 30.3 percent. The improved market situation since the beginning of the year led to a higher order intake in the first half-year 2010, which in turn has given higher sales in the third quarter. All companies in the Group have improved their sales in the third quarter compared with 2009.

Net sales for the period January-September 2010 improved by 7.9 percent to SEK 1,325.6 million (1,228.9). The increase is attributable to operations in Sweden and Norway. Sales in Denmark declined slightly, and Finland had the same sales as in 2009.

Net profit

The operating profit for the third quarter 2010 amounted to SEK 7.2 million (0.9), and for the period January-September to SEK 24.0 million (10.8), representing an improvement of 122.4 percent.

The better operating results are mainly due to the cost-savings implemented in 2009. Up to September 2010, costs for permanent employees and other overheads have been reduced by more than SEK 14 million compared with the same period last year, which included restructuring costs in the amount of SEK 3.4 million.

Profit after financial items amounted to SEK 7.2 million (0.0) for the third quarter 2010, and SEK 23.1 million (10.2) for the period January-September. Profit after tax was SEK 6.0 million (0.1) for the third quarter 2010, and SEK 18.9 million (7.3) for the period January-September 2010.

Financial position

The equity/assets ratio was 17.2 percent (19.0) as at 30 September 2010.

Net financial items were SEK 0.0 (-0.9) in the third quarter 2010, and SEK -0.9 million (-0.6) for the period January-September. The negative figures are attributable to currency losses further to the strengthening of the Swedish krona against the euro. The Company has had net assets in euro, which generated the losses. The Company actively endeavours to minimise currency effects.

Cash flow from operating activities amounted to SEK -7.1 million (13.1) in the third quarter 2010, and SEK -24.8 million (-22.2) for the period January-September. The large fluctuations in working capital at the various reporting intervals are mainly due to that all payments from clients take place at monthend. For this reason, a small timing difference of incoming payments can have a large effect on cash flow at a particular point in time.

The Group's net interest-bearing assets totalled SEK 63.2 million (68.9) at the end of September 2010.

Workforce

The average number of employees in the Group in the third quarter was 100 (123). This number includes 9 (8) consultants employed by eWork on a project basis, who work on client assignments where their time is invoiced to the client.

The gender distribution between women and men was 58/42 percent.

Parent Company

The Parent Company's net sales were SEK 310.9 million (232.2) for the third quarter 2010, and SEK 971.1 million (885.4) for the period January-September. The operating profit amounted to SEK 4.4 million (-0.3) for the third quarter 2010, and to SEK 15.5 million (5.0) for the period January-September. Profit after tax was SEK 2.9 million (-1.5) for the third quarter 2010, and SEK 10.0 million (8.7) for the period January-September.

The Parent Company's equity at the end of the quarter was SEK 72.8 million (67.5), and the equity/assets ratio was 19.1 percent (21.5).

In general, reference is made to that disclosed about the Group in this report.

Warrant incentive program

During the third quarter, the Company's personnel were invited to acquire warrants pursuant to an incentive program adopted by the Annual General Meeting of Shareholders held in 2009. A total of 250,000 warrants were offered, of which 165,000 were acquired. Each warrant entitles the holder to purchase one share.

Other information

Staffan Salén was appointed Chairman of the Board of eWork Scandinavia AB in September. Sven Hagströmer resigned from the position as Chairman of the Board at his own request due to other commitments, but will remain member of the Board. Staffan Salén is CEO of eWork's largest shareholder, Salénia AB, and has been member of eWork's Board since 2003.

Material risks and uncertainty factors

In general, eWork's material business risks, both for the Group as well as the Parent Company, consist of reduced demand for consultancy services, difficulties in attracting and retaining skilled staff, credit risks, and to a less extent currency risks. The Company does not see any new material business risks in the next six months.

Events further to the end of the reporting period

No events of a material nature have arisen further to the end of the reporting period.

Outlook

The Company's assessment from the previous quarter regarding the market situation still stands. The trend of consultancy brokers taking market shares in a gradually improving market has continued during the year.

eWork believes that preconditions for further development in 2010 still prevail, as confirmed by results achieved in the first nine months of the year.

The Board of Directors is of the opinion that the more favourable market, together with operational improvements already implemented, will enable eWork to report good growth and significantly better operating results for the full-year 2010 compared with 2009.

The above confirms the statements made with regard to future prospects in previous reports.

Reporting calendar

11 February 2011 Year-end report 2010 2 May 2011 Interim report January-March 2011 2 May 2011 Annual General Meeting of Shareholders 25 July 2011 Interim report April-June 2011

Stockholm, 22 October 2010

Claes Ruthberg CEO

This report has been examined by the Company's auditors.

Addresses and contact details

eWork Scandinavia AB (publ) - Corporate registration number: 556587-8708 Klarabergsgatan 60, 111 21 Stockholm, Sweden email: info@ework.se www.ework.se

For further information, please contact: Claes Ruthberg, President and CEO, eWork Scandinavia AB +46 8 50 60 55 00, +46 70 374 64 75 Ulf Henning, CFO, eWork Scandinavia AB, +46 8 50 60 55 12, +46 70 555 35 54

Information disclosed in this interim report is that which eWork Scandinavia AB (publ) will publish pursuant to the Swedish Securities Market Act. Information was submitted for publication on 22 October 2010 at 08.00 hrs (CET).

Audit Report

Introduction

We have reviewed the summary interim financial report for eWork Scandinavia AB (publ) as at 30 September 2010 as well as the nine-month period ending on the same date. The board of directors and the chief executive officer are responsible for the preparation and fair presentation of this summary interim financial report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Orientation and scope of the review

We conducted our review in accordance with the Standard on Review Engagements (SÖG 2410) Review of interim financial information performed by the independent auditor of the entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden (RS) and other generally accepted auditing practices.

The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not provide the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial report was not prepared in all material respects with regard to the group in accordance with IAS 34 and the Swedish Annual Accounts Act, nor with regard to the parent company in accordance with the Swedish Annual Accounts Act.

Stockholm, 22 October 2010

KPMG AB

Carl Lindgren

Authorised Public Accountant

Consolidated statement of comprehensive income

SEK thousand	Note	Jul-Sept 2010	Jul-Sept 2009	Jan-Sept 2010	Jan-Sept 2009	Full year 2009
Operating income
Net sales	1	425,641	326,630	1,325,636	1,228,935	1,640,123
Other operating income		19	1,146	45	2,496	3,257
Total operating income		425,660	327,776	1,325,681	1,231,431	1,643,380
Cost of services sold		-389,654	-296,211	-1,208,940	-1,118,628	-1,488,928
Gross profit		36,006	31,565	116,741	112,803	154,452
Operating expenses
Other external costs		-6,576	-6,385	-22,086	-22,991	-34,025
Personnel costs		-21,982	-24,057	-69,932	-78,422	-104,255
Depreciation and write-down of property, plant
and equipment and intangible non-current assets		-237	-224	-717	-597	-929
Total operating expenses		-28,795	-30,666	-92,735	-102,010	-139,209
Operating profit	1	7,211	899	24,006	10,793	15,243
Profit/loss on financial items
Net financial income/expense		2	-932	-895	-599	249
Profit/loss after financial items		7,213	-33	23,111	10,194	15,492
Tax on profit for the period		-1,230	-93	-4,172	-2,860	-3,591
Profit/loss for the period		5,983	-126	18,939	7,334	11,901
Other comprehensive income/cost
Translation differences for the period
regarding non-Swedish operations		-958	-1,748	-3,339	-1,293	-724
Other comprehensive income/cost for		-958	-1,748	-3,339	-1,293	-724
the period
Comprehensive income/cost for period		5,025	-1,874	15,600	6,041	11,177
Earnings per share
before dilution (SEK)		0.36	-0.01	1.13	0.44	0.71
after dilution (SEK)		0.36	-0.01	1.13	0.44	0.71
Number of shares outstanding at end of the
reporting period
before dilution (thousands)		16,725	16,725	16,725	16,725	16,725
after dilution (thousands)		16,753	16,725	16,753	16,725	16,725
Average number of outstanding shares
before dilution (thousands)		16,725	16,725	16,725	16,725	16,725
after dilution (thousands)		16,729	16,725	16,733	16,725	16,725

Consolidated statement of financial position

SEK thousand	Note	30 Sept 10 30 Sept 09		31 Dec 09
Assets
Non-current assets
Intangible non-current assets		1,945	2,396	2,400
Property, plant and equipment		661	753	903
Long-term receivables		341	389	394
Deferred tax assets		3,849	2,736	3,909
Total non-current assets		6,796	6,274	7,606
Current assets
Tax receivable		12,389	1,568	3,170
Accounts receivable - trade		406,192	307,300	323,880
Prepaid expenses and accrued income		5,905	16,761	3,891
Other receivables		636	3,119	1,923
Cash and cash equivalents		63,183	68,880	104,269
Total current assets		488,305	397,628	437,133
Total assets		495,101	403,902	444,739
Equity and liabilities
Equity
Share capital		2,174	2,174	2,174
Other paid-up capital		54,249	53,926	53,932
Reserves		-3,025	-255	314
Retained earnings including profit for the period		31,933	20,971	25,537
Total equity		85,331	76,816	81,957
Current liabilities
Accounts payable - trade		379,985	301,785	333,097
Other liabilities		18,457	8,267	9,258
Accrued expenses and deferred income		11,328	17,034	20,427
Total current liabilities		409,770	326,490	362,782
Total equity and liabilities		495,101	403,902	444,739

Consolidated statement of changes in equity

SEK thousand	Share capital	Other paid-up capital	Translation reserve	Retained earnings incl. profit for the period
Equity brought forward 1 January 2009	2,174	53,252	1,038	32,033
Comprehensive income for the period			-1,293	7,335
Share-based payments, premiums paid		674
Dividends				-18,397
Equity carried forward 30 Sept 2009	2,174	53,926	-255	20,971
Equity brought forward 1 October 2009	2,174	53,926	-255	20,971
Share-based payments, premiums paid		6
Comprehensive income for the period			569	4,566
Equity carried forward 31 December 2009	2,174	53,932	314	25,537
Equity brought forward 1 January 2010	2,174	53,932	314	25,537
Comprehensive income for the period			-3,339	18,939
Share-based payments, premiums paid		317
Dividends				-12,543
Equity carried forward 30 Sept 2010	2,174	54,249	-3,025	31,933

Consolidated statement of cash flows

SEK thousand	Note	Jul-Sep 2010	Jul-Sep 2009	Jan-Sep 2010	Jan-Sep 2009	Full year 2009
Operating activities
Profit/loss after financial items		7,213	-32	23,111	10,194	15,492
Adjustment for non-cash items		700	166	-756	-344	1,264
Income taxes paid		-3,242	-5,538	-12,336	-17,230	-20,323
Cash flow from operating activities before changes in working capital		3,271	-5,404	10,019	-7,380	-3,567
Cash flow from changes in working capital
Increase (-)/decrease (+) in operating receivables		-1,401	70,283	-81,877	74,063	72,724
Increase (+)/decrease (-) in operating liabilities		-8,942	-51,780	46,988	-88,923	-55,017
Cash flow from operating activities		-7,072	13,099	-24,870	-22,240	14,140
Investing activities
Acquisition of property, plant and equipment		-	-	-	-48	-377
Acquisition of intangible non-current assets		-	174	-	-368	-520
Divestment of financial assets		-33	-	-53	-	-
Cash flow from investing activities		-33	174	-53	-416	-897
Financing activities
Option program		317	674	317	674	680
Dividend paid to owners of the Parent Company		-	-	-12,543	-18,397	-18,397
Cash flow from financing activities		317	674	-12,226	-17,723	-17,717
Cash flow for the period		-6,722	13,947	-37,062	-40,379	-4,474
Cash and cash equivalents at start of the period		70,804	55,735	104,269	109,765	109,765
Exchange rate differences		-899	-802	-4,024	-506	-1,022
Cash and cash equivalents at end of the period		63,183	68,880	63,183	68,880	104,269

Key performance ratios

	Jul-Sep 2010	Jul-Sep 2009	Jan-Sep 2010	Jan-Sep 2009	Full year 2009
Sales growth (year against previous year)	30.3%	-22.9%	7.9%	-9.5%	-13.0%
Operating margin	1.7%	0.3%	1.8%	0.9%	0.9%
Return on equity	7.2%	-0.2%	22.6%	8.9%	14.0%
Equity/assets ratio	17.2%	19.0%	17.2%	19.0%	18.4%
Acid test ratio	119%	122%	119%	122%	120%
Average no. of employees	100	123	100	124	127
Sales per employee	4,256	2,666	13,256	9,911	12,914

Parent Company's income statement

SEK thousand	Note	Jul-Sep 2010	Jul-Sep 2009	Jan-Sep 2010	Jan-Sep 2009	Full year 2009
Operating income
Net sales		310,930	232,227	971,137	885,367	1,185,139
Other operating income		236	1,148	633	2,401	8,240
Total operating income		311,166	233,375	971,770	887,768	1,193,379
Cost of services sold		-284,508	-	-884,743	-	-
Gross profit		26,658	210,933 22,442	87,027	809,500 78,268	1,079,962 113,417
Operating expenses
Other external costs		-5,451	-4,406	-16,942	-15,763	-24,397
Personnel costs		-16,636	-18,197	-53,929	-57,016	-74,917
Depreciation and write-down of property, plant
and equipment and intangible non-current assets		-210	-188	-634	-480	-777
Total operating expenses		-22,297	-22,791	-71,505	-73,259	-100,091
Operating profit/loss		4,361	-349	15,522	5,009	13,326
Profit/loss on financial items
Participations in Group companies		-	-	-	5,588	5,588
Other interest income and similar items		120	108	382	1,551	2,086
Interest expense and similar items		-1,026	-1,770	-3,909	-2,185	-1,687
Total financial items		-906	-1,662	-3,527	4,954	5,987
Profit/loss after financial items		3,455	-2,011	11,995	9,963	19,313
Tax on profit for the period		-518	499	-1,955	-1,225	-3,081
Profit/loss for the period		2,937	-1,512	10,040	8,738	16,232

Parent Company's balance sheet

SEK thousand	Note	30 Sept 10	30 Sept 09	31 Dec 09
Assets
Non-current assets
Intangible non-current assets		1,945	2,396	2,400
Property, plant and equipment		400	342	522
Participations in Group companies		2,067	2,067	2,067
Other long-term receivables		51	51	51
Total non-current assets		4,463	4,856	5,040
Current assets
Accounts receivable - trade		294,778	218,015	240,716
Receivables from Group companies		19,096	25,634	31,455
Tax receivable		12,324	2,586	3,558
Other receivables		201	2,138	1,252
Prepaid expenses and accrued income		4,882	15,929	3,177
Cash and bank balances		45,705	44,491	65,847
Total current assets		376,986	308,793	346,005
Total assets		381,449	313,649	351,045

Parent Company's balance sheet

SEK thousand	Note	30 Sept 10	30 Sept 09	31 Dec 09
Equity and liabilities
Equity
Restricted equity
Share capital		2,174	2,174	2,174
Statutory reserve		6,355	6,355	6,355
Total restricted equity		8,529	8,529	8,529
Non-restricted equity
Share premium reserve		48,288	47,965	47,971
Retained earnings		5,977	2,290	2,290
Profit for the period		10,040	8,739	16,230
Total non-restricted equity		64,305	58,994	66,491
Total equity		72,834	67,523	75,020
Current liabilities
Accounts payable - trade		292,543	231,982	258,049
Other liabilities		8,387	1,164	4,629
Accrued expenses and deferred income		7,685	12,980	13,347
Total current liabilities		308,615	246,126	276,025
Total equity and liabilities		381,449	313,649	351,045

Parent Company's pledged assets and contingent liabilities

SEK thousand	Note	30 Sept 10	30 Sept 09	31 Dec 09
Pledged assets		None	None	None
Contingent liabilities		None	None	None

Notes to the financial statements

Accounting principles

The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting as well as appropriate provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act. For the Group and the Parent Company, the same accounting principles and basis of calculation as in the 2009 Annual Report have been applied.

Note 1 Operating segments

Group operating segments	Sweden		Finland		Norway		Denmark		Total
SEK thousand	Jan-Sept 2010	Jan-Sept 2009	Jan-Sept 2010	Jan-Sept 2009	Jan-Sept 2010	Jan-Sept 2009	Jan-Sept 2010	Jan-Sept 2009	Jan-Sept 2010	Jan-Sept 2009
Income from clients	971,137	885,367	197,943	198,160	102,082	85,456	54,474	59,952	1,325,636	1,228,935
Profit/loss for the segment Group-wide expenses	19,975	9,042	8,489	7,060	1,859	2,441	-1,864	-3,718	28,459 -4,453	14,825 -4,032
Operating profit									24,006	10,793
Net financial items									-895	-599
Profit before tax for the period									23,111	10,194
Group operating segments	Sweden		Finland		Norway		Denmark		Total
SEK thousand	Jul-Sept 2010	Jul-Sept 2009	Jul-Sept 2010	Jul-Sept 2009	Jul-Sept 2010	Jul-Sept 2009	Jul-Sept 2010	Jul-Sept 2009	Jul-Sept 2010	Jul-Sept 2009
Income from clients	310 930	232 226	63 290	54 301	31 591	24 438	19 830	15 665	425 641	326 630
Profit/loss for the	5 894	896	2 663	2 025	344	388	-157	-1 164	8 744	2 145
segment Group-wide expenses									-1 533	-1 246
Operating profit									7 211	899
Net financial items									2	-932

for the period