Ework Group — Interim / Quarterly Report 2013

Apr 24, 2013

Interim Report January - March 2013

First quarter 2013 compared with 2012

• Net sales rose by 9.7 percent to SEK 954.2 million (869.9).
• Operating profit increased by 6.5 percent to SEK 14.8 million (13.9).
• Order intake was SEK 922.1 million (1,023.0), down by 9.9 percent.
• Profit after tax per share was SEK 0.69 (0.62).
• The market was more hesitant than previously in the first quarter. The primary explanation for order intake decreasing is that the number of takeover and specific selection contracts decreased year on year. However, interest in this type of contract remains high.
• A significant number of new framework agreements were signed in the period, on accounts including Fortum teknik, utility Dong in Denmark and three framework agreements for technology consultants in Finland.

SEK million	Jan–Mar 2013	Jan–Mar 2012	Rolling 4 quarters, Apr 2012–Mar 2013	Full year 2012
Net sales	954.2	869.9	3,609.4	3,525.1
Operating profit	14.8	13.9	62.8	61.9
Profit before tax	14.9	14.0	63.2	62.3
Profit after tax	11.7	10.4	48.0	46.7
Cash flow, operating activities	–59.5	19.4	–13.3	65.6
Operating margin, %	1.6	1.6	1.7	1.8
Equity/assets ratio, %	13.2	13.2	13.2	12.4
Earnings per share before dilution (SEK)	0.69	0.62	2.83	2.75
Earnings per share after dilution (SEK)	0.69	0.62	2.78	2.74
Max number of consultants on assignment	3,056	2,802	3,150	3,150
Average number of employees	154	152	152	150
Sales per employee (SEK thousand)	6,196	5,723	23,746	23,500

CEO's commentary

eWork continued its positive progress in the first quarter of the year, on a fairly poor market. Net sales and operating profit increased, albeit at a lower rate than the previous year. The interest in long-term, large-scale undertakings remains high.

Demand is weakening, and there is harsher competition over assignments, across much of the market. We are continuing to work on the challenge of increasing business volumes on our smaller markets to achieve economies of scale. Last year's positive progress in Norway continued, with a robust first quarter. Denmark and Finland are still facing this challenge, and we do not see any positive sales trend yet. We still think that the prospects for more positive sales performance are in place, and we are continuing to follow the plan set.

" As previously, we are prioritising business development to rationalise our business and sharpen competitiveness.

eWork continued to grow with increasing operating profit in the period. Our standard contracts, with individual consultant appointments, are stable, despite the market being fairly hesitant.

We continued to develop our concept for outsourcing purchasing functions for consultant delivery. Here, we have demonstrated that with our assistance, clients quickly achieve concrete results in the form of savings. Client interest in this type of undertaking was brisk in the period, and we expect to see several major deals in the year.

As previously, we are prioritising business development to rationalise our business and sharpen competitiveness. The new version of our client IT support was progressively delivered as planned, and offers greater customer benefit and rationalises delivery internally.

In year-on year terms, the Group's order intake reduced in the quarter. The primary explanation is that the number of takeover and specific selection contracts reduced compared to the corresponding period of the previous year. However, interest in this type of contract is high, although the sales cycle is long, and the deal flow more irregular. Considering these factors, I can conclude that we have good prospects of continuing to grow and take market shares.

Claes Ruthberg, President and CEO Stockholm, Sweden, 24 April 2013

Market and operations

eWork is a full-range consulting provider in the Nordic consulting market in IT, technology, telecom and business development. eWork is the leader in the Nordic consulting broker market.

Market

The Nordic consulting market was fairly weak in the first quarter of the year. Interest in consolidating business, where existing consultant deliveries are integrated onto one or a few providers, remained high. In 2012, eWork successfully demonstrated how complete purchasing functions for consultant delivery can be outsourced to a single provider, which contributed to greater interest in similar business setups.

Rapid transitions between different specialist competences have become more common. This is the view eWork has presented in previous Reports, and is corroborated by eWork's tendency survey, the largest regular, independent consulting survey on the market. Such transitions present a labour-intensive challenge to many consultant purchasers, and are thus a business opportunity for eWork's delivery model, which brings clients' flexibility and the ability to realign rapidly.

In the quarter, the Swedish market was fairly stable, although somewhat more hesitant than the corresponding period of the previous year. The Norwegian market was strong, with good demand. The Finnish market has bottomed out and is showing signs of recovery after an extended period of poor demand. The Danish economy was weak, and demand remained hesitant.

eWork's demand indicators, such as the number of client enquiries received, applications, the share of indicated skills segments etc. showed that the market remained stable, however with some signs of weakness, but without alarming tendencies. The number of applicants per assignment was stable at a fairly high level, indicating fairly low capacity utilisation for the market overall, and thus continued good access to consultants for eWork. However, there is no indication of any major change to market conditions.

Norway 9.6% Denmark 3.8% Finland 6.2% Sweden 80.3%

Sales breakdown

The Group's net sales

The Group's net sales for the first quarter increased by 9.7 percent and were SEK 954.2 million (869.9). The increase is due to the operations in Sweden and Norway. The Group's net sales grew more than estimated market growth, and accordingly, eWork took market shares on the consultant market.

The Group's profit

The Group's operating profit for the first quarter rose by 6.5 percent to SEK 14.8 million (13.9). Profit after financial items was SEK 14.9 million (14.0). Profit after tax for the quarter was SEK 11.7 million (10.4).

The profit improvement is a result of the sales increase in the first quarter 2013, compared to the corresponding period of the previous year. The progress of profits in subsidiaries basically followed sales (see below and Note 1).

The Group's positive operating profit is mainly sourced from the Swedish business, although Finland and Norway also made positive contributions, while results from Denmark were negative.

Operational developments

The Group's order intake was down somewhat on the previous year, and was SEK 922.1 million (1,023.0). The primary explanation for the lower order intake is that the number of takeover and specific selection contracts decreased year on year. However, interest in this type of business remains high. Order intake was also affected by generally weaker demand.

The maximum number of consultants on assignment was 3,056 (2,802). Outsourcing assignments and standard contracts with individual consultant appointments contributed to growth.

Max. no. of consultants on assignment

eWork's continued marketing efforts in the period were largely focused on outsourcing assignments, where there is substantial market interest. Such assignments are fairly complex, with long sales lead-times.

One of eWork's framework agreements expires in the year, and will not be renewed, which will result in volume contraction, which started in the period, and will be progressively noticeable in the year. This agreement covers all countries.

Work on continuing to streamline eWork's delivery organisation continued Group wide. One major development project on operational IT support is currently ongoing, and being progressively implemented across eWork's organisation. eWork is also continuing to invest in enhancements of its IT system, to satisfy customer needs to streamline delivery.

The business and technology consultant share of the sales mix grew in the period, albeit from a low level. eWork is conducting long-term work to extend its business by increasing the share of business and technology consultants. This is a segment where eWork still sees high potential.

Sweden

The Swedish operation progressed positively. Net sales increased by 10.3 percent in the quarter to SEK 766.5 million (694.9). The sales increase relates to current and new assignments. The sales mix included a higher share of volume contracts of the outsourcing type.

New agreements were signed with clients including the Municipality of Botkyrka, Fortum Teknik, Ikanobanken, KF (the Swedish Co-operative Society), Swedavia and Tre (Hi3G).

Operating profit was SEK 14.3 million (13.8), a year-onyear increase of 4 percent. The fact that the profit increase is lower than the sales increases due to a higher share of volume business in the sales mix.

Finland

In Finland, net sales for the quarter decreased to SEK 59.6 million (77.4). This market has been subject to poor demand for some time, but was more stable in the period. Costs have been effectively adapted to new, lower net sales. Operating profit increased year on year to SEK 0.9 million (0.5).

Because eWork judges that this market is approaching normalisation, sales work will be prioritised. A New Sales manager was appointed to improve sales. eWork judges that there are good prospects for more positive sales performance in the year. Three framework agreements for technology consultants, which open business opportunities for eWork in strategic development segments, were signed in the period.

Denmark

Net sales decreased to SEK 36.5 million (43.7) in the first quarter. This decrease is mainly explained by a generally weak market and hesitant demand from existing clients. The consulting sector was poor with many unoccupied consultants and a high number of applicants for each assignment. A New Sales manager was appointed to improve sales. The Danish

operation reported an operating loss of SEK –1.1 million (0.2).

This deficit is explained by lower net sales. Clients are still very interested in consolidating their purchasing on fewer providers for the long term, and eWork is still involved in business discussions on this basis. New framework agreements were signed with utility Dong and Microsoft Denmark.

Norway

Operations in Norway maintained their high sales growth. Net sales for the quarter were up by 70 per cent to SEK 91.5 million (53.9). This increase was a result of successful marketing efforts and eWork securing several key framework agreements from the country's largest consulting purchases in the previous year. Operating profit passed breakeven, at SEK 0.6 million (–0.6).

Market conditions remained positive and the number of consultants on assignment continued to increase. eWork encountered great interest from clients who want its assistance on consolidating their base of consulting providers.

Financial position

The equity/assets ratio was 13.2% (13.2) on 31 March 2013. Higher sales did not notably increase working capital tied up.

Cash flow from operating activities for the first quarter was SEK –59.5 million (19.4). The sharp decrease is associated with temporary effects resulting from the Easter holiday occurring at around the end of the quarter. Changes in working capital at different reporting dates are mainly due to all payments from clients and to consultants being made at month-ends. For this reason, a small timing difference in payments made or received can have a major effect on cash flow at a specific time.

The Group's net interest-bearing assets were SEK 95.0 million (98.1) at the end of the reporting period.

Workforce

The number of employees of the Group is continuing to increase somewhat as a result of increased demand on the market. In the period, the number of employees increased by 2. Personnel costs as a share of net sales continued to decrease to 3.6 percent (3.9), as a result of continued streamlining of our business.

The average number of permanent employees of the Group in the first quarter was 154 (152) excluding consultants employed on a project basis.

Parent Company

The Parent Company's net sales for the first quarter were SEK 769.0 million (697.5). Profit before financial items was SEK 14.3 million (13.8) and profit after tax was SEK 10.4 million (10.0).

The Parent Company's shareholders' equity at the end of the period amounted to SEK 132.7 million (124.6), and the equity/assets ratio was 14.0 percent (15.7). Otherwise, where appropriate, the above comments regarding the Group's financial position also apply to the Parent Company.

Material risks and uncertainty factors

eWork's material business risks, for the Group and Parent Company, consist of reduced demand for consulting services, difficulties in attracting and retaining skilled staff, credit risks, and to a lesser extent, currency risks. The Company is not aware of any new material business risks in the forthcoming six months. For a more detailed review of material risks and uncertainty factors, please refer to eWork's Annual Report.

Subsequent events

After the end of the period, eWork's principal owner, Creades AB, transferred the majority of its ownership to Sedarec AB. Subsequently, Creades' participating interest in eWork is 7.1 percent, and Sedarec's is 9.0 percent.

Outlook

The Company reiterates its assessment for 2013:

eWork expects the demand for IT and business development consultants to be largely unchanged in 2013. The trend of clients implementing rationalisation measures, such as reducing the number of suppliers, is continuing. Demand for outsourcing projects, where all of a client's consultant contracts are subcontracted to one party, is expected to increase.

eWork believes it has the right prospects to keep performing positively. eWork's structural capital, in the form of a large and growing number of framework agreements, a base of some 60,000 consultants and systems and processes accumulated to manage client business effectively, is a contributory factor. In addition, eWork is continuing to conduct business development to sharpen its competitiveness, extend its offering and streamline delivery.

Continued streamlining and economies of scale through increased volumes are expected to contribute positively to profitability. However, the sales mix is expected to have a growing share of volume business, with lower value-added per consulting hour, which means a lower contribution margin than other business.

Overall, the Board of Directors' opinion is that eWork has good prospects of continuing to grow and strengthen its position on the market.

Share price and turnover

Shareholders, eWork's five largest owners (28 March 2013)

Name	No. of shares	Percent
Salénia AB	4,147,546	24.5%
Magnus Berglind (endowment insurance)	3,000,000	17.7%
Creades AB	2,736,153	16.1%
PSG Small Cap	1,032,581	6.1%
Claes Ruthberg	624,945	3.7%

Reporting calendar

26 July 2013 Interim Report April - June 2013 25 October 2013 Interim Report July - September 2013

Contacts for more information

Claes Ruthberg, President and CEO, +46 (0)8 506 05500 Magnus Eriksson, CFO, +46 (0)8 506 05500, +46 (0)73 382 84 80

Stockholm, Sweden, 24 April 2013

Claes Ruthberg President and CEO

This report has not been subject to review by the company's auditor

The information disclosed in this Interim Report is mandatory for eWork Scandinavia AB (publ) to publish pursuant to the Swedish Securities Markets Act. Such information will be submitted for publication at 10:00 a.m. (CET) on 24 April 2013.

Consolidated Statement of Comprehensive Income

				Rolling 4 quarters
		January –	January –	April 2012 –	Full year
SEK thousand	Note	March 2013	March 2012	March 2013	2012
Operating income
Net sales	1	954,199	869,872	3,609,379	3,525,052
Other operating income		3	1	3	1
Total operating income		954,202	869,873	3,609,382	3,525,053
Operating costs
Cost of consultants on assignment		–892,188	–811,158	–3,370,256	–3,289,226
Other external costs		–12,210	–10,530	–44,947	–43,267
Personnel costs		–34,693	–33,990	–130,197	–129,494
Depreciation, amortisation and impairment of property,
plant & equipment and intangible non-current assets		–289	–261	–1,169	–1,141
Total operating costs		–939,380	–855,939	–3,546,569	–3,463,128
Operating profit		14,822	13,934	62,813	61,925
Profit/loss on financial items
Net financial items		35	84	343	392
Profit after financial items		14,857	14,018	63,156	62,317
Tax		–3,162	–3,576	–15,191	–15,605
Profit for the period		11,695	10,442	47,965	46,712
Other comprehensive income/costs
Translation differences for the period regarding
non-Swedish operations		–1,441	–518	–2,559	–1,636
Other comprehensive income/costs for the period		–1,441	–518	–2,559	–1,636
COMPREHENSIVE INCOME FOR THE PERIOD		10,254	9,924	45,406	45,076
Earnings per share
Before dilution (SEK)		0.69	0.62	2.83	2.75
After dilution (SEK)		0.69	0.62	2.78	2.74
Number of shares outstanding at end of the period:
Before dilution (thousands)		16,958	16,725	16,958	16,958
After dilution (thousands)		17,030	16,804	17,256	17,030
Average number of outstanding shares:
Before dilution (thousands)		16,958	16,725	16,783	16,842
After dilution (thousands)		17,060	16,791	17,171	16,902

Consolidated Statement of Financial Position

SEK thousand	31 Mar 2013	31 Mar 2012	31 Dec 2012
ASSETS
Non-current assets
Intangible non-current assets	888	1,486	1,037
Property, plant and equipment	1,472	1,333	1,589
Non-current receivables	426	639	655
Deferred tax recoverable	3,154	3,330	3,233
Total non-current assets	5,940	6,788	6,514
Current assets
Accounts receivable - trade	980,082	793,659	917,924
Prepaid expenses and accrued income	18,374	10,010	11,784
Other receivables	1,519	536	1,792
Cash and cash equivalents	93,972	134,225	154,599
Total current assets	1,093,947	938,430	1,086,099
TOTAL ASSETS	1,099,887	945,218	1,092,613
EQUITY AND LIABILITIES
Equity
Share capital	2,204	2,174	2,204
Other paid-up capital	61,320	54,643	61,320
Reserves	–6,968	–4,409	–5,527
Retained earnings including profit for the period	89,155	72,131	77,460
Total equity	145,711	124,539	135,457
Non-current liabilities
Deferred tax liability	3,237	-	3,237
Current liabilities
Accounts payable - trade	912,292	770,435	908,789
Tax liabilities	2,538	6,544	8,606
Other liabilities	16,572	24,245	16,980
Accrued expenses and deferred income	19,537	19,455	19,544
Total current liabilities	950,939	820,679	953,919
TOTAL EQUITY AND LIABILITIES	1,099,887	945,218	1,092,613

Consolidated Statement of Changes in Equity

		Other		Retained
SEK thousand	Share capital	paid-up capital	Translation reserve	earnings incl. profit for the period	Total equity
Opening equity, 1 Jan. 2012	2,174	54,643	–3,891	61,689	114,615
Comprehensive income for the period
Profit for the period				10,442	10,442
Other comprehensive income/costs for the period			–518		–518
Total comprehensive income for the period			–518	10,442	9,924
Closing equity, 31 Mar 2012	2,174	54,643	–4,409	72,131	124,539
Opening equity, 1 Apr. 2012	2,174	54,643	–4,409	72,131	124,539
Comprehensive income for the period
Profit for the period				36,270	36,270
Other comprehensive income/costs for the period			–1,118		–1,118
Total comprehensive income for the period			–1,118	36,270	35,152
Transactions with the Group's shareholders
Dividends				–30,941	–30,941
Share options exercised by staff	30	6,408			6,438
Premiums deposited on issuing share warrants		269			269
Closing equity, 31 Dec. 2012	2,204	61,320	–5,527	77,460	135,457
Opening equity, 1 Jan. 203	2,204	61,320	–5,527	77,460	135,457
Comprehensive income for the period
Profit for the period				11,695	11,695
Other comprehensive income/costs for the period			–1,441		–1,441
Total comprehensive income for the period			–1,441	11,695	10,254
Closing equity, 31 Mar 2013	2,204	61,320	–6,968	89,155	145,711

Consolidated Statement of Cash Flows

	Rolling
			4 quarters
	January –	January –	April 2012 –	Full year
SEK thousand	March 2013	March 2012	March 2013	2012
Operating activities
Cash flow from operating activities before changes
in working capital	5,912	11,665	48,203	53,957
Cash flow from changes in working capital	–65,387	7,741	–61,504	11,624
Cash flow from operating activities	–59,475	19,406	–13,301	65,581
Cash flow from investing activities	22	–180	–687	–890
Cash flow from financing activities	0	0	–24,234	–24,234
Cash flow for the period	–59,453	19,226	–38,222	40,457
Cash and cash equivalents at beginning of period	154,599	115,450	134,225	115,450
Exchange rate differences	–1,174	–451	–2,031	–1,308
Cash and cash equivalents at end of period	93,972	134,225	93,972	154,599

Key performance data

			Rolling
SEK thousand	January – March 2013	January – March 2012	4 quarters April 2012 – March 2013	Full year 2012
Sales growth, %	9.7	42.5	9.7	35.0
Operating margin, %	1.6	1.6	1.7	1.8
Return on equity, %	8.0	8.7	35.5	37.4
Equity per share, SEK	8.5	7.4	8.5	8.0
Cash flow from operating activities per share, SEK	–3.5	1.2	–0.8	3.9
Equity/assets ratio, %	13.2	13.2	13.2	12.4
Acid test ratio, %	115	114	115	114
Average number of employees	154	152	152	150
Sales per employee, SEK thousand	6,196	5,723	23,746	23,500

Parent Company Income Statement

			Rolling
			4 quarters
	January –	January –	April 2012 –	Full year
SEK thousand	March 2013	March 2012	March 2013	2012
Operating income
Net sales	766,528	694,917	2,852,958	2,781,347
Other operating income	2,440	2,590	7,780	7,930
Total operating income	768,968	697,507	2,860,738	2,789,277
Operating costs
Cost of consultants on assignment	–717,207	–648,602	–2,663,848	–2,595,243
Other external costs	–10,566	–7,996	–38,091	–35,521
Personnel costs	–26,621	–26,830	–99,878	–100,087
Depreciation, amortisation and impairment of property,
plant & equipment and intangible non-current assets	–264	–251	–1,038	–1,025
Total operating costs	–754,658	–683,679	–2,802,855	–2,731,876
Operating profit	14,310	13,828	57,883	57,401
Profit/loss from financial items
Interest income and similar items	104	192	2,623	2,711
Interest expense and similar items	–968	–410	–2,480	–1,922
Profit after financial items	13,446	13,610	58,026	58,190
Appropriations -			–14,713	–14,713
Tax	–3,003	–3,615	–10,996	–11,608
PROFIT FOR THE PERIOD *	10,443	9,995	32,317	31,869

* Profit for the period corresponds to comprehensive income for the period.

Parent Company Balance Sheet

SEK thousand	31 Mar 2013	31 Mar 2012	31 Dec 2012
ASSETS
Non-current assets
Intangible non-current assets	888	1 486	1 037
Property, plant and equipment	1,001	1,183	1,080
Financial non-current assets
Participations in Group companies	15,829	15,829	15,829
Total financial non-current assets	15,829	15,829	15,829
Total non-current assets	17,718	18,498	17,946
Current assets
Accounts receivable - trade	827,529	631,115	763,959
Receivables from Group companies	33,123	30,464	32,652
Other receivables	142	113	48
Prepaid expenses and accrued income	10,103	5,342	5,734
Cash and bank balances	56,322	107,034	107,381
Total current assets	927,219	774,068	909,774
Total assets	944,937	792,566	927,720
EQUITY AND LIABILITIES Equity Restricted equity
Share capital (16,958,475 shares with par value of SEK 0.13)	2,205	2,174	2,205
Statutory reserve	6,355	6,355	6,355
Total restricted equity	8,560	8,529	8,560
Non-restricted equity
Share premium reserve	55,360	48,682	55,360
Retained earnings	58,319	57,391	26,450
Profit for the period	10,443	9,995	31,869
Total non-restricted equity	124,122	116,068	113,679
Total equity	132,682	124,597	122,239
Untaxed reserves	14,713	-	14,713
Current liabilities
Accounts payable - trade	771,282	634,137	754,912
Tax liabilities	2,801	7,667	8,929
Other liabilities	10,143	11,394	12,157
Accrued expenses and deferred income	13,316	14,771	14,770
Total current liabilities	797,542	667,969	790,768
TOTAL EQUITY AND LIABILITIES	944,937	792,566	927,720

Parent Company pledged assets and contingent liabilities

SEK thousand	31 Mar	31 Mar	31 Dec
	2013	2012	2012
Pledged assets	None	None	None
Contingent liabilities	None	None	None

Notes on 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 the 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. The same accounting principles and basis of calculation have been applied as in the Annual Report for 2012.

NOT 1 The Group's operating segments

		Sweden	Finland		Denmark		Norway		Total
SEK thousand	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar	Jan–Mar
	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Income from clients	766,528	694,917	59,614	77,387	36,538	43,710	91,519	53,858	954,199	869,872
Profit per segment	26,345	26,375	1,814	1,586	–490	850	1,628	260	29,297	29,071
Group-wide expenses	–12,035	–12,547	–823	–1,122	–590	–633	–1,027	–835	–14,475	–15,137
Operating profit/loss	14,310	13,828	991	464	–1,080	217	601	–575	14,822	13,934
Net financial items	-	-	-	-	-	-	-	-	35	84
Profit/loss for the period before tax									14,857	14,018

First quarter 2013 compared with 2012

eWork's Busness Concept

eWork's business concept is to cost-efficiently provide the client with consultants who have the right specialist competence for each assignment, and to manage the related administration, quality assurance and follow-up. Correspondingly, consultants that sell their services via eWork are provided with challenging and profitable assignments.

eWork's Business Model

eWork does not have any consultants on the payroll, but instead collaborates with experienced, competent and specialist people, many of whom come from small consulting firms. eWork has a unique network of consultants where an objective and professional selection is made upon each inquiry. eWork's business model is based on a unique matching method that enables purchasers to rapidly find consultants with optimal skills on site. eWork is a contractual partner with the client, and enters into an equivalent agreement with the consultant, in addition to managing all administration and monitoring of each assignment.

eWork's Glossary

	Completion frequency Contracted assignments in relation to received consultant inquiries.
Consultant broker	Companies that provide consultant purchasers with consultants who are not their employees, by entering into an agreement with both the client and the consultant.
Framework agreement	An agreement with the consultant purchaser that enables eWork to provide consultants for particular requirements, although most often without a guaranteed volume.
MSP	Managed service provider: term describing eWork's function on outsourcing assignments. Outsourcing is a type of collaboration where eWork's role is to manage the client's operational procurement function for consultant purchasing for consultant delivery. All the client's consultant purchasing is contracted via eWork.
Specific selection	The client selects a specific consultant for an assignment, but contracts the consultant via eWork.
Standard contract	eWork finds the right consultant for the client at the right price and at the right time for a new assignment.
Takeover contracts	eWork takes over an existing consultant agreement during an ongoing consultant delivery.
Volume business	General description of larger transactions, often referring to outsourcing of consultant purchasing, but also covering large-scale takeover contracts, for example.

eWork Scandinavia AB is a complete consultant supplier with over 3,000 consultants on assignment within the fields of IT, telecoms, technology, and business development. eWork offers an objective selection of specialists from the largest consultant network on the market, offering clients better pricing, quality and time efficiency. eWork has framework agreements with more than 130 clients among the Nordic region's leading companies active in most sectors.

The Company's share is listed on NASDAQ OMX Stockholm.