ANNUAL REPORT 2009HiQ

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RESULTS, RESPONSIBILITY, SIMPLICITY AND JOY.

HiQ’s values are no in-house slogan but simply the key to satisfied clients. Values have always

held a prominent position at HiQ, as they determine who we are and how we act. HiQ is a results-

oriented, responsible and committed team who does its best to simplify and improve the clients

operations.

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Contents

HiQ 2009 in brief . . . . . . . . . . . . . . 6

CEO – Lars Stugemo . . . . . . . . . . . . . . 8

Introduction . . . . . . . . . . . . . . . . 10

Business overview . . . . . . . . . . . . . . 11

Values . . . . . . . . . . . . . . . . . 13

Areas of expertise . . . . . . . . . . . . . . 14

Clients and sectors . . . . . . . . . . . . . . 18

Cases . . . . . . . . . . . . . . . . . . 19

Vision, business concept and goals . . . . . . . . . . 24

Strategies . . . . . . . . . . . . . . . . . 25

Employees . . . . . . . . . . . . . . . . 26

Delivery models, working methods and

development of employees . . . . . . . . . . . . 33

Five-year review . . . . . . . . . . . . . . . 34

Risk . . . . . . . . . . . . . . . . . . 36

The HiQ share . . . . . . . . . . . . . . . 38

Directors’ report . . . . . . . . . . . . . . . 41

Consolidated income statement and report of

comprehensive income & balance sheet . . . . . . . . 45

Consolidated statement of changes in equity, . . . . . . . 47

Consolidated cash flow statement . . . . . . . . . . 48

Parent Company income statement and balance sheet . . . . 49

Parent Company – Changes in shareholders’ equity . . . . . 50

Cash flow statement, Parent Company . . . . . . . . . 51

Notes . . . . . . . . . . . . . . . . . . 52

Auditors’ report . . . . . . . . . . . . . . . 74

Corporate governance . . . . . . . . . . . . . 75

Management . . . . . . . . . . . . . . . . 78

Board of Directors . . . . . . . . . . . . . . 80

Organisation . . . . . . . . . . . . . . . . 71

Definitions of key ratios . . . . . . . . . . . . . 82

History . . . . . . . . . . . . . . . . . 82

Addresses . . . . . . . . . . . . . . . . . 83

Annual General MeetingThe Annual General Meeting will take place at 10 a.m. on 25 March 2010 at HiQ’s offices at Mäster Samuelsgatan 17, 9th floor, in Stockholm. Notice of the Annual General Meeting will be published in the newspapers Post- och Inrikes Tidningar and Svenska Dagbladet, as well as on the company’s web-site, www.hiq.se

Upcoming financial informationThe Annual General Meeting will take place on 25 March 2010.

The interim report for the period January–March will be presented on 27 April 2010.

The interim report for the period January–June will be presented on 18 August 2010.

The interim report for the period January–September will be presen-ted on 26 October 2010.

The year-end release for 2009 will be presented on 1 February 2011.

For more information, please contact Annika Billberg, Head of Corporate Communications and Investor Relations Manager, tel. +46 (0)8-588 900 15, +46 (0)704-200 103, annika.billberg@hiq.se

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HiQ in brief

sweden’s most popular employer among IT consultants.

HiQ was highly ranked in Universum’s wide-reaching survey in 2009 that was to identify Sweden’s most popular employer in the data/IT category. We were ranked highest out of all IT consultancies and climbed four places compared with last year

HiQ is based on our values.

Our values have been key since HiQ was established. We want to create an IT consultancy that stands out from the crowd. That offer clients what they are lacking. HiQ was founded on val-ues that could be shared by employ-ees and clients alike. HiQ is a results-oriented, responsible and committed team who does its best to simplify and improve the clients operations.

sweden’s best IT-consultancy in 2009 and 2010.

HiQ was elected Sweden’s best IT consultancy 2009 and 2010 in a survey in which the magazine Veckans Affärer asked more than 600 buyers of consultancy serv-ices for their views.

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p 13

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p 8, 24p 8, 24

HiQ in a nutshell.

We want to make life easier for people and help our clients to improve and simplify their operations. HiQ is an IT and manage-ment consultancy specialised in communication and software development. Our focus is on both the technology and how our clients can make money out of it. We are purely a consultancy, which means that we do not develop or sell any products of our own; we simply use all our time and expertise to help our cli-ents, providing them with the specialist skills they lack. HiQ has ten subsidiaries and more than 1,000 employees at 10 offices in Sweden, Denmark, Finland and Russia.

HiQ makes daily life simpler!

In 2009 we didn’t set the world on fire, but nonetheless our results were very strong. Our sales amounted to SEK 1,057.7 million with an operating profit of SEK 145.6 million, giving an operating margin of 13.8 percent. The Board pro-poses a dividend of SEK 1.10 per share, totalling around SEK 57 million, as per our dividend policy. We achieved our strong result for 2009 thanks to continued confidence from our clients, our extraordinarily responsible and results-oriented employees, and through HiQ being the strong brand that it is. In addition, HiQ has plenty of room for manoeuvre thanks to our robust financial status. In 2010 we will be working with our clients to continue to develop products and services that make life easier for people, says Lars Stugemo, President and CEO of HiQ International.

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HiQ in brief

HiQ’s top 10 clients account for 53 percent of sales.

sales to top 10 clients.

Telecoms41% (49%)

Top 10 clients53% (56%)

Defence 9% (8%)

Bank,Finance & Insurance 7% (7%)

Industry & Retail 15% (13%)

Gaming, Entertainment& Media 7% (7%)

Automotive 10% (10%)

Public Sector 11% (6%)

where are the results of HiQ’s work?

Who is behind many of the small technological mira-cles we encounter at home, at work, in transport sys-tems, in cities, etc.?

The answer? Our clients – and HiQ. We develop tele-coms networks and systems, internet-based services, your next mobile phone, and simulated environments for training JAS pilots. We work with systems for share trading, internet gaming and betting services, and test systems for producing new car engines.

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The operating profit was SEK 145.6 million.

operating profit

Net sales was SEK 1,057.7 million.

net sales

sales by business sector.

Our clients come from many different business sectors.

HiQ in figures 2009.

Turnover amounted to SEK 1,057.7 SEK million and op-erating profit amounted to SEK 145.6 million, giving an operating margin of 13.8 percent. At year-end the head-count was 1,014.

SEKmillion

SEKmillion

Year

Year

2000

0 200 400 600 800 1000 1200

09

08

07

06

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09

08

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06

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25 50 75 100 125 150 175

145,6

193,9

182,3

154,9

148,3

1.057,7

1.181,5

973,7

801,4

720,5

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Ceo - LArS StUGeMo

HiQ MAKES DAILY LIFE SIMPLER

In 2009 we didn’t set the world on fire, but nonetheless our results were very strong. Our sales amounted to SEK 1,057.7 million with an operating profit of SEK 145.6 million, giving an operating margin of 13.8 percent. The Board proposes a dividend of SEK 1.10 per share, totalling around SEK 57 million, as per our dividend policy.

It is difficult to make forecasts, particularly about the future, as Nobel Prize winner Niels Bohr said as early as the start of the 20th Century. But now, at the dawn of 2010, we feel that the worst of the financial crisis is over and that the situation in society is gradually stabilising.

We achieved our strong result for 2009 thanks to continued confidence from our clients, our extraordinarily responsible and results-oriented employees, and through HiQ being the strong brand that it is. In addition, HiQ has plenty of room for manoeuvre thanks to our robust finan-cial status.

At the start of 2009, the industry had become more or less stagnant. Many waited to see how the economy would pan out. As predicted, 2009 was a tough year, with the second and third quar-ters being the weakest. During the fourth quar-ter, we began to see increased demand for our services and ended the year on a high note. We feel that we have moved forward and won market share during a challenging 2009 and believe that we are well equipped to succeed in 2010.

2009 – HiQ continues to forge ahead even during the lull.The doldrums – that’s what the areas just north and south of the equator are called. This is where, metaphorically speaking at least, we all were at the start of 2009, waiting to see what was going to happen – with the economy in general and the financial crisis in particular. But while others are waiting around, you can get things done. It’s just a question of hard, methodical work and adapting operations to the prevailing conditions. Here are a few examples.

In 2009 we continued our work on broaden-ing the scope of HiQ’s operations, both geo-graphically and in market terms. Opening a new office in Västerås increased our presence in the Mälardalen region, and by forming HiQ Öresund, we created a new platform for growth in southern Sweden and Denmark.

We intensified our contact with major client companies because we know that, in a reces-sion, clients look to limit their partnerships to a few established suppliers of quality services – like HiQ. One result of this is that we were able to sign a new comprehensive framework agree-ment with Volvo Cars.

We also went all out to broaden our cus-tomer base. These efforts bore a great deal of fruit, for example in the finance sector, in which we signed framework agreements with SEB and NASDAQ OMX, and in other sectors such as the automotive, defence, industrial and public sectors.

We also identified several areas in which there is significant market potential for our services. One such area is IT systems that are crucial to our clients’ business operations – business-critical IT systems. HiQ’s offering includes quality assurance of IT system deliver-ies, an area that is strong in Finland and that grew throughout the Group in 2009.

After working so hard it’s always nice to get some praise, and we did – from both our clients and the industry. We were awarded the accolade of Sweden’s best IT consultancy 2009 and 2010 on the basis of a survey of more than 600 consultancy buyers conducted by business magazine Veckans Affärer. And we were also named Sweden’s most popular employer among IT consultancies in Universum Communications’ major survey, Karriärbarometern.

2010 – wind in our sails.It feels good to leave the doldrums behind us. We felt a light breeze as early as autumn 2009, and now it’s a fact: the sails are starting to fill out and it’s time to sheet home and pick up speed.

What technological developments will we see in 2010? Aren’t mobile phones as advanced as they can be and flatscreen TVs as flat as pan-cakes? Isn’t it time for development to grind to a halt? No, I think it’s safe to say that as things on our planet have carried on developing over millions of years, this development is very likely to continue in 2010.

The main area that will evolve in the future is the way in which we use technology. Of course, the hardware itself will also change and evolve, for example the TV/computer combination, but there is endless development potential on the service side. For example, we are now seeing

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Ceo - LArS StUGeMo

the emergence of new media services that allow for a whole new way of watching television. Imagine a Formula 1 broadcast seen from five different angles that you can switch between – whenever you like. Switch from being in the driver’s seat to seeing what is happening in the pits of the various teams during the race, then move on to information about fuel consumption, tyre wear, etc. A motor sports nerd like me sees potential that we haven’t even dreamt of, and the exact same approach can be applied to several other media phenomena.

We’re now helping the world’s first member-based, advertising-financed mobile operator to set up operations. We’re helping the Swedish Tax Agency to develop systems that allow peo-ple to get their tax refunds more quickly. We’re helping a leading e-commerce company save 10 million euros through its new system. We’re developing platforms for interactive gaming that are used by 3 million people every week.

In 2010 we will be working with our clients to continue to develop products and services that make life easier for people. These are all around us – we use them for communication, for busi-ness and for pleasure.

During 2010 we’ll also be recruiting a large number of new employees who match our values.

And values are important. HiQ was founded on values that could be shared by employees and clients alike: results, responsibility, simplicity and enjoyment. They’re about taking responsibil-ity and being interested in the results of what we do, without complicating things and always with a sparkle in our eyes. Over the years, this has created a pleasant yet professional atmosphere when we collaborate with clients, an atmosphere that will also be relevant in 2010.

Today, HiQ is a significant player in the Nordic market, with a broad client base, strong geo-graphical presence and robust financial status.

We want to make life easier for people and help our clients to improve & simplify its opera-tions. With our heart in the Nordic region, we provide services in communications and software development to clients operating in a globally competitive environment.

We want to be the world’s best consultancy for our clients, employees and shareholders. We have managed the worst part of the reces-sion. But this doesn’t mean that things will just happen by themselves. Results, responsibility,

simplicity and enjoyment are important in all parts of the business cycle.

Lars StugemoPresident and CEO, HiQ International AB, 26 February 2010

introDUCtion

HiQ IN A NUTSHELL

BUSINESS FOCUS

HiQ is an IT and management consultancy specialised in communication and software development. Our focus is on both the technology and how our clients can make money out of it.

We are purely a consultancy, which means that we do not develop or sell any products of our own; we simply use all our time and expertise to help our clients, providing them with the specialist skills they lack.

HiQ has ten subsidiaries and more than 1,000 employees at 10 offices in Sweden, Denmark, Finland and Russia.

AREAS OF EXPERTISE

Our areas of expertise are telecoms, mobile telephony, simulation technology, business-critical systems, interactive gaming and plat-forms, and IT solutions for vehicles.

SECTORS

We work with clients in sectors such as telecoms, trade and industry, automotive, gaming and entertain-ment and media, finance and insur-ance, public sector and defence.

CLIENTS

In conjunction with more than 200 cli-ents, we develop a wide range of high-tech products, services, systems and networks.

Our clients include ABB, Ascom Sweden, Bombardier, ComHem, Ericsson, GTECH, Handelsbanken, NASDAQ OMX, Nokia, Outukompu, PTS, Saab, SEB, Semel, the Swedish Tax Agency, Swedbank, Veikkaus, Volvo, Tele 2 and Telenor.

Greater need for specialisation Just think back – how electronic were cars ten years ago, what could you do with your mobile phone, what equipment did you use when you watched a film or listened to music at home? What did you have to do when you played poker or handed in your pools coupon? And how does all this work now? The list of high-tech innova-tions could go on and on.

Compared with just ten years ago, we are using technology that is significantly more ad-vanced, along with a greater number of sophis-ticated services – both in our daily lives and in industry. Today all organisations and companies also use IT as a support for their operations. Many new companies cannot exist at all without IT, e.g. companies that offer streaming via Inter-net or mobile phone for music or film.

This accelerating technological development means that the process of developing new prod-ucts and services is becoming increasingly com-plicated. It is therefore becoming difficult for our clients to have all the expertise and the human resources needed to develop new items quickly and to compete successfully on the market. Some companies simply choose to outsource re-search and development, while others do much of the development work themselves but bring in outside expertise as required.

One way of increasing competitiveness is to use a specialised consultancy such as HiQ. In order to help our clients in the best way we can, we have chosen to be specialists rather than generalists: we have decided to specialise in what we really excel at. This means we are able to support our clients and offer them the specific expertise they need. We at HiQ are specialists in what our clients lack.

Technology and business Our focus is on both the technology and how our clients can make money out of it – a prerequisite for supplying the best solutions to our clients.

Essentially, our job is to help our clients increase their revenues or lower their costs, or both. The tools we have to achieve this are a high level of technical competence and lengthy experience in business and operational development.

Purely a consultancy companyWe do not develop or sell any proprietary prod-ucts that compete with those of our clients, but devote 100% of our time and expertise to help-ing our clients. We are purely a consultancy com-pany that acts as an independent adviser with the client’s best interests in mind.

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bUSineSS foCUS

SPECIALISTS IN WHAT OUR CLIENTS LACK

WE WANT TO MAKE life easier for people and help our clients to improve & simplify their operations. HiQ is an IT and management consultancy specialised in communication and software development. We help our clients with both technology and business, i.e. we develop high-tech products and serv-ices while offering advice on how clients can best improve their profitability using the new technol-ogy. We are purely a consultancy, which means that we do not develop or sell any products of our own; we simply use all our time and expertise to help our clients, providing them with the specialist skills they lack.

HiQ’s business is based on helping clients simplify their customers’ daily operations.

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vALUeS

HiQ IS BASED ON OUR VALUES

OUR VALUES HAVE been key since HiQ was established. We want to create an IT consultancy that stands out from the crowd. That offer clients what they are lacking. HiQ was founded on values that could be shared by employees and clients alike: “We’ll create the company we always wanted to work for, and that clients want to work with”.

Over the years our values have helped make HiQ a company that is characterised by a mix of high-tech knowhow, a businesslike approach and a positive working atmosphere. Values hold a prominent position at HiQ, as they determine who we are and how we act in relation to our clients. HiQ is a results-oriented, responsible and committed team who does its best to simplify and improve the clients’ operation.

Results. We like results. The very essence of our lives as IT consultants is to deliver results. The work we do gives results in terms of our clients increas-ing their revenues or lowering their costs by streamlining the product development process, develop its IT-support systems or making daily life more pleasant for consumers, to name just a couple of examples.

We supply the things our clients want and are proud to be able to provide them with value. As employees we take an interest, ask each other how things have gone and measure results. We enjoy healthy competition.

Responsibility. PSR (Personal Social Responsibility) is start-ing to become a buzzword. It has always been very much in fashion at HiQ, but in a broader social sense. Each employee is to be a good role model and take personal responsibility in both words and actions for his or her team, and for the company as a whole. This applies to everything from supplying the right services to the client at the right time to keeping the office kitchen neat and tidy.

Simplicity. Some people like complicating things to make them look difficult. Not us. We like making dif-ficult things simple. We do not complicate our client relationships or our own organisation with hierarchies or complex administration. The key-words here are delegation of responsibility for results, small-scaleism and creativity.

Joy. High-tech is exciting – developing as a company and as an employee and improving even further. Our organisation encourages and supports com-mitment, personal growth and individual influ-ence. Working together with our clients is an enjoyable experience.

HiQ was founded on values that could be shared by employees and clients alike: results, responsibility, simplicity and joy.

HiQ was founded on va-lues that could be shared by employees and clients alike: “We’ll create the company we always wanted to work for, and that clients want to work with”. Over the years our values have helped make HiQ a company that is characterised by a mix of high-tech knowhow, a businesslike approach and a positive working atmosphere.

AreAS of expertiSe

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TelecomsTelecoms means communication between peo-ple – and between people and systems. Systems also communicate with each other without peo-ple being involved. In your daily life, this means that your computer, mobile, TV games console, TV, music system, etc. need to work together and communicate with the outside world.

HiQ has long occupied a strong position in the telecoms sector, working with most of the sup-pliers, operators and users in the Nordic region.

More than 200 million people are members

of social networks such as Facebook and Twit-ter. HiQ is now helping the world’s first member-based mobile operator to set up operations.

A leading Nordic operator is working on a business-critical optimization of its network. HiQ has developed software to streamline the client’s information flows. The software is sav-ing more than 1,000 hours of work per year.

WHERE CAN YOU FIND THE RESULTS OF HiQ’S WORK?

IS YOUR MOBILE PHONE a TV? Is your TV a laptop? Is your computer a phone? Is your home a net-work? Increasing numbers of people are able to answer ‘yes’ to all of these questions.

In recent years, we have all purchased new, high-tech products that have changed our lives – for some people, only marginally and for others more susceptible to the latest innovations, completely.

But who is behind many of the small technological miracles we encounter at home, at work, in the transport system, in cities, etc.? The answer? Our clients – and HiQ.

We develop telecoms networks and systems, internet-based services, your next mobile phone, and simulated environments for training JAS pilots. We work with systems for share trading, Internet gaming and betting services, and test systems for developing new car engines.

We combine all these fields in six areas of expertise: telecoms, mobile telephony, simulation tech-nology, business-critical systems, interactive gaming and platforms, and IT solutions for vehicles. Read more about how HiQ is a part of your life.

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AreAS of expertiSe

Mobile telephonyWhat actually is mobile telephony today, you may ask. One thing is certain: it is becoming less and less about telephony and more and more about other things. Today we can access web pages on our mobiles as quickly as on a compu-ter, read our email, watch films, take photos and film videos, pay for products and services, con-nect our mobile to our hifi system and stream music from the Internet, use the GPS function or watch television programmes, to name just a few examples. For many years we and our cli-ents have been developing and combining ever-increasing functionality in mobile phones.

HiQ works with the major manufacturers and helps them to develop and quality assure new mobile phones, as well as mobile platforms and services. We also work with systems for most types of mobile telephony networks.

As well as being involved in developing sev-eral new mobile phones over the past year, we have also, for example, developed the game application Air Fight – an advanced flight game for the iPhone – and developed and tested soft-ware for managing images in mobile phones

HiQ has helped well-known mobile phone manufacturers to develop and quality as-sure more than 300 new mobile phone models over the past five years.

Simulation technology One of the areas of expertise in which we have the longest experience is simulation technol-ogy. We are the market leaders in the Nordic re-gion in developing software for simulated envi-ronments and work with many different clients in the field.

Over the past year we have developed an oral surgery simulator for dentists in collabora-tion with Forsslund Systems, KTH Royal Insti-tute of Technology, and Karolinska Institutet. The simulator is used by dentistry students to practice surgical procedures. And we are con-tinuing to work on high-tech simulators for pi-lots training to fly the JAS 39 Gripen, or refresh-ing their skills.

150 pilots have trained for 24,000 flying hours annually in the flight simulator for JAS 39 Gripen, meaning a saving of around SEK 2 billion compared with training in actual aeroplanes.

Business-critical systems We all own shares or investment funds, have a variety of insurance policies, and communicate with government agencies and banks. What all these sectors and public authorities have in common is that many of them are clients of HiQ,

HiQ i kortHet

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At HiQ, employees take responsibility for their teams and the work as a whole in partnership with the client.

and that they use systems that are crucial to their operations and business.

Systems with demanding specifications in terms of performance, reliability and availabil-ity. Often it is a case of systems that need to run 24/7, for example transaction systems for banks or case handling systems for public au-thorities.

One example is the Swedish Tax Agency, for which we have developed a system that proc-esses self-assessment forms more efficiently, which means in turn that tax refunds can be sent out earlier than previously. Other exam-ples are that we have helped NASDAQ OMX to develop a new trading platform and developed systems for several banks in the Nordic region.

Ten billion newspapers are produced annu-ally in 30 countries using systems developed by HiQ. These new systems have meant that the newspapers are delivered on time and that staff costs for processing and packaging have been halved.

Interactive gaming and platforms Internet gaming and betting is huge throughout the western world. People now place bets on everything from horses, football and basketball to what will be the year’s most popular Christ-mas present. Demand for interactive gaming options is growing, particularly in the area of sports games.

We work mainly with interactive betting and sports games, which are designed to be played on your mobile phone or computer. We are the leading player in this area in the Nordic region and, together with our clients, develop and im-plement platforms for gaming, along with the games themselves. We also develop advanced solutions to handle security, accessibility and performance.

Our clients include well-known and established Nordic gaming and betting companies, along with GTECH, the world’s leading supplier of IT solutions and services to the gaming and lottery sector.

Almost 3 million people in the Nordic region play sports games and games of chance on the Internet each week. HiQ has been devel-oping platforms and games for Internet gam-ing for more than 20 years.

IT solutions for vehiclesThe automotive sector is currently in the midst of a period in which new ideas are perhaps of more value than ever. Over-establishment and demands for new, ecofriendly alternatives mean that vehicle manufacturers are facing new chal-lenges.

We work with a number of global manufactur-ers of cars and other vehicles and help them de-velop software in cars featuring artificial intel-ligence for active safety, advanced infotainment systems and hybrid technology.

For example, we are working on quality as-surance of a new infotainment system for Volvo Cars. Infotainment systems are systems that control all communication inside the car, as well as between the car and the surrounding world.

We are also supplying two new production testing systems for quality assurance of engines to another leading vehicle manufacturer in the Nordic region.

HiQ has developed systems for active secu-rity for more than 15 new car models over the past five years.

AreAS of expertiSe

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CLientS AnD SeCtorS

OUR CLIENTS are global or Nordic high-tech com-panies in the forefront of technological develop-ment. They are active in sectors such as telecoms, gaming & entertainment & media, automotive, defence, trade & industry & retail, public sector and banking, finance and insurance.

TelecomsEver since HiQ was founded we have held a very strong position within telecoms, and work with suppliers, operators, users and the regulatory authorities in the telecoms sector.

We work with leading clients such as Ascom Wireless Solutions, Ericsson, Nokia, Telenor, Com Hem, Glocalnet, TDC, Tele2, Telia Danmark, Teracom and 3.

Gaming, entertainment & mediaTogether with our clients we have been develop-ing and implementing platforms for online gam-ing for more than ten years. We are leaders in the Nordic region in this sector, which is constantly growing in terms of sales.

Our clients include GTECH, Veikkaus, Unibet, Betsson, Svenska Spel, Ace Interactive and De Lotto.

AutomotiveHiQ works with project management, develop-ment and testing of software, communications so-lutions and simulators for future vehicle models.

Our clients include Volvo Cars, Volvo Group, Scania, Haldex Traction, Mecel, Alpine, Danaher Motion and NIRA Dynamics.

Banking, finance & insurance HiQ works with banks, insurance companies and stock exchange trading companies. We are ex-perts in securities trading. Among other things we develop, test and administrate transaction-intensive systems for trade in securities.

Our clients include Handelsbanken, NASDAQ OMX, Neonet, Nordea, Orc Software, SEB and Swedbank.

DefenceHiQ has been working with clients in the defence industry since 1992. We are leaders in simulation technology in the Nordic region. Our simulation expertise derives from developing high-tech simulators for pilots training to fly the JAS 39 Gripen.

Our clients include FMV (Swedish Defence Materiel Administration), the Swedish Armed Forces, SAAB, BAE Systems Hägglunds, and BAE Systems Bofors.

Industry & retailOur clients in industry and the retail trade hire us to get help with strategic decisions to ensure that they invest in the right IT solution. We also help them with management, further develop-ment and securing the operation of their IT solu-tions.

Typical clients in the trade and industry sec-tor include ABB, Atlas Copco, DeLaval, ICA and Vägverket Produktion (now known as Svevia AB).

Public sector In collaboration with public authorities and or-ganisations we develop IT support and processes for some of society’s most important functions.

Examples of clients include the Swedish Tax Agency, the Swedish Enforcement Authority, the Swedish Police, the Swedish Civil Contingencies Agency), the Swedish Radiation Safety Author-ity, and Tekes in Finland.

OUR CLIENTS ARE IN SEVEN SECTORS

SALES TO TOP 10 CLIENTSHiQ’s top 10 clients account for 53% of sales.

SALES BY BUSINESS SECTOR Our clients come from many different business sectors.

Telecoms41% (49%)

Defence 9% (8%)

Banking,Finance & Insurance 7% (7%)

Industry & Retail 15% (13%)

Gaming, Entertainment& Media 7% (7%)

Automotive 10% (10%)

Public Sector 11% (6%)

Top 10 clients53% (56%)

CASeS

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DOROBackgroundDuring recent years, Doro has adjusted both its strategy and its product portfolio in order to be-come a niche player in the telecoms sector. This change has resulted in great success, and Doro is now able to title itself market leader in ‘care electronics’ with a broad, award-winning range of products for the growing proportion of older people in the population. The initiative to pro-duce user-friendly mobile phones will continue throughout 2010, with many new innovations and exciting challenges.

AssignmentCommitted sales efforts and several meetings with the client resulted in a short assignment – a feasibility study that was to be carried out over a two-week period. Both we and our client be-came rapidly aware that the assignment would be slightly bigger than we had first anticipated. Examples of areas we covered during that time are case handling, software customisation, de-livery management, new signalling platforms and new technological areas, to name but a few.

It is incredibly stimulating to work in an organi-sation with such a predominantly positive view of the future. However, the strong growth within the company and the new technologies that the mobile telephony initiative entails make new demands on technical comprehension and work methods.

My tasks have been extremely varied from day to day, but they are still linked to the areas identi-fied during the feasibility study, and we are still making use of the insights gained in it. To date, I have mainly supported product managers in evaluating new platforms for future products; the same applies to technical issues that have arisen during meetings with new Doro customers. I have also been involved in process work by develop-ing work methods and mentor programmes in the project manager group. Last but not least, I have done a lot of practical work in the areas where the technology has caused problems.

Mats NäslundHiQ Skåne

FIVE CASES

“We’re extremely satisfied with HiQ and, above all, Mats and his expertise. His positive attitude and understanding of our ambition to develop user-friendly products meant that he fitted in perfectly from day one and was able to deliver right from the start.”

Thomas Bergdahl, Deputy CEO, Doro

KUUSAKOSKIBackgroundRecycling is a process in which unnecessary ma-terials are redirected back into production. As there are only a limited amount of raw materi-als available in the world, recycling is becoming a strategic tool for us all to be able to maintain our high standards of living. Kuusakoski is one of the leading recycling companies in the North-ern Europe with recycling sites in 10 countries. The family owned company has long roots since it was established in Vyborg in 1914.

During the recent years Kuusakoski has been very successful in developing their processes. For example they have high volume junk car shredding and processing lines, which utilize several high-tech process steps to separate and refine the different material fragments.

As the actual processes happen mostly on the recycling yards, the logistics is definitely very important. The yard operations are based on semiautomatic truck scales, which are connect-ed to their own developed ERP system. Besides weighting of the loads, the bespoke ERP system handles all the needed business processes from procurement to sales and invoicing, storage management and transportation planning. In addition to these basic operational processes the system provides the needed asset informa-tion for the corporate management to handle the inherent market risks of this business.

AssignmentSince the beginning of 2008 we have been help-

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HiQ i kortHet

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CASeS

“To be able to manage our business, the IT environment is a major business critical function. From the start HiQ has provided us with a highly skilled development team that has helped us ensure an efficient and reliable process from the yard operations to the administrative routines.”

Risto Pohjanpalo, vice president Communications Kuusakoski Oy

ing Kuusakoski’s IT group in their software de-velopment. We started by establishing some new processes and setting up new tools for change control, release management and sys-tem documentation. We have also suggested roadmaps for the modernization and modulari-zation of the software architecture to make it more ready to respond to new business needs.

During these two years we have completed two systems development projects. The first one was a generic material analysis and assay management system, which is currently used for storing the results of non-ferrous assays and aluminum analysis. The system was built generic in the sense that it enables the users to configure new assay types without any applica-tion changes.

The other project was a production manage-ment system for the aluminum plant in Heinola. The plant produces secondary aluminum prod-ucts for foundries and steel mills by smelting

raw recycled aluminum in big electric ovens with batch capacity up to 60 tons. The new sys-tem greatly enhances the production planning process and integrates it with the ERP system’s storage management. It also makes it possible to fully optimize the usage of the available and coming raw material against the known sales or-ders every week.

For an IT architect this assignment gave a nowadays quite rare opportunity for hard core analysis work, where the peculiarities of alumi-num smelting process needed to be combined with straightforward LP optimization tech-niques. Without the good project team, HiQ fel-low Janne Jurvansuu, the smelting gurus from Kuusakoski and their knowledgeable IT and optimization professionals the project could not have been succeeded.

Ari Hakaste, HiQ Finland

TDCBackgroundTDC is a Nordic operator and system integrator with a local presence that has focused on the corporate market. Its customers include the Swedish Tax Agency, Vattenfall, Scandic, Volvo Cars, Clas Ohlson, Handelsbanken and SEB, to name just a few.

Not quite a year ago, TDC decided to develop the successful Danish service TDC Scale and launch it in Sweden.

TDC Scale is a highly scaleable telephony service. The service is based on a Centrex design (a virtual PBX) that is installed and operated by TDC. It offers major cost benefits in that TDC’s customers are not required to make any invest-ments in their own platform but at the same time are provided with the capacity and services they need. The customer decides whether to base its system on fixed or mobile telephony or both and enjoys the added benefit that the system can also be adapted over time.

Through TDC Service Online, the TDC customer

portal, the customer exercises total control over its services and can both order and change its service. This provides financial control, higher se-curity and flexibility.

The technology and platform used by TDC is open and offers total support for integrating telephony with customers’ existing applica-tions (including enterprise resource planning and backup systems). Small widgets and appli-cations have already been developed for social networking applications like Facebook and the sales support system Salesforce. Development is under way on a broad front for integration of more applications. Presence management and integration with Microsoft OCS is one such ap-plication.

AssignmentIn this business-critical project, HiQ assisted TDC with project management, IT development and testing of the network service. The project

We like results. The very essence of our existence as IT consultants is to deliver results. The work we do gives results in terms of our clients in-creasing their revenues or lowering their costs by streamlining the product development process or making daily life more pleasant for consumers, to name just a couple of examples.

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was responsible for developing the service from start to finish, in other words, from the business case all the way to turnkey delivery of the serv-ice, with market communications, sales and cus-tomer documentation and all processes in place.

HiQ was also in charge of introducting agile methods into the project, which accelerated de-velopment of the service.

It was hugely exciting and enjoyable to be given the chance of building something from

scratch and bringing it to a conclusion, including everything from IT development and network configuration to the delivery process. At the same time, we managed the process of change and sought to streamline the service by auto-mating previously manual processes.

Anna-Karin Hansson, HiQ Stockholm

NIRABackgroundNIRA Dynamics is a high-tech enterprise that de-velops, markets and sells software products in automotive dynamics, active security and info-tainment. Customers include automotive manu-facturers and system suppliers. NIRA Dynamics has close links with the world of research, espe-cially the Department of Electrical Engineering at Linköping University. The majority sharehold-er in the company is Audi Electronics Venture GmbH, a wholly owned subsidiary of AUDI AG.

NIRA Dynamics’ main product is called TPI (Tyre Pressure Indicator). TPI is a software-based tyre pressure monitoring system that ranks among the most innovative products in the automotive industry. Low tyre pressure leads to unnecessary tyre wear, higher petrol bills and, at worst, tyre blow-outs and road acci-dents. In the US, this has already been realised. In that country, all private cars manufactured in 2007 or later must be fitted with a tyre pressure indicator. Not an insignificant market for system suppliers to get their teeth into – being estimat-ed at an annual SEK 4 billion in the US – and of course cars are also sold in other countries too.

Naturally, the Linköping-based company is not alone in the market. But its competitors, gi-ants such as Continental and TRW, have gener-ally opted for hardware solutions with sensors integrated into the tyres. This type of solution is expensive and not maintenance-free. The NIRA Dynamics TPI system is a software-based solu-tion that uses signals from the vehicle’s elec- tronic stability program (ESP) to calculate the

air pressure in the tyre – a cheaper solution that does not require any maintenance, as it does not employ any hardware.

AssignmentIn the automotive industry, it is normal to set requirements for process maturity via standards such as CMMI, ISO/IEC 15504 and ISO 26262 etc., which NIRA Dynamics also has to align it-self with. HiQ, which has experience of this type of assignment, was therefore selected to help NIRA Dynamics to analyse the current degree of process maturity and to devise possible ways of improving it. The focus of HiQ’s assignment was to perform an evaluation of processes and tools, concentrating above all on CM and require-ments for the processes under ISO/ IEC 15504 – Automotive SPICE – a standard adapted to the automotive industry. The assignment was split into two phases, situation analysis and design phase.

The aim of the situation analysis was to as-sess how the process is performed currently and to compare this with the process requirements stated in Automotive SPICE. A general audit was performed of the development process as a whole and CM and the requirement processes in particular. As a result of this work, a report was presented describing strengths and weakness in the process areas examined, as well as a rating in accordance with Automotive SPICE.

In the design phase, proposals were devel-oped on the basis of the results of the analysis

“What TDC as an organisation has acquired through its collaboration with HiQ is development based on agile methods. Agile development engenders increased commitment and enjoyment in work, which feeds through into faster projects.”

Catharina Hedborg, Product and Marketing Director, TDC

CASeS

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”HiQ has a wide range of technological expertise and great understanding of how proc-esses in major development projects should be managed to achieve the best conceiv-able results. For this project, we were seeking HiQ’s specific knowledge about how to adapt our processes specifically for the requirements that apply specifically to the au-tomotive industry. Through HiQ’s analytical service, we can improve and streamline our development process, an important contribution to us at NIRA Dynamics.”

Urban Forssell, President, NIRA Dynamics AB

phase as regards how processes, work methods and tools are capable of improvement in an initial stage. The procedure also included a market sur-vey of commercial and open source tools. A sim-ple MS Excel-based requirements tool was also developed in order to quickly start implementing the improvements in the requirements process.

I found it great working at NIRA because it’s a young company with a very high level of technol-ogy and a real spirit of enterprise and the goal of growing dynamically.

Lars Karlström, HiQ Ace, Linköping

“The HiQ team has acquainted itself efficiently with systems with a high level of technological and operational complexity and is helping us in a professional way to deliver value to our customers.”

Hugh Stables, VP Engineering, Orc Software.

ORC SOFTWAREBackgroundOrc Software offers solutions for advanced securities trading and fast connectivity. Orc’s market links offer its customers direct access to more than 100 markets globally. In 2009, Orc Software chose HiQ as its partner in extending development and administration of a number of these market links.

The link to markets is the function that ena-bles members at various financial market places to establish a direct link from their own trading systems to various exchanges. Orc Software provides the tools needed for the best decisions in financial trading, and for connectivity.

AssignmentAs part of Orc’s work on streamlining its devel-opment organisation and reducing lead times, HiQ was given responsibility for administration, including further development of and support for nine of Orc’s market links. HiQ’s team oper-ates as an integrated development team and uses the same interfaces as Orc’s own develop-ers in this area.

The assignment at Orc Software is an exciting one because it combines HiQ’s ability to delivery

leading-edge expertise locally with a develop-ment team serving the client from our develop-ment centre in Russia. Orc Software’s product development managers are based in Stockholm, London and Milan. HiQ’s development team is based in Russia and is lead from Stockholm. Our deliveries are quality assured in Stockholm. Work is coordinated in Stockholm in consultation with the client’s product management and service or-ganisation.

The assignment was made possible thanks to an earlier cooperation between Orc Software and HiQ, which was highly successful. As a project manager, I find this an inspirational assignment in many ways, largely because of its international nature. Our client is an international business, just like HiQ, and we operate a team conducting development and project management in two separate countries. The cooperation between everyone concerned in the project is highly effec-tive despite the cultural and linguistic challenges involved.

Björn Troselius, HiQ Stockholm

CASeS

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OUR AIM IS TO BE THE BEST CONSULTANCY IN THE WORLD FOR OUR CLIENTS AND EMPLOYEES

VisionWe want to make life easier for people and help our clients to improve and simplify their opera-tions.

Business conceptAs a specialist consultancy with expert skills in communications and software development, to supply the expertise that our clients lack them-selves. In close cooperation with our clients, we help them develop their competitiveness and profitability. Together, we simplify people’s daily lives through new technology.

Goalsquality goalsClient quality. Our clients should feel that that have chosen the best IT consultancy in the world. Our goal is therefore for each assignment to be carried out in a business-like manner to a high level of quality. Every year, we conduct client surveys to find out how our clients perceive our work. These provide us with input to enable us to become an even better supplier.

When in the 2009 survey we asked our clients whether they were satisfied with HiQ, whether they felt secure with HiQ and whether they would recommend HiQ, they gave us an average score of 4.4 on a scale of 1 to 5. A good result, but we can get even better.

Both in 2009 and 2010, HiQ was named as “Sweden’s Best IT Consultant” for that year, in a survey in which the magazine Veckans Affär-er polled more than 600 buyers of consultancy services for their opinions.

Employee quality. Our organisation aims to stimulate commitment, while offering excel-lent opportunities for personal development and personal influence. We want all members of staff to thrive and develop. This is why all employees undergo a training programme that covers, for example, HiQ’s values, our approach to work and further training in the form of vari-ous technical courses.

HiQ was ranked high in Universum’s major sur-vey in 2009 to determine who is Sweden’s most popular employer in the data/IT category. We were the highest placed of all IT consultancies, climbing four places from last year’s ranking.

Shareholder quality. We provide high-quality information to our shareholders by giving a cor-rect, reliable and fair picture of the Group in or-der to create the prerequisites for a valuation re-flecting HiQ’s operations. HiQ has achieved top results for several years in a row in the Affärs-världen business weekly and the Regi IR Nordic Markets survey.

financial goals Since starting out in 1995, we have recorded av-erage growth of 30% and an operating margin of 15%. Since starting out in 1995, we have record-ed average growth of 27% and an average op-erating margin of 15.7%. In 2009, our operating margin was 13.8%. Our financial goals should not be viewed as a forecast.

dividend goalThe dividend level shall be tailored to the Group’s capital requirements, which mainly take the form of investments and an increase in working capital, and the shareholders’ require-ment for a good dividend yield. The goal is for the long-term dividend level to be approximate-ly 50% of consolidated profit after tax for the year. For 2009, the Board recommends a divi-dend amounting to SEK 57 million (SEK 1.10 kr/share) ia a share split and compulsory redemp-tion procedure.

1In Universum’s major survey to find “Sweden’s Most Popular Employer”, HiQ was the highest-placed of all IT consultancies.

viSion, bUSineSS ConCept AnD GoALS

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StrAteGieS

QUALITY GENERATES PROFITABILITY GENERATES GROWTH

Quality, profitability and growthAs our name suggests, high quality is the foun-dation stone on which HiQ is built. If we deliver quality, we will have satisfied clients, which makes us profitable, which in turn gives us the opportunity to grow. We prioritise quality, prof-itability and growth, in that order. A strategy that has proved completely right for us, as from the start we have achieved an average operating margin of 15,7% and growth averaging 27%.

Nordic heartHiQ is essentially a Nordic consultancy that works with companies in the Nordic region, where we are a well-established. But we also help international clients setting up in the Nor-dic region and accompany our Nordic clients globally. We are increasing the proportion of business outside the Nordic region, both with non-Nordic companies and Nordic clients with assignments outside the region.

Purely a consultancyWe are purely a consultancy and act as inde-pendent advisers with the client’s best inter-ests in mind. We do not develop any proprietary products that compete with those of our clients, but devote 100% of our expertise to our clients. We do so without any commercial links to sup-pliers, products or technology.

High level of expertise in communications and software developmentWe are a specialist consultancy with a high level of expertise in communications and software development. We have a strong position within telecoms, where we work with suppliers, opera-tors and users. We transfer the expertise that we originally gained from this area to our clients in every other industry. Our software development leads to the development of new products and systems.

Organic growth and acquisitionsHiQ grows organically in combination with stra-tegic acquisitions. Over the past 10 years, we have recorded average growth of 17%. In 2009, we integrated the acquisitions of Ace Simula-tion of Linköping and HiQ Quality Services, Fin-land. In view of the economic recession, we did not increase our workforce in 2009.

Technology and businessAt HiQ we are good at technology and how tech-nology can be used for profitable business. And because we know how our clients do business, we can provide the expertise as to which tech-nology can improve their profitability.

Knowledge transfer between sectorsWe engage actively in knowledge transfer be-tween the sectors in which our clients operate. In that way, our clients benefit from new ex-pertise in both technology and business from sectors that are quite different to their own. The need for communication is becoming ever greater in an ever-increasing number of sectors, and at the same time our expertise in areas such as simulation and interactive gaming is being passed on to new sectors.

Experienced and skilled employeesAt HiQ, our hallmarks are a high level of tech-nical expertise and broad business know-how. Our employees have an average of 10 years’ experience in developing technology and busi-ness. 94% are graduates and 70% are graduate engineers.

Distinct valuesHiQ is a values-driven company. We believe that our clearly communicated values such as re-sponsibility, results, simplicity and enjoyment result in good quality work being performed and thus in satisfied clients. Distinct values can en-able better development of our employees and the company’s structural capital. Our values are a decisive competitive advantage for us and our clients.

HiQ’s main strategy is to prioritise quality, which generates profitability, which in turn generates growth.

QUALITYPROFITABILITY

GROWTH1

NEW CHALLENGES KEEPING THE KNOWLEDGE STORE FULL.

At HiQ, we can always look forward to inspirational and developing assignments, with all that implies. New challenges that keep the knowledge store full. This may be a new client, which means working with new people that we have to get to know and share knowledge with. And learn from. Together with our immediate consultant manager, we discuss and jointly choose our next assignment.

Amidst all this new and stimulating activity, we nevertheless have the security of our work colleagues at HiQ, both socially and skills-wise, via our internal network of ex-pertise. People are never on their own with a client, they can call on the backing of their colleagues at HiQ. The following are the accounts of life at HiQ by three members of staff.

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eMpLoyeeS

MY NAME IS FREDRIK and I’ve been working at HiQ Mälardalen since March 2005. I started at HiQ slightly by chance, taking a bit of a risk. The first time I heard HiQ mentioned was when I was working on my degree thesis in autumn 2004. What happened was that at a meeting, my head of department mentioned HiQ Mälardalen as an important joint venture partner; naturally, my cu-riosity was aroused and I checked up on HiQ. I quickly realised that it was a company I wanted to work for, especially as HiQ Mälardalen’s biggest business areas coincided with my own interests, namely simulators for the defence industry.

With a smoking-hot Master’s degree in com-puter science from Linköping University, I started out on my career as a developer on a project on behalf of BAE Systems Hägglunds in which we de-signed a development simulator for the CV9030 (combat vehicle 90). The project was conducted in HiQ’s offices, and my role was to develop a framework for distributed data distribution be-tween the various systems used in the simula-tor. The various components may be standard PCs, smart machines from the vehicle, joysticks etc. The framework was then used to simulate all data transmission, such as CAN buses and digital I/O in the vehicle. On completion of the

project, I continued to develop simulators for dif-ferent requirements and clients. As I see it, one of the advantages of working as a consultant is the ability to work across not only company but also application boundaries, yet still within the same area.

The fact that HiQ today holds a strong position in the simulation market gives me, as a consult-ant, the opportunity to work with interesting cli-ents who use the latest technology. One benefit that I see from working on simulators is that it gives you considerable insight into the area that is actually being simulated, which means that with every assignment you develop your skills tremendously.

Of course, having stimulating and enjoyable work is important, but what I appreciate above all about working at HiQ is the ability to take as-signments back to HiQ’s own offices, but also to maintain close contact with the client. Working in your own offices alongside other HiQ consult-ants is something out of the ordinary, and makes a real contribution to creating a team spirit in the company.

Fredrik SkogmanHiQ Mälardalen

“Interesting clients who use the latest technology.”

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eMpLoyeeS

AT HIQ, HIGH UTILIzATION is our motto. We have an open type of organization in which all employ-ees are able to deliver added value in different business areas from service delivery to business development. I see us as a strategically organi-zed football team* heading towards the goal and make sure to share this vision with all my collea-gues as well.

I have a business education degree and have been working with Quality Assurance and Tes-ting for nearly 7 years and prior to that I was wor-king with Logistics and SAP.

I work as a Project Director and a Managing Consultant and I have been with HiQ since Sep-tember 2007.

As a Project Director, I am responsible for HiQ’s business integration, in which HiQ supp-lies own expert consultants to partner consul-ting companies in order to deliver the right com-petences to their end customers. At the moment most of my team members and I are operating together with one other consulting company at several end customers in both public and private sectors.

I am directly responsible for a great team of over 20 Consultants and Managing Consultants located in Finland’s capital area which enables me to work closely with my customer and my ex-ceptional team.

In this business integration channel I also hold a role as a Managing Consultant, currently in the field of Quality Assurance & Testing. In my current assignment, my role is on program level, which covers a system of multiple interdepen-dent projects that lead towards an improvement at the end customer’s organization, in my case the program I am assigned to is designing, im-plementing, testing and delivering a new tool.

Such program is owned by a world leading net-work company and involves several consultants, from different suppliers, working together with its own personnel. We are creating an applica-tion which is replacing over 60 legacy tools and covering major process domains for R&D and Technical Support to handle from internal issues to product line ones. My task is to plan, monitor and synchronize the work and deliverables of Test Managers from several integrated projects belonging to our program, and that is being done from Finland.

I have been in this assignment since its “proof of concept” and now we are heading to a mass rollout at all continents. During the proof of concept period, there were other concepts competing to be chosen, however our program won the competition and here we are deploying our tool to tens of thousands of users all over the world. Thus, HiQ’s competence once again is part of another success story.

This dynamic and versatile type of work has helped me to complete both sides of my job (manager & consultant). Working as a consul-tant at customers’ premises helps me to be a more effective professional by having a real in-sight into manager, consultant and customer’s perspectives. Therefore, if you look for compe-tence, dynamism, versatility and friendly work environment filled with interestingly challenging assignments which enrich a consultant’s skills on a daily basis, sails are up so welcome aboard!

Fabrício VianaHiQ Finland*Yes I am from Brazil!

“As astrategicallyorganizedfootball team.”

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eMpLoyeeS

MARCH 2010. I will then have been at HiQ for a decade. So, who am I? I’m a curious, happy and driven person who finds the consultancy sector to be the most exciting one to work in. My name is Simona Bamerlind, and I was born and grew up in Romania.

I arrived in Sweden at the age of 23 years, and all that I brought with me was an engineering degree. But I didn’t think that was enough, so I started again from the beginning. 5 years later, I qualified with a Master’s degree in system eco-nomics. Then all I had to do was try and put that newly acquired knowledge to use and find a job. After a number of years at Unisource Business Networks and Telia I arrived at HiQ.

Why HiQ, you could ask? Well, because I want-ed to get into the consultancy sector. It was a conscious decision; I wasn’t just looking for a job, I was looking for a consultancy job. And it was ac-tually the only job I applied for. I want to work as a consultant to challenge myself, to be able to work for different customers, in different roles, in different organisations and with different people.

I have now been working at HiQ for 10 years. Of those 10 years, I have spent just over 7 working as a project manager on the customer’s premises. I have worked on a number of exciting projects at companies such as Ericsson, Sonofon in Ålborg and Astrazeneca.

In recent years, I have also worked as a project manager and organisational consultant at Telia-Sonera and as an operations project manager at Eltel Networks. Right after finishing at Eltel, I was asked whether I would like to take up a position as a project manager at an exciting company called Jeppesen Systems AB, which develops sys-tems for planning and optimising resources in the transport sector.

What I can say is this: I would never have devel-oped to the extent I have now if I hadn’t worked as a consultant! I’ve been able to meet so many new exciting people and I’ve learnt to work in different environments with different tools and processes. I’ve become more humble, I’ve ac-quired more self-confidence and self-insight and I’ve also learnt to be patient. I’ve taken on more and more difficult roles with every year that’s passed, which has made me a better project man-ager for every assignment.

After several years as a consultant, I was of-fered the chance to work as a sales rep and senior consultant here at HiQ in Gothenburg. And I have to admit that the job I now have is the most en-joyable job I’ve had. And the one I’ve learnt most from. And also it seemed logical to take that step after working as a consultant for nearly 8 years. I knew what customers wanted, I knew what it was to work as a consultant – after that, everything’s about relationships!

At HiQ, we’re very good at relationships. Here, everyone’s involved in shaping the company’s fu-ture. At HiQ, all employees have to want to get involved and to make their mark, to participate, to be proactive and not reactive, to be active not passive, to be real entrepreneurs! It’s why I’m still at HiQ after 10 years! Because I’m surrounded by fantastic people every day! And because I look forward to going to work every morning! Because I feel that I’m still developing every day in my job! And because we dance such an awful lot at all the HiQ parties!

Simona BamerlindHiQ Göteborg

“Everyone’s involved in shaping HiQ’s future.”

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HiQ i kortHet

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eMpLoyeeS

Facts about the HiQ employee HiQ’s employees are experienced specialists within software development and communica-tions, and work on both the client’s technical and business development. The average employee has 10 years’ professional experience and was 37 years old at year-end; 70% are graduate engi-neers, 24% graduates in other academic disci-plines, while 6% have other educational qualifi-cations. At year-end, HiQ had 1.014 employees, of whom 22% were women.

Working environment and health-promoting activitiesAt HiQ we are continuously reviewing our wor-king environment and the look and feel of our of-fices, so as to provide a good, creative working environment for all employees. Our staff benefit from subsidised health-promoting activities.

HiQ is affiliated to an occupational health ser-vice and some subsidiaries engage the services of a naprapath. Sickness absence at HiQ during 2009 amounted to 2,6% of total working hours available.

Gender equality and diversity planOn the basis of our gender equality and diversity plan, HiQ pursues a policy of equal opportunity, in which no-one is discriminated against on the basis of gender, age or other differences. Every member of staff is recruited and developed on the basis of their personal qualities and wishes, and in line with HiQ’s HR culture and market needs. All pay is set on the basis of skills, expe-rience, responsibilities and age. HiQ endeavours to ensure that all employees are able to combine family and working life.

More than 10 years 38%

6–10 years 32%

Less than 2 years 7%

Key figures for past 5 years 2009 2008 2007 2006 2005

Turnover per employee, SEK thousand 1.113 1.161 1.203 1.236 1.269

Added value per employee, SEK thousand 888 893 922 946 963

Operating profit/loss per employee, SEK thousand 153 191 225 239 261

Number of employees at year-end 1.014 1.090 1.035 787 658

Average number of employees 951 1.018 809 648 568

Proportion of women 22% 22% 20% 19% 19%

Average age, years 37 36 35 36 36

3–5 years 23%

Some like complicating things to make them look difficult. Not us. We like making difficult things simple. We don’t complicate either our client relationships or our own organisation with hierarchies or com-plex administration.

INDUSTRY EXPERIENCE

Our employees have an average of 10 years’ expe-rience in the industry; 70% are graduate engine-ers, 24% graduates in other academic disciplines and 6% have other educational qualifications.

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DeLivery MoDeLS, workinG MetHoDS AnD DeveLopMent for eMpLoyeeS

THREE PATHS TO SATISFIED CUSTOMERS

OUR DELIVERY MODELS, working methods and our way of developing the expertise of our em-ployees are three heavyweight reasons for our success.

Delivery models At HiQ, we deliver in the way that our custom-ers wish. Options range all the way from work-ing on projects on the customer’s premises to assuming control of total undertakings in our own offices. One part of this delivery model is the involvement of HiQ’s development centre in Russia. Through its Russian operation, HiQ of-fers system development and quality assurance to customers in many industries.

Working methodsWorking methods, well-proven and document-ed, are the key to achieving quality in our work and thus long-term client relations. We divide the way we work into four areas:

Sales. HiQ’s sales staff are often experienced consultants who know the client’s business. Our sales method involves measuring sales staff’s market presence and fulfilment of strategic marketing goals, as well as profitability and per-formance, all on a weekly basis.

Leadership and quality assurance. HiQ’s senior executives have extensive experience of con-sulting and of managing consultancies. They follow a leadership model that includes market presence, client relations, recruitment and em-ployee responsibility. Senior executives are ulti-mately responsible for ensuring that everything is delivered to the client on time, with the right quality and at the right price. The results are fol-lowed up at executive management meetings at least once a month.

Project methods. We use agile methods such as SCRUM to help our clients to become more effi-cient, both in delivering and in handling change. We also use traditional project management methods such as PROPS and PPS.

Exchange of expertise. No-one knows every-thing, but everyone knows something. HiQ’s in-house skills network provides contacts between our employees so that our clients benefit from the knowledge of the whole company, rather than that of a single consultant. A large number of in-house activities offer employees the op-portunity to extend their networks within HiQ.

Development for employees Employees’ expertise is developed through in-spirational and challenging assignments at our customers and through our in-house skills net-work, in which our employees learn from each other. There are also our three well-structured training programmes: an introductory seminar, consulting school and different advanced pro-grammes.

The introductory seminar is for all new em-ployees. Led by the executive management, the seminar presents subjects such as HiQ’s goals and strategies, values, working methods, the role of the consultant, and sales and presenta-tion techniques.

All employees attend our consulting school for further training in their role.

HiCollege, one example of an advanced pro-gramme, is a comprehensive training programme comprising a number of mandatory courses for all employees, as well as other optional cours-es. The courses offered via HiCollege comprise various forms of technical training, courses in project management and working methods, and training in sales and management.

Delivery models

Working methods

Dev

elop

men

t fo

r em

ploy

ees

Development is fun – developing as a company and as an employee and improving even further. Our organisation encour-ages and supports com-mitment, personal growth and individual influence.

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SaleS and profit per quarter 2009 Q 1 Q 2 Q 3 Q 4Net sales, SEK million 297.6 272.7 208.7 278.7Operating profit, SEK million 44.7 34.0 21.0 46.0Operating margin, % 15.0% 12.5% 10.1% 16.5%

Cash and cash equivalents per quarter 2009 158.0 75.31) 73.1 131.9

In 2009, our turnover was SEK 1,057.7 million with an operating margin of 13.8%. The tables below show HiQ’s financial development over the 2005–2009 period.

FIVE-YEAR SUMMARY

BalanCe SHeet (SEK million) 2009 2008 2007 2006 2005 ASSETS Intangible assets 348.9 368.3 220.1 186.6 192.9Tangible fixed assets 24.2 27.3 26.0 21.0 17.9Financial assets 15.9 16.1 14.1 13.5 19.7total fixed assets 388.9 411.8 260.2 221.1 230.5

Accounts receivable, trade 182.1 243.0 200.9 137.3 124.7Other current assets excluding cash and cash equivalents 97.5 88.4 91.5 92.1 77.0Cash and cash equivalents 131.9 129.0 60.7 106.7 133.7total current assets 411.4 460.4 353.1 336.1 335.5total assets 800.3 872.2 613.3 557.2 565.9

SHAREHOLDERS’ EQUITY AND LIABILITIESShareholders’ equity 596.0 575.9 431.5 381.2 363.6Non-interest-bearing provisions 4.5 68.8 2.4 1.1 1.4Non-interest-bearing long-term liabilities – — 2.3 4.6 6.9Interest-bearing long-term liabilities 12.7 13.4 14.0 11.8 8.9Non-interest-bearing current liabilities 183.5 210.6 160.5 156.1 183.0Interest-bearing current liabilities 3.6 3.5 2.8 2.4 2.1 total shareholders’ equity and liabilities 800.3 872.2 613.3 557.2 565.9

inCoMe StateMent (SEK million) 2009 2008 2007 2006 2005Net sales 1,057.7 1,181.5 973.7 801.4 720.5Operating expenses excluding depreciation – 899.2 – 975.5 – 783.7 – 640.7 – 566.9Operating profit before depreciation 158.5 206.0 190.0 160.7 153.7Depreciation – 12.9 – 12.1 – 7.7 – 5.8 – 5.3Operating profit 145.6 193.9 182.3 154.9 148.3Financial net – 0.4 3.9 1.5 1.3 1.2pre-tax profit 145.2 197.8 183.8 156.2 149.5Tax charged to the year’s profit – 39.1 – 54.9 – 52.1 – 44.7 – 41.0profit after tax 106.1 142.9 131.7 111.5 108.5

1) Cash payment of SEK 63 million for the acquisition of Ace Simulation (HiQ Ace) och TSG Test Solutions (HiQ Quality Services) made in Q2. Share split and mandatory redemption of SEK 72 million was carried through in June.

five-yeAr SUMMAry

five-yeAr SUMMAry

35

Key ratioS per SHare

(SEK, unless stated otherwise) 2009 2008 2007 2006 2005Earnings after tax, before dilution 2.06 2.80 2.62 2.25 2.20 Earnings after tax, after dilution 2.06 2.80 2.62 2.23 2.18 Cash flow per share, before dilution 0.06 1.34 – 0.91 – 0.54 0.64Dividend per share (proposed for 2009) 1,101) 1.402) 1.303) 2.10 2.10Equity (before dividend), before dilution 11.55 11.16 8.55 7.61 7.38 Equity (before dividend), after full dilution 12.00 10.47 9.68 8.38 7.81 Direct yield, % 3.8 6.7 3.8 5.0 4.9Share price at year-end 29.20 21.00 34.00 42.30 43.10 Average number of shares, thousand 51.605 51,105 50,306 49,584 49,232Average number of shares after dilution, thousand 51,605 51,105 50,326 49,907 49,658 Number of outstanding shares, thousand 51,605 51,605 50,474 50,093 49,232 Number of shares after full dilution, thousand 52,986 53,315 52,227 51,279 50,560

Key ratioS

2009 2008 2007 2006 2005Net sales, SEK million 1,057.7 1,181.5 973.7 801.4 720.5Growth in net sales,% – 10.5 21.3 21.5 11.2 40.5Gross margin, % 15.0 17.4 19.5 20.1 21.3Operating margin, % 13.8 16.4 18.7 19.3 20.6

Return on shareholders’ equity, % 18.1 28.4 32.4 30.0 32.2Return on working capital, % 30.8 45.8 54.6 60.0 66.1

Net sales per employee, SEK thousand 1,113 1,161 1,203 1,236 1,269Value added per employee, SEK thousand 888 893 922 946 963Operating profit per employee, SEK thousand 153 191 225 239 261

Average number of employees 951 1,018 809 648 568Number of employees at year-end 1,014 1,090 1,035 787 658

Equity ratio, % 74.5 66.0 70.4 68.4 64.2

For definitions see page 82

1) The Board has proposed to distribute, via a share split and mandatory redemption, an amount of approximately SEK 57 million (SEK1.10/ share) to the shareholders.2) 2008 share split and distribution to shareholders of approx. SEK 72 million (SEK 1.40 /share).3) 2007 share split and distribution to shareholders of approx. SEK 66 million (SEK 1.30 /share).

OPERATING PROFIT

NET SALES

OPERATING MARGIN

Year

Year

Year

SEKmilion

SEKmilion

%

09

09

09

08

08

08

07

07

07

06

06

06

05

05

05

0

0

0 5

25 50 75 100

10

125

15

150

20

175

25

200 400 600 800 1000 1200

200

801.4

973.7

1,181.5

720.5

1,057.7

154.9

182.3

193.9

148.3

145.6

19.3

18.7

16.4

20.6

13.8

36

riSk

Business-related risks Recruitment and skills supply.Our personnel, along with our customers, are HiQ’s biggest asset. The average HiQ employee has a degree in engineering and around ten years’ experience in the industry. The supply of experienced and skilled staff with good business expertise depends on economic conditions. In boom periods there is often a shortage of the kind of skills that we are looking for, which can affect HiQ’s growth. We work actively on devel-oping HiQ as an attractive employer that skilled people want to work for. In an economic down-turn it is easier to recruit specific competence.

Competition and price pressure Competition is a natural part of doing business and is necessary for healthy development. A highly competitive market is a challenge that develops HiQ as a company, since we must con-stantly make efforts to show our clients that we are that bit better than our competitors.

Fierce competition can also bring pressure on prices. To balance the risks of that eventuality

occurring, HiQ needs to have specialist expertise that is in demand by clients, irrespective of the state of the economy, and in certain cases to avoid projects where the price level is judged to be too low to ensure satisfactory profitabil-ity. HiQ competes with large actors and smaller niche players, with different profiles depending on the area in which HiQ is operating. Some of our larger listed competitors are Sigma, Tieto, Cybercom and Accenture.

Framework agreementsThe significance of framework agreements has increased in recent years. In our view, clients are today tending to choose to cooperate with fewer suppliers, and they are choosing them carefully. As well as quality and a high level of technical expertise, a strong financial position is of the utmost importance today if we are to be among those companies chosen by our clients as preferred suppliers. Clients want to cooper-ate with a supplier who will still be there at the end of the project. HiQ currently has framework

RISK AND RISK MANAGEMENT

Some risk factors are within our con-trol, while others are not. The latter risks must instead be accommodated as and when they arise.

HiQ’S BUSINESS is affected by a number of different factors, some of which are within the Company’s control while others are not. In consultancies such as HiQ, profitability is primarily determined by four factors: available time, price, utilisation rate and cost control. These factors are in turn affected by market conditions through demand for HiQ’s services and the opportunity to recruit new staff and thereby to grow.

37

riSk

agreements with practically all its major clients and, in order to reduce the risks of not remaining a preferred supplier, we must deliver quality and results as well as maintaining a good dialogue with the client. Developments at our key clients HiQ’s top 10 clients account for 53% of sales. HiQ operates in long-term relationships with its clients and many have been on our client list for over five years. There is always the risk that one of HiQ’s key clients may be affected by fluc-tuations in the market and reduce the amount of consultancy services that it buys in, which in the short term may result in poorer capacity utilisa-tion for HiQ. As a company, we must maintain a good balance between clients from different sectors and geographical regions. More than five different sectors are represented among HiQ’s top 10 clients.

Bad debtsJust as HiQ is affected by developments at its key clients – which in the event of a rapid decline may affect our utilisation rate – we may be hit by unpaid invoices and thus bad debts. In historical terms, we have only experienced a few bad debts and we have continually improved our routines for invoice payment and follow-up. Where we work with clients with a lower credit rating, for example because they are newly established, payment may be required in advance or subject to a particularly short period of credit.

Market-related risksCyclical risks Market conditions affect all companies within a particular sector in one way or another. There is always an obvious risk that HiQ will be affected by economic fluctuations. Historically speaking, HiQ has maintained comparatively high profit-ability during both boom periods and reces-sions, but naturally we have also been affected as a company – which has meant adjustments to our operations, for example. By creating a flexible organisation with skills that can be trans-ferred between different sectors and geographi-cal areas, we have a capacity for balancing out different geographical regions.

Financial risks Exchange rate risksHiQ operates in several countries, which means that we are affected by changes in exchange

rates. HiQ currently operates primarily in Sweden, Finland and Denmark. The majority of the Group’s currency flows are therefore in Swedish kronor, Danish kroner and the euro. The operations conducted are mainly local, mean-ing that revenues and costs generally arise in the same currency. Fluctuations in exchange rates affect the rate at which foreign revenues and costs are consolidated in Swedish kronor. As a result, fluctuations in exchange rates will affect the Group’s revenues and profit. In some cases, sales are made in a different currency from that in which the costs of producing the services were incurred. This gives rise to an increased exchange rate risk, which may affect the Group’s earnings. The holdings in foreign subsidiaries are translated from local currency to Swedish kronor at the balance sheet date, and any currency translation is taken to the Group’s shareholders’ equity. This exposes the Group to an exchange rate risk affecting the balance sheet. HiQ does not currently practise any kind of hedging. Substantial exchange rate fluctua-tions may affect us, but we deem the risk to be relatively limited.

Interest risksHiQ is a debt-free company, which means that the interest risk to which we are exposed is low. Naturally, changes in interest rates affect the return we get on cash and cash equivalents, but the risk to the company’s survival from these changes is non-existent.

Project risks HiQ often works on projects in which new sys-tems or products are being developed for the first time. In projects of this type it is generally not profitable for either the client or HiQ to use a fixed-price model. During the year fixed-price projects accounted for around 1% of our total sales.

ValuationHiQ’s balance sheet includes several items, whose values are based upon estimates and assumptions concerning the future. Among these items goodwill and work in progress are included. In case the future development does not reach the estimates and assumptions made, a need for write-downs could occur. Such a write-down would affect the Group’s income statement as well as balance sheet but not the cash flow.

Changes in the share capitalYear Transaction Change in share capital Total share capital Number of outstanding shares1996 Parent company founded 100,000 100,000 1,0001998 Bonus share issue, 39:1 3,900,000 4,000,000 40,0001998 Share split, 100:1 — 4,000,000 4,000,0001999 Redemption of warrants 58,250 4,058,250 4,058,2502000 Purchase consideration, Wise Network 77,749 4,135,999 4,135,9992000 Purchase consideration, Open Software 58,590 4,194,589 4,194,5892000 Share split 10:1 — 4,194,589 41,945,8902000 Additional purchase consideration Wise Network 16,741 4,211,330 42,113,2982000 Redemption of warrants 106,950 4,318,280 43,182,7982001 Redemption of warrants 34,360 4,352,640 43,526,3982002 Purchase consideration, Softplan 298,955 4,651,595 46,515,9492002 Redemption of warrants 32,765 4,684,360 46,843,5992004 Redemption of warrants 3,240 4,687,600 46,875,9992004 Purchase consideration, Cats 212,430 4,900,030 49,000,3002004 Redemption of warrants 23,190 4,923,220 49,232,2002006 Redemption of warrants 55,940 4.979,160 49,791,6002006 Redemption of warrants 30,170 5,009,330 50,093,3002007 Redemption of warrants 27,140 5.036,470 50,364,7002007 Purchase consideration, MobilEyes 10,919 5,047,389 50,473,8902008 Purchase consideration, Ace 17,408 5.064,797 50,647,9712008 Share split 2:1 — 5,064,797 101,295,9422008 Redemption of shares – 2,532,399 2,532,399 50,647,9712008 Bonus share issue 2,532,399 5.064,797 50,647,9712008 Purchase consideration, TSG 95,728 5,160,526 51,605,2582009 Share plit 2:1 — 5,160,526 103,210,5162009 Redemption of shares – 2,580,263 2,580,263 51,605,2582009 Bonus share issue 2,580,263 5,160,526 51,605,258

38

tHe HiQ SHAre

THE HiQ SHARE

ON 31 DECEMBER 2009, the share capital in HiQ totalled SEK 5,160,525.80, represented by 51,605,258 outstanding shares. Each share carries one vote and all shares carry equal rights to a share in the assets and profits of the Company. At the Annual General Meeting (AGM) each person entitled to vote may vote for the full number of shares owned and represented without any restriction on voting rights. The AGM in April 2009 authorised the Board of Directors, on one or more occasions in the period up to the next AGM, to issue a maximum of 5,000,000 shares in the form of a non-cash issue or off-set issue in conjunction with acquisitions. The Annual General Meeting also authorised the Board of Directors, on one or more occasions in the period up to the next AGM, to pass a resolution to acquire as many shares in total so that the company’s holding at no time exceeds 10% of the total shares in the compa-ny. Acquisitions shall be made via NASDAQ OMX Stockholm and may only be made at a price within the price range registered at any time, i.e. the interval between the highest bid rate and lowest offer rate.

Employee share programmesFrom 1998 up to and including 2009 HiQ implemented a number of share programmes for its employ-ees for the purpose of attracting, retaining and motivating staff members. The programmes are based on subordinated debentures with detachable warrants or standalone warrants. The programmes were divided into sub-programmes in order to allow warrants to be offered to new employees on an ongoing basis.

The Annual General Meeting in April 2009 approved a warrants programme aimed at all employees of HiQ, divided into two series. The number of warrants subscribed for in the two series was 698,300. All the warrants were acquired at market price. The total number of outstanding warrants, where each warrant entitles the holder to subscribe for 1 share, was 1,380,950 at year-end, corresponding to a maximum dilution effect of 2.6 %.

In order to encourage uptake of the warrant programme, HiQ offers a subsidy to the warrant hold-ers who are still employed at HiQ at the time of redemption. The subsidy is effected through a bonus payment that after tax corresponds to the warrant premium. It is conditional on the Group attaining its long-term financial profitability objective during the period, i.e. an operating margin of 15%. The cost of the subsidy amounted to SEK 5.0 (3.4) million in 2009.

0

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

2005

-01-

03

2005

-02-

17

2005

-04-

06

2005

-05-

23

2005

-07-

08

2005

-08-

23

2005

-10-

06

2005

-11-

21

2006

-01-

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2006

-02-

21

2006

-04-

06

2006

-05-

26

2006

-07-

13

2006

-08-

28

2006

-10-

11

2006

-11-

24

2007

-01-

12

2007

-02-

27

2007

-04-

16

2007

-06-

01

2007

-07-

19

2007

-09-

03

2007

-10-

17

2007

-11-

30

2008

-01-

22

2008

-03-

06

2008

-04-

23

2008

-06-

10

2008

-07-

25

2008

-09-

09

2008

-10-

23

2008

-12-

08

2009

-01-

27

2009

-03-

12

2009

-04-

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2009

-06-

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-07-

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2009

-09-

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2009

-10-

22

2009

-12-

07

0,00

10,00

20,00

30,00

40,00

50,00

60,00

39

tHe HiQ SHAre

Shares traded per day

2005 2006 2007 2008 2009

Share priceSEK

Warrant data

Name Number of Number of Period for Subscription outstanding warrants underlying shares Term subscription price/share

2008:1 251,050 251,050 2 år May 2010 36.302008:2 431,600 431,600 2 år Nov 2010 25.602009:1 480,800 480,400 2 år May 2011 28.202009:2 217,500 217,500 2 år Nov 2011 28.60

Share price HiQ International Affärsvärlden General Index Shares traded

The graph below illustrates how the HiQ share has performed over the period 1 January 2005 to 30 December 2009. For up-to-date share information, please consult the NASDAQ OMX Nordic web-site at www.nasdaqomxnordic.com. HiQ is listed on NASDAQ OMX Stockholm MidCap, which is a part of the Nordic Exchange. It was first listed on 12 April 1999 and the initial share price, calculated on the basis of the share split implemented, was SEK 10.60. On 30 December 2009, the market price was SEK 29.20. HiQ’s market capitalisation thus amounted to around SEK 1,507 million (before dilu-tion). The highest price paid during the year was SEK 31.80 on 23 Sep 2009. The lowest price paid during the year was SEK 18.60 on 23 January 2009. During the year, a total of 29.7 million shares were traded. On average, approximately 118,000 shares were traded per day.

Dividend policyHiQ’s dividend level is tailored to the Group’s capital requirements, which mainly take the form of investments, working capital commitments and the shareholders’ requirement for a good dividend yield. The goal is for the long-term dividend level to be approximately 50% of profit after tax for the year.

40

tHe HiQ SHAre

Top 15 shareholders, 31 December 2009 and there after known changes Name No. of shares Share of capital and votes

Swedbank Robur Funds 4,221,537 8.2%Lannebo Funds 4,012,000 7.8%Svolder AB1 3,534,000 6.8%Nordea Funds 2,930,649 5.7%Danske Capital Sverige AB 2,365,388 4.6%SEB Investment Management 2,053,489 4.0%Hannu Lehessaari 1,600,000 3.1%Handelsbanken Funds 1,117,805 2.2%Shell Pensoen Fonds 1,006.143 2.0%7 AP-fonden 1,001,824 1.9%Ken Gerhardsen 884,626 1.7%Lars Stugemo 815,500 1.6%Rolf Anderson 770,819 1.5%Fidelity Funds 715,194 1.4%Skandia Funds 660,746 1.3%

Holdings include related-party holdings and holdings through companies.Source: Euroclear and known holdings.

1) Holding according to flagging announcement 25 January 2010.

Holdings No. of shareholders Percentage of holdings No. of shares Andel aktier

1 – 1,000 6,989 75.2% 2,669,484 5.2% 1,001 – 5,000 1,713 18.5% 4,400,685 8.5% 5,001 – 10,000 303 3.3% 2,398,639 4.7% 10,001 – 50,000 188 2.0% 4,296,465 8.3% 50,001 – 100,000 26 0.3% 1,975,466 3.8% 100,001 – 61 0.7% 35,864,519 69.5% 9,280 100.0% 51,605,258 100.0%

Ownership structureAt year-end, HiQ had 9.280 shareholders. Foreign ownership amounted to 27% and was distributed over the following countries: Finland 12%, Luxembourg 5%, USA 3%, other countries 7%. At year-end, Swedish institutional investors owned 49% of the shares. 15% of the shares were held directly by the shareholders, while 85% were registered in the name of a nominee.

41

The business in generalHiQ is an IT and management consultancy that works with high-tech solutions within communi-cations and software development. The Company is a leading player in these fields, with the Nordic region as its domestic market. In 2009 the Group generated sales of SEK 1,057.7 million. At year-end the Group had 1,014 employees, and operations in Sweden, Finland, Denmark and Russia.

OwnershipHiQ International is listed on the Nasdaq OMX Nordics MidCap list, which is part of the Nordic Ex-change. At year-end HiQ had a total of 9,280 share-holders. For a more detailed description of the ow-nership of HiQ International AB, see The HiQ share.

Significant events in 2009In 2009 the market suffered a downturn, which affected the IT sector as well as other sectors. The start of the year was a time of great uncerta-inty, which limited demand for IT services in the spring and summer. Large organisations looking to streamline and rationalise their operations are try-ing to strengthen their partnership with a few quali-ty suppliers instead. All in all, this has created opp-ortunities for HiQ to win new business and further strengthen its market position. One obvious ex-ample is Volvo Cars, with which HiQ signed a new comprehensive framework agreement in 2009.

In 2009 the Nordic IT-consulting market was characterised by the turbulence in the automotive industry and by ongoing restructuring by mobile phone manufacturers. As far as HiQ’s business is concerned, the markets most affected by the re-cession were those in southern Sweden and the Öresund region, as well as the west of Sweden. Nonetheless, HiQ’s operations in Gothenburg and Skåne performed well in the circumstances and gained market shares during the year.

HiQ’s performance was stable in central Swe-den, where the Group has offices in Stockholm, Arboga/Västerås and Linköping, with performance improving in the second half.

The performance of the Danish operations was not satisfactory in 2009, although an improvement was seen in the fourth quarter.

In Finland HiQ continues to be successful in broadening its client base and developing the busi-ness. Demand strengthened in the second half, and overall HiQ performed well in Finland in 2009.

HiQ works with clients in a number of segments such as finance, automotive, telecoms, gaming &

entertainment & media, the public sector and de-fence, and worked successfully to broaden its client base in 2009. HiQ implemented initiatives in areas such as finance, with very good results. Other seg-ments with very strong performance in 2009 were automotive, defence, industry and the public sec-tor.

In 2009 HiQ also intensified its efforts in respect of other areas with substantial market potential for HiQ’s services, such as business-critical IT systems that support our clients’ organisations. Among other things, HiQ offers quality assurance of large IT systems deliveries – an activity that is strong in Finland and grew throughout the Group in 2009.Other areas in which HiQ sees great development potential include the development of systems and solutions in the media and entertainment seg-ments, as well as multimedia.

HiQ offers a flexible delivery model with a cus-tomised offering. We offer specialist expertise for projects on the client’s site, in our own facilities and via our development centre in Russia. Demand for projects combining specialist expertise on the client’s site with near-shore development (i.e. in Russia) increased in 2009.

HiQ was named ‘IT Consultant of the Year 2009’ in the magazine Veckans Affärer’s annual survey of buyers of consulting services. This is the third year in succession that HiQ has been top ranked. HiQ was also ranked as Sweden’s best IT consultancy to work for in Universum Communications’ annual survey.

Results and financial positionHiQ’s net sales in 2009 amounted to SEK 1,057.7 (1,181.5) million, a decrease of 10%. Operating pro-fit amounted to SEK 145,6 (193,9) million, giving an operating profit margin of 13.8 (16.4) percent. Con-solidated net financial items for the period were SEK -0.4 (3.9) million. Pre-tax profits amounted to SEK 145.2 (197.8) million.

Cash flow from operating activities was positive at SEK 139.5 (172.0) million. At 31 December 2009 the Group had liquid assets of SEK 131.9 (129.0) million. During the year cash flow was affected by a share redemption of approximately SEK 72 million implemented in June 2009. Cash flow was further affected by payment of a cash considera-tion of approx. SEK 63 million. Interest-bearing net funds at the end of the period were SEK 115.6 (112.2) million. Shareholders’ equity at the end of the period was SEK 596.0 (575.9) million and the equity/assets ratio was 74.5 (66.0) percent.

DiRecTORS’ RepORTfor HiQ international AB (publ) Org. no. 556529-3205, registered office: StockholmAddress: Box 7421, 103 91 Stockholm

director’s report

director’s report

42

Research and development activitiesThe Group has very limited activities within research and development. During the year SEK 0.0 (0.0) mil-lion was expensed for research and development.

investments The Group’s net investments in fixed assets totalled SEK 4,3 million in the period. This breaks down into improvements to premises SEK 0.4 million, equip-ment SEK 0.3 million, finance leases SEK 3.0 million and intangible assets arising on the final adjustment on the acquisitions of Ace and TSG SEK 0.6 million. In 2008 the Group invested SEK 4.0 million in equip-ment, SEK 3.5 million in finance leases, SEK 1.1 mil-lion in improvements to premises and SEK 131.9 mil-lion in intangible assets through the acquisition of Ace and TSG (Including price supplements).

employeesAt year-end HiQ had 1,014 (1,090) employees, 932 (1,041) of whom were active staff. Employees are HiQ’s most important asset and HiQ works conti-nuously to safeguard and improve the employees’ work situation. Sickness absence at HiQ in 2009 was 2.6% (2.9%). HiQ is a member of a corporate healthcare scheme and certain subsidiaries engage the services of a naprapath. Staff receive subsidi-sed healthcare. HiQ also has ethics and equality policies in place, which mean that all employees shall be given the same opportunities irrespective of age, sex, ethnical belonging and religious convic-tion. HiQ also works actively to create a corporate culture that develops our employees’ expertise and experience.

parent companyThe Parent Company’s operations consist in shared Group functions for accounting and finance, inves-tor relations and marketing.

Net sales in the Parent Company were SEK 23.4 (124.7) million. Operating profit was SEK – 14.6 (– 15.2) million. Net financial items were SEK 137.7 (169.2) million, which includes result from partici-pations in Group companies of SEK 138.5 (169,5) million. The result of 2009 includes write downs of shares in subsidiaries amounting to SEK 16.2 mil-lion, due to a group internal reallocation. After tax of SEK 31.2 (39.7) million, net profit was SEK 91.8 (114.3) million. At 31 December the Company’s inte-rest-bearing net funds were SEK 26.2 (49.0) million, adjusted shareholders’ equity SEK 493.2 (478.1) million and the equity/assets ratio 92.7 (81.9) per-cent. The Company’s net investments in the period totalled SEK 0.2 (136.6) million.

environmental informationWe do not consider that HiQ’s activities have any significant impact on the environment. Neverthe-less, HiQ’s environmental work and policy are revie-

wed on an ongoing basis. The environmental policy states that HiQ shall engage actively in environme-ntal activities with a view to continuously improving the environment in a way which is defensible from an economic and business perspective. We believe this makes the Company more attractive to employ-ees, clients, suppliers and shareholders.

Environmental work is an integrated part of the business and each managing director has local responsibility for ensuring that HiQ’s environmen-tal policy is followed and any action programmes implemented. A local environmental plan is to be drawn up for each company including measurable goals to be followed up.

New share issues, etc.During 2009, HiQ’s share capital remained unchan-ged. During 2008 HiQ’s share capital increased by SEK 113,136.80 (equivalent to 1,131,368 shares), as a result of non-cash issues implemented in con-nection with the acquisitions of Ace and TSG Test Solutions OY. As a result of these issues, sharehol-ders’ equity increased by SEK 29.1 million.

A warrant-based incentive scheme aimed at employees within the HiQ Group was implemented during the year. A total of 698,300 warrants were acquired during 2009. For a more detailed descrip-tion of outstanding warrant programmes, see Note 20.

The HiQ shareAt 31 December 2009 HiQ’s share capital totalled SEK 5,160,525.80 spread over 51,605,258 outstan-ding shares. Each share carries one vote and all shares carry equal rights to a share in the assets and profits of the Company. As far as the Company is aware, there are no direct or indirect sharehol-dings representing at least one tenth of the voting rights for all the shares in the Company.

Neither is the Company aware of any agre-ements between shareholders that may entail restrictions in the right to transfer shares. At the Annual General Meeting each person entitled to vote may vote for the full number of shares owned and represented without any restriction on voting rights. The Annual General Meeting in April 2009 authorised the Board of Directors, on one or more occasions in the period up to the next AGM, to is-sue a maximum of 5,000,000 shares in the form of a non-cash issue or off-set issue in connection with acquisitions. At the AGM in April 2009 it was decided to conduct a split, redemption of shares and bonus issue. The number of outstanding sha-res and the company’s share capital remained the same after the completion of this procedure.

OutlookHiQ works on projects and with clients for which communication is a key factor in their success.

43

Person-to-person communications, business-to-consumer communications and business-to-bu-siness communications are increasing in volume and importance every day. The technology that makes such communication possible is becoming a greater and greater part of our lives, both at home and at work. HiQ develops technologies that simplify and assist with people’s daily lives.

This trend is creating both great requirements and many opportunities, and is continuing unaba-ted regardless of the economic situation.

HiQ’s main strategy is to be a leading speciali-sed service company with its heart in the Nordic region. HiQ offers services within the areas of communications and software development to clients in the Nordic region and internationally.

HiQ is governed by clearly conveyed values – results, responsibility, simplicity and joy – which result in good quality work being performed, and thus in satisfied clients and employees. Clear va-lues can help our employees and the company’s structural capital to develop more effectively. Our values represent a crucial competitive advantage, both for us and for our clients.

HiQ’s growth strategy is based on organic growth complemented by strategic acquisitions. HiQ’s acquisition strategy is to strengthen the company geographically by expanding its Nordic presence and acquiring companies that add new expertise within HiQ’s core business.

HiQ has faith in the long-term growth of all the sectors in which it operates and believes that the number of sectors in which technology is a vital factor in success will increase in the future. HiQ prioritises quality, profitability and growth in that order.

Our goal is to be profitable, to demonstrate good growth and to be the leading company in the Nordic region within selected niches as well as the best IT and management consultancy for clients, employees and shareholders.

HiQ does not make forecasts.

Risks and risk managementHiQ’s business is affected by a number of different factors, some of which are within the Company’s control while others are not. For a consultancy company such as HiQ, activities are affected by business-related risks such as recruitment, com-petition and price pressure, development of key customers, bad debts, project risks and the abi-lity to enter into framework agreements. Market-related risks include cyclical risks. Financial risks include exchange rate risks and interest risks.

For a more detailed description of HiQ’s risk management, see Risk and risk management on page 36. For a description of the Group’s risk ma-nagement concerning financial instruments, see Note 35.

corporate GovernanceHiQ is continuously developing its business and procedures for ensuring transparency, genuine sha-reholder influence and a well-functioning Board. This is why the executive management and Chair-man of the Board are open to continuosly receiving feedback from the company’s shareholders concer-ning the Company’s handling of corporate gover-nance issues. Since 1 July 2008 HiQ has been cove-red by the Swedish Corporate Governance Code.

For further information regarding corporate go-vernance see page 75, Corporate Governance report.

The work of the board in 2009HiQ’s Board of Directors met 9 times in 2009. All the meetings were minuted and the Board’s rules of procedure were followed. In addition a full day stra-tegy seminar was held on issues relating to HiQ’s long-term development. The CEO provided board members with a monthly report on the business si-tuation, significant events in the Company and the development in the Company’s market.

During the year, the Board of Directors has had cause to discuss economic developments, the si-tuation of key clients, competitions and structural issues in the sector. The Board also discussed the remuneration of the CEO. In connection to the AGM in April 2009 an audit committee was established.

For further description of the Boards work, see page 75, Corporate Governance report.

GuiDeliNeS fOR DeTeRmiNiNG SAlARieS ANDOTHeR RemuNeRATiON fOR THe ceO AND OTHeRmemBeRS Of THe execuTive mANAGemeNTThe Annual General Meeting on 29 April 2009 pas-sed a resolution concerning the following princip-les for remuneration and terms of employment of the CEO and other members of the executive ma-nagement.

Remuneration of the CEO and other members of the executive management shall comprise fixed salary, any variable remuneration, pension and any other customary benefits. The total remune-ration shall be in line with market rates and the remuneration terms shall reward outstanding per-formance and standardise shareholder and indivi-dual incentives.

fixed salaryRemuneration in the form of fixed salary shall be in proportion to the executive’s experience, responsi-bilities and authority.

variable remunerationThe variable remuneration shall be in proportion to the executive’s responsibilities and authority. It shall also be subject to an upper limit and based on fulfilment of targets aligned with the shareholders’ long-term interests. Where appropriate, the variable

director’s report

44

element shall be based on quantitative and qualita-tive targets.

The Company’s costs for the variable element of remuneration for the CEO and other members of the executive management are 0-100% of the fixed sa-lary cost depending on target fulfilment.

The Board proposes that the CEO and other members of the executive management be eligible to participate in the warrant programme, in the same way as other staff and on the same terms, in accordance with the proposal submitted to the An-nual General Meeting by the Board, and have premi-ums subsidised on the same terms as other employ-ees within HiQ if applicable.

pensionHiQ offers its employees a premium-based pen-sion scheme with entitlement to pension from the age of 65. Variable remuneration is not pensio-nable. Pension benefits amount to a maximum of 35% of fixed salary, not exceeding approx. SEK 0.4 million per employee per year.

Other benefitsOther benefits comprise conventional benefits in accordance with local practice.

Termination and severance payIn the case of the CEO, there is a reciprocal period of notice of six months. If employment is termi-nated by the Company, severance pay equivalent to 10 months’ salary is payable. If employment is terminated by the CEO, salary and other benefits are paid for four months after cessation of employ-ment, during which period the CEO is prohibited from entering into competing activities. In the case of other members of the executive management, there is normally a reciprocal period of notice of three to six months. Issues concerning remunera-tion of the executive management are handled by the CEO. Decisions on remuneration of the CEO are taken by the Board of Directors.

These guidelines may be waived by the Board where there are particular reasons for this in an in-dividual case.

The Board’s proposed guidelines applicable until the next Annual General meetingThe Board of Directors proposes unchanged prin-ciples for the remuneration and other terms of employment of the CEO and other members of the executive management for approval by the General Meeting.

pROpOSeD AppROpRiATiON Of THe cOmpANY’S pROfiT (SeK thousand)

The following funds are at the disposal of the An-nual General Meeting:

Share premium reserve 64,648 Profit brought forward 290,121 Profit for the year 91,841 Total 446,610

The Board and the CEO propose that profits be app-ropriated such that SEK 446,610 thousand is car-ried forward.

It is also proposed a share split 2:1 combined with a compulsory redemption procedure shall be carried out. The procedure will imply that each share will split into one ordinary share and one redemption share. The redemption share is sug-gested to be redeemed for SEK 1.10 per share, re-presenting a transfer of approximately SEK 56,8 million to the Company’s shareholders.

Statement on reasons for the Board’s value transfer proposal through mandatory redemptionThe proposed value transfer to the shareholders will reduce the Parent Company’s equity/assets ratio from 92.7% to 91.8% and the consolidated equity/assets ratio from 74.5% to 72.5%. In view of the continued profitability of the company and the Group, the equity/assets ratio is deemed to be adequate. The Board likewise believes that it will be possible to maintain an adequate level of liqui-dity in the company and the Group.

In the view of the Board of Directors the propo-sed value transfer will not prevent the company or any of the companies within the Group from mee-ting their short- or long-term obligations or from making the necessary investments. The proposed value transfer is therefore defensible with respect to the provisions of paragraphs 2-3 of Section 3 of Chapter 17 of the Swedish Companies Act (the pre-cautionary principle).

The financial reports were approved for publica-tion by the Board of Directors of the Parent Com-pany on 26 February 2010.

For more information about the company’s re-sults and financial position, see the following inco-me statements and balance sheets and the notes to the accounts.

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CONSOLIDATED INCOME STATEMENT (SEK thousand) Note 2009 2008Net sales 3, 4, 8 1,057,662 1,181,532Assignment-specific external expenses 8 – 124,668 – 143,450Staff expenses 5, 29, 32 – 714,317 – 752,578Other external expenses 6, 27 – 60,173 – 79,516Depreciation 11, 12, 27 – 12,870 – 12,050Operating profit 145,634 193,938

Finance income 7 1,114 5,194Finance costs 7 – 1,508 – 1,331Result from shares in associated companies 7 0 0Pre-tax profit 145,240 197,800

Income tax 9 – 39,100 – 54,858Profit for the period 106,140 142,943

Other comprehensive incomeExchange differences on translating foreign operations 21 – 15,115 36,018Other comprehensive income for the period – 15,115 36,018Comprehensive income for the period attributable to the equity holders of the company 91,025 178,960

Profit per share attributable to the equity holders of the Company Basic 22 2,06 2.80 Diluted 22 2,06 2.80

cONSOliDATeD iNcOme STATemeNT AND STATemeNT Of cOmpReHeNSive iNcOme AND BAlANce SHeeT, GROup

consolidated income statement and statement oF compreHensiVe income and balance sHeet, group

46

CONSOLIDATED BALANCE SHEET (SEK thousand) Note 2009-12-31 2008-12-31EQUITY AND LIABILITIESEQUITYCapital and reserves attributable tothe Company’s equity holdersShare capital 20 5,161 5,161Other contributed capital 283,561 282,250Other reserves 21 27,920 43,035Retained earnings 279,394 245,501Total equity 596,035 575,946

LIABILITIESLong-term liabilitiesLong-term interest-bearing debt 24, 27 12,715 13,357Deferred tax 10 4,455 5,879Total long-term liabilities 17,170 19,236

Current liabilitiesShort-term interest-bearing debt 24, 27 3,569 3,451Current income tax liability 0 3,633Accounts payable, trade 35,857 37,339Provisions – additional payments 0 62,874Other liabilities 25 55,458 63,507Accrued expenses and prepaid income 26 92,226 106,183Total current liabilities 187,110 276,987Total liabilities 204,280 296,223Total equity and liabilities 800,315 872,169

Information regarding the Group’s pledged assets and contingent liabilities is found in note 28.

cONSOliDATeD BAlANce SHeeT

CONSOLIDATED BALANCE SHEET (SEK thousand) Note 2009-12-31 2008-12-31AssetsFIXED ASSETSTangible fixed assets 11 24,166 27,338Intangible assets 12 348,867 368,330Investments in associates 13 13,760 14,565Deferred tax 10 1,776 747Other financial fixed assets 15 321 816Total fixed assets 388,890 411,796

CURRENT ASSETSAccounts receivable, trade 17 182,064 243,007Current income tax assets 17,524 —Other receivables 16 10,348 7,667Accrued income and prepaid expenses 18 69,627 80,683Cash and cash equivalents 19 131,862 129,016Total current assets 411,425 460,373Total assets 800,315 872,169

consolidated income statement and statement oF compreHensiVe income and balance sHeet, group

47

Attributable to the equity holders of the Company Share Other contrib- Retained Total(SEK thousand) Note capital uted capital Reserves earnings equity

Balance at 1 January 2008 5,047 250,987 7,017 168,400 431,451

COMPREHENSIVE INCOMEProfit for the period 142,943 142,943Other comprehensive incomeCurrency translation adjustments 21 36,018 36,018Comprehensive income 36,018 142,943 178,961

TRANSACTIONS WITH SHAREHOLDERSWarrant premiums 20 2,230 2,230Share issue acquisition 113 29,033 29,147Redemption of shares 23 – 65,842 – 65,842Total transactions with shareholders 113 31,263 – 65,842 – 34,465

Balance at 31 December 2008 5,161 282,250 43,035 245,501 575,946

Balance at 1 January 2009 5,161 282,250 43,035 245,501 575,946

COMPREHENSIVE INCOMEProfit for the period 106,140 106,140Other comprehensive incomeCurrency translation adjustments 21 – 15,115 – 15,115Comprehensive income – 15,115 106,140 91,025

TRANSACTIONS WITH SHAREHOLDERS Warrant premiums 20 1,311 1,311Redemption of shares 23 – 72,247 – 72,247Total transactions with shareholders 1,311 – 72,247 – 70,936

Balance at 31 December 2009 5,161 283,561 27,920 279,394 596,035

cONSOliDATeD STATemeNT Of cHANGeS iN SHAReHOlDeRS’ eQuiTY

consolidated statement oF cHanges in sHareHolders’ equity, group

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casH Flow statement, group

cONSOliDATeD cASH flOw STATemeNT

(SEK thousand) Note 2009 2008Cash flows from operating activitiesProfit after financial items 145,240 197,801Adjustments for items not included in the cash flow 31 12,870 12,042Tax paid – 62,722 – 47,691Cash flows from operating activities before changes in working capital 95,388 162,152

Cash flows from changes in working capitalIncrease (–) / Decrease (+) in operating receivables 65,488 – 14,264Increase (+) / Decrease (–) in operating liabilities – 21,409 24,114Cash flows from current operations 139,467 172,002

Cash flows from Investing activitiesAcquisition of tangible assets – 1,036 – 4,227Acquisition of subsidiary, net of acquired liquid assets – 62,586 – 58,139Acquisition of financial assets 0 – 2Disposal of financial assets 465 0Cash flows from investment activities – 63,157 – 62,368

Cash flows from financing activitiesWarrant premiums 1,311 2,230New loans 0 23,021Repayment of debt – 3,230 0Redemption of shares / dividends paid 23 – 72,247 – 65,842Cash flows from financing activitites – 74,166 – 40,591 Cash flows for the period 2,144 69,043Cash and cash equivalents at beginning of year 129,016 60,726Effects of exchange rate changes 702 – 753Cash and cash equivalents at end of year 19 131,862 129,016

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fOR THE PARENT COMPANY (SEK thousand) Note 2009 2008Net sales 3, 32 23,361 124,656Assignment-specific external expenses 32 – 768 – 93,161Other external expenses 6 – 13,065 – 18,166Staff expenses 5, 29, 32 – 24,126 – 28,468Depreciation and write-downs 11 – 36 – 27Operating profit – 14,634 – 15,166 Profit from shares in Group companies 7 138,514 169,524Finance income 7 330 1,496Finance costs 7 – 1,172 – 1,858Profit after financial items 123,038 153,996 Income tax 9 – 31,197 – 39,732PROfIT fOR THE PERIOD 91,841 114,264

income statement and balance sHeet, parent company

THE PARENT COMPANY (SEK thousand) Note 2009-12-31 2008-12-31ASSETSFIXED ASSETSTangible fixed assets: Equipment 11 331 169Financial fixed assets: Shares in subsidiaries 30 422,670 438,048Total fixed assets 423,001 438,217 CURRENT ASSETSShort-term receivables Accounts receivable, trade 20,239 19,961 Current income tax assets 4,594 0 Receivables – Group companies 14 51,945 67,339 Other receivables 16 0 1.301 Accrued income and prepaid expenses 18 6,241 7,963Total current assets 83,019 96,564

Cash and bank balances 26,179 48,984Total assets 532,199 583,765

BALANCE SHEET fOR THE PARENT COMPANY (SEK thousand) Note 2009-12-31 2008-12-31EQUITY AND LIABILITIESEQUITYRestricted equity Share capital (51.605.258 shares with a quota value of SEK 0,10) 20 5,161 5,161 Statutory reserve 41,419 41,419Total restricted equity 46,580 46,580

Non-restricted equityShare premium reserve 64,648 63,337Retained earnings 290,121 253,961Profit for the period 23 91,841 114,264Total non-restricted equity 446,610 431,562Total equity 493,190 478,142

CURRENT LIABILITIESAccounts payable, trade 567 752Liabilities – group company 22,269 16,443Provisions – additional payments 0 62,874Current income tax liabilities 0 5,274Other liabilities 25 1,924 2,244Accrued expenses and prepaid income 26 14,249 18,036Total current liabilities 39,009 105,623Total equity and liabilities 532,199 583,765

Pledged assets None NoneContingent liabilities 28 None 5,894

iNcOme STATemeNT AND BAlANce SHeeT fOR THe pAReNT cOmpANY

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statement oF cHanges in sHareHolders’ equity, parent company

2009 2008 Equity Shares Votes Shares VotesNumber of shares 51,605,258 51,605,258 51,605,258 51,605,258

Parent company Share Stautory Premium Retained Profit for2008 (SEK thousand) Note capital reserve reserve earnings the periodBalance at 1 January 2008 5,047 41,419 32,074 224,228 97,524Allocation of previous year’s profit Transfer to retained earnings 97,524 – 97,524 Redemption of shares – 65,842Group contribution – 2,707Tax on Group contribution 758New share issue – acquisition 113 29,033Warrant premiums 20 2,230Profit for the period 114,264Balance at 31 December 2008 5,161 41,419 63,337 253,961 114,264

Parent company Share Stautory Premium Retained Profit for2009 (SEK thousand) Note capital reserve reserve earnings the periodBalance at 1 January 2009 5,161 41,419 63,337 253,961 114,264Allocation of previous year’s profit Transfer to retained earnings 114,264 – 114,264 Redemption of shares 23 – 72,247Group contribution – 7,946Tax on Group contribution 2,089New Warrant premiums 20 1,311Profit for the period 91,841Balance at 31 December 2009 5,161 41,419 64,648 290,121 91,841

STATemeNT Of cHANGeS iN SHAReHOlDeRS’ eQuiTY – pAReNT cOmpANY

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casH Flow statement, parent company

Cash flow statement (SEK thousand) Note 2009 2008Cash flows from operating activitiesProfit after financial items 123,038 153,996Adjustments for items not included in the cash flow 31 12,274 – 6,946Tax paid – 38,976 – 31,747Cash flows from operating activities before changes in working capital 96,336 115,303

Cash flows from changes in working capitalIncrease (–) / Decrease (+) in operating receivables 22,139 6,727Increase (+) / Decrease (–) in operating liabilities – 6,412 17,536Cash flows from current operations 112,063 139,566

Cash flows from Investing activities Acquisition of tangible fixed assets – 198 0Acquisition of financial fixed assets – 63,734 – 44,545Cash flows from investment activities – 63,932 – 44,545

Cash flows from financing activities Warrant premiums and new share issue 1,311 2,230Loan payments received 0 3,477Redemtion of shares /Dividends paid to company’s shareholders 23 – 72,247 – 65,842Cash flows from financing activitites – 70,936 – 60,135

Cash flows for the period – 22,805 34,889Cash and cash equivalents at beginning of year 48,984 14,095Cash and cash equivalents at end of year 31 26,179 48,984

cASH flOw STATemeNT fOR THe pAReNT cOmpANY

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notes

NOTeS

1. GeNeRAl iNfORmATiONHiQ International AB (“the Company”) and its subsidiaries (together “HiQ” or ‘the Group’) is an IT- and management consulting company with operations in the Nordic region and Eastern Europe.

The Company is a limited liability company incorporated and domiciled in Stockholm, Sweden. The address of its re-gistered office is Box 7421, 103 91 Stockholm, Sweden.

The Company is listed on NASDAQ OMX Stockholm MidCap.

These consolidated financial statements have been approved for issue by the Board of Directors on 26 February 2010. The income statements and balance sheets are to be adopted by the Annual General Meeting on 25 March 2010.

2. SummARY Of SiGNificANT AccOuNTiNG pOlicieSThe principal accounting policies applied in the prepara-tion of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as they hav been adopted by the EU and in accordance with RFR 1.1 and the Swedish An-nual Accounts Act. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale finan-cial assets, and financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s ac-counting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 34 (Critical accounting assumptions and judgements).

New and amended standards adopted by the GroupThe Group has adopted the following new and amended IFRSs as of 1 January 2009.

IFRS 7 ‘Financial instruments – Disclosures’ (amendment) – effective 1 January 2009. The amendment requires en-hanced disclosures about fair value measurement and liquidity risk. As this change in accounting policy only results in additional disclosures, there is no impact on earnings per share.

IAS 1 (revised) ‘Presentation of Financial statements’ – effective 1 January 2009. The revised standard prohi-bits the presentation of items of income and expenses (that is, ‘non-owner changes in equity’) in the statement of changes in equity, requiring ‘non-owner changes in equity’ to be presented separately from owner changes in equity in a statement of comprehensive income. As a result the Group presents in the consolidated statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the con-

solidated statement of comprehensive income. Compa-rative information has been re-presented so that it also is in conformity with the revised standard. As the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share.

IFRS 8, ’Segment reporting” Effective from 1 January 2009. The new standard requires that segment infor-mation is presented from a management perspective, which means that it is presented the way used in inter-nal reporting. This has led to a change in the reportable segments. For HiQ, IFRS 8 has implied that information is presented for the segments; Sweden, Denmark and Finland. HiQ’s previous segment reporting was primarily based upon line of business and secondarily on geograp-hical areas. Comparative information has been restated in accordance with IFRS 8. De new standard has no impact on earnings per share.

Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the GroupThe following standards and amendments to existing standards have been published and are mandatory for the Group’s accounting periods beginning on or after 1 January 2010 or later periods, but the Group has not early adopted them:

IFRIC 17 ‘Distribution of non-cash assets to owners’ (ef-fective on or after 1 July 2009). This interpretation provi-des guidance on accounting for arrangements whereby an entity distributes non-cash assets to shareholders either as distribution of reserves or as dividends. The Group will apply IFRIC 17 from 1 January 2010. It is not expected to have a material impact on the Group’s financial state-ments.

IAS 27 (revised) ‘Consolidated and separate financial statements’ (effective from 1 July 2009). The revised standard requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer re-sult in goodwill or gains and losses. The Group will apply IAS 27 (revised) prospectively to transactions with non-controlling interests from 1 January 2010. It is not expec-ted to have any material impact on the Group’s financial statement.

IFRS 3 (revised) ‘Business combinations’ (effective from 1 July 2009). The revised standard continues to apply the acquisition method to business combinations, with some significant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classified as debt subsequently re-measured through the income statement. There is a choice on an acquisition-by-acqui-sition basis to measure the non-controlling interest in the acquire at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. All ac-quisition-related costs should be expensed. The Group will apply IFRS 3 (revised) prospectively to all business combinations from 1 January 2010.

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notes

IAS 38 (amendment) ‘Intangible assets’. The amendment is part of IASB’s annual improvement project and the Group will apply this from the date IFRS3 (revised) is adopted. The amendment clarifies guidance in measuring the fair value of an intangible asset acquired in a business combination. The amendment will not result in a material impact on the Group’s financial statements.

IAS 1 (amendment), ‘Presentation of financial statements’. The amendment is part of IASB’s annual improvement project. The amendment provides clarification that the po-tential settlement of a liability by the issue of equity is not relevant to its classification as current or non-current. The Group will apply IAS 1 (amendment) from 1 January 2010. It is not expected to have a material impact on the Group’s financial statements.

IFRS 5 (amendment) ‘Measurement of non-current assets (or disposal Groups) classified as held-for-sale’. It is not expected to have a material impact on the Group’s financial statements.

IFRS 2 (amendment) ‘Group cash-settled and share-based payment transactions’. It is not expected to have a material impact on the Group’s financial statements.

Revenue recognitionRevenue comprises the fair value of the consideration received or receivable for the sale of goods and services. Revenue is shown, net of value-added tax, rebates and dis-counts and after eliminated sales within the Group. Reve-nue is recognised as follows:

Sales of services – assignments on current accountSales of services are recognized in the accounting period in which the services are rendered. Work carried out that has not yet been invoiced on the balance sheet date is reported as accured income.

Sales of services – fixed price assignmentsIncome from ongoing fixed price service assignments and expenses relating to these assignments are reported as in-come and costs respectively in accordance with the degree of completion of the assignment on the closing day (per-centage of completion method). The percentage of comple-tion of an assignment is determined by comparing expense incurred on the closing day with the estimated total expen-diture. In cases where the outcome of the service assign-ment cannot be estimated with any degree of certainty, the income is reported only to the extent that corresponds to the assignment costs incurred that will probably be reim-bursed by the client. An anticipated loss on an assignment is reported immediately as a cost. Fixed price assignments make up only a limited proportion of net sales. In 2009, the proportion of fixed price assignments was 1% (3%).

Sales of goods Sales of goods are recognised when a group entity has deli-vered products to the customer, the customer has accepted the products and collectibility of the related receivables is reasonably assured. Sales of goods are mostly done in the form of computers, software licenses etc as a part of a con-sultancy assignment.

Licence incomeIncome from licence sales is distributed in accordance with the financial import of the agreement concerned.

consolidationSubsidiariesSubsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group.

The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabi-lities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as good-will. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eli-minated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the as-set transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

AssociatesAssociates are all entities over which the Group has signi-ficant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recogni-sed at cost. The Group’s investment in associates inclu-des goodwill (net of any accumulated impairment loss) identified on acquisition.

The Group’s share of its associates’ post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting

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notes

policies of associates have been changed where neces-sary to ensure consistency with the policies adopted by the Group.

Tangible fixed assetsTangible fixed assets are reported at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropria-te, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Depreciation is calculated using the straight-line met-hod to allocate their cost to their residual values over their estimated useful lives, as follows:

Improvement expenses to others’ property 17-20%Equipment 20%Leased equipment 17%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by com-paring proceeds with carrying amount. These are inclu-ded in the income statement.

intangible assetsGoodwillGoodwill represents the excess of the cost of an acqui-sition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary/associate at the date of acquisition. Goodwill on acquisition of subsidiaries is included in ‘intangible assets’. Goodwill on acquisitions of associates is included in ‘investments in associates’. Separately recognised goodwill is tested annually for impairment and carried at cost less accumu-lated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing.

Research and development activitiesThe Group has very limited activities in research and de-velopment. In 2009, SEK 0.0 (0.0) million was expensed for research and development.

Aquired customer relationsCustomer relations that are aquired by the Group is repor-ted at acquisition cost less accumulated amortisations and write downs. Aquired customer relations are amor-tised over 5 years.

financial assetsThe Group classifies its financial assets in the following categories: loans and receivables, and available-for-sale financial assets.

A). Loans and receivablesLoans and receivables are non-derivative financial assets

with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. The Group’s loans and receivables comprise tra-de receivables and other receivables and cash and cash equivalents in the balance sheet. Loans and receivables are carried at amortised cost using the effective interest method. B). Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classi-fied in any of the other categories. They are included in non-current assets unless management intends to dis-pose of the investment within 12 months of the balance sheet date.

Regular purchases and sales of financial assets are re-cognised on the trade-date – the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Availa-ble-for-sale financial assets are subsequently carried at fair value. Changes in the fair value of monetary securi-ties denominated in a foreign currency and classified as available-for-sale are analysed between translation dif-ferences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary secu-rities are recognised in profit or loss, while translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognised in equity.

When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustment recognised in equity are included in the income statement as “gains and losses from investment securities”. Interest on available-for-sale securities calculated using the ef-fective interest method is recognised in the income sta-tement as part of other income. Dividends on available-for-sale equity instruments are recognised in the income statement as part of other income when the Group’s right to receive payment is established.

The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity securities classified as available-for-sale, a signi-ficant or prolonged decline in the fair value of the secu-rity below its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss – is removed from equity and recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not reversed th-rough the income statement.

leasesLeases of property, plant and equipment where the Group has substantially all the risks and rewards from owner-ship are classified as finance leases. Finance leases are capitalised at the lease’s inception at the lower of the fair

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value of the leased property and the present value of the minimum leasing payments. Each lease payment is allo-cated between the liability and finance charges so as to achieve a constant rate on the finance balance outstan-ding. The corresponding rental obligations, net of finan-cial charges, are included in other long-term and short-term payables. The interest element of the finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the shorter of the asset’s use-ful life and the lease term. Leases where the lessor retains a significant proportion of risks and rewards of ownership are classified as operating leases. Expenses made under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

income taxesIncome tax reported consists of tax that is to be paid or received during the current year, adjustments for the pre-vious year’s tax, and changes in deferred tax.

Deferred income tax is provided in full, using the lia-bility method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.

Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a trans-action other than a business combination or temporary differences arising from goodwill accounting, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determi-ned using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised to the ex-tent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and as-sociated companies, except where the timing of the rever-sal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities is offset when there exists a legal right to offset these assets and liabilities and when the deferred taxes are subject to the same authority.

provisionsProvisions for restructuring costs and legal claims etc are recognised when: the Group has a present legal or con-structive obligation as a result of past events; it is more likely than not that an outflow of resources will be requi-red to settle the obligation; and the amount has been reliably estimated. Where there are a number of similar obligations, the likelyhood that an outflow will be requi-red in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

foreign currency translationFunctional and presentation currencyItems included in the financial statements of each of the Group’s entities are measured using the currency of the

primary economic environment in which the entity opera-tes (‘the functional currency’). The consolidated financial statements are presented in Swedish crowns, which is the Company’s functional and presentation currency. When recalculating foreign subsidiaries used currency amounts to, on balance day: EUR/SEK 10,35 (10,94), DKK/SEK 1,39 (1,47), and RUB/SEK 0,24 (0,26).

Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transac-tions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Group companiesThe results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presen-tation currency as follows:

A). Assets and liabilities for each balance sheet presen-ted are translated at the closing rate at the date of that balance sheet.

B). Income and expenses for each income statement are translated at average exchange rates.

C). On consolidation, exchange differences arising from the translation of the net investment in foreign opera-tions, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Dividend distributionDividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial state-ments in the period in which the dividends are approved by the Company’s shareholders.

Accounts receivable, trade:Trade receivables are recognised initially at fair value. They are subsequently measured at amortised cost, less provision for impairment. Trade receivables are always short-term, and consequently the effective interest met-hod is not applicable. Provision for impairment is made if there is objective evidence that the Group will not receive the amount due according to the original terms of the re-ceivables. Significant financial difficulties on the part of the debtor, the likelihood that the debtor will be declared bankrupt or undergo financial restructuring and missed or late payments (more than 30 days overdue) are regar-ded as indications of possible impairment of receivables. The amount of the provision is the difference between the book value of the asset and the present value of the ex-pected future cash flows. The impairment is recognised in the income statement immediately. The reported value of the asset is reduced using an impairment account and the

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loss is reported in the income statement under other ex-ternal expenses. When a receivable cannot be collected it is written off in the impairment account for receivables. An amount previously written off is reversed by crediting other external expenses in the income statement.

cash and cash equivalentsCash and cash equivalents includes cash in hand, depo-sits held at banks, other short-term highly liquid invest-ments (that can be traded within 3 months).

Share capitalOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, from the proceeds.

Accounts payableAccounts payable are initially reported at fair value and thereafter at accrued aquisition value, applying the effec-tive interest method.

employee benefitsA). Pension obligationsHiQ operates a number of different pension plans. All plans are defined contribution plans where HiQ pays fix-ed contributions into a separate entity. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash re-fund or a reduction in the future payments is available.

B). Termination benefitsTermination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redun-dancy in exchange for these benefits. The Group recogni-ses termination benefits when it is demonstrably com-mitted to either: terminating the employment of current employees without possibility of withdrawal; or providing termination benefits as a result of an offer made to en-courage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discoun-ted to present value.

C). Profit-sharing and bonus plansWhen profit-sharing and bonus programs are in use, the Group expenses costs for these programs in accordance with the obligations to pay such compensation.

fair valueThe reported value – after any impairment – of trade re-ceivables and payables is assumed to equate to their fair value, since these entries are short-term in nature. The fair value of financial liabilities is calculated, for disclo-sure purposes, by discounting the future contracted cash flow to the current market interest rate available for simi-lar financial instruments.

Accounting policies for the parent companyThe parent company’s accounts have been prepared in accordance with the Swedish Annual Accounts Act and Statement RFR 2:2 “Accounting for legal entities” issued by the Swedish Financial Accounting Standards Council. RFR 2:2 states that the parent company shall apply all

standards and statements issued by IFRS that has been adopted by the EU, as far this is possible according to the Swedish Annual Accounts Act. Consideration should also be taken to the connection between accounting and taxa-tion. The statement RFR 2:2 states in which cases, excep-tions and additions should be made in relation to IFRS. The most important differences between the accounting principles of the Group and the Company are stated below.

The principal accounting policies outlined below have been applied in the preparation of the parent company’s financial statements. These policies have been consis-tently applied to all the years presented, unless other-wise stated.

DividendsDividends are recognised when the right to receive pay-ment is regarded as collectable.

Finacial InstrumentsIn the parent company financial instruments are valued of aquisition cost less accumulated write-downs. Financial current assets are valued to the lower of cost or market.

Fixed tangible assetsOwned assetsTangible fixed assets are reported at acquisition cost less a deduction for accumulated depreciation and write-downs, as in the Group but with the addition of possible write-ups.

Leased assetsAll leasing agreements are treated as operational leasing agreements.

TaxesIn the parent company untaxed reserves are accounted for including deferred tax. In the consolidated accounts are the untaxed reserves dividend into deferred tax and equity.

Group contributions and shareholder contributions for legal entitiesThe parent company accounts for Group contributions and shareholders’ contributions according to statements from the Swedish Financial Accounting Standards Council.

Shareholders’ contributions are recognised in equity by the receiving party and as shares in Group companies by the contributor (in cases when write-down is not ne-cessary). Group contributions are accounted for based upon the purpose of the contribution. Therefore, Group contributions given in order to minimize the Group’s tax are recognised in equity (as a deductible to retained ear-nings – after tax).

Group contributions equal to shareholders’ contribu-tions are recognised in equity by the receiving party (after tax). The contributing party accounts for the Group con-tribution as an investment in Group companies, if not a write-down is necessary.

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3. SAleS DiSTRiBuTiON Group Parent CompanyNet sales (SEK thousands) 2009 2008 2009 2008Consultancy services 1,043,558 1,170,519 0 91,981Re-billed expenses 9,207 7,854 26 565Other 4,897 3,159 23,335 32,110Total 1,057,662 1,181,532 23,361 124,656

4. SeGmeNT RepORTiNGManagement has decided the operating segments based upon the reports reviewed by the highest executive management group. The operations is considered upon a geographic perspective based upon where the operations are located, i.e. Sweden, Denmark and Finland. The Russian operations is regarded as an integrated part of the Swedish operations and is therefore included in the operating segment Sweden.

The reportable segments derive their revenue primarily from sale of IT-services. The reportable segments performance is measured on an operating profit-level, where central costs are allocated to the reportable segments, to the extent pos-sible. Financial items are not allocated to the reportable segments. Sales between the reportable segments are done at market terms.

5. emplOYeeS

2009 2008

Average number of employees: Total Women Men Total Women MenPARENT COMPANYThe municipality of Stockholm 6 2 4 6 2 4

SUBSIDIARIESThe municipality of Stockholm 361 90 271 377 94 283The municipality of Arboga 61 12 49 59 10 49The municipality of Göteborg 152 29 123 165 33 132The municipality of Lund 110 24 86 136 26 110The municipality of Karlskrona 32 9 23 35 9 26Herlev, Denmark 35 5 30 46 9 37Espoo, Finland 144 30 114 126 25 101Moscow, Russia 25 4 21 48 9 39The municipality of Linköping 25 6 19 20 4 16Total for the Group 951 211 740 1,018 221 797

Group & Sweden Finland Denmark Elim. Total 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008External revenues 823,260 949,044 177,141 150,843 57,261 81,645 0 0 1,057,662 1,181,532Revenues from other segments 2,209 3,112 0 0 0 0 – 2,209 – 3,112 0 0Total revenues 825,469 952,156 177,141 150,843 57,261 81,645 – 2,209 – 3,112 1,057,662 1,181,532

Operating profit 127,017 165,535 38,688 41,100 – 3,831 6,192 –16,240 – 18,890 145,634 193,938Operating margin 15.4% 17.4% 21.8% 27.2% – 6.7% 7.6% 13,8% 16,4%Depreciation 10,063 10,279 2,660 1,633 111 111 36 27 12,870 12,050Financial items – 394 3,863Profit before tax 145,240 197,800

Assets 399,553 417,550 299,134 300,916 66,353 86,243 35,275 67,460 800,315 872,169 of which in associates 13,760 14,565

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2009 2008Group No. on balance Of which Of which No. on balance Of which Of which(including subsidiaries) sheet date men women sheet date men womenBoard members 15 80% 20% 19 79% 21%CEO and other senior executives 15 87% 13% 14 79% 21%

2009 2008Parent Company No. on balance Of which Of which No. on balance Of which Of which sheet date men women sheet date men womenBoard members 7 57% 43% 7 57% 43%President and other senior executives 6 67% 33% 6 67% 33%

2009 2008Salaries and other remuneration (SEK thousand) Group Parent Company Group Parent CompanyThe Board of Directors and CEO 19,434 6,478 21,170 8,116Other employees 476,413 5,448 483,833 5,675Bonus reservation (warrant programme) 3,841 3,841 3,445 3,445Total salaries and remuneration 499,688 15,767 508,448 17,236

Legal and contractual social security contributions 138,217 4,190 145,550 4,661Bonus reservation – social security contributions 1,207 1,207 1,117 1,117Pension expenses The Board of Directors and CEO 2,572 428 2,732 420 Other employees 57,019 1,091 57,632 877Total salaries and remuneration, pension expenses and social security contribution 698,703 22,683 715,479 24,311

Salaries, remuneration, pension expenses and social security contributions for subsidiaries in 2009 totalled SEK 552,401 (580,411) thousand in Sweden, SEK 35,620 (39,755) kkr,thousand in Denmark and SEK 106,280 (83,759) thousand in Finland and in Russia with 4,408 (11,523). The variable part of the salaries and remuneration paid to the Board of Directors and the CEO is SEK 4,199 (5,836) thousand for the Group and SEK 3,000 (4,500) for the Parent Company. For further infor-mation regarding benefits for senior executives, please refer to note 29.

The Parent Company has less than 10 employees and therefore is no disclosure of sick leave necessary.

6. AuDiTORS’ fee

2009 2008(SEK thousand) Group Parent Company Group Parent CompanyPricewaterhouseCoopers Auditing and associated services 1,009 556 936 514 Advisory services 5 0 207 207Trevision Auditing and associated services 277 0 248 0KPMG Auditing and associated services 93 0 70 0ATL Auditing and associated services 0 0 64 0Total 1,384 556 1,525 721

7. fiNANciAl iNcOme AND cOSTSGroup 2009 2008Interest income 1,114 4,956Gains of revaluation of financial assets and liabilities 0 238financial income 1,114 5,194

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Group 2009 2008Interest expenses – 666 – 1,331Other investments – 48 —Exchange rate changes – 794 —financial expenses – 1,508 – 1,331Result from shares in associated companies 0 0financial net – 394 3,863

Parent Company 2009 2008RESULT FROM SHARES IN GROUP COMPANIESWrite-downs of shares in subsidiaries – 16,238 —Received dividends 20,590 11,983Received Group contribution 134,162 157,541Total 138,514 169,524

INTEREST INCOME AND SIMILAR ITEMSExchange rate changes 797 634Interest income, other 330 1,496Total 1,127 2,130

INTEREST EXPENSES AND SIMILAR ITEMSExchange rate changes – 1,658 – 1,232Interest expenses, Group companies – 265 – 1,259Interest expenses, other – 46 0Total – 1,969 – 2,491

8. fOReiGN excHANGe DiffeReNceS Group (SEK thousand) 2009 2008Net sales 190 – 367Assignment-specific external expenses – 534 75 – 344 – 292

9. TAxeSGroup (SEK thousand) 2009 2008CURRENT TAXTax for the period 41,089 54,822Adjustment of previous years’ tax 0 0

DEFERRED TAXDeferred tax temporary differences – 1,029 36Loss carried forward – 960 0Total tax cost – Group 39,100 54,858

Parent Company (SEK thousand) 2009 2008CURRENT TAXTax for the period 31,197 39,732Total tax cost – Parent Company 31,197 39,732

Effective tax rateGroup 2009 (%) 2009 2008 (%) 2008Profit before tax (SEK thousand) 145,240 197,800Income tax rate in Sweden 26,3% 28.0%Effect of foreign income tax – 0,1% – 0.5%Non-deductible costs 0,6% 0.6%Non-taxable income – 0,1% – 0.2%Other 0,1% – 0.5%Average tax rate 26,9% 39,100 27.6% 54,858

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Effective tax rateParent Company 2009 (%) 2009 2008 (%) 2008Profit before tax (SEK thousand) 123,038 153,996Income tax rate in Sweden 26,3% 28.0%Non-deductible costs/non-taxable income – 0,9% – 1.9%Other 0,0% – 0.5%Average tax rate 25,4% 31,197 25.6% 39,732

10. DefeRReD TAx ASSeTS/liABiliTieS 2009 2008 Group Parent Company Group Parent CompanyDEFERRED TAX ASSETSLosses carried forward 960 0 0 0Fixed assets 816 0 747 0Total 1,776 0 747 0

DEFERRED TAX LIABILITIESUntaxed reserves 75 0 171 0Fixed intangible assets 4,380 0 5,708 0Total 4,455 0 5,879 0

Recovery date for 2009 2008 deferred tax assets (SEK thousand) Group Parent Company Group Parent CompanyDeferred tax assets 1,776 — 747 —

Recovery date for 2009 2008deferred tax liabilities (SEK thousand) Group Parent Company Group Parent CompanyDeferred tax liabilities to be recovered within 1 year 1,283 — 1,404 —Deferred tax liabilities to be recovered after 1 year 3,172 — 1,575 —

Deferred tax assets Deferred tax liabilities(SEK thousand) Group Parent Company Group Parent CompanyAs of 1 January 2008 783 — 2,353 —Change during the year – 36 — 3,526 —As of 31 December 2008 747 — 5,879 —

As of 1 January 2009 747 — 5,879 —Change during the year 1,029 — – 1,424 —As of 31 December 2009 1,776 — 4,455 —

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Group Parent Company Improvement expenses Leased(SEK thousand) for others’ property Equipment equipment Total EquipmentDEPRECIATION AND WRITE-DOWNBalance at 1 January 2008 – 3,779 – 10,243 – 4,529 – 18,551 – 237Depreciation – 1,489 – 2,324 – 3,451 – 7,264 – 30Disposals 0 371 1,877 2,248 0Exchange differences – 207 – 601 0 – 808 0Balance at 31 December 2008 –5,474 – 12,797 – 6,103 – 24,374 – 267

Balance at 1 January 2009 –5,474 – 12,797 – 6,103 – 24,374 – 267Depreciation – 1,192 – 2,371 – 3,570 – 7,133 – 37Disposals 0 494 2,083 2,577 0Exchange differences 79 249 – 4 323 0Balance at 31 December 2009 – 6,587 – 14,425 – 7,594 – 28,607 – 304

Group Parent Company Improvement expenses Leased(SEK thousand) for others’ property Equipment equipment Total EquipmentNET BOOK AMOUNTBalance at 1 January 2008 2,940 6,356 16,714 26,010 199Balance at 31 December 2008 2,620 7,910 16,808 27,338 169

Balance at 1 January 2009 2,620 7,910 16,808 27,338 169Balance at 31 December 2009 1,851 6,030 16,285 24,166 331

Leased equipmentThe Group leases company cars with financial leasing. The agreements are based on market terms. The leased assets are collateral for the leasing debt (note 27).

11. fixeD TANGiBle ASSeTS Group Parent Company Improvement expenses Leased(SEK thousand) for others’ property Equipment equipment Total EquipmentACQUISITION VALUEBalance at 1 January 2008 6,719 16,599 21,243 44,561 436Acquisitions during the year 1,092 3,607 7,688 12,387 0Acquired assets 0 305 0 305 0Exchange differences 283 774 0 1,057 0Disposals 0 – 578 – 6,020 – 6,598 0Balance at 31 December 2008 8,094 20,707 22,911 51,712 436

Balance at 1 January 2009 8,094 20,707 22,911 51,712 436Acquisitions during the year 463 635 6,412 7,510 198Exchange differences – 119 – 330 0 – 449 0Disposals 0 – 557 – 5,444 – 6,001 0Balance at 31 December 2009 8,438 20,455 23,879 52,772 634

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Aquired customer Group (SEK thousand) Goodwill relations TotalNET BOOK AMOUNTBalance at 1 January 2008 212,637 7,423 220,060Balance at 31 December 2008 346,622 21,708 368,330

Balance at 1 January 2009 346,622 21,708 368,330Balance at 31 December 2009 333,417 15,450 348,647

Acquired customer relations is amortised on a straight-line method over their estimated useful lives. The useful life is expected to 5 years, equivalent to a rate of 20% per year.

Impairment tests for goodwillThe cash-generating units listed below account for the majority of the Group’s total goodwill:(SEK thousand) 2009 2008HiQ Softplan – consultancy services in Finland 84,661 89,487HiQ København – consultancy services in Denmark 52,647 55,677HiQ Göteborg – consultancy services in Göteborg 25,537 25,537HiQ Stockholm – consultancy services in Stockholm 61,535 49,714HiQ MobilEyes — 11,821HiQ Ace – consultancy services in Linköping 19,938 20,838HiQ Quality Services – consultancy services in Finland 89,099 93,548Total 333,417 346,622

12. iNTANGiBle ASSeTS Aquired customer Group (SEK thousand) Goodwill relations TotalACQUISITION VALUEBalance at 1 January 2008 212,637 12,273 224,910Acquisition 114,386 19,189 133,575Exchange differences 19,599 0 19,599Balance at 31 December 2008 346,622 31,462 378,084

Balance at 1 January 2009 346,622 31,462 378,084Acquisition 613 0 613Exchange differences – 13,818 – 643 – 14,461Balance at 31 December 2009 333,417 30,819 364,236

DEPRECIATION AND WRITE-DOWNBalance at 1 January 2008 0 – 4,850 – 4,850Amortisation 0 – 4,786 – 4,786Exchange differences 0 – 118 – 118Balance at 31 December 2008 0 – 9,754 – 9,754

Balance at 1 January 2009 0 – 9,754 – 9,754Amortisation 0 – 5,738 – 5,738Exchange differences 0 123 123Balance at 31 December 2009 0 – 15,369 – 15,369

Recoverable amount for cash-generating units is based on the following important assumptionsThe impairment tests have been based on calculations of the value in use. These values are based on cash flow valuations, in which the forecast for the first year constitutes agreed budget for the unit. The forecast for the following four years is based on management’s judgement of the development during this period. Cash flows forecasted for the period beyond the explicit forecast period is based on a continued annual growth rate of 3%. This level is estimated to be in line with the expected level of inflation. Forecasted cash flows are discounted with a discount rate of 13.9% (pre-tax).

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13. iNveSTmeNTS iN ASSOciATeS Group (SEK thousand) 2009 2008At beginning of year 14,545 12,590Share of profit 0 0Exchange differences – 785 1,955Book value at end of year 13,760 14,545

Investments in associates includes HiQ Softplan’s premises in Espoo, Finland. These premises is owned by a real estate com-pany, owned by the companies that are tenants. The ownership shares in the real estate company are equal to the proportion of the area that HiQ Softplan has of the total area of the building. The real estate company is a non-profit company with the only mission to provide its tenants cost-efficient premises.

The name of the real estate company is Westends Affärscentrum OY and the Group’s ownership share is 31,8% by the end of 2009.

The Group’s share of revenues, profit, assets and liabilities are outlined below:(SEK thousand) Net sales Profit Asset Liabilities Equity Ownership2009Westend Affärscentrum OY 381 0 13,846 86 13,760 31.8%2008Westend Affärscentrum OY 468 0 14,637 72 14,565 31.8%

14. ReceivABleS – GROup cOmpANieS Parent Company 2009 2008Receivables – group companies 51,945 67,339

15. fiNANciAl fixeD ASSeTS Group (SEK thousand) 2009 2008Available-for-sale financial assets – shares 0 20Other receivables 321 816Total 321 836

None of the receivables above have been due.

Important assumptions and variables with a significant impact on the calculated recoverable amount:Top-line growth: Net sales for a consultancy company is dependent on assumptions regarding price levels, utilisation rates and number of employees.

Operating margin: A consultancy company has a low need for investments and also low working capital requirements. Therefore, the operating margin is of relatively large importance for the forecasted future cash flows. In addition to the deve-lopment of net sales, staff expenses is one of the most important variables for the estimation of the future operating margin.

Long-term growth: When calculating the recoverable amount HiQ has used a growth rate of 3% in order to extrapolate cash flows after the explicit forecast period.

Discount rate: When calculating the recoverable amount HiQ has made the assumption that the operations is financed only by equity, an assumption that is regarded as fair based on HiQ’s type of operations.

Sensitivity analysis: A sensitivity analysis shows that none of the cash-generating units has a need for impairment if the fol-lowing assumptions are assumed:– Top-line growth: 0% (from the first forecasted year and onwards)– Operating margin: 15% (in line with the Group’s long-term financial targets)– Discount rate: 15.3% (pre-tax)

The Company’s prediction is that reasonable possible changes in annual growth rate, operating margins, discount rate and other assumptions would not have such large impact on the recoverable amount that they would reduce the recoverable amount to a value lower than the carrying amount.

During the year, a reconsideration regarding MobilEye’s status as a cash generating unit has been conducted. As a result of the re-organisation made in 2009, the operations to which the goodwill arisen from the acquisition of MobilEyes is attributable, is now an integrated part of HiQ Stockholm. Therefore impairment testing of goodwill is now based on the integrated unit.

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18. pRepAiD expeNSeS AND AccRueD iNcOme Group Parent Company(SEK thousand) 2009 2008 2009 2008Assignments not yet invoiced 59,619 67,058 5,615 6,899Other 10,008 13,625 626 1,064Total 69,627 80,683 6,241 7,963

The book value of trade receivables is assessed to equate to their fair value.

16. OTHeR ReceivABleSGroup (SEK thousand) 2009 2008Other receivables 10,348 7,667Total 10,348 7,667

The book value of other receivables is assessed to equate to their fair value.None of the receivables above have been due.

Parent Company (SEK thousand) 2009 2008Other receivables 0 1,301

17. AccOuNTS ReceivABle, TRADeGroup (SEK thousand) 2009 2008Accounts receivable, trade 182,477 246,590Provisions for bad debts – 413 – 3,583Book value of trade receivables 182,064 243,007

Prepaid amount 5,844 1,090

The book value of trade receivables is assessed to equate to their fair value.

For a breakdown of reported trade receivables by age see below:Group 2009 2008Not yet due 173,708 197,109Up to 3 months overdue 6,862 36,685Between 3 and 6 months overdue 1,494 9,213More than 6 months overdue 0 0Total 182,064 243,007

The Group’s clients are primarily globally leading international corporations with a good credit rating.The Group has suffered very limited bad debts in its history.The book value of trade receivables breaks down into the following currencies: 2009 2008Swedish kronor 143,926 169,571Euro 33,367 66,823Danish kronor 4,614 3,100Dollar 157 0Other currencies 0 3,513Total 182,064 243,007

During the year the following changes were made in provisions for bad debts: 2009 2008Opening balance 3,583 328Provisions 0 5,032Reversed provisions – 2,117 – 100Confirmed bad debts – 1,054 – 1,677Closing balance 413 3,583

Provisions and write-downs for trade receivables are reported under Other external expenses in the consolidated income statement.

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20. SHARe cApiTAl Number of sharesAs of 1 January 2008 50,473,890

Share split 2:1 (each ordinary share divided into one ordinary and one redemtion share) 50,473,890Redemption of redemption shares – 50,473,890Issue of shares acquisition of ACE 174,081Issue of shares acquisition of TSG 957,287

Per 31 december 2008 51,605,258

As of 1 January 2009 51,605,258Share split 2:1 (each ordinary share divided into one ordinary and one redemtion share) 51,605,258Redemption of redemption shares – 51,605,258Per 31 december 2009 51,605,258

The total number of ordinary shares as of 31 December 2009 amounted to 51,605,258 (51,605,258) with a quota value of SEK 0,10 per share. All issued shares are fully paid.

Outstanding warrantsAt the end of the financial year the following series of warrants (where each warrant entitles the holder to subscribe for one share) were outstanding: Outstanding number Time of issue Subscription period Subscription price 2009-12-31 2008-12-31 May 2007 May 2009 43.10 SEK — 851,700 November 2007 November 2009 41.90 SEK — 175,800 May 2008 May 2010 36.30 SEK 251,050 251,050 November 2008 November 2010 25.60 SEK 431,600 431,600 May 2009 May 2011 28,20 SEK 480,800 — November 2009 November 2011 28,60 SEK 217,500 — Total 1,380,950 1,710,150

The average subscription price for outstanding warrants amounted to SEK 28,92 at the end of 2009.

In 2009, no warrants were used for subscription of shares. Neither in 2008, no warrants were used for subscription of shares.

The warrants have been sold to employees of the Group. Sale of warrants to are made on market terms, based on a valuation made by external advisors with Black-Scholes valuation model. The total amount of warrant premiums received amounts to SEK 1.5 (2.2) million, recognised in equity.

The following assumptions have been used in valuation of warrants

Share price 1) Strike price 2) Interest rate Volatility Term

May 2008 34,10 36,30 4.00% 30% 2 years

November 2008 24,43 25,60 2.71% 32% 2 years

Maj 2009 24,98 28,20 1,33% 32% 2 years

November 2009 25,25 28,60 1,21% 29% 2 years

1) The share price for the May-2008-serie, was set at the average of the closing price from the period 9 May – 14 May 2008. For the November-2008-serie the average closing price from the period 29 October – 3 November 2008 was used. The share price for the May-2009-serie, was set at the average of the closing price from the period 8 May – 13 May 2009. For the November-2009-serie the average closing price from the period 28 October – 2 November 2009 was used.2) The strike price for the May-2008-serie was set at 110% of the average closing price for the period 30 April – 14 May 2008. For the November-2008- serie 110% of the average closing price for the period 21 October – 3 November 2008 was used. The strike price for the May-2009-serie was set at 110% of the average closing price for the period 29 April – 13 May 2009. For the November-2009- serie 110% of the average closing price for the period 20 October – 2 November 2009 was used.

Expenses associated with the warrant programs amounted to SEK 0,3 (0,2) million, of which 0,0 (0,0) million has been charged to costs and SEK 0,3 (0,2) million, recognised in equity.

19. cASH AND cASH eQuivAleNTSGroup (SEK thousand) 2009 2008Cash and bank balances 131,862 129,016Total 131,862 129,016

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notes

21. ReSeRveS Exchange Group (SEK thousand) Reserves reserve TotalBalance at 1 January 2008 46 6,971 7,017Exchange differences: – Group — 36,018 36,018Balance at 31 December 2008 46 42,989 43,035

Balance at 1 January 2009 46 42,989 43,035Exchange differences: – Group — – 15,115 – 15,115Balance at 31 December 2009 46 27,874 27,920

22. pROfiT peR SHAReBasic profit per share:Profit per share is calculated as profit for the period (attributable to the equity holders of the Company) divided by the average number of outstanding shares for the period.

Group (SEK thousand) 2009 2008Profit for the period attributable to the equity holders of the company 106,140 142,943Average number of outstanding shares (thousand) 51,605 51,105Basic profit per share (SEK/share) 2,06 2.80

Diluted profit per share:The diluted profit per share is calculated as the profit for the period (attributable to the equity holders of the Company) divided by the average number of outstanding shares for the period with consideration taken to the potential dilution from outstanding warrants. The potential dilution is calculated as the difference between the outstanding number of options and the number of shares that could be acquired at market value (calculated as the average share price for the period), for the sum of the subscription price for the outstanding options.

Group (SEK thousand) 2009 2008Profit for the period attributable to the equity holders of the company 106,140 142,943

Average number of outstanding shares (thousand) 51,605 51,105Possible dilution from warrants 0 0Adjusted number of outstanding shares (thousand) 51,605 51,105

Diluted profit per share (SEK/share) 2,06 2.80

23. DiviDeND peR SHAReThe dividend paid in 2009 and 2008 amounted to SEK 0 million (0.00 per share) and SEK 0 million (SEK 0.00 per share) respec-tively. During spring 2008, HiQ completetd a share split (2:1), (in which each ordinary share were split into one ordinary share and one redemption share) combined with compulsory redemption procedure, in which 50,647,971 shares were redeemed at SEK 1.30 each. Thereby a total of SEK 65,8 million was distributed to the shareholders.During spring 2009, HiQ completetd a share split (2:1), (in which each ordinary share were split into one ordinary share and one redemption share) combined with compulsory redemption procedure, in which 51,605,258 shares were redeemed at SEK 1.40 each. Thereby a total of SEK 72.2 million was distributed to the shareholders. For 2010 the Board proposes that no dividend should be paid. It is also proposed a share split 2:1 (each ordinary share is split into one ordinary share and one redemption share) combined with a compulsory redemption procedure, where each redemption share is redeemed at SEK 1.10 per share, totalling SEK 56,8 million. The Annual General Meeting on March 25, 2010 will decide if procedure shall be carried out. These financial statements does not reflect the proposed split and redemption procedure.

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notes

27. leASiNG Group Parent CompanyOperational leasing (SEK thousand) 2009 2008 2009 2008Due for payment within 1 year 8,612 16,076 440 1,983Due for payment between 1 and 5 years 11,833 13,294 0 202Due for payment after 5 years 0 0 0 0

The Group’s operational leasing contracts primarily consists of leases for premises. The premises rented by the Group are leased on market terms, with the rent partly or fully linked to changes in the price index. Lease terms are between 3 and 10 years.

The parent company’s operational leasing contracts primarily consists of leases for premises and company cars. The premises rented by the parent company are leased on market terms, with the rent partly or fully linked to changes in the price index.

25. OTHeR liABiliTieSGroupOther short-term liabilities (SEK thousand) 2009 2008Social security expenses and tax 24,418 30,434Value added tax 23,197 23,244Other liabilities 7,843 9,829Total 55,458 63,507

Parent CompanyOther short-term liabilities (SEK thousand) 2009 2008Social security expenses and tax 1,262 1,333Other liabilities 662 911Total 1,924 2,244

26. AccRueD expeNSeS AND pRe-pAiD iNcOme Group Parent Company(SEK thousand) 2009 2008 2009 2008Holiday salaries, including social security tax 51,042 55,173 1,684 1,376Accrued payroll tax 11,982 12,679 368 509Accrued salaries, including social security contribution 14,443 17,627 9,646 12,878Other 14,759 20,705 2,550 3,273Total 92,226 106,183 14,249 18,036

24. iNTeReST-BeARiNG DeBT Group Parent Company(SEK thousand) 2009 2008 2009 2008LONG-TERMCollateralised borrowings (note 28) 12,715 13,357 0 0Total 12,715 13,357 0 0

SHORT-TERMCollateralised borrowings 3,569 3,451 0 0Total 3,569 3,451 0 0

The Parent Company (and the Group) has an unutilised overdraft facility of SEK 50 million (SEK 10 million).

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notes

28. pleDGeD ASSeTS AND cONTiGeNT liABiliTiTeSHiQ International AB has a contingent liability for the fulfilment of the subsidiaries rent agreements. The amount for the contingent liabilities amount to SEK 0 (5,894) thousand.

In addition to the contingent liabilities outlined above, there is no other pledged assets and contingent liabilities of SEK 3,198 (437) thousand related to leasing agreements. Otherwise there are no other pledged assets or contingent liabilities that has not been identified that are not reported in these financial statements.

financial leasing (SEK thousand) – Group 2009 2008Due for payment within 1 year 3,569 3,451Due for payment between 1 and 5 years 12,715 13,357

The Group’s financial leasing agreements relates to company cars. The leasing term is 3 years, with terminal value of 50% after 3 years, with a depreciation rate 17% per year. The leasing agreements can be terminated without financial penalty with the car being redeemed at its residual value. Leasing agreements are established on market terms. The leasing liability is hedged since the right to the leased object is returned to the lessor in case of payment failure.

29. BeNefiTS fOR mANAGemeNTSalary and Base Variable Other Pension Otherremuneration (SEK thousand) Salary part benefits premium remuneration TotalChairman of the Board 350 106 456Other Board members 925 52 977CEO 2,203 3,000 183 428 0 5,814Other senior executives (15 people) 16,341 1,572 1,048 3,073 0 22,034Total 19,819 4,572 1,231 3,501 158 29,281

Salaries and remuneration for the CEO in 2009 amounted to SEK 5,203 (6,887) thousand, of which the variable part amoun-ted to SEK 3,000 (4,500) thousand.A defined contribution pension premium was paid at the highest tax-deductible amount, SEK 428 (420) thousand. Social security contributions amounted to SEK 1,692 (2,233) thousand as well as taxes on pension payment of SEK 104 (102) thousand. The retirement age of the CEO is 65 years.

During 2009 the CEO acquired 12.000 warrants to a fair value of SEK 27,6 thousand. In 2009 no warrants have been converted. During 2008 the CEO acquired 12.000 warrants to a fair value of SEK 51.6 thousand. In 2008 no warrants have been converted. The CEO’s employment terms stipulates a mutual period of notice of six months during which period salary and other benefits are paid. If the CEO resigns, salary and other benefits is paid under four months after the termination. If notice is given by the Company, the CEO is also entitled to severance pay corresponding to ten months’ remuneration. If the company would be acquired by a public offer, receives a new main shareholder or conducts a major shift in business idea or changes the scope of operations, the CEO has the right to resign on the same terms as if the notice was given by the company. The Board as a whole acts as a remuneration committee and deals with matters concerning the CEO’s terms of employment and pension terms.

The members of the Board received a total remuneration of SEK 1,275 (1,225) thousand, of which the Chairman of the Board received SEK 350 (350) thousand. The AGM in April 2009 decided that the remuneration for the Chairman of the Board shall amount to SEK 350 thousand and that the Board members not employed by the Company shall receive a remunera-tion of SEK 175 thousand (Ken Gerhardsen, Gunnel Duveblad, Leila Swärd Ramberg, Jukka Norokorpi and Christina Ragsten Pettersson). In addition, the chairman of the Audit Committee has received a remuneration of SEK 50 thousand.

No other remuneration were paid to the members of the Board, except for reimbursement of travel and accommodation expenses incurred in connection with their work on the Board.

The 15 (13) other senior executives received salary and remuneration during 2009 with a total amount of SEK 17,913 (15.469) thousand, of which the variable part amounted to SEK 1,572 (1.621) thousand, of the variable part SEK 532 (0) thousand was related to repaid warrant premiums according to the decision of the Annual General Meeting in 2007. The vari-able part is based on result that are quantitative as well as qualitative. Social security contribution amounted to SEK 5,223 (4,190) as well as taxes on pension payments of SEK 650 (640) thousand. Pension premiums amounted to SEK 3,073 (2.640) thousand. During 2009 other senior executives acquired 64,000 warrants at a fair value of SEK 144 thousand. During 2008 other senior executives acquired 28,000 warrants at market price. The market price for these warrants at time of allotment amounted to SEK 120.4 thousand.

Other senior executives have a mutual term of notice of 3-6 months and in most cases are entitled to severance pay equi-valent to 3-6 months on notice given by the company.

The retirement age for all other senior executives is 65 years.Matters relating to salary and remuneration paid to other senior executives were decided by the CEO of HiQ International,

in certain cases following consultation with the Chairman of the Board. The information above applies to the parent company as well as for the group.

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notes

Parent Company (SEK thousand) 2009 2008ACQUISITION VALUEAt beginning of year 472,120 335,555Acquisitions 860 136,565At end of year 472,980 472,120

ACCUMULATED WRITE-DOWNSAt beginning of year – 34,072 – 34,072Write-downs – 16,238 0At end of year – 50,310 – 34,072

Closing book value of shares in subsidiaries 422,670 438,048

31. cASH flOw fROm OpeRATiNG AcTiviTieS

Group Parent CompanyInterest paid and dividends received 2009 2008 2009 2008Interest received 1,114 5,194 330 1,496Interest paid – 666 – 1,331 – 312 – 1,260

Adjustments for items not Group Parent Companyincluded in the cash flow 2009 2008 2009 2008Anticipated dividend from subsidiaries — — – 4,000 – 6,973Depreciation and write-downs of assets 12,870 12,042 36 27Gains on disposals 0 0 0 0Impairment-shares in Group companies — — 16,238 0Total 12,870 12,042 12,274 – 6,946

30. GROup cOmpANieSSpecification of the Parent Company’s and the Group’s shares in Group companies: Registered Share of Book valueName Corporate id office Country No. of shares capital (SEK thousand)HiQ Accelerated ConceptEvaluation AB 556640-3415 Linköping Sweden 523,600 100% 26,849HiQ Computer and Audio- Technical Systems AB 556194-0403 Stockholm Sweden 10,000 100% 1,200HiQ MobilEyes AB 556563-2345 Stockholm Sweden 1,000 100% 4,557 HiQ MobilEyes International AB 556715-8596 Stockholm Sweden 1,000 100%ZAO MobilEyes INN 7707281246 Moscow Russia 69,042 100% 2,545HiQ Mälardalen AB 556443-8736 Lidingö Sweden 1,000 100% 215HiQ København A/S 20851147 Kgs. Lyngby Denmark 500 100% 63,836HiQ Linköping AB 556738-3400 Linköping Sweden 1,000 100% 1,100HiQ Quality Services OY 0980356-3 Espoo Finland 30,000 100% 107,075HiQ Stockholm AB 556506-5819 Stockholm Sweden 1,000 100% 41,532HiQ Göteborg AB 556244-6384 Gothenburg Sweden 1,020 100% 44,798HiQ Karlskrona AB 556534-5336 Karlskrona Sweden 1,000 100% 600HiQ Skåne AB 556628-0136 Lund Sweden 1,000 100% 100HiQ Softplan OY 0648086-9 Espoo Finland 600 100% 128,263 422,670

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notes

Group Parent CompanyTransactions not leading to payments 2009 2008 2009 2008Acquisition of assets through financial leasing 3,045 3,545 0 0Acquisition – non-cash issue 0 29,207 0 29,207

Liquid assets (SEK thousand) 2009 2008 2009 2008The following items are included in liquid assets:Cash and bank balances 131,862 129,016 26,179 48,894Total liquid assets 131,862 129,016 26,179 48,894

The Parent Company (and the Group) has an unutilised overdraft facility of SEK 50 million.

Group Parent CompanyAcquisitions of subsidiaries 2009 2008 2009 2008Acquired assets and liabilitiesTangible fixed assets — 463 — —Intangible assets 613 98,622 — —Current receivables — 19,111 — —Cash and cash equivalents — 9,525 — —Total assets 613 127,721 — —

Current liabilities — – 14,704 — —Deferred tax liability — – 4,925 — —Total liabilities — – 19,629 — —

Purchase price 613 136,565 613 136,565 Less: Non-cash issue — – 29,207 — – 29,207 Less: Price supplement not yet paid — – 62,874 — – 62,874Purchase price paid 613 44,484 613 44,484 Less: Cash and cash equivalents in the business acquired — – 9,525 — —Effect on cash and cash equivalents 613 34,959 613 44,484

32. RelATeD-pARTY TRANSAcTiONSRelated-party relations:The parent company has at related-party relation to its subsidiaries (note 30):

Group internal sales and purchases – Parent Company (SEK thousand) 2009 2008Net sales to subsidiaries 20,807 32,641Purchases from subsidiaries 104,590 94,009Interest income from subsidiaries 0 0Interest expenses to subsidiaries 265 1,258

Profit from shares in Group companies – Parent Company (SEK thousand) 2009 2008Dividend received from subsidiaries 20,590 11,983Group contributions received from subsidiaries 134,162 157,541Write-down of shares in subsidiaries – 16,238 —Total 138,514 169,524

Transactions with senior executivesRemuneration to Board members have, according to a decision made by the Annual General Meeting, been paid with an amount of SEK 1,275 (1,225) thousand. In addition, SEK 158 (163) thousand have been paid as reimbursement of travel and accommodation expenses in connection with the Board work. No loans has been given to the Board members or any senior executives. For further information regarding benefits for senior executives, please refer to note 29.

Transactions with associated companiesGroup companies have paid rents to associates with SEK 381 (469) thousand.

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notes

33. AcQuiSiTiONSIn 2008 Accelerated Concept Evaluation Simulation AB (“Ace”) was acquired. The Group acquired 100% of the share capital in Ace on 18 February 2008. The acquired business contributed revenues of SEK 25.0 million and net profit of SEK 2.9 million to the Group for the period from 18 February to 31 December 2008. If the acquisition had occurred on 1 January 2008, Group net sales would have been SEK 1.185 million and net profit SEK 144 million.

Details of net assets acquired and goodwill are as follows:

Purchase consideration:Cash paid 16,280Direct costs relating to the acquisition 194Fair value of shares issued 5,275Performance related payment (settled in 2009) 5,100Total purchase consideration 26,849Fair value of net assets acquired – 6,912Goodwill 19,938

Goodwill is attributable to the acquired operations’ strong profitability and synergies expected to arise after the acquisition of Ace.

Fair value of the shares issued was based on the published share price. A total of 174,081 shares were issued at a share price of SEK 30.30 per share.

Acquiree’sThe assets and liabilities included: Fair value carrying amountCash and cash equivalents 2,351 2,351Fixed assets 291 291Customer relations 7,275 —Trade and other receivables 4,446 4,264Short term liabilities – 5,414 – 5,414Deferred tax liabilities – 2,037 —Net assets acquired 6,912 1,492

In 2008 TSG Test Solutions OY, now with the name HiQ Quality Services OY (“Quality Services”) was acquired. The Group acquired 100% of the share capital in TSG on 2 July 2008. The acquired business contributed revenues of SEK 38.2 million and net profit of SEK 9.7 million to the Group for the period from 2 July to 31 December 2008. If the acquisition had occur-red on 1 January 2008, Group net sales would have been SEK 1.213 million and net profit SEK 148.7 million.

Purchase consideration:Cash paid 26,038Direct costs relating to the acquisition 1,808Fair value of shares issued 24,028Performance related payment (settled in 2009) 55,201Total purchase consideration 107,075Fair value of net assets acquired – 15,268Goodwill 91,807

Goodwill is attributable to the acquired operations’ strong profitability and synergies expected to arise after the acquisition of Quality Services.

Fair value of the shares issued was based on the published share price. A total of 957.287 shares were issued at a share price of SEK 25.10 per share.

Acquiree’sThe assets and liabilities included: Fair value carrying amountCash and cash equivalents 7,174 7,174Fixed assets 172 172Customer relations 10,312 —Trade and other receivables 14,665 14,665Short term liabilities – 9,291 – 9,291Deferred tax liabilities – 2,887 —Net assets acquired 20,145 12,720

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notes

34. cRiTicAl AccOuNTiNG eSTimATeS AND ASSumpTiONSEstimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by defini-tion, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

A. ESTIMATED IMPAIRMENT OF GOODWILLThe Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in note 2. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates (note 12). In note 12 a sensitivity analysis regarding the value of the Group’s goodwill is presented.

B. EXPOSURE TO FOREIGN CURRENCIESThe Group is partly exposed to foreign currencies and fluctuations in exchange rates could have an effect on the company. In note 35 a more detailed analysis of the Group’s exposure to foreign currencies is presented.

C. REVENUE RECOGNITIONThe Group applies the percentage of completion method in recognising revenues in fixed price contracts. The percentage of completion method requires estimates regarding the proportion of services performed (out of the total services required for the fixed price contract) on the balance sheet date. If the proportion between estimated performed services and total services would differ by 10% from the Management’s assessment, net sales would increase by SEK 1.4 million if the performed proportion would have increased and decreased by SEK 1.4 million if the performed proportion would have decreased.

35. fiNANciAl RiSK mANAGemeNTThe Group’s activities expose it to a variety of financial risks: market risk (including Foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall policy is to minimising the potential adverse effects on the Group’s financial performance arising from these risks.The risk management is carried out centrally as well as decentralised by the subsidiaries, according to the Group’s policies and guidelines.

A. MARKET RISKForeign exchange riskHiQ has operations mainly in Sweden, Finland, Denmark and Russia. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Most of the company’s operations are local, i.e. income and expenses are in the same currency, which decreases the exposure to foreign exchange risks. In some cases, sales are made in a different currency from that in which the costs of producing the services were incurred. In cases where revenues and expenses are in different currencies the foreign exchange risk increase. Because of its limited foreign exchange exposure, HiQ does not currently employ any form of currency hedging. The company could be affected by substantial foreign exchange rate fluctuations, but we consider this risk to be small. The currency breakdown of the Group’s incoming payments is SEK 76%, Euro 21%, DKR 2% and other currencies 1%. For outgoing payments the breakdown is SEK 78%, Euro 15%, DKR 7% and other currencies 0%. If the Swedish Crown had strengthened/weakened by 10% against the Euro (with all other variables held constant) the net profit 2009 would have been approximately SEK 5 million lower / higher. Equity would have been approximately SEK 17 million higher / lower, mainly as a result of foreign exchange difference on translation of goodwill.

The Group has investments in foreign entities whose net assets are exposed to foreign exchange risks. The foreign exchange exposure arising from this are not hedged.

Price riskFrom time to time the Group’s surplus liquidity could be invested in short-term investments exposed to some (low) price risk. The price risk is regarded as low, due to the short duration of the investments. By the end of the financial period, the Group did not have any short-term investments.

Cash flow and interest rate riskAs the Group has no significant interest-bearing assets, except cash at bank accounts, the Group’s income and operating cash flows are substantially independent of changes in market interest rates.Borrowings issued at fixed rates could expose the Group to interest rate risk. Financial leasing agreements as well as the Group’s credit facility are at variable interest rates. Therefore no interest rate regarding fair values arise.

B. CREDIT RISKCredit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to clients, including outstanding receivables and committed transactions. Most of HiQ’s assignments are charged on account,

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notes

i.e. time spent is invoiced monthly. 99% of net sales is charged on account, with fixed-price assignments, i.e. projects charged according to a fixed schedule, accounting for the remaining 1%. Projects charged on account are invoiced monthly or at the conclusion of the project. Payment is normally due within 30 days, although shorter and longer payment periods occasionally apply. Each week, accounts receivables are followed up to ensure that payment terms are met. Interest is charged on late payments and unpaid invoices are referred to a debt collection agency.

Most of HiQ’s clients are large and well-established. The ten largest clients account for about 53% of net sales and include Ericsson, GTECH and Nokia. New clients are subject to credit checks. Actual bad debts have historically been low.

C. LIQUIDITY RISKLiquidity risk is managed by maintaining sufficient cash and short-term investments and the availability of funding through an adequate amount of committed credit facilities. The management forecasts the Group liquidity (cash and cash equivalents and credit facilities) based upon forecasted cash flows. HiQ’s liquidity is very good. Cash flow before investments in 2009 was SEK 139,5 (172,0) million and on 31 December 2009 cash and cash equivalents amounted to SEK 131,9 (129,0) million.

D. VALUATION RISKHiQ’s balance sheet includes several items, whose values are based upon estimates and assumptions concerning the future. Among these items goodwill and work in progress are included. In case the future development does not reach the estimates and assumptions made, a need for write-downs could occur. Such a write-down would affect the Group’s income statement as well as balance sheet but not the cash flow. As of 31 December 2009, the total book value of the Group’s goodwill amounted to SEK 333.4 million.

Management of capital riskThe Group’s aims as regards its capital structure are to safeguard the Group’s ability to continue its operations, such that it can continue to generate a return for shareholders and benefits for other stakeholders, and to maintain a capital structure that – against this background – keeps capital costs down. To maintain or adjust the capital structure, the Group may change the dividend paid to shareholders, repay capital to shareholders, issue new shares or sell assets in order to reduce debts. A consultancy company such as HiQ has a limited asset-based security base for borrowing. The Group’s strategy in 2009, which was unchanged from 2008, was to maintain positive net funds. As at 31 December 2009 financial net funds amounted to SEK 115.6 million (SEK 112.2 million as at 31 December 2008).

The Board of Directors and the Managing Director declare that the consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU and give a true and fair view of the Group’s financial position and results of opera-tions. The financial statements of the Parent Company have been prepared in accordance with generally accepted accounting principles in Sweden and give a true and fair view of the Parent Company’s financial position and results of operations.

The statutory Administration Report of the Group and the Parent Company provides a fair review of the development of the Group’s and the Parent Company’s operations, financial position and results of operations and describes material risks and uncertainties facing the Parent Company and the companies included in the Group.

Stockholm 26 February 2010

Anders Ljungh Christina Ragsten Pettersson Ken Gerhardsen Gunnel Duveblad Chairman of the board Member of the board Member of the board Member of the board

Leila Swärd Ramberg Lars Stugemo Jukka Norokorpi

Member of the board Cheif Executive Officer Member of the board

Member of the board

Our Auditors’ Report for this annual report was submitted on 26 February 2010.

PricewaterhouseCoopers AB

Bodil Björk

Authorised Public Accountant

74

auditors’ report

AuDiTORS’ RepORTTo the Annual General meeting of HiQ international AB (publ)corporate identity number 556529-3205

We have audited the annual accounts, the consolidated ac-

counts, the accounting records and the administration of

the Board of Directors and the President of HiQ International

AB (publ) for the year 2009. These accounts are included

on pages 41-73 of the printed version of this Annual Report.

These accounts, the administration of the company and the

application of the Annual Accounts Act in the preparation of

the annual report and the application of IFRS international

accounting standards, as adopted by the EU, and of the An-

nual Accounts Act to the consolidated financial statements

are the responsibility of the Board of Directors and the

President. Our responsibility is to express an opinion on the

annual accounts, the consolidated accounts and the admin-

istration based on our audit.

We conducted our audit in accordance with generally

accepted auditing standards in Sweden. Those standards

require that we plan and perform the audit to obtain reason-

able assurance that the annual accounts and consolidated

accounts are free of material misstatement. An audit in-

cludes examining, on a test basis, evidence supporting the

amounts and disclosures in the accounts. An audit also in-

cludes assessing the accounting principles used and their

application by the Board of Directors and the President

and significant estimates made by the Board of Directors

and the President when preparing the annual accounts

and consolidated accounts, as well as evaluating the over-

all presentation of information in the annual accounts and

the consolidated accounts. As a basis for our opinion con-

cerning discharge from liability, we examined significant

decisions, actions taken and circumstances of the company

in order to be able to determine the liability, if any, to the

company of any Board member or the President. We also ex-

amined whether any Board member or the President has, in

any other way, acted in contravention of the Companies Act,

the 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 accounts have been pre-

pared in accordance with the Annual Accounts Act and give

a true and fair view of the company’s financial position and

results of operations in accordance with generally accepted

accounting principles in Sweden. The consolidated accounts

have been prepared in accordance with International Finan-

cial Reporting Standards (IFRS) as adopted by the EU and

the Annual Accounts Act and give a true and fair view of the

Group’s financial position and results of operations. The di-

rectors’ report is consistent with the other parts of the an-

nual accounts and the consolidated accounts.

We recommend to the Annual General Meeting that the

income statement and balance sheet of the Parent Company

to be adopted, the report of comprehensive income and bal-

ance sheet for the Group to be adopted, that the profit of the

Parent Company be dealt with in accordance with the pro-

posal in the directors’ report and that the members of the

Board of Directors and the President to be discharged from

liability for the financial year.

Stockholm 26 February 2010

PricewaterhouseCoopers AB

Bodil Björk

Authorised Public Accountant

75

corporate goVernance report

cORpORATe GOveRNANce RepORT

General

HiQ International AB is a Swedish public limited company

with its registered office in Stockholm, Sweden. HiQ’s cor-

porate governance is based on the Swedish Companies Act,

the company’s articles of association, the obligations that

accompany listing on the NASDAQ OMX Stockholm Midcap,

the Swedish Code of Corporate Governance and other ap-

plicable laws and regulations. Corporate governance com-

prises a regulatory and decision-making system for manag-

ing a company’s business in an effective, controlled manner.

The aim is to meet the owners’ requirements in terms of the

return on capital invested. Increased transparency provides

good insight into the company’s operations, which contrib-

utes to effective control. In Sweden, corporate governance

has traditionally been regulated by legislation. In addition,

the self-regulatory bodies of trade and industry have con-

tinually presented various stipulations relating to corporate

governance. For detailed information on the Swedish Code

of Corporate Governance visit www.bolagsstyrning.se. Man-

agement, leadership and control of HiQ is divided between

the shareholders at the Annual General Meeting, the Board

of Directors and the CEO, in accordance with the Swedish

Companies Act and the company’s articles of association.

This corporate governance report, including the Board’s

report on internal control, has not been reviewed by the

company’s auditors.

HiQ’s application of the code of corporate Governance

HiQ has applied the Swedish Code of Corporate Governance

since 1 July 2008. HiQ follows the Code with the following

exceptions:

No Remuneration Committee has been appointed. In-

stead these matters are dealt with by the Board as a whole,

excluding the company’s CEO. This is because the Board

judges that due to the nature of the business and the com-

bined expertise of the Board members, this best promotes

the business of the company and the interests of its share-

holders.

Shareholders

HiQ’s share is listed since April 1999 on the NASDAQ OMX

stock exchange. The share capital amounts to SEK 5.16 mil-

lion, spread over 51,605,258 shares with a nominal value

of SEK 0.10. There is one share class. The number of share-

holders at year-end amounted to 9,280 (7,979). The foreign

ownership share was 27 (32)%. Swedish institutions owned

49% of the shares. 15% of shares were held directly by the

shareholders while 85% were registered in the name of a

nominee.

For further information regarding HiQ’s share and owner-

ship structure, please refer to the Section “The HiQ Share”,

on page 38-40.

Annual General meeting

Under the Companies Act, the General Meeting is a compa-

ny’s highest decision-making body. The company’s Annual

General Meeting adopts the income statement and balance

sheet, elects the Board of Directors and – where appropri-

ate – auditors, establishes fees and deals with other mat-

ters laid down in legislation or in the Code of Corporate

Governance.

Annual general meeting 2009

The 2009 Annual General Meeting (AGM) was held in Stock-

holm on Wednesday 29 April 2009. Around 32 percent of

the votes were represented at the AGM. Anders Ljungh was

elected as Chairman of the AGM. Among other things, the

AGM resolved to re-elect all the members of the Board.

Anders Ljungh was re-elected as Chairman of the Board.

The Board of Directors was authorised to decide on one or

more occasions in the period up to the next AGM on the is-

sue of a maximum of 5,000,000 shares as a non-cash issue

or offset issue in conjunction with corporate acquisitions.

It was authorised to decide on one or more occasions in

the period up to the next AGM on the acquisition of a total

number of shares such that the number of the company’s

own shares held at any one time does not exceed 10% of

the total number of shares in the company. The Board was

also authorised to decide on transfer of the company’s own

shares in settlement for the acquisition of companies or op-

erations at a price corresponding to the share price at the

time of transfer.

Furthermore, the AGM resolved to implement a share

split and a mandatory redemption procedure in which SEK

72 million, corresponding to SEK 1.40 per share, was distrib-

uted to the company’s shareholders. The AGM also decided

to issue a maximum of 1,250,000 warrants to be transferred

to employees in Sweden, Denmark and Finland.

The AGM adopted principles for remuneration and other

terms of employment of the executive management as pro-

posed by the Board.

The AGM also resolved to establish a Nomination Com-

mittee and adopted principles for its structure – see also

under “Nomination Committee”.

Annual General meeting 2010

The 2010 Annual General Meeting will be held at 10 a.m.

on Thursday 25 March, 2010 on the company’s premises at

Mäster Samuelsgatan 17, 9th floor, in Stockholm.

Nomination committee

The Nomination Committee represents the company’s

shareholders and is responsible for preparing and present-

ing proposals for the Chairman of the meeting, the Board

of Directors, its Chairman and the auditors at the Annual

General Meeting. The tasks of the Nomination Committee

also include proposing the fees to be paid to the Board of

Directors, Board committees and the auditors. HiQ’s 2009

AGM resolved that by 30 September 2009 the Chairman of

the Board should convene the four largest shareholders in

the company, which would then each be entitled to appoint

a member of the Nomination Committee. The composition

of the Nomination Committee shall be announced at least

six months ahead of the AGM. The Nomination Committee

shall prepare and submit to the General Meeting proposals

for the election of the Chairman of the Board and other mem-

76

corporate goVernance report

bers of the company’s Board of Directors, for Board fees and

their division between the Chairman and the other Board

members, plus any remuneration for committee work, for

the election of and fees paid to auditors and deputy audi-

tors (where applicable), for decisions on principles for the

structure of the Nomination Committee as well as for the

chairman of the AGM.

The Nomination Committee ahead of the AGM com-

prises Jan Andersson (Robur fonder), Thomas Ehlin (Nordea

fonder), Peter Rönström (Lannebo Fonder), Mikael Nord-

berg (Danske fonder), Ken Gerhardsen (co-opted) and An-

ders Ljungh, the Chairman of the Board.

All shareholders have been given opportunity to con-

tact the Nomination Committee with proposals, e.g. for

Board members, for further evaluation within the context

of the Nomination Committee’s work. Peter Rönström was

appointed as chairman of the Nomination Committee. The

Nomination Committee has held 4 meetings and has also

been in contact at other times. As a basis for its appraisal

of the composition of the Board the Nomination Committee

had access to an appraisal questionnaire carried out by the

Board and was also given opportunity to meet the members

of the Board. Based on this appraisal and the opportunity

to take into account suggestions for new Board members,

the Nomination Committee draws up a proposal for a new

Board which is submitted in conjunction with the invitation

to the forthcoming AGM. At the AGM the Nomination Com-

mittee gives a report on its work. The AGM appoints audi-

tors every four years. When auditors are to be elected the

Audit Committee (which comprises the entire Board exclud-

ing the CEO) assists the Nomination Committee with pro-

ducing a proposal. The current auditors, Pricewaterhouse-

Coopers, with Bodil Björk as Auditor in Charge, was elected

at the 2007 AGM.

Board of Directors

The Board’s responsibilities and duties

The Board’s responsibilities are laid down in the Compa-

nies Act and cannot be delegated. The Board shall have

written instructions stating the division of work between

the Board, any other bodies that the Board may establish

and the CEO. The work plan, which is established annually

at the statutory Board meeting immediately following the

AGM, establishes the basis of the Board’s work, the divi-

sion of work between the Board and the CEO as well as the

frameworks for financial reporting.

Composition of the Board

Coming from different backgrounds and with a broad pool

of experience, the directors have the knowledge required

to perform their Board duties, including issues relating to

strategy, executive management and structural develop-

ment. Individual directors also provide valuable assistance

to management in facilitating contacts with key clients and

on issues relating to politics, economics, accounting and

finance, law, organisation and marketing. Age, mainly

education, work experience, mainly assignments, election

year and holdings of HiQ shares of the Board members is

presented on page 80.

Division of work

The board as a whole has chosen to act as a renumeration

committee and audit committee with the exception of the CEO.

Chairman of the Board

The Chairman of the Board is responsible for leading the

work of the Board and for the Board meeting its commit-

ments in accordance with the Swedish Companies Act and

the work plan established by the Board for its work. Con-

tinual contact with the CEO shall ensure that the Chairman

of the Board monitors the company’s development and en-

sures that the Board receives the information required in

order to be able to meet its commitments. The Chairman

of the Board shall also represent the company in matters

concerned with ownership. Anders Ljungh has been Chair-

man of the Board since 2003.

Board fees

The 2009 AGM established the fees to be paid to the Board

at SEK 1,225,000. Of this amount, SEK 350,000 is payable to

the Chairman of the Board and SEK 175,000 each to the other

non-employed Board members. In addition, SEK 50,000 has

been paid to the Chairman of the Audit Committee.

The work of the Board in 2009

In 2009 the Board held 9 meetings (10 meetings were held

in 2008), including a statutory meeting following the AGM

on 29 April 2009. The minutes of these meetings represent

documentation of decisions taken and the minutes are taken

by the company’s Chief Financial Officer. The regular Board

meetings are prepared jointly by the Chairman of the Board

and the CEO of the company.

At every regular Board meeting an update is given on the

business situation and financial monitoring. In addition, eve-

ry meeting deals with a number of matters that are summa-

rised below. Ahead of each Board meeting the Board receives

written material as a basis for discussions and decisions that

will be dealt with. Members of the executive management

take part in the Board meetings in order to report on matters

within their specific areas. Other matters dealt with during

the year include the economic trend and fixed price projects.

In addition a full-day strategy seminar was held on issues re-

lating to HiQ’s long-term development. The CEO provides a

monthly report to the Board. This report deals with markets,

operations and financial development. These reports are

compiled by the CEO and the Chief Financial Officer.

The Company’s auditor were present at the meeting at

which the year-end financial statements were discussed. This

gave the Board of Directors and the auditor the opportunity

to discuss the business accounting and auditwork.

Compensation matters has been taken in connection with

ordinary board meetings. Handled matters includes condi-

tions and incitaments for managements and compensation

package for CEO.

Audit Committee

The Audit Committee of 2009 was constituted by all the

Board members except CEO. Chairman of the Audit Com-

mittee is Christina Ragsten Pettersson. The Committee has

held 3 meetings during 2009. They have also held meet-

Independent in relations to Company Larger shareholders Presence

Anders Ljungh Yes Yes 9/9Ken Gerhardsen Yes Yes 8/9Christina Ragsten Pettersson Yes Yes 9/9Gunnel Duveblad Yes Yes 9/9Jukka Norokorpi Yes Yes 8/9Lars Stugemo No Yes 9/9Leila Swärd Ramberg Yes Yes 8/9Åsa Broman 8/9

77

corporate goVernance report

ings with the auditors. Matters that has been taken under

2009 includes review of Group Policies, risk analysis, re-

view of results by AGM elected auditors audit of business,

impairment test and matters concerning internal control.

Assessment of the Board’s work

In accordance with what is laid down in the Board’s work

plan, the Board continually assesses its work through open

discussions in the Board and through an annual Board ap-

praisal taking the form of a questionnaire. The results of

the annual Board questionnaire are submitted to the Nomi-

nation Committee.

The nomination committee has also had a meeting with

Board members in order to ask questions regarding the

Board work.

Auditors

The company’s auditors, PricewaterhouseCoopers, with

responsible auditor Bodil Björk, was elected on the AGM

in March 2007. The auditor was elected for the period until

the end of the AGM 2011. During the year the auditor has,

in addition to auditing the financial statements for the com-

pany, also reviewed the interim report for the period Janu-

ary – June 2009. As described in the section “The work of

the Board in 2009”, the auditor has also meet the Board at

the Board meeting treating the full year results.

internal control over financial reporting

Internal control over financial reporting is based on the

control environment established by the Board and execu-

tive management. Control environment refers to – among

other things – the values and the culture that exist within

HiQ, but also the organisational structure, responsibilities

and powers defined and communicated to everyone con-

cerned within the company. It also includes components

such as the competence and experience of the company’s

employees and a number of governing documents such as

policies and manuals.

control environment

The Board of HiQ has an established work plan which is laid

down annually at the statutory Board meeting and forms the

basis of the work of the Board and for effective management

of the risks to which the business is exposed. The Board an-

nually updates and establishes the Board’s work plan, the

CEO’s instructions, an approval matrix and an investment

policy, among other things. Work plans exist for the Boards of

subsidiaries and instructions exist for the Managing Directors

of each company in the HiQ Group. In addition, HiQ has for ex-

ample a media policy, an IR policy, a business continuity plan

and a business ethics policy. The policies and other steering

documents that HiQ has are judged to form a basis for good

internal control.

The tasks of the Board include continual monitoring of

compliance with the general policies and other steering docu-

ments that exist, as well as continual assessment of the com-

pany’s financial situation and results. HiQ has a decentralised

organisational model in which each subsidiary has great in-

dependence. The Group has an approval matrix that clearly

regulates the powers that exist at each level in the organisa-

tion. The approval matrix regulates matters such as the sub-

mission of fixed price quotations, investments and discounts.

Internal steering documents to secure high quality in fi-

nancial reporting include a financial Handbook, IR-policy and

the approval matrix.

Risk inventory/risk register

The aim of HiQ’s risk inventory is to ensure that HiQ’s

business is conducted in a manner that is as risk-free as

possible. The company’s Board and senior management

are responsible for the existence of and compliance with

guidelines on risk management.

HiQ has carried out an analysis of the risks that may

affect the accuracy of the financial information that the

company provides externally. In so doing a number of in-

come statement and balance sheet items were identified

where the risk of material errors is greater than in the case

of other items. One example of this is the settlement of

fixed price projects, where particular importance is placed

on ensuring good internal control of revenue settlement.

During the year all subsidiaries have conducted a self-val-

uation regarding the internal control. During the autumn

the Group controller has visited all offices and completed

a review regarding administrative routines and internal

control.

The outcome of this work is compiled and analysed.

Based on the analysis an action plan is set to improve the

internal control.

information and communication

Information on HiQ’s steering documents such as poli-

cies, guidelines and routines is provided to the persons

concerned. Significant policies and guidelines are updated

as needed, but at least annually, and communicated to the

staff concerned. Financial reporting issues are also dis-

cussed at meetings at which the Group’s financial officers

meet. For external communication HiQ follows its estab-

lished media plan and IR policy.

monitoring

Within HiQ a complete income statement and balance

sheet are produced monthly, along with certain key ratios,

at both Group and company level. Moreover, various rel-

evant key ratios and liquidity are monitored weekly. Each

month the entire Group is consolidated, with results being

tracked against budget.

In additiom to the financial reporting, a follow-up of the

internal control work and risk inventory is made.

Disclosure of information to the stock market

In accordance with the commitments incumbent upon HiQ

as a listed company, HiQ provides the stock market with

information on the Group’s financial position and develop-

ment. The information is provided in the form of interim re-

ports and an annual report, which are published in Swedish

and English. In addition to purely financial information, HiQ

also issues press releases concerning news and events and

also gives presentations for shareholders, financial ana-

lysts and investors both in Sweden and abroad. The infor-

mation published is also made available on the company’s

website.

Statement

In view of the above processes and structure, the Board

does not consider it appropriate to establish a separate

internal audit function.

78

management

mANAGemeNT

1. 2. 3.

1. Jon carvell, born 1969. Managing Director, HiQ Skåne AB since 2004. M.Sc. Computing, Chalmers University of Technology 1993. Employed since 2004. Previous positions: Sales Manager and Site Manager, Ementor Sverige AB; Sales Manager, Enea Business Software AB; IT Consultant, Ministry of Public Works in Kenya; self-employed; trainee with Gambro GmbH in Germany. Holdings in HiQ: 6,000 shares, 12,000 warrants.

2. Jerker lindstén, born 1971. Managing Director, HiQ Göteborg AB since 2004. M.Sc. Automation Engineering, Chalmers University of Technology 1995. Employed since 2004. Previous positions: Regional Manager, Sales Manager, Framfab Region West; Business Area Manager, etc., Telia. Holdings in HiQ: 6,000 shares.

3. Annika Billberg, born 1975. Head of Corporate Communications and Head of Investor Relations, HiQ International AB since 2004. M.Sc. Business and Economics, Jönköping International Business School 1999. Employed since 2004. Previous positions: Equity Analyst, Hagströmer & Qviberg Fondkommission, OM London Exchange. Holdings in HiQ: 4,000 shares, 12,000 warrants.

4. lars Stugemo, born 1961. President and CEO of HiQ International AB since 2000. M.Sc. Electrical Engineering, Royal Institute of Technology 1986. Employed since March 1995. Managing Director, HiQ Data AB 1998-2000. Previous positions: Managing Director, Communicator Infotech AB; Consultant and Account Manager, Enator Teknik AB. Member of the board of TradeDoubler. Holdings in HiQ: 815,500 shares, 24,000 warrants.

5. pekka Neva, born 1960. Managing Director, HiQ Softplan Oy since 2003. M.Sc. Engineering, Helsinki University of Technology, Finland. Employed since 1990. Previous positions: Project Manager, Nokia Research Center; Project Manager/Software Engineer, Oy Softplan AB. Holdings in HiQ: 103,751 shares, 6,000 warrants.

6. Bo Ringdahl, born 1959. Managing Director, HiQ Stockholm AB since 2006. Business, economics and law, Stockholm University. Employed since March 1997. Salesperson/Section Head/Consultant, HiQ Stockholm. Previous positions: Freelance Consultant, CFO and VP, Memex. Holdings in HiQ: 12,000 warrants.

7. mikael Teng, born 1964. Business Development Manager and Global Account Manager, HiQ International since 2007. M.Sc. Engineering, Royal Institute of Technology 1990. Employed since 1998 . Previous positions: Global Account Manager and consultant, HiQ Stockholm; Manager, Accenture; Consultant, Tieto Enator; SW Engineer, Oerlikon Contraves AG, Switzerland. Holdings in HiQ: 4,000 warrants.

8. Anders Karén, born 1957. Vice President Operations, HiQ International AB since 2002. M.Sc. Industrial Economics, Linköping Institute of Technology 1981. Employed since 1999. Previous positions: Logistics Manager, Ericsson Radio Systems; Business Development Manager, Ericsson Radio Systems. Holdings in HiQ: 20,000 shares, 10,000 warrants.

9. patrik Holm, born 1966. Managing Director, HiQ Ace since 2009. M.Sc. Industrial Economics, Linköping Institute of Technology 1993. Employed since 2008. Previous posi-tions: Senior Vice President, Enea Nordic Services, Managing Director, Enea Systems AB, Managing Director, Enea Epact AB. Holdings in HiQ: 16,624 shares, 12,000 warrants.

10. fredrik malm, born 1974. CFO, HiQ International AB since 2002. M.Sc. Business and Economics, Stockholm School of Economics 1997. Employed since 2002. Previous positions: Corporate Finance, Enskilda Securities; Corporate Finance, Nordea Securities; Holdings in HiQ: 19,000 shares, 17 000 warrants.

11. Anna Jennehov, born 1964. Group Controller since 1999 and Head of Corporate Communications, HiQ International AB. B.Sc. Economics, Stockholm University 1990. Employed since 1998. Previous positions: Producer and Financial Officer, Cirkus Cirkör; Producer and Marketing Manager, Fria Teatern; Business Administrator, Econtive Hotel & Restaurang. Holdings in HiQ: 2,000 shares, 2,000 warrants.

12. Klas Nyström, born 1955. Managing Director, HiQ Karlskrona AB since 2007. Naval Officer. Employed since 2007. Previous positions: Various positions at Telenor; Founder and Vice President of Testbolaget Sverige AB; Ericsson; Lieutenant-Commander in the Swedish Navy. Holdings in HiQ: 18,000 warrants.

13. Anders Nilsson, born 1970. Managing Director, HiQ Mälardalen since 2004. Qualified Engineer 1990. Employed since 2000. Previous positions: Project Manager, Celsius Test Systems; Product Manager, Volvo Aero Support; Licence Engineer, ABB. Holdings in HiQ: 900 shares.

14. Jukka Rautio, born 1974. Managing Director, HiQ Quality Services Oy since 2008. B.Sc 2001, Oulu University. Employed since 2008. Previous positions: Founder and managing Director, TSG Test Solutions. Holdings in HiQ: 486,649 shares.

Includes related party holdings and holdings through com-panies.

79

management

4.

5.

6.

7.

8.

11.

12.

9.

13.

14..

10.

1. 2. 3. 4.

5.

6. 8.

7.

80

board oF directors

1. Gunnel Duveblad, born 1955. Computer Science, Umeå University. Member since 2007. Managing Director, EDS North Europe 2002-2006. Employed by IBM 1977-2002, holding various managerial positions within IBM at Nordic and European level. Other assignments: Member of the boards of IBS, Posten North, Sweco and Stiftelsen Ruter Dam. Holdings in HiQ: 2,000 shares.

2. Ken Gerhardsen, born 1952. M.Sc. Engineering Physics, Linköping Institute of Technology. Member since 1995. President and CEO of HiQ International AB until February 2000. Other assignments: Member of the board of Ymer Technologies. Holdings in HiQ: 884,626 shares.

3. leila Swärd Ramberg, born 1962. Master of Law, Uppsala University. Member since 2003. Partner, Theia Investments AB 2005-; Director Sourcing External Product Development, Ericsson Radio Systems AB 2000-2003; Legal Counsel, Ericsson Radio Systems AB 1997-2000. Other assignments: Member of the boards of Theia Fond 1 AB, Lastbilsbolaget GP AB and AMOK Studios AB. Holdings in HiQ: 9,000 shares.

4. Anders ljungh, born 1942. Ph.D. in Technology, Royal Institute of Technology; M.Sc. Business and Economics, Stockholm School of Economics. Chairman and mem-ber of the Board since 2003. Senior Adviser, Morgan Stanley 1996-2001; CFO, European Bank for Reconstruction and Development 1991-1994; Head of Handelsbanken’s Overseas Department 1975-1990; World Bank 1969-1975. Other assignments: Chairman of the boards of Axiomatics, Living Capital Management, Elinbolagen and Mobilize Systems. Holdings in HiQ: 10,000 shares.

5. lars Stugemo, born 1961. President and CEO of HiQ International AB since 2000. M.Sc. Electrical Engineering, Royal Institute of Technology 1986. Employed since March 1995. Managing Director, HiQ Data AB 1998-2000. Previous positions: Managing Director, Communicator Infotech AB; Consultant and Account Manager, Enator Teknik AB. Member of the board of TradeDoubler since 2006. Holdings in HiQ: 815,500 shares, 24,000 warrants.

6. Jukka Norokorpi, born 1948. M.Sc. Software Engineering, Tampere University, Finland. Member since 2004. Consultant and adviser for IT companies since 2001; various positions within Nokia, ICL and Teamware Group in Finland, Sweden and internationally 1986-2001; Oy Softplan 1973-1986. Other assignments: Chairman of the boards of Predisys Oy, Medixine Oy and 7signal Oy. Member of the board of Frends Technology Oy and Nedula Oy.

7. Åsa Broman, born 1974. Industrial Economics, Linköping Institute of Technology. Co-opted employee representative since 2008. Consultant with HiQ since 2005. Previous posi-tion: Tele2 AB.8. christina Ragsten pettersson, born 1958. M.Sc. Business and Economics, Stockholm University. Member since 2004. Head of Group Planning and Strategy Support, Nordea Bank since 2004; Assistant Under-Secretary at the Swedish Ministry of Industry, Employment and Communications and the Swedish Ministry of Finance 1999-2004; Management Consultant at Indevo and InterPares 1987-1999. Holdings in HiQ: 2,000 shares.

BOARD Of DiRecTORS

Holdings include related party holdings and holdings through companies.

AUDITOR PriceWaterhouseCoopers AB. Responsible audi-tor Bodil Björk, born 1959. Authorised Public Accountant. Auditor of HiQ since 2003.

81

organisation

ORGANiSATiON

HiQ’s operational activities are currently organised in ten subsidiaries with a total of 1,014 employees at year-end: HiQ Stockholm in Stockholm; HiQ Mälardalen in Arboga and Västerås; HiQ Göteborg; HiQ Skåne in Lund; HiQ Karlskrona; HiQ Ace in Linköping; HiQ København in Copenhagen, Denmark; and HiQ Softplan and HiQ Quality Services in Espoo, Finland. In addition, HiQ has a development center in Russia.

HiQ Stockholm (founded 1995) – systems development and management consulting in telecoms, finance & insurance, automotive, defence, industry and the public sector. Specialises in testing mobile terminals and tel-ecoms expertise.

HiQ mälardalen (founded 1992) – systems development and integration of various types of training simulators for aviation and military defence purposes. Specialises in modelling and simulation.

HiQ ÖReSuNDHiQ Skåne (founded 2002) – systems development in telecoms and industry. Specialises in testing and verification of mobile platforms.

HiQ København (acquired 2000) – systems develop-ment and management consulting in telecoms and industry. Specialises in development and testing of mobile terminals.

HiQ Göteborg (founded 1998) – systems development and management consulting in telecoms, automotive, industry and the public sector. Specialises in automo-tive IT and telematics and interactive training.

HiQ Karlskrona (founded 2004) – systems development, primarily in telecoms. Specialises in development and testing of telecoms systems for operators and suppliers.

HiQ Ace (acquired 2008) – systems development in the telecoms, defence and automotive sectors. Specialises in simulation technology for the automotive sector and the telecoms industry.

HiQ fiNlANDHiQ Softplan (acquired 2002) – systems development in telecoms, entertainment & gaming, and the public sector. Specialises in development of interactive gaming and platforms.

HiQ Quality Services (acquired 2008) – specialises in quality assurance and project management for indus-try, telecoms and banking & finance.

HiQ Russia (acquired 2007) – experts in software deve-lopment for finance, telecoms, gaming etc.

HiQ iNTeRNATiONAl

HiQ STOcKHOlm HiQ ÖReSuND

HiQ SKÅNe

HiQ Ace

HiQ mälARDAleN

HiQ KØBeNHAvN

HiQ QuAliTY SeRviceS

HiQ SOfTplANHiQ GÖTeBORG HiQ KARlSKRONA HiQ fiNlAND

HiQ RuSSiA

HiSTORY

1992 The foundation stone of HiQ is laid with the formation of Statyetten Konsult AB and its subsidiary, Approve AB. Simulation technology forms the basis of the Group’s opera-tions.

1995 HiQ is established in Stockholm with the task of expan-ding the business, focusing on telecoms.

1998 The name of the Parent Company is changed to HiQ International AB.

1998 Subsidiaries in Gothenburg and Oslo are established.

1999 HiQ International is lifted on the Stockholm Stock Exchange.

2000 Two new subsidiaries are acquired, HiQ København in Denmark and HiQ Open in Gothenburg.

2000 A subsidiary is established in Finland, HiQ East Oy.

2002 2002 Softplan Oy of Finland is acquired.

2002 A new subsidiary, HiQ Skåne AB, is established in Lund. HiQ East Oy and HiQ A/S are wound up.

2003 HiQ Väst and HiQ Open merge into one company, HiQ Göteborg AB. 2004 Computer and Audio Technical Systems AB is acquired.

2004 A new subsidiary, HiQ Karlskrona AB, is established.

2007 Acquired MobilEyes AB.

2008 Acquired Ace Simulation AB.

2008 Acquired HiQ Quality Services Oy.

82

deFinitions oF key ratios & History

DefiNiTiONS Of KeY RATiOS

Operating profit/loss: Operating profit/loss after depreciation.Gross margin: Operating profit/loss before items affecting comparability and after reversal of depreciation, as a percent-age of net sales.Operating capital: Operating profit/loss before items affecting comparability, as a percent age of net sales.working capital: Balance sheet total less non-interest-bearing provisions and liabilities, liquid assets and other interest-bearing assets.Return om shareholders’ equity: Profit/loss after tax in relation to average of opening and closing shareholders’ equity.Return on working capital: Operating profit/loss before items affecting comparability in relation to average of opening and closing working capital.Net sales per employee: Net sales in relation to average number of employees.Added value: Operating profit/loss plus salary expenses, including social security contributions and pension expenses. Added value per employee: Added value in relation to average number of employees.Operating profit per employee: Operating profit/loss before items affecting comparability in relation to average number of employees.

Average number of employees: Average number of employees during the year, converted into full-time employee equivalents.equity/assets ratio: Closing shareholders’ equity as a percent-age of closing balance sheet total.Direct yield: Proposed dividend as a percentage of share price at end of financial year.earnings/share: Profit after tax divided by average number of shares, before and after dilution.equity/share before dilution: Shareholders’ equity in relation to total number of outstanding shares.equity/share after full dilution: Adjusted equity, i.e. equity adjusted for the increase in eq uity arising from the exercise of warrants, in relation to total number of shares upon full exer-cise of all warrants.cash flow/share before dilution: Cash flow for the year in rela-tion to total number of outstanding shares.

HiQ International (Headquarter)

Mäster Samuelsgatan 17, 9 tr P.O. Box 7421

SE-103 91 Stockholm, Sweden phone: +46 8 588 90 000

fax: +46 8 588 90 001

HiQ Stockholm

Mäster Samuelsgatan 17, 9 tr P.O. Box 7421

SE-103 91 Stockholm, Sweden phone: +46 8 588 90 000

fax: +46 8 588 90 001

HiQ Göteborg

Norra Hamngatan 22 SE-411 06 Göteborg, Sweden

phone: +46 31 743 91 00fax: +46 31 743 91 01

HiQ Skåne

Emdalavägen 10, 4 tr SE-223 69 Lund, Sverige

phone: +46 46 540 55 50fax: +46 46 306 570

HiQ Mälardalen

Gunnarsrovägen 2P.O. Box 206

SE-732 24 Arboga, Swedenphone: +46 589 845 00

fax: +46 589 845 01

Linslagargränd 1, 1tr721 30 Västerås

phone: 0589 - 845 00fax: 0589 - 845 01

HiQ Karlskrona

Campus Gräsvik 4SE-371 75 Karlskrona, Sweden

phone: +46 768 800 801fax: +46 455 300 205

HiQ Ace, Linköping

Teknikringen 8SE-583 30 Linköping, Sweden

phone: +46 13 21 04 60fax: +46 13 21 04 61

HiQ København

Marielundsvej 43B, 12730 Herlev, Denmark

phone: +45 45 20 11 10 fax: +45 45 20 11 19

HiQ Finland

Tekniikantie 1202150 Espoo, Finland

phone: +35 89 412 5335fax: +358 46 712 10 20

Westendintie 99CFI-02160 Espoo, Finland

phone: +358 9 4355 860fax: + 358 9 4355 8686

HiQ i kortHet

3