Transparency Report

www.pwc.se

Transparency report

Annual report on PwC’s Swedish auditing practice

Financial year 12/13 Contents

Introduction 3 Legal structure and ownership of the firm 3 Major operating companies 3 Company Management – Organisation and areas of responsibility 4 PwC – International Network 4 Audit Quality Control System 5 Introduction 5 Quality Control Standards 5 1. Leadership Responsibilities for Quality within the Firm 5 2. Ethical Requirements 5 3. Acceptance and Continuance of Client Relationships and Specific Engagements 5 4. Human Resources 6 5. Engagement Performance 6 6. Monitoring 6 Documentation of the quality control system Efficiency of the Quality Control system 7 Application of Independence requirements for the firm and its auditors 7 1. Organisation 7 2. Policies and guidance 7 3. Training and confirmations of Independence 7 4. Independence systems 7 5. Monitoring of independence procedures and practices 8 Supervisory Board of Public Accountants’ Quality Control 8 Professional development and training for auditors 9 Principles for remuneration to partners 9 Financial information 9

APPENDIX 1 Audit clients whose securities are listed for trade on an EU Regulated Market 10

2 PwC’s Swedish operations Transparency report 12/13 Introduction Legal structure and nomination committee and supervisory ownership of the firm body in ownership related issues. This Transparency Report is published The Board consists of 13 members and in accordance with the requirements PwC’s operations in Sweden are pri- 3 staff representatives. of Section 22a of the Auditors Act marily divided between two operating (2001:883) and the Accountants companies: PricewaterhouseCoopers AB The Board normally convenes five to six Ordi- nance (1995:665), which aligned and Öhrlings PricewaterhouseCoopers times per year and deals with standard the Swedish regulatory regime with AB. The Group also holds a number of governance issues. The auditors of the Article 45 (s)(e) of the Directive on smaller, non-operating subsidiaries in Group report their observations at one Statutory Audit 2006/43/EC. the process of being liquidated. of these meetings. Only partners who are active in the firm, along with staff The Transparency Report is in respect of The Group’s parent company is representatives, may be represented at the financial year 1 July 2012 – 30 June PricewaterhouseCoopers i Sverige AB, the Board. 2013 and the companies named below. which is owned by 256 active partners of the Group.

Partners are responsible for the business on the basis of a strong, one-firm con- Major operating companies: cept, which means that the Group is active on the market as one single company. The Partners’ Consortium, PricewaterhouseCoopers i Sverige AB which is the highest decision-making 556126-4259 body within the firm, has two General Meetings per year. In addition to the decision-making function of these meetings, they also serve to provide general information regarding the company’s Öhrlings Pricewaterhouse Pricewaterhouse operations, and significant issues are Coopers AB Coopers AB 556029-6740 556067-4276 discussed in plenary, or in smaller groups. The General Meeting appoints a Board of Directors, a Chairman, the Territory Senior Partner (TSP), the CEO and the Deputy CEO, as well as a shareholder group and its chairman. The shareholder group acts as the

3 PwC’s Swedish operations Transparency report 12/13 Company Management – Company management has, during the PwC – International Organisation and areas of financial year, been comprised of the Network following individuals: responsibility “PwC” refers to the network of mem- Henrik Steinbrecher, (until 16 March ber firms of PricewaterhouseCoopers Company Management has consisted 2013)/Peter Nyllinge* (from 17 March International Limited (“PwCIL”) and/or of the Territory Senior Partner (TSP), 2013), Territory Senior Partner, Head one or more of its member firms, each of the Chairman, the CEO and two Deputy of the Swedish firm’s international which is a separate legal entity. CEO’s. The Territory Senior Partner is operations and dealings with PwC the convener of the meetings and leads globally. the work of the management. The Swedish parent company, PricewaterhouseCoopers i Sverige AB, Peter Clemedtson, Chairman of the and certain subsidiaries, are members Management formally convenes as soon Board, responsible for leading the work of PwCIL. as it is called for by issues raised, which, of the Board and the annual Partner in practice, means at least once a month. Meetings. In addition, management also regularly PwC member firms operate locally in countries around the world. Being a summons the larger executive team Hans Börsvik, CEO, responsible for member of the PwC network means which, in addition to corporate manage- running the day-to-day operations of firms can use the PwC name and draw ment, comprises the heads of our three the firm. business areas (Assurance, Advisory on certain resources, methodologies, knowledge and expertise within the and Tax). The heads of Risk and Quality, Kenneth Stjernström, Deputy Mana- PwC network. Each member firm also Marketing and Human Resources can ging Director, responsible for finance agrees to abide by certain common be called to the meetings. The executive and administration. team is led by the CEO and convenes policies and maintain the standards of the PwC network. Each PwC member approximately eight times per year, one Catarina Ericsson, Deputy CEO, firm engages in quality control and com- meeting being dedicated to strategic responsible for business development. planning issues. pliance monitoring activities, covering the provision of services, ethics and *) Peter Nyllinge also took over the business conduct, and the compliance Management bears the ultimate respon- position of CEO from 1 July 2013 and, at with specific, strict standards for inde- sibility for implementing the strategic di- this time, a new corporate management pendence monitoring and protection. rection and priorities, as determined by team also assumed their roles. the Board through the annual update of the business plan. In addition, manage- PwCIL is an English private company ment is responsible for the introduction limited by guarantee. PwCIL does not and development of policies and guideli- practice accountancy, provide services to nes for the operations, and for ensuring clients or do business with third parties. that the firm has adequate systems and PwCIL acts as a co-ordinating entity for procedures for internal controls. This PwC member firms in the PwC network. also includes the control and monitoring PwCIL develops and implements stan- of quality, as well as ensuring that these dards and policies and initiatives that systems are the subject of continuous create a common approach for member evaluations. firms. PwCIL focuses on key areas like strategy, brand and risk & quality, including compliance with independence processes.

A member firm of PwCIL cannot act as an agent of PwCIL or any other member firm, and it is only liable for its own acts or omissions and not those of PwCIL or any other member firm. PwCIL has no right or ability to control any member firm’s exercise of professional judgment.

4 PwC’s Swedish operations Transparency report 12/13 Audit Quality Control 1. Leadership Responsibilities for 2. Ethical Requirements System Quality within the Firm The firm’s management is committed 2.1 Integrity and Objectivity to audit quality and has established a The reputation and success of the firm The following is a summary of the sys- culture embracing high standards in depend on the professionalism and tem of quality control that the firm has independence and professional ethics. integrity of all partners and staff. All adopted over its auditing practice. Management bears the overall respon- partners and staff are expected to sibility for ensuring that the system for uphold and comply with the standards Introduction quality control over its auditing practice developed by the PwC global network The firm’s responsibilities as regards its discussed in this document is effective and by our local firm. A Business Con- clients, applicable legislation and public on an ongoing basis. Risk assessments duct Leader/Ethics Officer has been ap- interests require that we are continuous- are carried out to address changes in pointed to promote local initiatives and ly expected to deliver high quality work external and internal circumstances. ongoing activities concerning our ethical which inspires confidence. Policies are updated and approved regu- “Code of Conduct”. Management is larly, as is the case with the tailoring of responsible for maintaining an internal The PwC Global Network has procedures procedures and controls. culture and a tone at the top which helps concerning audit and quality control to promote our Code of Conduct and the which are set out in a number of com- Leadership is also demonstrated by the manner in which it is to characterise our mon policies. The members of the global dedication of resources to quality mat- behaviour. Upon hiring or admittance, network use these policies and conduct ters. all staff and partners of the firm are Risk and Quality reviews. provided with a copy of the PwC Global • Business Unit Leaders and other Code of Conduct. Information regarding Our Swedish policies are based on global managers assume the operational the Code of Conduct is also published on policies, which have been prepared ba- responsibility for ensuring that our local intranet and Swedish website, sed on standards issued by the Interna- policies regarding risk and quality as well as the PwC Global website (www. tional Federation of Accountants (IFAC) matters are complied with in the pwc.com). Updates and reminders and other sources. Local policies have entities concerned. concerning the Code of Conduct are been prepared to address local profes- provided on an ongoing basis through sional standards and regulatory require- • A Risk and Quality Partner of the firm various messages from management and ments. bears the overall responsibility for risk are also included in the training of both management and quality control and new and experienced staff members. Quality Control Standards reports directly to management. Compliance with International Stan- There is a channel for the anonymous dards on Auditing (“ISA”) requires the • The Risk and Quality Partner of the reporting, by members of staff or exter- firm to have a system of quality control firm is supported by Risk Management nal parties, of unethical behaviour or over its auditing practice. These con- Partners for each Business Area, other related concerns which is available trols are embedded as part of the firm’s by the Partner Responsible for on the intranet and external company day-to-day activities. The quality control Independence matters and by a Chief website. system is in accordance with Interna- Quality Officer responsible for the tional Standard on Quality Control 1, evaluation of the Quality Control 2.2. Independence “Quality Control for Firms that Perform System (ISQC1). The firm has adopted the PwC Global Audits and Reviews of Historical Finan- policies and related guidance regarding cial Information” (ISQC1) issued by the • Experienced auditors, known as independence, complemented when International Federation of Accountants Partners to Consult, are available to necessary by more restrictive local pro- (IFAC). provide support and guidance on risk fessional and regulatory requirements. and quality matters to partners and The firm strictly monitors compliance Consequently, the firm’s quality control staff in the firm. with independence requirements related system encompasses the following six to financial interests in, and business elements of quality control: • In each business area, there relationships with, clients. are partners responsible for the development of services and for 3. Acceptance and Continuance of the quality aspects regarding the Client Relationships and Specific Enga- deliverables to our clients in different gements segments and industries. The Firm follows the PwC global network’s guidelines for approval of new clients and engagements, as well as assessment of continued client relationships.

5 PwC’s Swedish operations Transparency report 12/13 PwC’s global proprietary decision sup- Professional Development: Training which formal consultation is mandatory. port systems for audit client acceptance and development is an ongoing process. The engagement teams are supported by and continuance (“A&C”) facilitates an Training starts when an individual is technical experts that monitor develop- assessment by the engagement team, hired and continues throughout his or ments in accounting, auditing and other management and risk management her career. Our personnel participate in relevant areas and provide consultations specialists of whether the risks related to a variety of formal training courses and in various matters. In addition, these an existing client or a potential client are computer-based training, and they are experts provide the organisation with manageable. also trained through coaching during information and general guidance. engagement performance. A Compliance Office has been established Our culture of consultation means that to, amongst other things, check all poten- There is a system to support the per- the engagement teams also consults on tial clients against internal and external formance evaluation process, whereby an ongoing basis in matters other than databases, to ensure that they comply personal development plans are establis- those categorised as mandatory require- with the requirements and conditions for hed and followed up through a regular ments. acceptance as clients. dialogue between staff and coaches/ managers, as well as evaluation of work An “Audit panel” comprised of expe- Potential conflicts of interest are taken performed on engagements. rienced auditors is available for more into consideration in the acceptance and complex auditing matters. continuance process. 5. Engagement Performance Consistent Global Methodology: For our listed clients, a “Quality Review The firm has established policies for “sig- The firm uses a consistent global audit Partner” (QRP) is also appointed to ning rights”, containing rules for partners methodology and process for audit enga- perform certain quality controls of the and staff regarding authorities to assume gements. The methodology is enhanced engagement on an ongoing basis, as well the overall responsibility for the services as necessary to respond to the changing as in connection with issuing the audit delivered to a client and regarding the environment. All audit engagement part- report. signing of audit reports and other reports. ners and staff receive ongoing training in this methodology. 6. Monitoring 4. Human Resources Quality monitoring is an integral part of The quality of our work is largely deter- Comprehensive Policies and Procedu- the firm’s ongoing development. The firm mined by the competence and dedication res: To complement global PwC policy, constantly evaluates input from quality of our people. For this reason, we strive to the firm has comprehensive policies and reviews and a variety of informal sources recruit, train, develop and retain the most procedures governing our local accoun- in an ongoing effort to update policies suitable employees for the services we ting and auditing practice. These are and procedures to maintain quality of provide. We recruit committed and well- updated on an ongoing basis to reflect work over time. educated individuals, both experienced new professional requirements in our hires that can operate as experts within local operating environment, and to Engagement level reviews include: audit and consulting engagements, as address the needs related to the local en- well as graduates direct from university, gagements. Practical guidance regarding • A process for annual quality control or other educational backgrounds. An engagement performance is available in of engagements performed by assessment is performed of the eligibility databases, which are regularly updated experienced partners and other for the post for all of our recruits. and accessible for our audit staff at any qualified staff that are not connected time. to the office which carries out the audit Every employee is a resource for the enti- or to the audit engagement as such. re firm, not just for his/her own business Staffing of Engagements: Resource Quality controls are made annually of unit. In the relationship between leader- planning on an overall level is performed a large number of engagements and ship and employees, the individual’s goals by the operational management. Every all engagement leaders are reviewed are accordingly harmonised with those of engagement leader is ultimately respon- at least once every fifth year, in the entire firm. PwC Experience provides sible for the engagements being staffed accordance with the requirements guidelines in this regard, defining the with team members with sufficient pro- of the Swedish Supervisory Board manner in which we meet the values of fessional competence and experience. In of Public Accountants regarding the firm and the Code of Conduct. PwC addition, every engagement leader is ul- qualified auditors and with the internal Experience comprises themes such as timately responsible for establishing the requirements of PwC. Teamwork, Leadership and Excellence scope of supervision and review of work and is to permeate Human Capital mat- carried out by more junior employees. • Compliance testing of engagements ters and leadership in terms of the goals is a process where compliance with of the individual, marketing activities, Consultation procedures: Consultation risk management and quality matters performance evaluation systems and is a key element to ensure good quality is reviewed during the year, after the training and recruitment. in the engagements. The firm has policy completion of various stages of the en- setting out the circumstances under gagements. The process encompasses

6 PwC’s Swedish operations Transparency report 12/13 various areas such as independence, The Board and company management Local supplements to the global policy ex- client acceptance and engagement can, after the completion of the as- ist to fulfill the requirements of Swedish acceptance, as well as engagement sessments of internal control regarding trade organisations and Swedish legisla- performance. quality in the audit practice, confirm that tion. An important local requirement is measures related to significant observa- that conclusions regarding independence Reviews at the overall level include: tions from these assessments are taken on should be documented in conjunction an ongoing basis. with auditing services and other services • An annual review of the quality control to audit clients, in accordance with the system. This includes assessment of Application of Indepen- so-called “Analysmodellen” described in the efficiency of controls within all further detail in the Auditors Act. areas described in points 1-6 above dence requirements for the in accordance with International firm and its auditors The firm’s independence policy covers, Standards on Quality Control (ISQC1). among others, the following areas: 1. Organisation • In addition, the PwC network carries The firm has a designated senior partner, • personal and firm independence, out, on a regular basis, reviews of (known as the “Partner Responsible for including policies and guidance on the the manner in which the network Independence” or “PRI”) who is respon- holding of financial interests and other companies manage R & Q matters, sible for implementing and monitoring financial arrangements including compliance with ISQC1 procedures regarding independence (Quality Management Reviews). matters. Risk Management Partners from • non-audit services to audit clients. The the respective business areas, Partners to policy is supported by Statements of • The PwC network also have an annual Consult and OGC (legal department) will Permitted Services (‘SOPS’), which self-assessment programme regarding assist in this work and manage any direct provide practical guidance on the compliance with the PwC network’s questions from the engagement teams. application of the policy Risk Management Standards. The self- assessment is reviewed by a separate PRI also leads the Swedish “Indepen- • business relationships group at global level within the PwC dence Office” which supports the organi- network. sation and manages central systems. An 3. Training and confirmations “Independence Panel”, led by the PRI, has of independence Instances of failure to meet quality stan- also been established. This panel is at the A mandatory e-learning programme dards are corrected as soon as possible. disposal of engagement leaders for eva- regarding independence matters is car- The responsible auditor, or other con- luating complex independence matters. ried out in conjunction with recruitment. cerned personnel, will receive support The PRI is responsible for reporting of in- A one-day introduction course for new regarding changes to ensure the defi- dependence matters to the Risk & Quality recruits is held, in which, amongst other ciencies are not repeated. Quality matters partner for the firm. things, independence matters are on the are an important part of the performance agenda. evaluation process and deficiencies may 2. Policies and guidance affect monetary compensation for part- The PwC Network Independence Po- Independence matters are included in ners and staff as well as other impact. licy, which is based on the International annual updates regarding Risk & Quality Ethics Standards Board for Accountants to qualified employees. Documentation of the (‘IESBA’) Code of Ethics for Professional quality control system Accountants, contains minimum stan- All client facing partners and staff must Various forms of documentation are dards with which PwC member firms annually confirm their compliance with prepared and filed to demonstrate that have agreed to comply, including proces- all aspects of PwC’s independence policy, our quality control system operates as ses that are to be followed to maintain including their own personal indepen- intended. This documentation includes, independence from clients, when neces- dence. These confirmations serve to amongst other things, a database from sary. identify any threats to independence the annual review of the quality control that may have arisen during the year and system. The independence requirements of the to provide a periodic reminder of PwC’s United States Securities and Exchange independence policies and procedures. Efficiency of the Quality control system Commission and those of the Public Ac- Our system for internal quality assurance counting Oversight Board of the United 4. Independence systems of the audit practice has been designed States are, in certain instances, more As a member of the PwC-network, the to enable the Board and management to, restrictive than the PwC policy. Given firm has access to a number of global with reasonable certainty, identify signi- the reach of these requirements and their systems supporting compliance with ficant risks in the practice and to manage impact on PwC Network Firms, the PwC independence policies and procedures. these risks with procedures, controls and policy identifies key areas where these These systems include: other measures. requirements are more restrictive.

7 PwC’s Swedish operations Transparency report 12/13 • The Central Entity Service (“CES”), 5. Monitoring of independence Supervisory Board of which contains information about procedures and practices Public Accountants’ corporate entities including public The firm has procedures for monitoring interest audit clients (including SEC and following-up independence matters Quality Control registered clients) and their related which include: securities. CES assists in determining The firm is a registered public accounting the independence status before • Quality control reviews of firm and is, as such, under the supervi- entering into a new engagement or engagements to confirm compliance sion of the Supervisory Board of Public business relationship. This system also with risk management processes, Accountants (Revisorsnämnden – RN), feeds GPS; including independence. which also applies to all qualified accountants working within the firm. RN is the • The Global Portfolio System (“GPS”) • Annual personal independence supervisory body for auditors according which facilitates the pre-clearance compliance testing of a random to the Auditors Act 2001:883. In this of publicly traded securities by all selection of partners regarding capacity, it carries out regular follow ups partners, directors and practice securities; and, on the firm’s audit practice, as well as managers before acquisition and individual auditors. RN reported in June records their subsequent purchases • Annual self-assessment of the firm’s 2013 its latest quality control of auditors and disposals. Where a member firm of adherence to the Risk Management of listed companies which was performed the PwC-network obtains a new audit Standard Independence, followed-up starting in spring 2012. The report also client which has issued securities, this by an independent team from the PwC- refers to RN’s previous assessment of the system automatically informs those network. firm’s quality control system which is ba- holding securities in this client. It then sed on the the requirements set out in the needs to be determined if the holding The results of the firm’s monitoring and International Standard of Quality Control is to be permitted and, where relevant, testing are reported to its management. 1 (ISQC1). RN’s reports from these quali- the holding will need to be disposed of. Investigations of any identified violations ty controls are publicly available and can of policies also serve to identify the need be obtained at www.revisorsnamnden.se. • Authorisation for Services (“AFS”) for improvements in the firm’s systems which is a global system facilitating and processes, as well as any possible communication between a non- need for additional policies, guidance and audit services engagement leader training. and the audit partner of the parent company of listed audit clients. PwC member firms are required to have Documentation is provided regarding disciplinary mechanisms in place to the potential independence threats of promote compliance with independence the service and proposed safeguards. policies and processes and to report and Subsequently, the audit partner of to report and act in case of departures the parent company decides on and from independence requirements. documents the acceptability of the service. A partner or staff member may be subject to a reduction in monetary compensation The firm also has a number of local sys- or to other disciplinary action in the case tems that include: of departures from the firm’s independence policy. • A database to monitor compliance with the firm’s audit rotation policies for engagement leaders and Quality Review Partners involved in an audit of a listed client.

• Client Code / client portal where clients and engagements are registered and approved before the client and project number can be obtained.

• A database recording other business relationships entered into by the firm. These relationships are reviewed on a regular basis to ensure their ongoing permissibility.

8 PwC’s Swedish operations Transparency report 12/13 Professional development Principles for remunera- Finansiell information and training for auditors tion to partners

The firm’s internal training curriculum As shareholders, partners receive Net sales by area The Group The Group includes topics related to accounting, dividends on their shares. The size (TSEK) 2012/2013 2011/2012 auditing and regulatory matters, as well of thedividend depends on the per as to business development, personal formance of the firm. Partners also Auditing and Accounting 3 270 229 3 219 615 development, PwC’s Code of Conduct receive remuneration in the form of a and our values. salary. The total remuneration that a Tax services 568 005 542 538 partner can obtain can be divided into Advisory services 466 407 527 363 The firm maintains databases contain- (1) Remuneration related to responsi- Operating ing reference materials in the form of bility level, (2) Remuneration related income from policies, guidelines and methodologies. to performance, and (3) Remuneration own operations 4 304 641 4 289 516 The firm also provides access to Swedish related to reported results. Invoiced income for subcontracted and international accounting, auditing consulting services and ethical standards. Business Unit Leaders evaluate the and expenses 343 089 313 884 partners in relation to targets and Total operating To keep theoretical knowledge up-to- performance and submit proposals income 4 647 730 4 603 400 date, partners and staff receive regular for remuneration. communication on professional topics as such topics and issues arise. Subject mat- The final remuneration level is ter experts provide support and guidan- established by company management. ce on auditing, accounting and regula- The remuneration of company manage- Other financial information tory requirements and expert knowledge ment is determined by the shareholder For more detailed financial information, regarding different industries. group’s Remuneration Committee. please refer to our official annual report.

The engagement leaders participate in the internal objective setting for team members and in the related performance appraisal processes. In this manner, the ongoing personal development needs of employees are identified. Information from the performance appraisal process is compiled and considered alongside For the Board of other information in establishing a PricewaterhouseCoopers i Sverige AB personal development plan for each Stockholm, 30 September 2013 employee.

The firm also has procedures in place to monitor requirements regarding Continuing professional development, including the completion of mandatory Peter Nyllinge training programmes, so that our ser- CEO vices are delivered by individuals who have the right experience and – where required – are qualified under relevant legal or other requirements.

9 PwC’s Swedish operations Transparency report 12/13 Appendix 1

Audit clients whose Companies for which we issued an audit opinion during the securities are listed period 1 July 2012 – 30 June 2013 whose transferable securities for trade on an EU are or have been listed for trade on a regulated market during Regulated Market this period.

Company Market Details regarding the markets Assa Abloy AB Large in Sweden for the English Axis AB Large translation: Electrolux AB Large Elekta AB Large The regulated markets noted Ericsson (Telefonaktiebolaget LM Ericsson) Large in this list of companies are Getinge AB Large Husqvarna AB Large • Nordic Exchange Industrivärden, AB Large - Large cap Latour, Investment AB Large - Midcap Lundin Petroleum AB Large - Small cap Meda AB Large Melker Schörling AB Large NCC AB Large • NGM (Nordic Growth Ratos AB Large Market) SAAB AB Large - NGM Equity Securitas AB Large Skandinaviska Enskilda Banken (SEB) Large SSAB AB Large Svenska Cellulosa AB (SCA) Large TeliaSonera AB Large Trelleborg AB Large Volvo, AB Large AarhusKarlshamn AB Mid Aerocrine AB Mid Avanza Bank Holding AB Mid Beijer AB, G & L Mid Beijer Alma AB Mid Betsson AB Mid Bure Equity AB Mid BYGGmax Group AB Mid Clas Ohlson AB Mid Duni AB Mid Eniro AB Mid Fagerhult, AB Mid Fastighets AB Balder Mid Haldex AB Mid HiQ International AB Mid Industrial & Financial Systems AB Mid Indutrade AB Mid Kappahl AB Mid Loomis AB Mid Medivir AB Mid Sweco AB Mid Swedish Orphan Biovitrum AB Mid Swedol AB Mid Transmode Holding AB Mid Vostok Nafta Investment Ltd Mid

10 PwC’s Swedish operations Transparency report 12/13 Appendix 1

Company Market Acando AB Small AddNode AB Small Arise Windpower AB Small Beijer Electronics AB Small Bong Ljungdahl AB Small BTS Group AB Small Catena AB Small Consilium AB Small Duroc AB Small Elanders AB Small Elos AB Small Endomines AB Small Enea AB Small FinnvedenBulten AB Small FormPipe Software AB Small Geveko, AB Small HMS Networks AB Small Intellecta AB Small Karo Bio AB Small Know IT AB Small Malmbergs Elektriska AB Small Midway Holding AB Small MSC Konsult AB Small Net Insight AB Small Nordic Mines AB Small Note AB Small Opcon Ab Small Orexo AB Small Partnertech AB Small Phonera AB Small Precise Biometrics AB Small ReadSoft AB Small Rederi AB Transatlantic Small Rejlerkoncernen AB Small Rottneros AB Small Seamless Distribution AB Small SenSys Traffic AB Small SinterCast AB Small StjärnaFyrkant AB Small Studsvik AB Small Svolder Small VBG Group AB Small Venue Retail Group AB Small Vitrolife AB Small Crown Energy AB NGM Equity Ginger Oil AB NGM Equity Guideline Technolgy AB NGM Equity NGS Group AB NGM Equity Paynova AB NGM Equity SBC Sveriges BostadsrättsCentrum AB NGM Equity Sotkamo Silver NGM Equity

11 PwC’s Swedish operations Transparency report 12/13 PwC Sweden is the market leader within auditing, accounting, tax and advisory services, with 3,800 staff members at 130 locations spread across the country. Using our experience and unique business knowledge, we enhance value for our 66,000 clients, who are comprised of global companies, major Swedish companies and organizations, smaller and medium-sized companies, primarily local, and the public sector.

PwC Sweden is a separate and independent legal entity. We are the Swedish member firm of the PwC global network. Close to 180,000 people in 158 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

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