AI assistant
Studsvik — Interim / Quarterly Report 2009
Jul 21, 2009
3208_ir_2009-07-21_24888920-9aa0-472f-b4c0-8862d6c457dc.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Interim Report January-June 2009
- Operating profi t for the second quarter amounted to SEK –39.1 million (32.1), including project and structural costs in the United Kingdom of SEK –22.8 million. •
- The USA is reversing a negative trend with higher sales and substantially improved earnings compared with the fi rst quarter. •
- Stable operations and continued good performance in Sweden, Germany and Global Services. •
- The second half of the year is expected to show a positive operating profi t and cash fl ow. •
| April-June 2009 |
April-June 2008 |
January-June 2009 |
January-June 2008 |
Full year 2008 |
|
|---|---|---|---|---|---|
| Net sales, SEK million | 315.8 | 370.6 | 592.8 | 690.6 | 1,285.9 |
| Operating profi t, SEK million | –39.1 | 32.1 | –60.3 | 25.1 | 12.7 |
| Profi t after tax, SEK million | –33.5 | 19.1 | –53.3 | 12.1 | 1.1 |
| Profi t per share after tax, SEK | –4.06 | 1.97 | –6.48 | 0.99 | –0.05 |
| Equity per share, SEK | 67.28 | 65.97 | 67.28 | 65.97 | 74.32 |
| Equity-assets ratio, % | 37.7 | 42.7 | 37.7 | 42.7 | 40.4 |
Net sales
Net sales for the second quarter amounted to SEK 315.8 million (370.6) and for the period January-June, to SEK 592.8 million (690.6). The decrease in sales is mainly attributable to the USA operations, where sales, while certainly increasing in the Erwin facility compared with the fi rst quarter, did not reach last year's high level. In the United Kingdom too, sales were lower than last year due to continued low capacity utilization in project operations. Sales increased in the other three segments by 5 per cent in local currency.
Profi t
Operating profi t for the second quarter amounted to SEK –39.1 million (32.1) and for the period January-June to SEK –60.3 million (25.1). The loss in the second quarter is mainly attributable to the United Kingdom, where considerable project losses in the decommissioning area reduced earnings. As a consequence of the weak performance, the segment's operations have been restructured and the management replaced. The costs of this are charged to the profi t for the quarter. Foreign exchange effects had a negative impact of SEK –2.5 million (–3.2) on the operating profi t for the second quarter and of SEK –9.1 million (–1.7) for the period January-June.
Sweden
Net sales in the second quarter were on the whole unchanged and amounted to SEK 40.1 million (40.7). In January-June sales increased by 14 per cent to SEK 81.3 million (71.4). Operating profi t in the second quarter fell to SEK –1.1 million (9.6) and in January-June to SEK 5.6 million (10.5).
The market and order situation continues to be very good, but profi t did not reach last year's level due to lower earnings for the incineration facility and the large components production line. The incineration facility underwent a planned overhaul, which temporarily reduced production. The production line for treatment of large components had high capacity utilization, but bottlenecks in the facility meant increased production costs. Measures are being taken to remove these bottlenecks in the short term and to increase capacity in the long term for the facility. A contract worth about SEK 250 million was signed in May with Bruce Power in Canada for treatment of 32 steam generators in the period 2010-2018.
The facility for treatment and melting of metallic material reported higher production volumes and earnings than the previous year.
United Kingdom
Net sales in the second quarter fell to SEK 20.7 million (39.2) and in January-June to SEK 47.4 million (79.7). The operating profi t for the second quarter was SEK –33.5 million (–1.5) and for January-June SEK –33.5 million (1.4). The profi t in the second quarter is reduced by project losses and structural costs of SEK 22.8 million.
The problems in the decommissioning area continued during the quarter. As reported in June, several decommissioning projects were written down in total by SEK 12.7 million. Operations in the area were then concentrated on smaller projects, waste treatment and consulting services. In consequence of this, the remaining major decommissioning contract was prematurely terminated, entailing a further reduction in profi t of SEK 7.7 million.
The order book continued at a low level, resulting in unsatisfactory capacity utilization during the quarter and the operations reported a loss. The change in direction of the operations means a reduction of about 25 per cent in the organization.
The facility for treatment of metallic material in Workington was opened in May. Processing of radioactive material is expected to start during the third quarter after fi nal regulatory approval of the facility.
Germany
Net sales increased in the second quarter to SEK 113.3 million (102.0), which corresponded to an increase of 3 per cent in local currency. Net sales for the period January-June amounted to SEK 210.2 million (179.4). The operating profi t for the second quarter was SEK 5.7 million (6.6) and for January-June SEK 10.6 million (11.3). The lower margin is attributable to the service and maintenance area.
Annual maintenance work at power-producing reactors takes place in February-October, but varies in scope during this period. Capacity utiliza tion in the second quarter was lower than the previous year. Capacity utilization in the consulting operations was good.
Several projects of varying size are under way in decommissioning. In the second quarter work was started in Belgium as part of the four-year contract with Belgonucleaire, worth EUR 7.2 million, which was signed in the fi rst quarter.
USA
Net sales for the second quarter amounted to SEK 69.7 million (121.2) and for the period January-June, to SEK 107.4 million (224.6). The operat ing loss for the second quarter amounted to SEK –7.8 million (25.5) and for the period January-June, to SEK –41.5 million (12.1).
The Erwin operations reported rising volumes with resulting clear improve ment in profi t after three quarters of very low volumes and losses. Capacity utilization and profi t did not, however, reach last year's high level, when customers were emptying their stores of waste before the Barnwell repository closed. Contracts under the new business model for the operations have been signed with fi ve nuclear power producers with a total of 36 reactors. Negotiations are in progress with several nuclear power producers.
The Memphis-based waste operations reported a profi t in the second quarter. The profi t did not reach last year's level due to changed market conditions in which customers in the short term are keeping down costs and expenditure. The effi ciency improvements made in Memphis have resulted in more robust operations that are profi table at considerably lower volumes than before.
The logistics operations were sold in the second quarter to R&R Trucking.
Global Services
Net sales rose in the second quarter to SEK 61.9 million (44.8), which corresponds to an increase of 29 per cent in local currencies, and amounted to SEK 125.9 million (92.0) in the period January-June. Operat ing profi t for the second quarter increased to SEK 6.2 million (–0.3) and to SEK 15.5 million (4.0) for the period January-June.
The materials technology operations continued to develop well, with higher sales and operating profi t than the previous year. The consulting opera tions performed well and there were several new recruitments. Demand for consultants with advanced nuclear engineering skills is high. Software for fuel optimization reported a profi t that was by and large on the same level as the previous year.
Investments
The Group's investments in the second quarter were SEK 42.6 million (19.4) and in the fi rst half year SEK 50.8 million (40.1). The new processing plant in the United Kingdom accounts for SEK 43.5 million of this.
Cash fl ow
Cash fl ow from operating activities before working capital changes in the second quarter was SEK 8.5 million (37.9) and SEK 8.9 million (41.9) for the period January-June. Working capital increased in the second quarter by SEK 34.0 million (33.9) and in the period January-June by SEK 40.8 million (56.1).
Cash fl ow from operating activities after investments was SEK –65.3 million (–9.8) in the second quarter and SEK –97.3 million (-48.7) for the period January-June.
AB SVAFO was transferred on April 1 to the Swedish nuclear power producers. The transfer was at book value, SEK 1.0 million. The company had a net cash balance of SEK 18.4 million at the time of the transfer, mainly consisting of advances from the Nuclear Waste Fund. The transfer meant that the Group's cash and cash equivalents decreased by SEK 17.4 million.
Financial position and liquidity
Cash and cash equivalents, including current investments, amounted to SEK 43.2 million (120.8) at the close of the quarter. Decreasing liquidity is mainly an effect of the negative developments in the United Kingdom, but also an effect of the recovery of production volumes in
the American operations only occurring towards the end of the second quarter.
Equity amounted to SEK 552.9 million (542.1) and the equity-assets ratio was 37.7 per cent (42.7).
Interest-bearing liabilities amounted to SEK 390.9 million (309.1). The Group's total borrowing is conducted entirely in foreign currencies through investments and business acquisitions in the USA, Germany and the UK. An exchange rate effect arises on translation of Swedish kronor, which in the second quarter reduced liabilities by SEK 12.0 million.
Personnel
The average number of employees was 1,117 (1,145).
Parent company
Parent company operations comprise the coordination of tasks for the Group, and assets mainly consist of shares in subsidiaries. The parent company's net sales in the second quarter were SEK 2.8 million (2.7) and in the fi rst half year SEK 5.5 million (5.3). The operating loss for the second quarter amounted to SEK –8.6 million (–7.7) and for the fi rst half year to SEK –17.0 million (–14.1). Profi t after fi nancial items in the second quarter was SEK –0.6 million (–7.5) and for the fi rst half year SEK 12.2 million (–13.7). Profi t for the fi rst half year includes dividend from the German subsidiary of SEK 22.0 million (0) and from Studsvik Scandpower AB of SEK 10.0 million (0).
The parent company's investments amounted to SEK 0 million (0.2). Cash and cash equivalents amounted to SEK 45.3 million (52.5) and interest-bearing liabilities to SEK 227.8 million (163.5).
Board of Directors
Jan Barchan has announced that from May 29 until further notice he will no longer participate in the work of the Board of Directors.
Risks and uncertainties
Studsvik operates in an international, competitive market and is thereby exposed to both business and fi nancial risks and uncertainties.
The business uncertainties include the fact that Studsvik and Studsvik's customers handle radioactive material and waste, which requires legal or regulatory licensing. Licensing is required for production facilities but also for individual activities, such as transport and transfer of material. This means that the operations of Studsvik and Studsvik's customers are exposed to delays in these licensing processes, which may result in shifts in delivery and production plans.
The business risks also include the fact that in connection with large decommissioning projects and other service contracts Studsvik accepts fi xed price contracts. These projects require effective risk management and project management. Studsvik also supplies services with a high technical content to qualifi ed customers. As a supplier, Studsvik is responsible for timely delivery, functionality and other qualities of services ordered. If Studsvik's project management or risk management is defi cient, or if a service is delivered late or does not fulfi ll requirements that a customer can rightfully impose, Studsvik risks loss of income, for example as a consequence of costs incurred for redress through replacement or damages.
Issues concerning nuclear technology may be subject to various expressions of opinion and debate. In such a context it cannot be ruled out that opinion may emerge on matters that directly or indirectly restrict Studsvik's scope of business action. Studsvik works consistently to maintain a high level of public confi dence. Its approach to the world around is characterized by dialogue and the principle of the greatest possible transparency.
Financial risks and uncertainties mainly include fl uctuations in exchange rates and interest rates, and the company's ability to uphold key ratios (covenants) that regulate borrowing. The fi nancial risks also include counter party risk, i.e. that the Group can be exposed to losses due to counterparty insolvency.
The responsibility for assessing risk lies with the respective subsidiary, but is examined and followed up at Group level. An overall analysis of the Group's risks and how they are dealt with is given in the Annual Report for 2008, which is also available on the company's website. Apart from these risks, no further signifi cant risks are estimated to
have arisen.
Outlook
Modernization and increasing output of nuclear power plants is taking place in several of the countries where Studsvik operates. Decommissioning of nuclear facilities is expected to continue at least at the present rate in 2009. Demand for the services of the type Studsvik offers, including waste treatment, materials testing and consulting services, is strong.
Sweden, Germany and Global Services have a good volume of orders for the second half of 2009. The UK operations have been restructured and the new treatment facility for metallic material is expected to be put in operation in the third quarter. In the USA the contract customer base indicates a break in the negative trend. In view of this, a positive operating profi t and cash fl ow are expected for the second half of the year.
Accounting policies
This interim report was prepared in accordance with IAS 34, IAS 1 and the Swedish Financial Reporting Board recommendation RFR 2.1.
The interim report provides a fair review of the Group's and the Parent Company's operations, fi nancial position and performance and describes signifi cant risks and uncertainties faced by the Parent Company and the companies that are part of the Group.
| Stockholm, July 21, 2009 | ||||||
|---|---|---|---|---|---|---|
| Anders Ullberg | Anna Karinen | Ingemar Eliasson | Lars Engström | |||
| Chairman | Vice Chairman | Board member | Board member | |||
| Alf Lindfors | Per Ludvigsson | Maria Lindberg | Roger Lundström | |||
| Board member | Board member | Employee representative | Employee representative | |||
| Magnus Groth |
President
This report has not been reviewed by the company's auditors.
Time schedule for fi nancial information
Interim Report January–September 2009 November 2, 2009 Year-end Report January–December 2009 February 11, 2010
| Jovember 2, 2009 | ||
|---|---|---|
| ebruary 11, 2010 |
For further information please contact
Magnus Groth, President and Chief Executive Offi cer, +46 155 22 10 86 or +46 709 67 70 86 (cell phone) Jerry Ericsson, Chief Financial Offi cer, +46 155 22 10 32 or +46 709 67 70 32 (cell phone)
The interim report will be presented at a conference call to be held in English, on July 21, at 3.00 p.m. CET. Further information for those interested in participating is available at www.studsvik.se.
Group statement of comprehensive income
| Amounts in SEK million | April-June 2009 |
April-June 2008 |
January-June 2009 |
January-June 2008 |
Full year 2008 |
|---|---|---|---|---|---|
| Net sales | 315.8 | 370.6 | 592.8 | 690.6 | 1,285.9 |
| Cost of services sold | –261.7 | –262.4 | –478.7 | –525.0 | –986.3 |
| Gross profi t | 54.1 | 108.2 | 114.1 | 165.6 | 299.6 |
| Other operating income | 3.5 | 1.1 | 5.2 | 1.5 | 2.8 |
| Selling and marketing expenses | –13.5 | –15.1 | –28.8 | –27.0 | –52.1 |
| Administrative expenses | –49.1 | –50.2 | –105.1 | –94.2 | –194.8 |
| Research and development costs | –12.4 | –9.4 | –24.8 | –18.2 | –44.8 |
| Share in earnings from associated companies | 1.1 | - | 2.6 | - | 8.5 |
| Other operating expenses | –22.8 | –2.5 | –23.5 | –2.6 | –6.5 |
| Operating profi t | –39.1 | 32.1 | –60.3 | 25.1 | 12.7 |
| Financial income | –0.3 | 0.8 | 0.2 | 2.6 | 7.4 |
| Financial expenses | –6.6 | –5.6 | –12.5 | –10.9 | –19.4 |
| Profi t after fi nancial items | –46.0 | 27.3 | –72.6 | 16.8 | 0.7 |
| Income tax | 12.5 | –8.2 | 19.3 | –4.7 | 0.4 |
| Profi t for the period | –33.5 | 19.1 | –53.3 | 12.1 | 1.1 |
| Other comprehensive income | |||||
| Translation differences on foreign subsidiaries | –22.4 | 3.8 | 2.8 | –25.4 | 60.2 |
| Cash fl ow hedges | 2.9 | - | 1.1 | - | –0.4 |
| Income tax on items recognized in other comprehensive | |||||
| income | –1.2 | - | –0.3 | - | 0.1 |
| Other comprehensive income for the period, net after tax |
–20.7 | 3.8 | 3.6 | –25.4 | 59.9 |
| Total comprehensive income for the period | –54.2 | 22.9 | –49.7 | –13.3 | 61.0 |
| Income for the period attributable to | |||||
| Parent company's shareholders | –33.5 | 16.2 | –53.3 | 8.1 | –0.4 |
| Minority interest | 0.0 | 2.9 | 0.0 | 4.0 | 1.5 |
| Total comprehensive income attributable to | |||||
| Parent company's shareholders | –54.2 | 20.0 | –49.7 | –17.0 | 58.5 |
| Minority interest | 0.0 | 2.9 | 0.0 | 3.7 | 2.5 |
| Earnings per share calculated on income attributa ble to the parent company's shareholders during the period, SEK |
|||||
| Before dilution | –4.06 | 1.97 | –6.48 | 0.99 | –0.05 |
| After dilution | –4.06 | 1.97 | –6.48 | 0.99 | –0.05 |
Group statement of fi nancial position
Amounts in SEK million
| June 2009 | June 2008 | December 2008 | |
|---|---|---|---|
| Assets | |||
| Goodwill | 363.8 | 297.3 | 363.0 |
| Other intangible non-current assets | 51.2 | 49.2 | 56.4 |
| Property, plant and equipment | 528.0 | 397.8 | 503.7 |
| Financial non-current assets | 124.9 | 61.9 | 101.4 |
| Total non-current assets | 1,067.9 | 806.2 | 1,024.5 |
| Inventories | 31.8 | 29.3 | 28.8 |
| Trade receivables | 257.8 | 218.9 | 201.7 |
| Other current receivables | 66.8 | 93.9 | 108.1 |
| Liquid assets | 43.2 | 120.8 | 147.7 |
| Total current assets | 399.6 | 462.9 | 486.3 |
| Total assets | 1,467.5 | 1,269.1 | 1,510.8 |
| Equity and liabilities | |||
| Equity attributable to parent company's shareholders | 552.6 | 535.0 | 610.5 |
| Minority interest | 0.3 | 7.1 | 0.3 |
| Borrowings | 365.1 | 192.6 | 350.5 |
| Provisions | 131.4 | 103.5 | 126.6 |
| Other non-current liabilities | 9.5 | 7.7 | 10.4 |
| Total non-current liabilities | 506.0 | 303.8 | 487.5 |
| Trade payables | 89.5 | 90.3 | 97.4 |
| Borrowings | 25.8 | 116.5 | 37.7 |
| Other current liabilities | 293.3 | 216.4 | 277.4 |
| Total current liabilities | 408.6 | 423.2 | 412.5 |
| Total equity and liabilities | 1,467.5 | 1,269.1 | 1,510.8 |
| Pledged assets | 206.9 | 196.5 | 224.2 |
| Contingent liabilities | 68.9 | 56.6 | 58.2 |
Changes in equity
| Amounts in SEK million | Equity attrib u table |
||||||
|---|---|---|---|---|---|---|---|
| Other | to the parent | ||||||
| Share | contributed | Retained | company's | Minority | |||
| capital | capital | Reserves | earnings | shareholders | interest Total equity | ||
| Opening balance at January 1, 2008 | 8.2 | 226.0 | –9.9 | 344.1 | 568.4 | 3.4 | 571.8 |
| Total comprehensive income for the period | 58.9 | –0.4 | 58.5 | 2.5 | 61.0 | ||
| Transfers within equity | –0.7 | 0.7 | 0.0 | 0.0 | |||
| Dividend to shareholders | –16.4 | –16.4 | –16.4 | ||||
| Acquisition of minority equity interest | –5.6 | –5.6 | |||||
| Closing balance at December 31, 2008 | 8.2 | 225.3 | 49.0 | 328.0 | 610.5 | 0.3 | 610.8 |
| Opening balance at January 1, 2009 | 8.2 | 225.3 | 49.0 | 328.0 | 610.5 | 0.3 | 610.8 |
| Total comprehensive income for the period | 3.2 | –52.9 | –49.7 | –49.7 | |||
| Dividend to shareholders | –8.2 | –8,2 | –8.2 | ||||
| Closing balance at June 30, 2009 | 8.2 | 225.3 | 52.2 | 266.9 | 552.6 | 0.3 | 552.9 |
Statement of cash fl ow
| Amounts in SEK million | April-June | April-June | January-June | January-June | |
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | Full year 2008 | |
| Operating activities | |||||
| Operating profi t | –39.1 | 32.1 | –60.3 | 25.1 | 12.7 |
| Depreciation | 18.2 | 15.1 | 40.3 | 31.6 | 67.2 |
| Adjustment for non-cash items | 29.1 | –4.1 | 33.9 | –4.3 | –6.2 |
| 8.2 | 43.1 | 13.9 | 52.4 | 73.7 | |
| Financial items, net | –6.6 | –4.5 | –11.3 | –8.0 | –13.0 |
| Income tax paid | 6.9 | –0.7 | 6.3 | –2.5 | 1.2 |
| Cash fl ow from operating activities before changes | |||||
| in working capital | 8.5 | 37.9 | 8.9 | 41.9 | 61.9 |
| Changes in working capital | –34.0 | –33.9 | –40.8 | –56.1 | –32.4 |
| Cash fl ow from operating activities | –25.5 | 4.0 | –31.9 | –14.2 | 29.5 |
| Investing activities | |||||
| Investments | –25.2 | –19.4 | –50.8 | –40.1 | –103.3 |
| Other changes from investing activities | –14.6 | 5.6 | –14.6 | 5.6 | 4.9 |
| Cash fl ow from investing activities | –39.8 | –13.8 | –65.4 | –34.5 | –98.4 |
| Cash fl ow from operating activities after invest | |||||
| ments and other changes from investing activities | –65.3 | –9.8 | –97.3 | –48.7 | –68.9 |
| Financing activities | |||||
| Change in borrowings | 8.6 | 16.4 | 2.4 | 7.4 | 46.6 |
| Dividend to shareholders | –8.2 | –16.4 | –8.2 | –16.4 | –16.4 |
| Cash fl ow from investing activities | 0.4 | 0.0 | –5.8 | –9.0 | 30.2 |
| Changes in liquid assets | –64.9 | –9.8 | –103.1 | –57.7 | –38.7 |
| Liquid assets at the beginning of the year | 108.7 | 130.8 | 147.7 | 176.9 | 176.9 |
| Translation difference in liquid assets | –0.6 | –0.2 | –1.4 | 1.6 | 9.5 |
| Liquid assets at the end of the period | 43.2 | 120.8 | 43.2 | 120.8 | 147.7 |
Financial ratios for the Group
| Amounts in SEK million | January-June 2009 |
January-June 2008 |
Full year 2008 |
|---|---|---|---|
| Operating profi t | |||
| Operating profi t before depreciation | –20.0 | 56.7 | 79.9 |
| Margins | |||
| Operating margin before depreciation, % | –3.4 | 8.2 | 6.2 |
| Operating margin, % | –10.2 | 3.6 | 1.0 |
| Profi t margin, % | –12.2 | 2.4 | 0.1 |
| Profi tability | |||
| Return on operating capital, % | –13.8 | 7.0 | 1.6 |
| Return on capital employed, % | –12.4 | 6.4 | 2.1 |
| Return on equity, % | –18.3 | 2.9 | 0.2 |
| Capital structure | |||
| Operating capital | 900.9 | 730.5 | 851.3 |
| Capital employed | 944.1 | 851.3 | 999.0 |
| Equity | 552.9 | 542.1 | 610.8 |
| Interest-bearing net debt | 347.9 | 188.3 | 240.5 |
| Net debt-equity ratio | 0.6 | 0.3 | 0.4 |
| Interest cover ratio | –4.8 | 2.5 | 1.0 |
| Equity-assets ratio, % | 37.7 | 42.7 | 40.4 |
| Cash fl ow | |||
| Self fi nancing ratio | –0.6 | 0.4 | 0.2 |
| Investments | 50.8 | 40.1 | 108.4 |
| Employees | |||
| Average number of employees | 1,117 | 1,145 | 1,130 |
| Net sales per employee | 1.1 | 1.2 | 1.1 |
Data per share
| April-June | April-June | January-June | January-June | ||
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | Full year 2008 | |
| Number of shares at the end of the period | 8,218,611 | 8,218,611 | 8,218,611 | 8,218,611 | 8,218,611 |
| Average number of shares | 8,218,611 | 8,218,611 | 8,218,611 | 8,218,611 | 8,218,611 |
| Earnings per share before dilution, SEK | –4.06 | 1.97 | –6.48 | 0.99 | –0.05 |
| Earnings per share after dilution, SEK | –4.06 | 1.97 | –6.48 | 0.99 | –0.05 |
| Equity per share, SEK | 67.28 | 65.97 | 67.28 | 65.97 | 74.32 |
Net sales per geographical segment
| Amounts in SEK million | April-June | April-June | January-June | January-June | |
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | Full year 2008 | |
| Sweden | 60.4 | 56.6 | 107.5 | 109.0 | 226.4 |
| Europe, excluding Sweden | 165.9 | 176.8 | 321.9 | 325.8 | 678.4 |
| North America | 82.1 | 129.3 | 143.6 | 244.5 | 369.0 |
| Asia | 6.3 | 7.9 | 18.4 | 11.1 | 11.9 |
| Other markets | 1.1 | - | 1.4 | 0.2 | 0.2 |
| Total | 315.8 | 370.6 | 592.8 | 690.6 | 1,285.9 |
Financial data per segment
| Amounts in SEK million | United | Global | Elimina | |||||
|---|---|---|---|---|---|---|---|---|
| April-June 2009 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 38.2 | 20.7 | 112.9 | 69.1 | 61.8 | 13.1 | - | 315.8 |
| Revenue from segment | 1.9 | - | 0.4 | 0.6 | 0.1 | 1.3 | –4.3 | 0.0 |
| Operating profi t | –1.1 | –33.5 | 5.7 | –7.8 | 6.2 | –8.6 | - | –39.1 |
| Assets | 121.7 | 176.9 | 290.7 | 691.3 | 137.4 | 420.9 | –371.4 | 1,467.5 |
| Liabilities | 71.6 | 164.5 | 217.2 | 431.9 | 84.7 | 316.1 | –371.4 | 914.6 |
| Investments | 1.3 | 21.8 | –0.3 | –0.2 | 2.2 | 0.4 | - | 25.2 |
| Depreciation/amortization | 2.7 | 1.4 | 0.4 | 10.4 | 1.9 | 1.4 | - | 18.2 |
| Average number of employees | 86 | 75 | 615 | 114 | 134 | 94 | - | 1,118 |
| United | Global | Elimina | ||||||
| April-June 2008 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 35.7 | 39.2 | 101.7 | 121.2 | 44.0 | 28.8 | - | 370.6 |
| Revenue from segment | 5.0 | - | 0.3 | - | 0.8 | 3.1 | –9.2 | 0.0 |
| Operating profi t | 9.6 | –1.5 | 6.6 | 25.5 | –0.3 | –7.8 | - | 32.1 |
| Assets | 104.0 | 119.0 | 251.0 | 572.8 | 93.5 | 350.3 | –221.5 | 1,269.1 |
| Liabilities | 63.9 | 79.4 | 179.4 | 316.5 | 52.2 | 257.1 | –221.5 | 727.0 |
| Investments | 2.1 | 4.0 | 2.4 | 4.9 | 3.4 | 2.6 | - | 19.4 |
| Depreciation/amortization | 2.0 | 1.1 | 1.6 | 7.9 | 1.5 | 1.0 | - | 15.1 |
| Average number of employees | 74 | 99 | 596 | 159 | 125 | 88 | - | 1,141 |
| United | Global | Elimina | ||||||
| January-June 2009 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 69.7 | 47.4 | 209.2 | 106.8 | 124.2 | 35.5 | - | 592.8 |
| Revenue from segment | 11.6 | - | 1.0 | 0.6 | 1.7 | 4.6 | –19.5 | 0.0 |
| Operating profi t | 5.6 | –33.5 | 10.6 | –41.5 | 15.5 | –17.0 | - | –60.3 |
| Assets | 121.7 | 176.9 | 290.7 | 691.3 | 137.4 | 420.9 | –371.4 | 1,467.5 |
| Liabilities | 71.6 | 164.5 | 217.2 | 431.9 | 84.7 | 316.1 | –371.4 | 914.6 |
| Investments | 1.6 | 43.5 | 1.0 | 1.6 | 2.7 | 0.4 | - | 50.8 |
| Depreciation/amortization | 5.3 | 1.9 | 4.5 | 22.1 | 3.8 | 2.7 | - | 40.3 |
| Average number of employees | 88 | 77 | 622 | 102 | 134 | 94 | - | 1,117 |
| United | Global | Elimina | ||||||
| January-June 2008 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 57.0 | 79.7 | 178.8 | 224.6 | 90.6 | 59.9 | - | 690.6 |
| Revenue from segment | 14.4 | - | 0.6 | - | 1.4 | 6.3 | –22.7 | 0.0 |
| Operating profi t | 10.5 | 1.4 | 11.3 | 12.1 | 4.0 | –14.2 | - | 25.1 |
| Assets | 104.0 | 119.0 | 251.0 | 572.8 | 93.5 | 350.3 | –221.5 | 1,269.1 |
| Liabilities | 63.9 | 79.4 | 179.4 | 316.5 | 52.2 | 257.1 | –221.5 | 727.0 |
| Investments | 6.4 | 6.5 | 4.3 | 13.3 | 4.4 | 5.2 | - | 40.1 |
| Depreciation/amortization | 3.9 | 2.2 | 4.1 | 16.1 | 3.5 | 1.8 | - | 31.6 |
| Average number of employees | 77 | 95 | 586 | 182 | 122 | 83 | - | 1,145 |
| United | Global | Elimina | ||||||
| Full year 2008 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 126.1 | 148.6 | 386.3 | 317.1 | 192.4 | 115.4 | 1,285.9 | |
| Revenue from segment | 26.3 | - | 1.6 | - | 3.6 | 12.9 | –44.4 | 0.0 |
| Operating profi t | 30.7 | –3.2 | 23.3 | –22.4 | 13.0 | –28.7 | 12.7 | |
| Assets | 133.9 | 133.1 | 301.4 | 658.6 | 147.6 | 434.3 | –298.1 | 1,510.8 |
| Liabilities | 78.8 | 98.7 | 211.6 | 365.3 | 120.4 | 323.3 | –298.1 | 900.0 |
| Investments | 7.8 | 38.3 | 7.8 | 26.4 | 14.4 | 13.7 | - | 108.4 |
| Depreciation/amortization | 8.2 | 3.9 | 8.8 | 35.4 | 7.0 | 3.9 | - | 67.2 |
| Average number of employees | 78 | 86 | 594 | 156 | 129 | 87 | - | 1,130 |
Studsvik Interim Report January-June 2009
Quarterly review
| Amounts in SEK million | 2007 | 2008 | 2009 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
| Net sales | 273.2 | 345.8 | 325.1 | 370.6 | 320.0 | 370.6 | 274.2 | 321.1 | 277.0 | 315.8 |
| Operating expenses | –251.0 | –330.0 | –316.3 | –355.3 | –327.0 | –338.5 | –278.6 | –329.1 | –298.2 | –354.9 |
| Operating profi t | 22.2 | 15.8 | 8.8 | 15.3 | –7.0 | 32.1 | –4.4 | –8.0 | –21.2 | –39.1 |
| Financial items, net | –3.7 | –3.0 | –4.2 | –5.3 | –3.5 | –4.8 | –3.1 | –0.6 | –5.4 | –6.9 |
| Profi t after fi nancial items | 18.5 | 12.8 | 4.6 | 10.0 | –10.5 | 27.3 | –7.5 | –8.6 | –26.6 | –46.0 |
Parent company income statement
| Amounts in SEK million | April-June | April-June | January-June | January-June | |
|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | Full year 2008 | |
| Net sales | 2.8 | 2.7 | 5.5 | 5.3 | 10.8 |
| Cost of services sold | –1.9 | –1.5 | –3.9 | –3.5 | –7.9 |
| Gross profi t | 0.9 | 1.2 | 1.6 | 1.8 | 2.9 |
| Other operating costs | –9.5 | –8.9 | –18.6 | –15.9 | –31.6 |
| Operating profi t | –8.6 | –7.7 | –17.0 | –14.1 | –28.7 |
| FInancial net | 8.0 | 0.2 | 29.2 | 0.4 | 2.9 |
| Profi t before tax | –0.6 | –7.5 | 12.2 | –13.7 | –25.8 |
| Appropriations | - | - | - | - | 4.3 |
| Income tax | 2.7 | 2.0 | 5.0 | 3.7 | 7.0 |
| Profi t for the period | 2.1 | –5.5 | 17.2 | –10.0 | –14.5 |
Parent company balance sheet
| Amounts in SEK million | |||
|---|---|---|---|
| June 2009 | June 2008 | December 2008 | |
| Assets | |||
| Property, plant and equipment | 0.5 | 0.8 | 0.7 |
| Financial non-current assets | 1,094.2 | 963.5 | 1,015.2 |
| Total non-current assets | 1,094.7 | 964.3 | 1,015.9 |
| Current assets | 16.9 | 33.0 | 40.2 |
| Liquid assets | 45.3 | 52.5 | 84.1 |
| Total current assets | 62.2 | 85.5 | 124.3 |
| Total assets | 1,156.9 | 1,049.8 | 1,140.2 |
| Equity and liabilities | |||
| Equity | 833.8 | 806.7 | 824.8 |
| Untaxed reserves | 2.5 | 6.9 | 2.5 |
| Non-current liabilities | 255.6 | 192.5 | 249.2 |
| Current liabilities | 65.0 | 43.7 | 63.7 |
| Total liabilities | 320.6 | 236.2 | 312.9 |
| Total equity and liabilities | 1,156.9 | 1,049.8 | 1,140.2 |
Major shareholders, June 30, 2009
| Number of shares | Share, % | |
|---|---|---|
| The Karinen family | 1,749,552 | 21.3 |
| Briban Invest AB | 1,285,492 | 15.6 |
| Allianz Global Investors | 714,561 | 8.7 |
| JP Morgan Chase Bank, England | 417,679 | 5.1 |
| State Street Bank, Boston | 272,284 | 3.3 |
| Lannebo Fonder | 240,038 | 2.9 |
| Invus Investment AB | 199,800 | 2.4 |
| Credit Agricole Suisse SA | 199,056 | 2.4 |
| Goldman Sachs International Ltd, London | 196,822 | 2.4 |
| Citibank NA, London | 154,868 | 1.9 |
| Total ten largest shareholders – holdings | 5,430,152 | 66.0 |
| Other shareholders | 2,788,459 | 34.0 |
| Total | 8,218,611 | 100.0 |
The Studsvik share
During the second quarter, the share price varied between a high of SEK 71 on June 2, and a low of SEK 54 on April 3. The opening price was SEK 55 at the beginning of the year and the closing price on June 30 was SEK 57.75. During the second quarter, 1.28 million shares were traded and during the fi rst half of the year 1.72 million shares were traded.
Facts about Studsvik
Studsvik offers a range of advanced technical services to the international nuclear power industry in such areas as waste treatment, decom missioning, engineering & services, and operating effi ciency. The company has 60 years experience of nuclear technology and radiological services. Studsvik is a leading supplier on a rapidly expanding market. The business is conducted through fi ve segments: Sweden, United Kingdom, Germany, USA and Global Services. Studsvik has 1,100 employees in 8 countries and the company's shares are listed on the NASDAQ OMX Stockholm.
This report is a translation of the Swedish statutory report. In the event of any discrepancies between this document and the Swedish original, the latter shall govern. The content of this interim report may not, in whole or part, be reproduced or stored in a machine-readable medium without the previous permission of Studsvik AB (publ).
Production/Graphic design: Studsvik AB Photo: Jan Lindblad Jr
Studsvik AB
P.O. Box 556, SE-611 10 Nyköping Sweden Telephone +46 155 22 10 00 Fax +46 155 26 30 00 E-mail [email protected] www.studsvik.com