Studsvik — Interim / Quarterly Report 2009

Apr 22, 2009

Interim Report January-March 2009

• Operating loss was SEK –21.2 million (–7.0). The loss is entirely attributable to the American operations. •
• Four contracts for the Erwin facility. Negotiations under way with more customers. The facility became operational at the end of the quarter. •
• Good performance in the Swedish and German operations and Global Services. •

	January-March	January-March
	2009	2008	Full year 2008
Net sales, SEK million	277.0	320.0	1,285.9
Operating profi t, SEK million	–21.2	–7.0	12.7
Profi t after tax, SEK million	–19.8	–7.0	1.1
Profi t per share after tax, SEK	–2.41	–0.99	–0.05
Equity per share, SEK	74.82	65.17	74.32
Equity-assets ratio, %	39.7	42.3	40.4

Net sales

Net sales for the fi rst quarter amounted to SEK 277.0 million (320.0). The fall in sales is mainly attributable to the facility in Erwin, USA. The Erwin operations were by and large out of action from mid-2008 and were only resumed towards the end of the fi rst quarter. In the UK too, sales were lower than the previous year due to low capacity utilization in Decommissioning. Sales increased in the other three segments by 15 per cent in local currency.

Profi t

The operating loss for the fi rst quarter amounted to SEK –21.2 million (–7.0). The loss is entirely attributable to the USA and is mainly an effect of the Erwin facility being out of operation for most of the quarter. Compared with the previous year the earnings of the Erwin facility fell by about SEK 29 million. Profi t for the quarter was charged with a non-recurring item in the form of a write-off of a disputed receivable in the American logistics operations amounting to SEK 10.2 million. In the corresponding period last year restructuring costs in the American operations amounting to SEK 12.7 million were taken. Foreign exchange effects had a negative impact of SEK –8.3 million (1.4) on the operating profi t for the fi rst quarter.

Sweden

Net sales increased in the fi rst quarter by 34 per cent to SEK 41.2 million (30.7). The operating profi t improved to SEK 6.7 million (0.9).

Operations showed a positive trend. The incineration facility ran at full capacity and the order book is strong. Capacity utilization was good at the facility for treatment and melting of metallic material as well as the production line for treatment of large components. The amount of metallic material processed in terms of weight was about 35 per cent higher than in the previous year and market activity continued to be good. In April three steam generators were delivered from Ringhals nuclear power plant for processing.

United Kingdom

Net sales for the fi rst quarter fell to SEK 26.7 million (40.5). The operating profi t was SEK 0.1 million (2.9).

The trend was positive in Waste Treatment, with a clear improvement in earnings over the previous year. The facility for treatment of metallic material in Workington will be completed in the second quarter. Processing of radioactive material is expected to start early in the third quarter after regulatory approval of the facility.

Performance for Decommissioning was negative due to low capacity utilization after premature termination of a large project at Sellafi eld in late 2008. Several procurements are under way and the order book has recovered somewhat, but at the close of the quarter was still at a low level.

Germany

Net sales rose in the fi rst quarter to SEK 96.8 million (77.4), which corresponds to an increase of 7 per cent in local currency. The operating profi t was SEK 4.9 million (4.7). The lower margin compared with the previous year is due to a higher proportion of services in the fi rst quarter of 2009.

Capacity utilization was good in the consulting operations and in service and maintenance. The annual refueling and maintenance outages at power-generating reactors started in February and are expected to continue to a varying extent until October.

The extent of the maintenance outages is expected to be at the same level as in 2008. Demand for consulting services remains high.

Several projects of varying size are under way in Decommissioning. During the quarter Studsvik signed a four-year contract worth EUR 7.2 million with Belgonucleaire to act as specialist and adviser on decommissioning of their fuel factory in Dessel, Belgium. The newly started consulting operations in France had around 20 employees at the end of the fi rst quarter and reported a slightly positive result.

USA

Net sales for the fi rst quarter fell to SEK 37.8 million (103.4). The operating loss was SEK –33.7 million (–13.4).

The falling sales and loss are mainly attributable to the Erwin facility. The facility resumed operations at the end of the quarter after being out of action in effect since the mid-2008. To date Studsvik has signed contracts with four power companies under the new model devised for the facility. Negotiations are under way with several potential customers.

The new business model means that Studsvik will treat medium level waste at the Erwin facility as before, and thereafter take responsibility for storage and fi nal disposal of the waste through cooperation with Waste Control Specialists (WCS).

The Memphis-based waste operations reported a minor loss in the fi rst quarter, which is a considerable improvement on the previous year. The market was unchanged and some customers were keeping down costs and expenditure in the short term, which resulted in a low order book level. The effi ciency improvements effected in Memphis in 2008 have resulted in more robust operations that are profi table at considerably lower volumes than before.

Performance in the logistics business improved compared with the previous year, but despite this the operations reported a minor loss. The write-off of a disputed receivable of USD 1.2 million (SEK 10.2 million) is charged to the profi t for the quarter. An agreement was reached that R&R Trucking will take over the operations and guarantee Studsvik access to qualifi ed transport services. The transfer is planned for May 1.

Global Services

Net sales rose in the fi rst quarter to SEK 64.0 million (47.2), which corresponds to an increase of 9 per cent in local currencies. The operating profi t increased to SEK 9.3 million (4.3).

The materials technology operations continued to develop well, with higher sales and operating profi t than the previous year. The order books provide the basis for continued high capacity utilization in 2009 and the volume of tenders is high. The pure consulting operations performed well and there were several new recruitments. Demand for consultants with advanced nuclear engineering skills is high.

Software for fuel optimization substantially improved its perform ance compared with the previous year thanks to a Japanese order for the Gardel core monitoring system.

Divestment of SVAFO

The subsidiary SVAFO was transferred on April 1 to the Swedish nuclear power producers. SVAFO is a non-commercial company whose task is to take care of historic radioactive waste, mainly from government research activities. The transfer is at book value. The company's sales in 2008 amounted to SEK 72.6 million. When the necessary licenses have been obtained the shutdown R2 reactor will also be transferred from Studsvik to SVAFO.

Investments

The Group's investment in the fi rst quarter amounted to SEK 25.6 million (20.7). The new processing plant in the United Kingdom accounts for SEK 22.6 million of this.

Cash fl ow

Cash fl ow from operating activities before working capital changes in the fi rst quarter was SEK 0.4 million (4.0). Working capital increased by SEK 6.8 million (22.2)

Cash fl ow from operating activities after investments was SEK –32.0 million (–38.9).

Financial position and liquidity

Cash and cash equivalents, including current investments, amounted to SEK 108.7 million (130.8) at the close of the quarter.

Equity amounted to SEK 615.3 million (535.6) and the equityassets ratio was 39.7 per cent (42.3).

Interest-bearing liabilities amounted to SEK 401.0 million (295.8). The Group's total borrowing was 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 fi rst quarter increased liabilities by SEK 86.1 million.

Personnel

The average number of employees was 1,112 (1,158).

Parent company

Parent company operations comprise the co-ordination of tasks for the Group and assets mainly consist of shares in subsidiaries. Net sales for the parent company in the fi rst quarter amounted to SEK 2.7 million (2.6). The operating loss was SEK –8.4 (–6.4). Profi t after fi nancial items was SEK 12.8 million (–6.2). The fi gure includes dividend from the German subsidiary of SEK 22.0 million (0).

The parent company's investments amounted to SEK 0 million (0.1). Cash and cash equivalents amounted to SEK 96.2 million (71.6) and interest-bearing liabilities to SEK 235.6 million (142.0).

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.

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 counterparty 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.

Studsvik's operations are only marginally affected by fl uctuations in the economic cycle. With the exception of parts of the US operations, the fi nancial unrest has not affected Studsvik's operations.

Accounting policies

This interim report was prepared in accordance with IAS 34, IAS 1 and the Swedish Financial Reporting Board recommendation RFR 2.1.

Stockholm, April 22, 2009

On behalf of the Board of Directors

Magnus Groth President

This report has not been reviewed by the company's auditors.

Time schedule for fi nancial information

Interim Report January–June 2009	July 21, 2009
Interim Report January–September 2009	November 2, 2009
Year-end Report January–December 2009	February 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 April 22 at 2.30 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	January-March	January-March
	2009	2008	Full year 2008
Net sales	277.0	320.0	1,285.9
Cost of services sold	–217.0	–262.6	–986.3
Gross profi t	60.0	57.4	299.6
Other operating income	1.7	0.4	2.8
Selling and marketing expenses	–15.3	–11.9	–52.1
Administrative expenses	–56.0	–44.0	–194.8
Research and development costs	–12.4	–8.8	–44.8
Share in earnings from associated companies	1.5	-	8.5
Other operating expenses	–0.7	–0.1	–6.5
Operating profi t	–21.2	–7.0	12.7
Financial income	0.5	1.8	7.4
Financial expenses	–5.9	–5.3	–19.4
Profi t after fi nancial items	–26.6	–10.5	0.7
Income tax	6.8	3.5	0.4
Profi t for the period	–19.8	–7.0	1.1
Other comprehensive income
Translation differences on foreign subsidiaries	25.2	–29.2	60.2
Cash fl ow hedges	–1.8	-	–0.4
Income tax on items recognized in other comprehensive income	0.9	-	0.1
Other comprehensive income for the period, net after tax	24.3	–29.2	59.9
Total comprehensive income for the period	4.5	–36.2	61.0
Income for the period attributable to
Parent company's shareholders	–19.8	–8.1	–0.4
Minority interest	-	1.1	1.5
Total comprehensive income attributable to
Parent company's shareholders	4.5	–37.0	58.5
Minority interest	-	0.8	2.5
Earnings per share calculated on income attributable to
the parent company's shareholders during the period, SEK
Before dilution	–2.41	–0.99	–0.05
After dilution	–2.41	–0.99	–0.05

Group statement of fi nancial position

Amounts in SEK million

	March 2009	March 2008	December 2008
Assets
Goodwill	379.1	295.8	363.0
Other intangible fi xed assets	55.0	50.2	56.4
Tangible fi xed assets	530.8	394.1	503.7
Financial fi xed assets	120.0	68.8	101.4
Total fi xed assets	1,084.9	808.9	1,024.5
Inventories	38.7	22.9	28.8
Trade receivables	211.6	210.2	201.7
Other current receivables	107.2	82.1	108.1
Liquid assets	108.7	130.8	147.7
Total current assets	466.2	446.0	486.3
Total assets	1,551.1	1,254.9	1,510.8
Equity and liabilities
Equity attributable to parent company's shareholders	615.0	531.4	610.5
Minority interest	0.3	4.2	0.3
Borrowings	364.4	176.7	350.5
Provisions	132.1	103.0	126.6
Other non-current liabilities	10.7	7.8	10.4
Total non-current liabilities	507.2	287.5	487.5
Trade payables	92.2	75.7	97.4
Borrowings	36.6	119.1	37.7
Other current liabilities	299.8	237.0	277.4
Total current liabilities	428.6	431.8	412.5
Total equity and liabilities	1,551.1	1,254.9	1,510.8
Pledged assets	205.9	191.1	224.2
Contingent liabilities	62.0	88.0	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			24.3	–19.8	4.5		4.5
Closing balance at March 31, 2009	8.2	225.3	73.3	308.2	615.0	0.3	615.3

Statement of cash fl ow

Amounts in SEK million	January-March	January-March
	2009	2008	Full year 2008
Operating activities
Operating profi t	–21.2	–7.0	12.7
Depreciation	22.1	16.5	67.2
Adjustment for non-cash items	4.8	–0.2	–6.2
	5.7	9.3	73.7
Financial items, net	–4.7	–3.5	–13.0
Income tax paid	–0.6	–1.8	1.2
Cash fl ow from operating activities before
changes in working capital	0.4	4.0	61.9
Changes in working capital	–6.8	–22.2	–32.4
Cash fl ow from operating activities	–6.4	–18.2	29.5
Investing activities
Investments	–25.6	–20.7	–103.3
Other changes from investing activities	-	-	4.9
Cash fl ow from investing activities	–25.6	–20.7	–98.4
Cash fl ow from operating activities after
investments and other changes from investing
activities	–32.0	–38.9	–68.9
Financing activities
Change in borrowings	–6.2	–9.0	46.6
Dividend to shareholders	-	-	–16.4
Cash fl ow from investing activities	–6.2	–9.0	30.2
Changes in liquid assets	–38.2	–47.9	–38.7
Liquid assets at the beginning of the year	147.7	176.9	176.9
Translation difference in liquid assets	–0.8	1.8	9.5
Liquid assets at the end of the period	108.7	130.8	147.7

Financial ratios for the Group

Amounts in SEK million	January-March	January-March
	2009	2008	Full year 2008
Operating profi t
Operating profi t before depreciation	0.9	9.5	79.9
Margins
Operating margin before depreciation, %	0.3	3.0	6.2
Operating margin, %	neg	neg	1.0
Profi t margin, %	neg	neg	0.1
Profi tability
Return on operating capital, %	neg	neg	1.6
Return on capital employed, %	neg	neg	2.1
Return on equity, %	neg	neg	0.2
Capital structure
Operating capital	907.5	700.2	851.3
Capital employed	1,016.2	831.2	999.0
Equity	615.3	535.6	610.8
Interest-bearing net debt	292.3	165.0	240.5
Net debt-equity ratio	0.5	0.3	0.4
Interest cover ratio	neg	neg	1.0
Equity-assets ratio, %	39.7	42.3	40.4
Cash fl ow
Self fi nancing ratio	neg	neg	0.2
Investments	25.6	20.7	108.4
Employees
Average number of employees	1,112	1,158	1,130
Net sales per employee	0.9	1.1	1.1

Data per share

	January-March	January-March
	2009	2008	Full year 2008
Number of shares at the end of the period	8,218,611	8,218,611	8,218,611
Average number of shares	8,218,611	8,218,611	8,218,611
Earnings per share before dilution, SEK	–2.41	–0.99	–0.05
Earnings per share after dilution, SEK	–2.41	–0.99	–0.05
Equity per share, SEK	74.82	65.17	74.32

Net sales per geographical segment

Amounts in SEK million	January-March	January-March
	2009	2008	Full year 2008
Sweden	47.1	52.4	226.4
Europe, excluding Sweden	156.0	149.0	678.4
North America	61.5	115.2	369.0
Asia	12.1	3.2	11.9
Other markets	0.3	0.2	0.2
Total	277.0	320.0	1,285.9

Financial data per segment

Amounts in SEK million		United			Global		Elimina
January-March 2009	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	31.4	26.7	96.3	37.8	62.4	22.4		277.0
Revenue from segment	9.8	-	0.5	-	1.6	3.3	–15.2	0.0
Operating profi t	6.7	0.1	4.9	–33.7	9.3	–8.5		–21.2
Assets	134.2	154.4	295.0	698.7	147.0	467.7	–345.9	1,551.1
Liabilities	80.6	119.1	224.1	409.6	95.2	353.1	–345.9	935.8
Investments	0.3	21.7	1.2	1.9	0.5	-		25.6
Depreciation/amortization	2.6	0.5	4.1	11.7	1.9	1.3		22.1
Average number of employees	85	67	603	129	131	97		1,112

		United			Global		Elimina
January-March 2008	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	21.3	40.5	77.1	103.4	46.6	31.1		320.0
Revenue from segment	9.4	-	0.3	-	0.6	3.2	–13.5	0.0
Operating profi t	0.9	2.9	4.7	–13.4	4.3	–6.4		–7.0
Assets	108.6	94.4	234.1	598.1	100.2	403.9	–284.4	1,254.9
Liabilities	50.1	53.4	167.9	335.3	89.4	284.3	–261.1	719.3
Investments	4.3	2.5	1.9	8.4	1.0	2.6		20.7
Depreciation/amortization	1.9	1.1	2.5	8.2	2.0	0.8		16.5
Average number of employees	80	90	568	218	119	83		1,158

		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-March 2009

Quarterly review

Amounts in SEK million	2007				2008				2009
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
Net sales	273.2	345.8	325.1	370.6	320.0	370.6	274.2	321.1	277.0
Operating expenses	–251.0	–330.0	–316.3	–355.3	–327.0	–338.5	–278.6	–329.1	–298.2
Operating profi t	22.2	15.8	8.8	15.3	–7.0	32.1	–4.4	–8.0	–21.2
Financial items, net	–3.7	–3.0	–4.2	–5.3	–3.5	–4.8	–3.1	–0.6	–5.4
Profi t after fi nancial items	18.5	12.8	4.6	10.0	–10.5	27.3	–7.5	–8.6	–26.6

Parent company income statement

Amounts in SEK million	January-March	January-March
	2009	2008	Full year 2008
Net sales	2.7	2.6	10.8
Cost of services sold	–2.0	–2.0	–7.9
Gross profi t	0.7	0.6	2.9
Other operating costs	–9.1	–7.0	–31.6
Operating profi t	–8.4	–6.4	–28.7
FInancial net	21.2	0.2	2.9
Profi t before tax	12.8	–6.2	–25.8
Appropriations	-	-	4.3
Income tax	2.3	1.7	7.0
Profi t for the period	15.1	–4.5	–14.5

Parent company balance sheet

Amounts in SEK million

	March 2009	March 2008	December 2008
Assets
Tangible fi xed assets	0.6	1.7	0.7
Financial fi xed assets	1,069.8	954.8	1,015.2
Total fi xed assets	1,070.4	956.5	1,015.9
Current assets	11.1	58.5	40.2
Liquid assets	96.2	71.6	84.1
Total current assets	107.3	130.1	124.3
Total assets	1,177.7	1,086.6	1,140.2
Equity and liabilities
Equity	839.9	828.6	824.8
Untaxed reserves	2.5	6.9	2.5
Non-current liabilities	252.3	180.8	249.2
Current liabilities	83.0	70.3	63.7
Total liabilities	335.3	251.1	312.9
Total equity and liabilities	1,177.7	1,086.6	1,140.2

Major shareholders, March 31, 2009

	Number of shares	Share, %
The Karinen family	1,739,552	21.2
Briban Invest AB	1,285,492	15.6
Allianz Global Investors	714,561	8.7
Bank of New York, London	500,993	6.1
Lannebo Fonder	388,631	4.7
State Street Bank, Boston	266,770	3.3
Goldman Sachs International Ltd, London	257,986	3.1
Invus Investment AB	199,800	2.4
JP Morgan Chase Bank, England	194,400	2.4
Citibank NA, London	154,868	1.9
Total ten largest shareholders – holdings	5,703,053	69.4
Other shareholders	2,515,558	30.6
Total	8,218,611	100.0

The Studsvik share

During the fi rst quarter, the share price varied between a high of SEK 59.75 on January 12 and a low of SEK 50.00 on February 23. The opening price was SEK 55.00 at the beginning of the year and the closing price on March 31 was SEK 54.00. During the fi rst quarter, 0.44 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 studsvik@studsvik.se www.studsvik.com

April 22, 2009

Studsvik's Interim Report for January-March 2009

• Operating loss was SEK –21.2 million (–7.0). The loss is entirely attributable to the American operations.
• Four contracts for the Erwin facility. Negotiations under way with more customers. The facility became operational at the end of the quarter.
• Good performance in the Swedish and German operations and Global Services.

	Jan March 2009	Jan March 2008	Full Year 2008
Net sales, SEK million	277.0	320.0	1,285.9
Operating profit, SEK million	–21.2	–7.0	12.7
Profit after tax, SEK million	–19.8	–7.0	1.1
Profit per share after tax, SEK	–2.41	–0.99	–0.05
Equity per share, SEK	74.82	65.17	74.32
Equity-assets ratio, %	39.7	42.3	40.4

The interim report will be presented at a telephone conference call according to earlier distributed invitation at 2:30 PM today.

Please read the full interim report in the attached file.

Facts about Studsvik

Studsvik offers a range of advanced technical services to the international nuclear power industry in such areas as waste treatment, decommissioning, engineering & services, and operating efficiency. 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 five 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.