AI assistant
Studsvik — Interim / Quarterly Report 2009
Feb 11, 2010
3208_10-k_2010-02-11_7f8ef755-a6d6-473e-a00d-c3f6b91d7d33.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Year-end Report January-December 2009
- • Operating profit for the fourth quarter improved to SEK 38.1 million (–8.0), including a capital gain of SEK 6.7 million.
- • Operating profit for the full year was SEK –30.0 million (12.7).
- • The Board of Directors proposes that no dividend be distributed.
| October December 2009 |
October December 2008 |
Full year 2009 |
Full year 2008 |
|
|---|---|---|---|---|
| Net sales, SEK million | 348.5 | 321.1 | 1,216.3 | 1,285.9 |
| Operating profit, SEK million | 38.1 | –8.0 | –30.0 | 12.7 |
| Profit after tax, SEK million | 27.8 | –7.3 | –35.2 | 1.1 |
| Profit per share after tax, SEK | 3.39 | –0.73 | –4.28 | –0.05 |
| Equity per share, SEK | 65.82 | 74.32 | 65.82 | 74.32 |
| Equity-assets ratio, % | 37.2 | 40.4 | 37.2 | 40.4 |
Net sales
Net sales for the fourth quarter amounted to SEK 348.5 million (321.1) and for the period January-December, to SEK 1,216.3 million (1,285.9). Net sales increased in local currencies by 20.9 per cent in the fourth quarter and decreased by 8.6 per cent in the full year. The segments Sweden, Germany and Global Services grew in 2009, while sales in the USA and the United Kingdom fell.
Profit
Operating profit for the fourth quarter amounted to SEK 38.1 million (–8.0) and for the period January-December to SEK –30.7 million (12.7). Earnings for the fourth quarter include a capital gain of SEK 6.7 million in Global Services. Earnings in the USA turned to profit in the fourth quarter, while the UK continued to report a loss. Both Sweden and Global Services reported substantial earnings improvements in the quarter compared with the previous year. SEK 100.2 million of the full-year loss is attributable to the USA and the UK. Foreign exchange effects impacted operating profit for the fourth quarter by SEK –0.6 million (–1.8) and for the full year by SEK –3.2 million (2.1).
Net financial income deteriorated by SEK –7.7 million due to increased net interest-bearing debt and increased borrowing costs.
Sweden
Net sales in the fourth quarter increased to SEK 55.5 million (42.6). During the full year net sales rose to SEK 171.3 million (152.4), which corresponds to a 12.4 per cent increase. Operating profit in the fourth quarter rose to SEK 18.6 million (8.7), which gave an operating profit for the full year of SEK 27.7 million (30.7). The operating margin for the full year fell to 16.2 per cent (20.2).
The profitability of the segment varies according to service and customer mix and availability of the facilities. All these factors were favorable in the fourth quarter. The melting operations treated a record 2 900 tonnes in 2009. Production in the incineration facility recovered at the end of the year after several unplanned stoppages earlier in the year, resulting in by and large unchanged production volume. The order situation for 2010 is good.
United Kingdom
Net sales decreased in the fourth quarter to SEK 20.3 million (34.7) and were in 2009 SEK 86.1 million (148.6). Operating profit for the fourth quarter amounted to SEK –9.4 million (–5.2) and for the full year to SEK –50.2 million (–3.2). The full year earnings include restructuring costs of SEK 22.8 million.
The metal recycling facility in Workington was taken into operation in the fourth quarter. The operations are in a development phase with increasing volumes towards the end of the year, but a weak order book at the close of the year. Since mid-year decommissioning operations have focused on smaller contracts with limited risk. The decommissioning market weakened during the year due to the tight financial situation in the British economy, which meant that both capacity utilization and the order book remained at low levels during the quarter despite extensive marketing efforts. As a consequence, further cuts in costs have been made. The consulting operations were stable.
Germany
Net sales increased in the fourth quarter to SEK 113.5 million (110.4). In the full year net sales rose to SEK 450.5 million (387.9), an increase of 6.1 per cent in local currency. Operating profit for the fourth quarter amounted to SEK 7.6 million (8.9) and for 2009 to SEK 27.8 million (23.3). The operating margin for the full year increased to 6.2 per cent (6.0).
In the fourth quarter a relatively large amount of maintenance work was done at nuclear power plants. Activity was also high in decommissioning projects in Germany and Belgium and qualified technical consulting services continued to grow. Increased operations in areas with higher margins, such as consulting services and decommissioning, compensated for the start-up costs for the consulting business in France. The order situation in the segment is good.
USA
Net sales increased in the fourth quarter to SEK 63.7 million (45.1). In 2009 net sales were SEK 213.3 million (317.1). The operating profit for the quarter amounted to SEK 4.3 million (–17.2). Operating loss for the full year was SEK –50.0 million (–22.4). The full year earnings include write-off of a receivable of SEK –10.2 million.
In the fourth quarter increased volumes were treated at the Erwin facility and the operations reported a profit. At year-end Studsvik had contracted seven customers with a total of 51 reactors under the new business model, which is expected to be sufficient to give the facility long-term profitability. The efficiency improvements carried out at the Memphis facility meant that these operations also reported a profit for the quarter, despite continuing low volumes.
Studsvik USA started offering technical consulting services in 2009, mainly aimed at building up new markets for Studsvik's patented THOR technology. At year-end the operations employed 15 people on projects from customers in the USA, Europe and Japan and will be successively extended in 2010 to supply contracted projects.
Part-owned THOR Treatment Technology (TTT) received an order for a THOR facility for the US Department of Energy Savannah River facilities. The value of the order is USD 55 million and the facility is expected to be operational within three years. TTT reported a profit and positive cash flow for 2009 and contributed SEK 8.8 million (5.6) to the segment.
Global Services
Net sales increased in the fourth quarter to SEK 87.2 million (62.4). During the full year net sales rose to SEK 264.3 million (196.0), which corresponds to a 22.5 per cent increase in local currencies. Operating profit for the fourth quarter increased to SEK 24.4 million (5.4) and for January–December, to SEK 45.7 million (13.0). Earnings for the fourth quarter include capital gains of SEK 6.7 million from the sale of the personal dosimetry business to the American company Landauer. The operating margin for the full year increased to 17.3 per cent (6.7), including capital gains equivalent to 2.5 percentage points.
Several factors combined to give a very strong close to the year, resulting in the segment reporting one of its highest ever full-year earnings figures. The business is favored both by plans to build new nuclear power and by the ageing, renovation and modernization of existing nuclear power plants. Activity in both testing and consulting was high during the quarter, while there were several major software deliveries.
Investments
The Group's investments in the fourth quarter were SEK 10.5 million (48.1) and for the period January-December, SEK 81.6 million (108.4). Investments in the new treatment facility in the United Kingdom of SEK 3.3 million are included in the fourth quarter and of SEK 55.1 million in January-December.
Cash flow
Cash flow from operating activities before working capital changes in the fourth quarter was SEK 35.8 million (6.3) and SEK 38.7 million (61.9) for the period January-December.
Working capital increased by SEK 17.5 million in the fourth quarter, mainly as an effect of increased sales at the end of the quarter. In the corresponding period of the previous year working capital decreased by SEK 38.1 million. In the period January-December working capital increased by SEK 17.3 million. In the corresponding period of the previous year the increase was SEK 32.4 million.
Cash flow from operating activities after investments in the fourth quarter was SEK 17.5 million (2.2) and SEK –68.9 million (–68.9) for the period January-December.
Financial position and liquidity
Cash and cash equivalents, including current investments, amounted to SEK 74.7 million (147.7).
Equity amounted to SEK 541.2 million (610.8) and the equityassets ratio was 37.2 per cent (40.4).
Interest-bearing liabilities amounted to SEK 369.9 million (388.2). 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 fourth quarter increased liabilities by SEK 8.5 million.
Net interest-bearing debt increased and amounted to SEK 295.2 million (240.5).
Personnel
The average number of employees was 1,132 (1,130).
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 fourth quarter were SEK 2.8 million (2.7) and for the period January-December, SEK 11.2 million (10.8). The operating loss for the fourth quarter amounted to SEK –7.4 million (–8.6) and for the period January-December, to SEK –31.0 million (–28.7). Profit after financial items in the fourth quarter was SEK –6.8 million (–6.3). For the period January-December profit after financial items was SEK 0.4 million (–25.8), which includes dividends from subsidiaries of SEK 32.0 million (0).
The parent company's investments amounted to SEK 0 million (0.2). Cash and cash equivalents amounted to SEK 49.3 million (84.1) and interest-bearing liabilities to SEK 201.9 million (221.2).
Dividend
In view of the fact that the Group is reporting a loss and negative cash flow and that the financial position is not in parity with the Group's target, the Board of Directors proposes that no dividend be distributed for 2009 (SEK 1.00 per share).
Annual General Meeting and Annual Report
The Annual General Meeting will be held on Thursday, April 29, 2010 at 4 p.m. at the World Trade Center, Klarabergsviadukten 70/ Kungsbron 1, Stockholm. The Annual Report will be distributed and be available on the company's website in week 12, 2010.
Risks and uncertainties
Studsvik operates in an international, competitive market and is thereby exposed to both business and financial 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.
In all countries storage and final disposal of nuclear waste are subject to a strict regulatory framework, which does not allow waste to be mixed, for example. In the USA a competitor is pressing for the mixing of waste to be allowed. By blending waste with a high radioactivity level with a large volume of low-level waste they claim they have found an alternative method of handling high-level waste,
so called B/C waste. Such a change could mean that the business competitiveness of some of Studsvik's services would be reduced on the American market.
The business risks also include the fact that in connection with large decommissioning projects and other service contracts Studsvik accepts fixed price contracts. These projects require effective risk management and project management. Studsvik also supplies services with a high technical content to qualified 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 deficient, or if a service is delivered late or does not fulfill requirements that a customer can rightfully impose, Studsvik risks loss of income, for example as a consequence of costs incurred for 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 confidence. Its approach to the world around is characterized by dialogue and the principle of the greatest possible transparency.
Financial risks and uncertainties mainly include fluctuations in exchange rates and interest rates, and the company's ability to uphold key ratios (covenants) that regulate borrowing. The financial 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 2009, which will be available on the company's website in March 2010.
Apart from these risks, no further significant 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. New nuclear power capacity is being planned and built in an increasing number of countries. Decommissioning of nuclear facilities is continuing and is expected to continue by and large at an unchanged rate. Demand for the services of the type Studsvik offers, including waste treatment, materials testing and consulting services is strong, which is reflected in a good order book in the segments Sweden, Germany and Global Services.
With current contract volumes for the Erwin facility there is potential for long-term profitability in the USA operations. However, the market continues to be affected by the weak economy. The British market is also influenced by the weak economy, which is reflected in a thin order book. With the new metal recycling facility Studsvik holds a strong market position in the United Kingdom. The recycling facility is in a development phase with its focus on successively securing a stable inflow of material.
Accounting policies
This interim report was prepared in accordance with IAS 34, IAS 1 and the Swedish Financial Reporting Board recommendation RFR 2.2.
Nyköping, February 11, 2010
On behalf of the Board of Directors
Magnus Groth President
Review report
We have reviewed this report for the period January 1 to December 1, 2009, for Studsvik AB (publ). The Board of Directors and the President are responsible for the preparation and presentation of this financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this financial information based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Financial Information Performed by the Independent Auditor of the Entity, issued by FAR SRS. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden, RS, and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on our review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent company.
Stockholm, February 11, 2010
PricewaterhouseCoopers AB
Magnus Brändström Göran Tidström Authorized public accountant Authorized public accountant Auditor in charge
Time schedule for financial information
| Interim Report January–March 2010 | April 29, 2010 |
|---|---|
| Interim Report January-June 2010 | July 21, 2010 |
| Interim Report January-September 2010 | October 25, 2010 |
For further information please contact
Magnus Groth, President and Chief Executive Officer, +46 155 22 10 86 or Jerry Ericsson, Chief Financial Officer, +46 155 22 10 32.
The interim report will be presented at a conference call to be held in English, on February 11, at 14:00 CET. Further information for those interested in participating is available at www.studsvik.se.
Group statement of comprehensive income
| Amounts in SEK million | October December 2009 |
October December 2008 |
Full year 2009 | Full year 2008 |
|---|---|---|---|---|
| Net sales | 348.5 | 321.1 | 1,216.3 | 1,285.9 |
| Cost of services sold | –255.9 | –250.8 | –949.4 | –986.3 |
| Gross profit | 92.6 | 70.3 | 266.9 | 299.6 |
| Other operating income | 12.8 | 1.0 | 15.8 | 2.8 |
| Selling and marketing expenses | –11.9 | –12.8 | –52.0 | –52.1 |
| Administrative expenses | –51.2 | –53.9 | –201.1 | –194.8 |
| Research and development costs | –10.8 | –17.5 | –46.1 | –44.8 |
| Share in earnings from associated companies | 9.7 | 7.1 | 13.1 | 8.5 |
| Other operating expenses | –3.1 | –2.2 | –26.6 | –6.5 |
| Operating profit | 38.1 | –8.0 | –30.0 | 12.7 |
| Financial income | –3.3 | 3.3 | 4.8 | 7.4 |
| Financial expenses | 1.4 | –3.9 | –24.5 | –19.4 |
| Profit after financial items | 36.2 | –8.6 | –49.7 | 0.7 |
| Income tax | –8.4 | 1.3 | 14.5 | 0.4 |
| Profit for the period | 27.8 | –7.3 | –35.2 | 1.1 |
| Other comprehensive income | ||||
| Translation differences on foreign subsidiaries | 6.1 | 46.4 | –22.6 | 60.2 |
| Cash flow hedges | –16.0 | –0.4 | –4.9 | –0.4 |
| Income tax on items recognized in other comprehensive | ||||
| income | 4.2 | 0.1 | 1.3 | 0.1 |
| Other comprehensive income for the period, net after tax |
–5.7 | 46.1 | –26.2 | 59.9 |
| Total comprehensive income for the period | 22.1 | 38.8 | –61.4 | 61.0 |
| Income for the period attributable to | ||||
| Parent company's shareholders | 27.8 | –6.0 | –35.2 | –0.4 |
| Minority interest | 0.0 | –1.3 | 0.0 | 1.5 |
| Total comprehensive income attributable to | ||||
| Parent company's shareholders | 22.1 | 39.5 | –61.4 | 58.5 |
| Minority interest | 0.0 | –0.7 | 0.0 | 2.5 |
| Earnings per share calculated on income attribu table to the parent company's shareholders during the period, SEK |
||||
| Before dilution | 3.39 | –0.73 | –4.28 | –0.05 |
| After dilution | 3.39 | –0.73 | –4.28 | –0.05 |
Group statement of financial position
Amounts in SEK million
| December 2009 | December 2008 | |
|---|---|---|
| Assets | ||
| Goodwill | 342.3 | 363.0 |
| Other intangible non-current assets | 45.2 | 56.4 |
| Property, plant and equipment | 527.8 | 503.7 |
| Financial non-current assets | 147.8 | 101.4 |
| Total non-current assets | 1,063.1 | 1,024.5 |
| Inventories | 17.9 | 28.8 |
| Trade receivables | 228.3 | 201.7 |
| Other current receivables | 69.3 | 108.1 |
| Liquid assets | 74.7 | 147.7 |
| Total current assets | 390.2 | 486.3 |
| Total assets | 1,453.3 | 1,510.8 |
| Equity and liabilities | ||
| Equity attributable to parent company's shareholders | 540.9 | 610.5 |
| Minority interest | 0.3 | 0.3 |
| Borrowings | 284.5 | 350.5 |
| Provisions | 169.9 | 126.6 |
| Other non-current liabilities | 11.4 | 10.4 |
| Total non-current liabilities | 465.8 | 487.5 |
| Trade payables | 70.7 | 97.4 |
| Borrowings | 85.4 | 37.7 |
| Other current liabilities | 290.2 | 277.4 |
| Total current liabilities | 446.3 | 412.5 |
| Total equity and liabilities | 1,453.3 | 1,510.8 |
| Pledged assets | 171.7 | 224.2 |
| Contingent liabilities | 66.8 | 58.2 |
Changes in equity
| Amounts in SEK million | |||||||
|---|---|---|---|---|---|---|---|
| Other | attributable 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 | –26.2 | –35.2 | –61.4 | –61.4 | |||
| Dividend to shareholders | –8.2 | –8.2 | –8.2 | ||||
| Closing balance at December 31, 2009 | 8.2 | 225.3 | 22.8 | 284.6 | 540.9 | 0.3 | 541.2 |
Statement of cash flow
| Amounts in SEK million | October | October | |||
|---|---|---|---|---|---|
| December | December | ||||
| 2009 | 2008 | Full year 2009 | Full year 2008 | ||
| Operating activities | |||||
| Operating profit | 38.1 | –8.0 | –30.0 | 12.7 | |
| Depreciation | 18.2 | 19.3 | 75.2 | 67.2 | |
| Adjustment for non-cash items | –16.9 | –7.2 | 18.0 | –6.2 | |
| 39.4 | 4.1 | 63.2 | 73.7 | ||
| Financial items, net | –3.6 | –1.6 | –21.4 | –13.0 | |
| Income tax paid | - | 3.8 | –3.1 | 1.2 | |
| Cash flow from operating activities before changes | |||||
| in working capital | 35.8 | 6.3 | 38.7 | 61.9 | |
| Changes in working capital | –17.5 | 38.1 | –17.3 | –32.4 | |
| Cash flow from operating activities | 18.3 | 44.4 | 21.4 | 29.5 | |
| Investing activities | |||||
| Investments | –8.5 | –43.0 | –83.1 | –103.3 | |
| Other changes from investing activities | 7.7 | 0.8 | –7.2 | 4.9 | |
| Cash flow from investing activities | –0.8 | –42.2 | –90.3 | –98.4 | |
| Cash flow from operating activities after invest | |||||
| ments and other changes from investing activities | 17.5 | 2.2 | –68.9 | –68.9 | |
| Financing activities | |||||
| Change in borrowings | 4.0 | 13.9 | 6.4 | 46.6 | |
| Dividend to shareholders | - | - | –8.2 | –16.4 | |
| Cash flow from investing activities | 4.0 | 13.9 | –1.8 | 30.2 | |
| Changes in liquid assets | 21.5 | 16.1 | –70.7 | –38.7 | |
| Liquid assets at the beginning of the year | 53.0 | 124.3 | 147.7 | 176.9 | |
| Translation difference in liquid assets | 0.2 | 7.3 | –2.3 | 9.5 | |
| Liquid assets at the end of the period | 74.7 | 147.7 | 74.7 | 147.7 |
Financial ratios for the Group
Amounts in SEK million
| Full year 2009 | Full year 2008 | |
|---|---|---|
| Operating profit | ||
| Operating profit before depreciation | 45.3 | 79.9 |
| Margins | ||
| Operating margin before depreciation, % | 3.7 | 6.2 |
| Operating margin, % | neg | 1.0 |
| Profit margin, % | neg | 0.1 |
| Profitability | ||
| Return on operating capital, % | neg | 1.6 |
| Return on capital employed, % | neg | 2.1 |
| Return on equity, % | neg | 0.2 |
| Capital structure | ||
| Operating capital | 836.5 | 851.3 |
| Capital employed | 911.2 | 999.0 |
| Equity | 541.2 | 610.8 |
| Interest-bearing net debt | 295.3 | 240.5 |
| Net debt-equity ratio | 0.5 | 0.4 |
| Interest cover ratio | neg | 1.0 |
| Equity-assets ratio, % | 37.2 | 40.4 |
| Cash flow | ||
| Self financing ratio | 0.3 | 0.2 |
| Investments | 81.6 | 108.4 |
| Employees | ||
| Average number of employees | 1,132 | 1,130 |
| Net sales per employee | 1.1 | 1.1 |
Data per share
| October | October | |||
|---|---|---|---|---|
| December | December | |||
| 2009 | 2008 | Full year 2009 | Full year 2008 | |
| Number of shares at the end of the period | 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 |
| Earnings per share before dilution, SEK | 3.39 | –0.73 | –4.28 | –0.05 |
| Earnings per share after dilution, SEK | 3.39 | –0.73 | –4.28 | –0.05 |
| Equity per share, SEK | 65.82 | 74.32 | 65.82 | 74.32 |
Net sales per geographical segment
| Amounts in SEK million | October December |
October December |
|||
|---|---|---|---|---|---|
| 2009 | 2008 | Full year 2009 | Full year 2008 | ||
| Sweden | 72.5 | 74.9 | 219.9 | 226.4 | |
| Europe, excluding Sweden | 203.2 | 184.3 | 716.3 | 678.4 | |
| North America | 68.7 | 64.3 | 250.2 | 369.0 | |
| Asia | 8.9 | –2.4 | 29.9 | 11.9 | |
| Other markets | –4.8 | 0.0 | 0.0 | 0.2 | |
| Total | 348.5 | 321.1 | 1,216.3 | 1,285.9 |
Financial data per segment
| Amounts in SEK million | United | Global | Elimina | |||||
|---|---|---|---|---|---|---|---|---|
| October-December 2009 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 53.6 | 20.3 | 112.6 | 64.7 | 87.3 | 10.0 | - | 348.5 |
| Revenue from segment | 1.9 | - | 0.9 | –1.0 | –0.1 | 3.3 | –5.0 | 0.0 |
| Operating profit | 18.6 | –9.4 | 7.6 | 4.3 | 24.4 | –7.4 | - | 38.1 |
| Assets | 154.8 | 199.4 | 273.6 | 604.1 | 200.4 | 422.2 | –401.2 | 1,453.3 |
| Liabilities | 88.6 | 167.9 | 193.0 | 371.0 | 162.0 | 330.8 | –401.2 | 912.1 |
| Investments | 4.2 | 4.4 | 0.8 | 0.2 | 0.7 | 0.2 | - | 10.5 |
| Depreciation/amortization | 2.4 | 1.1 | 2.0 | 10.1 | 1.3 | 1.3 | - | 18.2 |
| Average number of employees | 92 | 47 | 663 | 103 | 145 | 93 | - | 1,143 |
| United | Global | Elimina | ||||||
|---|---|---|---|---|---|---|---|---|
| October-December 2008 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 34.9 | 34.7 | 109.9 | 45.1 | 61.2 | 35.3 | - | 321.1 |
| Revenue from segment | 7.7 | - | 0.5 | - | 1.2 | 3.5 | –12.9 | 0.0 |
| Operating profit | 8.7 | –5.2 | 8.9 | –17.2 | 5.4 | –8.6 | - | –8.0 |
| 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 | 0.9 | 21.8 | 2.3 | 9.9 | 8.9 | 4.3 | - | 48.1 |
| Depreciation/amortization | 2.2 | 0.9 | 2.3 | 10.8 | 2.0 | 1.1 | - | 19.3 |
| Average number of employees | 80 | 90 | 607 | 128 | 134 | 87 | - | 1,126 |
| United | Global | Elimina | ||||||
|---|---|---|---|---|---|---|---|---|
| Full year 2009 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 152.8 | 86.1 | 448.3 | 213.1 | 262.7 | 53.3 | - | 1,216.3 |
| Revenue from segment | 18.5 | - | 2.2 | 0.2 | 1.6 | 10.3 | –32.8 | 0.0 |
| Operating profit | 27.7 | –50.2 | 27.8 | –50.0 | 45.7 | –31.0 | - | –30.0 |
| Assets | 154.8 | 199.4 | 273.6 | 604.1 | 200.4 | 422.2 | –401.2 | 1,453.3 |
| Liabilities | 88.6 | 167.9 | 193.0 | 371.0 | 162.0 | 330.8 | –401.2 | 912.1 |
| Investments | 7.7 | 56.4 | 4.1 | 2.6 | 8.3 | 2.5 | - | 81.6 |
| Depreciation/amortization | 10.4 | 3.2 | 8.3 | 40.8 | 7.0 | 5.5 | - | 75.2 |
| Average number of employees | 90 | 66 | 644 | 101 | 138 | 93 | - | 1,132 |
| 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 profit | 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 |
Quarterly review
| Amounts in SEK million | 2007 | 2008 | 2009 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Net sales | 273.2 | 345.8 | 325.1 | 370.6 | 320.0 | 370.6 | 274.2 | 321.1 | 277.0 | 315.8 | 275.0 | 348.5 |
| Operating expenses | –251.0 | –330.0 | –316.3 | –355.3 | –327.0 | –338.5 | –278.6 | –329.1 | –298.2 | –354.9 | –282.8 | –310.4 |
| Operating profit | 22.2 | 15.8 | 8.8 | 15.3 | –7.0 | 32.1 | –4.4 | –8.0 | –21.2 | –39.1 | –7.8 | 38.1 |
| Financial items, net | –3.7 | –3.0 | –4.2 | –5.3 | –3.5 | –4.8 | –3.1 | –0.6 | –5.4 | –6.9 | –5.5 | –1.9 |
| Profit after financial items | 18.5 | 12.8 | 4.6 | 10.0 | –10.5 | 27.3 | –7.5 | –8.6 | –26.6 | –46.0 | –13.3 | 36.2 |
Parent company income statement
| Amounts in SEK million | ||
|---|---|---|
| Amounts in SEK million | October December |
|||
|---|---|---|---|---|
| 2009 | 2008 | Full year 2009 | Full year 2008 | |
| Net sales | 2.8 | 2.7 | 11.2 | 10.8 |
| Cost of services sold | –1.0 | –3.2 | –6.3 | –7.9 |
| Gross profit | 1.8 | –0.5 | 4.9 | 2.9 |
| Other operating costs | –9.2 | –8.1 | –35.9 | –31.6 |
| Operating profit | –7.4 | –8.6 | –31.0 | –28.7 |
| Dividends from subsidiaries | - | - | 32.0 | - |
| Financial net | 0.6 | 2.3 | –0.6 | 2.9 |
| Profit before tax | –6.8 | –6.3 | 0.4 | –25.8 |
| Appropriations | 2.5 | 4.3 | 2.5 | 4.3 |
| Income tax | 3.0 | 0.5 | 7.8 | 7.0 |
| Profit for the period | –1.3 | –1.5 | 10.7 | –14.5 |
Parent company balance sheet
Amounts in SEK million
| December 2009 | December 2008 | |
|---|---|---|
| Assets | ||
| Property, plant and equipment | 0.4 | 0.7 |
| Financial non-current assets | 1,095.2 | 1,015.2 |
| Total non-current assets | 1,095.6 | 1,015.9 |
| Current assets | 48.9 | 40.2 |
| Liquid assets | 49.3 | 84.1 |
| Total current assets | 98.2 | 124.3 |
| Total assets | 1,193.8 | 1,140.2 |
| Equity and liabilities | ||
| Equity | 856.8 | 824.8 |
| Untaxed reserves | - | 2.5 |
| Non-current liabilities | 182.5 | 249.2 |
| Current liabilities | 154.5 | 63.7 |
| Total liabilities | 337.0 | 312.9 |
| Total equity and liabilities | 1,193.8 | 1,140.2 |
Major shareholders, December 31, 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 |
| Erste Bank Österreichische Sparkassen | 410,929 | 5.0 |
| State Street Bank, Boston | 407,148 | 4.9 |
| Credit Agricole Suisse SA | 234,801 | 2.9 |
| Invus Investment AB | 199,800 | 2.4 |
| JP Morgan Chase Bank, England | 172,330 | 2.1 |
| Citibank NA, London | 154,868 | 1.9 |
| Blue Whale Ltd | 131,246 | 1.6 |
| Total ten largest shareholders – holdings | 5,460,727 | 66.4 |
| Other shareholders | 2,757,884 | 33.6 |
| Total | 8,218,611 | 100.0 |
The Studsvik share
During the fourth quarter, the share price varied between a high of SEK 81 on October 21, and a low of SEK 63.75 on December 22. The opening price was SEK 55 at the beginning of the year and the closing price on December 31 was SEK 65.25. During the fourth quarter, 1.34 million shares were traded and during the period January-December 4.49 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, 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.
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