Studsvik — Interim / Quarterly Report 2010

Feb 10, 2011

Year-end Report January–December 2010

• Sales for the fourth quarter increased by 8 per cent to SEK 374.9 million.
• Adjusted for items affecting comparability, the operating profi t for the fourth quarter increased by SEK 8.2 million compared with the previous year.
• Strong fourth quarter in the USA, but continued losses in the United Kingdom.
• Cash fl ow from operating activities increased by SEK 9.1 million to SEK 27.4 million in the fourth quarter and by SEK 86.1 million to SEK 107.5 million for the full year.
• Net debt decreased during the year by SEK 87 million to SEK 208.5 million.
• The Board of Directors proposes that no dividend be distributed.

	October– December 2010	October– December 2009	Full year 2010	Full year 2009
Sales, SEK million	374.9	348.5	1,344.1	1,216.3
Operating profi t, SEK million	33.7	38.1	33.4	–30.0
Profi t after tax, SEK million	25.2	27.8	4.0	–35.2
Cash fl ow from operating activities, SEK million	27.4	18.3	107.5	21.4
Cash fl ow after investments, SEK million	6.0	17.5	66.0	–68.9
Profi t per share after tax, SEK	3.08	3.39	0.49	–4.28
Equity per share, SEK	63.37	65.82	63.37	65.82
Equity/assets ratio, %	36.5	37.2	36.5	37.2

Sales

Sales for the fourth quarter amounted to SEK 374.9 million (348.5) and for the full year to SEK 1,344.1 million (1,216.3). In local currenciesthis corresponds to an increase of 8 per cent in the fourth quarterand 11 per cent for the period January–December. Sales increasedin local currencies in 2010 in all segments except the United Kingdom, which reported sales at the same level as the previous year.

Profi t

After a weak performance in the second and third quarters, capacity utilization increased in the fourth quarter in the USA, which reported a profi t. In Germany the positive trend continued and Sweden had a strong close to the year with an operative resultat the same level as the previous year. The United Kingdom reporteda loss in the fourth quarter, though it was halved in comparison with the previous year. The positive trend for Global Services continued, with high capacity utilization in materials technology and the consulting operations and high new sales of software.

The operating profi t for the fourth quarter amounted to SEK 33.7 million (38.1). The operating profi t for the full year improved to SEK 33.4 million (–30.0). Adjusted for items affecting compar ability, the operating profi t for the fourth quarter increased to SEK 39.6 millionand for the full year to SEK 39.3 million.

		2010 Q4 Full year		2009 Q4 Full year
Reported operating profi t	33.7	33.4	38.1	–30.0
Items affecting comparability
– Global Services	-	-	–6.7	–6.7
– USA	-	-	-	10.2
– United Kingdom	-	-	-	22.8
– Germany	5.9	5.9	-	-
Adjusted operating profi t	39.6	39.3	31.4	–3.7

The Group's operating profi t in the fourth quarter was impacted by foreign exchange effects of SEK –3.5 million (4.5) and for the full year SEK –6.0 million (3.8).

The operating margin adjusted for foreign exchange effects and items affecting comparability was 3.4 per cent (neg) for the full year. Net fi nancial income for the fourth quarter amounted to SEK –3.6 million (–1.9) and for the period January–December, to SEK –19.1 million (–19.7).

After taxes of SEK –4.9 million (–8.4) for the fourth quarter and SEK –10.3 million (14.5) for January–December the net profi t was SEK 25.2 million (27.8) for the fourth quarter and SEK 4.0 million (–35.2) for January–December.

Sweden

Sales for the fourth quarter amounted to SEK 51.2 million (55.5) and for the full year to SEK 179.9 million (171.3). Operating profi t for the fourth quarter decreased to SEK 9.6 million (18.6) and for January –December, to SEK 19.9 million (27.7). The fi gure includes value changes in foreign exchange contracts of SEK –3.1 million (6.3) in the fourth quarter and of SEK –4.4 million (4.5) for the full year. The operating margin for the full year, excluding these effects, was 13.5 per cent (13.5).

The high capacity utilization in the incineration facility continued in the fourth quarter. The order book is sound.

Capacity utilization in the metal recycling facility was also high in the fourth quarter. The facility was used mainly for large components. The previous bottlenecks in production have been successively removed during the year. According to the original schedule the facilityshould have received and started treating 16 steam gener ators from the Canadian company Bruce Power. The licensing process in Canada has been substantially delayed, which prevented transportation taking place as planned. It is not possible at present to estimate how long the licensing process in Canada will take. The delay does not affect the status and scope of the order. The order book for metallic material is good, and by means of replanningwe can ensure high capacity utilization in 2011.

United Kingdom

Sales increased in the fourth quarter to SEK 22.2 million (20.3) and for the full year to SEK 80.5 million (86.1). Operating loss for the fourth quarter improved to SEK –4.7 million (–9.4) and for January – December, to SEK –24.2 million (–50.2). Last year structural and projectcosts of SEK 22.8 million were recognized as an expense for January–December.

In 2010 the market was adversely affected by the fi scal situation with a consequent weak infl ow of orders to Studsvik's metal recyclingfacility (MRF) and the consulting operations. Organization and staffi ng have been adapted to the changed market situation. Several uncertaintiesin the market, mainly the budget situation of the centralgovernment funded Nuclear Decommissioning Authority (NDA), disappeared towards the end of the year and business conditions for both the MRF and the consulting operations improved in the fourth quarter. The infl ow of orders increased, but the order book continued to be thin at the close of 2010. The NDA has allocatedseparate funds for treatment of metallic material. The NDA's decision creates the conditions for establishing a material fl ow that provides a basic level of capacity utilization for the MRF.

Germany

Sales in the fourth quarter amounted to SEK 107.3 million (113.5) and increased in January–December to SEK 461.5 million (450.5). Operating profi t for the fourth quarter decreased to SEK –0.5 million (7.6) and increased for the full year to SEK 28.8 million (27.8). Earnings for the fourth quarter were charged with SEK –5.9 million as a consequence of the changeover of CEO announced during the quarter . Adjusted for this, the operating margin for the full year increasedto 7.5 per cent (6.2).

The German market is characterized by a very high level of activity and capacity utilization was high in all the segment's opera tional areas . The annual refueling and maintenance outages at the Germannuclear reactors were of the same scope as in 2009 and continuedinto the fourth quarter, giving good capacity utilization. Activity remainedhigh in decommissioning projects in Germany and Belgium and qualifi ed technical consulting services developed positively. The order situation in the segment is good.

USA

Sales in the fourth quarter increased to SEK 88.9 million (63.7) and increased in January–December to SEK 272.0 million (213.3). Operatingprofi t for the fourth quarter increased to SEK 27.1 million (4.3) and for the full year to SEK 1.4 million (–50.0). In 2009 structural and project costs of SEK 10.2 million were recognized as an expense.

The exceptional situation with a shortage of transport containers, which arose in the second quarter, was normalized in the fourth quarter and capacity utilization increased at the Erwin facility.

Metallic and organic waste is treated at the facility in Memphis. Market activity was low during the year in view of the general economicbackground. In the fourth quarter an order for treatment of large components was signed, which improved the capacity utiliza tion situation, but forward planning in the market is short.

The segment has a small consulting business, in which operations are primarily based on Studsvik's patented THOR technology. The customer base is in the USA but also includes some countries outsidethe US, such as France, where the technology has met with interest. The operations are in process of being built up.

Global Services

Sales increased in the fourth quarter to SEK 89.6 million (87.2) and increased in January–December to SEK 296.7 million (264.3). The operating profi t for the fourth quarter amounted to SEK 10.2 million (24.4) and for the full year to SEK 33.1 million (45.7). The fi gure includesvalue changes in foreign exchange contracts of SEK 0.1 million (–1.2) in the fourth quarter and of SEK 0.5 million(2.5) for the full year. Earnings for the fourth quarter last year includecapital gains from the sale of the personal dosimetry opera tions of SEK 6.7 million. The operating margin for the full year, excluding these effects , was 11.0 per cent (14.0).

The positive trend for materials testing and consulting services continued in the fourth quarter and the order book is healthy. The software operations closed 2010 with high new sales fi gures in the fourth quarter. All in all, 2010 was successful, but performance did not achieve the 2009 level, which was the best ever. The decrease in operating margin for the segment compared with 2009 is equally distributed between the operational areas.

Investments

The Group's investments in the fourth quarter amounted to SEK 11.5 million (10.5) and for January–December, to SEK 25.6 million (78.8). Investments for the year include a scanning electron microscope for materials testing for SEK 6.3 million and automatic tube threading equipment for treatment of steam generators for SEK 5.0 million.

Cash fl ow

Cash fl ow from operating activities before working capital changes in the fourth quarter was SEK 55.8 million (35.8) and SEK 78.8 million(38.7) for January–December.

Working capital increased in the fourth quarter by SEK 28.4 million (17.5) but decreased in the period of January–December by SEK 28.7 million (increased by 17.3).

Cash fl ow from operating activities after investments in the fourth quarter was SEK 6.0 million (17.5) and SEK 66.0 million (–68.9) for the period January–December.

Financial position and liquidity

Cash and cash equivalents, including current investments, amounted to SEK 68.4 million (74.7).

Equity amounted to SEK 520.8 million (541.2) and the equity/ assetsratio was 36.5 per cent (37.2). In 2010 equity includes a foreignexchange effect on translation of foreign subsidiaries of SEK –28.3 million.

The interest-bearing liabilities have been reduced considerably by repayment during the year and were SEK 275.9 million (369.9). The Group's total borrowing was conducted entirely in foreign currencies through investments and business acquisitions in the USA, Germany and the UK. Exchange rate effects on translation of interest-bearing liabilities to Swedish kronor amounted to SEK 0.1 million (8.3) in the fourth quarter.

Personnel

The average number of employees was 1,169 (1,132). Germany reportsthe most vigorous growth and had an average of 661 (644) employees. Global Services also reports a strong increase, mainly in the consulting business, and had an average of 153 (138) employees .

Parent company

Parent company operations comprise the co-ordination of tasks for the Group and assets mainly consist of shares in subsidiaries. The parent company's sales in the fourth quarter amounted to SEK 2.6 million (2.8) and in January–December to SEK 10.5 million(11.2). The operating loss for the fourth quarter amounted to SEK –8.0 million(–7.4). The operating loss for the period January to December amounted to SEK –25.6 million (–31.0). Loss after fi nancial items in the fourth quarter was SEK –7.5 million (–6.8) and in the period January –December SEK –2.5 million (0.4). Dividends from subsidiaries of SEK 0 million (0) are included in earnings for the fourth quarter and of SEK 21.4 million (32.0) for January–December .

The parent company's investments amounted to SEK 0 million (0). Cash and cash equivalents amounted to SEK 43.2 million (49.3) and interest-bearing liabilities to SEK 135.7 million (201.9).

Dividend

In view of the year's results and the fact that the Group's euqity/ assets ratio is below target, the Board of Directors proposes that no dividend be distributed for 2010 (SEK 0 per share).

Annual General Meeting and Annual Report

The Annual General Meeting will be held on Tuesday, April 26, 2011 at 16:00 CET at the World Trade Center, Klarabergsviadukten 70 / Kungsbron 1, Stockholm. The Annual Report will be available on the company's website in week 12, 2011.

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 requireslegal or regulatory licensing. Licensing is required for produc tion facilities , but also for individual activities such as transportand transfer of material. This means that the operations of Studsvik and Studsvik's customers are exposed to delays in these licens ing processes , which may result in shifts in delivery and produc tion plans.

In all countries storage and fi nal disposal of nuclear waste are subjectto a strict regulatory framework, which for example stipulates criteria that the waste must meet in physical and chemical terms when it is sent for fi nal disposal. Changes in this regulatory framework could mean that the business competitiveness of some of Studsvik's services would be changed.

Issues concerning nuclear technology may be subject to various expres sions of opinion and debate. In such a context it cannot be ruled out that opinion may emerge on matters that directly or indirectlyalter Studsvik's scope of business action.

The fi nancial risks and uncertainties mainly include fl uctuations in exchange rates and interest rates, and the company's ability to upholdcontracts for withdrawable lines of credit. The fi nancial risks also include counterparty risk, i.e. that the Group can be exposed to losses due to counterparty insolvency.

An overall analysis of the Group's risks and how they are dealt with is given in the Annual Report for 2010, which will be available on the company's website in March 2011.

Apart from these risks, no further signifi cant risks are estimated to have arisen.

Outlook

The need for electricity is increasing globally and electricity production from nuclear power will increase. New nuclear power capacity is being planned and built in many countries, in parallel with the moderniza tion and output increase of nuclear power plants in severalof the countries where Studsvik operates. Decommissioning of nuclear facilities is continuing and is expected to continue by and large at an unchanged rate. Demand is strong for the services of the type Studsvik offers, including waste treatment, materials testing, software and consulting services. The British and American markets that have been characterized by weak national economic development are successively recovering.

Accounting policies

Studsvik AB applies International Financial Reporting Standards as adopted by the European Union. Material accounting policies and valuation principles are in accordance with those of the annual accountsfor the fi nancial year ended December 31, 2009. This interimreport was prepared in accordance with IAS 34 and the Annual Accounts Act. The interim report for the parent company was prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accountingfor legal entities.

Nyköping, February 10, 2011

On behalf of the Board of Directors

Magnus Groth President

Review report

We have performed a review of the report for Studsvik AB (publ) for the period January 1 to December 31, 2010. The Board of Directors and the President are responsible for the preparation and presentation of this interim fi nancial report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

We conducted our review in accordance with the Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for fi nan cial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substan tially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden (RS) and other generally acceptedauditing standards in Sweden. The procedures performed in a reviewdo not enable us to obtain a level of assurance that would make us aware of all signifi cant matters that might be identifi ed in an audit. Therefore, the conclusion that is expressed on the basis of a review does not give the same level of assurance as a conclusion based on an audit.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim report does not, in all material respects, accord with IAS 34 and the Annual Accounts Act regarding the Group and, for the parent company, with the Annual Accounts Act.

Nyköping, February 10, 2011

PricewaterhouseCoopers AB

Magnus Brändström Authorized public accountant Auditor in charge

Time schedule for fi nancial information

Interim Report January–March 2011 April 26, 2011 Interim Report January–June 2011 July 20, 2011 Interim Report January–September 2011 October 27, 2011

For further information please contact

Magnus Groth, President and Chief Executive Offi cer, +46 155 22 10 86 or Jerry Ericsson, Chief Financial Offi cer, +46 155 22 10 32.

The interim report will be presented at a conference call to be held in English on February 10, at 15:00 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 2010	October– December 2009	Full year 2010	Full year 2009
Net sales	374.9	348.5	1,344.1	1,216.3
Cost of services sold	–258.6	–255.9	–1 027.2	–949.4
Gross profi t	116.3	92.6	316.9	266.9
Other operating income	0.2	12.8	3.3	15.8
Selling and marketing expenses	–13.3	–11.9	–52.8	–52.0
Administrative expenses	–50.8	–51.2	–186.6	–201.1
Research and development costs	–9.0	–10.8	–40.3	–46.1
Share in non-controlling interest	3.1	9.7	7.3	13.1
Other operating expenses	–12.8	–3.1	–14.4	–26.6
Operating profi t	33.7	38.1	33.4	–30.0
Financial income	3.1	–3.3	3.8	4.8
Financial expenses	–6.7	1.4	–22.9	–24.5
Profi t after fi nancial items	30.1	36.2	14.3	–49.7
Income tax	–4.9	–8.4	–10.3	14.5
Profi t for the period	25.2	27.8	4.0	–35.2
Other comprehensive income
Translation differences on foreign subsidiaries	–1.6	6.1	–28.3	–22.6
Cash fl ow hedges	–7.3	–16.0	5.3	–4.9
Income tax on items recognized in other comprehensive income	1.9	4.2	–1.4	1.3
Other comprehensive income for the period, net after tax	–7.0	–5.7	–24.4	–26.2
Total comprehensive income for the period	18.2	22.1	–20.4	–61.4
Income for the period attributable to
Parent company's shareholders	25.2	27.8	4.0	–35.2
Non-controlling interest	-	-	-	-
Total comprehensive income attributable to
Parent company's shareholders	18.2	22.1	–20.4	–61.4
Non-controlling interest	0.0	0.0	0.0	0.0
Earnings per share calculated on income attribu table to
the parent company's shareholders during the period, SEK
Before dilution	3.08	3.39	0.49	–4.28
After dilution	3.08	3.39	0.49	–4.28

Group statement of fi nancial position

Amounts in SEK million

	December 2009	December 2009
Assets
Goodwill	313.4	342.3
Other intangible non-current assets	37.3	45.2
Property, plant and equipment	490.1	527.8
Financial non-current assets	173.8	147.8
Total non-current assets	1,014.6	1,063.1
Inventories	19.5	17.9
Trade receivables	239.7	228.3
Other current receivables	84.8	69.3
Liquid assets	68.4	74.7
Total current assets	412.4	390.2
Total assets	1,427.0	1,453.3
Equity and liabilities
Equity attributable to parent company's shareholders	520.5	540.9
Non-controlling interest	0.3	0.3
Borrowings	146.0	284.5
Provisions	259.4	169.9
Other non-current liabilities	13.6	11.4
Total non-current liabilities	419.0	465.8
Trade payables	85.8	70.7
Borrowings	129.9	85.4
Other current liabilities	271.5	290.2
Total current liabilities	487.2	446.3
Total equity and liabilities	1,427.0	1,453.3
Pledged assets	120.3	171.7
Contingent liabilities	139.3	66.8

Changes in equity

Amounts in SEK million					Equity
					attrib u table
	Share	Other contributed		Retained	to the parent company's	Non controlling
	capital	capital	Reserves	earnings	shareholders	interest	Total equity
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
Opening balance at January 1, 2010	8.2	225.3	22.8	284.6	540.9	0.3	541.2
Total comprehensive income for the period			–24.4	4.0	–20.4		–20.4
Closing balance at December 31, 2010	8.2	225.3	–1.6	288.6	520.5	0.3	520.8

Statement of cash fl ow

Amounts in SEK million	October–	October–
	December	December
	2010	2009	Full year 2010	Full year 2009
Operating activities
Operating profi t	33.7	38.1	33.4	–30.0
Depreciation	16.2	18.2	68.6	75.2
Adjustment for non-cash items	7.6	–16.9	4.8	18.0
	57.5	39.4	106.8	63.2
Financial items, net	–3.5	–3.6	–15.7	–21.4
Income tax paid	1.8	-	–12.3	–3.1
Cash fl ow from operating activities before changes
in working capital	55.8	35.8	78.8	38.7
Changes in working capital	–28.4	–17.5	28.7	–17.3
Cash fl ow from operating activities	27.4	18.3	107.5	21.4
Investing activities
Investments	–11.5	–8.5	–25.6	–78.8
Other changes from investing activities	–9.9	7.7	–15.9	–11.5
Cash fl ow from investing activities	–21.4	–0.8	–41.5	–90.3
Cash fl ow from operating activities after invest
ments and other changes from investing activities	6.0	17.5	66.0	–68.9
Financing activities
Change in borrowings	–11.9	4.0	–68.7	6.4
Dividend to shareholders	-	-	-	–8.2
Cash fl ow from investing activities	–11.9	4.0	–68.7	–1.8
Changes in liquid assets	–5.9	21.5	–2.7	–70.7
Liquid assets at the beginning of the year	74.7	53.0	74.7	147.7
Translation difference in liquid assets	–0.4	0.2	–3.6	–2.3
Liquid assets at the end of the period	68.4	74.7	68.4	74.7

Financial ratios for the Group

Amounts in SEK million

	Full year 2010	Full year 2009
Operating profi t
Operating profi t before depreciation	102.1	45.3
Margins
Operating margin before depreciation, %	7.6	3.7
Operating margin, %	2.5	neg
Profi t margin, %	1.1	neg
Profi tability
Return on operating capital, %	4.3	neg
Return on capital employed, %	4.4	neg
Return on equity, %	0.8	neg
Capital structure
Operating capital	729.3	836.5
Capital employed	797.7	911.2
Equity	520.8	541.2
Interest-bearing net debt	208.5	295.3
Net debt-equity ratio	0.4	0.5
Interest cover ratio	1.6	neg
Equity/assets ratio, %	36.5	37.2
Cash fl ow
Self fi nancing ratio	2.1	0.3
Investments	25.6	78.8
Employees
Average number of employees	1,169	1,132
Net sales per employee	1.1	1.1

Data per share	October– December	October– December
	2010	2009	Full year 2010	Full year 2009
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	3.08	3.39	0.49	–4.28
Earnings per share after dilution, SEK	3.08	3.39	0.49	–4.28
Equity per share, SEK	63.37	65.82	63.37	65.82

Net sales per geographical segment

Amounts in SEK million	October–	October–
	December	December
	2010	2009	Full year 2010	Full year 2009
Sweden	70.0	72.5	240.8	219.9
Europe, excluding Sweden	188.9	203.2	724.4	716.3
North America	114.1	68.7	353.7	250.2
Asia	1.9	8.9	25.2	29.9
Other markets	0.0	–4.8	0.0	0.0
Total	374.9	348.5	1,344.1	1,216.3

Quarterly review

Amounts in SEK million	2008				2009				2010
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Net sales	320.0	370.6	274.2	321.1	277.0	315.8	275.0	348.5	345.8	328.1	295.3	374.9
Operating expenses	–327.0	–338.5	–278.6	–329.1	–298.2	–354.9	–282.8	–310.4	–322.6	–313.7	–304.4	–341.2
Operating profi t	–7.0	32.1	–4.4	–8.0	–21.2	–39.1	–7.8	38.1	23.2	–14.4	–9.1	33.7
Financial items, net	–3.5	–4.8	–3.1	–0.6	–5.4	–6.9	–5.5	–1.9	–5.7	–3.2	–6.6	–3.6
Profi t after fi nancial items	–10.5	27.3	–7.5	–8.6	–26.6	–46.0	–13.3	36.2	17.5	–17.6	–15.7	30.1

Financial data per segment

Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
48.0	22.2	106.7	88.9	89.4	19.7	-	374.9
3.2	-	0.6	-	0.2	2.0	–6.0	0.0
9.6	–4.7	–0.5	27.1	10.2	–8.0	-	33.7
129.3	182.3	254.3	608.9	187.1	390.3	–325.2	1,427.0
125.6	154.6	184.8	398.5	139.6	228.3	–325.2	906.2
2.7	0.1	0.9	0.5	6.8	0.5	-	11.5
2.9	1.3	1.0	8.2	1.5	1.3	-	16.2
90	61	696	109	154	93	-	1,203
Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
53.6	20.3	112.6	64.7	87.3	10.0	-	348.5
1.9	-	0.9	–1.0	–0.1	3.3	–5.0	0.0
18.6	–9.4	7.6	4.3	24.4	–7.4	-	38.1
154.8	199.4	273.6	604.1	200.4	422.2	–401.2	1,453.3
88.6	167.9	193.0	371.0	162.0	330.8	–401.2	912.1
4.2	4.4	0.8	0.2	0.7	0.2	-	10.5
2.4	1.1	2.0	10.1	1.3	1.3	-	18.2
92	47	663	103	145	93	-	1,143
	United			Global		Elimina
Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
175.7	80.5	460.0	272.0	296.3	59.6	-	1,344.1
4.2	-	1.5	-	0.4	8.1	–14.2	0.0
19.9	–24.2	28.8	1.4	33.1	–25.6	-	33.4
129.3	182.3	254.3	608.9	187.1	390.3	–325.2	1,427.0
125.6	154.6	184.8	398.5	139.6	228.3	–325.2	906.2
8.4	1.1	1.8	3.5	9.2	1.6	-	25.6
11.1	6.0	4.9	35.5	5.9	5.2	-	68.6
92	64	661	107	153	92	-	1,169
Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
152.8	86.1	448.3	213.1	262.7	53.3	-	1,216.3
18.5	-	2.2	0.2	1.6	10.3	–32.8	0.0
27.7	–50.2	27.8	–50.0	45.7	–31.0	-	–30.0
154.8	199.4	273.6	604.1	200.4	422.2	–401.2	1,453.3
88.6	167.9	193.0	371.0	162.0	330.8	–401.2	912.1
7.7	56.4	4.1	–0.2	8.3	2.5	-	78.8
10.4	3.2	8.3	40.8	7.0	5.5	-	75.2
90	66	644	101	138	93	-	1,132
		United United United			Global Global Global		Elimina Elimina Elimina

Parent company income statement

Amounts in SEK million	October–	October–
	December	December
	2010	2009	Full year 2010	Full year 2009
Net sales	2.6	2.8	10.5	11.2
Cost of services sold	–0.9	–1.0	–3.1	–6.3
Gross profi t	1.7	1.8	7.4	4.9
Other operating costs	–9.7	–9.2	–33.0	–35.9
Operating profi t	–8.0	–7.4	–25.6	–31.0
Dividends from subsidiaries	-	-	21.4	32.0
Financial net	0.5	0.6	1.7	–0.6
Profi t before tax	–7.5	–6.8	–2.5	0.4
Appropriations	-	2.5	-	2.5
Income tax	2.2	3.0	6.8	7.8
Profi t for the period	–5.3	–1.3	4.3	10.7

Parent company balance sheet

Amounts in SEK million

	December 2010	December 2009
Assets
Property plant and equipment	0,1	0,4
Financial non-current assets	1,104,2	1,095,2
Total non-current assets	1,104,3	1,095,6
Current assets	38,1	48,9
Liquid assets	43,2	49,3
Total current assets	81,3	98,2
Total assets	1,185,6	1,193,8
Equity and liabilities
Equity	883,2	856,8
Untaxed reserves	-	-
Provisions	-	-
Non-current liabilities	89,8	182,5
Current liabilities	212,6	154,5
Total liabilities	302,4	337,0
Total equity and liabilities	1,185,6	1,193,8

Major shareholders, December 31, 2010

	Number of shares	Share, %
The Karinen Family	1,769,552	21.5
Briban Invest AB	1,283,492	15.6
Allianz Global Investors	714,561	8.7
Erste Bank Österreichische Sparkassen	410,929	5.0
Credit Agricole Suisse SA	348,098	4.2
State Street Bank, Boston	263,618	3.2
Invus Investment AB	199,800	2.4
Citibank NA, London	154,868	1.9
HSBC Trinkahaus and Burkhardt AG	136,730	1.7
Blue Whale Ltd	131,246	1.6
Total ten largest shareholders – holdings	5,412,894	65.8
Other shareholders	2,805,717	34.2
Total	8,218,611	100.0

The Studsvik share

In the fourth quarter the share price varied between a high of SEK 79 on December 6 and a low of SEK 60.25 on October 6. The opening price was SEK 65.25 at the beginning of the year and the closing price on December 31 was SEK 73. In the fourth quarter 0.659 million shares were traded and 2.779 million shares were traded in 2010.

Facts about Studsvik

Studsvik offers a range of advanced technical services to the international nuclear power industry in such areas as waste treatment, decom mis sioning, 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 1,200 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.se