AI assistant
Studsvik — Interim / Quarterly Report 2012
Jul 20, 2012
3208_ir_2012-07-20_85a741ae-42fb-4211-a407-b8b24f3b1278.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Interim Report January–June 2012
- Sales for the second quarter amounted to SEK 330.3 million (290.0), an increase of 12.5 per cent in local currencies.
- The operating result for the second quarter amounted to SEK –3.0 million (2.4).
- The operating result increased in Sweden, the UK and Global Services, but deteriorated in the USA and Germany.
- Cash fl ow after investments amounted to SEK 31.2 million (9.2).
- Net interest-bearing debt decreased to SEK 85.4 million (162.1).
- Final disposal agreement signed with WCS. This eliminates major uncertainty related to Erwin.
| April–June 2012 |
April–June 2011 |
January– June 2012 |
January– June 2011 |
Full year 2011 |
|
|---|---|---|---|---|---|
| Sales, SEK million | 330.3 | 290.0 | 653.0 | 587.2 | 1,200.7 |
| Operating profi t, SEK million | –3.0 | 2.4 | –12.7 | 11.1 | 53.6 |
| Profi t after tax, SEK million | –18.0 | –1.1 | –32.4 | –0.2 | 22.7 |
| Cash fl ow from operating activities, SEK million | 40.0 | 23.1 | 68.6 | 62.7 | 151.1 |
| Cash fl ow after investments, SEK million | 31.2 | 9.2 | 42.9 | 34.1 | 95.7 |
| Profi t per share after tax, SEK | –2.19 | –0.14 | –3.94 | –0.03 | 2.77 |
| Net debt, SEK million | 85.4 | 162.1 | 85.4 | 162.1 | 95.6 |
| Equity per share, SEK | 61.97 | 62.06 | 61.97 | 62.06 | 66.77 |
| Equity/assets ratio, % | 36.2 | 37.7 | 36.2 | 37.7 | 37.7 |
Sales
Sales in the second quarter amounted to SEK 330.3 million (290.0), an increase of 12.5 per cent in local currencies. Sales in local currenciesincreased in Sweden, the UK, Global Services and the USA, while they decreased in Germany. Sales in January–June amounted to SEK 653.0 million (587.2).
Profi t
The operating result for the second quarter was SEK –3.0 million (2.4) and was for January–June SEK –12.7 million (11.1). The operatingresult increased in Sweden, the UK and Global Services , but deterioratedin the USA and Germany. Changes in foreign exchange rates impacted the Group's operating result for the secondquarter by SEK –0.9 million (–1.0) and SEK –0.6 million (–0.2) for January– June.
The operating margin adjusted for foreign exchange effects for the second quarter amounted to –0.7 (1.2) per cent and for January –June to –1.9 (1.9) per cent. Net fi nancial income for the second quarter amounted to SEK –3.2 million (–2.1) and was for January–June SEK –6.2 million (–7.3).
Taxes were SEK 11.8 million (1.4) for the second quarter and SEK 13.5 million (4.0) for January –June. The tax expense includes impair ment of deferred tax assets related to the operations in France, which are not estimated to be recoverable in the near future , and an adjustment of deferred tax assets in the United Kingdomdue to a decreased corporate tax rate. These adjustment items increased the tax expense for the quarter by SEK 4.9 million and for January–June by SEK 6.6 million. The profi t after tax for the second quarter was SEK –18.0 million (–1.1) and SEK –32.4 million (–0.2) for January– June.
Sweden
Sales in the second quarter amounted to SEK 51.9 million (40.5) and in January–June to SEK 92.8 million (79.3). Operating profi t in the second quarter improved to SEK 7.5 million (3.4) and was in January –June SEK 9.9 million (8.2). The fi gure includes value changes in foreign exchange contracts of SEK 0.4 million (–1.2) in the second quarter and SEK 0.6 million (–0.2) in January–June. Excluding these effects, the operating margin for January–June amounted to 10.1 (10.6) per cent.
Capacity utilization in the incineration facility also continued high in the second quarter. The production line for large components in the metal recycling facility was fully utilized. At the close of the quarter the processing of two out of fi ve heat exchangers from the United Kingdom had by and large been completed. The volume of easily processed material that can go directlyto melting was somewhat lower than last year. The order book for the incineration facility is good and the three remaining heat exchangersfrom the United Kingdom will go into production in the third and fourth quarters, which creates a good basis for continued high capacity utilization and profi tability.
United Kingdom
Sales in the second quarter increased to SEK 63.9 million (25.4) and were in January–June SEK 120.6 million (48.9). The operating profi t in the second quarter increased to SEK 4.4 million (–0.3) and for January–June to SEK 7.1 million (–3.5). The operating margin for January–June was 5.9 (–7.3) per cent.
Output continued to increase in the metal recycling facility, MRF, and was 324 tonnes (154) in the second quarter. The consulting operations were well utilized. The order book is sound for both the MRF and the consulting operations, which provides scope for a continuedhigh level of capacity utilization in both opera tional areas.
Germany
Sales in the second quarter amounted to SEK 93.3 million (97.5) and were in January–June SEK 170.0 million (182.9). The operating loss for the second quarter amounted to SEK –0.9 million (6.0) and was for January–June SEK –3.8 million (8.2). Operations in Germany reported a profi t while operations in France reported a loss. The operating margin was –2.3 (4.5) per cent for January–June.
The main part of the annual service and maintenance work at the German nuclear power plants that continue to operate is carried out in the second and third quarters, which is why capacity utilization increased in the second quarter. As a result of the decision to close 8 reactors in Germany there is continued imbalance between demand and available resources, which has also led to pressure on prices. Studsvik and other companies in the market are gradually adapting their organizations to the new market situation. The adaptation is expected to continue for the rest of the year.
The decommissioning projects in Germany and Belgium, that have been in progress for a long period of time, are continuing as planned and have a good level of capacity utilization. The same applies to operations in neighbouring countries such as the Netherlands and Switzerland. Engineering operations continued to have a good level of capacity utilization. The segment's operations in France have had an unsatisfactory level of capacity utilization for a long time, and consequently measures are being taken here to adapt the organization. When the reactors that have been shut down in Germany have to be decommissioned the market will expand considerably. It has not yet been established when this will be.
USA
Sales in the second quarter amounted to SEK 58.5 million (51.9) and were in January–June SEK 130.2 million (112.3). The operating loss for the second quarter amounted to SEK –15.8 million (–1.9) and was SEK –27.3 million (1.1) for January–June. The operating margin was –21.0 (1.0) per cent for January–June.
In Erwin the new business model is being introduced. It was established as part of Studsvik's joint venture with EnergySolutions. The new business model means that in the long term Erwin will have more evenly distributed capacity utilization, increased output and profi tability but lower margins during the establishment process. Negotiations are in progress and contracts have been signed with a number of power plants. The lack of facilities for fi nal disposal of low and intermediate level waste in the USA has long been a limitingfactor for developing the Erwin operations. The WCS facility in Texas has recently been licensed to accept low and intermediate level radioactive waste for fi nal disposal from the whole of the USA, which is expected to facilitate the establishment of the new business model.
Capacity utilization in Memphis continues to vary greatly. Sales and earnings fell substantially during the quarter and the operations in Memphis accounted for about half of the deterioration in earnings in the US operations in the fi rst six months. The fall is a pure volume effect compared with 2011, when Memphis had severalmajor contracts in both the fi rst and second quarters.
Consulting operations, mainly addressing customers outside the USA with applica tions based on THOR technology, had a lower level of capacityutilization in the second quarter. Negotiations are in progress for larger contracts, but these have as yet not been concluded.
The order book is short-term in all operational areas. The market picture is unchanged as regards size and competitors. Forward planning by customers continues to be short term and order volume and order structure vary considerably between quarters.
Global Services
Sales in the second quarter increased to SEK 77.0 million (67.5) and in January–June amounted to SEK 148.1 million (149.2). Operatingprofi t for the second quarter increased to SEK 7.5 million (3.2) and was for January–June SEK 12.2 million (14.4). The fi gure includesvalue changes in foreign exchange contracts of SEK –0.8 million(–0.5) in the second quarter and of SEK –0.1 million (0.0) in January –June. The operating margin for January–June, excluding these effects , was 8.4 (9.7) per cent.
Studsvik Interim Report January–June 2012
In the fi rst quarter a major planned overhaul of the Hot Cell laboratory was carried out, testing reactor fuel and reactor material. This resulted in lower sales and earnings compared with the previous year. After the laboratory was again brought into operation production has returned to its normal level and earnings improved in the second quarter compared with the previous year.
The positive trend in the software operations continued. Sales and earnings increased compared with the previous year. Developments are positive in most markets. It is gratifying to note that sales in the Japanese market have increased. The order book is sound in both materials technology and software operations.
Investments
The Group's investments in the second quarter amounted to SEK 8.8 million (13.9) and to SEK 25.7 million (28.6) in January–June.
Cash fl ow
Cash fl ow from operating activities before working capital changes in the second quarter amounted to SEK 14.0 million (4.9) and SEK 12.5 million (16.6) for January–June. Working capital decreased in the second quarter by SEK 26.0 million (18.2) and in January–June by SEK 56.1 million (46.1).
Cash fl ow from operating activities after investments in the second quarter was SEK 31.2 million (9.2) and SEK 42.9 million (34.1) in January–June.
Dividends of SEK 8.2 million (0) were paid in the second quarter.
An agreement has been reached with Waste Control Specialist, WCS, on fi nal disposal of waste treated in Erwin for which Studsvik assumed owner liability. The agreement means that in July and AugustStudsvik will successively transfer ownership and liability for the waste to WCS, which means the elimination of considerable uncertainty related to Erwin. The costs of fi nal disposal corre spond to the provisions made in the balance sheet. Financing of the transaction is through a combination of own liquidity, SEK 31 million , and the funds deposited for the purpose. Both provisions and deposited funds are recorded as long-term in the mid-year fi nan cial statements.
Financial position and liquidity
Cash and cash equivalents, including current investments, amounted to SEK 105.4 million (58.5). Equity amounted to SEK 509.6 million (510.3) and the equity/assets ratio was 36.2 (37.7) per cent.
Interest-bearing liabilities have been reduced by repayment and were SEK 190.8 million (220.6). The Group's total borrowing was conducted entirely in foreign currencies through investments and business acquisitions in the USA, Germany and the UK.
The net interest-bearing debt decreased to SEK 85.4 million, a decrease from the beginning of the year of SEK 10.2 million and, compared with the second quarter of the previous year, a decrease of SEK 76.7 million.
After the balance sheet date liquidity and interest-bearing liabilities increased by SEK 60 million through raising a three-year loan payable in full on maturity.
Personnel
The average number of employees was 1,109 (1,150). The decrease mainly refers to Germany.
Transactions with related parties
No transactions between Studsvik and related parties that have had any material impact on the company's fi nancial position and perform ance have taken place.
Parent company
Parent company operations comprise the co-ordination of tasks for the Group and assets mainly consist of shares in subsidiaries. Parent company sales in the second quarter amounted to SEK 3.0 million(2.8) and in the fi rst six months to SEK 6.0 million (5.4). The oper ating loss for the second quarter amounted to SEK –6.6 million (–6.4) and for the fi rst six months to SEK –12.7 million (–14.2). Profi t after fi nancial items in the second quarter was SEK –5.5 million (12.6) and for the fi rst six months SEK –11.3 million (6.2).
Cash and cash equivalents amounted to SEK 32.3 million (27.3) and interest-bearing liabilities to SEK 76.7 million (87.8).
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 transport and transfer of material. This means that the operations of Studsvik and Studsvik's customers are exposed to delays in these licensing processes, or the withdrawal of licenses, which may result in shifts in delivery and production plans.
In all countries storage and fi nal disposal of nuclear waste are also subject to 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 expressions 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.
An overall analysis of the Group's risks and how they are dealt with is given in the Annual Report, which is available on the company's website. Apart from these risks, no further signifi cant risks are considered 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 modern ization and output increase of nuclear power plants in severalof the countries where Studsvik operates. In Germany a decision has been made to phase out nuclear power by 2022, which will reduce demand for service and maintenance. The German facilities taken out of operation in 2011 will be subject to decommissioning. When this process will start is as yet not clear. Decommissioning of nuclear facilities in other markets is expected to expand in the long term.
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, 2011. This interimreport was prepared in accordance with IAS 34 and the AnnualAccounts 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.
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 20, 2012
Anders Ullberg Anna Karinen Jan Barchan Chairman Vice Chairman Board Member
Board Member Board Member Board Member
Lars Engström Alf Lindfors Per Ludvigsson
Agneta Nestenborg Maria Lindberg Roger Lundström Board Member Board Member Board Member
Anders Jackson President
Employee Representative Employee Representative
Report of review of interim fi nancial information
We have reviewed this report for the period January 1, 2012 to June 30, 2012 for Studsvik AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish AnnualAccounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A reviewconsists of making inquiries, primarily of persons responsible for fi nancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all signifi cant matters that might be identifi ed in an audit. Accordingly, we do not express an audit opinion.
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 AnnualAccounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, July 20, 2012
PricewaterhouseCoopers AB
Lennart Danielsson Authorized Public Accountant Auditor in charge
Time schedule for fi nancial information
| Interim Report January–September 2012 | October 26, 2012 |
|---|---|
| Year-end Report January–December 2012 | February 2013 |
For further information please contact
Anders Jackson, President and Chief Executive Offi cer, +46 155 22 10 82 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 July 20, at 14:00 CET. Further informa tion for those interested in participating is available at www.studsvik.se.
Group statement of comprehensive income
| Amounts in SEK million | April–June 2012 |
April–June 2011 |
January–June 2012 |
January–June 2011 |
Full year 2011 |
|---|---|---|---|---|---|
| Net sales | 330.3 | 290.0 | 653.0 | 587.2 | 1,200.7 |
| Cost of services sold | –266.7 | –227.8 | –536.7 | –460.1 | –924.8 |
| Gross profi t | 63.6 | 62.2 | 116.3 | 127.1 | 275.9 |
| Other operating income | 1.1 | 0.1 | 3.4 | 7.6 | 21.8 |
| Selling and marketing expenses | –13.7 | –12.4 | –26.2 | –24.0 | –46.6 |
| Administrative expenses | –49.5 | –44.6 | –94.9 | –88.6 | –171.9 |
| Research and development costs | –6.3 | –6.4 | –12.4 | –13.1 | –28.4 |
| Share in non-controlling interest | 1.7 | 2.4 | 2.6 | 4.7 | 7.6 |
| Other operating expenses | 0.1 | 1.1 | –1.5 | –2.6 | –4.8 |
| Operating profi t | –3.0 | 2.4 | –12.7 | 11.1 | 53.6 |
| Financial income | –1.5 | 3.6 | 2.3 | 11.8 | 15.1 |
| Financial expenses | –1.7 | –5.7 | –8.5 | –19.1 | –28.0 |
| Profi t after fi nancial items | –6.2 | 0.3 | –18.9 | 3.8 | 40.7 |
| Income tax | –11.8 | –1.4 | –13.5 | –4.0 | –18.0 |
| Profi t for the period | –18.0 | –1.1 | –32.4 | –0.2 | 22.7 |
| Other comprehensive income | |||||
| Translation differences on foreign subsidiaries | 13.8 | 7.6 | 1.6 | –12.7 | 6.6 |
| Cash fl ow hedges | –3.7 | 0.2 | –0.2 | 3.2 | –1.8 |
| Income tax on items recognized in other comprehensive income | 0.9 | 0.0 | 0.0 | –0.8 | 0.5 |
| Other comprehensive income for the period, net after tax | 11.0 | 7.8 | 1.4 | –10.3 | 5.3 |
| Total comprehensive income for the period | –7.0 | 6.7 | –31.0 | –10.5 | 28.0 |
| Income for the period attributable to | |||||
| Parent company's shareholders | –18.0 | –1.1 | –32.4 | –0.2 | 22.7 |
| Non-controlling interest | – | – | – | – | – |
| Total comprehensive income attributable to | |||||
| Parent company's shareholders | –7.0 | 6.7 | –31.0 | –10.5 | 28.0 |
| Non-controlling interest | 0.0 | 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 | –2.19 | –0.14 | –3.94 | –0.03 | 2.77 |
| After dilution | –2.19 | –0.14 | –3.94 | –0.03 | 2.77 |
Group statement of fi nancial position
| Amounts in SEK million | June | June | December |
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Assets | |||
| Goodwill | 315.3 | 304.9 | 315.9 |
| Other intangible non-current assets | 32.5 | 34.8 | 34.8 |
| Property, plant and equipment | 483.5 | 471.3 | 481.1 |
| Financial non-current assets | 188.2 | 171.2 | 169.2 |
| Total non-current assets | 1,019.5 | 982.2 | 1,001.0 |
| Inventories | 21.9 | 13.5 | 14.8 |
| Trade receivables | 167.3 | 213.7 | 223.0 |
| Other current receivables | 94.8 | 85.1 | 95.1 |
| Liquid assets | 105.4 | 58.5 | 122.1 |
| Total current assets | 389.4 | 370.8 | 455.0 |
| Total assets | 1,408.9 | 1,353.0 | 1,456.0 |
| Equity and liabilities | |||
| Equity attributable to parent company's shareholders | 509.3 | 510.0 | 548.5 |
| Non-controlling interest | 0.3 | 0.3 | 0.3 |
| Borrowings | 70.6 | 128.2 | 92.1 |
| Provisions | 297.9 | 255.6 | 283.1 |
| Other non-current liabilities | 40.2 | 30.8 | 39.1 |
| Total non-current liabilities | 408.7 | 414.6 | 414.3 |
| Trade payables | 79.8 | 63.1 | 84.2 |
| Borrowings | 120.2 | 92.4 | 125.5 |
| Other current liabilities | 290.6 | 272.6 | 283.2 |
| Total current liabilities | 490.6 | 428.1 | 492.9 |
| Total equity and liabilities | 1,408.9 | 1,353.0 | 1,456.0 |
| Pledged assets | 160.1 | 174.6 | 174.4 |
| Contingent liabilities | 166.6 | 135.0 | 154.0 |
Changes in equity
| Amounts in SEK million | Equity | ||||||
|---|---|---|---|---|---|---|---|
| attrib u table | |||||||
| Other | to the parent | Non | |||||
| Share | contributed | Retained | company's | controlling | |||
| capital | capital | Reserves | earnings | shareholders | interest | Total equity | |
| Equity at December 31, 2010 | 8.2 | 225.3 | –1.6 | 288.6 | 520.5 | 0.3 | 520.8 |
| Changes January 1 – June 30, 2011 | |||||||
| Comprehensive income for the period | – | – | –10.3 | –0.2 | –10.5 | – | –10.5 |
| Equity at June 30, 2011 | 8.2 | 225.3 | –11.9 | 288.4 | 510.0 | 0.3 | 510.3 |
| Changes July 1 – December 31, 2011 | |||||||
| Comprehensive income for the period | – | – | 15.6 | 22.9 | 38.5 | – | 38.5 |
| Equity at December 31, 2011 | 8.2 | 225.3 | 3.7 | 311.3 | 548.5 | 0.3 | 548.8 |
| Changes January 1 – June 30, 2012 | |||||||
| Dividend | – | – | – | –8.2 | –8.2 | – | –8.2 |
| Comprehensive income for the period | – | – | 1.4 | –32.4 | –31.0 | – | –31.0 |
| Equity at June 30, 2012 | 8.2 | 225.3 | 5.1 | 270.7 | 509.3 | 0.3 | 509.6 |
Statement of cash fl ow
| Amounts in SEK million | April–June | April–June | January–June | January–June | |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | Full year 2011 | |
| Operating activities | |||||
| Operating profi t | –3.0 | 2.4 | –12.7 | 11.1 | 53.6 |
| Depreciation | 16.2 | 15.3 | 31.7 | 31.1 | 62.3 |
| Adjustment for non-cash items | 16.4 | –2.0 | 21.5 | –3.4 | 21.9 |
| 29.6 | 15.7 | 40.5 | 38.8 | 137.8 | |
| Financial items. net | –3.6 | –3.0 | –6.9 | –6.5 | –13.0 |
| Income tax paid | –12.0 | –7.8 | –21.1 | –15.7 | –12.0 |
| Cash fl ow from operating activities before changes in | |||||
| working capital | 14.0 | 4.9 | 12.5 | 16.6 | 112.8 |
| Changes in working capital | 26.0 | 18.2 | 56.1 | 46.1 | 38.3 |
| Cash fl ow from operating activities | 40.0 | 23.1 | 68.6 | 62.7 | 151.1 |
| Investing activities | |||||
| Investments | –8.8 | –13.9 | –25.7 | –28.6 | –55.4 |
| Other changes from investing activities | –11.6 | 0.7 | –23.6 | 1.1 | 17.8 |
| Cash fl ow from investing activities | –20.4 | –13.2 | –49.3 | –27.5 | –37.6 |
| Cash fl ow from operating activities after investments and | |||||
| other changes from investing activities | 19.6 | 9.9 | 19.3 | 35.2 | 113.5 |
| Financing activities | |||||
| Change in borrowings | –23.2 | –29.9 | –27.1 | –46.6 | –59.3 |
| Dividend to shareholders | –8.2 | – | –8.2 | – | – |
| Cash fl ow from investing activities | –31.4 | –29.9 | –35.3 | –46.6 | –59.3 |
| Changes in liquid assets | –11.8 | –20.0 | –16.0 | –11.4 | 54.2 |
| Liquid assets at the beginning of the year | 115.9 | 77.2 | 122.1 | 68.4 | 68.4 |
| Translation difference in liquid assets | 1.3 | 1.3 | –0.7 | 1.5 | –0.5 |
| Liquid assets at the end of the period | 105.4 | 58.5 | 105.4 | 58.5 | 122.1 |
Financial ratios for the Group
| Financial ratios for the Group | ||||
|---|---|---|---|---|
| Amounts in SEK million | January–June | January–June | ||
| 2012 | 2011 | Full year 2011 | ||
| Operating profi t | ||||
| Operating profi t before depreciation | 19.0 | 42.3 | 115.9 | |
| Margins | ||||
| Operating margin before depreciation, % | 2.9 | 7.2 | 9.7 | |
| Operating margin, % | neg | 1.9 | 4.5 | |
| Profi t margin, % | neg | 0.7 | 3.4 | |
| Profi tability | ||||
| Return on operating capital, % | neg | 3.2 | 8.2 | |
| Return on capital employed, % | neg | 6.0 | 9.1 | |
| Return on equity, % | neg | neg | 4.3 | |
| Capital structure | ||||
| Operating capital | 595.3 | 672.3 | 645.4 | |
| Capital employed | 700.8 | 730.9 | 767.5 | |
| Equity | 509.6 | 510.3 | 548.8 | |
| Interest-bearing net debt | 85.4 | 162.1 | 95.6 | |
| Net debt-equity ratio | 0.2 | 0.3 | 0.2 | |
| Interest cover ratio | neg | 1.2 | 2.5 | |
| Equity/assets ratio, % | 36.2 | 37.7 | 37.7 | |
| Cash fl ow | ||||
| Self fi nancing ratio | 1.4 | 2.0 | 2.6 | |
| Investments | 25.7 | 28.6 | 55.4 | |
| Employees |
| Average number of employees | 1 109 | 1 150 | 1,153 |
|---|---|---|---|
| Net sales per employee | 1.2 | 1.0 | 1.0 |
| Data per share | April–June | April–June | January–June | January–June | |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | Full year 2011 | |
| 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 | –2.19 | –0.14 | –3.94 | –0.03 | 2.77 |
| Earnings per share after dilution, SEK | –2.19 | –0.14 | –3.94 | –0.03 | 2.77 |
| Equity per share, SEK | 61.97 | 62.06 | 61.97 | 62.06 | 66.77 |
Net sales per geographical segment
| Amounts in SEK million | April–June | April–June | January–June | January–June | |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | Full year 2011 | |
| Sweden | 39.1 | 56.4 | 76.6 | 95.6 | 199.9 |
| Europe, excluding Sweden | 202.6 | 158.8 | 378.8 | 316.8 | 652.5 |
| North America | 78.2 | 68.1 | 165.4 | 160.8 | 321.2 |
| Asia | 10.4 | 6.7 | 32.2 | 14.0 | 27.1 |
| Total | 330.3 | 290.0 | 653.0 | 587.2 | 1,200.7 |
Quarterly review
| Amounts in SEK million | 2010 | 2011 | 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
| Net sales | 345.8 | 328.1 | 295.3 | 374.9 | 297.2 | 290.0 | 252.8 | 360.7 | 322.7 | 330.3 |
| Operating expenses | –322.6 | –313.7 | –304.4 | –341.2 | –288.5 | –287.6 | –262.9 | –308.1 | –332.4 | –333.3 |
| Operating profi t | 23.2 | –14.4 | –9.1 | 33.7 | 8.7 | 2.4 | –10.1 | 52.6 | –9.7 | –3.0 |
| Financial items. net | –5.7 | –3.2 | –6.6 | –3.6 | –5.2 | –2.1 | –3.2 | –2.4 | –3.0 | –3.2 |
| Profi t after fi nancial items | 17.5 | –17.6 | –15.7 | 30.1 | 3.5 | 0.3 | –13.3 | 50.2 | –12.7 | –6.2 |
Financial data per segment
| Amounts in SEK million | United | Global | Elimina | |||||
|---|---|---|---|---|---|---|---|---|
| April–June 2012 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 30.5 | 63.9 | 92.9 | 58.5 | 77.0 | 7.5 | – | 330.3 |
| Revenue from segment | 21.4 | – | 0.4 | – | 0.0 | 3.2 | –25.0 | 0.0 |
| Operating profi t | 7.5 | 4.4 | –0.9 | –15.8 | 7.5 | –5.7 | – | –3.0 |
| Assets | 123.0 | 221.1 | 209.1 | 588.0 | 194.9 | 283.5 | –210.7 | 1,408.9 |
| Liabilities | 150.1 | 115.0 | 159.6 | 396.5 | 115.5 | 173.3 | –210.7 | 899.3 |
| Investments | 1.8 | 0.4 | 2.3 | 0.9 | 1.8 | 1.6 | – | 8.8 |
| Depreciation/amortization | 2.0 | 1.4 | 0.8 | 8.6 | 1.7 | 1.7 | – | 16.2 |
| Average number of employees | 97 | 77 | 600 | 103 | 161 | 75 | – | 1,113 |
| United | Global | Elimina | ||||||
| April–June 2011 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 39.9 | 25.4 | 97.5 | 51.9 | 67.3 | 8.0 | – | 290.0 |
| Revenue from segment | 0.6 | – | 0.0 | – | 0.2 | 2.9 | –3.7 | 0.0 |
| Operating profi t | 3.4 | –0.3 | 6.0 | –1.9 | 3.2 | –8.0 | – | 2.4 |
| Assets | 150.8 | 187.1 | 242.7 | 542.7 | 167.0 | 245.5 | –182.8 | 1,353.0 |
| Liabilities | 144.4 | 83.4 | 183.8 | 348.4 | 101.9 | 163.6 | –182.8 | 842.7 |
| Investments | 7.8 | 0.9 | 0.1 | 0.0 | 4.7 | 0.4 | – | 13.9 |
| Depreciation/amortization | 2.9 | 1.2 | 0.7 | 7.9 | 1.5 | 1.1 | – | 15.3 |
| Average number of employees | 91 | 72 | 662 | 108 | 163 | 76 | – | 1,172 |
| United | Global | Elimina | ||||||
| January–June 2012 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 67.9 | 120.6 | 169.3 | 130.2 | 148.0 | 17.0 | – | 653.0 |
| Revenue from segment | 24.9 | – | 0.7 | – | 0.1 | 6.3 | –32.0 | 0.0 |
| Operating profi t | 9.9 | 7.1 | –3.8 | –27.3 | 12.2 | –10.8 | – | –12.7 |
| Assets | 123.0 | 221.1 | 209.1 | 588.0 | 194.9 | 283.5 | –210.7 | 1,408.9 |
| Liabilities | 150.1 | 115.0 | 159.6 | 396.5 | 115.5 | 173.3 | –210.7 | 899.3 |
| Investments | 12.5 | 0.8 | 2.5 | 1.0 | 6.9 | 2.0 | – | 25.7 |
| Depreciation/amortization | 4.0 | 2.7 | 1.4 | 16.9 | 3.2 | 3.5 | – | 31.7 |
| Average number of employees | 96 | 80 | 596 | 106 | 158 | 73 | – | 1,109 |
| United | Global | Elimina | ||||||
| January–June 2011 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 76.4 | 48.9 | 182.6 | 112.3 | 148.9 | 18.1 | – | 587.2 |
| Revenue from segment | 2.9 | – | 0.3 | – | 0.3 | 5.8 | –9.3 | 0.0 |
| Operating profi t | 8.2 | –3.5 | 8.2 | 1.1 | 14.4 | –17.3 | – | 11.1 |
| Assets | 150.8 | 187.1 | 242.7 | 542.7 | 167.0 | 245.5 | –182.8 | 1,353.0 |
| Liabilities | 144.4 | 83.4 | 183.8 | 348.4 | 101.9 | 163.6 | –182.8 | 842.7 |
| Investments | 14.1 | 1.0 | 0.3 | 0.2 | 12.0 | 1.0 | – | 28.6 |
| Depreciation/amortization | 5.8 | 2.6 | 1.5 | 16.1 | 2.8 | 2.3 | – | 31.1 |
| Average number of employees | 91 | 68 | 645 | 108 | 162 | 76 | – | 1,150 |
| United | Global | Elimina | ||||||
| Full year 2011 | Sweden | Kingdom | Germany | USA | Services | Other | tions | Group |
| External sales revenue | 163.8 | 107.8 | 363.5 | 242.6 | 287.5 | 35.5 | – | 1,200.7 |
| Revenue from segment | 3.5 | – | 1.8 | – | 0.4 | 11.5 | –17.2 | 0.0 |
| Operating profi t | 19.8 | –9.7 | 18.4 | 22.6 | 33.7 | –31.2 | – | 53.6 |
| Assets | 172.8 | 207.0 | 227.9 | 606.7 | 195.7 | 299.8 | –253.9 | 1,456.0 |
| Liabilities | 171.2 | 106.2 | 166.1 | 383.9 | 131.7 | 202.0 | –253.9 | 907.2 |
| Investments | 26.1 | 1.6 | 1.3 | 7.4 | 17.5 | 1.5 | – | 55.4 |
| Depreciation/amortization | 11.2 | 5.0 | 2.9 | 32.7 | 5.9 | 4.6 | – | 62.3 |
| Average number of employees | 92 | 71 | 646 | 109 | 161 | 74 | – | 1,153 |
Parent company income statement
| Amounts in SEK million | April–June | April–June | January–June | January–June | |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | Full year 2011 | |
| Net sales | 3.0 | 2.8 | 6.0 | 5.4 | 10.9 |
| Cost of services sold | –0.8 | –0.9 | –1.5 | –1.4 | –5.0 |
| Gross profi t | 2.2 | 1.9 | 4.5 | 4.0 | 5.9 |
| Other operating costs | –8.8 | –8.3 | –17.2 | –18.2 | –31.1 |
| Operating profi t | –6.6 | –6.4 | –12.7 | –14.2 | –25.2 |
| Dividends from subsidiaries | – | 17.9 | – | 17.9 | –12.1 |
| Financial net | 1.1 | 1.1 | 1.4 | 2.5 | 3.1 |
| Profi t before tax | –5.5 | 12.6 | –11.3 | 6.2 | –34.2 |
| Income tax | 1.5 | 1.6 | 3.0 | 3.2 | –0.6 |
| Profi t for the period | –4.0 | 14.2 | –8.3 | 9.4 | –34.8 |
Parent company balance sheet
| Amounts in SEK million | June | June | December | |
|---|---|---|---|---|
| 2012 | 2011 | 2011 | ||
| Assets | ||||
| Property plant and equipment | 0.0 | 0.1 | – | |
| Financial non-current assets | 1,030.2 | 1,088.3 | 1,048.4 | |
| Total non-current assets | 1,030.2 | 1,088.4 | 1,048.4 | |
| Current assets | 9.7 | 7.5 | 28.5 | |
| Liquid assets | 32.3 | 27.3 | 45.7 | |
| Total current assets | 42.0 | 34.8 | 74.2 | |
| Total assets | 1,072.2 | 1,123.2 | 1,122.6 | |
| Equity and liabilities | ||||
| Equity | 831.9 | 892.7 | 848.4 | |
| Non-current liabilities | 52.3 | 72.6 | 73.5 | |
| Current liabilities | 188.0 | 157.9 | 200.7 | |
| Total liabilities | 240.3 | 230.5 | 274.2 | |
| Total equity and liabilities | 1,072.2 | 1,123.2 | 1,122.6 |
Major shareholders, June 30, 2012
| Number of shares | Share, % | |
|---|---|---|
| The Karinen family | 1,769,552 | 21.5 |
| Briban Invest AB | 1,283,492 | 15.6 |
| Credit Agricole Suisse SA | 348,098 | 4.2 |
| Invus Investment AB | 224,800 | 2.7 |
| SEB Life Ireland, Dublin | 207,767 | 2.6 |
| Malte Edenius | 170,000 | 2.1 |
| Avanza Pensionsförsäkring AB | 163,283 | 2.0 |
| Nordnet Pensionsförsäkring AB | 141,254 | 1.7 |
| HSBC Trinkahaus and Burkhardt AG | 136,530 | 1.7 |
| Tangent/Tanglin Asset Management AB | 132,566 | 1.6 |
| Total ten largest shareholders – holdings | 4,577,342 | 55.7 |
| Other shareholders | 3,641,269 | 44.3 |
| Total | 8,218,611 | 100.0 |
The Studsvik share
In the second quarter the share price varied between a high of SEK 47 on April 2 and a low of SEK 37.10 on June 29, 2012. The price was SEK 31.80 at the beginning of the year and the closing price on June 30 was SEK 37.10. In the second quarter 0.842 million shares were traded and during January–June 3,497 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 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 1,100 employees in 7 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: Studsvik
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.se