Studsvik — Interim / Quarterly Report 2011

Feb 14, 2012

Year-end Report January–December 2011

• Strong fourth quarter with improved result in all segments.
• Sales for the fourth quarter amounted to SEK 360.7 million (374.9), a decrease of 1.5 per cent in local currencies.
• The operating profi t for the fourth quarter amounted to SEK 52.6 million (33.7).
• Cash fl ow after investments increased to SEK 45.6 million (15.9).
• Net interest-bearing debt decreased to SEK 95.6 million (207.6).
• An order was signed for treatment of heat exchangers from England, worth SEK 84 million.
• Three strategic orders were signed in Global Services for deliveries to China, Russia and England, worth SEK 107 million.
• The Board of Directors recommends resuming dividend distribution and proposes a dividend of SEK 1.00 per share (0).

	October–	October–
	December 2011	December 2010	Full year 2011	Full year 2010
Sales, SEK million	360.7	374.9	1,200.7	1,344.1
Operating profi t, SEK million	52.6	33.7	53.6	33.4
Profi t after tax, SEK million	37.7	25.2	22.7	4.0
Cash fl ow from operating activities, SEK million	61.2	27.4	151.1	107.5
Cash fl ow after investments, SEK million	45.6	15.9	95.7	81.9
Profi t per share after tax, SEK	4.59	3.08	2.77	0.49
Net debt, SEK million	95.6	207.6	95.6	207.6
Equity per share, SEK	66.77	63.37	66.77	63.37
Equity/assets ratio, %	37.7	36.5	37.7	36.5

Sales

Sales in the fourth quarter amounted to SEK 360.7 million (374.9), a decrease of 1.5 per cent in local currencies. Sales in local currencies increased in Sweden, the United Kingdom and the USA, while they decreased in Germany and Global Services. Sales in January– Decemberamounted to SEK 1,200.7 million (1,344.1), a decrease of 6.3 per cent in local currencies.

Profi t

The operating result for the fourth quarter increased by SEK 18.9 million to SEK 52.6 million (33.7) and was SEK 53.6 million (33.4) for the full year. Foreign exchange effects had an impact of SEK –1.1 million (–3.5) on the Group's operating profi t for the fourth quarter and of SEK –5.1 million (–6.0) for January–December.

The operating margin adjusted for foreign exchange effects improvedand was for the fourth quarter 14.7 (9.9) per cent and was 4.6 (2.9) per cent for the full year. Net fi nancial income improved to SEK –2.4 million (–3.6) for the fourth quarter and SEK –12.9 million (–19.1) for January–December. Taxes were SEK –12.5 million (–4.9) for the fourth quarter and SEK –18.0 million (–10.3) for January– December . The net profi t for the fourth quarter was SEK 37.7 million (25.2) and SEK 22.7 million (4.0) for January–December.

Sweden

Sales in the fourth quarter amounted to SEK 60.5 million (51.2) and SEK 167.3 million (179.9) for the full year. Operating profi t in the fourth quarter increased to SEK 15.7 million (9.6) and was SEK 19.8 million (19.9) in January–December. The fi gure includes value changes in foreign exchange contracts of SEK –0.4 million (–3.1) in the fourth quarter and of SEK –0.4 million (–4.4) in January– December. Excluding these effects, the operating margin for January –Decemberamounted to 12.1 (13.5) per cent.

The quarter was characterized by high capacity utilization and increasedproduction volumes in the metal recycling facility. The facilityhad a good mix of large components that require extensive processing and more easily manageable "container scrap". Production increased on an annual basis from 2,200 tonnes to just over 3,000 tonnes in 2011. The incineration facility also reported good capacity utilization during the quarter, but here production decreasedon an annual basis, from 510 tonnes to 460 tonnes. The decrease is mainly due to deferred incoming deliveries from the German nuclear power industry. The German market will decrease somewhat in the long term as an effect of a reduction in nuclear power production. The segment is gradually building up operations that treat non-nuclear waste. This includes fi re and smoke detectors as well as radiation sources from the steel and paper industries.

In May 2009 Studsvik signed an order for treatment of steam generators from Bruce Power in Canada. The fi rst steam generators were to have been delivered to Studsvik in 2010 under the originalplan. Bruce Power has requested deferment of the shipment. Deliveryis expected to take place at the earliest in 2013.

United Kingdom

Sales in the fourth quarter increased to SEK 31.4 million (22.2) and were SEK 107.8 million (80.5) for the full year. The operating loss for the fourth quarter improved to SEK –2.8 million (–4.7) and for January –December to SEK –9.7 million (–24.2). The operating marginfor January–December was –9.0 (–30.0) per cent.

Capacity utilization was low in the fourth quarter in the metal recyclingfacility, MRF, mainly due to delays in some incoming deliveriesto the facility. On an annual basis, production rose from 209 tonnes in 2010 to more than 600 tonnes in 2011. The order book and incoming deliveries increased towards the end of the quarter for the MRF and a decision was made to increase production capacityfrom 2012 by adding a second shift. An order was signed with LLWR Ltd during the quarter for treatment of fi ve heat exchangersfrom the disused Berkeley nuclear power plant. The ordervalue is SEK 84 million. The segment is responsible for project management and shipping of the heat exchangers, which will be treated at Studsvik's facilities in Sweden. Capacity utilization in the consulting operations was good during the quarter.

Germany

Sales in the fourth quarter amounted to SEK 87.4 million (107.3) and in January–December to SEK 365.3 million (461.5). The operating profi t in the fourth quarter improved to SEK 2.1 million (–0.5) and was in January–December SEK 18.4 million (28.8). The operating margin was 5.0 (7.5) per cent for January–December.

The lower sales for both the full year and the fourth quarter are mainly explained by lower service and maintenance activity as an effect of Germany's decision to phase out nuclear power production by 2022. Eight of the German reactors were shut down as early as March, which reduced the market for service and maintenance work. Consulting operations increased by about 10 per cent and operations in neighboring countries, i.e. Belgium and Switzerland, have increased, which all in all compensated somewhat for the declinein service and maintenance.

During the quarter and the full year fewer major decommissioning projects were completed, which affected sales negatively compared with the previous year, but not profi tability.

The German market for service and maintenance work will decrease , as 40 per cent of the reactors have been shut down. Measuresto meet the new market situation have been taken.

USA

Sales in the fourth quarter decreased to SEK 87.3 million (88.9) and were in January–December SEK 242.6 million (272.0). The operating profi t for the fourth quarter increased to SEK 32.6 million (27.1) and was SEK 22.6 million (1.4) for January–December. The operating margin was 9.3 (0.5) per cent for January–December.

Volumes increased in both of the segment's production facilities in the fourth quarter and for the full year. In addition to production volume, profi tability is strongly related to the effectiveness of treatment processes, i.e. how great a volume reduction can be achieved. During the year the processes have been tuned up, which has contributed to improved profi tability. Capacity utilization in the consulting operations was low in the fourth quarter, but the ordersituation improved somewhat towards the end of the year. The budget cuts carried out by the US Department of Energy impacted earnings from TTT negatively during the quarter and earnings from TTT were somewhat lower on an annual basis compared with the previous year.

Global Services

Sales in the fourth quarter amounted to SEK 84.5 million (89.6) and in January–December to SEK 287.9 million (296.7). Operating profi t for the fourth quarter improved to SEK 12.8 million (10.2) and for January–December to SEK 33.7 million (33.1). The fi gure includes value changes in foreign exchange contracts of SEK –0.3 million (0.1) in the fourth quarter and of SEK –0.7 million (0.5) in January– December. The operating margin for the full year, excluding these effects, was 12.0 (11.0) per cent.

Sales decreased compared with the previous year, both for the quarter and the full year. The decrease is mainly attributable to materialstesting, but is within the range of normal variations betweenperiods. An improved product mix in combination with effi ciency improvements in production processes increased profi tability. During the quarter a 7-year contract was signed with EDF Energyin England worth SEK 94.5 million. Studsvik is to perform tests on reactor material and reactor fuel in laboratories in Sweden . Consulting opera tions sales increased, both in the fourth quarter and for the full year. Demandis strong and the operations are expand ing. The software operations developed in line with the previous year, but with improvedprofi tability. During the quarter two strategically importantorders were signed for delivering software to China and Russia for a total value of SEK 12.3 million.

Investments

The Group's investments in the fourth quarter amounted to SEK 15.6 million (11.5) and in the period January–December to SEK 55.4 million(25.6). The increased investment refers mainly to a pyrolysis facility in Sweden.

Cash fl ow

Cash fl ow from operating activities before working capital changes in the fourth quarter was SEK 81.4 million (55.8) and SEK 112.8 million(78.8) for January–December. Working capital increased in the fourth quarter by SEK 20.2 million (increased by 28.4) and decreased in January–December by SEK 38.3 million (decreased by 28.7).

Cash fl ow from operating activities after investments in the fourth quarter was SEK 45.6 million (15.9) and SEK 95.7 million (81.9) in January–December.

Financial position and liquidity

Cash and cash equivalents, including current investments, amounted to SEK 122.1 million (68.4). Equity amounted to SEK 548.8 million (520.8) and the equity/assets ratio was 37.7 (36.5) per cent.

The interest-bearing liabilities have been reduced by repayment and were SEK 217.6 million (275.9). 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 95.6 million (207.6).

Personnel

The average number of employees was 1,153 (1,169).

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 2.8 million (2.6) and in the period January–December to SEK 10.9 million(10.5). The operating loss for the fourth quarter amounted to SEK –6.3 million (–8.0) and for the period January–December to SEK –25.2 million (–25.6). The loss after fi nancial items in the fourth quarter amounted to SEK –35.2 million (22.5) and for the period January–December to SEK –34.2 million (27.5). An impairment loss of SEK 55 million in the parent company's book value of shares in subsidiaries was recognized. The impairment, referring to the holding in the group parent company in the USA segment, reduces profi t after fi nancial items for the quarter and the full year.

The Parent company's investments amounted to SEK 0 million (0). Cash and cash equivalents amounted to SEK 45.7 million (43.2) and interest-bearing liabilities to SEK 94.8 million (135.7).

Dividend

The Board of Directors proposes a dividend of SEK 1.00 per share (0).

Annual general meeting and annual report

The Annual General Meeting will be held on Thursday, April 26, 2012 at 4 p.m. at the World Trade Center, Klarabergsviadukten 70/ Kungsbron 1, Stockholm. The Annual Report will be available on the company's website in week 12, 2012.

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 indirectly alter 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 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 modern ization and output increase of nuclear power plants in several of the countries where Studsvik operates. In Germany a decisionhas been made to phase out nuclear power by 2022, which will reduce demand for service and maintenance. The German facilitiestaken 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 substantially in the long term.

Accounting policies

Studsvik AB applies International Financial Reporting Standards as adopted by the European Union. Material accounting policiesand valuation principles are in accordance with those of the annual accountsfor the fi nancial year ended December 31, 2010. 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.

Stockholm, February 14, 2012

Anders Jackson President

Review report

Introduction

We have performed a review of the report for Studsvik AB (publ), corporate identity number 556501-0997, for the period January 1 to December 31, 2011. The Board of Directors and the President are responsible for the preparation and presentation of this interimfi nancial report in accordance with IAS 34 and the Annual AccountsAct. Our responsibility is to express a conclusion on this interim report based on our review.

Emphasis and scope of the review

We conducted our review in accordance with the Standard on ReviewEngagements 2410 "Review of Interim Financial Information 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 has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing standards. The procedures performed in a review do 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.

Conclusion

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 and, for the parent company, with the Annual Accounts Act.

Stockholm, February 14, 2012

PricewaterhouseCoopers AB

Lennart Danielsson Authorized public accountant

Time schedule for fi nancial information

Interim Report January–March 2012	April 26, 2012
Interim Report January–June 2012	July 20, 2012
Interim Report January–September 2012	October 26, 2012

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 February 14, at 15:00 CET. Further informa tion for those interested in participating is available at www.studsvik.se.

Group statement of comprehensive income

Amounts in SEK million	October– December	October– December
	2011	2010	Full year 2011	Full year 2010
Net sales	360.7	374.9	1,200.7	1,344.1
Cost of services sold	–253.9	–258.6	–924.8	–1 027.2
Gross profi t	106.8	116.3	275.9	316.9
Other operating income	11.6	0.2	21.8	3.3
Selling and marketing expenses	–12.4	–13.3	–46.6	–52.8
Administrative expenses	–43.9	–50.8	–171.9	–186.6
Research and development costs	–9.7	–9.0	–28.4	–40.3
Share in non-controlling interest	1.4	3.1	7.6	7.3
Other operating expenses	–1.2	–12.8	–4.8	–14.4
Operating profi t	52.6	33.7	53.6	33.4
Financial income	–0.7	3.1	15.1	3.8
Financial expenses	–1.7	–6.7	–28.0	–22.9
Profi t after fi nancial items	50.2	30.1	40.7	14.3
Income tax	–12.5	–4.9	–18.0	–10.3
Profi t for the period	37.7	25.2	22.7	4.0
Other comprehensive income
Translation differences on foreign subsidiaries	0.5	–1.6	6.6	–28.3
Cash fl ow hedges	–2.4	–7.3	–1.8	5.3
Income tax on items recognized in other comprehensive income	0.7	1.9	0.5	–1.4
Other comprehensive income for the period, net after tax	–1.2	–7.0	5.3	–24.4
Total comprehensive income for the period	36.5	18.2	28.0	–20.4
Income for the period attributable to
Parent company's shareholders	37.7	25.2	22.7	4.0
Non-controlling interest	-	-	-	-
Total comprehensive income attributable to
Parent company's shareholders	36.5	18.2	28.0	–20.4
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	4.59	3.08	2.77	0.49
After dilution	4.59	3.08	2.77	0.49

Group statement of fi nancial position

Amounts in SEK million	December	December
	2011	2010
Assets
Goodwill	315.9	313.4
Other intangible non-current assets	34.8	37.3
Property. plant and equipment	481.1	490.1
Financial non-current assets	169.2	173.8
Total non-current assets	1,001.0	1,014.6
Inventories	14.8	19.5
Trade receivables	223.0	239.7
Other current receivables	95.1	84.8
Liquid assets	122.1	68.4
Total current assets	455.0	412.4
Total assets	1,456.0	1,427.0
Equity and liabilities
Equity attributable to parent company's shareholders	548.5	520.5
Non-controlling interest	0.3	0.3
Borrowings	92.1	146.0
Provisions	283.1	259.4
Other non-current liabilities	39.1	13.6
Total non-current liabilities	414.3	419.0
Trade payables	84.2	85.8
Borrowings	125.5	129.9
Other current liabilities	283.2	271.5
Total current liabilities	492.9	487.2
Total equity and liabilities	1,456.0	1,427.0
Pledged assets	174.4	120.3
Contingent liabilities	154.0	139.3

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
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
Opening balance at January 1, 2011	8.2	225.3	–1.6	288.6	520.5	0.3	520.8
Total comprehensive income for the period	-	-	5.3	22.7	28.0	-	28.0
Closing balance at December 31, 2011	8.2	225.3	3.7	311.3	548.5	0.3	548.8

Statement of cash fl ow

Amounts in SEK million	October–	October–
	December	December
	2011	2010	Full year 2011	Full year 2010
Operating activities
Operating profi t	52.6	33.7	53.6	33.4
Depreciation	15.6	16.2	62.3	68.6
Adjustment for non-cash items	10.6	7.6	21.9	4.8
	78.8	57.5	137.8	106.8
Financial items. net	–4.0	–3.5	–13.0	–15.7
Income tax paid	6.6	1.8	–12.0	–12.3
Cash fl ow from operating activities before changes
in working capital	81.4	55.8	112.8	78.8
Changes in working capital	–20.2	–28.4	38.3	28.7
Cash fl ow from operating activities	61.2	27.4	151.1	107.5
Investing activities
Investments	–15.6	–11.5	–55.4	–25.6
Other changes from investing activities	17.1	–9.9	17.8	–15.9
Cash fl ow from investing activities	1.5	–21.4	–37.6	–41.5
Cash fl ow from operating activities after invest
ments and other changes from investing activities	62.7	6.0	113.5	66.0
Financing activities
Change in borrowings	–11.7	–11.9	–59.3	–68.7
Dividend to shareholders	-	-	-	-
Cash fl ow from investing activities	–11.7	–11.9	–59.3	–68.7
Changes in liquid assets	51.0	–5.9	54.2	–2.7
Liquid assets at the beginning of the year	72.7	74.7	68.4	74.7
Translation difference in liquid assets	–1.6	–0.4	–0.5	–3.6
Liquid assets at the end of the period	122.1	68.4	122.1	68.4

Financial ratios for the Group

Amounts in SEK million

	Full year 2011	Full year 2010
Operating profi t
Operating profi t before depreciation	115.9	102.1
Margins
Operating margin before depreciation, %	9.7	7.6
Operating margin, %	4.5	2.5
Profi t margin, %	3.4	1.1
Profi tability
Return on operating capital, %	8.2	4.3
Return on capital employed, %	9.1	4.4
Return on equity, %	4.3	0.8
Capital structure
Operating capital	645.4	729.3
Capital employed	767.5	797.7
Equity	548.8	520.8
Interest-bearing net debt	95.6	207.6
Net debt-equity ratio	0.2	0.4
Interest cover ratio	2.5	1.6
Equity/assets ratio, %	37.7	36.5
Cash fl ow
Self fi nancing ratio	2.6	2.1
Investments	55.4	25.6
Employees
Average number of employees	1,153	1,169
Net sales per employee	1.0	1.1

Data per share	October– December	October– December
	2011	2010	Full year 2011	Full year 2010
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	4.59	3.08	2.77	0.49
Earnings per share after dilution, SEK	4.59	3.08	2.77	0.49
Equity per share, SEK	66.77	63.37	66.77	63.37

Net sales per geographical segment

Amounts in SEK million	October–	October–
	December	December
	2011	2010	Full year 2011	Full year 2010
Sweden	62.7	70.0	199.9	240.8
Europe, excluding Sweden	184.9	188.9	652.5	724.4
North America	103.2	114.1	321.2	353.7
Asia	9.9	1.9	27.1	25.2
Other markets	-	0.0	-	0.0
Total	360.7	374.9	1,200.7	1,344.1

Quarterly review

Amounts in SEK million	2009				2010				2011
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Net sales	277.0	315.8	275.0	348.5	345.8	328.1	295.3	374.9	297.2	290.0	252.8	360.7
Operating expenses	–298.2	–354.9	–282.8	–310.4	–322.6	–313.7	–304.4	–341.2	–288.5	–287.6	–262.9	–308.1
Operating profi t	–21.2	–39.1	–7.8	38.1	23.2	–14.4	–9.1	33.7	8.7	2.4	–10.1	52.6
Financial items. net	–5.4	–6.9	–5.5	–1.9	–5.7	–3.2	–6.6	–3.6	–5.2	–2.1	–3.2	–2.4
Profi t after fi nancial items	–26.6	–46.0	–13.3	36.2	17.5	–17.6	–15.7	30.1	3.5	0.3	–13.3	50.2

Financial data per segment

Amounts in SEK million		United			Global		Elimina
October–December 2011	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	60.5	31.4	86.8	87.3	84.4	10.3	-	360.7
Revenue from segment	0.0	-	0.6	-	0.1	2.9	–3.6	0.0
Operating profi t	15.7	–2.8	2.1	32.6	12.8	–7.8	-	52.6
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	5.9	0.3	0.7	4.3	4.0	0.4	-	15.6
Depreciation/amortization	2.7	1.2	0.7	8.4	1.5	1.1	-	15.6
Average number of employees	95	76	644	108	159	72	-	1,154
		United			Global		Elimina
October–December 2010	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	48.0	22.2	106.7	88.9	89.4	19.7	-	374.9
Revenue from segment	3.2	-	0.6	-	0.2	2.0	–6.0	0.0
Operating profi t	9.6	–4.7	–0.5	27.1	10.2	–8.0	-	33.7
Assets	129.3	182.3	254.3	608.9	187.1	390.3	–325.2	1,427.0
Liabilities	125.6	154.6	184.8	398.5	139.6	228.3	–325.2	906.2
Investments	2.7	0.1	0.9	0.5	6.8	0.5	-	11.5
Depreciation/amortization	2.9	1.3	1.0	8.2	1.5	1.3	-	16.2
Average number of employees	90	61	696	109	154	93	-	1,203
		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
		United			Global		Elimina
Full year 2010	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	175.7	80.5	460.0	272.0	296.3	59.6	-	1,344.1
Revenue from segment	4.2	-	1.5	-	0.4	8.1	–14.2	0.0
Operating profi t	19.9	–24.2	28.8	1.4	33.1	–25.6	-	33.4

Assets 129.3 182.3 254.3 608.9 187.1 390.3 –325.2 1,427.0 Liabilities 125.6 154.6 184.8 398.5 139.6 228.3 –325.2 906.2 Investments 8.4 1.1 1.8 3.5 9.2 1.6 - 25.6 Depreciation/amortization 11.1 6.0 4.9 35.5 5.9 5.2 - 68.6 Average number of employees 92 64 661 107 153 92 - 1,169

Parent company income statement

Amounts in SEK million	October–	October–
	December	December
	2011	2010	Full year 2011	Full year 2010
Net sales	2.8	2.6	10.9	10.5
Cost of services sold	–2.6	–0.9	–5.0	–3.1
Gross profi t	0.2	1.7	5.9	7.4
Other operating costs	–6.5	–9.7	–31.1	–33.0
Operating profi t	–6.3	–8.0	–25.2	–25.6
Dividends from subsidiaries	–30.0	30.0	–12.1	51.4
Financial net 1)	1.1	0.5	3.1	1.7
Profi t before tax	–35.2	22.5	–34.2	27.5
Income tax	–5.4	–5.7	–0.6	–1.1
Profi t for the period	–40.6	16.8	–34.8	26.4

Parent company balance sheet

Amounts in SEK million	December	December
	2011	2010
Assets
Property plant and equipment	-	0.1
Financial non-current assets	1,048.4	1,104.2
Total non-current assets	1,048.4	1,104.3
Current assets	28.5	38.1
Liquid assets	45.7	43.2
Total current assets	74.2	81.3
Total assets	1,122.6	1,185.6
Equity and liabilities
Equity	848.4	883.2
Non-current liabilities	73.5	89.8
Current liabilities	200.7	212.6
Total liabilities	274.2	302.4
Total equity and liabilities	1,122.6	1,185.6

1) The comparative fi gures are amended due to a changed accounting principle for group contributions.

Major shareholders, December 31, 2011

	Number of shares	Share, %
The Karinen family	1,769,552	21.5
Briban Invest AB	1,283,492	15.6
Allianz Global Investors	716,016	8.7
Credit Agricole Suisse SA	348,098	4.2
Invus Investment AB	224,800	2.7
State Street Bank, Boston	164,532	2.0
Citibank NA, London	154,273	1.9
Avanza Pensionsförsäkring AB	146,841	1.8
HSBC Trinkahaus and Burkhardt AG	136,530	1.7
Blue Whale Ltd	131,246	1.6
Total ten largest shareholders – holdings	5,075,380	61.7
Other shareholders	3,143,231	38.3
Total	8,218,611	100.0

The Studsvik share

In the fourth quarter the share price varied between a high of SEK 36.70 on October 5 and a low of SEK 28.60 on December 9 , 2011. The price was SEK 73 at the beginning of the year and the closing price on December 31 was SEK 31.80. In the fourth quarter 0.608 million shares were traded and the number of shares traded in 2011 was 2.876 million.

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 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 studsvik@studsvik.se www.studsvik.se