Studsvik — Interim / Quarterly Report 2012

Feb 14, 2013

Year-end Report January–December 2012

• Sales for the fourth quarter amounted to SEK 340.2 million (360.7) and in January–December to SEK 1,254.9 (1,200.7), which means a decrease of 4.4 per cent in local currencies during the quarter and an increase of 4.1 per cent for the full year.
• The operating result for the fourth quarter amounted to SEK 21.2 million (52.6) and for January– December to SEK –19.4 million (53.6). The decrease in earnings is mainly attributable to the USA.
• An agreement was signed for treatment of 10 heat exchangers from England in 2013 and 2014, valued at about SEK 150 million.
• An agreement was signed on the sale of the French subsidiary Studsvik SAS.
• Cash fl ow after investments for the fourth quarter amounted to SEK 24.1 million (45.6) and for the period January–December, to SEK –56.2 million (95.7).
• The Board of Directors proposes that no dividend be distributed in 2013 (SEK 1.00).
• Michael Mononen will take over as President on March 1.

	October–	October–
	December	December	Full year	Full year
	2012	2011	2012	2011
Sales, SEK million	340.2	360.7	1,254.9	1,200.7
Operating profi t, SEK million	21.2	52.6	–19.4	53.6
Profi t after tax, SEK million	12.5	37.7	–47.8	22.7
Cash fl ow from operating activities, SEK million	36.8	61.2	–7.3	151.1
Cash fl ow after investments, SEK million	24.1	45.6	–56.2	95.7
Profi t per share after tax, SEK	1.51	4.59	–5.82	2.77
Net debt, SEK million	114.5	95.6	114.5	95.6
Equity per share, SEK	58.19	66.77	58.19	66.77
Equity/assets ratio, %	36.3	37.7	36.3	37.7

Sales

Sales in the fourth quarter amounted to SEK 340.2 million (360.7), a decrease of 4.4 per cent in local currencies. Sales in local currencies increased in Sweden and the UK, while they decreased in Global Services, USA and Germany. Sales in January–December increased in local currencies by 4.1 per cent and amounted to SEK 1,254.9 million (1,200.7).

Profi t

The operating result for the fourth quarter was SEK 21.2 million (52.6) and for January–December SEK –19.4 million (53.6). The decreasein earnings is mainly attributable to the USA. Items affectingcompar ability/non-recurring items, which are presented and commented on per segment below, were SEK 8.0 million for the quarterand SEK –18.7 million for the period January–December . The operating result adjusted for non-recurring items, increased in the fourth quarterin Sweden, the United Kingdom and Germany , but deteriorated in other segments. For the period January– Decemberthe operating result, adjusted for non-recurring items, increased in Sweden, the United Kingdom and the USA, but deteriorated in other segments.

The operating margin amounted to 6.2 (14.6) per cent for the fourth quarter and for January– December to –1.5 (4.5) per cent. Net fi nancial income for the fourth quarter amounted to SEK –3.9 million (–2.4) and for January– December to SEK –13.8 million(–12.9).

Taxes were SEK –4.8 million (–12.5) for the fourth quarter and SEK –14.6 million (–18.0) for January–December. The profi t after tax for the fourth quarter was SEK 12.5 million (37.7) and SEK –47.8 million (22.7) for January–December.

Sweden

Sales in the fourth quarter amounted to SEK 66.2 million (60.5) and in January–December to SEK 191.6 million (167.3). The operating profi t in the fourth quarter amounted to SEK 16.7 million (15.7) and in January–December to SEK 20.2 million (19.8). The operating margin for January–December amounted to 10.6 (11.9) per cent.

The positive trend in the incineration facility continued in the fourth quarter, with high capacity utilization and good profi tability, and output increased on a full-year basis. The metal treatment facility increased its output in the fourth quarter and profi tability improved. Recovery in the fourth quarter meant that production volume for the full year reached the previous year's level. An agreement was signed in the fourth quarter with LLW Repository Ltd (LLWR) for transportation and treatment of the remaining 10 heat exchangers from the disused Magnox power facility in Berkeley, Gloucestershire, England. Studsvik will transport the heat exchangers to the Group's facility in Sweden in early 2013. Treatment of the heat exchangers will start in 2013 and be completed in 2014. The contract value is about SEK 150 million.

Mats Andersson was appointed new head of the segment. He took up the position on January 1, 2013.

The order book is sound, allowing high capacity utilization in 2013.

United Kingdom

Sales in the fourth quarter increased to SEK 52.0 million (31.4) and in January–December to SEK 219.3 million (107.8). The operating profi t for the fourth quarter increased to SEK 1.4 million (–2.8) and for January–December to SEK 8.5 million (–9.7). The operating marginfor January–December was 3.9 (–9.0) per cent.

Production continued to be high in the metal recycling facility, MRF, and was during the quarter 257 (119) tonnes, increasing on a full-year basis to 1,140 (609) tonnes. Within the framework of the order signed with LLWR to treat 10 heat exchangers, the United Kingdom segment will be responsible for local project management and transport from the United Kingdom to Sweden. A contract was signed with a British customer for treatment of metallic material from the mineral industry. It is a fi ve-year contract and is estimated to provide an annual volume to the MRF of 200–500 tonnes, to be treated in periods when the MRF normally has low capacity utilization. The consulting operations were well utilized.

The order book is sound, which provides the potential for high capacity utilization in 2013.

Germany

Sales in the fourth quarter amounted to SEK 80.5 million (87.4) and in January–December to SEK 331.3 million (365.3). The operating result for the fourth quarter amounted to SEK –4.9 million (2.1) and for January–December to SEK –6.7 million (18.4).

In December an agreement was signed on the sale of the French operations. Costs related to the transaction reduced earnings for the fourth quarter and the full year by SEK –8.7 million. The operating margin for January–December adjusted for these costs was 2.1 (6.9) per cent. The operating result in France was SEK –7.6 million (–2.5) in the fourth quarter and SEK –13.1 million (–5.9) in the periodJanuary–December. Operations in Germany reported a profi t and an operating margin of 2.1 (6.9) per cent. Studsvik will continue to have local representation in France in the form of a sales company that is to support the Group segments' business in the French market. The sale of the French subsidiary is expected to have a positive effect on earnings and cash fl ow of about SEK 6.0 million in 2013 compared with 2012.

The annual service and maintenance work was completed as planned at the beginning of the quarter, which reduced the number of hours charged compared with the previous quarter. Capacity utiliza tion in the operating activities, which is based on longer contracts, improved compared with the previous year and the billed time ratio was at a high level. There continues to be an imbalance between demand and available resources in the German market and prices are pressed in some sectors. The organization has success ively adapted to the new market situation, which among other things has meant a staff reduction of just over 60 people during the year. Studsvik has been involved for a long time in a number of decommissioning projects in Germany and Belgium. The projects are going as planned and resources are well utilized. Engineering operations continued to have a good level of capacity utilization.

The order book is at the level of the previous year, at year-end corresponding to about 3–4 months average capacity utilization. It is gradually building up with orders for annual service and maintenance work, which are usually signed some way into the year.

USA

Sales in the fourth quarter amounted to SEK 79.9 million (87.3) and in January–December to SEK 255.0 million (242.6). The operating result for the fourth quarter amounted to SEK 7.1 million (32.6) and to SEK –43.5 million (22.6) for January–December. Earnings for the fourth quarter include items affecting comparability/non-recurring items of SEK 16.7 million, of which the main part refers to an agreement which gave a positive effect on earnings of SEK 18.7 million without affecting liquidity. In addition, an amount totaling SEK –26.7 million of the full-year result has been treated as an item affecting comparability. The interim report for the third quarter contains an account of this amount. The operating margin, adjusted for these items, was –13.1 (–5.6) per cent for January–December.

The unsatisfactory development in the USA continued in the fourth quarter, with poor profi tability in Memphis and a weak order book in the consulting operations. The phasing in of the new business model in Erwin, established as part of Studsvik's joint venture with EnergySolutions, is taking considerably longer than expected. Agreements have been signed with a number of power plants and negotiations are in progress with more, but the process is slow. Consulting operations, which mainly target customers outside the USA with technology and license sales based on THOR technology, continued to have low capacity utilization.

Mats Fridolfsson, former head of segment Sweden, was appointed as the new head of segment USA and took over the position on January 1, 2013.

The order book is short-term in all operational areas.

Global Services

Sales in the fourth quarter decreased to SEK 74.2 million (84.5) and amounted in January–December to SEK 284.5 million (287.9). The operating profi t for the fourth quarter amounted to SEK 8.2 million (12.8) and for January–December to SEK 26.1 million (33.7). The operating margin for January–December was 9.2 (11.7) per cent.

The positive trend in the software operations continued. Sales and earnings in the fourth quarter did not achieve the high level of the previous year, but on a full-year basis both sales and earnings increased . Several major new sales contributed to the sound result. Sales in materials technology were at the previous year's level in the fourth quarter, but profi tability improved. Consulting operations developed positively, with good capacity utilization and profi tability.

The order book is sound, though somewhat lower than the previousyear.

Investments

The Group's investments in the fourth quarter amounted to SEK 12.7 million (15.6) and to SEK 48.9 million (55.4) in January–December.

Cash fl ow

Cash fl ow from operating activities before working capital changes in the fourth quarter amounted to SEK 36.3 million (81.4) and SEK –69.1 million (112.8) for January–December. Working capital decreased in the fourth quarter by SEK 0.5 million (increased by 20.2) and in January–December by SEK 61.8 million (decreased by 38.3).

Cash fl ow from operating activities after investments in the fourth quarter was SEK 24.1 million (45.6) and SEK –56.2 million (95.7) in January–December.

Financial position and liquidity

Cash and cash equivalents, including current investments, amounted to SEK 115.8 million (122.1). Equity amounted to SEK 478.3 million (548.8) and the equity/assets ratio was 36.3 (37.7) per cent.

In the period January–December amortization amounted to SEK 30 million and interest-bearing liabilities at the close of the quarter amounted to SEK 230.3 million (217.6).

The interest bearing net debt was SEK 114.5 million, an increase from the turn of the year by SEK 18.9 million, which means that the net debt/equity ratio increased to 23.9 (17.4) per cent.

Personnel

The average number of employees was 1,104 (1,153). The decrease mainly refers to Germany.

Transactions with related parties

During the quarter Studsvik received a dividend of SEK 4.9 million from THOR Treatment Technologies, LLC.

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 fourth quarter amounted to SEK 3.5 million (2.8) and during January–December to SEK 12.8 million(10.9). The operating loss for the fourth quarter amounted to SEK –4.8 million (–6.3) and for January–December to SEK –23.7 million(–25.2). The profi t after fi nancial items in the fourth quarter amounted to SEK –253.8 million (–35.2) and for January–Decemberto SEK –271.6 million (–34.2). An impairment loss of SEK 275 million on the parent company's book value of shares in subsidiaries was recognized. The impairment, referring to the holding in the parent company in the USA segment, reduces profi t after fi nancial items for the quarter and the full year. After the impairment loss the book value is mainly equivalent to the consolidated value of net assetsin the USA segment.

Cash and cash equivalents amounted to SEK 62.9 million (45.7) and interest-bearing liabilities to SEK 131.8 million (94.8).

Events after the close of the reporting period

An extraordinary general meeting of shareholders held on February 11, 2013 approved the sale of the subsidiary Studsvik SAS.

Dividend

The Board of Directors proposes that no dividend be distributed in 2013. Dividend was SEK 1.00 per share in the previous year.

Annual General Meeting and annual report

The Annual General Meeting will be held on Monday April 22, 2013 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, 2013.

Risks and uncertainties

Studsvik operates in an international, competitive market and is thereby exposed to both business and fi nancial risks and uncertainties .

The business uncertainties include the fact that Studsvik and Studsvik's customers handle radioactive material and waste, which requires legal or regulatory licensing. Licensing is required for produc tion facilities, but also for separate 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 modernization and output increase of nuclear power plants in severalof the countries where Studsvik operates. The decision that Germany is to phase out nuclear power by 2022 has reduced demandfor service and maintenance. The German facilities already taken out of operation or that will be taken out of operation by 2022 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. Studsvik has a strong product portfolio for the decommissioning market and an established market position.

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 accounts for the fi nancial year ended December 31, 2012. This interim report 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, 2013

Anders Jackson President

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

Time schedule for fi nancial information

Interim Report January–March 2013	April 22, 2013
Interim Report January–June 2013	July 19, 2013
Interim Report January–September 2013	October 23, 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 February 14, at 14:30 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 2012	October– December 2011	Full year 2012	Full year 2011
Net sales	340.2	360.7	1,254.9	1,200.7
Cost of services sold	–240.4	–253.9	–1,007.7	–924.8
Gross profi t	99.8	106.8	247.2	275.9
Other operating income	4.0	11.6	8.6	21.8
Selling and marketing expenses	–14.3	–12.4	–51.8	–46.6
Administrative expenses	–44.1	–43.9	–180.1	–171.9
Research and development costs	–6.8	–9.7	–25.4	–28.4
Share in non-controlling interest	1.6	1.4	5.4	7.6
Other operating expenses	–19.0	–1.2	–23.3	–4.8
Operating profi t	21.2	52.6	–19.4	53.6
Financial income	–0.3	–0.7	5.0	15.1
Financial expenses	–3.6	–1.7	–18.8	–28.0
Profi t after fi nancial items	17.3	50.2	–33.2	40.7
Income tax	–4.8	–12.5	–14.6	–18.0
Profi t for the period	12.5	37.7	–47.8	22.7
Other comprehensive income
Translation differences on foreign subsidiaries	–0.9	0.5	–17.7	6.6
Cash fl ow hedges	0.7	–2.4	4.1	–1.8
Income tax on items recognized in other comprehensive income	0.0	0.7	–0.9	0.5
Other comprehensive income for the period, net after tax	–0.2	–1.2	–14.5	5.3
Total comprehensive income for the period	12.3	36.5	–62.3	28.0
Income for the period attributable to
Parent company's shareholders	12.5	37.7	–47.8	22.7
Non-controlling interest	–	–	–	–
Total comprehensive income attributable to
Parent company's shareholders	12.3	36.5	–62.3	28.0
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	1.51	4.59	–5.82	2.77
After dilution	1.51	4.59	–5.82	2.77

Group statement of fi nancial position

Amounts in SEK million	December 2012	December 2011
Assets
Goodwill	300.9	315.9
Other intangible non-current assets	28.5	34.8
Property, plant and equipment	459.6	481.1
Financial non-current assets	119.9	169.2
Total non-current assets	908.9	1,001.0
Inventories	7.0	14.8
Trade receivables	169.1	223.0
Other current receivables	115.6	95.1
Liquid assets	115.8	122.1
Total current assets	407.5	455.0
Total assets	1,316.4	1,456.0
Equity and liabilities
Equity attributable to parent company's shareholders	477.9	548.5
Non-controlling interest	0.3	0.3
Borrowings	131.0	92.1
Provisions	221.8	283.1
Other non-current liabilities	42.1	39.1
Total non-current liabilities	394.9	414.3
Trade payables	68.5	84.2
Borrowings	99.3	125.5
Other current liabilities	275.5	283.2
Total current liabilities	443.3	492.9
Total equity and liabilities	1,316.4	1,456.0
Pledged assets	142.4	174.4
Contingent liabilities	83.6	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 – September 30, 2011
Comprehensive income for the period	–	–	6.5	–15.0	–8.5	–	–8.5
Equity at September 30, 2011	8.2	225.3	4.9	273.6	512.0	0.3	512.3
Changes October 1 – December 31, 2011
Comprehensive income for the period	–	–	–1.2	37.7	36.5	–	36.5
Equity at December 31, 2011	8.2	225.3	3.7	311.3	548.5	0.3	548.8
Changes January 1 – September 30, 2012
Dividend	–	–	–	–8.2	–8.2	–	–8.2
Comprehensive income for the period	–	–	–14.3	–60.3	–74.6	0.0	–74.6
Equity at September 30, 2012	8.2	225.3	–10.6	242.8	465.7	0.3	466.0
Changes October 1 – December 31, 2012
Dividend	–	–	–	–	–	–	–
Comprehensive income for the period	–	–	–0.2	12.4	12.2	–	12.2
Equity at December 31, 2012	8.2	225.3	–10.8	255.2	477.9	0.3	478.2

Statement of cash fl ow

Amounts in SEK million	October– December	October– December	Full year	Full year
	2012	2011	2012	2011
Operating activities
Operating profi t	21.2	52.6	–19.4	53.6
Depreciation	16.3	15.6	64.0	62.3
Adjustment for non-cash items etc	5.6	10.6	–72.8	21.9
	43.1	78.8	–28.2	137.8
Financial items. net	–3.1	–4.0	–13.4	–13.0
Income tax paid	–3.7	6.6	–27.5	–12.0
Cash fl ow from operating activities before changes in
working capital	36.3	81.4	–69.1	112.8
Changes in working capital	0.5	–20.2	61.8	38.3
Cash fl ow from operating activities	36.8	61.2	–7.3	151.1
Investing activities
Investments	–12.7	–15.6	–48.9	–55.4
Other changes from investing activities	3.4	17.1	39.8	17.8
Cash fl ow from investing activities	–9.3	1.5	–9.1	–37.6
Cash fl ow from operating activities after investments and
other changes from investing activities	27.5	62.7	–16.4	113.5
Financing activities
Change in borrowings	–11.4	–11.7	22.0	–59.3
Dividend to shareholders	–	–	–8.2	–
Cash fl ow from investing activities	–11.4	–11.7	13.8	–59.3
Changes in liquid assets	16.1	51.0	–2.6	54.2
Liquid assets at the beginning of the year	99.2	72.7	122.1	68.4
Translation difference in liquid assets	0.5	–1.6	–3.7	–0.5
Liquid assets at the end of the period	115.8	122.1	115.8	122.1
Cash fl ow specifi cation
Adjustment for non-cash items etc
Utilization of provisioins for waste in the USA	–24.9	–	–118.7	–
Other changes in provisions	29.6	11.9	48.5	30.0
Share in earnings from associated companies	–1.6	–1.3	–5.4	–7.6
Other	2.5	0.0	2.8	–0.5
Total	5.6	10.6	–72.8	21.9
Other changes from investing activities
Investment in associated companies	–	–	–3.3	–0.4
Dividend from associated companies	4.8	15.5	8.8	20.0
Utilization of deposited funds	–	–	54.3	–
Deposit of funds	–0.8	–2.4	–19.9	–7.0
Sale of non-current assets	–	5.4	0.0	5.7
Other	–0.6	–1.4	–0.1	–0.5
Total	3.4	17.1	39.8	17.8
Change in borrowings
Loans raised	–0.1	1.8	63.3	6.2
Repayments of loans	–11.3	–13.5	–41.3	–65.5
Total	–11.4	–11.7	22.0	–59.3

Financial ratios for the Group

Amounts in SEK million	Full year 2012	Full year 2011
Operating profi t
EBITDA, operating profi t before depreciation	44.6	115.9
Margins
Operating margin before depreciation, %	3.6	9.7
Operating margin, %	neg	4.5
Profi t margin, %	neg	3.4
Profi tability
Return on operating capital, %	neg	8.2
Return on capital employed, %	neg	9.1
Return on equity, %	neg	4.3
Capital structure
Operating capital	622.3	645.4
Capital employed	738.1	767.5
Equity	478.2	548.8
Interest-bearing net debt	114.5	95.6
Net debt/equity ratio, %	23.9	17.4
Interest cover ratio	neg	2.5
Equity/assets ratio, %	36.3	37.7
Cash fl ow
Self fi nancing ratio	neg	2.6
Investments	48.9	55.4
EBITDA/Net fi nancial items	3.2	9.0
Employees
Average number of employees	1,104	1,153
Net sales per employee	1.1	1.0

Data per share	October–
	December	December	Full year	Full year
	2012	2011	2012	2011
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	1.51	4.59	–5.82	2.77
Earnings per share after dilution, SEK	1.51	4.59	–5.82	2.77
Equity per share, SEK	58.19	66.77	58.19	66.77

Net sales per geographical segment

Amounts in SEK million	October–	October–
	December	December	Full year	Full year
	2012	2011	2012	2011
Sweden	45.1	62.7	161.3	199.9
Europe, excluding Sweden	196.7	184.9	738.4	652.5
North America	95.2	103.2	318.5	321.2
Asia	3.2	9.9	36.7	27.1
Total	340.2	360.7	1,254.9	1,200.7

Quarterly review

Amounts in SEK million	2010				2011				2012
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
ales	345.8	328.1	295.3	374.9	297.2	290.0	252.8	360.7	322.7	330.3	261.7	340.2
Operating expenses	–322.6	–313.7	–304.4	–341.2	–288.5	–287.6	–262.9	–308.1	–332.4	–333.3	–289.6	–319.0
Operating profi t	23.2	–14.4	–9.1	33.7	8.7	2.4	–10.1	52.6	–9.7	–3.0	–27.9	21.2
Financial items. net	–5.7	–3.2	–6.6	–3.6	–5.2	–2.1	–3.2	–2.4	–3.0	–3.2	–3.7	–3.9
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	–31.6	17.3

Financial data per segment

Amounts in SEK million		United			Global		Elimina
October–December 2012	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	44.5	52.0	80.1	79.9	74.2	9.5	–	340.2
Revenue from segment	21.7	–	0.4	–	0.0	3.7	–25.8	0.0
Operating profi t	16.7	1.4	–4.9	7.1	8.2	–7.3	–	21.2
Assets	135.3	222.4	195.6	456.0	192.4	357.2	–242.5	1,316.4
Liabilities	160.0	119.6	150.9	296.3	124.2	229.7	–242.5	838.2
Investments	3.1	0.8	0.2	2.0	3.2	3.3	–	12.6
Depreciation/amortization	2.1	1.3	0.6	8.1	2.2	1.9	–	16.2
Average number of employees	98	85	575	102	161	75	–	1,096
		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
Full year 2012	Sweden	Kingdom	Germany	USA	Services	Other	tions	Group
External sales revenue	132.9	219.3	330.0	255.0	284.4	33.3	–	1,254.9
Revenue from segment	58.7	–	1.3	–	0.1	13.5	–73.6	0.0
Operating profi t	20.2	8.5	–6.7	–43.5	26.1	–24.0	–	–19.4
Assets	135.3	222.4	195.6	456.0	192.4	357.2	–242.5	1,316.4
Liabilities	160.0	119.6	150.9	296.3	124.2	229.7	–242.5	838.2
Investments	19.2	2.0	3.6	3.1	11.0	10.0	–	48.9
Depreciation/amortization	8.2	5.3	2.8	33.2	7.2	7.3	–	64.0
Average number of employees	97	82	584	106	160	75	–	1,104
		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	October–	October–
	December	December	Full year	Full year
	2012	2011	2012	2011
Net sales	3.5	2.8	12.8	10.9
Cost of services sold	–0.4	–2.6	–2.6	–5.0
Gross profi t	3.1	0.2	10.2	5.9
Other operating costs	–7.9	–6.5	–33.9	–31.1
Operating profi t	–4.8	–6.3	–23.7	–25.2
Dividends from subsidiaries	–248.6	–30.0	–248.6	–12.1
Financial net	–0.4	1.1	0.7	3.1
Profi t before tax	–253.8	–35.2	–271.6	–34.2
Income tax	–5.8	–5.4	–1.3	–0.6
Profi t for the period	–259.6	–40.6	–272.9	–34.8

Parent company balance sheet

Amounts in SEK million	December	December
	2012	2011
Assets
Property plant and equipment	0.0	–
Financial non-current assets	763.3	1,048.4
Total non-current assets	763.3	1,048.4
Current assets	33.7	28.5
Liquid assets	62.9	45.7
Total current assets	96.6	74.2
Total assets	859.9	1,122.6
Equity and liabilities
Equity	567.3	848.4
Provisions	0.4	–
Non-current liabilities	169.2	73.5
Current liabilities	123.0	200.7
Total liabilities	292.2	274.2
Total equity and liabilities	859.9	1,122.6

Major shareholders, December 31, 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
Nordnet Pensionsförsäkring AB	231,437	2.8
Malte Edenius	230,000	2.8
Invus Investment AB	224,800	2.7
SIX SIS AG	213,145	2.6
Avanza Pensionsförsäkring AB	212,328	2.6
HSBC Trinkahaus and Burkhardt AG	136,530	1.7
SEB Life Ireland, Dublin	122,267	1.5
Total ten largest shareholders – holdings	4,771,649	58.0
Other shareholders	3,446,962	42.0
Total	8,218,611	100.0

The Studsvik share

In the fourth quarter the share price varied between a high of SEK 35.60 on October 3 and a low of SEK 24.70 on November 5, 2012. The price was SEK 31.80 at the beginning of the year and the closing price on December 31 was SEK 29.40. In the fourth quarter 1.088 million shares were traded and during January–December 4.947 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 studsvik@studsvik.se www.studsvik.se