Studsvik — Interim / Quarterly Report 2014

Apr 23, 2014

Interim Report January–March 2014

• In March Studsvik concluded the sale of the waste treatment operations in the USA. Comparative fi gures for sales and earnings exclude the divested operations.
• Sales for the fi rst quarter were SEK 219.7 (250.9) million, a decrease in local currencies of 15.6 per cent.
• The operating profi t for the fi rst quarter was SEK 5.3 (7.3) million.
• Cash fl ow after investments was SEK –18.4 (–32.6) million.

	January–March	January–March
	2014	2013	Full year 2013
Sales, SEK million	219.7	250.9	1,001.3
Operating profi t, SEK million	5.3	7.3	16.0
Profi t after tax, SEK million	1.6	–0.2	–22.9
Profi t per share after tax, SEK	0.20	–0.02	–2.78
Cash fl ow after investments, SEK million *	–18.4	–32.6	–44.7
Equity per share, SEK	33.95	56.39	34.83
Interest-bearing net debt, SEK million	86.5	151.1	155.7
Net debt/equity ratio, %	31.0	32.6	54.4

* Refers to total operations.

There is a new organization from January 1, 2014. The report presents operations in accordance with that.

Sales

Sales in the fi rst quarter were SEK 219.7 (250.9) million, a decrease in local currencies of 15.6 per cent. The decrease in sales is mainly due to reduced software sales and the impact of the major Berkeley Boiler order on revenue in 2013.

Profi t

The operating profi t for the fi rst quarter amounted to SEK 5.3 (7.3) million.Items affecting comparability impact earnings by SEK 1.3 (–1.4) million. Adjusted for these, the operating margin was 1.8 (3.5) per cent.

Net fi nancial income for the fi rst quarter was SEK –6.6 (–4.9) million. The Group's tax for the fi rst quarter was SEK 2.9 (–2.6) million.Profi t/ loss for the period after tax was 1.6 (–0.2) million.

Waste Treatment

Sales in the fi rst quarter amounted to SEK 66.8 (92.9) million, a decrease of 32.8 per cent in local currency. The decrease is explained by a lower intake of metal for processing; in the fi rst quarter 2014, 1,000 tonnes of metal were received, compared with 4,100 tonnes in the fi rst quarter 2013. The intake of metal was unusually large in 2013 as a result of the major Berkeley project.

The operating profi t for the fi rst quarter increased to SEK 9.1 (7.1) million.There was a marked improvement in the operating margin to 13.7 (7.7) per cent through effi ciency improvements, mainly in the treatment of large components, which resulted in high capacityutilization. Production problems in the UK facility were dealt with in the fi rst quarter.In the fi rst quarter 1,608 (1,245) tonnes of metallic material and 102 (117) tonnes of incineration material were treated. Projects for changing the price structure, improving effi ciency of production and cost savings, mainly in administration and purchasing, are currently in progress in the business area.

The order book for metal treatment is sound, while the order book for incineration has been impacted negatively by reduced volumes from Germany.

Consultancy Services

Sales in the fi rst quarter amounted to SEK 95.4 (94.5) million, a decrease of 4 per cent in local currency. The operating profi t for the fi rst quarter increased to SEK 9.1 (1.1) million. Items affecting comparability impact earnings by SEK 1.7 (–1.4) million. Adjusted for these, the operating margin was 7.8 (2.6) per cent.

The margin has improved in Germany as a result of reduced personnel costs. In the fi rst quarter the share in earnings from UK Nuclear Waste Management was SEK 4.9 (1.0) million. Projects for an increased billed time ratio and cost savings are in progress in the business area.

The order book is sound in Sweden and England. Continued weak demandand downward pressure on prices for maintenance services can be seen in Germany, while the market for engineering services is expectedto grow as decommissioning programs are started. The work of expanding the US-based consulting operations continues.

Fuel and Materials Technology

Sales in the fi rst quarter amounted to SEK 51.7 (56.4) million, a decrease of 8.7 per cent in local currency. The operating profi t/loss for the fi rst quarter was SEK –0.8 (4.7) million. The operating margin was –1.6 (8.4) per cent.

The decrease is related to sales of software, where continued focus on costs in the energy sector in Europe and the USA tends to lengthen the sales cycle.

In Materials Technology, sales are on level with the previous year. The margin has, however, improved to 8.4 (–0.2) per cent, driven by both improved gross margins and reduced overheads. Projects for further cost savings are in progress in the business area.

The order book is somewhat thinner than the previous year, mainly in Materials Technology.

Investments

The Group's investments amounted to SEK 4.4 (4.9) million.

Cash fl ow

Cash fl ow from operating activities before working capital changes in the fi rst quarter was SEK –2.5 (–3.8) million. Working capital increased in the fi rst quarter by SEK 11.5 (23.9) million. Cash fl ow after investments in the fi rst quarter was SEK –18.4 (–32.6) million.The sale of the American waste treatment operations gave an additional positive cash fl ow of SEK 82.9 million.

Financial position and liquidity

Cash and cash equivalents, including current investments, amounted to SEK 191.5 (187.8) million. Interest-bearing liabilities at the end of the quarter were SEK 278.0 (374.5) million. During the quarterdollardenominated loans of SEK 25.4 million were repaid. Net interest- bearing debt was SEK 86.5 (151.1) million, which means that the net debt/equity ratio decreased to 31.0 (32.6) per cent.

Personnel

The average number of employees was 915 (987). The decrease is mainlyattributable to the Consulting Services business area.

Transactions with related parties

During the quarter a dividend of SEK 1.3 million was received from UK Nuclear Waste Management Ltd.

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 fi rst quarter were SEK 3.5 (3.2) million. The operating profi t for the fi rst quarter amounted to SEK –12.0 (–7.5) million. Profi ts were reduced by SEK –2.9 millionrelated to the work on the organizational change to business areas implemented in the fi rst quarter,and SEK –0.6 million in increased bank costs for fi nancing, mainly related to the bond loan. Loss after fi nancial items in the fi rst quarter was SEK –15.3 (–8.3) million.

Cash and cash equivalents, including current investments, amounted to SEK 110.9 (191.4) million and interest-bearing debt to SEK 269.3 (281.3) million.

Risks and uncertainties

After divestment of the American operations the Group's total risk exposurehas decreased.

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. Licenses are required for produc tion facilities, but also for individual activities such as transport and movement of material.This means that the operations of Studsvik and Studsvik's customersare 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 subjectto a strict regulatory framework, which for example stipulates criteria that the waste must meet in physical and chemical terms when it is sent for fi nal disposal. Changes in this regulatory framework could mean that the business competitiveness of some of Studsvik's services would be changed.

Issues concerning nuclear technology may be subject to various expressionsof 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 exchangerates and interest rates.

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'swebsite. Apart from these risks, no further signifi cant risks are estimatedto have arisen.

Outlook

The need for electricity is increasing globally. New nuclear power capacityis 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. The German decision to phase out nuclear power by 2022 has reduced demand for service and mainten ance. Studsvik has adapted its organization to this, but the new market situation may require further adjustment. The German nuclear power reactors already taken out of operation, as well as those to be taken out of operation by 2022, will be subject to decommissioning. When this process will start is as yet not clear. Decommissioning and demolition of nuclear facilities in other markets is expected to expand in the long term. Studsvik has a strong product portfolio for decommissioning and an established market position.

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, 2013. The new and revised standards and interpretations IFRS 10 "Consolidated FinancialStatements", IFRS 11 "Joint arrangements", IFRIC 21"Levies"and IAS 37 "Provisions, Contingent Liabilities and Contingent Assets", applicable from January 1, 2014 have not had any material effect on Studsvik's fi nancial statements. This interim report was prepared in accordance with IAS 34 and the AnnualAccountsAct. The interim report for the parent company was preparedin accordance with the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for legal entities.

Stockholm, April 23, 2014

Michael Mononen President

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

Time schedule for fi nancial information

Interim Report January–June 2014	July 17, 2014
Interim Report January–September 2014	October 21, 2014
Year-end Report January–December 2014	February 2015

For further information please contact

Michael Mononen, President and Chief Executive Offi cer, +46 155 22 10 86 or Pål Jarness, Chief Financial Offi cer, +46 155 22 10 09.

The interim report will be presented at a conference call to be held in English, on April 23 at 2.30 pm. Further information for those interested in participating is available at www.studsvik.se.

Consolidated statement of profi t or loss and other comprehensive income

Amounts in SEK million	January–March 2014	January–March 2013	Full year 2013
Net sales	219.7	250.9	1,001.3
Cost of services sold	–165.7	–197.1	–748.4
Gross profi t	54.0	53.8	252.9
Selling and marketing expenses	–10.6	–10.6	–43.7
Administrative expenses	–39.2	–32.8	–142.0
Research and development costs	–6.2	–6.3	–26.6
Share in non-controlling interest	5.0	1.0	7.3
Other operating income	3.1	5.2	10.2
Other operating expenses	–0.8	–3.0	–42.1
Operating profi t	5.3	7.3	16.0
Financial income	0.4	0.2	1.2
Financial expenses	–4.4	–3.8	–19.7
Fair value gain/loss (realized and unrealized)	–2.6	–1.3	–0.3
Profi t after fi nancial items	–1.3	2.4	–2.8
Income tax	2.9	–2.6	–20.1
Profi t/loss for the period from continuing operations	1.6	–0.2	–22.9
Operations for sale
Profi t/loss from operations for sale	–9.4	–11.1	–173.9
Profi t/loss for the period	–7.8	–11.3	–196.8
Other comprehensive income
Items that may later be reversed in the income statement
Translation differences on foreign subsidiaries	0.5	–9.5	4.6
Cash fl ow hedges	–0.9	7.8	0.1
Income tax on items recognized in other comprehensive income	0.2	–1.7	0.0
Other comprehensive income for the period, net after tax	–0.2	–3.4	4.7
Total profi t/loss and other comprehensive income for the
period	–8.0	–14.7	–192.1
Income for the period attributable to
Parent company's shareholders	–7.8	–11.3	–196.8
Non-controlling interest	–	–	–
Total comprehensive income attributable to
Parent company's shareholders	–8.0	–14.7	–192.1
Non-controlling interest	0.0	0.0	0.0
Earnings per share calculated on income attribu table to the parent company's shareholders during the period, SEK
Earnings per share before and after dilution
Profi t/loss from continuing operations	0.20	–0.02	–2.78
Profi t/loss from operations for sale	–1.15	–1.36	–21.15
Profi t/loss for the period	–0.95	–1.38	–23.93

Group statement of fi nancial position

Amounts in SEK million

Amounts in SEK million	March 2014	March 2013	December 2013
Assets
Goodwill	158.2	295.2	158.8
Other intangible non-current assets	3.6	27.3	4.1
Property, plant and equipment	327.9	442.5	331.4
Financial non-current assets	123.5	125.2	112.7
Total non-current assets	613.2	890.2	607.0
Inventories	1.7	6.9	1.8
Trade receivables	159.0	196.0	151.7
Other current receivables	106.1	138.1	90.8
Other current investments	–	34.7	–
Liquid assets	191.5	187.8	151.4
Total current assets	458.3	563.5	395.7
Assets in disposal group held for sale	–	–	260.7
Total assets	1,071.5	1,453.7	1,263.4
Equity and liabilities
Equity attributable to parent company's shareholders	278.7	463.2	286.0
Non-controlling interest	0.3	0.3	0.3
Borrowings	264.3	322.7	264.8
Provisions	185.3	224.5	182.1
Other non-current liabilities	40.1	40.8	40.6
Total non-current liabilities	489.7	588.0	487.5
Trade payables	35.1	46.1	43.0
Borrowings	13.7	51.8	42.3
Other current liabilities	254.0	304.3	232.4
Total current liabilities	302.8	402.2	317.7
Liabilities in disposal group held for sale	–	–	171.9
Total equity and liabilities	1,071.5	1,453.7	1 ,263.4
Pledged assets	148.9	138.6	148.9
Contingent liabilities	55.1	91.1	89.9

Changes in equity

Amounts in SEK million

Amounts in SEK million					Equity
					attrib u table
	Share	Other contributed		Retained	to the parent company's	Non controlling
	capital	capital	Reserves	earnings	shareholders	interest	Total equity
Equity at December 31, 2012	8.2	225.3	–10.8	255.2	477.9	0.3	478.2
Changes January 1 – March 31, 2013
Comprehensive income for the period	–	–	–3.4	–11.3	–14.7	–	–14.7
Equity at March 31, 2013	8.2	225.3	–14.2	243.9	463.2	0.3	463.5
Changes April 1 – December 31, 2013
Comprehensive income for the period	–	–	8.2	–185.4	–177.2	–	–177.2
Equity at December 31, 2013	8.2	225.3	–6.0	58.5	286.0	0.3	286.3
Changes January 1 – March 31, 2014
Comprehensive income for the period	–	–	0.5	–7.8	–7.3	–	–7.3
Equity at March 31, 2014	8.2	225.3	–5.5	50.7	278.7	0.3	279.0

Statement of cash fl ow
Amounts in SEK million	January–March	January–March
Refers to total operations	2014	2013	Full year 2013
Operating activities
Operating profi t	–4.2	–3.9	–165.3
Depreciation	8.5	15.8	63.5
Adjustment for non-cash items etc.	–3.6	–6.8	89.7
	0.7	5.1	–12.1
Financial items. net	–3.9	–3.6	–18.5
Income tax paid	0.7	–5.3	–13.3
Cash fl ow from operating activities before changes in
working capital	–2.5	–3.8	–43.9
Changes in working capital	–11.5	–23.9	19.3
Cash fl ow from operating activities	–14.0	–27.7	–24.6
Investing activities
Investments	–4.4	–4.9	–20.1
Cash fl ow from investing activities	–18.4	–32.6	–44.7
Other changes from investing activities	87.8	–40.6	4.8
Cash fl ow from operating activities after investments and other changes from investing activities	69.4	–73.2	–39.9
Financing activities
Change in borrowings	–29.2	147.4	74.5
Dividend to shareholders	–	–	–
Cash fl ow from investing activities	–29.2	147.4	74.5
Changes in liquid assets	40.2	74.2	34.6
Liquid assets at the beginning of the year	151.4	115.8	115.8
Translation difference in liquid assets	–0.1	–2.2	1.0
Liquid assets at the end of the period	191.5	187.8	151.4
Cash fl ow specifi cation
Adjustment for non-cash items etc.
Changes in provisions	1.3	–6.0	6.2
Share in earnings from associated companies	–5.0	–1.0	–7.3
Impairment loss on property, plant and equipment	–	–	24.0
Impairment loss on intangible assets	–	–	67.6
Other	0.1	0.2	–0.8
Total	–3.6	–6.8	89.7
Other changes from investing activities
Investment in non-current fi nancial asset	–7.7	–	–
Dividend from associated companies	1.3	–	11.5
Sale of subsidiaries	93.9	–	–
Deposit of funds	–	–4.4	–5.3
Sale of non-current assets	0.1	0.3	–1.9
Current investments in commercial paper	–	–34.7	–
Other	0.2	–1.8	0.5
Total	87.8	–40.6	4.8
Change in borrowings
Loans raised	–	200.9	207.8
Repayments of loans	–29.2	–53.5	–133.3
Total	–29.2	147.4	74.5

Financial ratios for the Group

Amounts in SEK million	January–March	January–March
	2014	2013	Full year 2013
Margins
Operating margin, %	2.4	2.9	1.6
Profi t margin, %	–0.6	1.0	–0.3
Profi tability *
Return on capital employed, %	4.0	1.5	3.5
Return on equity, %	0.6	–0.0	–6.0
Capital structure *
Capital employed	556.9	851.2	504.6
Equity	279.0	463.5	286.3
Interest-bearing net debt	86.5	151.1	155.7
Net debt/equity ratio, %	31.0	32.6	54.4
Interest cover ratio	0.8	1.4	–0.9
Equity/assets ratio, %	26.0	28.2	26.2
Cash fl ow
Self fi nancing ratio	–3.2	–4.2	0.5
Investments	4.4	4.9	19.9
EBITDA/Net fi nancial items, rolling12 months	2.4	3.2	2.7
Employees
Average number of employees	915	987	988
Net sales per employee	1.0	1.0	1.0
* Calculation based on closing balance.

Data per share	January–March	January–March
	2014	2013	Full year 2013
Number of shares at the end of the period	8,218,611	8,218,611	8,218,611
Average number of shares	8,218,611	8,218,611	8,218,611
Earnings per share before and after dilution
Profi t/loss from continuing operations	0.20	–0.02	–2.78
Profi t/loss from operations for sale	–1.15	–1.36	–21.15
Profi t/loss for the period	–0.95	–1.38	–23.93
Equity per share, SEK, total operations	33.95	56.39	34.83

Net sales per geographical segment

Amounts in SEK million	January–March	January–March
	2014	2013	Full year 2013
Sweden	35.5	37.4	175.9
Europe, excluding Sweden	160.5	185.3	713.8
North America – from continuing operations	14.7	23.8	98.3
Asia	9.0	4.4	13.3
Total	219.7	250.9	1,001.3
North America – from operations for sale	–	46.8	214.7
Total	219.7	297.7	1,216.0

Quarterly review

Amounts in SEK million	2012			2013				2014
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
Net sales	258.9	274.4	218.5	261.1	250.9	266.5	216.9	266.9	219.7
Operating expenses	–259.7	–265.0	–224.5	–248.5	–243.6	–253.4	–211.2	–277.0	–214.4
Operating profi t	–0.8	9.4	–6.0	12.6	7.3	13.1	5.7	–10.1	5.3
Financial items, net	–3.0	–3.2	–3.8	–3.9	–4.9	–9.5	–0.3	–4.1	–6.6
Profi t after fi nancial items	–3.8	6.2	–9.8	8.7	2.4	3.6	5.4	–14.2	–1.3

Financial data per segment

Amounts in SEK million

Amounts in SEK million			Fuel and
	Waste	Consultancy	Materials
January–March 2014	Treatment	Services	Technology	Other	Elimination	Group
External sales revenue	66.8	94.5	51.6	6.8	–	219.7
Revenue from segment	–	0.9	0.1	4.7	–5.7	0.0
Operating profi t	9.1	9.1	–0.8	–12.1	–	5.3
Assets	356.3	330.3	177.7	463.2	–256.0	1,071.5
Liabilities	281.8	266.7	137.3	362.7	–256.0	792.5
Investments	2.0	0.1	2.0	0.3	–	4.4
Depreciation/amortization	4.6	0.6	2.1	1.2	–	8.5
Average number of employees	155	563	125	72	–	915

January–March 2013	Waste Treatment	Consultancy Services	Fuel and Materials Technology	Other	Elimination	Group
External sales revenue	92.1	93.5	56.4	8.9	–	250.9
Revenue from segment	0.8	1.0	–	4.1	–5.9	0.0
Operating profi t	7.1	1.1	4.7	–5.6	–	7.3
Assets	353.1	828.8	178.9	478.6	–194.5	1,644.9
Liabilities	294.7	598.9	88.4	376.3	–194.5	1,163.8
Investments	2.9	0.9	0.5	0.6	–	4.9
Depreciation/amortization	3.1	1.1	2.1	1.9	–	8.2
Average number of employees	148	631	133	75	–	987

	Waste	Consultancy	Fuel and Materials
Full year 2013	Treatment	Services	Technology	Other	Elimination	Group
External sales revenue	328.0	408.4	234.2	30.7	–	1,001.3
Revenue from segment	2.8	3.5	0.4	17.0	–23.7	0.0
Operating profi t	53.8	–15.0	17.8	–40.6	–	16.0
Assets	332.3	317.1	198.3	441.3	–286.3	1,002.7
Liabilities	272.4	341.6	117.4	360.1	–286.3	805.2
Investments	12.1	1.3	4.2	2.3	–	19.9
Depreciation/amortization	14.0	3.6	8.6	7.6	–	33.8
Average number of employees	155	628	129	76	–	988

Parent company income statement	January–March	January–March
Amounts in SEK million	2014	2013	Full year 2013
Net sales	3.5	3.2	13.1
Cost of services sold	–0.6	–0.7	–2.8
Gross profi t	2.9	2.5	10.3
Other operating costs	–14.9	–10.0	–49.2
Operating profi t	–12.0	–7.5	–38.9
Dividends from subsidiaries	–	–	–233.3
Financial net	–3.3	–0.8	–5.3
Profi t before tax	–15.3	–8.3	–277.5
Income tax	3.2	1.7	0.4
Profi t for the period	–12.1	–6.6	–277.1

Parent company balance sheet

Amounts in SEK million	March 2014	March 2013	December 2013
Assets
Property plant and equipment	0.1	0.0	0.0
Financial non-current assets	567.0	763.5	608.1
Total non-current assets	567.1	763.5	608.1
Current assets	66.2	50.7	62.0
Liquid assets	110.9	156.7	56.5
Total current assets	177.1	207.4	118.5
Total assets	744.2	970.9	726.6
Equity and liabilities
Equity	277.1	560.8	290.2
Provisions	0.0	0.5	0.4
Non-current liabilities	310.5	318.8	310.4
Current liabilities	156.6	90.8	125.6
Total liabilities	467.1	409.6	436.0
Total equity and liabilities	744.2	970.9	726.6

Note 1 Fair value estimation

The tables below show fi nancial instruments at fair value on the basis of their classifi cation in the fair value hierarchy. The defi nition of the various levels can be found in the Annual Report, Note 2.3.

The Group's assets and liabilities measured at fair value as at March 31, 2014

Assets	Level 1	Level 2	Level 3
Financial assets at fair value through profi t or loss	–	21,663	9,581
Derivatives used for hedging	–	4,148	–
Liabilities
Derivatives used for hedging	–	953	–

The Group's assets and liabilities measured at fair value as at December 31, 2013

Assets	Level 1	Level 2	Level 3
Financial assets at fair value through profi t or loss	–	21,747	9,635
Derivatives used for hedging	–	5,555	–
Liabilities
Derivatives used for hedging	–	865	–
Fair value of the Group's borrowings	March 31, 2014		December 31, 2013
Non-current loans	264.3		264.8
Current loans	13.7		42.3
Total loans	278.0		307.1

Major shareholders, March 31, 2014

	Number of shares	Share, %
The Karinen family	1,769,552	21.5
Briban Invest AB	1,285,492	15.6
Avanza Pensionsförsäkring AB	442,848	5.4
Credit Agricole Suisse SA	346,098	4.2
Eikos AB	262,987	3.2
Nordnet Pensionsförsäkring AB	262,889	3.2
Malte Edenius	230,000	2.8
Invus Investment AB	224,800	2.7
Leif Lundin	180,300	2.2
SIX SIS AG	155,752	1.9
Total ten largest shareholders – holdings	5,160,718	62.7
Other shareholders	3,057,893	37.3
Total	8,218,611	100.0

The Studsvik share

The share price in the fi rst quarter varied between a high of SEK 56.50 on March 6, and a low of SEK 37.60 on January 2, 2014. The opening price was SEK 37.80 at the beginning of the year and the closing price on March 31 was SEK 49.20. During the fi rst quarter, 1.12 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, consultancy services and fuel and materials technology. The company has more than 65 years experience of nuclear technology and radiological services. Studsvik has 1,000 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