Studsvik — Interim / Quarterly Report 2015

Jul 21, 2015

Interim Report January–June 2015

• • Sales in the second quarter increased to SEK 234.8 (217.0) million. In local currencies the increase was 2 per cent.
• • Operating profit for the second quarter improved to SEK 11.4 (0.1) million.
• • Cash flow after investments was SEK –45.9 (–26.6) million.

	April-June 2015	April-June 2014	January– June 2015	January–June 2014	Full year 2014
Sales, SEK million	234.8	217.0	435.9	436.6	909.6
Operating profit, SEK million	11.4	0.1	6.4	5.4	30.5
Profit after tax, SEK million	5.7	–5.5	0.0	–3.9	5.2
Profit per share after tax, SEK	0.69	–0.68	0.0	–0.47	0.63
Cash flow after investments, SEK million	–45.9	–26.6	–51.5	–45.0	–54.8
Equity per share, SEK	36.70	33.60	36.70	33.60	35.64
Interest-bearing net debt, SEK million	148.5	105.8	148.5	105.8	105.7
Net debt/equity ratio. %	49.2	38.3	49.2	38.3	36.1

Sales

Sales increased in the second quarter to SEK 234.8 (217.0) million. Sales for the half year were SEK 435.9 (436.6) million. In local currencies the increase was 2 per cent for the quarter while for the half year there was a decrease of 6 per cent. The Consultancy Services and Fuel and Materials Technology business areas report strong sales growth in the first half year, but is offset by the negative trend in the Waste Treatment business area.

Profit

The operating profit increased in the second quarter to SEK 11.4 (0.1) million and in the half year to SEK 6.4 (5.4) million. Items affecting comparability impacted second quarter earnings by SEK 0 (-1.2) million and the half-yearly earnings by SEK 0 (0.2) million. Adjusted for these the operating margin for the second quarter was 4.9 (0.1) per cent and 1.5 (1.2) per cent for the half year.

Net financial income in the second quarter was SEK -4.4 (–4.1) million and SEK -6.3 (–10.7) million for the half year. The Group's tax for the second quarter was SEK -1.3 (–1.5) million and for the half year SEK -0.1 (1.4) million. For the second quarter, earnings after tax improved to SEK 5.7 (–5.5) million and for the half year were SEK 0.0 (–3.9) million.

Consultancy Services

Sales in the second quarter increased by 9.7 per cent to SEK 106.2 (96.8) million and in the half year by 4.6 per cent to SEK 201.1 (192.3) million. In local currencies the increase was 4 per cent for the quarter while for the half year there was a decrease of 2 per cent.

The operating profit for the second quarter amounted to SEK 4.2 (3.0) million and SEK 6.8 (12.1) million for the half year. The deterioration for the half year is attributable to weak demand for consulting services in ventilation in the UK. Items affecting comparability impacted earnings for the half year by SEK 0 (3.6) million. Adjusted for these, the operating margin for the half year was 3.3 (4.4) per cent.

Fuel and materials technology

Sales increased in the second quarter by 25.6 per cent to SEK 64.2 (51.1) million and in the half year by 16.3 per cent to SEK 119.6 (102.8) million. In local currencies the increase was 15 per cent for the quarter and 9 per cent for the half year. Sales and profitability in materials technology, software and related services continue to be good and we are seeing great interest from China.

The operating profit for the second quarter amounted to SEK 6.0 (1.4) million and SEK 9.3 (0.6) million for the half year. The operating margin for the half year was 7.8 (0.6) per cent.

Waste Treatment

Sales decreased in the second quarter by 4.8 per cent to 57.6 (60.5) million and in the half year by 19.6 per cent to SEK102.3 (127.3) million. In local currencies the decrease was 10 per cent for the quarter and 23 per cent for the half year. Sales and earnings were exceptionally high in 2014 as a consequence of the major Berkeley project that ran for most of 2014. The first half year of 2015 is also negatively affected by continued weak demand for treatment of material in the Swedish facility. Productivity in the UK operations improved.

The order book for processing metal and materials for incineration continues to be thin.

The operating profit for the second quarter increased to SEK 10.6 (2.0) million and for the half year decreased to SEK 7.4 (11.2) million. The operating margin for the half year was 7.2 (8.8) per cent.

Investments

Investments in the second quarter were SEK 7.6 (5.5) million and in the first half year SEK 15.6 (9.9) million.

Cash flow

Cash flow from operating activities after working capital changes in the second quarter was SEK –35.4 (–21.1) million and SEK –34.6 (–35.1) million for the half year. The negative cash flow is explained by relatively major work being carried out during the first half year which had been paid in advance in previous years. Furthermore, payments have been made for staff redundancies for which the costs were recorded last year. Cash flow after investments in the second quarter amounted to SEK –45.9 (–26.6) million and for the half year to SEK –51.5 (–45.0) million.

Financial position and liquidity

Cash and cash equivalents, including current investments, amounted to SEK 81.0 (101.7) million. Interest-bearing liabilities at the end of the quarter were SEK 229.5 (207.4) million. Net interest-bearing debt was SEK 148.5 (105.8) million, which means that the net debt/equity ratio was 49.2 (38.3) per cent. The bond loan matures in March 2016 and has therefore been classified as current in the balance sheet. At the close of 2014 the net debt/equity ratio was 36.1 per cent.

Personnel

The average number of employees in the half year was 821 (910). The decrease refers to the Waste Treatment and Consultancy Services business areas as well as the functions at the head office and Shared Service.

Transactions with related parties

During the quarter a dividend of SEK 7.0 (5.1) million was received from UK Nuclear Waste Management Ltd.

Parent company

Operations in the parent company consist of coordination of the Group. Parent company sales in the second quarter amounted to SEK 2.6 (2.9) million and in the first half year to SEK 5.6 (6.4) million. The operating profit for the second quarter amounted to SEK -8.0 (-9.9) million and SEK -16.9 (-21.9) million for the half year. Items affecting comparability impacted second quarter earnings by SEK 0 (-1.4) million and the half-yearly earnings by SEK 0 (-3.0) million. Loss after financial items in the second quarter was SEK –8.3 million (-11.1) and for the half year SEK -17.5 (-26.4) million.

Cash and cash equivalents, including current investments, amounted to SEK 24.1 (31.7) million and interest-bearing debt to SEK 200.0 (200.0) million.

Risks and uncertainties

An overall analysis of the Group's risks and how they are dealt with is given in the Annual Report for 2014, which is available on the company's website. Apart from these risks, no further significant risks are estimated to have arisen.

Accounting policies

The consolidated accounts for the Studsvik Group have been prepared in accordance with the Annual Accounts Act, the Swedish Financial Reporting Board recommendation RFR 1, Supplementary accounting rules for groups, IAS 34, International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRIC) as adopted by the EU. There is a description of these accounting policies in the Annual Report. The consolidated accounts have been prepared in accordance with the historical cost method except as regards financial assets and liabilities carried at fair value through profit or loss.

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, Accounting for legal entities.

The interim report provides a fair review of the Group's and the Parent Company's operations, financial position and performance and describes significant risks and uncertainties faced by the Parent Company and the companies that are part of the Group.

Stockholm, July 21, 2015

Anders Ullberg Anna Karinen Jan Barchan

Alf Lindfors Roger Lundström Agneta Nestenborg

Michael Mononen President

Chairman Vice Chairman Board Member

Lars Engström Peter Gossas Lena Sivars Becker Board Member Board Member Board Member Employee Representative

Board Member Board Member Board Member Employee Representative

Report of the auditors concerning review of condensed interim financial information (interim report) prepared in accordance with IAS 34 and Chapter 9 of the Annual Accounts Act

Introduction

We have reviewed the condensed interim financial information (interim report) for the Studsvik AB Group as at June 30 2015 and the six-month period then ended. The Board of Directors and the President are responsible for the preparation and presentation of this interim financial report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Emphasis and scope of the review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for financial 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 significant matters that might be identified 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, July 21, 2015

PricewaterhouseCoopers

Lennart Danielsson Authorized public accountant

Time schedule for financial information

Interim Report January–September 2015	October 21, 2015
Year-end Report January–December 2015	February 2016

For further information please contact

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

The interim report will be presented at a telephone conference to be held in English, on July 21 at 9:30 am. Further information for those interested in participating is available at www.studsvik.com.

Consolidated statement of profit or loss and other comprehensive income

Amounts in SEK million	April–June 2015	April–June 2014	January–June 2015	January–June 2014	Full year 2014
Net sales	234.8	217.0	435.9	436.6	909.6
Cost of services sold	–174.0	–162.1	–327.0	–327.7	–660.5
Gross profit	60.8	54.9	108.9	108.9	249.1
Selling and marketing expenses	–16.3	–13.1	–29.6	–23.7	–47.6
Administrative expenses	–34.8	–36.6	–70.0	–75.8	–146.9
Research and development costs	–5.7	–6.4	–11.4	–12.6	–25.8
Share in earnings from associated companies	3.2	2.2	6.3	7.2	11.5
Other operating income	8.7	3.7	9.7	6.8	5.4
Other operating expenses	–4.5	–4.6	–7.6	–5.4	–15.2
Operating profit	11.4	0.1	6.4	5.4	30.5
Financial income	0.0	–0.3	0.0	0.1	0.2
Financial expenses	– 3.0	–6.3	–6.0	–10.7	–17.1
Fair value gain/loss (realized and unrealized)	–1.4	2.5	–0.3	–0.1	–2.0
Profit/loss before tax	7.0	–4.0	0.1	–5.3	11.6
Income tax	–1.3	–1.5	–0.1	1.4	–6.4
Profit/loss for the period from continuing operations	5.7	–5.5	0.0	– 3.9	5.2
Operations held for sale
Profit/loss for the period from operations held for sale	0.0	–5.0	0.0	–14.4	–17.2
NET PROFIT/LOSS FOR THE PERIOD	5.7	–10.5	0.0	–18.3	–12.0
Other comprehensive income
Items that may later be reversed in the income statement
Translation differences on foreign subsidiaries	4.8	10.6	9.5	11.1	19.1
Cash flow hedging	5.0	–2.5	–0.7	–3.4	–0.6
Income tax on items recognized in other comprehensive income	–1.1	0.5	0.2	0.7	0.1
Other comprehensive income for the period, net after tax	8.7	8.6	9.0	8.4	18.6
Total profit/loss and other comprehensive income for the
period	14.4	–1.9	9.0	–9.9	6.6
Income for the period attributable to
Parent company's shareholders	5.7	–10.5	0.0	–18.3	–12.0
Non-controlling interests	–	–	–	–	–
Total comprehensive income attributable to
Parent company's shareholders	14.4	–1.9	9.0	–9.9	6.6
Non-controlling interests	–	–	–	–	–
Earnings per share calculated on income attributable to the parent company's shareholders during the period, SEK
Earnings per share before and after dilution
Profit/loss from continuing operations	0.69	–0.68	0.0	–0.47	0.63
Profit/loss from operations for sale	–	–0.60	–	–1.76	–2.09
NET PROFIT/LOSS FOR THE PERIOD	0.69	–1.28	0.0	–2.23	–1.46

Group statement of financial position

Amounts in SEK million	June	June	December
	2015	2014	2014
ASSETS
Intangible assets	177.9	167.8	177.2
Property, plant and equipment	357.4	333.8	350.0
Other non-current assets	143.9	124.9	128.4
Total non-current assets	679.2	626.5	655.6
Inventories	2.7	1.8	1.9
Trade receivables	153.7	136.5	183.3
Other current receivables	106.5	116.5	80.5
Cash and cash equivalents	81.0	101.7	120.1
Total current assets	343.9	356.5	385.8
TOTAL ASSETS	1,023.0	983.0	1,041.3
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders	301.6	276.1	292.6
Non-controlling interests	0.3	0.3	0.3
Borrowing	1.8	203.9	203.0
Provisions and other non-current liabilities	246.0	226.6	241.0
Total non-current liabilities	247.8	430.5	444.0
Trade and other payables	245.7	272.6	281.6
Borrowing	227.6	3.5	22.8
Total current liabilities	473.3	276.1	304.4
TOTAL EQUITY AND LIABILITIES	1,023.0	983.0	1,041.3
Pledged assets	148.9	157.0	157.9
Contingent liabilities	58.3	57.9	60.7

Changes in equity

Amounts in SEK million					Equity
					attributable to the parent
		Other Share contributed				Non controlling
	capital	capital	Reserves	Retained earnings	company's shareholders	interest	Total equity
Equity at December 31, 2013	8.2	225.3	–6.0	58.5	286.0	0.3	286.3
Changes January 1 – June 30, 2014
Comprehensive income for the period	–	–	8.4	–18.3	–9.9	0.3	–9.9
Equity at March 31, 2014	8.2	225.3	2.4	40.2	276.1	0.3	276.4
Changes July 1 – December 31, 2014
Comprehensive income for the period	–	–	10.2	6.3	16.5	–	16.5
Equity at December 31, 2014	8.2	225.3	12.6	46.5	292.6	0.3	292.9
Changes January 1 – June 30, 2015
Comprehensive income for the period	–	–	9.0	0.0	9.0	–	9.0
Equity at June 30, 2015	8.2	225.3	21.6	46.5	301.6	0.3	301.9

Group statement of cash flow

Amounts in SEK million	April–June	April–June	January–	January–	Full year
Total operations	2015	2014	June 2015	June 2014	2014
Cash flow from operating activities
Operating profit	11.4	–0.6	6.4	–4,8	17.9
Adjustment for non-cash items	16.8	1.8	15.2	6,7	17.3
	28.2	1.2	21.6	1,9	35.2
Financial items, net	–3.0	–7.4	–6.0	–11,3	–17.6
Income tax paid	–7.3	–4.2	–9.8	–3,5	1.1
Cash flow from operating activities before change in
working capital	17.9	–10.4	5.8	–12,9	18.7
Change in working capital	–53.3	–10.7	–40.4	–22,2	–39.5
Cash flow from operating activities	–35.4	–21.1	–34.6	–35,1	–20.8
Investing activities
Acquisition of property, plant and equipment	–10.5	–5.5	–16.9	–9,9	–34.0
Divestment of subsidiaries	–	–	–	93,9	93.9
Other cash flow from investing activities	7.0	4.9	7.8	–1,2	10.8
Cash flow from investment activities	–3.5	0.6	–9.1	82.8	70.7
Financing activities
Change in borrowing	–2.0	–72.2	2.0	–101,4	–92.6
Dividend to shareholders	–	–	–	–	–
Cash flow from financing activities	– 2.0	–72.2	2.0	–101,4	–92.6
Changes in cash and cash equivalents	–40.9	–93.9	–41.7	–53,7	–42.6
Cash and cash equivalents at the beginning of the period	122.8	191.5	120.1	151,4	151.4
Translation difference	–0.9	4.1	2.6	4,0	11.3
Cash and cash equivalents at the end of the period	81.0	101.7	81.0	101,7	120.1

Financial ratios for the Group

Amounts in SEK million	January–	January–	Full year
	June 2015	June 2014	2014
Margins
Operating margin, %	1.5	1.2	3.3
Profit margin, %	–	–1.2	1.3
Return on investment
Return on capital employed, %	1.1	4.0	5.5
Return on equity, %	–	–1.4	1.8
Capital structure
Capital employed	531.4	483.8	518.7
Equity	301.9	276.4	292.9
Interest-bearing net debt	148.5	105.8	105.7
Net debt/equity ratio, %	49.2	38.3	36.1
EBITDA/Net financial items, rolling 12 months	4.5	2.3	3.2
Equity/assets ratio, %	29.5	28.1	28.1
Employees
Average number of employees	821	910	895
Net sales per employee	1.1	1.0	1.0

Data per share	April–June 2015	April–June 2104	January– June 2015	January– June 2014	Full year 2014
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 and after dilution
Profit/loss from continuing operations	0.69	–0.68	–	–0.47	0.63
Profit/loss from operations held for sale	–	–0.60	–	–1.76	–2.09
Profit/loss for the period	0.69	–1.28	–	–2.23	–1.46
Equity per share, SEK, total operations	36.70	33.60	36.70	33.60	35.64

Net sales per geographical area

Amounts in SEK million	April–June	April–June	January–	January–	Full year
	2015	2014	June 2015	June 2014	2014
Sweden	40.3	57.3	87.5	92.8	182.9
Europe, excluding Sweden	163.6	144.5	286.1	305.0	616.0
North America – from continuing operations	22.2	10.7	51.5	25.4	84.9
Asia	8.8	4.4	10.9	13.4	20.3
Other	–	–	–	–	5.6
Total	234.8	216.9	435.9	436.6	909.6

Quarterly review

Amounts in SEK million	2013				2014				2015
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Net sales	250.9	266.5	216.9	266.9	219.7	217.0	225.1	247.8	201.1	234.8
Operating expenses	–243.6	–253.4	–211.2	–277.0	–214.4	–216.9	–212.2	–235.6	–206.1	–223.4
Operating profit	7.3	13.1	5.7	–10.1	5.3	0.1	12.9	12.2	–5.0	11.4
Financial items, net	–4.9	–9.5	–0.3	–4.1	–6.6	–4.1	–4.9	–3.3	–1.9	–4.4
Profit/loss after financial items	2.4	3.6	5.4	–14.2	–1.3	–4.0	8.0	8.9	–6.9	7.0

Financial data per segment

Amounts in SEK million

Amounts in SEK million			Fuel and
	Waste	Consultancy	Materials
April–June 2015	Treatment	Services	Technology	Other	Elimination	Group
External sales revenue	57.2	105.5	64.2	8.0	–	234.8
Revenue from segment	0.4	0.7	–	2.8	–3.8	–
Operating profit	10.6	4.2	6.0	–9.5	–	11.4
Assets	330.1	363.9	214.3	406.0	–291.2	1,023.0
Liabilities	248.6	306.5	102.3	355.0	–291.2	721.1
Investments	6.4	–	1.2	–	–	7.6
Depreciation/amortization	3.6	0.3	2.2	2.1	–	8.2
Average number of employees	114	494	119	88	–	815

Waste Treatment	Consultancy Services	Fuel and Materials Technology	Other	Elimination	Group
60.3	96.5	51.1	9.1	–	217.0
0.3	0.3	0.0	3.5	–4.1	0.0
2.0	3.0	1.4	–6.3	–	0.1
311.4	340.2	173.8	391.0	–233.4	983.0
274.1	282.9	89.4	293.6	–233.4	706.6
2.7	0.0	0.6	2.2	–	5.5
3.2	0.5	1.9	2.3	–	8.0
151	549	121	108	–	929

January-June 2015	Waste Treatment	Consultancy Services	Fuel and Materials Technology	Other	Elimination	Group
External sales revenue	101.5	199.9	119.6	15.0	–	435.9
Revenue from segment	0.8	1.2	0.1	5.5	–7.4	–
Operating profit	7.4	6.8	9.3	–17.2	–	6.4
Assets	330.1	363.9	214.3	406.0	–291.2	1,023.0
Liabilities	248.6	306.5	102.3	355.0	–291.2	721.1
Investments	9.9	0.5	3.4	1.8	–	15.6
Depreciation/amortization	7.2	0.8	4.4	3.9	–	16.3
Average number of employees	113	494	118	96	–	821

Amounts in SEK million

Amounts in SEK million			Fuel and
	Waste	Consultancy	Materials
January–June 2014	Treatment	Services	Technology	Other	Elimination	Group
External sales revenue	127.0	191.1	102.7	15.8	–	436.6
Revenue from segment	0.3	1.2	0.1	8.2	–9.8	0.0
Operating profit	11.2	12.1	0.6	–18.5	–	5.4
Assets	311.4	340.2	173.8	391.0	–233.4	983.0
Liabilities	274.1	282.9	89.4	293.6	–233.4	706.6
Investments	4.8	0.1	2.6	2.4	–	9.9
Depreciation/amortization	7.8	1.1	4.0	3.6	–	16.5
Average number of employees*	148	536	122	104	–	910

Amounts in SEK million			Fuel and	Other	Elimination	Group
Full year 2014	Waste Treatment	Consultancy Services	Materials Technology
Revenue from segment	0.8	2.0	0.0	14.7	–17.5	0.0
Operating profit	2.9	36.8	31.4	–40.6	–	30.5
Assets	320.8	359.5	227.4	414.6	–281.0	1,041.3
Liabilities	255.3	305.3	108.5	360.5	–281.0	748.4
Investments	21.7	0.3	5.3	5.4	–	32.8
Depreciation/amortization	16.0	2.2	8.5	7.2	–	33.9
Average number of employees*	148	527	120	100	–	895

*A reclassification of employees between segments has been made for 2014.

Interim Report January–June 2015

Parent company income statement Amounts in SEK million	April–June 2015	April–June 2014	January–June 2015	January– June 2014	Full year 2014
Net sales	2.6	2.9	5.6	6.4	11.9
Cost of services sold	–0.9	–0.6	–1.2	–1.2	–2.2
Gross profit	1.7	2.3	4.4	5.2	9.7
Other operating income and costs	–9.7	–12.2	–21.3	–27.1	–53.6
Operating profit	–8.0	–9.9	–16.9	–21.9	–43.9
Result from participations in Group companies	–	–	–	–	42.8
Net financial items	–0.3	–1.2	–0.6	–4.5	–7.4
Profit/loss before tax	–8.3	–11.1	– 17.5	–26.4	–8.5
Income tax	1.9	1.9	3.9	5.1	2.4
NET PROFIT/LOSS FOR THE PERIOD	–6.4	–9.2	–13.6	–21.3	–6.1

Parent company balance sheet

Amounts in SEK million	June	June	December
	2015	2014	2014
ASSETS
Property, plant and equipment	1.1	0.0	0.0
Financial non-current assets	622.2	586.8	612.1
Total non-current assets	623.3	586.8	612.1
Current assets	62.8	20.0	53.3
Cash and cash equivalents	24.1	31.7	35.6
Total current assets	86.9	51.7	88.9
TOTAL ASSETS	710.2	638.5	701.0
EQUITY AND LIABILITIES
Equity	270.5	269.0	284.1
Provisions	–	–0.4	–
Non-current liabilities	96.7	264.5	282.6
Current liabilities	343.0	134.3	134.3
Total liabilities	439.7	369.9	416.9
TOTAL EQUITY AND LIABILITIES	710.2	638.5	701.0

Note 1 Fair value estimation

The tables below show financial instruments at fair value on the basis of their classification in the fair value hierarchy. The definition 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 June 30, 2015	Level 1	Level 2	Level 3
Assets
Financial assets at fair value through profit or loss	–	23,557	11,424
Derivatives used for hedging	–	5,371	–
Liabilities
Derivatives used for hedging	–	18,002	–
The Group's assets and liabilities measured at fair value as at December 31, 2014	Level 1	Level 2	Level 3
Assets
Financial assets at fair value through profit or loss	–	24,059	11,247
Derivatives used for hedging	–	2,073	–
Liabilities
Derivatives used for hedging	–	16,544	–
Fair value of the Group's borrowings	June 30, 2015	December 31, 2014
Non-current loans	1.8		203.0
Current loans	227.6		22.8
Total loans	229.4		225.8

Major shareholders, June 30, 2015
	Number of shares	Share, %
The Karinen Family	1,769,552	21.5
Briban Invest AB	1,283,492	15.6
Avanza Pensionsförsäkring AB	453,087	5.5
Credit Agricole Suisse SA	363,879	4.4
Invus Investment AB	276,594	3.7
Malte Edenius	250,000	3.0
Eikos AB	225,000	3.0
Nordnet Pensionsförsäkring AB	191,716	2.3
Leif Lundin	181,850	2.2
Unionen	152,709	1.8
Total ten largest shareholders – holdings	5,147,879	63.0
Other shareholders	3,070,732	37.0
Total	8,218,611	100.0

The Studsvik share

In the second quarter the share price varied between a high of SEK 39.00 on April 29, and a low of SEK 29.40 on June 29, 2015. The opening price was SEK 32.80 at the beginning of the year and the closing price on June 30 was 29.90. In the second quarter 489 thousand shares were traded and during the half year 945 thousand 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 over 65 years' experience of nuclear technology and radiological services. Studsvik has 800 employees in 7 countries and the company's shares are listed on the Nasdaq 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

SE-611 82 Nyköping, SWEDEN Telephone +46 155 22 10 00 Fax +46 155 26 30 70 E-mail studsvik@studsvik.se www.studsvik.se