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Studsvik — Interim / Quarterly Report 2015
Feb 2, 2016
3208_10-k_2016-02-02_51bb533c-ade7-4f92-adee-0f54bc42643b.pdf
Interim / Quarterly Report
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Year-end Report January–December 2015
- • Sales in the quarter decreased to SEK 241.9 (247.8) million. In local currencies sales decreased by 5 per cent
- • Operating profit for the quarter decreased to SEK 1.3 (12.2) million
- • Cash flow after investments was SEK 8.0 (27.7) million.
- • The Board of Directors proposes that no dividend be distributed.
| October December |
October December |
Full year | Full year | |
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Sales, SEK million | 241.9 | 247.8 | 895.4 | 909.6 |
| Operating profit, SEK million | 1.3 | 12.2 | 24.4 | 30.5 |
| Profit after tax, SEK million | –7.2 | 5.5 | 2.4 | 5.2 |
| Cash flow after investments, SEK million | 8.0 | 27.7 | –40.1 | –54.8 |
| Net debt, SEK million | 134.3 | 105.7 | 134.3 | 105.7 |
| Net debt/equity ratio, % | 45.0 | 36.1 | 45.0 | 36.1 |
| Profit per share after tax, SEK | –0.88 | 0.66 | 0.29 | 0.63 |
| Equity per share, SEK | 36.30 | 35.64 | 36.30 | 35.64 |
Sales
Sales decreased to SEK 241.9 (247.8) million for the quarter and to SEK 895.4 (909.6) million for the year. In local currencies this was a decrease of 5 and 6 per cent respectively. For the full year the Consultancy Services and Fuel and Materials Technology business areas reported continued growth, while sales in Waste Treatment continued to be low.
Profit
Operating profit decreased during the quarter to SEK 1.3 (12.2) million and during the year to SEK 24.4 (30.5) million. Items affecting comparability impacted earnings for the previous year by SEK –4.9 million and SEK –12.1 million respectively. Adjusted for these, the operating margin for the quarter was 0.6 (6.9) per cent and 2.7 (4.7) per cent for the year.
Net financial income was SEK –5.9 (–3.3) million and SEK –17.7 (–18.9) million for the year. For the fourth quarter earnings after tax were SEK –7.2 (5.5) million and for the year SEK 2.4 (5.2) million.
Fuel and Materials Technology
Sales in the quarter decreased to SEK 79.4 (87.1) million. During the year sales increased to SEK 262.3 (239.5) million. In local currencies the decrease was 12 per cent for the quarter, while sales for the full year increased by 6 per cent. Demand for the business area's services continues to be strong and operations are developing positively in Europe and China.
Operating profit for the quarter decreased to SEK 16,4 (26.2) million. During the year the operating profit increased to SEK 39.8 (31.4) million. Items affecting comparability impacted earnings for the previous year by SEK –1.4 million. Adjusted for items affecting comparability the operating margin for the year increased to 15.2 (13.7) per cent. The deterioration in earnings in the quarter compared with the previous year is due to the postponement of some major deliveries for Scandpower until the first half of 2016.
Consultancy Services
Sales in the quarter increased to SEK 110.3 (90.6) million. During the year sales increased to SEK 431.8 (399.7) million. In local currencies this was an increase of 20 and 3 per cent respectively.
Operating profit decreased during the quarter to SEK 2.7 (4.9) million and for the year to SEK 22.3 (36.8) million. The year's earnings were negatively impacted by weak sales of ventilation services in England. Items affecting comparability impacted earnings for the previous year by SEK 5.6 million. Adjusted for items affecting comparability the operating margin for the year decreased to 5.2 (7.8) per cent.
Waste Treatment
Sales decreased to SEK 45.1 (60.3) million for the quarter and to SEK 175.3 (241.1) million for the year. In local currencies this was a decrease of 30 and 31 per cent respectively. Demand in Europe continues to be weak, as the number of nuclear power plants in operation or being upgraded is falling, while decommissioning projects have not yet started. The work of establishing a lower cost base continues at the same time as alternative strategies for the business area are being evaluated.
Operating profit for the quarter amounted to SEK –10.1 (–10.2) million and SEK –11.7 (2.9) million for the year. Items affecting comparability impacted earnings for the previous year by SEK –5.1 million. Adjusted for items affecting comparability the operating margin for the year decreased to –6.6 (3.3) per cent.
Investments
Investments in the quarter amounted to SEK 8.8 (13.3) million and roughly unchanged during the year to SEK 33.5 (32.7) million.
Cash flow
The weaker operating profit for the quarter reduced the cash flow to 16,8 (41,0) Mkr. The cash flow for the year was –6,6 (–20,8) Mkr. .
Cash flow after investments in the fourth quarter amounted to SEK 8.0 (27.7) million and for the year to SEK –40.1 (–54.8) million.
Financial position and liquidity
Cash and cash equivalents including current investments, amounted to SEK 74.9 (120.1) million. Net interest-bearing debt was SEK 134.3 (105.7) million, which means that the net debt/ equity ratio was 45.0 (36.1) per cent. The bond loan matures in March 2016 and has therefore been recorded as current in the balance sheet. This bond loan will be refinanced in February.
Personnel
The average number of employees as at December 31 was 829 (895). The decrease is attributable to the Waste Treatment business area and administrative functions.
Transactions with related parties
During the quarter a dividend of SEK 1.4 (3.2) million was received from UK Nuclear Waste Management Ltd and SEK 1.7 (–) million from THOR Treatment Technologies LLC.
Parent company
Operations in the parent company consist of coordination of the Group. Parent company sales in the quarter amounted to SEK 2.6 (2.8) million and during the year to SEK 10.6 (11.9) million. Operating profit for the quarter amounted to SEK –8.9 (–9.8) million and SEK –28.9 (–43.9) million for the year. Items affecting comparability impacted earnings for the previous year by SEK –0.3 million for the quarter and SEK –5.6 million for the year. Profit after financial items in the second quarter was SEK 31.6 (32.4) million and for the year SEK 8.0 (–8.5) million.
Cash and cash equivalents including current investments, amounted to SEK 14.5 (35.6) million.
Dividend
The Board of Directors proposes that no dividend be distributed in 2016.
Annual General Meeting and Annual Report
The Annual General Meeting will be held on Monday, April 25, 2016 at 16:00 at the World Trade Center, Klarabergsviadukten 70/Kungsbron 1. The annual report will be available on the company's website in week 11 (March 14–20), 2016.
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".
Stockholm, February 2, 2016 Michael Mononen President
This report has not been reviewed by the company's auditors.
Time schedule for financial information
| Interim Report January-March 2016 | April 25, 2016 |
|---|---|
| Interim Report January-June 2016 | July 22, 2016 |
| Interim Report January-September 2016 | Octoboer 21, 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 Year-end Report will be presented at a telephone conference to be held in English, on February 2 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 | October December |
October December |
Full year | Full year |
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Net sales | 241.9 | 247.8 | 895.4 | 909.6 |
| Cost of services sold | –170.6 | –183.6 | –657.2 | –660.5 |
| Gross profit | 71.3 | 64.2 | 238.2 | 249.1 |
| Selling and marketing expenses | –14.8 | –16.0 | –56.4 | –47.6 |
| Administrative expenses | –37.6 | –28.9 | –133.3 | –146.9 |
| Research and development costs | –8.2 | –7.4 | –25.4 | –25.8 |
| Share in earnings from associated companies | 3.5 | 3.1 | 11.6 | 11.5 |
| Other operating income | –0.5 | –3.1 | 10.9 | 5.4 |
| Other operating expenses | –12.4 | 0.3 | –21.2 | –15.2 |
| Operating profit | 1.3 | 12.2 | 24.4 | 30.5 |
| Financial income | –0.1 | 0.1 | 0.2 | 0.2 |
| Financial expenses | –3.1 | –2.6 | –13.6 | –17.1 |
| Fair value gain/loss (realized and unrealized) | –2.7 | –0.8 | –4.3 | –2.0 |
| Profit/loss before tax | –4.6 | 8.9 | 6.7 | 11.6 |
| Income tax | –2.6 | –3.4 | –4.3 | –6.4 |
| Profit/loss for the period from continuing operations | –7.2 | 5.5 | 2.4 | 5.2 |
| Operations held for sale | ||||
| Profit/loss for the period from operations held for sale | 0.0 | –0.8 | 0.0 | –17.2 |
| NET PROFIT/LOSS FOR THE PERIOD | –7.2 | 4.7 | 2.4 | –12.0 |
| Other comprehensive income | ||||
| Items that may later be reversed in the income statement | ||||
| Translation differences on foreign subsidiaries | –6.0 | 1.9 | 2.6 | 19.1 |
| Cash flow hedging | 2.2 | 4.7 | 0.5 | –0.6 |
| Income tax on items recognized in other comprehensive income | –0.5 | –1.1 | –0.1 | 0.1 |
| Other comprehensive income for the period, net after tax | –4.3 | 5.5 | 3.0 | 18.6 |
| Total profit/loss and other comprehensive income for the | ||||
| period | –11.5 | 10.2 | 5.4 | 6.6 |
| Income for the period attributable to | ||||
| Parent company's shareholders | –7.2 | 4.7 | 2.4 | –12.0 |
| Non-controlling interests | – | – | – | – |
| Total comprehensive income attributable to | ||||
| Parent company's shareholders | –11.6 | 10.2 | 5.3 | 6.6 |
| Non-controlling interests | 0.1 | – | 0.1 | – |
| Earnings per share calculated on income attributable to | ||||
| the parent company's shareholders during the period, SEK | ||||
| Earnings per share (There is no dilution effect) | ||||
| Profit/loss from continuing operations | –0.88 | 0.66 | 0.29 | 0.63 |
| Profit/loss from operations for sale | – | –0.09 | – | –2.09 |
| NET PROFIT/LOSS FOR THE PERIOD | –0.88 | 0.57 | 0.29 | –1.46 |
Group statement of financial position
| Amounts in SEK million | December | December |
|---|---|---|
| 2015 | 2014 | |
| ASSETS | ||
| Intangible assets | 181.4 | 177.2 |
| Property, plant and equipment | 344.8 | 350.0 |
| Other non-current assets | 127.7 | 128.4 |
| Total non-current assets | 653.9 | 655.6 |
| Inventories | 2.4 | 1.9 |
| Trade receivables | 196.6 | 183.3 |
| Other current receivables | 65.7 | 80.5 |
| Cash and cash equivalents | 74.9 | 120.1 |
| Total current assets | 339.6 | 385.8 |
| TOTAL ASSETS | 993.5 | 1,041.3 |
| EQUITY AND LIABILITIES | ||
| Equity attributable to parent company's shareholders | 297.9 | 292.6 |
| Non-controlling interests | 0.3 | 0.3 |
| Borrowing | 1.0 | 203.0 |
| Provisions and other non-current liabilities | 238.0 | 241.0 |
| Total non-current liabilities | 239.0 | 444.0 |
| Trade and other payables | 248.1 | 281.6 |
| Borrowing | 208.2 | 22.8 |
| Total current liabilities | 456.3 | 304.4 |
| TOTAL EQUITY AND LIABILITIES | 993.5 | 1,041.3 |
| Pledged assets | 148.9 | 157.9 |
| Contingent liabilities | 52.1 | 60.7 |
Changes in equity
| Amounts in SEK million | Equity attributable |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share capital |
Other contributed capital |
Reserves | Retained earnings |
to the parent company's shareholders |
Non controlling 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 – September 30, 2014 | |||||||||
| Comprehensive income for the period | – | – | 13.1 | –16.6 | –3.5 | 0.0 | –3.5 | ||
| Equity at September 30, 2014 | 8.2 | 225.3 | 7.1 | 41.9 | 282.5 | 0.3 | 282.8 | ||
| Changes Ocotber 1 – December 31, 2014 | |||||||||
| Comprehensive income for the period | – | – | 5.5 | 4.7 | 10.1 | 0.0 | 10.1 | ||
| Equity at December 31, 2014 | 8.2 | 225.3 | 12.6 | 46.5 | 292.6 | 0.3 | 292.9 | ||
| Changes January 1 – September 30, 2015 | |||||||||
| Comprehensive income for the period | – | – | 7,2 | 9.7 | 16.9 | 0.0 | 16.9 | ||
| Equity at September 30, 2015 | 8.2 | 225.3 | 19.8 | 56.2 | 309.5 | 0.3 | 309.8 | ||
| Changes Ocotber 1 – December 31, 2015 | |||||||||
| Comprehensive income for the period | – | – | –4.3 | –7.2 | –11.5 | 0.0 | –11.5 | ||
| Equity at December 31, 2015 | 8.2 | 225.3 | 15.5 | 49.0 | 297.9 | 0.3 | 298.3 |
Group statement of cash flow
| Amounts in SEK million | October– | October– | Full year | Full year |
|---|---|---|---|---|
| December | December | |||
| 2015 | 2014 | 2015 | 2014 | |
| Cash flow from operating activities | ||||
| Operating profit | 1.4 | 11.2 | 24.4 | 17.9 |
| Adjustment for non-cash items | 7.9 | 5.7 | 28.7 | 17.3 |
| Financial items, net | –1.5 | –2.5 | –11.5 | –17.6 |
| Income tax paid | 6.4 | 9.9 | –6.9 | 1.1 |
| Cash flow from operating activities before change in | 14.2 | 24.3 | 34.7 | |
| working capital | 18.7 | |||
| Change in working capital | 2.6 | 16.7 | –41.3 | –39.5 |
| Cash flow from operating activities | 16.8 | 41.0 | –6.6 | –20.8 |
| Investing activities | ||||
| Acquisition of property, plant and equipment | –8.8 | –13.3 | –33.5 | –34.0 |
| Divestment of subsidiaries | – | – | – | 93.9 |
| Dividend from associated companies | 3.0 | 2.1 | 12.7 | 10.4 |
| Other cash flow from investing activities | –2.6 | 14.5 | –2.4 | 0.4 |
| Cash flow from investment activities | –8.3 | 3.3 | –23.2 | 70.7 |
| Financing activities | ||||
| Change in borrowing | –15.2 | –4.0 | –16.7 | –92.6 |
| Dividend to shareholders | – | – | – | – |
| Cash flow from financing activities | –15.2 | –4.0 | –16.7 | –92.6 |
| Changes in cash and cash equivalents | –6.6 | 40.3 | –46.5 | –42.6 |
| Cash and cash equivalents at the beginning of the period | 83.3 | 75.2 | 120.1 | 151.4 |
| Translation difference | –1.7 | 4.6 | 1.3 | 11.3 |
| Cash and cash equivalents at the end of the period | 74.9 | 120.1 | 74.9 | 120.1 |
Financial ratios for the Group
| Amounts in SEK million | Full year | Full year |
|---|---|---|
| 2015 | 2014 | |
| Margins | ||
| Operating margin, % | 2.7 | 3.3 |
| Profit margin, % | 0.7 | 1.3 |
| Return on investment | ||
| Return on capital employed, % | 6.6 | 5.5 |
| Return on equity, % | 0.8 | 1.8 |
| Capital structure | ||
| Capital employed | 507.5 | 518.7 |
| Equity | 298.3 | 292.9 |
| Net debt | 134.3 | 105.7 |
| Net debt/equity ratio, % | 45.0 | 36.1 |
| Equity/assets ratio, % | 30.0 | 28.1 |
| Employees | ||
| Average number of employees | 829 | 895 |
| Net sales per employee | 1.1 | 1.0 |
| Data per share | October December |
October December |
Full year | Full year |
|---|---|---|---|---|
| 2015 | 2104 | 2015 | 2014 | |
| 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 and after dilution | ||||
| Profit/loss from continuing operations | –0.88 | 0.66 | 0.29 | 0.63 |
| Profit/loss from operations held for sale | – | –0.09 | – | –2.09 |
| Profit/loss for the period | –0.88 | 0.57 | 0.29 | –1.46 |
| Equity per share, SEK | 36.30 | 35.64 | 36.30 | 35.64 |
Net sales per geographical area
| Amounts in SEK million | October– | October– | Full year | Full year |
|---|---|---|---|---|
| December | December | |||
| 2015 | 2014 | 2015 | 2014 | |
| Sweden | 54.7 | 52.6 | 178.0 | 182.9 |
| Europe, excluding Sweden | 149.9 | 147.5 | 579.4 | 616.0 |
| North America – from continuing operations | 28.3 | 36.3 | 105.0 | 84.9 |
| Asia | 2.8 | 5.8 | 26.8 | 20.3 |
| Other | 6.1 | 5.6 | 6.1 | 5.6 |
| Total | 241.9 | 247.8 | 895.4 | 909.6 |
Quarterly review
| Amounts in SEK million | 2013 | 2014 | 2015 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Net sales | 250.9 | 266.5 | 216.9 | 266.9 | 219.7 | 217.0 | 225.1 | 247.8 | 201.1 | 234.8 | 217.6 | 241.9 |
| Operating expenses | –243.6 | –253.4 | –211.2 | –277.0 | –214.4 | –216.9 | –212.2 | –235.6 | –206.1 | –223.4 | –201.0 | –240.6 |
| Operating profit | 7.3 | 13.1 | 5.7 | –10.1 | 5.3 | 0.1 | 12.9 | 12.2 | –5.0 | 11.4 | 16.6 | 1.3 |
| Financial items, net | –4.9 | –9.5 | –0.3 | –4.1 | –6.6 | –4.1 | –4.9 | –3.3 | –1.9 | –4.4 | –5.4 | –5.9 |
| 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 | 11.2 | –4.6 |
Financial data per segment
Amounts in SEK million
| Amounts in SEK million | Fuel and | |||||
|---|---|---|---|---|---|---|
| Waste | Consultancy | Materials | ||||
| October–December 2015 | Treatment | Services | Technology | Other | Elimination | Group |
| External sales revenue | 44.9 | 109.9 | 79.4 | 7.7 | – | 241.9 |
| Revenue from segment | 0.2 | 0.4 | 0.0 | 2.7 | –3.2 | 0.0 |
| Operating profit | –10.1 | 2.7 | 16.4 | –7.6 | – | 1.3 |
| Assets | 320.9 | 394.8 | 234.1 | 344.2 | –300.5 | 993.5 |
| Liabilities | 226.8 | 319.3 | 98.3 | 351.2 | –300.5 | 695.2 |
| Investments | 4.8 | 0.5 | 1.0 | 2.5 | – | 8.8 |
| Depreciation/amortization | 3.7 | 0.5 | 2.3 | 2.1 | – | 8.6 |
| Average number of employees | 108 | 507 | 117 | 95 | 827 | |
| October–December 2014 | Waste Treatment |
Consultancy Services |
Fuel and Materials Technology |
Other | Elimination | Group |
|---|---|---|---|---|---|---|
| External sales revenue | 60.0 | 91.8 | 87.2 | 8.8 | – | 247.8 |
| Revenue from segment | 0.3 | –1.2 | –0.1 | 3.5 | –2.5 | 0.0 |
| Operating profit | –10.2 | 4.9 | 26.2 | –8.7 | – | 12.2 |
| 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 | 9.1 | 0.1 | 1.4 | 2.7 | – | 13.3 |
| Depreciation/amortization | 3.9 | –1.9 | 2.3 | 1.8 | – | 6.1 |
| Average number of employees * | 145 | 519 | 118 | 95 | 877 |
| Full year 2015 | Waste Treatment |
Consultancy Services |
Fuel and Materials Technology |
Other | Elimination | Group |
|---|---|---|---|---|---|---|
| External sales revenue | 174.2 | 430.0 | 262.3 | 29.0 | – | 895.4 |
| Revenue from segment | 1.2 | 1.8 | 0.0 | 11.0 | –14.0 | 0.0 |
| Operating profit | –11.7 | 22.3 | 39.8 | –26.1 | – | 24.4 |
| Assets | 320.9 | 394.8 | 234.1 | 344.2 | –300.5 | 993.5 |
| Liabilities | 226.8 | 319.3 | 98.3 | 351.2 | –300.5 | 695.2 |
| Investments | 18.9 | 1.2 | 5.9 | 7.5 | – | 33.5 |
| Depreciation/amortization | 14.7 | 1.8 | 9.0 | 8.0 | – | 33.6 |
| Average number of employees | 109 | 508 | 117 | 95 | 829 |
| Full year 2014 | Waste Treatment |
Consultancy Services |
Fuel and Materials Technology |
Other | Elimination | Group |
|---|---|---|---|---|---|---|
| External sales revenue | 240.3 | 397.7 | 239.5 | 32.1 | – | 909.6 |
| 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 | – | 32.7 |
| 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.
| Parent company income statement | October– December |
October– December |
Full year | Full year |
|---|---|---|---|---|
| Amounts in SEK million | 2015 | 2014 | 2015 | 2014 |
| Net sales | 2.6 | 2.8 | 10.6 | 11.9 |
| Cost of services sold | –0.5 | –0.4 | –2.9 | –2.2 |
| Gross profit | 2.1 | 2.4 | 7.7 | 9.7 |
| Other operating income and costs | –11.0 | –12.2 | –36.6 | –53.6 |
| Operating profit | –8.9 | –9.8 | –28.9 | –43.9 |
| Result from participations in Group companies | 45.1 | 42.8 | 45.1 | 42.8 |
| Net financial items | –4.6 | –0.6 | –8.2 | –7.4 |
| Profit/loss before tax | 31.6 | 32.4 | 8.0 | –8.5 |
| Income tax | –6.5 | –4.6 | –1.2 | 2.4 |
| NET PROFIT/LOSS FOR THE PERIOD | 25.1 | 27.8 | 6.8 | –6.1 |
Parent company balance sheet
| Amounts in SEK million | December 2015 |
December 2014 |
|---|---|---|
| ASSETS | ||
| Intangible assets | 3.3 | – |
| Property, plant and equipment | 0.0 | 0.0 |
| Financial non-current assets | 607.3 | 612.1 |
| Total non-current assets | 610.6 | 612.1 |
| Current assets | 51.8 | 53.3 |
| Cash and cash equivalents | 14.5 | 35.6 |
| Total current assets | 66.3 | 88.9 |
| TOTAL ASSETS | 676.9 | 701.0 |
| EQUITY AND LIABILITIES | ||
| Equity | 290.9 | 284.1 |
| Provisions | – | – |
| Non-current liabilities | 106.7 | 282.6 |
| Current liabilities | 279.3 | 134.3 |
| Total liabilities | 386.0 | 416.9 |
| TOTAL EQUITY AND LIABILITIES | 676.9 | 701.0 |
| Pledged assets | 133.9 | 133.9 |
| Contingent liabilities | 5.3 | 5.4 |
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 December 31, 2015 (MSEK) | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Assets | |||
| Financial assets at fair value through profit or loss | – | 22.5 | 11.3 |
| Derivatives used for hedging | – | 2.5 | – |
| Liabilities | |||
| Derivatives used for hedging | – | 6.8 | – |
| The Group's assets and liabilities measured at fair value as at December 31, 2014 (MSEK) | Level 1 | Level 2 | Level 3 |
| Assets | |||
| Financial assets at fair value through profit or loss | – | 24.1 | 11.2 |
| Derivatives used for hedging | – | 2.1 | – |
| Liabilities | |||
| Derivatives used for hedging | – | 16.5 | – |
| Fair value of the Group's borrowings (MSEK) | December 31, 2015 | December 31, 2014 | |
| Non-current loans | 1.0 | 203.0 | |
| Current loans | 208.2 | 22.8 | |
| Total loans | 209.2 | 225.8 |
| Major shareholders, December 31, 2015 | ||
|---|---|---|
| Number of shares | Share, % | |
| The Karinen Family | 1,769,552 | 21.5 |
| Briban Invest AB | 1,283,492 | 15.6 |
| Credit Agricole Suisse SA | 363,879 | 4.4 |
| Avanza Pensionsförsäkring AB | 347,163 | 4.2 |
| Nordnet Pensionsförsäkring AB | 327,551 | 4.0 |
| Invus Investment AB | 276,594 | 3.4 |
| Malte Edenius | 250,000 | 3.0 |
| Eikos AB | 201,950 | 2.5 |
| Leif Lundin | 186,000 | 2.3 |
| Unionen | 152,709 | 1.9 |
| Total ten largest shareholders – holdings | 5,158,890 | 62.8 |
| Other shareholders | 3,059,721 | 37.2 |
| Total | 8,218,611 | 100.0 |
The Studsvik share
In the fourth quarter the share price varied between a high of SEK 34.30 on November 20 and 23, and a low of SEK 28.50 on October 21, 2015. The opening price was SEK 32.80 at the beginning of the year and the closing price on December 31 was 32.70. In the fourth quarter 1.3 millions 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 [email protected] www.studsvik.com