Studsvik — Interim / Quarterly Report 2019

Apr 29, 2019

• Sales in the quarter were SEK 139.9 (197.4) million, which in local currencies meant a decrease of 32 per cent.
• Operating profit for the quarter amounted to SEK −18.6 (22.2) million.
• The free cash flow during the quarter was SEK −33.0 (21.6) million.

	January March 2019	January March 2018	Full year 2018
Sales. SEK million	139.9	197.4	726.1
Operating profit. SEK million	–18.6	22.2	33.5
Profit after tax. SEK million	–23.1	12.7	8.7
Free cash flow. SEK million	–33.0	21.6	54.2
Net debt. SEK million	76.9	79.1	44.4
Net debt/equity ratio. %	25.2	25.5	14.0
Profit per share after tax. SEK	–2.81	1.55	1.06
Equity per share. SEK	37.05	37.77	38.47

Sales

Sales decreased to SEK 139.9 (197.4) million. In local currencies this was a decrease of 32 per cent, which is mainly due to the previous year's sales figure including a large software sale in Scandpower of SEK 25 million and a major stoppage in Fuel and Materials Technology in the final quarter of 2017 that delayed sales to the first quarter of 2018.

Inquiries and activities in the market continue to be high and initiatives outside the traditional markets of the USA and Europe are continuing. However, long selling in processes create uncertainty about the timing of some contracts.

Profit

The operating profit decreased to SEK –18.6 (22.2) million and the operating margin decreased to –13.3 (11.2) per cent.

Net financial income was SEK –4.7 (–3.6) million. This year's net financial income includes origination fees for the new financing of SEK 1.5 million. Profit/loss after tax decreased to SEK –23.1 (12.7) million.

Fuel and Materials Technology

Sales decreased to SEK 42.4 (67.9) million. In local currencies this was a decrease of 37 per cent. About half of the decrease is due to fewer transport services than in 2018. The remaining part is due to the stoppage in the Hot Cell facility in the fourth quarter of 2017, which delayed deliveries to the first quarter of 2018.

The operating profit decreased to SEK 0.3 (10.3) million and the operating margin decreased to 0.7 (15.4) per cent. Work on completing the production line for medical isotopes is behind schedule. The first delivery to Elekta is expected to be in the third quarter. The delay has affected the completion of other projects during the quarter. However, these disruptions are not expected to impact total delivery capacity over the year.

Consultancy Services

Sales decreased to SEK 16.3 (19.0) million. In local currencies this was a decrease of 27 per cent. In the previous year a more extensive contract was carried out for Dynatech in China, related to FBSR technology.

The operating profit was SEK –5.5 (0.0) million and the operating margin decreased to –33.7 (0.0) per cent.

Action has been taken to increase capacity utilization and sales. In addition, operations in the Middle East will be discontinued.

To improve profitability and extend the product range, new product concepts are also being developed for technology transfer in decommissioning and waste management.

Scandpower

Sales decreased to SEK 24.7 (42.8) million. In local currencies this was a decrease of 47 per cent. The decrease is due to the order received in the previous year from TVEL for software licenses and related services amounting to SEK 38 million, SEK 25 million of which was recognized in the first quarter.

The operating profit decreased to SEK 1.0 (20.7) million and the operating margin decreased to 4.1 (48.4)

per cent. There is a continued high level of interest in Scandpower's new software and upgrades in the domestic market in the USA.

Germany

Sales decreased to SEK 52.2 (64.3) million. In local currencies this meant a decrease of 22 per cent. The decrease is due to customers' annual maintenance work taking place earlier last year, while this year's work will only start in the second quarter.

The operating loss was SEK –11.9 (–4.8) million and the operating margin decreased to –22.8 (–7.5) per cent.

This year's contracts during the maintenance period contain a relatively higher input of radiation protection with high profitability.

The German operations are undergoing a substantial transition and the change process that has been started is continuing at a fast pace.

Investments

Capital expenditure investments amounted to SEK 6.8 (6.9) million. The year's investments are mainly related to the production line for medical isotopes.

Cash flow

The free cash flow decreased to SEK –33.0 (21.6) million due to the poorer performance.

Financial position and liquidity

The interest-bearing net debt remained by and large unchanged at SEK 76.9 (79.1) million. The net debt/equity ratio at the close of the quarter was 25.2 (25.5) per cent.

Refinancing took place in February in connection with redemption of the bond loan of SEK 200 million and its replacement by bank financing of SEK 150 million.

Personnel

A lower number of employees in Germany meant that the average number of employees decreased to 556 (630).

Transactions with related parties

During the quarter a dividend of SEK 2.9 (3.3) million was received from UK Nuclear Waste Management Ltd.

Parent company

Parent company operations consist of coordination of the Group. Sales were SEK 3.2 (4,0) million and operating loss was SEK –3.8 (–3.4) million.

Profit after financial items was SEK 0.8 (0.5) million. Net financial income includes revaluation of intra-group loans of SEK 6.5 (5.3) million. Cash and cash equivalents including current investments amounted to SEK 15.9 (25.1) million and interest-bearing liabilities to SEK 150.3 (199.9) million.

Events after the balance sheet date

No significant events have taken place after the balance sheet date.

Studsvik's Interim Report First Quarter 2019

Risks and uncertainties

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 significant risks are deemed to have arisen.

Accounting policies

Studsvik applies the International Financial Reporting Standards (IFRS) approved by the EU. This interim report was prepared for the Group in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the parent company, the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities and the Annual Accounts Act are applied. The accounting policies applied are in line with what is stated in the Annual Report for 2018, with the exception of new standards and revisions of standards and interpretations to be applied to the financial year starting on January 1, 2019 and that were not already applied when preparing the 2018 Annual Report.

The standards that have an impact on the Group's financial statements and are being applied for the first time in the financial year starting on January 1, 2019 are set out below:

IFRS 16: Leases

Studsvik will apply IFRS 16 from January 1, 2019, using the simplified transition method. An exemption will be made for contracts with a shorter maturity than 1 year and contracts whose value is less than USD 5,000. The expected effect of the transition to IFRS 16 is presented in Note 2.

The interim report for Studsvik AB (publ) has been issued after authorization by the Board of Directors.

Stockholm, April 19, 2019 Camilla Hoflund President/CEO

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

Time Schedule for Financial Information

Interim report January-June 2019	July 22, 2019
Interim report January-September 2019	October 22, 2019
Year-end Report 2019	February 2020

For further information, please contact

Camilla Hoflund, President and Chief Executive Officer, +46 155 22 10 66.

The interim report will be presented at a conference call to be held in English, on April 29 at .30 p.m. Further information for those interested in participating is available at www.studsvik.com.

This information is information that Studsvik AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on April 29, 2019, at 1:00 PM.

Consolidated statement of profit or loss and other comprehensive income

Amounts in SEK million	January March 2019	January March 2018	Full year 2018
Net sales	139.9	197.4	726.1
Cost of services sold*	–119.4	–137.8	–551.2
Gross profit	20.5	59.6	174.9
Selling and marketing expenses	–12.0	–10.4	–39.9
Administrative expenses	–25.4	–26.4	–107.9
Research and development costs*	–1.7	–1.5	–9.0
Share in earnings from associated companies	1.8	2.7	10.6
Other operating income	1.7	1.7	17.3
Other operating expenses	–3.5	–3.5	−12.5
Operating profit	–18.6	22.2	33.5
Financial income	0.6	0.5	4.0
Financial expenses	–5.3	–4.1	–18.8
Profit/loss before tax	–23.3	18.6	18.7
Income tax	0.2	–5.9	−10.0
NET PROFIT/LOSS FOR THE PERIOD	–23.1	12.7	8.7
Other comprehensive income
Items that may later be reversed in the income statement
Translation differences on foreign subsidiaries	11.2	9.9	19.6
Cash flow hedging	0.3	–1.0	–0.7
Income tax on items recognized in other comprehensive income	–0.1	0.2	0.2
Other comprehensive income for the period, net after tax	11.4	9.1	19.1
Total profit/loss and other comprehensive income for the period	–11.7	21.8	27.8
Income for the period attributable to
Parent company's shareholders	–23.1	12.7	8.7
Non-controlling interests	–	–	–
Total comprehensive income attributable to
Parent company's shareholders	–11.7	21.8	27.7
Non-controlling interests	–	–	–
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)	–2.81	1.55	1.06

*) Comparative year has been restated

Group statement of financial position

Amounts in SEK million	March	March	December
	2019	2018	2018
ASSETS
Intangible assets	196.0	183.3	190.2
Property, plant and equipment	149.8	119.2	124.3
Other non-current assets	172.1	164.1	169.0
Total non-current assets	517.9	466.6	483.5
Inventories	1.1	1.1	0.5
Trade receivables	120.3	213.8	145.7
Other current receivables	124.2	107.1	115.4
Cash and cash equivalents	73.4	121.1	155.5
Total current assets	319.0	443.1	417.1
TOTAL ASSETS	836.9	909.7	900.6
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders	304.1	310.0	315.8
Non-controlling interests	0.4	0.3	0.4
Total equity	304.5	310.3	316.2
Borrowing	48.0	200.2	–
Provisions and other non-current liabilities	173.7	168.8	166.6
Total non-current liabilities	221.7	369.0	166.6
Trade and other payables	208.4	230.4	217.9
Borrowing	102.3	–	199.9
Total current liabilities	310.7	230.4	417.8
TOTAL EQUITY AND LIABILITIES	836.9	909.7	900.6

Changes in equity

Amounts in SEK million

Amounts in SEK million					Equity
					attributable
		Other			to the parent	Non
	Share capital	contributed capital	Reserves	Retained earnings	company's shareholders	controlling interest	Total equity
Changes January 1 – March 31, 2018
Comprehensive income for the period	–	–	9.1	12.8	21.8	0.0	21.9
Equity at September 30, 2017	8.2	225.3	13.9	62.7	310.0	0.3	310.3
Changes April 1 – December 31, 2018
Comprehensive income for the period	–	–	9.9	–4.1	5.8	0.1	5.9
Equity at December 31, 2017	8.2	225.3	23.8	58.6	315.8	0.4	316.2
Changes January 1 – March 31, 2019
Comprehensive income for the period	–	–	11.4	–23.1	–11.7	0.0	–11.7
Equity at March 31, 2019	8.2	225.3	35.2	35.4	304.1	0.4	304.5

Group statement of cash flow

Amounts in SEK million	January March 2019	January March 2018	Full year 2018
Cash flow from operating activities
Operating profit	–18.6	22.2	33.5
Adjustment for non-cash items	–2.5	2.2	16.3
Financial items, net	–4.5	–3.6	−14.4
Income tax paid	–4.0	0.7	–6.4
Cash flow from operating activities before change in working capital	–29.6	21.5	29.0
Change in working capital	0.5	3.8	51.3
Cash flow from operating activities	–29.1	25.3	80.3
Investing activities
Acquisition of property, plant and equipment	–6.8	–6.9	–32.1
Disposal of non-current assets	–	–	0.5
Dividend from associated companies	2.9	3.2	5.5
Cash flow from investment activities	–3.9	–3.7	–26.1
Free cash flow	–33.0	21.6	54.2
Financing activities
Change in borrowing	–53.0	–	–
Cash flow from financing activities	–53.0	–	–
Changes in cash and cash equivalents	–86.0	21.5	54.2
Cash and cash equivalents at the beginning of the period	155.5	98.7	98.7
Translation difference	3.9	0.9	2.6
Cash and cash equivalents at the end of the period	73.4	121.1	155.5

Financial ratios for the Group

Amounts in SEK million	March 2019	March 2018	Full year 2018
Margins
Operating margin, %	–13.3	11.2	4.6
Profit margin, %	–16.7	9.4	2.6
Return on investment
Return on capital employed, %	–3.7	4.5	7.4
Return on equity, %	–7.4	4.3	2.9
Capital structure
Capital employed	454.8	510.5	516.1
Equity	304.5	310.3	316.2
Net debt	76.9	79.1	44.4
Net debt/equity ratio, %	25.2	25.5	14.0
Equity/assets ratio, %	36.4	34.1	35.1
Employees
Average number of employees	556	630	624
Net sales per employee	1.0	1.3	1.2

Data per share	January March 2019	January March 2018	Full year 2018
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
Profit/loss for the period	–2.81	1.55	1.06
Equity per share, SEK	37.05	37.77	38.47

Net sales per geographical area

Amounts in SEK million	January March 2019	January March 2018	Full year 2018
Sweden	26.4	39.0	126.9
Europe	89.6	139.1	484.3
North America	14.3	13.0	71.3
Asia	9.6	6.3	43.6
Other	–	–	–
Total	139.9	197.4	726.1

Quarterly review

Amounts in SEK million	2017				2018				2019
Continuing operations	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
Net sales	179.6	176.6	183.3	165.4	197.4	174.0	167.2	187.6	139.9
Operating expenses	–181.6	–196.0	–167.8	–201.1	–175.2	–172.0	−157.7	−187.9	–158.5
Operating profit	–2.0	–19.4	15.5	–35.7	22.2	2.0	9.5	−0.3	–18.6
Financial items, net	–5.1	–3.7	–4.6	–3.7	–3.6	–4.4	−3.4	−3.5	–4.7
Profit/loss after financial items	–7.1	–23.1	10.9	–39.4	18.6	–2.4	6.1	−3.8	–23.3

Amounts in SEK million	Fuel and
Total operations	Materials	Consultancy
January-March 2019	Technology	Services	Scandpower	Germany	Other	Elimination	Group
External sales revenue	41.8	13.7	24.0	51.1	9.3	–	139.9
Revenue from segment	0.6	2.6	0.3	1.1	4.9	-9.5	–
Operating profit	0.3	–5.5	1.0	–11.9	–2.5	–	–18.6
Items affecting comparability	–	–	–	–	–	–	–
Adjusted operating profit	0.3	–5.5	1.0	–11.9	–2.5	–	–18.6
Assets	205.5	168.8	143.7	226.0	415.0	–322.1	836.9
Liabilities	171.7	138.8	45.8	215.4	282.8	–322.1	532.4
Investments	5.1	0.4	0.2	0.0	1.1	–	6.8
Depreciation/amortization	3.3	1.1	0.7	1.1	0.9	–	7.1
Average number of employees	104	50	34	349	19	–	556
	Fuel and
	Materials	Consultancy
January-March 2018	Technology	Services	Scandpower	Germany	Other	Elimination	Group
External sales revenue	66.3	17.1	41.8	63.2	8.9	–	197.4
Revenue from segment	0.4	4.1	1.0	0.7	5.8	–12.0	–
Operating profit	10.3	0.0	20.7	–4.8	–4.0	–	22.2
Items affecting comparability	–	–	–	–	–	–	–
Adjusted operating profit	10.3	0.0	20.7	–4.8	–4.0	–	22.2
Assets	243.9	151.3	126.5	230.0	406.9	–248.8	909.7
Liabilities	190.9	112.7	37.1	205.8	301.7	–248.8	599.3
Investments	5.4	0.0	0.0	0.3	1.2	–	6.9
Depreciation/amortization	3.1	0.3	0.2	0.3	0.9	–	4.8
Average number of employees	99	57	34	418	22	–	630
	Fuel and
	Materials	Consultancy
Full year 2018	Technology	Services	Scandpower	Germany	Other	Elimination	Group
External sales revenue	219.5	68.9	129.7	280.0	28.0	–	726.1
Revenue from segment	4.8	9.4	7.5	5.4	20.0	–47.1	–
Operating profit	30.1	–10.7	26.8	−9.3	–3.4	–	33.5
Items affecting comparability	0.7	3.9	–	2.9	–12.2	–	−4.7
Adjusted operating profit	30.8	–6.8	26.8	−6.4	–15.6	–	28.8
Assets	217.6	161.8	145.6	230.2	433.0	–287.6	900.6
Liabilities	183.3	133.6	49.5	210.7	296.3	–287.6	585.8
Investments	23.2	2.4	0.5	0.3	5.7	–	32.1
Depreciation/amortization	12.7	1.1	0.8	1.1	3.7	–	19.4
Average number of employees	98	51	33	417	25	–	624

Financial data per segment cont. - External sales per country

Amounts in SEK million, total operation
	Fuel and
	Materials	Consultancy
January-March 2019	Technology	Services	Scandpower	Germany	Other	Total
Sales from
Germany	–	–	8.2	49.5	–	57.7
Switzerland	–	–	–	1.6	–	1.6
United Kingdom	–	8.0	–	–	–	8.0
USA	–	2.7	10.1	–	–	12.8
Sweden	41.4	3.0	5.7	–	9.3	59.4
France	–	–	–	–	–	–
Japan	0.4	–	–	–	–	0.4
Total	41.8	13.7	24.0	51.1	9.3	139.9
	Fuel and
	Materials	Consultancy
January-March 2018	Technology	Services	Scandpower	Germany	Other	Total
Sales from					–
Germany	–	–	7.1	56.4	–	63.5
Switzerland	–	–	–	7.2	–	7.2
United Kingdom	–	5.7	–	–	–	5.7
USA	–	6.5	31.2	–	–	37.7
Sweden	66.4	3.9	3.5	–	8.9	82.7
France	–	0.6	–	–	–	0.6
Japan	–	–	–	–	–	–
Total	66.4	16.7	41.8	63.6	8.9	197.4
	Fuel and
	Materials	Consultancy
Full yer 2018	Technology	Services	Scandpower	Germany	Other	Total
Sales from
Germany	–	–	21.2	260.0	–	281.2
Switzerland	–	–	–	20.0	–	20.0
United Kingdom	–	26.3	–	–	–	26.3
USA	–	24.7	84.1	–	–	108.8
Sweden	213.6	16.9	24.4	–	28.0	282.9
France	–	1.0	–	–	–	1.0

Japan 5.9 – – – – 5.9 Total 219.5 68.9 129.7 280.0 28.0 726.1

Parent company income statement Amounts in SEK million	January March 2019	January March 2018	Full year 2018
Net sales	3.2	4.0	12.8
Cost of services sold	–	–	–
Gross profit	3.2	4.0	12.8
Other operating income and costs	–7.0	–7.4	–25.5
Operating profit	–3.8	–3.4	–12.7
Result from participations in Group companies	–	–	–58.3
Net financial items	4.6	3.9	3.8
Profit/loss before tax	0.8	0.5	–67.2
Income tax	0.0	0.0	–1.8
NET PROFIT/LOSS FOR THE PERIOD	0.8	0.5	–69.0

Parent company balance sheet

Amounts in SEK million	March	March	December
	2019	2018	2018
ASSETS
Intangible assets	1.0	1.7	1.2
Financial non-current assets	608.0	641.3	599.3
Total non-current assets	609.0	643.0	600.5
Current assets	18.6	10.1	26.3
Cash and cash equivalents	15.9	25.1	21.2
Total current assets	34.5	35.2	47.5
TOTAL ASSETS	643.5	678.2	648.0
EQUITY AND LIABILITIES
Equity	177.5	246.2	176.7
Non-current liabilities	120.6	243.5	42.8
Current liabilities	345.4	188.5	428.5
Total liabilities	466.0	432.0	471.3
TOTAL EQUITY AND LIABILITIES	643.5	678.2	648.0

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 tables below refer to total operations.

The Group's assets and liabilities measured at fair value as at March 31, 2019 (MSEK)	Level 1	Level 2	Level 3
Assets
Financial assets at fair value through profit or loss	–	14.9	14.2
Derivatives used for hedging	–	2.5	–
Liabilities
Derivatives used for hedging	–	3.6	–
The Group's assets and liabilities measured at fair value as at March 31, 2018 (MSEK)	Level 1	Level 2	Level 3
Assets
Financial assets at fair value through profit or loss	–	16.6	13.6
Derivatives used for hedging	–	2.5	–
Liabilities
Derivatives used for hedging	–	2.9	–
Fair value of the Group's borrowings (MSEK)	March 31, 2019		December 31, 2018
Non-current loans	48.0		–
Current loans	102.3		199.9
Total loans	150.3		199.9

Note 2 Effects of IFRS 16 Leases

Amounts in SEK million	December 31,	Adjustments	January 1,
	2018		2019
ASSETS
Intangible assets	190.2		190.2
Property, plant and equipment	124.3	25.0	149.3
Other non-current assets	169.0		169.0
Total non-current assets	483.5	25.0	508.5
Inventories	0.5		0.5
Trade receivables	145.7		145.7
Other current receivables	115.4		115.4
Cash and cash equivalents	155.5		155.5
Total current assets	417.1	0.0	417.1
TOTAL ASSETS	900.6	25.0	925.6
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders	315.8		315.8
Non-controlling interests	0.4		0.4
Total equity	316.2	0.0	316.2
Borrowing	0.0		0.0
Provisions and other non-current liabilities	166.6	15.4	182.0
Total non-current liabilities	166.6	15.4	182.0
Trade and other payables	217.9	9.6	227.5
Borrowing	199.9		199.9
Total current liabilities	417.8	9.6	427.4
TOTAL EQUITY AND LIABILITIES	900.6	25.0	925.6

Reconciliations of key ratios

Return on capital employed Amounts in SEK million	March 2019	March 2018	Full year 2018
Profit/loss after financial items	–23.3	18.6	18.7
Financial costs according to the income statement	5.3	4.1	18.4
Total	–18.0	22.7	37.4
Balance sheet total	900.6	824.9	824.9
Provisions and other long-term liabilities	–166.6	–164.8	–164.8
Trade and other payables	–217.9	–171.8	–171.8
Opening capital employed	516.1	488.3	488.3
Balance sheet total	836.9	909.7	900.6
Provisions and other long-term liabilities	–173.7	–168.8	−166.6
Trade and other payables	–208.4	–230.4	−217.9
Closing capital employed	454.8	510.5	516.1
Average capital employed	485.5	499.4	502.2
Return on capital employed	–3.7	4.5	7.4

Return on equity Amounts in SEK million	March 2019	March 2018	Full year 2018
Net profit/loss for the year	–23.1	12.7	8.7
Total	–23.1	12.7	8.7
Opening equity	316.2	288.4	288.4
Closing equity	304.5	310.3	316.2
Return on equity	–7.6	4.3	2.9

Net debt Amounts in SEK million	March 2019	March 2018	Full year 2018
Current borrowing	102.3	–	199.9
Non-current borrowing	48.0	200.2	–
Total liabilities	150.3	200.2	199.9
Cash and cash equivalents	73.4	121.1	155.5
Net debt	76.9	79.1	44.4

Definitions of key figures and ratios

Some key figures and ratios used by company management and analysts to assess the Group's development have not been prepared in accordance with IFRS (International Financial Reporting Standards). The company management considers that these key figures and ratios make it easier for investors to analyze the Group's development.

Equity

The total of non-restricted and restricted equity at the end of the year. Average equity capital has been calculated as opening balance plus closing balance of equity capital, divided by two.

Equity per share

Equity divided by the number of shares at the end of the period.

Free cash flow

Cash flow from operating activities (after change in operating profit) minus cash flow from investing activities.

Sales revenue per employee

Sales revenue divided by average number of employees. For quarterly reports net sales are estimated on a full year basis.

Investments

Total of the acquisition of business/subsidairies and acquisition of intangible assest and property, plant and equipment.

Average number of employees

Average number of employees at the end of each month.

Net debt

Total long-term and short-term borrowing less cash and cash equivalents.

Net debt-equity ratio

Interest-bearing net debt divided by equity including non-controlling interests.

Earnings per share

Profit for the year divided by the average number of shares. The average number of shares has been calculated as a weighted average of all shares in issue for the year.

Return on equity

Profit for the year as a percentage of average equity.

Return on capital employed

Profit/loss after financial items with financial expenses, fair value losses and foreign exchange losses added back, as a percentage of average capital employed. For the comparison year, capital employed has been adjusted by estimated values for operations held for sale, and only calculated on the closing balance.

Interest coverage ratio

Profit after financial income divided by the financial expenses.

Operating margin

Operating result after amortization as a percentage of net sales.

Equity/assets ratio

Equity including non-controlling interests as a percentage of the balance sheet total.

Capital employed

Balance sheet total less non-interest-bearing liabilities. Average capital employed has been calculated as opening balance plus closing balance of capital employed, divided by two.

Profit margin

Profit before tax as a percentage of net sales.

Major shareholders, March 31, 2019
	Number of shares	Share, %
The Karinen Family	1,769,552	21.5
Briban Invest AB	1,285,492	15.6
Peter Gyllenhammar AB	966,230	11.8
The Girell Family	399,148	4.9
Credit Agricole Suisse SA	363,879	4.4
Avanza Pensionsförsäkring AB	347,416	4.2
Nordnet Pensionsförsäkring AB	255,912	3.1
Malte Edenius	250,000	3.0
Leif Lundin	199,000	2.4
Invus Investment AB	191,594	2.3
Total ten largest shareholders - holdings	6,028,223	73.3
Other shareholders	2,190,388	26.7
Total	8,218,611	100.0

The Studsvik share

Facts about Studsvik

Studsvik offers a range of advanced technical services to the global nuclear power industry. Studsvik's business focus areas are fuel and materials technology, reactor analysis software and consultancy services within waste treatment technology, decommissioning, NORM and solutions for final disposal. The company has 70 years nuclear technology and radiological service experience. Studsvik has 600 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).

Studsvik AB (publ) SE-611 82 Nyköping Telephone +46 155 22 10 00 www.studsvik.com