Studsvik — Interim / Quarterly Report 2020

Apr 29, 2020

INTERIM REPORT first quarter

2020

• Sales in the first quarter increased in local currencies by 7 per cent and amounted to SEK 152.9 (139.9) million.
• Operating profit for the quarter amounted to SEK 3.5 (–18.6) million.
• The free cash flow during the quarter was SEK 24.1 (–33.0) million.

	January March 2020	January March 2019	Full year 2019
Sales. SEK million	152.9	139.9	654.0
Operating profit. SEK million	3.5	–18.6	–10.4
Profit after tax. SEK million	–0.5	–23.1	–28.0
Free cash flow. SEK million	24.1	–33.0	–38.8
Net debt. SEK million	56.0	76.9	82.9
Net debt/equity ratio. %	17.4	25.2	27.4
Profit per share after tax. SEK	–0.06	–2.81	–3.41
Equity per share. SEK	39.25	37.05	36.84

Sales

Sales in the quarter in local currencies were 7 per cent higher than the previous year and amounted to SEK 152.9 (139.9) million.

Market activity continues to be good. All business areas, apart from Waste Management Technology, have higher sales figures than last year.

Profit

Operating profit improved to SEK 3.5 million (–18.6). The improved performance is mainly attributable to the development in the German operations, but all business areas report improved earnings.

The operating margin for the quarter was 2.3 (–13.3) per cent.

Net financial income for the quarter was SEK 0.5 (–4.7) million. Profit/loss after tax improved to SEK –0.5 (–23.1) million.

Cash flow and financing

The free cash flow was SEK 24.1 (–33.0) million. Cash and cash equivalents including the unutilized portion of the overdraft facility amounted to SEK 92.0 million as compared to previous year SEK 73.4 million.

Fuel and Materials Technology

Sales increased to SEK 47.1 (42.4) million. In local currencies this was an increase of 11 per cent.

Operating profit improved to SEK 3.2 (0.3) million. The operating margin was 6.8 (0.7) per cent. The improved performance is due to increased sales and lower costs.

Waste Management Technology

Sales decreased to SEK 12.4 (16.3) million. In local currencies this means a decrease of 26 per cent. The reduced sales are due to the extensive restructuring of operations that was implemented in 2019. Operating profit in the quarter improved to SEK –1.9 (–5.5) million, which is mainly a consequence of discontinuing unprofitable operations.

The operating margin in the quarter was –15.3 (–33.7) per cent.

Scandpower

Sales increased to SEK 29.7 (24.3) million. In local currencies this was an increase of 18 per cent. During the quarter, several contracts were concluded for software and sales of consultancy services.

Operating profit improved to SEK 3.4 (1.0) million. The operating margin was 11.4 (4.1) per cent.

Germany

Sales increased to SEK 59.5 (52.2) million. This means an increase in local currencies of 11 per cent.

Operating profit improved to SEK 1.3 (–11.9) million. Capacity utilization in the quarter was good, but was weakened somewhat towards the end of March, due to the effects of the new coronavirus. In addition, earnings were positively impacted by increased prices to customers and an improved sales mix.

The operating margin was 2.2 (–22.8) per cent.

Investments

Capital expenditure investments amounted to SEK 4.9 (6.8) million. The investments are mainly related to core operations in Fuel and Materials Technology.

Financial position and liquidity

Net interest-bearing debt has decreased to SEK 56.0 million (76.9). The net debt/equity ratio at the close of the quarter was 17.4 (25.2) per cent.

Personnel

The average number of employees decreased to 529 (556). The decrease is primarily attributable to the German and British operations.

Parent company

Operations in the parent company consist of coordination of the Group. Sales in the quarter were SEK 3.2 (3.2) million. Operating profit was SEK –2.7 (–3.8) million.

Profit after financial items was SEK 10.6 (0.8) million. Net financial income includes revaluation of intra-group loans of SEK 12.2 (6.5) million. Cash and cash equivalents including current investments amounted to SEK 0.0 (15.9) million and interestbearing liabilities to SEK 124.0 (150.3) million.

Events after the balance sheet date

Norwegian authorities have announced their intention to enter into a contract with Studsvik for transport and treatment of nuclear fuel from the JEEP I- reactor in Kjeller. The order value is estimated to be about NOK 150 million and the services will be supplied over a 13-year period. A contract is expected to be signed in the third quarter.

In mid-April, the Land and Environment Court of Appeal handed down its decision not to grant leave to appeal regarding guarantees for future waste management costs. Studsvik intends to submit new facts that have emerged to the Land and Environment Court to induce the court to review its decision.

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, there are additional risks referring to the new coronavirus.

Effects of the coronavirus

In March, the Group's earnings were negatively impacted by about SEK 3 million. There are more risks related to the coronavirus for the second quarter. Customers may wish to postpone business, there may be continued temporary staff reductions in some customers' facilities in Germany and sickness in operations that cannot be conducted remotely.

The Executive Group Management is following developments closely and is prepared to take further measures as necessary to reduce the negative effects on operations. The company acts in compliance with decisions and recommendations issued by governments and authorities in the respective markets, with the health and safety of employees as its highest priority.

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 2019, with the exception of new standards and revisions of standards and interpretations to be applied to the financial year starting on January 1, 2020 and that were not already applied when preparing the 2019 Annual Report.

Stockholm, April 29, 2020 Camilla Hoflund President/CEO

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

Time Schedule for Financial Information

Interim report January-June 2020 July 21, 2020 Interim report January-September 2020 October 23, 2020 Year-End Report 2019 February 2021

For further information, please contact

Claes Engvall, Chief Financial Officer, tel +46 72 231 04 58 or Camilla Hoflund, President and Chief Executive Officer, tel +46 155 22 10 66.

The interim report will be presented at a conference call to be held in English, on April 29 at 1.00 pm. Further information for those interested in participating is available at www.studsvik.com.

This information is information that Studsvik AB is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact persons above, on April 29, 2020, at 11.00 am.

Amounts in SEK million	January March 2020	January March 2019	Full year
			2019
Net sales	152.9	139.9	654.0
Cost of services sold	–116.4	–119.4	–496.9
Gross profit	36.5	20.5	157.1
Selling and marketing expenses	–10.5	–12.0	–51.1
Administrative expenses	–21.0	–25.4	–102.0
Research and development costs	–2.3	–1.7	–8.8
Share in earnings from associated companies	1.4	1.8	9.5
Other operating income	2.3	1.7	4.8
Other operating expenses	–2.9	–3.5	–19.9
Operating profit	3.5	–18.6	–10.4
Financial income	1.7	0.6	9.6
Financial expenses	–1.2	–5.3	–22.0
Profit/loss before tax	4.0	–23.3	–22.8
Income tax	–4.5	0.2	–5.2
NET PROFIT/LOSS FOR THE PERIOD	–0.5	–23.1	–28.0
Other comprehensive income
Items that may later be reversed in the income statement
Translation differences on foreign subsidiaries	20.4	11.2	13.3
Cash flow hedging	–0.1	0.3	1.6
Income tax on items recognized in other comprehensive income	0.0	–0.1	–0.3
Other comprehensive income for the period. net after tax	20.3	11.4	14.6
Total profit/loss and other comprehensive income for the period	19.8	–11.7	–13.4
Income for the period attributable to
Parent company's shareholders	–0.5	–23.1	–28.0
Non-controlling interests	–	–	–
Total comprehensive income attributable to
Parent company's shareholders	19.8	–11.7	–13.4
Non-controlling interests	–	–	0.0
Earnings per share calculated on income attributable to
the parent company's shareholders during the period. SEK	–0.06	–2.81	–3.41
Earnings per share (There is no dilution effect)	–0.06	–2.81	–3.41

Group statement of financial position

Amounts in SEK million	March 2020	March 2019	December 2019
ASSETS
Intangible assets	208.4	196.0	193.1
Property, plant and equipment	142.8	149.8	147.4
Other non-current assets	186.9	172.1	183.5
Total non-current assets	538.1	517.9	524.0
Inventories	2.1	1.1	1.2
Trade receivables	114.8	120.3	160.0
Other current receivables	83.4	124.2	82.8
Cash and cash equivalents	68.0	73.4	40.2
Total current assets	268.3	319.0	284.2
TOTAL ASSETS	806.4	836.9	808.2
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders	322.2	304.1	302.4
Non-controlling interests	0.4	0.4	0.4
Total equity	322.6	304.5	302.8
Borrowing	46.0	48.0	46.5
Provisions and other non-current liabilities	155.6	173.7	155.9
Total non-current liabilities	201.6	221.7	202.4
Trade and other payables	204.2	208.4	226.4
Borrowing	78.0	102.3	76.6
Total current liabilities	282.2	310.7	303.0
TOTAL EQUITY AND LIABILITIES	806.4	836.9	808.2

Changes in equity

Amounts in SEK million

Amounts in SEK million					Equity attributable
		Other			to the parent	Non
	Share	contributed		Retained	company's	controlling
	capital	capital	Reserves	earnings	shareholders	interest	Total equity
Equity at December 31, 2018	8.2	225.3	23.8	58.5	315.8	0.4	316.2
Changes January 1 – March 30, 2019	–	–	11.4	–23.1	–11.7	0.0	–11.7
Comprehensive income for the period
Equity at March 31, 2019	8.2	225.3	35.2	35.4	304.1	0.4	304.5
Changes April 1 – December 31, 2019	–	–	3.2	–4.8	–1.7	0.0	–1.7
Comprehensive income for the period
Equity at December 31, 2019	8.2	225.3	38.4	30.6	302.4	0.4	302.8
Changes January 1 – March 31, 2020 Comprehensive income for the period	–	–	20.3	–0.5	19.8	0.0	19.8
Equity at March 31, 2020	8.2	225.3	58.7	30.1	322.2	0.4	322.6

Group statement of cash flow

Amounts in SEK million	January March 2020	Januray March 2019	Full year 2019
Cash flow from operating activities
Operating profit	3.5	–18.6	–10.4
Adjustment for non-cash items	3.4	–2.5	0.9
Financial items, net	–1.1	–4.5	–9.2
Income tax paid	–2.5	–4.0	–9.7
Cash flow from operating activities before change in working capital	3.3	–29.6	–28.4
Change in working capital	21.1	0.5	14.9
Cash flow from operating activities	24.4	–29.1	–13.5
Investing activities
Acquisition of property, plant and equipment	–4.9	–6.8	–32.7
Disposal of non-current assets	–	–	0.1
Dividend from associated companies	4.6	2.9	7.3
Other cash flow from investing activities	–	–	–
Cash flow from investment activities	–0.3	–3.9	–25.3
Free cash flow	24.1	–33.0	–38.8
Financing activities
Change in borrowing	0.5	–53.0	–81.0
Cash flow from financing activities	0.5	–53.0	–81.0
Changes in cash and cash equivalents	24.6	–86.0	–119.8
Cash and cash equivalents at the beginning of the period	40.2	155.5	155.5
Translation difference	3.2	3.9	4.5
Cash and cash equivalents at the end of the period	68.0	73.s4	40.2

Financial ratios for the Group

Amounts in SEK million
------------------------	--	--	--	--

Amounts in SEK million	March	March	December
	2020	2019	2019
Margins
Operating margin, %	2.3	–13.3	–1.6
Profit margin, %	2.6	–16.7	–3.5
Return on investment
Return on capital employed, %	1.2	–3.7	–0.2
Return on equity, %	–0.2	–7.4	–9.0
Capital structure
Capital employed	446.6	454.8	425.9
Equity	322.6	304.5	302.8
Net debt	56.0	76.9	82.9
Net debt/equity ratio, %	17.4	25.2	27.4
Equity/assets ratio, %	40.0	36.4	37.5
Employees
Average number of employees	529	556	552
Net sales per employee	1.2	1.0	1.2

Data per share	January	January	Full year
	March 2020	March 2019	2019
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	–0.06	–2.81	–3.41
Equity per share, SEK	39.25	37.05	36.84

Net sales per geographical area

Amounts in SEK million	January	January	Full year
	March	March
	2020	2019	2019
Sweden	27.0	26.4	113.7
Europe	100.7	89.6	417.7
North America	22.2	14.3	86.9
Asia	3.0	9.6	35.7
Other	–	–	–
Total	152.9	139.9	654.0

Quarterly review

Amounts in SEK million	2018				2019				2020
Continuing operations	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
Net sales	197.4	174.0	167.2	187.6	139.9	160.3	151.2	202.6	152.9
Operating expenses	–175.2	–172.0	−157.7	−187.9	–158.5	–168.4	–155.3	–182.2	–149.4
Operating profit	22.2	2.0	9.5	−0.3	–18.6	–8.1	–4.1	20.4	3.5
Financial items, net	–3.6	–4.4	−3.4	−3.5	–4.7	–1.1	–0.2	–6.4	0.5
Profit/loss after financial items	18.6	–2.4	6.1	−3.8	–23.3	–9.2	–4.3	14.0	4.0

Financial data per segment

Amounts in SEK million January - March 2020	Fuel- and Materials Technology	Waste Management Technology	Scandpower	Germany	Other	Elimination	Group
External sales revenue	46.6	12.1	27.3	59.3	7.6	–	152.9
Revenue from segment	0.5	0.3	2.4	0.2	3.5	–6.9	–
Operating profit	3.2	–1.9	3.4	1.3	–2.5	–	3.5
Items affecting comparability	–	–	–	–	–	–	–
Adjusted operating profit	3.2	–1.9	3.4	1.3	–2.5	–	3.5
Assets	188.6	160.5	171.8	239.5	410.7	–364.7	806.4
Liabilities	161.1	146.6	60.4	221.5	258.9	–364.7	483.8
Investments	2.7	1.8	0.1	0.1	0.2	–	4.9
Depreciation/amortization	2.8	0.7	0.9	1.0	1.6	–	7.0
Average number of employees	109	37	34	330	19	–	529
	Fuel- and	Waste
	Materials	Management
January - March 2019	Technology	Technology	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	Waste
	Materials	Management
Full year 2019	Technology	Technology	Scandpower	Germany	Other	Elimination	Group
External sales revenue	196.8	49.7	118.5	258.5	30.5	–	654.0
Revenue from segment	3.3	7.1	11.6	4.5	20.4	–46.9	–
Operating profit	25.3	–33.,6	13.0	–1.0	–14.1	–	–10.4
Items affecting comparability	–	14.0	–	–	0.8	–	14.8
Adjusted operating profit	25.3	–19.6	13.0	–1.0	–13.3	–	4.4
Assets	206.4	157.7	170.4	222.0	381.7	–330.0	808.2
Liabilities	168.6	141.5	67.1	205.6	252.6	–330.0	505.4
Investments	22.9	4.2	1.3	1.7	2.6	–	32.7
Depreciation/amortization	12.9	3.8	3.5	4.4	4.4	–	29.0
Average number of employees	104	46	35	349	18	–	552

Financial data per segment cont. - External sales per country Amounts in SEK million

	Fuel- and	Waste
	Materials	Management
January - March 2020	Technology	Technology	Scandpower	Germany	Other	Total
Sales from
Germany	–	–	7.8	53.7	–	61.5
Switzerland	–	–	–	5.6	–	5.6
United Kingdom	–	2.5	–	–	–	2.5
USA	–	5.3	14.2	–	–	19.5
Sweden	46.6	4.3	5.3	–	7.6	63.8
France	–	–	–	–	–	–
Japan	–	–	–	–	–	–
China	–	–	–	–	–	–
Total	46.6	12.1	27.3	59.3	7.6	152.9
	Fuel- and	Waste
	Materials	Management
January - March 2019	Technology	Technology	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
China	–	–	–	–	–	–
Total	41.8	13.7	24.0	51.1	9.3	139.9
	Fuel- and	Waste
	Materials	Management
Full year 2019	Technology	Technology	Scandpower	Germany	Other	Total
Sales from
Germany	–	–	24.3	237.6	–	261.9
Switzerland	–	–	–	20.9	–	20.9
United Kingdom	–	16.9	–	–	–	16.9
USA	–	16.5	66.6	–	–	83.1
Sweden	188.3	16.3	22.3	–	30.5	257.4
France	–	–	–	–	–	–
Japan	8.5	–	–	–	–	8.5
China	–	–	5.3	–	–	5.3
Total	196.8	49.7	118.5	258.5	30.5	654.0

Parent company income statement	January March	January March	Full year
Amounts in SEK million	2020	2019	2019
Net sales	3.2	3.2	13.9
Cost of services sold	–	–	–
Gross profit	3.2	3.2	13.9
Other operating income and costs	–5.9	–7.0	–29.1
Operating profit	–2.7	–3.8	–15.2
Result from participations in Group companies	–	–	–48.4
Net financial items	13.3	4.6	–1.1
Profit/loss before tax	10.6	0.8	–64.7
Income tax	–2.0	–	–0.4
NET PROFIT/LOSS FOR THE PERIOD	8.6	0.8	–65.1

Parent company balance sheet

Amounts in SEK million	March	March	December
	2020	2019	2019
ASSETS
Intangible assets	0.3	1.0	0.5
Financial non-current assets	580.6	608.0	554.6
Total non-current assets	580.9	609.0	555.1
Current assets	9.4	18.6	13.3
Cash and cash equivalents	–	15.9	0.0
Total current assets	9.4	34.5	13.3
TOTAL ASSETS	590.3	643.5	568.4
EQUITY AND LIABILITIES
Equity	120.3	177.5	111.6
Non-current liabilities	133.5	120.6	130.2
Current liabilities	336.5	345.4	326.6
Total liabilities	470.0	466.0	456.8
TOTAL EQUITY AND LIABILITIES	590.3	643.5	568.4

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 tables below refer to total operations.

The Group's assets and liabilities measured at fair value as at March 31, 2020 (MSEK)	Level 1	Level 2	Level 3
Assets
Financial assets at fair value through profit or loss		18.5	15.6
Derivatives used for hedging		0.0
Liabilities
Derivatives used for hedging		0.2
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
Fair value of the Group's borrowings (MSEK)	December 31, 2019		December 31, 2098
Non-current loans	46.0		46.5
Current loans	78.0		76.6
Total loans	124.0		123.1

Reconciliations of key ratios

Return on capital employed Amounts in SEK million	March 2020	March 2019	Full year 2019
Profit/loss after financial items	4.0	–23.3	–22.8
Financial costs according to the income statement	1.2	5.3	22.0
Total	5.2	–18.0	–0.8
Balance sheet total	808.2	900.6	900.6
Provisions and other long-term liabilities	–155.9	–166.6	–166.6
Trade and other payables	–226.4	–217.9	–217.9
Opening capital employed	425.9	516.1	516.1
Balance sheet total	806.4	836.9	808.2
Provisions and other long-term liabilities	–155.6	–173.7	–155.9
Trade and other payables	–204.2	–208.4	–226.4
Closing capital employed	446.6	454.8	425.9
Average capital employed	436.3	485.5	471.0
Return on capital employed	1.2	–3.7	–0.2

Return on equity	March	March	Full year
Amounts in SEK million	2020	2019	2019
Net profit/loss for the year	–0.5	–23.1	–28.0
Total	–0.5	–23.1	–28.0
Opening equity	302.8	316.2	316.2
Closing equity	322.6	304.5	302.8
Return on equity	–0.2	–7.4	–9.0

Net debt Amounts in SEK million	March 2020	March 2019	Full year 2019
Current borrowing	78.0	102.3	76.6
Non-current borrowing	46.0	48.0	46.5
Total liabilities	124.0	150.3	123.1
Cash and cash equivalents	68.0	73.4	40.2
Net debt	56.0	76.9	82.9

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, 2020
	Number of shares	Share, %
The Karinen Family	1,769,552	21.5 %
Briban Invest AB	1,285,492	15.6 %
Peter Gyllenhammar AB	988,210	12.0 %
Avanza Pensionsförsäkring AB	612,880	7.6 %
The Girell Family	403,800	4.9 %
Caceis Bank, Switzerland Branch	363,879	4.4 %
Malte Edenius	250,000	3.0 %
Nordnet Pensionsförsäkring AB	216,348	2.7 %
Leif Lundin	201,000	2.4 %
SIX SIS AB	128,113	1.6 %
Total ten largest shareholders - holdings	6,219,274	75.7 %
Other shareholders	1,999,337	24.3 %
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 technical platforms for handling, conditioning and volume reduction of radioactive waste. The company has over 70 years nuclear technology and radiological service experience. Studsvik has 530 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