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Studsvik Interim / Quarterly Report 2021
3208_10-q_2021-04-29_974f3ef1-d7df-4600-a305-ce9518663c56.pdf
Interim / Quarterly Report
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FIRST QUARTER – 2021
- Sales in the first quarter increased in local currencies by 10 per cent and amounted to SEK 162.8 (152.9) million.
- The operating profit was SEK 8.0 (3.5) million and the operating margin 4.9 (2.3) per cent.
- The free cash flow was SEK 9.9 (24.1) million.
| Quarter | Full year | |||
|---|---|---|---|---|
| Q1 2021 | Q1 2020 | 2020 | ||
| Sales. SEK million | 162.8 | 152.9 | 721.9 | |
| Operating profit, SEK million | 8.0 | 3.5 | 46.0 | |
| Operating margin, % | 4.9 | 2.3 | 6.4 | |
| Profit after tax, SEK million | 2.3 | –0.5 | 35.2 | |
| Free cash flow, SEK million | 9.9 | 24.1 | 64.9 | |
| Net debt, SEK million | 17.5 | 56.0 | 24.8 | |
| Net debt/equity ratio, % | 5.3 | 17.4 | 7.9 | |
| Profit per share after tax, SEK | 0.28 | –0.06 | 4.28 | |
| Equity per share, SEK | 39.97 | 39.25 | 38.13 |
THE GROUP
SALES
Sales in the first quarter in local currencies were 10 per cent higher than the previous year and amounted to SEK 162.8 (152.9) million. The increased sales are mainly due to improved demand in Decommissioning and Radiation Protection Services and good capacity utilization in Fuel and Materials Technology.
PROFIT
Operating profit for the first quarter was SEK 8.0 (3.5) million and the operating margin improved to 4.9 (2.3) per cent. The improvement is mainly attributable to Decommissioning and Radiation Protection Services. A planned maintenance outage at the Studsvik site reduced earnings by SEK 5 million. Net financial income was SEK –1.0 (0.5) million and profit after tax increased to SEK 2.3 (–0.5) million.
CASH FLOW AND FINANCING
The free cash flow was SEK 9.9 (24.1) million. Cash and cash equivalents at the end of the quarter amounted to SEK 83.1 (68.0) million and the unutilized portion of the overdraft facility was SEK 45.4 (24.0) million.
INVESTMENTS
Capital expenditure investments increased to SEK 9.9 (4.9) million. The investments for the quarter are primarily related to investments in Fuel and Materials Technology.
FINANCIAL POSITION AND LIQUIDITY
The interest-bearing net debt has is SEK 17.5 (56.0) million. The net debt/equity ratio at the close of the quarter was 5.3 (17.4) per cent. The equity-assets ratio was 42.5 (40.0) per cent.
PERSONNEL
TThe average number of employees decreased to 508 (529). The decrease primarily relates to Waste Management Technology
Operating profit
MSEK
Free cash flow
BUSINESS AREAS
DECOMMISSIONING AND RADIATION PROTECTION SERVICES
Sales in the quarter were SEK 68.8 (59.5) million, which in local currencies meant an increase of 22 per cent.
The operating profit was SEK 6.4 (1.3) million and the operating margin increased to 9.3 (2.2) per cent. The improved performance is due to good demand from both German and Swiss customers. In the German market it is mainly decommissioning projects that drive growth.
FUEL- AND MATERIALS TECHNOLOGY
Sales in the first quarter increased to SEK 55.3 (47.1) million. In local currencies this was an increase of 17 per cent. The growth is mainly attributable to good capacity utilization. Operating profit for the quarter amounted to SEK 2.6 (3.2) million. During the quarter a planned maintenance operation was carried out, which reduced earnings by SEK 5 million. The operating margin in the quarter was 4.7 (6.8) per cent.
The order book amounts to about SEK 1 billion. Deliveries will take place in stages during the period 2021–2027 with the majority in 2021-2025. Deliveries to Elekta will be resumed in the second half of this year.
SCANDPOWER
Sales in the quarter decreased to SEK 26.1 (29.7) million. In local currencies this meant that sales decreased by 7 per cent. Development in the American domestic market was positive, even though software sales were somewhat lower than the previous year. New markets, for example in Eastern Europe and the Middle East, are being addressed.
The operating profit deteriorated to SEK 2.2 (3.4) million and the operating margin to 8.4 (11.4 ) per cent.
A new Business Area President, Robert Whittle, took up his position in mid-April.
WASTE MANAGEMENT TECHNOLOGY
Sales in the quarter decreased to SEK 8.0 (12.4) million. During the quarter license negotiations continued with some major customers in Europe and North America. It is mainly the inDRUM technology that can generate license business this year. Operating profit was SEK –1.6 (–1.9) million.
The agreement with UK Nuclear Waste Management (LLWR) expires at the end of June and the partnership will then be discontinued. The profit share for the partnership was SEK 0.0 (1.4) million for the quarter.
-5
3,4
Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21
0 2 4 6 8 10 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 OPERATING PROFIT MSEK 0,5 8,3 7,3 6,4 1,3
11,1
4,4
2,2
OPERATING PROFIT
OPERATING PROFIT MSEK
PARENT COMPANY
Operations in the parent company consist of coordination of the Group. Sales in the quarter were SEK 2.6 (3.2) million. The operating profit for the first quarter amounted to SEK –3.1 (–2.7) million.
Profit after financial items was SEK 6.1 (10.6) million. Net financial income includes revaluation of intra-group loans of SEK 8.1 (12.2) million. Cash and cash equivalents including current investments amounted to SEK 0.0 (0.0) million and interest-bearing liabilities to SEK 98.6 (124.0) million.
RISKS AND UNCERTAINTIES
An overall analysis of the Group's risks and how they are dealt with is given in the Annual Report, which is available on the company's website. .
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 2020, with the exception of new standards and revisions of standards and interpretations to be applied to the financial year starting on January 1, 2021 and that were not already applied when preparing the 2020 Annual Report.
This report has not been reviewed by the company's auditors.
Nyköping, April 29, 2021
Camilla Hoflund President/CEO
Time Schedule for Financial Information
Annual General Meeting June 23, 2021
Interim report January-June 2021 July 21, 2021
Interim report January-September 2021 October 21, 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 2:00 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 and the Securities Markets Act. The information was released for public disclosure, through the agency of the contact persons above, on April 29, 2021, at 12:30.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 |
| Net sales | 162.8 | 152.9 | 721.9 |
| Cost of services sold | –125.8 | –116.4 | –526.9 |
| Gross profit | 37.0 | 36.5 | 195.0 |
| Selling and marketing expenses | –8.8 | –10.5 | –56.1 |
| Administrative expenses | –19.6 | –21.0 | –89.2 |
| Research and development costs | –2.0 | –2.3 | –8.3 |
| Share in earnings from associated companies | 0.3 | 1.4 | 3.4 |
| Other operating income | 2.0 | 2.3 | 5.4 |
| Other operating expenses | –0.9 | –2.9 | –4.2 |
| Operating profit | 8.0 | 3.5 | 46.0 |
| Financial income | 0.2 | 1.7 | 1.3 |
| Financial expenses | –1.2 | –1.2 | –6.0 |
| Profit/loss before tax | 7.0 | 4.0 | 41.3 |
| Income tax | –4.7 | –4.5 | –6.1 |
| NET PROFIT/LOSS FOR THE PERIOD | 2.3 | –0.5 | 35.2 |
| Other comprehensive income | |||
| Items that may later be reversed in the income statement | |||
| Translation differences on foreign subsidiaries | 12.7 | 20.4 | –24.6 |
| Cash flow hedging | – | –0.1 | 0.1 |
| Income tax on items recognized in other comprehensive income | – | 0.0 | 0.0 |
| Other comprehensive income for the period. net after tax | 12.7 | 20.3 | –24.5 |
| Total profit/loss and other comprehensive income for the period | 15.0 | 19.8 | 10.7 |
| Income for the period attributable to | |||
| Parent company's shareholders | 2.3 | –0.5 | 35.2 |
| Non-controlling interests | – | – | – |
| Total comprehensive income attributable to | |||
| Parent company's shareholders | 14.9 | 19.8 | 10.8 |
| Non-controlling interests | 0.1 | 0.0 | –0.1 |
| Earnings per share calculated on income attributable to the parent compa ny's shareholders during the period. SEK |
0.28 | –0.06 | 4.28 |
| Earnings per share (There is no dilution effect) | 0.28 | –0.06 | 4.28 |
GROUP STATEMENT OF FINANCIAL POSITION
| Amounts in SEK million | March 31, 2021 | March 31, 2020 | December 31, 2020 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 190.6 | 208.4 | 184.5 |
| Property, plant and equipment | 138.2 | 142.8 | 134.6 |
| Other non-current assets | 166.8 | 186.9 | 162.0 |
| Total non-current assets | 495.6 | 538.1 | 481.1 |
| Inventories | 2.1 | 2.1 | 2.1 |
| Trade receivables | 105.6 | 114.8 | 116.9 |
| Other current receivables | 86.9 | 83.4 | 85.2 |
| Cash and cash equivalents | 83.1 | 68.0 | 75.2 |
| Total current assets | 277.7 | 268.3 | 279.4 |
| TOTAL ASSETS | 773.3 | 806.4 | 760.5 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company's shareholders | 328.1 | 322.2 | 313.1 |
| Non-controlling interests | 0.4 | 0.4 | 0.3 |
| Total equity | 328.5 | 322.6 | 313.4 |
| Borrowing | 44.0 | 46.0 | 44.5 |
| Provisions and other non-current liabilities | 132.5 | 155.6 | 137.1 |
| Total non-current liabilities | 176.5 | 201.6 | 181.6 |
| Trade and other payables | 211.7 | 204.2 | 210.0 |
| Borrowing | 56.6 | 78.0 | 55.5 |
| Total current liabilities | 268.3 | 282.2 | 265.5 |
| TOTAL EQUITY AND LIABILITIES | 773.3 | 806.4 | 760.5 |
CHANGES IN EQUITY
| Amounts in SEK million | Share capital |
Other contributed capital |
Reserves | Retained earnings |
Equity attribu table to the parent company's shareholders |
Non-control ling interest |
Total equity |
|---|---|---|---|---|---|---|---|
| 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 |
| Changes April 1 – December 31, 2020 | |||||||
| Comprehensive income for the period | – | – | –44.9 | 35.7 | –9.1 | –0.1 | –9.2 |
| Equity at December 31, 2020 | 8.2 | 225.3 | 13.8 | 65.8 | 313.1 | 0.3 | 313.4 |
| Changes January 1 – March 31, 2021 | |||||||
| Comprehensive income for the period | – | – | 12.7 | 2.3 | 15.0 | 0.1 | 15.1 |
| Equity at March 31, 2021 | 8.2 | 225.3 | 26.5 | 68.1 | 328.1 | 0.4 | 328.5 |
GROUP STATEMENT OF CASH FLOW
| Quarter | Full year | |||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 | |
| Cash flow from operating activities | ||||
| Operating profit | 8.0 | 3.5 | 46.0 | |
| Adjustment for non-cash items | 2.7 | 3.4 | 24.6 | |
| Financial items, net | –1.2 | –1.1 | –5.1 | |
| Income tax paid | –2.1 | –2.5 | –7.6 | |
| Cash flow from operating activities before change in working capital | 7.4 | 3.3 | 57.9 | |
| Change in working capital | 15.1 | 21.1 | 25.7 | |
| Cash flow from operating activities | 22.5 | 24.4 | 83.6 | |
| Investing activities | ||||
| Acquisition of property, plant and equipment | –9.9 | –4.9 | –23.0 | |
| Disposal of non-current assets | 0.1 | – | – | |
| Dividend from associated companies | – | 4.6 | 12.9 | |
| Other cash flow from investing activities | –2.8 | – | –8.6 | |
| Cash flow from investment activities | –12.6 | –0.3 | –18.7 | |
| Free cash flow | 9.9 | 24.1 | 64.9 | |
| Financing activities | ||||
| Change in borrowing | –0.3 | 0.5 | –26.9 | |
| Cash flow from financing activities | –0.3 | 0.5 | –26.9 | |
| Changes in cash and cash equivalents | 9.6 | 24.6 | 38.0 | |
| Cash and cash equivalents at the beginning of the period | 75.2 | 40.2 | 40.2 | |
| Translation difference | –1.7 | 3.2 | –3.0 | |
| Cash and cash equivalents at the end of the period | 83.1 | 68.0 | 75.2 |
FINANCIAL RATIOS FOR THE GROUP
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 |
| Margins | |||
| Operating margin, % | 4.9 | 2.3 | 6.4 |
| Profit margin, % | 4.3 | 2.6 | 5.7 |
| Return on investment | |||
| Return on capital employed, % | 11.6 | 5.2 | 11.3 |
| Return on equity, % | 11.9 | –1.8 | 11.4 |
| Capital structure | |||
| Capital employed | 429.1 | 446.6 | 413.4 |
| Equity | 328.5 | 322.6 | 313.4 |
| Net debt | 17.5 | 56.0 | 24.8 |
| Net debt/equity ratio, % | 5.3 | 17.4 | 7.9 |
| Equity/assets ratio, % | 42.5 | 40.0 | 41.2 |
| Employees | |||
| Average number of employees | 508 | 529 | 516 |
| Net sales per employee | 1.3 | 1.2 | 1.4 |
Data per share
| Quarter | Full year | ||
|---|---|---|---|
| Q1 2021 | Q1 2020 | 2020 | |
| Number of shares at the end of the period Average number of shares |
8,218,611 8,218,611 |
8,218,611 8,218,611 |
8,218,611 8,218,611 |
| Earnings per share before and after dilution Profit/loss for the period | 0.28 | –0.06 | 4.28 |
| Equity per share, SEK | 39.97 | 39.25 | 38.13 |
NET SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | |||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 | |
| Sweden | 28.3 | 27.0 | 110.8 | |
| Europe | 113.7 | 100.7 | 461.9 | |
| North America | 8.5 | 22.2 | 89.1 | |
| Asia | 12.3 | 3.0 | 60.1 | |
| Other | – | – | – | |
| Total | 162.8 | 152.9 | 721.9 |
QUARTERLY REVIEW
| 2019 | 2020 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Net sales | 139.9 | 160.3 | 151.2 | 202.6 | 152.9 | 167.8 | 187.7 | 213.5 | 162.8 | |||
| Operating expenses | –158.5 | –168.4 | –155.3 | –182.2 | –149.4 | –158.2 | –164.6 | –203.7 | –154.8 | |||
| Operating profit | –18.6 | –8.1 | –4.1 | 20.4 | 3.5 | 9.6 | 23.1 | 9.8 | 8.0 | |||
| Financial items, net | –4.7 | –1.1 | –0.2 | –6.4 | 0.5 | –1.8 | –1.3 | –2.1 | –1.0 | |||
| Profit/loss after financial items | –23.3 | –9.2 | –4.3 | 14.0 | 4.0 | 7.8 | 21.8 | 7.7 | 7.0 |
FINANCIAL DATA PER SEGMENT
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 |
| DECOMMISSIONING & RADIATION PROTECTION SERVICES | |||
| External sales revenue | 68.8 | 59.5 | 293.2 |
| Operating profit | 6.4 | 1.3 | 17.4 |
| Assets | 228.9 | 239.5 | 217.4 |
| Liabilities | 197.9 | 221.5 | 191.3 |
| Investments | 1.5 | 0.1 | 1.8 |
| Average number of employees | 321 | 330 | 329 |
| FUEL- AND MATERIALS TECHNOLOGY | |||
| External sales revenue | 55.3 | 47.1 | 224.3 |
| Operating profit | 2.6 | 3.2 | 34.0 |
| Assets | 180.2 | 188.6 | 194.2 |
| Liabilities | 148.7 | 161.1 | 158.7 |
| Investments | 6.4 | 2.7 | 15.4 |
| Average number of employees | 115 | 109 | 111 |
| SCANDPOWER | |||
| External sales revenue | 26.1 | 29.7 | 125.6 |
| Operating profit | 2.2 | 3.4 | 17.2 |
| Assets | 165.3 | 171.8 | 161.9 |
| Liabilities | 52.9 | 60.4 | 54.5 |
| Investments | 0.1 | 0.1 | 0.7 |
| Average number of employees | 36 | 34 | 36 |
| WASTE MANAGEMENT TECHNOLOGY | |||
| External sales revenue | 8.0 | 12.4 | 65.3 |
| Operating profit | –1.6 | –1.9 | –1.5 |
| Assets | 139.9 | 160.5 | 129.5 |
| Liabilities | 132.7 | 146.6 | 120.1 |
| Investments | 0.2 | 1.8 | 3.6 |
| Average number of employees | 17 | 37 | 22 |
| OTHER | |||
| External sales revenue | 10.5 | 11.1 | 39.8 |
| Operating profit | –1.6 | –2.5 | –21.1 |
| Assets | 370.7 | 410.7 | 354.4 |
| Liabilities | 224.3 | 258.9 | 219.4 |
| Investments | 1.7 | 0.2 | 1.5 |
| Average number of employees | 19 | 19 | 18 |
| ELIMINATION | |||
| External sales revenue | –5.9 | –6.9 | –26.3 |
| Operating profit | – | – | – |
| Assets | –311.7 | –364.7 | –296.9 |
| Liabilities | –311.7 | –364.7 | –296.9 |
| Investments | – | – | – |
| Average number of employees | – | – | – |
| GROUP | |||
| External sales revenue | 162.8 | 152.9 | 721.9 |
| Operating profit | 8.0 | 3.5 | 46.0 |
| Assets | 773.3 | 806.4 | 760.5 |
| Liabilities | 444.8 | 483.8 | 447.1 |
| Investments | 9.9 | 4.9 | 23.0 |
| Average number of employees | 508 | 529 | 516 |
DATA PER SEGMENT CONT. – SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 |
| DECOMMISSIONING AND RADIATION PROTECTION SERVICES | |||
| Sweden | – | – | – |
| Europe | 68.8 | 59.3 | 293.2 |
| North America | – | – | – |
| Asia | – | – | – |
| Other | – | – | – |
| Total | 68.8 | 59.3 | 293.2 |
| FUEL- AND MATERIALS TECHNOLOGY | |||
| Sweden | 14.7 | 12.5 | 61.9 |
| Europe | 27.8 | 26.0 | 110.8 |
| North America | 2.2 | 7.3 | 17.3 |
| Asia | 10.3 | 0.8 | 32.1 |
| Other | – | – | – |
| Total | 55.0 | 46.6 | 222.1 |
| SCANDPOWER | |||
| Sweden | 2.0 | 2.6 | 6.7 |
| Europe | 14.5 | 10.5 | 35.9 |
| North America | 5.4 | 13.3 | 65.6 |
| Asia | 1.6 | 0.9 | 7.4 |
| Other | – | – | – |
| Total | 23.5 | 27.3 | 115.6 |
| WASTE MANAGEMENT TECHNOLOGY | |||
| Sweden | 4.1 | 4.3 | 15.4 |
| Europe | 2.6 | 4.9 | 22.0 |
| North America | 0.9 | 1.6 | 6.2 |
| Asia | 0.4 | 1.3 | 20.6 |
| Other | – | – | – |
| Total | 8.0 | 12.1 | 64.2 |
| OTHER | |||
| Sweden | 7.5 | 7.6 | 26.8 |
| Europe | – | – | – |
| North America | – | – | – |
| Asia | – | – | – |
| Other | – | – | – |
| Total | 7.5 | 7.6 | 26.8 |
| THE GROUP | |||
| Sweden | 28.3 | 27.0 | 110.8 |
| Europe | 113.7 | 100.7 | 461.9 |
| North America | 8.5 | 22.2 | 89.1 |
| Asia | 12.3 | 3.0 | 60.1 |
| Other | – | – | – |
| Total | 162.8 | 152.9 | 721.9 |
PARENT COMPANY INCOME STATEMENT
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2021 | Q1 2020 | 2020 |
| Net sales | 2.6 | 3.2 | 11.1 |
| Cost of services sold | – | – | – |
| Gross profit | 2.6 | 3.2 | 11.1 |
| Other operating income and costs | –5.7 | –5.9 | –32.3 |
| Operating profit | –3.1 | –2.7 | –21.2 |
| Result from participations in Group companies | – | – | 168.3 |
| Net financial items | 9.2 | 13.3 | –10.1 |
| Profit/loss before tax | 6.1 | 10.6 | 137.0 |
| Income tax | –1.2 | –2.0 | 0.5 |
| NET PROFIT/LOSS FOR THE PERIOD | 4.9 | 8.6 | 137.5 |
PARENT COMPANY BALANCE SHEET
| Amounts in SEK million | March 31, 2021 |
March 31, 2020 |
December 31, 2020 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 0.0 | 0.3 | 0.0 |
| Financial non-current assets | 548.0 | 580.6 | 541.5 |
| Total non-current assets | 548.0 | 580.9 | 541.5 |
| Current assets | 170.7 | 9.4 | 170.2 |
| Cash and cash equivalents | – | – | – |
| Total current assets | 170.7 | 9.4 | 170.2 |
| TOTAL ASSETS | 718.7 | 590.3 | 711.7 |
| EQUITY AND LIABILITIES | |||
| Equity | 254.0 | 120.3 | 249.2 |
| Non-current liabilities | 118.1 | 133.5 | 117.6 |
| Current liabilities | 346.6 | 336.5 | 344.9 |
| Total liabilities | 464.7 | 470.0 | 462.5 |
| TOTAL EQUITY AND LIABILITIES | 718.7 | 590.3 | 711.7 |
RECONCILIATIONS OF KEY RATIOS
Return on capital employed
| Amounts in SEK million | March 2021 | March 2020 | Full year 2020 |
|---|---|---|---|
| Profit/loss after financial items | 7.0 | 4.0 | 41.3 |
| Financial costs according to the income statement | 1.2 | 1.2 | 6.0 |
| Total | 8.2 | 5.2 | 47.3 |
| Balance sheet total | 806.4 | 808.2 | 808.2 |
| Provisions and other long-term liabilities | –155.6 | –155.9 | –155.9 |
| Trade and other payables | –204.2 | –226.4 | –226.4 |
| Opening capital employed | 446.6 | 425.9 | 425.9 |
| Balance sheet total | 773.3 | 806.4 | 760.5 |
| Provisions and other long-term liabilities | –132.5 | –155.6 | –137.1 |
| Trade and other payables | –211.7 | –204.2 | –210.0 |
| Closing capital employed | 429.1 | 446.6 | 413.4 |
| Average capital employed | 433.5 | 427.7 | 419.7 |
| Return on capital employed | 11.6 | 5.2 | 11.3 |
Return on equity
| Amounts in SEK million | March 2021 | March 2020 | Full year 2020 |
|---|---|---|---|
| Net profit/loss for the year | 2.3 | –0.5 | 35.2 |
| Total | 2.3 | –0.5 | 35.2 |
| Opening equity | 322.6 | 302.8 | 302.8 |
| Closing equity | 328.5 | 322.6 | 313.4 |
| Return on equity | 11.9 | –1.8 | 11.4 |
Net debt
| Amounts in SEK million | March 31, 2021 |
March 31, 2020 |
December 31, 2020 |
|---|---|---|---|
| Current borrowing | 56.6 | 78.0 | 55.5 |
| Non-current borrowing | 44.0 | 46.0 | 44.5 |
| Total liabilities | 100.6 | 124.0 | 100.0 |
| Cash and cash equivalents | 83.1 | 68.0 | 75.2 |
| Net debt | 17.5 | 56.0 | 24.8 |
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 has been calculated as an average of the four last quarters.
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 businesses/subsidiaries and acquisition of intangible assets 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/loss 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/loss for the period for the last four quarters as a percentage of average equity.
Return on capital employed
Profit/loss for the period after financial items, with financial expenses,fair value losses and foreign exchange losses added back, for the four last quarters as a percentage of average capital employed.
Operating margin
Operating profit 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 an average of the four last quarters.
Profit margin
Profit before tax as a percentage of net sales.
MAJOR SHAREHOLDERS, MARCH 31, 2021
| Number of shares | Share, % | |
|---|---|---|
| Karinen Family | 1,769,552 | 21.5% |
| Briban Invest AB | 1,343,362 | 16.4% |
| Peter Gyllenhammar AB | 1,200,000 | 14.6% |
| Avanza Pensionsförsäkring AB | 482,120 | 5.9% |
| Girell Family | 365,000 | 4.4% |
| Caceis Bank, Switzerland Branch | 363,879 | 4.4% |
| Malte Edenius | 247,000 | 3.0% |
| Leif Lundin | 205,000 | 2.5% |
| Nordnet Pensionsförsäkring AB | 132,457 | 1.6% |
| Per Lindstedt | 96,440 | 1.2% |
| Total 10 largest shareholders | 6,204,810 | 75.5% |
| Other shareholders | 2,013,801 | 24.5% |
| Total amount shares | 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, decontamination and radiation protection as well as technical platforms for handling, conditioning and volume reduction of radioactive waste. The company has more than 70 years' experience of nuclear technology and radiological services. Studsvik has 510 employees in 7 countries and the company's shares are listed on Nasdaq Stockholm.
Studsvik AB (publ) • 611 82 Nyköping • Tel +46 155-22 10 00 • www.studsvik.se