Studsvik — Interim / Quarterly Report 2020

Feb 12, 2021

INTERIM REPORT Fourth quarter

2020

Studsvik's Interim Report Fourth Quarter 2020

• Sales in the fourth quarter increased by 8 per cent in local currency and amounted to SEK 213.5 (202.6) million.
• Operating profit was SEK 9.8 (20.4) million.
• The free cash flow improved to SEK 39.7 (7.2) million.
• The Board of Directors proposes a dividend of SEK 1 per share.
• The Annual General Meeting is postponed to June 23, 2021, to increase the chances of physical attendance.

	October December	October December	Full year	Full year
	2020	2019	2020	2019
Sales. SEK million	213.5	202.6	721.9	654.0
Operating profit. SEK million	9.8	20.4	46.0	–10.4
Profit after tax. SEK million	8.8	11.7	35.2	–28.0
Free cash flow. SEK million	39.7	7.2	64.9	–38.8
Net debt. SEK million	24.8	82.9	24.8	82.9
Net debt/equity ratio. %	7.9	27.4	7.9	27.4
Profit per share after tax. SEK	1.07	1.42	4.28	–3.41
Equity per share. SEK	38.13	36.84	38.13	36.84

Sales

Sales in the quarter in local currencies were 8 per cent higher than the previous year and amounted to SEK 213.5 (202.6) million. For the full year, sales increased in local currencies by 11 per cent to SEK 721.9 (654.0) million. The higher sales for the quarter are mainly attributable to Decommissioning and Radiation Protection Services and Waste Management Technology, while the sales increase compared to the previous year is mainly related to Decommissioning and Radiation Protection Services (German operations) and Fuel and Materials Technology.

Profit

Operating profit for the quarter amounted to SEK 9.8 (20.4) million and SEK 46.0 (–10.4) million for the full year. The full year profit was reduced by effects of the corona pandemic of SEK 8 million and last year by restructuring costs of SEK 14.8 million. Excluding these items, operating profit improved between the years by SEK 50 million. The improvement refers to all business areas. The operating margin, excluding effects in Germany due to the corona pandemic and the previous year's restructuring costs in Waste Management Technology, improved for the full year to 7.5 (0.7) per cent.

Net financial income in the quarter was SEK –2.1 (–6.4) million and SEK –4.7 (–12.4) million for the full year. Profit/loss after tax decreased to SEK 8.8 (11.7) million for the quarter and increased to SEK 35.2 (–28.0) million for the full year.

Cash flow and financing

The free cash flow amounted to SEK 39.7 (7.2) million for the quarter and SEK 64.9 (–38.8) million for the full year. The Group's cash and cash equivalents at the year-end amounted to SEK 75.2 million and the unutilized portion of the overdraft facility was SEK 46.5 million.

Fuel- and Materials Technology

Sales in the fourth quarter increased and amounted to SEK 71.3 (65.2) million. For the full year sales increased to SEK 224.3 (200.1) million. In local currencies this was an increase of 10 and 12 per cent respectively. During the quarter, a contract was signed with the Russian customer TVEL for about SEK 100 million for delivery in 2021 and 2022. In January 2021, a contract was signed with the Institute for Energy Technology (IFE) worth SEK 134 million.

Operating profit for the quarter amounted to SEK 15.6 (7.0) million and SEK 34.0 (25.3) million for the full year. The year's earnings improvement is mainly due to high and even capacity utilization and increased business with China and Russia. The operating margin for the quarter increased to 21.9 (10.7) per cent and for the full year to 15.2 (12.6) per cent.

Waste Management Technology

Sales increased to SEK 27.8 (14.7) million for the quarter and to SEK 65,3 (56,8) million for the full year. In local currencies this was an increase of 98 and 17 per cent respectively. Operating profit for the quarter amounted to SEK –4.5 (–3.8) million and SEK –1.5 (–33.6) million for the full year.

Items affecting comparability of SEK 0.0 (0.0) million are included in earnings for the quarter and of SEK 0.0 (–14.0) million in earnings for the year. The operating margin for the quarter improved to –16.2 (–25.9) per cent. Adjusted for the previous year's items affecting comparability, the operating margin for the full year improved to –2.3 (–34.5) per cent.

Scandpower

Sales decreased during the quarter to SEK 33.9 (61.2) million and to SEK 125.6 (130.1) million for the full year. In local currencies this meant that sales decreased by 41 per cent and for the full year by 2 per cent. Sales growth has been more stable than in the previous year, as several major contracts came in the last quarter. Demand for Scandpower's products and engineering services continues to be good and there is still great interest from China .

The operating profit for the quarter deteriorated to SEK 4.4 (17.2) million but increased for the year to SEK 17.2 (13.0) million. The operating margin decreased in the quarter to 13.0 (28.1) per cent but increased for the full year to 13.7 (10.0) per cent.

Decommissioning and Radiation Protection Services

Sales during the quarter were SEK 76.4 (61.7) million and increased during the year to SEK 293.2 (263.0) million. In local currencies this means an increase of 28 per cent for the quarter and 13 per cent for the year. Demand has been good.

Operating profit for the quarter amounted to SEK 7.3 (4.6) million and SEK 17.4 (–1.0) million for the full year. The improved performance during the year is mainly due to renegotiated customer contracts, a more favorable sales mix and improved capacity utilization. The corona pandemic has not entailed any negative consequences in the quarter, but for the full year the negative effect is SEK 8 million. The operating margin in the quarter increased slightly to 9.6 (7.5) per cent. Excluding the effects of the corona pandemic, the margin for the full year improved to 8.7 (–0.4) per cent.

Investments

Investments decreased to SEK 7.5 (9.4) million in the quarter and were SEK 23.0 (32.7) million for the year. The year's investments are mainly related to current investments and the production line for medical isotopes.

Financial position and liquidity

Net interest-bearing debt has decreased to SEK 24.8 million (82.9). The net debt/equity ratio at the close of the year was 7.9 (27.4) per cent. The equity-assets ratio was 41.2 per cent (37.5).

Personnel

The average number of employees decreased to 516 (552). The decrease is primarily attributable to the German and British operations.

Parent company

Operations in the parent company consist of coordination of the Group. Parent company sales in the quarter were SEK 0.6 (3.6) million and SEK 11.1 (13.9) million for the year. Operating profit for the quarter was SEK –14.0 (–5.7) million and SEK –21.2 (–15.2) million for the year.

Profit after financial items was SEK 143.2 (–35.9) million for the quarter and SEK 137.0 (–64.7) million for the year. The profit includes an intra-group dividend of SEK 140 million. Net financial income includes revaluation of intra-group loans of SEK –12.0 (–6.1) million for the quarter and SEK –14.2 (6.8) million for the full year. Cash and cash equivalents including current investments amounted to SEK 0,0 (0,0) million and interest-bearing liabilities to SEK 100.0 (123.1) 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. Apart from these risks, no further significant risks are deemed to have arisen.

Dividend

The Board of Directors proposes a dividend of SEK 1 per share, equivalent to 23 % of profit per share.

Studsvik's Interim Report Fourth Quarter 2020

Annual general meeting

The Annual General Meeting is postponed to June 23, 2021, to increase the chances of physical attendance.

Effects of the corona pandemic

Business in the fourth quarter was not appreciably affected by the corona pandemic, but altogether during the year the Group's profit was negatively affected by SEK 8 million. There are continued risks for 2021 related to the corona pandemic. Customers may decide to postpone some business and new temporary staff cuts may be necessary at some facilities in Germany and the facilities in Studsvik. The Executive Group Management is following developments and is prepared to take 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.

Guarantees for future waste management costs

There is still no notification concerning the appeal to the Land and Environment Courts.

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

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

Time Schedule for Financial Information

Interim report January-March 2021 April 29, 2021 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 February 12 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 February 12, 2021, at 12:30.

The interim report provides a fair review of the Group's and the Parent Company's operations, financial position and performance and describes significant risks and uncertainties faced by the Parent Company and the companies that are part of the Group. No significant events have occurred after the balance sheet date.

Stockholm, February 12, 2021

Anders Ullberg Anna Karinen Jan Barchan Chair Deputy chair Member

Member Member

Jitka Zakova Per Ekberg Member Member Employee representative Employee representative

Peter Gossas Agneta Nestenborg

Camilla Hoflund President/CEO

Consolidated statement of profit or loss and other comprehensive income

Amounts in SEK million	October December	October December	Full year	Full year
	2020	2019	2020	2019
Net sales	213.5	202.6	721.9	654.0
Cost of services sold*	–148.9	–138.8	–526.9	–496.9
Gross profit	64.6	63.8	195.0	157.1
Selling and marketing expenses	–28.6	–14.6	–56.1	–51.1
Administrative expenses	–28.6	–28.6	–89.2	–102.0
Research and development costs	–2.4	–3.1	–8.3	–8.8
Share in earnings from associated companies	–0.6	3.9	3.4	9.5
Other operating income	0.1	–0.1	5.4	4.8
Other operating expenses	5.3	–0.9	–4.2	–19.9
Operating profit	9.8	20.4	46.0	–10.4
Financial income	–1.3	6.5	1.3	9.6
Financial expenses	–0.8	–12.9	–6.0	–22.0
Profit/loss before tax	7.7	14.0	41.3	–22.8
Income tax	1.1	–2.3	–6.1	–5.2
NET PROFIT/LOSS FOR THE PERIOD	8.8	11.7	35.2	–28.0
Other comprehensive income
Items that may later be reversed in the income statement
Translation differences on foreign subsidiaries	–20.3	–9.6	–24.6	13.3
Cash flow hedging	0.1	0.0	0.1	1.6
Income tax on items recognized in other comprehensive income	0.0	0.0	0.0	–0.3
Other comprehensive income for the period. net after tax	–20.2	–9.6	–24.5	14.6
Total profit/loss and other comprehensive income for the	–11.4	2.1	10.7	–13.4
period
Income for the period attributable to
Parent company's shareholders	8.8	11.7	35.2	–28.0
Non-controlling interests	–	–	–	–
Total comprehensive income attributable to
Parent company's shareholders	–11.3	2.1	10.8	–13.4
Non-controlling interests	–0.1	0.0	–0.1	0.0
Earnings per share calculated on income attributable to
the parent company's shareholders during the period. SEK	1.07	1.42	4.28	–3.41
Earnings per share (There is no dilution effect)	1.07	1.42	4.28	–3.41

Group statement of financial position

Amounts in SEK million	December	December
	2020	2019
ASSETS
Intangible assets	184.5	193.1
Property, plant and equipment	134.6	147.4
Other non-current assets	162.0	183.5
Total non-current assets	481.1	524.0
Inventories	2.1	1.2
Trade receivables	116.9	160.0
Other current receivables	85.2	82.8
Cash and cash equivalents	75.2	40.2
Total current assets	279.4	284.2
TOTAL ASSETS	760.5	808.2
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders	313.1	302.4
Non-controlling interests	0.3	0.4
Total equity	313.4	302.8
Borrowing	44.5	46.5
Provisions and other non-current liabilities	137.1	155.9
Total non-current liabilities	181.6	202.4
Trade and other payables	210.0	226.4
Borrowing	55.5	76.6
Total current liabilities	265.5	303.0
TOTAL EQUITY AND LIABILITIES	760.5	808.2

Changes in equity

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
Equity at December 31, 2018	8.2	225.3	23.8	58.5	315.8	0.4	316.2
Changes January 1 – September 30, 2019
Comprehensive income for the period	–	–	24.1	–39.7	–15.6	0.0	–15.6
Equity at September 30, 2018	8.2	225.3	47.9	18.9	300.2	0.4	300.6
Changes October 1 – December 31, 2019
Comprehensive income for the period	–	–	–9.5	11.7	2.2	0.0	2.2
Equity at December 31, 2019	8.2	225.3	38.4	30.6	302.4	0.4	302.8
Changes January 1 – September 30, 2020
Comprehensive income for the period	–	–	–4.3	26.4	22.1	0.0	22.1
Equity at September 30, 2020	8.2	225.3	34.1	57.0	324.5	0.4	324.9
Changes October 1 – December 31, 2020
Comprehensive income for the period	–	–	–20.3	17.2	–11.4	–0.1	–11.5
Equity at December 31, 2020	8.2	225.3	13.8	74.2	313.1	0.3	313.4

Group statement of cash flow

Amounts in SEK million	October December	October December	Fyll year	Full year
	2020	2019	2020	2019
Cash flow from operating activities
Operating profit	9.8	20.4	46.0	–10.4
Adjustment for non-cash items	9.2	7.1	24.6	0.9
Financial items, net	–1.9	–4.4	–5.1	–9.2
Income tax paid	–2.1	–1.2	–7.6	–9.7
Cash flow from operating activities before change in working capital	15.0	21.9	57.9	–28.4
Change in working capital	41.4	–5.3	25.7	14.9
Cash flow from operating activities	56.4	16.6	83.6	–13.5
Investing activities
Acquisition of property, plant and equipment	–7.5	–9.4	–23.0	–32.7
Disposal of non-current assets	–	–	–	0.1
Dividend from associated companies	–0.6	–	12.9	7.3
Other cash flow from investing activities	–8.6	–	–8.6	–
Cash flow from investment activities	–16.7	–9.4	–18.7	–25.3
Free cash flow	39.7	7.2	64.9	–38.8
Financing activities
Change in borrowing	–31.8	0.9	–26.9	–81.0
Cash flow from financing activities	–31.8	0.9	–26.9	–81.0
Changes in cash and cash equivalents	7.9	8.1	38.0	–119.8
Cash and cash equivalents at the beginning of the period	70.0	36.9	40.2	155.5
Translation difference	–2.7	–4.8	–3.0	4.5
Cash and cash equivalents at the end of the period	75.2	40.2	75.2	40.2

Financial ratios for the Group

Amounts in SEK million	December	December
	2020	2019
Margins
Operating margin, %	6.4	–1.6
Profit margin, %	5.7	–3.5
Return on investment
Return on capital employed, %	11.3	–0.2
Return on equity, %	11.4	–9.0
Capital structure
Capital employed	413.4	425.9
Equity	313.4	302.8
Net debt	24.8	82.9
Net debt/equity ratio, %	7.9	27.4
Equity/assets ratio, %	41.2	37.5
Employees
Average number of employees	516	552
Net sales per employee	1.4	1.2

Data per share	October December	October December	Full year	Full year
	2020	2019	2020	2019
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 for the period	1.07	1.42	4.28	–3.41
Equity per share, SEK	38.13	36.84	38.13	36.84

Net sales per geographical area

Amounts in SEK million	October	October	Full year	Full year
	December	December
	2020	2019	2020	2019
Sweden	32.9	30.7	110.8	113.7
Europe	132.1	113.4	461.9	417.7
North America	20.9	44.9	89.1	86.9
Asia	27.8	13.6	60.1	35.7
Other	–0.3	–	–	–
Total	213.5	202.6	721.9	654.0

Quarterly review

Amounts in SEK million	2018				2019				2020
Continuing operations	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Net sales	197.4	174.0	167.2	187.6	139.9	160.3	151.2	202.6	152.9	167.8	187.7	213.5
Operating expenses	–175.2	–172.0	−157.7	−187.9	–158.5	–168.4	–155.3	–182.2	–149.4	–158.2	–164.6	–203.7
Operating profit	22.2	2.0	9.5	−0.3	–18.6	–8.1	–4.1	20.4	3.5	9.6	23.1	9.8
Financial items, net	–3.6	–4.4	−3.4	−3.5	–4.7	–1.1	–0.2	–6.4	0.5	–1.8	–1.3	–2.1
Profit/loss after financial items	18.6	–2.4	6.1	−3.8	–23.3	–9.2	–4.3	14.0	4.0	7.8	21.8	7.7

Financial data per segment

Amounts in SEK million	Fuel- and Materials	Waste Management Technology	Scandpower	Decommissioning & Radiation Protection Services	Other	Elimination	Group
October - December 2020	Technology
External sales revenue	70.7	27.6	31.4	76.4	7.4	–	213.5
Revenue from segment	0.6	0.2	2.5	–	1.9	–5.2	–
Operating profit	15.6	–4.5	4.4	7.3	–13.0	–	9.8
Items affecting comparability	–	–	–	–	-	–	–
Adjusted operating profit	15.6	–4.5	4.4	7.3	–13.0	–	9.8
Assets	194.2	129.5	161.9	217.4	354.4	–296.9	760.5
Liabilities	158.7	120.1	54.5	191.3	219.4	–296.9	447.1
Investments	6.6	–0.2	–	0.5	0.6	–	7.5
Depreciation/amortization	3.8	0.5	0.9	1.0	1.3	–	7.5
Average number of employees	111	24	35	329	18	–	517
	Fuel- and	Waste		Decommissioning &
	Materials	Management	Scandpower	Radiation Protection	Other	Elimination	Group
October - December 2019	Technology	Technology		Services
External sales revenue	63.8	13.9	57.0	60.1	7.8	–	202.6
Revenue from segment	1.4	0.8	4.2	1.6	8.6	–16.6	–
Operating profit	7.0	–3.8	17.2	4.6	–4.6	–	20.4
Items affecting comparability	–	–	–	–	–	–	–
Adjusted operating profit	7.0	–3.8	17.2	4.6	–4.6	–	20.4
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	5.3	1.5	1.0	1.3	0.3	–	9.4
Depreciation/amortization	3.0	0.7	1.1	1.1	1.4	–	7.3
Average number of employees	104	47	35	350	18	–	554
	Fuel- and	Waste		Decommissioning &
	Materials	Management	Scandpower	Radiation Protection	Other	Elimination	Group
Full year 2020	Technology	Technology		Services
External sales revenue	222.1	64.2	115.6	293.2	26.8	–	721.9
Revenue from segment	2.2	1.1	10.0	–	13.0	–26.3	–
Operating profit	34.0	–1.5	17.2	17.4	–21.1	–	46.0
Items affecting comparability	–	–	–	–	–	–	–
Adjusted operating profit	34.0	–1.5	17.2	17.4	-21.1	–	46.0
Assets	194.2	129.5	161.9	217.4	354.4	–296.9	760.5
Liabilities	158.7	120.1	54.5	191.3	219.4	–296.9	447.1
Investments	15.4	3.6	0.7	1.8	1.5	–	23.0
Depreciation/amortization	13.0	2.3	3.6	4.0	5.8	–	28.7
Average number of employees	111	22	36	329	18	–	516
	Fuel- and	Waste
	Materials	Management	Scandpower	Decommissioning &	Other	Elimination	Group
Full year 2019	Technology	Technology		Radiation Protection Services
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. Amounts in SEK million

	Fuel- and	Waste		Decommissioning
	Materials	Management	Scandpower	& Radiation Pro	Other	Total
October - December 2020	Technology	Technology		tection Services
Sales from
Germany	–	–	7.2	69.0	–	76.2
Switzerland	–	–	–	7.4	–	7.4
United Kingdom	–	1.0	–	–	–	1.0
USA	–	22.1	19.4	–	–	41.5
Sweden	70.7	4.5	3.9	–	7.4	86.5
Japan	–	–	–	–	–	–
China	–	–	0.9	–	–	0.9
Total	70.7	27.6	31.4	76.4	7.4	213.5
	Fuel- and	Waste		Decommissioning
	Materials	Management	Scandpower	& RadiationPro	Other	Total
October - December 2019	Technology	Technology		tection Services
Sales from					–
Germany	–	–	8.9	57.3	–	66.2
Switzerland	–	–	–	2.8	–	2.8
United Kingdom	–	2.7	–	–	–	2.7
USA	–	5.6	34.5	–	–	40.1
Sweden	61.4	5.6	8.3	–	7.8	83.1
Japan	2.4	–	–	–	–	2.4
China	–	–	5.3	–	–	5.3
Total	63.8	13.9	57.0	60.1	7.8	202.6
	Fuel- and	Waste		Decommissioning
	Materials	Management	Scandpower	& Radiation Pro	Other	Total
Full year 2020	Technology	Technology		tection Services
Sales from
Germany	–	–	21.7	255.5	–	277.2
Switzerland	–	–	–	37.7	–	37.7
United Kingdom	–	5.2	–	–	–	5.2
USA	–	42.5	70.3	–	–	112.8
Sweden	215.7	16.5	18.0	–	26.8	277.0
Japan	6.4	–	–	–	–	6.4
China	–	–	5.6	–	–	5.6
Total	222.1	64.2	115.6	293.2	26.8	721.9

	Fuel- and	Waste		Decommissioning
	Materials	Management	Scandpower & Radiation Pro		Other	Total
Full year 2019	Technology	Technology		tection Services
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
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	October	October	Full year	Full year
	December	December
Amounts in SEK million	2020	2019	2020	2019
Net sales	0.6	3.6	11.1	13.9
Cost of services sold	–	–	–	–
Gross profit	0.6	3.6	11.1	13.9
Other operating income and costs	–14.6	–9.3	–32.3	–29.1
Operating profit	–14.0	–5.7	–21.2	–15.2
Result from participations in Group companies	168.3	–15.3	168.3	–48.4
Net financial items	–11.1	–14.9	–10.1	–1.1
Profit/loss before tax	143.2	–35.9	137.0	–64.7
Income tax	–0.9	0.2	0.5	–0.4
NET PROFIT/LOSS FOR THE PERIOD	142.3	–35.7	137.5	–65.1

Parent company balance sheet

Amounts in SEK million	December	December
	2020	2019
ASSETS
Intangible assets	–	0.5
Financial non-current assets	541.5	554.6
Total non-current assets	541.5	555.1
Current assets	170.2	13.3
Cash and cash equivalents	–	–
Total current assets	170.2	13.3
TOTAL ASSETS	711.7	568.4
EQUITY AND LIABILITIES
Equity	249.2	111.6
Non-current liabilities	117.6	130.2
Current liabilities	344.9	326.6
Total liabilities	462.5	456.8
TOTAL EQUITY AND LIABILITIES	711.7	568.4

Reconciliations of key ratios

Return on capital employed Amounts in SEK million	Full year 2020	Full year 2019
Profit/loss after financial items	41.3	–22.8
Financial costs according to the income statement	6.0	22.0
Total	47.3	–0.8
Balance sheet total	808.2	900.6
Provisions and other long-term liabilities	–155.9	–166.6
Trade and other payables	–226.4	–217.9
Opening capital employed	425.9	516.1
Balance sheet total	760.5	808.2
Provisions and other long-term liabilities	–137.1	–155.9
Trade and other payables	–210.0	–226.4
Closing capital employed	413.4	425.9
Average capital employed	419.7	471.0
Return on capital employed	11.3	–0.2

Return on equity	Fyll year	Full year
Amounts in SEK million	2020	2019
Net profit/loss for the year	35.2	–28.0
Total	35.2	–28.0
Opening equity	302.8	316.2
Closing equity	313.4	302.8
Return on equity	11.4	–9.0

Net debt	Full year	Full year
Amounts in SEK million	2020	2019
Current borrowing	55.5	76.6
Non-current borrowing	44.5	46.5
Total liabilities	100.0	123.1
Cash and cash equivalents	75.2	40.2
Net debt	24.8	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 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, December 31, 2020
	Number of shares	Share, %
The Karinen Family	1,769,552	21.5
Briban Invest AB	1,343,362	16.4
Peter Gyllenhammar AB	1,027,000	12.5
Avanza Pensionsförsäkring	514,811	6.3
The Girell Family	380,800	4.6
Caceis Bank, Switzerland Branch	363,879	4.4
Malte Edenius	250,000	3.0
Leif Lundin	205,000	2.5
Nordnet Pensionsförsäkring AB	178,264	2.2
Pål Jarness	76,090	0.9
Total ten largest shareholders - holdings	6,108,758	74.3
Other shareholders	2,109,853	25.7
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 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 515 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