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Studsvik Interim / Quarterly Report 2022
3208_10-q_2022-04-26_b85a8491-4f08-4a7a-8f86-03d9bb5fe738.pdf
Interim / Quarterly Report
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FIRST QUARTER – 2022
- Sales in the first quarter increased by 13 per cent in local currencies, to SEK 187.8 (162.8) million, with an operating profit of SEK 7.0 (8.9) million and an operating margin of 3.7 (4.9) per cent.
- In Decommissioning and Radiation Protection Services the pandemic and an altered mix of services had an adverse impact on earnings, compared with the first quarter last year.
- Fuel and Materials Technology reported a strong start to the year. At the end of the quarter, business with the Russian customer TVEL was put on hold.
| Quarter | Full year | ||
|---|---|---|---|
| Q1 2022 | Q1 2021 | 2021 | |
| Sales, SEK million | 187.8 | 162.8 | 798.3 |
| Operating profit, SEK million | 7.0 | 8.0 | 85.8 |
| Operating margin, % | 3.7 | 4.9 | 10.7 |
| Profit after tax, SEK million | 0.2 | 2.3 | 63.2 |
| Free cash flow, SEK million | –40.4 | 9.9 | 71.4 |
| Net debt, SEK million | –10.3 | 17.5 | –44.9 |
| Net debt/equity ratio, % | –2.6 | 5.3 | –11.6 |
| Profit per share after tax, SEK | 0.02 | 0.28 | 7.69 |
| Equity per share, SEK | 47.78 | 39.97 | 47.12 |
THE GROUP
SALES
Sales in the first quarter increased to SEK 187.8 (162.8) million. In local currencies this was an increase of 13 per cent.
PROFIT
The operating profit for the first quarter was SEK 7.0 (8.0) million, with an operating margin of 3.7 (4.9) per cent
CASH FLOW
The free cash flow in the first quarter was SEK –40.4 (9.9) million. Negative free cash flow can be explained by increased tied-up in working capital mainly due to build-up of work in progress related to customer projects within Fuel and Materials Technology.
INVESTMENTS
Investments in the first quarter were SEK 10.0 (9.9) million and mainly related to Fuel and Materials Technology.
FINANCIAL POSITION AND LIQUIDITY
Cash and cash equivalents at the end of the quarter amounted to SEK 67.9 (83.1) million and the unutilized portion of the overdraft facility was SEK 87.0 (45.4) million. At the close of the first quarter the Group had a net cash balance of SEK 10.3 million compared with a net debt of SEK 17.5 million in the previous year. The net debt/equity ratio at the close of the quarter was -2.6 (5.3) per cent and the equity-assets ratio was 42.3 (42.5) per cent.
PERSONNEL
The average number of employees at the close of the first quarter was 540 (508). The increase mainly strengthens competencies in expanding service areas in Fuel and Materials Technology.
STUDSVIK'S BUSINESS WITH RUSSIA
The service and product offer is primarily an important part of the work of ensuring sustainable and safe civil nuclear power, even in the most critical international situations, and mainly entails materials testing at Studsvik's facilities. We also manufacture radiation sources that are used to fight cancer around the world. The business with Russian companies is mainly in Fuel and Materials Technology and includes both the above-mentioned areas.
Free cash flow
Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Q1 - 22
BUSINESS AREAS
DECOMMISSIONING AND RADIATION PROTECTION SERVICES
Sales in the first quarter decreased by 11 per cent in local currencies to SEK 63.3 (68.8) million. Operating profit for the quarter deteriorated to SEK –3.9 (6.5) million. The deterioration is mainly due
to higher sickness absence and the fact that the first quarter of 2021 had high revenues from decommissioning projects. In coming quarters refueling and maintenance initiatives will start, and capacity utilization is expected to increase.
FUEL AND MATERIALS TECHNOLOGY
Sales in the first quarter increased by 30 per cent to SEK 83.9 (64.7) million.
The operating profit for the quarter improved to SEK 14.4 (6.5) million and the operating margin to 17.1 (10.1) per cent.
The increased sales are due to a strong order book and increased capacity in the production facilities. A reprioritization in the order book is now being made to meet the situation that arose after business with the Russian company TVEL was put on hold. In the same period of the previous year maintenance work was carried out that restricted capacity in the facility.
SCANDPOWER
Sales in the first quarter increased by 7 per cent in local currencies to SEK 29.4 (26.1) million.
The operating profit for the quarter was SEK 2.0 (2.2) million, which means an operating margin of 6.8 (8.4) per cent.
The business area has strengthened its sales resources and resources for future initiatives, which has impacted the operating profit.
At the end of the quarter a cooperation agreement was signed for AI (artificial intelligence) for optimization of operation and loading of fuel to broaden the range of services offered for boiling water reactors.
WASTE MANAGEMENT TECHNOLOGY
Sales in the first quarter increased to SEK 13.4 (8.0) million with an operating profit of SEK –2.7 (–1.6) million.
The sales growth consists mainly of advisory services on waste treatment, which give lower margins compared with license business and associated engineering services.
A number of commercial discussions are ongoing for conceptual design studies and test programs for our waste technologies.
PARENT COMPANY
Operations in the parent company consist of coordination of the Group. Sales in the first quarter were SEK 3.3 (2.6) million. The operating profit for the first quarter amounted to SEK –2.9 (–3.1) million.
The pre-tax profit was SEK 1.0 (6.1) million. The net financial income includes revaluation of intra-group loans of SEK 3.2 (8.1) million. At the close of the quarter, cash and cash equivalents, including current investments, amounted to SEK 0 (0) million and interest-bearing liabilities to SEK 57.6 (98.6) 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 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. None of the new standards and revisions of standards and interpretations to be applied to the financial year starting on January 1, 2022, and that were not already applied when preparing the 2021 Annual Report have had any material effect on the accounts.
This report has not been reviewed by the company's auditors.
Nyköping April 26, 2022
Camilla Hoflund Chief Executive Officer
Nyköping, April 29, 2021
Camilla Hoflund President/CEO
Time Schedule for Financial Information
Interim Report Quarter 2 2022, July 21
Interim Report Quarter 3 2022, Oct 20
Year-End Report 2022, February 2023
For further information, please contact
Niklas Karlsson, Chief Financial Officer, tel +46 (0)76 002 10 53 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 26 at 2:00 pm CEST. 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 26, 2022, at 12:00 am CEST.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, IN SUMMARY
| Quarter Full year |
||||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2022 | Q1 2021 | 2021 | |
| Net sales | 187.8 | 162.8 | 798.3 | |
| Cost of services sold | –144.1 | –125.8 | –591.2 | |
| Gross profit | 43.7 | 37.0 | 207.1 | |
| Selling and marketing expenses | –8.7 | –8.8 | –34.4 | |
| Administrative expenses | –24.7 | –19.6 | –93.9 | |
| Research and development costs | –2.1 | –2.0 | –9.0 | |
| Impairment loss on trade receivables | 0.0 | 0.0 | 0.0 | |
| Share in earnings from associated companies | 0.0 | 0.3 | 5.9 | |
| Other operating income | 0.6 | 2.0 | 20.5 | |
| Other operating expenses | –1.8 | –0.9 | –10.3 | |
| Operating profit | 7.0 | 8.0 | 85.8 | |
| Financial income | 0.0 | 0.2 | 0.0 | |
| Financial expenses | –3.8 | –1.2 | –8.2 | |
| Profit/loss before tax | 3.2 | 7.0 | 77.6 | |
| Income tax | –3.0 | –4.7 | –14.4 | |
| NET PROFIT/LOSS FOR THE PERIOD | 0.2 | 2.3 | 63.2 | |
| Other comprehensive income | ||||
| Items that may later be reversed in the income statement | ||||
| Translation differences on foreign subsidiaries | 5.2 | 12.7 | 18.9 | |
| Cash flow hedging | – | – | – | |
| Income tax on items recognized in other comprehensive income | – | – | – | |
| Other comprehensive income for the period. net after tax | 5.2 | 12.7 | 18.9 | |
| Total profit/loss and other comprehensive income for the period | 5.4 | 15.0 | 82.1 | |
| Income for the period attributable to | ||||
| Parent company's shareholders | 0.2 | 2.3 | 63.2 | |
| Non-controlling interests | – | – | – | |
| Total comprehensive income attributable to | ||||
| Parent company's shareholders | 5.4 | 14.9 | 82.1 | |
| Non-controlling interests | 0.0 | 0.1 | 0.0 | |
| Earnings per share calculated on income attributable to the parent compa ny's shareholders during the period. SEK |
0.02 | 0.28 | 7.69 | |
| Earnings per share (There is no dilution effect) | 0.02 | 0.28 | 7.69 |
GROUP STATEMENT OF FINANCIAL POSITION, IN SUMMARY
| Amounts in SEK million | March 31, 2022 | March 31, 2021 | December 31, 2021 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 191.9 | 190.6 | 189.8 |
| Property, plant and equipment | 202.6 | 138.2 | 199.3 |
| Other non-current assets | 211.3 | 166.8 | 214.0 |
| Total non-current assets | 605.8 | 495.6 | 603.1 |
| Inventories | 15.3 | 2.1 | 15.9 |
| Trade receivables | 119.8 | 105.6 | 128.9 |
| Other current receivables | 118.5 | 86.9 | 80.2 |
| Cash and cash equivalents | 67.9 | 83.1 | 108.4 |
| Total current assets | 321.5 | 277.7 | 333.4 |
| TOTAL ASSETS | 927.3 | 773.3 | 936.5 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company's shareholders | 392.3 | 328.1 | 386.9 |
| Non-controlling interests | 0.4 | 0.4 | 0.4 |
| Total equity | 392.7 | 328.5 | 387.3 |
| Borrowing | 42.0 | 44.0 | 42.5 |
| Provisions and other non-current liabilities | 222.4 | 132.5 | 228.5 |
| Total non-current liabilities | 264.4 | 176.5 | 271.0 |
| Trade and other payables | 254.6 | 211.7 | 257.2 |
| Borrowing | 15.6 | 56.6 | 21.0 |
| Total current liabilities | 270.2 | 268.3 | 278.2 |
| TOTAL EQUITY AND LIABILITIES | 927.3 | 773.3 | 936.5 |
CHANGES IN EQUITY, IN SUMMARY
| Other | Equity attribu table to the parent |
||||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Share capital |
contributed capital |
Reserves | Retained earnings |
company's shareholders |
Non-control ling interest |
Total equity |
| 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 |
| Changes April 1 – December 31, 2021 | |||||||
| Comprehensive income for the period | – | – | 6.2 | 60.8 | 67.1 | 0.0 | 67.0 |
| Dividend | –8.2 | –8.2 | 0.0 | –8.2 | |||
| Equity at December 31, 2021 | 8.2 | 225.3 | 32.7 | 120.7 | 387.0 | 0.4 | 387.3 |
| Changes January 1 – March 31, 2022 | |||||||
| Comprehensive income for the period | – | – | 5.2 | 0.2 | 5.3 | 0.0 | 5.3 |
| Equity at March 31, 2022 | 8.2 | 225.3 | 37.9 | 120.9 | 392.3 | 0.4 | 392.7 |
GROUP STATEMENT OF CASH FLOW, IN SUMMARY
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2022 | Q1 2021 | 2021 |
| Cash flow from operating activities | |||
| Operating profit | 7.0 | 8.0 | 85.8 |
| Adjustment for non-cash items | –4.2 | 2.7 | 7.7 |
| Financial items, net | –2.2 | –1.2 | –5.3 |
| Income tax paid | –2.6 | –2.1 | –8.3 |
| Cash flow from operating activities before change in working capital |
–2.0 | 7.4 | 79.9 |
| Change in working capital | –28.3 | 15.1 | 33.8 |
| Cash flow from operating activities | –30.3 | 22.5 | 113.7 |
| Investing activities | |||
| Acquisition of property, plant and equipment | –10.0 | –9.9 | –58.5 |
| Disposal of non-current assets | 0.0 | 0.1 | 22.8 |
| Dividend from associated companies | 0.0 | 0.0 | 8.6 |
| Other cash flow from investing activities | –0.1 | –2.8 | –15.2 |
| Cash flow from investment activities | –10.1 | –12.6 | –42.3 |
| Free cash flow | –40.4 | 9.9 | 71.4 |
| Financing activities | |||
| New loans | 0.9 | 0.9 | 5.9 |
| Amortization of loans | –4.6 | –1.2 | –41.0 |
| Dividend | 0.0 | 0.0 | –8.2 |
| Cash flow from financing activities | –3.7 | –0.3 | –43.3 |
| Changes in cash and cash equivalents | –44.1 | 9.6 | 28.0 |
| Cash and cash equivalents at the beginning of the period | 108.4 | 75.2 | 75.2 |
| Translation difference | 3.6 | –1.7 | 5.2 |
| Cash and cash equivalents at the end of the period | 67.9 | 83.1 | 108.4 |
FINANCIAL RATIOS FOR THE GROUP
| Quarter | Full year | |||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2022 | Q1 2021 | 2021 | |
| Margins | ||||
| Operating margin, % | 3.7 | 4.9 | 10.7 | |
| Profit margin, % | 1.7 | 4.3 | 9.7 | |
| Return on investment | ||||
| Return on capital employed, % | 19.0 | 11.6 | 19.5 | |
| Return on equity, % | 16.7 | 11.9 | 18.1 | |
| Capital structure | ||||
| Capital employed | 450.3 | 429.1 | 450.8 | |
| Equity | 392.7 | 328.5 | 387.3 | |
| Net debt | –10.3 | 17.5 | –44.9 | |
| Net debt/equity ratio, % | –2.6 | 5.3 | –11.6 | |
| Solidity, % | 42.3 | 42.5 | 41.4 | |
| Employees | ||||
| Average number of employees | 540 | 508 | 517 | |
| Net sales per employee | 1.4 | 1.3 | 1.5 |
See Definitions of key figures and ratios for a definition of alternative performance measures
DATA PER SHARE
| Quarter | Full year | ||
|---|---|---|---|
| Q1 2022 | Q1 2021 | 2021 | |
| 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 |
0.02 | 0.28 | 7.69 |
| Equity per share, SEK | 47.78 | 39.97 | 47.12 |
NET SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2022 | 2021 | |
| Sweden | 40.7 | 28.3 | 139.0 |
| Germany | 59.3 | 69.1 | 273.0 |
| The rest of Europe | 42.5 | 44.6 | 257.9 |
| North America | 13.0 | 8.5 | 52.5 |
| Asia | 32.1 | 12.3 | 72.6 |
| Other | 0.2 | 0.0 | 3.3 |
| Total | 187.8 | 162.8 | 798.3 |
QUARTERLY REVIEW
| 2020 | 2021 | 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Net sales | 152.9 | 167.8 | 187.7 | 213.5 | 162.8 | 201.2 | 181.8 | 252.5 | 187.8 | |||
| Operating expenses | –149.4 | –158.2 | –164.6 | –203.7 | –154.8 | –183.9 | –159.9 | –214.0 | –180.8 | |||
| Operating profit | 3.5 | 9.6 | 23.1 | 9.8 | 8.0 | 17.3 | 21.9 | 38.5 | 7.0 | |||
| Financial items, net | 0.5 | –1.8 | –1.3 | –2.1 | –1.0 | –1.4 | –1.6 | –4.3 | –3.8 | |||
| Profit/loss after financial items | 4.0 | 7.8 | 21.8 | 7.7 | 7.0 | 15.9 | 20.3 | 34.2 | 3.2 |
SEGMENT INFORMATION
| Quarter | Full year | |||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2022 | Q1 2021 | 2021 | |
| DECOMMISSIONING & RADIATION PROTECTION SERVICES | ||||
| External sales revenue | 63.3 | 68.8 | 329.5 | |
| Operating profit | –3.9 | 6.4 | 26.2 | |
| Assets | 224.2 | 228.9 | 221.8 | |
| Liabilities | 182.1 | 197.9 | 175.9 | |
| Investments | 1.2 | 1.5 | 3.7 | |
| Average number of employees | 339 | 321 | 326 | |
| FUEL AND MATERIALS TECHNOLOGY* | ||||
| External sales revenue | 83.9 | 64.7 | 310.4 | |
| Operating profit | 14.4 | 6.5 | 57.3 | |
| Assets | 502.2 | 499.1 | 518.9 | |
| Liabilities | 324.5 | 186.2 | 351.0 | |
| Investments | 8.1 | 8.1 | 52.8 | |
| Average number of employees | 145 | 122 | 130 | |
| SCANDPOWER | ||||
| External sales revenue | 29.4 | 26.1 | 103.4 | |
| Operating profit | 2.0 | 2.2 | 4.1 | |
| Assets | 181.5 | 165.3 | 167.1 | |
| Liabilities | 80.8 | 52.9 | 69.3 | |
| Investments | 0.3 | 0.1 | 1.3 | |
| Average number of employees | 37 | 36 | 37 | |
| WASTE MANAGEMENT TECHNOLOGY | ||||
| External sales revenue | 13.4 | 8.0 | 64.3 | |
| Operating profit | –2.7 | –1.6 | 15.4 | |
| Assets | 152.9 | 139.9 | 168.4 | |
| Liabilities | 136.8 | 132.7 | 147.8 | |
| Investments | 0.4 | 0.2 | 0.8 | |
| Average number of employees | 9 | 17 | 13 | |
| OTHER* | ||||
| External sales revenue | 3.2 | 1.1 | 16.7 | |
| Operating profit | –2.8 | –5.5 | –17.2 | |
| Assets | 335.0 | 314.0 | 347.6 | |
| Liabilities | 278.9 | 449.1 | 292.4 | |
| Investments | 0.0 | 0.0 | –0.1 | |
| Average number of employees | 7 | 12 | 11 | |
| ELIMINATION | ||||
| External sales revenue | –5.5 | –5.9 | –26 | |
| Operating profit | – | – | – | |
| Assets | –468.5 | –573.9 | –487.2 | |
| Liabilities | –468.5 | –573.9 | –487.2 | |
| Investments | – | – | – | |
| Average number of employees | – | – | – | |
| GROUP | ||||
| External sales revenue | 187.8 | 162.8 | 798.3 | |
| Operating profit | 7.0 | 8.0 | 85.8 | |
| Assets | 927.3 | 773.3 | 936.5 | |
| Liabilities | 534.6 | 444.8 | 549.2 | |
| Investments | 10.0 | 9.9 | 58.5 | |
| Average number of employees | 537 | 508 | 517 |
*Previously published figures for 2021 have been restated to reflect a move of operations from the Other business
area to the Fuel and Materials Technology business area.
DATA PER SEGMENT CONT. – SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | |||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2022 | Q1 2021 | 2021 | |
| DECOMMISSIONING AND RADIATION PROTECTION SERVICES | ||||
| Sweden | – | – | – | |
| Germany | 53.8 | 61.9 | 253.3 | |
| The rest of Europe | 9.6 | 6.9 | 76.2 | |
| North America | – | – | – | |
| Asia | – | – | – | |
| Other | – | – | – | |
| Total | 63.4 | 68.8 | 329.5 | |
| FUEL AND MATERIALS TECHNOLOGY | ||||
| Sweden | 26.3 | 22.2 | 108.0 | |
| Germany | 1.6 | 1.3 | 5.5 | |
| The rest of Europe | 26.6 | 26.5 | 114.6 | |
| North America | 2.9 | 2.2 | 11.6 | |
| Asia | 25.9 | 10.3 | 68.9 | |
| Other | – | – | – | |
| Total | 83.3 | 62.5 | 308.6 | |
| SCANDPOWER | ||||
| Sweden | 3.8 | 2.0 | 6.6 | |
| Germany | 3.9 | 5.9 | 14.2 | |
| The rest of Europe | 3.7 | 8.6 | 30.4 | |
| North America | 9.6 | 5.4 | 37.2 | |
| Asia | 6.1 | 1.6 | 3.5 | |
| Other | 0.2 | 0.0 | 3.3 | |
| Total | 27.3 | 23.5 | 95.2 | |
| WASTE MANAGEMENT TECHNOLOGY | ||||
| Sweden | 10.3 | 4.1 | 23.7 | |
| Germany | – | – | – | |
| The rest of Europe | 2.7 | 2.6 | 36.7 | |
| North America | 0.4 | 0.9 | 3.7 | |
| Asia | 0.0 | 0.4 | 0.2 | |
| Other | – | – | – | |
| Total | 13.4 | 8.0 | 64.3 | |
| OTHER | ||||
| Sweden | 0.4 | – | 0.7 | |
| Germany | – | – | – | |
| The rest or Europe | – | – | – | |
| North America | – | – | – | |
| Asia | – | – | – | |
| Other | – | – | – | |
| Total | 0.4 | – | 0.7 | |
| THE GROUP | ||||
| Sweden | 40.7 | 28.3 | 139.0 | |
| Germany | 59.3 | 69.1 | 273.0 | |
| The rest of Europe | 42.5 | 44.6 | 257.9 | |
| North America | 13.0 | 8.5 | 52.5 | |
| Asia | 32.1 | 12.3 | 72.6 | |
| Other | 0.2 | 0.0 | 3.3 | |
| Total | 187.8 | 162.8 | 798.3 |
PARENT COMPANY INCOME STATEMENT, IN SUMMARY
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2022 | Q1 2021 | 2021 |
| Net sales | 3.3 | 2.6 | 14.0 |
| Cost of services sold | 0.0 | – | – |
| Gross profit | 3.3 | 2.6 | 14.0 |
| Other operating income and costs | –6.2 | –5.7 | –26.7 |
| Operating profit | –2.9 | –3.1 | –12.7 |
| Result from participations in Group companies | 0.0 | 0.0 | 73.7 |
| Net financial items | 3.9 | 9.2 | 15.2 |
| Profit/loss before tax | 1.0 | 6.1 | 76.2 |
| Income tax | –0.2 | –1.2 | –15.1 |
| NET PROFIT/LOSS FOR THE PERIOD | 0.8 | 4.9 | 61.1 |
PARENT COMPANY BALANCE SHEET, IN SUMMARY
| Amounts in SEK million | March 31, 2022 | March 31, 2021 | December 31, 2021 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | – | – | – |
| Financial non-current assets | 524.7 | 548.0 | 531.9 |
| Total non-current assets | 524.7 | 548.0 | 531.9 |
| Current assets | 75.3 | 170.7 | 80.7 |
| Cash and cash equivalents | – | – | – |
| Total current assets | 75.3 | 170.7 | 80.7 |
| TOTAL ASSETS | 600.0 | 718.7 | 612.6 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | 233.5 | 233.5 | 233.5 |
| Non-restricted equity | 69.5 | 20.5 | 68.6 |
| TOTAL EQUITY | 303.0 | 254.0 | 302.1 |
| Non-current liabilities | 130.2 | 118.1 | 129.3 |
| Current liabilities | 166.7 | 346.6 | 181.2 |
| Total liabilities | 296.9 | 464.7 | 310.5 |
| TOTAL EQUITY AND LIABILITIES | 600.0 | 718.7 | 612.6 |
RECONCILIATIONS OF KEY RATIOS
Return on capital employed
| Amounts in SEK million | March 2022 | March 2021 | Full year 2021 |
|---|---|---|---|
| Profit/loss after financial items | 3.2 | 7.0 | 77.6 |
| Financial costs according to the income statement | 3.8 | 1.2 | 8.8 |
| Total | 7.0 | 8.2 | 86.3 |
| 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 |
| Opening capital employed | 429.1 | 446.6 | 413.4 |
| Balance sheet total | 927.3 | 773.3 | 936.5 |
| Provisions and other long-term liabilities | –222.4 | –132.5 | –228.5 |
| Trade and other payables | –254.6 | –211.7 | –257.2 |
| Closing capital employed | 450.3 | 429.1 | 450.9 |
| Average capital employed | 446.5 | 433.5 | 432.1 |
| Return on capital employed (last four quarters) | 19.0 | 11.6 | 19.5 |
See Definitions of key figures and ratios for a definition of alternative performance measures
Return on equity
| Amounts in SEK million | March 2022 | March 2021 | Full year 2021 |
|---|---|---|---|
| Net profit/loss for the period | 0.2 | 2.3 | 63.2 |
| Total | 0.2 | 2.3 | 63.2 |
| Opening equity | 328.5 | 322.6 | 313.4 |
| Closing equity | 392.7 | 328.5 | 387.3 |
| Return on equity (last four quarters) | 16.7 | 11.9 | 18.0 |
See Definitions of key figures and ratios for a definition of alternative performance measures
Net debt
| Amounts in SEK million | March 31, 2022 | March 31, 2021 | December 31, 2021 |
|---|---|---|---|
| Current borrowing | 15.6 | 56.6 | 21.0 |
| Non-current borrowing | 42.0 | 44.0 | 42.5 |
| Total liabilities | 57.6 | 100.6 | 63.5 |
| Cash and cash equivalents | 67.9 | 83.1 | 108.4 |
| Net debt | –10.3 | 17.5 | –44.9 |
See Definitions of key figures and ratios for a definition of alternative performance measures
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). As not all companies calculate financial measures in the same way, they are not always comparable with measures used by other companies and must therefore not be seen as a substitute for the measures defined under IFRS. The company management considers that these key figures and ratios make it easier for investors to analyze the Group's development.
Equity
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 changes in working capital) including 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 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.
We refer to www.studsvik.se and our Annual Report, where more definitions and calculations of key figures can be found: https://www.studsvik.com/investors/financial-reports/
MAJOR SHAREHOLDERS, MARCH 31, 2022
| Number of shares | Share. % | |
|---|---|---|
| Karinen Family | 1,769,552 | 21.5 |
| Briban Invest AB | 1,343,362 | 16.3 |
| Bronsstädet AB | 1,051,000 | 12.8 |
| Avanza Pensionsförsäkring AB | 425,279 | 5.2 |
| Banque Pictet & CIE | 364,836 | 4.5 |
| Caceis Bank, Switzerland Branch | 363,879 | 4.4 |
| Girell Family | 361,803 | 4.4 |
| Malte Edenius | 245,937 | 3.0 |
| Leif Lundin | 206,500 | 2.5 |
| NordNet Pensionsförsäkring AB | 195,130 | 2.4 |
| Total 10 largest shareholders | 6,327,278 | 77.0 |
| Other shareholders | 1,891,333 | 23.0 |
| Total amount shares | 8,218,611 | 100.0 |
THE STUDSVIK SHARE
STUDSVIK'S VALUE CHAIN
Studsvik offers services in various parts of the nuclear power lifecycle, from new construction to final disposal. The customers are represented by fuel manufacturers, nuclear power producers, public agencies, research centers and other nuclear facilities.
STUDSVIK IN BRIEF
Studsvik offers a range of advanced technical services to the global nuclear power industry. Studsvik's focus areas are fuel and materials technology, reactor analysis software and fuel optimization, decontamination and radiation protection services, as well as technical solutions 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 just over 500 employees in 7 countries and the company's shares are listed on Nasdaq Stockholm.
On the right there is a brief description of our offers in the various business areas.
Decommissioning and Radiation
Protection Services offers services in radiation protection, decommissioning, decontamination and engineering. Decommissioning services cover planning, project management and practical work such as radiological assessment, radiological clearance of material and waste documentation. The work is carried out at customer sites around Germany and to some extent also in Switzerland, the Netherlands and Belgium.
Fuel and Materials Technology offers services in nuclear fuel qualification, analysis of material, research on final disposal, packaging of medical isotopes and advanced consultancy services. Testing and analysis operations are conducted at Studsvik's facility in Sweden and sometimes in collaboration with international partners.
Scandpower is a world-leader in software for fuel optimization. The total software offer includes services throughout the value chain. The software development is based in the USA and sales are through offices in Europe, the USA, Japan and China.
Waste Management Technology offers licensing of technical solutions to stabilize and reduce the volume of radioactive waste before intermediate and final disposal. The patented technical solutions are offered together with specialist services to optimize the customer's operational waste management and decommissioning.