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Studsvik — Interim / Quarterly Report 2023
Apr 24, 2023
3208_10-q_2023-04-24_47b2bbe0-857f-478f-90ab-082bb0049f00.pdf
Interim / Quarterly Report
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FIRST QUARTER – 2023
"Global energy supply continues to be high on the agenda, which has increased interest in nuclear power. This creates new business opportunities for all Studsvik's business areas."
Camilla Hoflund CEO
- Sales amounted to SEK 188.8 (187.8) million, with an operating profit of SEK 9.9 (7.0) million and an operating margin of 5.3 (3.7) per cent.
- Strong demand for Decommissioning and Radiation Protection Services enabled increased capacity utilization with good demand in the German market and high staff utilization.
- Production disruptions in Fuel and Materials Technology. The problems were solved at the end of the quarter.
| Quarter | Full year | ||
|---|---|---|---|
| Q1 2023 | Q1 2022 | 2022 | |
| Sales, SEK million | 188.8 | 187.8 | 814.8 |
| Operating profit, SEK million | 9.9 | 7.0 | 74.9 |
| Operating margin, % | 5.3 | 3.7 | 9.2 |
| Profit after tax, SEK million | 9.2 | 0.2 | 47.9 |
| Free cash flow, SEK million | 1.6 | –40.4 | –17.5 |
| Net debt, SEK million | –19.2 | –10.3 | –18.9 |
| Net debt/equity ratio, % | –4.3 | –2.6 | –4.3 |
| Profit per share after tax, SEK | 1.12 | 0.02 | 5.82 |
| Equity per share, SEK | 54.18 | 47.78 | 53.05 |
THE GROUP
SALES
Sales amounted to SEK 188.8 (187.8) million. In local currencies this was a decrease of 3 per cent.
PROFIT
The operating profit improved to SEK 9.9 (7.0) million and the operating margin to 5.3 (3.7) per cent.
CASH FLOW
The free cash flow was SEK 1.6 (–40.4) million. Last year's negative cash flow was mainly due to putting business with a Russian customer on hold.
INVESTMENTS
Capital expenditure investments amounted to SEK 8.7 (10.0) million. The investments are mainly related to Fuel and Materials Technology.
FINANCIAL POSITION AND LIQUIDITY
Cash and cash equivalents at the end of the quarter were SEK 81.4 (67.9) million. The overdraft facility was unused at the end of the quarter. At the close of the quarter the Group had a net cash balance of SEK 19.2 (10.3) million. The net debt/equity ratio was –4.3 (–2.6) per cent and the equity/assets ratio was 45.8 (42.3) per cent.
PERSONNEL
The average number of employees at the period end was 520 (540).
BUSINESS AREAS
DECOMMISSIONING AND RADIATION PROTECTION SERVICES
Sales increased to SEK 82.6 (63.3) million, which in local currencies means an increase of 22 per cent. Operating profit improved to SEK 6.1 (–3.9) million.
The higher sales and improved profit are due to strong demand, which has enabled a higher staff utilization rate compared with the previous year. Also contributing to the improved profit was the fact that maintenance services, which normally take place later in the year, were carried out already in the first quarter.
FUEL AND MATERIALS TECHNOLOGY
Sales decreased to SEK 74.2 (83.9) million. The operating profit decreased to SEK 10.1 (14.4) million. The lower sales are due to production disruptions in the facility. The problems have been resolved but are estimated to have affected the result by approx. SEK 5 million.
SCANDPOWER
Sales in the quarter decreased to SEK 26.5 (29.4) million. In local currencies this was a decrease of 16 per cent. The operating profit decreased to SEK 0.0 (2.0) million, which is mainly due to a lower share of software sales.
WASTE MANAGEMENT TECHNOLOGY
Sales in the quarter decreased to SEK 8.0 (13.4) million. In local currencies this was a decrease of 41 per cent. The operating loss in the quarter was SEK –2.6 (–2.7) million.
Q1/22 Q2/22 Q3/22 Q4/22 Q1/23
OPERATING PROFIT
MSEK
2.0
-4
–4.8
0.0
PARENT COMPANY
Operations in the parent company consist of coordination of the Group. Sales in the quarter amounted to SEK 2.1 (3.3) million and the operating loss was SEK –2.6 (–2.9) million.
The pre-tax profit/loss was SEK –1.5 (1.0) million. The net financial income includes a revaluation of intragroup loans of SEK 0.2 (3.2) million. At the close of the quarter cash and cash equivalents, including current investments, amounted to SEK 24.2 (0) million, including blocked funds of SEK 7.2 (0) million. The interest-bearing liabilities were SEK 42.0 (57.6) 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.
EVENTS AFTER THE BALANCE SHEET DAY
No significant events have taken place impacting the financial statements after the balance sheet date.
ACCOUNTING POLICIES
Studsvik applies International Financial Reporting Standards (IFRS) approved by the EU. This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the parent company the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities is applied. None of the new standards and revised standards and interpretations to be applied for financial years starting on or after January 1, 2023 that have not already been applied when preparing the annual report for 2022, have had any material effect on the accounts.
This report has not been reviewed by the company's auditors.
Nyköping, April 24, 2023
Camilla Hoflund CEO
Time Schedule for Financial Information
Interim Report Quarter 2, 2023 July 20, 2023
Interim Report Quarter 3, 2023, October 20, 2023
Year-end Report 2023, February 2024
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 24 at 2:30 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 24, 2023, at 12:30 am CEST.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, IN SUMMARY
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | 2022 |
| Net sales | 188.8 | 187.8 | 814.8 |
| Cost of services sold | –149.1 | –144.1 | –610.5 |
| Gross profit | 39.8 | 43.7 | 204.3 |
| Selling and marketing expenses | –11.3 | –8.7 | –37.7 |
| Administrative expenses | –18.2 | –24.7 | –89.2 |
| Research and development costs | –2.7 | –2.1 | –8.5 |
| Impairment loss on trade receivables | 0.0 | 0.0 | –1.3 |
| Share in earnings from associated companies | –0.1 | 0.0 | –0.2 |
| Other operating income | 4.4 | 0.6 | 13.8 |
| Other operating expenses | –1.9 | –1.8 | –6.3 |
| Operating profit | 9.9 | 7.0 | 74.9 |
| Financial income | 0.2 | 0.0 | 4.0 |
| Financial expenses | –4.5 | –3.8 | –14.8 |
| Profit/loss before tax | 5.5 | 3.2 | 64.1 |
| Taxes | 3.7 | –3.0 | –16.2 |
| NET PROFIT/LOSS FOR THE PERIOD | 9.2 | 0.2 | 47.9 |
| Other comprehensive income | |||
| Items that may later be reversed in the income statement | |||
| Translation differences on foreign subsidiaries | 1.2 | 5.2 | 36.0 |
| Income tax on items recognized in other comprehensive income | – | – | – |
| Other comprehensive income for the period. net after tax | 1.2 | 5.2 | 36.0 |
| Total profit/loss and other comprehensive income for the period | 10.4 | 5.4 | 83.9 |
| Income for the period attributable to | |||
| Parent company's shareholders | 9.2 | 0.2 | 47.9 |
| Non-controlling interests | – | – | – |
| Total comprehensive income attributable to | |||
| Parent company's shareholders | 10.4 | 5.4 | 83.9 |
| Non-controlling interests | – | – | – |
| Earnings per share calculated on income attributable to the parent company's sharehol | |||
| ders during the period. SEK | 1.12 | 0.02 | 5.82 |
| Earnings per share (There is no dilution effect) | 1.12 | 0.02 | 5.82 |
GROUP STATEMENT OF FINANCIAL POSITION, IN SUMMARY
| Amounts in SEK million | March 31, 2023 |
March 31, 2022 |
December 31, 2022 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 208.5 | 191.9 | 206.8 |
| Property, plant and equipment | 221.9 | 202.6 | 211.1 |
| Other non-current assets | 207.8 | 211.3 | 217.2 |
| Total non-current assets | 638.2 | 605.8 | 635.1 |
| Inventories | 4.6 | 15.3 | 8.5 |
| Trade receivables | 134.3 | 119.8 | 156.9 |
| Other current receivables | 113.8 | 118.5 | 101.8 |
| Cash and cash equivalents* | 81.4 | 67.9 | 120.1 |
| Total current assets | 334.1 | 321.5 | 387.3 |
| TOTAL ASSETS | 972.2 | 927.3 | 1,022.4 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company's shareholders | 445.3 | 392.3 | 436.0 |
| Non-controlling interests | – | 0.4 | – |
| Total equity | 445.3 | 392.7 | 436.0 |
| Liabilities to credit institutions, long-term | 60.2 | 42.0 | 62.3 |
| Provisions and other non-current liabilities | 222.8 | 222.4 | 227.9 |
| Total non-current liabilities | 283.0 | 264.4 | 290.2 |
| Trade and other payables | 241.9 | 254.6 | 257.4 |
| Liabilities to credit institutions, short term | 2.0 | 15.6 | 38.9 |
| Total current liabilities | 243.9 | 270.2 | 296.3 |
| TOTAL EQUITY AND LIABILITIES | 972.2 | 927.3 | 1,022.4 |
*The parent company's cash and cash equivalents on the balance sheet date include escrow bank funds of SEK 7.2 million. The bank funds (Escrow) refer to the purchase price for minority acquisition.
CHANGES IN EQUITY, IN SUMMARY
| Equity attribu table to |
|||||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Share capital |
Other contributed capital |
Reserves | Retained earnings |
the parent company's shareholders |
Non-control ling interest |
Total equity |
| 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 |
| Changes April 1 – December 31, 2022 | |||||||
| Comprehensive income for the period | – | – | 30.8 | 47.6 | 78.5 | 0.0 | 78.5 |
| Acquisition of non-controlling interest | – | – | –18.4 | –18.4 | –0.4 | –18.8 | |
| Dividend | – | – | –16.4 | –16.4 | 0.0 | –16.4 | |
| Equity at December 31, 2022 | 8.2 | 225.3 | 68.8 | 133.7 | 436.0 | – | 436.0 |
| Changes January 1 - March 31, 2023 | |||||||
| Comprehensive income for the period | – | – | 1.2 | 9.2 | 10.5 | – | 10.5 |
| Acquisition of non-controlling interest | – | – | –1.1 | –1.1 | – | –1.1 | |
| Equity at March 31, 2023 | 8.2 | 225.3 | 70.0 | 141.9 | 445.3 | – | 445.3 |
GROUP STATEMENT OF CASH FLOW, IN SUMMARY
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | 2022 |
| Cash flow from operating activities | |||
| Operating profit | 9.9 | 7.0 | 74.9 |
| Adjustment for non-cash items | –9.5 | –4.2 | –0.3 |
| Financial items. net | –2.8 | –2.2 | –4.4 |
| Income tax paid | –2.2 | –2.6 | –9.9 |
| Cash flow from operating activities before change in working capital |
–4.6 | –2.0 | 60.3 |
| Change in working capital | 14.1 | –28.3 | –60.0 |
| Cash flow from operating activities | 9.5 | –30.3 | 0.3 |
| Investing activities | |||
| Acquisition of property, plant and equipment | –8.7 | –10.0 | –24.7 |
| Disposal of non-current assets | 0.8 | 0.0 | 6.9 |
| Dividend from associated companies | – | 0.0 | – |
| Other cash flow from investing activities | – | –0.1 | – |
| Cash flow from investing activities | –7.9 | –10.1 | –17.8 |
| Free cash flow | 1.6 | –40.4 | –17.5 |
| Financing activities | |||
| New loans | – | 2.2 | 25.5 |
| Amortization of loans | –3.9 | –0.5 | –11.1 |
| Changed use of bank overdraft facility | –36.9 | –5.5 | 17.9 |
| Dividend to shareholders | – | – | –16.4 |
| Cash flow from financing activities | –40.8 | –3.7 | 15.9 |
| Changes in cash and cash equivalents | –39.2 | –44.1 | –1.6 |
| Cash and cash equivalents at the beginning of the period | 120.1 | 108.4 | 108.4 |
| Exchange differences on cash and cash equivalents | 0.5 | 3.6 | 13.3 |
| Cash and cash equivalents at the end of the period | 81.4 | 67.9 | 120.1 |
FINANCIAL RATIOS FOR THE GROUP
| Quarter | |||
|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | Full year 2022 |
| Margins | |||
| Operating margin, % | 5.3 | 3.7 | 9.2 |
| Profit margin, % | 2.9 | 1.7 | 7.9 |
| Return on investment | |||
| Return on capital employed, % | 15.7 | 19.0 | 15.6 |
| Return on equity, % | 13.3 | 16.7 | 11.6 |
| Capital structure | |||
| Capital employed | 507.5 | 450.3 | 537.1 |
| Equity | 445.3 | 392.7 | 436.0 |
| Net debt | –19.2 | –10.3 | –18.9 |
| Net debt/equity ratio, % | –4.3 | –2.6 | –4.3 |
| Equity-asset ratio, % | 45.8 | 42.3 | 42.6 |
| Employees | |||
| Average number of employees | 520 | 540 | 520 |
| Net sales per employee | 1.5 | 1.4 | 1.6 |
See Definitions of key figures and ratios for a definition of alternative performance measures
DATA PER SHARE
| Quarter | Fyll year | ||
|---|---|---|---|
| Q1 2023 | Q1 2022 | 2022 | |
| 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 |
1.12 | 0.28 | 5.82 |
| Equity per share, SEK | 54.18 | 39.97 | 53.05 |
NET SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | 2022 |
| Sweden | 43.6 | 40.7 | 170.7 |
| Germany | 80.6 | 59.3 | 256.7 |
| The rest of Europe | 32.5 | 42.5 | 184.2 |
| North America | 15.9 | 13.0 | 75.1 |
| Asia | 16.2 | 32.1 | 105.9 |
| Other | 0.0 | 0.2 | 22.2 |
| Total | 188.8 | 187.8 | 814.8 |
QUARTERLY REVIEW
| 2021 | 2022 | 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Net sales | 162.8 | 201.2 | 181.8 | 252.5 | 187.8 | 203.1 | 195.3 | 228.6 | 188.8 | |||
| Operating expenses | –154.8 | –183.9 | –159.9 | –214.0 | –180.8 | –194.9 | –169.2 | –195.1 | –178.9 | |||
| Operating profit | 8.0 | 17.3 | 21.9 | 38.5 | 7.0 | 8.2 | 26.1 | 33.5 | 9.9 | |||
| Financial items, net | –1.0 | –1.4 | –1.6 | –4.3 | –3.8 | –2.0 | 2.0 | –6.9 | -4.4 | |||
| Profit/loss after financial items | 7.0 | 15.9 | 20.3 | 34.2 | 3.2 | 6.2 | 28.1 | 26.5 | 5.5 |
SEGMENT INFORMATION
| Quarter | Full year | |||
|---|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | 2022 | |
| DECOMMISSIONING & RADIATION PROTECTION SERVICES | ||||
| External sales revenue | 82.6 | 63.3 | 292.7 | |
| Operating profit | 6.1 | –3.9 | 10.3 | |
| Assets | 259.8 | 224.2 | 256.9 | |
| Liabilities | 196.4 | 182.1 | 199.2 | |
| Investments | 0.8 | 1.2 | 7.8 | |
| Average number of employees | 314 | 339 | 308 | |
| FUEL AND MATERIALS TECHNOLOGY | ||||
| External sales revenue | 74.2 | 83.9 | 322.9 | |
| Operating profit | 10.1 | 14.4 | 52.5 | |
| Assets | 490.0 | 502.2 | 511.7 | |
| Liabilities | 294.8 | 324.5 | 322.9 | |
| Investments | 9.1 | 8.1 | 27.8 | |
| Average number of employees | 150 | 145 | 154 | |
| SCANDPOWER | ||||
| External sales revenue | 26.5 | 29.4 | 135.3 | |
| Operating profit | 0.0 | 2.0 | 17.0 | |
| Assets | 204.1 | 181.5 | 192.6 | |
| Liabilities | 65.9 | 80.8 | 59.8 | |
| Investments | 7.2 | 0.3 | 5.3 | |
| Average number of employees | 42 | 37 | 42 | |
| WASTE MANAGEMENT TECHNOLOGY | ||||
| External sales revenue | 8.0 | 13.4 | 73.2 | |
| Operating profit | –2.6 | –2.7 | 5.7 | |
| Assets | 155.3 | 152.9 | 175.9 | |
| Liabilities | 142.1 | 136.8 | 157.9 | |
| 0.4 | ||||
| Investments | 0.4 | 0.6 | ||
| Average number of employees | 7 | 9 | 9 | |
| OTHER | ||||
| External sales revenue | 2.5 | 3.2 | 14.4 | |
| Operating profit | –3.8 | –2.8 | –10.6 | |
| Assets | 325.1 | 335.0 | 309.7 | |
| Liabilities | 289.9 | 278.9 | 270.8 | |
| Investments | 0.0 | 0.0 | 0.3 | |
| Average number of employees | 7 | 7 | 7 | |
| ELIMINATION | ||||
| External sales revenue | –5.0 | –5.5 | –23.7 | |
| Operating profit | – | – | – | |
| Assets | –462.2 | –468.5 | –424.3 | |
| Liabilities | –462.2 | –468.5 | –424.3 | |
| Investments | – | – | – | |
| Average number of employees | – | – | – | |
| GROUP | ||||
| External sales revenue | 188.8 | 187.8 | 814.8 | |
| Operating profit | 9.9 | 7.0 | 74.9 | |
| Assets | 972.2 | 927.3 | 1 022.5 | |
| Liabilities | 526.9 | 534.6 | 586.3 | |
| Investments | 17.5 | 10.0 | 41.8 | |
| Average number of employees | 520 | 537 | 520 | |
DATA PER SEGMENT CONT. – SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | 2022 |
| DECOMMISSIONING AND RADIATION PROTECTION SERVICES | |||
| Sweden | – | – | – |
| Germany | 71.5 | 53.8 | 232.0 |
| The rest of Europe | 10.6 | 9.6 | 59.7 |
| North America | – | – | – |
| Asia | – | – | – |
| Other | – | – | – |
| Total | 82.1 | 63.4 | 291.7 |
| FUEL AND MATERIALS TECHNOLOGY | |||
| Sweden | 38.7 | 26.3 | 119.1 |
| Germany | 5.4 | 1.6 | 16.8 |
| The rest of Europe | 12.0 | 26.6 | 75.7 |
| North America | 2.0 | 2.9 | 11.8 |
| Asia | 15.1 | 25.9 | 97.1 |
| Other | – | – | – |
| Total | 73.2 | 83.3 | 320.5 |
| SCANDPOWER | |||
| Sweden | 0.9 | 3.8 | 7.8 |
| Germany | 3.7 | 3.9 | 7.9 |
| The rest of Europe | 6.7 | 3.7 | 26.0 |
| North America | 13.1 | 9.6 | 54.8 |
| Asia | 1.1 | 6.1 | 8.7 |
| Other | 0.0 | 0.2 | 22.2 |
| Total | 25.5 | 27.3 | 127.4 |
| WASTE MANAGEMENT TECHNOLOGY | |||
| Sweden | 4.0 | 10.3 | 41.6 |
| Germany | – | – | – |
| The rest of Europe | 3.3 | 2.7 | 22.8 |
| North America | 0.7 | 0.4 | 8.5 |
| Asia | – | 0.0 | 0.1 |
| Other | – | – | – |
| Total | 8.0 | 13.4 | 73.0 |
| OTHER | |||
| Sweden | 0.0 | 0.4 | 2.2 |
| Germany | – | – | – |
| The rest or Europe | – | – | – |
| North America | – | – | – |
| Asia | – | – | – |
| Other | – | – | – |
| Total | 0.0 | 0.4 | 2.2 |
| THE GROUP | |||
| Sweden | 43.6 | 40.7 | 170.7 |
| Germany | 80.6 | 59.3 | 256.7 |
| The rest of Europe | 32.5 | 42.5 | 184.2 |
| North America | 15.9 | 13.0 | 75.1 |
| Asia | 16.2 | 32.1 | 105.9 |
| Other | 0.0 | 0.2 | 22.2 |
| Total | 188.8 | 187.8 | 814.8 |
PARENT COMPANY INCOME STATEMENT, IN SUMMARY
| Quarter | Full year | ||
|---|---|---|---|
| Amounts in SEK million | Q1 2023 | Q1 2022 | 2022 |
| Net sales | 2.1 | 3.3 | 10.5 |
| Cost of services sold | – | 0.0 | – |
| Gross profit | 2.1 | 3.3 | 10.5 |
| Other operating income and expenses | –4.7 | –6.2 | –22.3 |
| Operating profit | –2.6 | –2.9 | –11.8 |
| Result from participations in Group companies | – | 0.0 | 10.1 |
| Net financial items | 1.1 | 3.9 | 23.0 |
| Profit/loss before tax | –1.5 | 1.0 | 21.3 |
| Appropriations | – | – | – |
| Income tax | 0.3 | –0.2 | –2.5 |
| NET PROFIT/LOSS FOR THE PERIOD | –1.2 | 0.8 | 18.8 |
PARENT COMPANY BALANCE SHEET, IN SUMMARY
| Amounts in SEK million | March 31, 2023 |
March 31, 2022 |
December 31, 2022 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | – | – | – |
| Financial non-current assets | 566,6 | 524,7 | 572.2 |
| Total non-current assets | 566,6 | 524,7 | 572.2 |
| Current assets | 20,4 | 75,3 | 21.1 |
| Cash and cash equivalents* | 24,2 | – | – |
| Total current assets | 44,6 | 75,3 | 21.1 |
| TOTAL ASSETS | 611,2 | 600,0 | 593.3 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | 233,5 | 233,5 | 233.5 |
| Non-restricted equity | 69,9 | 69,5 | 71.1 |
| TOTAL EQUITY | 303,4 | 303,0 | 304.6 |
| Non-current liabilities | 130,3 | 130,2 | 130.9 |
| Current liabilities | 177,4 | 166,7 | 157.8 |
| Total liabilities | 307,7 | 296,9 | 288.7 |
| TOTAL EQUITY AND LIABILITIES | 611,2 | 600,0 | 593.3 |
*The parent company's cash and cash equivalents on the balance sheet date include escrow bank funds of SEK 7.2 million. The bank funds (Escrow) refer to the purchase price for minority acquisition.
RECONCILIATIONS OF KEY RATIOS
Return on capital employed
| Amounts in SEK million | March 2023 |
March 2022 |
Full year 2022 |
|---|---|---|---|
| Profit/loss after financial items | 5.5 | 3.2 | 64.1 |
| Financial expenses according to the income statement | 4.5 | 3.8 | 14.8 |
| Total | 10.1 | 7.0 | 78.9 |
| 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 |
| Opening capital employed | 450.3 | 429.1 | 450.8 |
| Balance sheet total | 972.2 | 927.3 | 1 022.4 |
| Provisions and other long-term liabilities | –222.8 | –222.4 | –227.9 |
| Trade and other payables | –241.9 | –254.6 | –257.4 |
| Closing capital employed | 507.5 | 450.3 | 537.1 |
| Average capital employed | 525.9 | 446.5 | 511.6 |
| Return on capital employed (last four quarters) | 15.7 | 19.0 | 15.6 |
See Definitions of key figures and ratios for a definition of alternative performance measures
Return on equity
| Amounts in SEK million | March 2023 |
March 2022 |
Full year 2022 |
|---|---|---|---|
| Net profit/loss for the period | 9.2 | 0.2 | 47.9 |
| Total | 9.2 | 0.2 | 47.9 |
| Opening equity | 392.7 | 328.5 | 387.3 |
| Closing equity | 445.3 | 392.7 | 436.0 |
| Return on equity (last four quarters) | 13.3 | 16.7 | 11.6 |
See Definitions of key figures and ratios for a definition of alternative performance measures
Net debt
| Amounts in SEK million | March 31, 2023 |
March 31, 2022 |
December 31, 2022 |
|---|---|---|---|
| Current borrowing | 2.0 | 15.6 | 38.9 |
| Non-current borrowing | 60.2 | 42.0 | 62.3 |
| Total liabilities | 62.2 | 57.6 | 101.2 |
| Cash and cash equivalents | 81.4 | 67.9 | 120.1 |
| Net debt | –19.2 | –10.3 | –18.9 |
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.
Average number of employees
Average number of employees at the end of each month. Used to calculate other key ratios per employee.
Capital employed
Balance sheet total less non-interest bearing liabilities. Average capital employed has been calculated as an average of the four last quarters. Shows the value of the assets associated with the operations and that contribute to generating revenue and profit.
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. Used to measure the company's earnings per share.
Equity
Average equity has been calculated as an average of the four last quarters.
Equity-assets ratio
Equity including non-controlling interests as a percentage of the balance sheet total. This key ratio shows the company's long-term solvency and the proportion of assets that are equity financed.
Equity per share
Equity divided by the number of shares at the end of the period. Enables shareholders to compare book value with market value.
Free cash flow
Cash flow from operating activities (after changes in working capital) including cash flow from investing activities. Shows the company's cash generating capacity after operational investments.
Investments
Total of the acquisition of businesses/subsidiaries and acquisition of intangible assets and property, plant and equipment.
Net debt
Total long-term and short-term borrowing less cash and cash equivalents. Used to show the company's ability to pay all debts if they fall due.
Net debt-equity ratio
Interest-bearing net debt divided by equity including non-controlling interests. A measure of financial risk.
Operating margin
Operating profit as a percentage of sales. A measure of the operative result.
Profit margin
Profit before tax as a percentage of net sales. A measure of profitability.
Return on capital employed
Profit/loss after financial items for the period with financial expenses, fair value losses and foreign exchange losses for the four last quarters added back, as a percentage of average capital employed. This measures how effectively Studsvik generates profit from the capital tied up in the business.
Return on equity
Profit/loss for the period for the last four quarters as a percentage of average equity. The measure shows the company's ability to generate a return on the owners' invested capital.
Sales revenue per employee
Sales revenue divided by average number of employees. For quarterly reports net sales are estimated on a full year basis. The measure shows sales turnover for each employee and is a human resources equivalent to the asset turnover ratio.
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, 2023
| Number of shares | Share, % | |
|---|---|---|
| Karinen Family | 1,769,552 | 21.5 |
| Briban Invest AB | 1,343,362 | 16.3 |
| Peter Gyllenhammar | 1,145,000 | 13.9 |
| Caceis Bank, Switzerland Branch | 377,813 | 4.6 |
| Banque Pictet & CIE | 351,300 | 4.3 |
| Girell Family | 336,800 | 4.1 |
| Avanza Pensionsförsäkring AB | 319,006 | 3.9 |
| Leif Lundin | 206,500 | 2.5 |
| Malte Edenius | 167,561 | 2.0 |
| NordNet Pensionsförsäkring AB | 104,799 | 1.3 |
| Total 10 largest | 6,121,693 | 74.4 |
| Other shareholders | 2,096,918 | 25.6 |
| Total amount of 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 520 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.