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Studsvik — Interim / Quarterly Report 2022
Feb 10, 2023
3208_10-k_2023-02-10_9cf70816-58e6-49d6-88e7-562b8851409c.pdf
Interim / Quarterly Report
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FOURTH QUARTER – 2022
"We are now in a phase of strong increased interest in development of nuclear power in Sweden and internationally.
This creates new business opportunities for Studsvik that can offer services throughout the entire nuclear lifecycle."
Camilla Hoflund
- Sales in the fourth quarter amounted to SEK 228.6 (252.5) million and to SEK 814.8 (798.3) million for the full year.
- The operating profit for the quarter was SEK 33.5 (38.5) million and SEK 74.9 (85.8) million for the full year. The operating margin was 14.7 per cent for the quarter but decreased somewhat to 9.2 (10.7) per cent for the full year.
- Two major license agreements were signed during the quarter in the business areas Waste Management Technology and Scandpower.
- The Board of Directors proposes an unchanged dividend of SEK 2.00 per share.
| Quarter | Full year | |||
|---|---|---|---|---|
| Q4 2022 | Q4 2021 | 2022 | 2021 | |
| Sales, SEK million | 228.6 | 252.5 | 814.8 | 798.3 |
| Operating profit, SEK million | 33.5 | 38.5 | 74.9 | 85.8 |
| Operating margin, % | 14.7 | 15.2 | 9.2 | 10.7 |
| Profit after tax, SEK million | 21.9 | 33.0 | 47.9 | 63.2 |
| Free cash flow, SEK million | 63.1 | 34.9 | –17.5 | 71.4 |
| Net debt, SEK million | –18.9 | –44.9 | –18.9 | –44.9 |
| Net debt/equity ratio, % | –4.3 | –11.6 | –4.3 | –11.6 |
| Profit per share after tax, SEK | 2.67 | 4.01 | 5.82 | 7.69 |
| Equity per share, SEK | 53.05 | 47.12 | 53.05 | 47.12 |
THE GROUP
SALES
Sales in the quarter amounted to SEK 228.6 (252.5) million and to SEK 814.8 (798.3) million for the full year. In local currencies this was a decrease of 14 for the quarter and 2 per cent for the full year.
PROFIT
Operating profit decreased during the quarter to SEK 33.5 (38.5) million and to SEK 74.9 (85.8) million. The operating margin for the quarter was 14.7 (15.2) per cent and 9.2 (10.7) per cent for the full year. A sale of land in 2021 had a positive impact on the full year profit of SEK 4.5 (11.5) million.
CASH FLOW
The free cash flow was SEK 63.1 (34.9) million for the quarter and SEK –17.5 (71.4) million for the full year. The strong cash flow for the quarter is due to reduced trade receivables and lower inventory levels.
INVESTMENTS
Investments decreased to SEK 5.3 (17.5) million for the quarter and to SEK 24.7 (58.5) million for the full year. The investments are mainly related to the Fuel and Materials Technology business area.
FINANCIAL POSITION AND LIQUIDITY
At year end cash and cash equivalents amounted to SEK 120.1 (108.4) million and the unutilized portion of the overdraft facility was SEK 62.9 (80.8) million. At year end the Group had a net cash balance of SEK 18.9 (44.9) million. The net debt/equity ratio was –4.3 (–11.6) per cent and the equity/ assets ratio was 42.6 (41.4) per cent.
DIVIDEND
The Group's dividend policy means that on average over time the dividend should be at least 30 per cent of the consolidated profit after tax. Dividend decisions must take into consideration growth potential, consolidation requirements, liquidity and financial position in general. The Board of Directors has decided to propose an unchanged dividend to the Annual General Meeting of SEK 2 per share, equivalent to 34 (26) per cent of profit after tax.
PERSONNEL
The average number of employees at year end was 520 (517).
Free cash flow
BUSINESS AREAS
DECOMMISSIONING AND RADIATION PROTECTION SERVICES
Sales in the quarter amounted to SEK 70.5 (74.4) million and SEK 292.7 (329.5) million for the full year. In local currencies this was a decrease of 13 per cent for the quarter and 15 per cent for the full year.
The operating profit for the quarter improved to SEK 3.4 (–3.2) million but decreased to SEK 10.3 (26.2) million for the year.
The operations have been adapted to a situation with considerably fewer maintenance service assignments than before, due to the closure of nuclear power plants in Germany. In combination with high sickness absence this has impacted sales and profit negatively.
FUEL AND MATERIALS TECHNOLOGY
Sales in the quarter decreased by 17 per cent to SEK 87.9 (105.3) million, but increased by 4 per cent for the full year to SEK 322.9 (310.4) million.
The operating profit for the quarter decreased to SEK 15.6 (23.3) million and for the full year to SEK 52.5 (57.3) million, which means an operating margin of 17.7 (22.1) and 16.3 (18.5) per cent respectively. Excluding the sale of land in 2021, profit for the full year was SEK 48.1 million (45.8) with an operating margin of 14.9 (14.8) per cent.
At the start of the year a re-prioritization of the order backlog took place to replace Russian projects on hold. Despite adjustment time for replanning, capacity utilization at the facility was high.
During the quarter a first order was received for materials testing for small modular reactors (SMR).
SCANDPOWER
Sales increased to SEK 42.2 (35.0) million in the quarter and SEK 135.3 (103.4) million for the full year, due to increased license sales. In local currencies this was an increase of 6 per cent for the quarter and 18 per cent for the full year.
Operating profit for the quarter was SEK 10.4 (6.7) million and SEK 18.2 (4.1) million for the full year. The operating margin improved to 24.6 (19.1) per cent in the quarter and 13.5 (4.0) per cent for the full year.
WASTE MANAGEMENT TECHNOLOGY
Sales in the quarter decreased to SEK 31.1 (38.5) million but increased for the full year to SEK 73.2 (64.3) million. In local currencies this means a decrease of 23 per cent for the quarter but, an increase of 10 per cent for the full year. The operating profit for the quarter was SEK 11.2 (17.7) million and SEK 5.7 (15.4) million for the full year. During the quarter a long-term license agreement was signed with Westinghouse for development of a waste
facility for contaminated metal waste in the United Kingdom.
The previous year's profit included a profit share of SEK 6.0 million from the agreement with UK Nuclear Waste Management (LLWR), which expired in 2021.
PARENT COMPANY
Operations in the parent company consist of coordination of the Group. Sales in the quarter amounted to SEK 0.0 (5.9) million and to SEK 10.5 (14.0) million for the full year. Operating profit for the quarter amounted to SEK –6.1 (–3.8) million and SEK –11.8 (–12.7) million for the year.
Profit before tax in the quarter amounted to SEK –8.2 (0.3) million and to SEK 21.3 (2.5) million for the full year. Net financial income includes revaluation of intra-group loans by SEK 4.9 (2.9) million for the quarter and SEK 19.6 (10.9) million for the full year. At year end, cash and cash equivalents including current investments were SEK 0 (0) million and interest-bearing liabilities SEK 79.4 (63.5) 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.
ANNUAL GENERAL MEETING
The Annual General meeting will be held on April 24, at 16:00 at the World Trade Center, Stockholm.
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 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.
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.
Nyköping, February 10, 2023
Anders Ullberg Chair
Jan Bardell Member
Jitka Zakova Employee representative Anna Karinen Vice Chair
Agneta Nestenborg Member
Jan Barchan Member
Erik Strömqvist Member
Per S Ekberg Employee representative
Camilla Hoflund President/CEO
Time Schedule for Financial Information
Interim Report Quarter 1, 2023 April 24, 2023
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 February 10 at 2:00 pm CET. 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 10, 2023, at 11:30 am CET.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, IN SUMMARY
| Quarter | Full year | Full year | ||
|---|---|---|---|---|
| Amounts in SEK million | Q4 2022 | Q4 2021 | 2022 | 2021 |
| Net sales | 228.6 | 252.5 | 814.8 | 798.3 |
| Cost of services sold | –164.2 | –170.0 | –610.5 | –591.2 |
| Gross profit | 64.4 | 82.5 | 204.3 | 207.1 |
| Selling and marketing expenses | –11.3 | –9.9 | –37.7 | –34.4 |
| Administrative expenses | –22.1 | –31.1 | –89.2 | –93.9 |
| Research and development costs | –2.7 | –2.4 | –8.5 | –9.0 |
| Impairment loss on trade receivables | –1.3 | 0.0 | –1.3 | 0.0 |
| Share in earnings from associated companies | –0.2 | –0.2 | –0.2 | 5.9 |
| Other operating income | 6.7 | 1.6 | 13.8 | 20.5 |
| Other operating expenses | 0.0 | –2.1 | –6.3 | –10.3 |
| Operating profit | 33.5 | 38.5 | 74.9 | 85.8 |
| Financial income | 0.0 | –0.1 | 4.0 | 0.0 |
| Financial expenses | –6.9 | –4.0 | –14.8 | –8.2 |
| Profit/loss before tax | 26.5 | 34.3 | 64.1 | 77.6 |
| Taxes | –4.6 | –1.2 | –16.2 | –14.4 |
| NET PROFIT/LOSS FOR THE PERIOD | 21.9 | 33.0 | 47.9 | 63.2 |
| Other comprehensive income | ||||
| Items that may later be reversed in the income statement | ||||
| Translation differences on foreign subsidiaries | –6.6 | 6.4 | 36.0 | 18.9 |
| Cash for hedges | – | 0.0 | – | 0.0 |
| Income tax on items recognized in other comprehensive income | – | – | – | – |
| Other comprehensive income for the period. net after tax | –6.6 | 6.4 | 36.0 | 18.9 |
| Total profit/loss and other comprehensive income for the period | 15.3 | 39.4 | 83.9 | 82.1 |
| Income for the period attributable to | ||||
| Parent company's shareholders | 21.9 | 33.0 | 47.9 | 63.2 |
| Non-controlling interests | – | – | – | – |
| Total comprehensive income attributable to | ||||
| Parent company's shareholders | 15.3 | 39.4 | 83.9 | 82.0 |
| Non-controlling interests | – | – | – | – |
| Earnings per share calculated on income attributable to the parent | ||||
| company's shareholders during the period. SEK | 2.67 | 4.01 | 5.82 | 7.69 |
| Earnings per share (There is no dilution effect) | 2.67 | 4.01 | 5.82 | 7.69 |
GROUP STATEMENT OF FINANCIAL POSITION, IN SUMMARY
| Amounts in SEK million | December 31, 2022 |
December 31, 2021 |
|---|---|---|
| ASSETS | ||
| Intangible assets | 206.8 | 189.8 |
| Property, plant and equipment | 211.1 | 199.3 |
| Other non-current assets | 217.2 | 214.0 |
| Total non-current assets | 635.1 | 603.1 |
| Inventories | 8.5 | 15.9 |
| Trade receivables | 156.9 | 128.9 |
| Other current receivables | 101.8 | 80.2 |
| Cash and cash equivalents | 120.1 | 108.4 |
| Total current assets | 387.3 | 333.4 |
| TOTAL ASSETS | 1,022.4 | 936.5 |
| EQUITY AND LIABILITIES | ||
| Equity attributable to parent company's shareholders | 436.0 | 386.9 |
| Non-controlling interests | – | 0.4 |
| Total equity | 436.0 | 387.3 |
| Liabilities to credit institutions, long-term | 62.3 | 42.5 |
| Provisions and other non-current liabilities | 227.9 | 228.5 |
| Total non-current liabilities | 290.2 | 271.0 |
| Trade and other payables | 257.4 | 257.2 |
| Liabilities to credit institutions, short term | 38.9 | 21.0 |
| Total current liabilities | 296.3 | 278.2 |
| TOTAL EQUITY AND LIABILITIES | 1,022.4 | 936.5 |
CHANGES IN EQUITY, IN SUMMARY
| Equity attribu table to |
|||||||
|---|---|---|---|---|---|---|---|
| Share | Other contributed |
Retained | the parent company's |
Non-control | |||
| Amounts in SEK million | capital | capital | Reserves | earnings | shareholders | 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 – September 30, 2021 | |||||||
| Comprehensive income for the period | – | – | 12.4 | 30.2 | 42.6 | 0.1 | 42.7 |
| Dividend | –8.2 | –8.2 | –8.2 | ||||
| Equity at September 30, 2021 | 8.2 | 225.3 | 26.2 | 87.8 | 347.5 | 0.4 | 347.9 |
| Changes October 1 – December 31, 2021 | |||||||
| Comprehensive income for the period | – | – | 6.5 | 32.9 | 39.5 | 0.0 | 39.4 |
| Equity at December 31, 2021 | 8.2 | 225.3 | 32.7 | 120.7 | 387.0 | 0.4 | 387.3 |
| Changes January 1 – September 30, 2022 | |||||||
| Comprehensive income for the period | – | – | 42.6 | 25.9 | 68.5 | – | 68.5 |
| Acquisition of non-controlling interest | –14.5 | –14.5 | –0.4 | –14.9 | |||
| Dividend | – | – | – | –16.4 | –16.4 | – | –16.4 |
| Equity at September 30, 2022 | 8.2 | 225.3 | 75.3 | 115.6 | 424.5 | – | 424.5 |
| Changes October 1 – December 31, 2022 | |||||||
| Comprehensive income for the period | – | – | –6.7 | 21.9 | 15.3 | – | 15.3 |
| Acquisition of non-controlling interest | – | – | – | –3.9 | –3.9 | – | –3.9 |
| Equity at December 31, 2022 | 8.2 | 225.3 | 68.8 | 133.7 | 436.0 | – | 436.0 |
GROUP STATEMENT OF CASH FLOW, IN SUMMARY
| Quarter | Full year | Full year | ||
|---|---|---|---|---|
| Amounts in SEK million | Q4 2022 | Q4 2021 | 2022 | 2021 |
| Cash flow from operating activities | ||||
| Operating profit | 33.5 | 38.5 | 74.9 | 85.7 |
| Adjustment for non-cash items | 3.2 | –6.4 | –0.3 | 7.7 |
| Financial items. net | –1.7 | –1.5 | –4.4 | –5.3 |
| Income tax paid | –1.8 | –2.9 | –9.9 | –8.3 |
| Cash flow from operating activities before change in working capital |
33.3 | 27.7 | 60.3 | 79.9 |
| Change in working capital | 35.1 | 14.1 | –60.0 | 33.8 |
| Cash flow from operating activities | 68.4 | 41.8 | 0.3 | 113.7 |
| Investing activities | ||||
| Acquisition of property, plant and equipment | –5.3 | –17.5 | –24.7 | –58.5 |
| Disposal of non-current assets | – | 19.6 | 6.9 | 22.8 |
| Dividend from associated companies | – | 0.2 | – | 8.6 |
| Other cash flow from investing activities | – | –9.1 | – | –15.2 |
| Cash flow from investing activities | –5.3 | –6.8 | –17.8 | –42.3 |
| Free cash flow | 63.1 | 34.9 | –17.5 | 71.4 |
| Financing activities | ||||
| New loans | – | 1.3 | 25.5 | 5.9 |
| Amortization of loans | –6.2 | –0.9 | –11.1 | –6.6 |
| Changed use of bank overdraft facility | –29.0 | –23.8 | 17.9 | –34.4 |
| Dividend to shareholders | – | 0.0 | –16.4 | –8.2 |
| Cash flow from financing activities | –35.2 | –23.4 | 15.9 | –43.3 |
| Changes in cash and cash equivalents | 27.9 | 11.4 | –1.6 | 28.0 |
| Cash and cash equivalents at the beginning of the period | 94.3 | 95.4 | 108.4 | 75.2 |
| Exchange differences on cash and cash equivalents | –2.1 | 1.6 | 13.3 | 5.2 |
| Cash and cash equivalents at the end of the period | 120.1 | 108.4 | 120.1 | 108.4 |
FINANCIAL RATIOS FOR THE GROUP
| Amounts in SEK million | Full year 2022 |
Full year 2021 |
|---|---|---|
| Margins | ||
| Operating margin, % | 9.2 | 10.7 |
| Profit margin, % | 7.9 | 9.7 |
| Return on investment | ||
| Return on capital employed, % | 15.6 | 19.5 |
| Return on equity, % | 11.6 | 18.1 |
| Capital structure | ||
| Capital employed | 537.1 | 450.8 |
| Equity | 436.0 | 387.3 |
| Net debt | –18.9 | –44.9 |
| Net debt/equity ratio, % | –4.3 | –11.6 |
| Equity-asset ratio, % | 42.6 | 41.4 |
| Employees | ||
| Average number of employees | 520 | 517 |
| Net sales per employee | 1.6 | 1.5 |
See Definitions of key figures and ratios for a definition of alternative performance measures
DATA PER SHARE
| Quarter | Fyll year | Full year | ||
|---|---|---|---|---|
| Q4 2022 | Q4 2021 | 2022 | 2021 | |
| 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 |
2.67 | 4.01 | 5.82 | 7.69 |
| Equity per share, SEK | 53.05 | 47.12 | 53.05 | 47.12 |
NET SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | Full year | ||
|---|---|---|---|---|
| Amounts in SEK million | Q4 2022 | Q4 2021 | 2022 | 2021 |
| Sweden | 47.0 | 42.6 | 170.7 | 139.0 |
| Germany | 65.6 | 73.1 | 256.7 | 273.0 |
| The rest of Europe | 57.1 | 78.5 | 184.2 | 257.9 |
| North America | 27.8 | 17.4 | 75.1 | 52.5 |
| Asia | 25.3 | 37.6 | 105.9 | 72.6 |
| Other | 5.8 | 3.3 | 22.2 | 3.3 |
| Total | 228.6 | 252.5 | 814.8 | 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 | 203.1 | 195.3 | 228.6 |
| Operating expenses | –149.4 | –158.2 | –164.6 | –203.7 | –154.8 | –183.9 | –159.9 | –214.0 | –180.8 | –194.9 | –169.2 | –195.1 |
| Operating profit | 3.5 | 9.6 | 23.1 | 9.8 | 8.0 | 17.3 | 21.9 | 38.5 | 7.0 | 8.2 | 26.1 | 33.5 |
| Financial items, net | 0.5 | –1.8 | –1.3 | –2.1 | –1.0 | –1.4 | –1.6 | –4.3 | –3.8 | –2.0 | 2.0 | –6.9 |
| Profit/loss after financial items | 4.0 | 7.8 | 21.8 | 7.7 | 7.0 | 15.9 | 20.3 | 34.2 | 3.2 | 6.2 | 28.1 | 26.5 |
SEGMENT INFORMATION
| Quarter | Full year | Full year | ||
|---|---|---|---|---|
| Amounts in SEK million | Q4 2022 | Q4 2021 | 2022 | 2021 |
| DECOMMISSIONING & RADIATION PROTECTION SERVICES | ||||
| External sales revenue | 70.5 | 74.4 | 292.7 | 329.5 |
| Operating profit | 3.4 | –3.2 | 10.3 | 26.2 |
| Assets | 256.9 | 221.8 | 256.9 | 221.8 |
| Liabilities | 199.2 | 175.9 | 199.2 | 175.9 |
| Investments | 5.7 | 0.9 | 7.8 | 3.7 |
| Average number of employees | 307 | 332 | 308 | 326 |
| FUEL AND MATERIALS TECHNOLOGY* | ||||
| External sales revenue | 87.9 | 105.3 | 322.9 | 310.4 |
| Operating profit | 15.6 | 23.3 | 52.5 | 57.3 |
| Assets | 511.7 | 518.9 351.0 |
511.7 | 518.9 |
| Liabilities | 322.9 | 16.3 | 322.9 | 351.0 |
| Investments | 5.3 | 27.8 | 52.8 | |
| Average number of employees | 154 | 129 | 154 | 130 |
| SCANDPOWER | ||||
| External sales revenue | 42.2 | 35.0 | 135.3 | 103.4 |
| Operating profit | 9.2 | 6.7 | 17.0 | 4.1 |
| Assets | 192.6 | 167.1 | 192.6 | 167.1 |
| Liabilities | 59.8 | 69.3 | 59.8 | 69.3 |
| Investments | 0.9 | 0.2 | 5.3 | 1.3 |
| Average number of employees | 41 | 37 | 42 | 37 |
| WASTE MANAGEMENT TECHNOLOGY | ||||
| External sales revenue | 31.1 | 38.5 | 73.2 | 64.3 |
| Operating profit | 11.2 | 17.7 | 5.7 | 15.4 |
| Assets | 175.9 | 168.4 | 175.9 | 168.4 |
| Liabilities | 157.9 | 147.8 | 157.9 | 147.8 |
| Investments | 0.1 | 0.2 | 0.6 | 0.8 |
| Average number of employees | 9 | 14 | 9 | 13 |
| OTHER* | ||||
| External sales revenue | 4.0 | 5.0 | 14.4 | 16.7 |
| Operating profit | –5.8 | –6.0 | –10.6 | –17.2 |
| Assets | 309.7 | 347.6 | 309.7 | 347.6 |
| Liabilities | 270.8 | 292.4 | 270.8 | 292.4 |
| Investments | 0.0 | 0.0 | 0.3 | -0.1 |
| Average number of employees | 7 | 11 | 7 | 11 |
| ELIMINATION* | ||||
| External sales revenue | –7.1 | –5.7 | –23.7 | –26.0 |
| Operating profit | – | – | – | – |
| Assets | –424.3 | –487.2 | –424.3 | –487.2 |
| Liabilities | –424.3 | –487.2 | –424.3 | –487.2 |
| Investments | – | – | – | – |
| Average number of employees | – | – | – | – |
| GROUP | ||||
| External sales revenue | 228.6 | 252.5 | 814.8 | 798.3 |
| Operating profit | 33.5 | 38.5 | 74.9 | 85.8 |
| Assets | 1 022.5 | 936.6 | 1 022.5 | 936.6 |
| Liabilities | 586.3 | 549.2 | 586.3 | 549.2 |
| Investments | 12.0 | 17.6 | 41.8 | 58.5 |
| Average number of employees | 518 | 523 | 520 | 517 |
DATA PER SEGMENT CONT. – SALES PER GEOGRAPHICAL AREA
| Quarter | Full year | Full year | ||
|---|---|---|---|---|
| Amounts in SEK million | Q4 2022 | Q4 2021 | 2022 | 2021 |
| DECOMMISSIONING AND RADIATION PROTECTION SERVICES | ||||
| Sweden | – | – | – | – |
| Germany | 58.9 | 66.5 | 232.0 | 253.3 |
| The rest of Europe | 10.6 | 7.8 | 59.7 | 76.2 |
| North America | – | – | – | – |
| Asia | – | – | – | – |
| Other | – | – | – | – |
| Total | 69.5 | 74.3 | 291.7 | 329.5 |
| FUEL AND MATERIALS TECHNOLOGY | ||||
| Sweden | 35.0 | 32.3 | 119.1 | 108.0 |
| Germany | 5.3 | 1.4 | 16.8 | 5.5 |
| The rest of Europe | 18.4 | 32.1 | 75.7 | 114.6 |
| North America | 3.4 | 2.5 | 11.8 | 11.6 |
| Asia | 25.0 | 36.4 | 97.1 | 68.9 |
| Other | – | – | – | – |
| Total | 87.1 | 104.7 | 320.5 | 308.6 |
| SCANDPOWER | ||||
| Sweden | 0.0 | 2.0 | 7.8 | 6.6 |
| Germany | 1.4 | 5.2 | 7.9 | 14.2 |
| The rest of Europe | 12.7 | 10.0 | 26.0 | 30.4 |
| North America | 20.6 | 13.1 | 54.8 | 37.2 |
| Asia | 0.2 | 1.2 | 8.7 | 3.5 |
| Other | 5.8 | 3.3 | 22.2 | 3.3 |
| Total | 40.7 | 34.8 | 127.4 | 95.2 |
| WASTE MANAGEMENT TECHNOLOGY | ||||
| Sweden | 11.6 | 8.2 | 41.6 | 23.7 |
| Germany | – | – | – | – |
| The rest of Europe | 15.4 | 28.5 | 22.8 | 36.7 |
| North America | 3.8 | 1.8 | 8.5 | 3.7 |
| Asia | 0 | – | 0 | 0.2 |
| Other | – | – | – | – |
| Total | 30.9 | 38.5 | 73.0 | 64.3 |
| OTHER | ||||
| Sweden | 0.4 | 0.1 | 2.2 | 0.7 |
| Germany | – | – | – | – |
| The rest or Europe | – | – | – | – |
| North America | – | – | – | – |
| Asia | – | – | – | – |
| Other | – | – | – | – |
| Total | 0.4 | 0 | 2.2 | 0.7 |
| THE GROUP | ||||
| Sweden | 47.0 | 42.6 | 170.7 | 139.0 |
| Germany | 65.6 | 73.1 | 256.7 | 273.0 |
| The rest of Europe | 57.1 | 78.5 | 184.2 | 257.9 |
| North America | 27.8 | 17.4 | 75.1 | 52.5 |
| Asia | 25.3 | 37.6 | 105.9 | 72.6 |
| Other | 5.8 | 3.3 | 22.2 | 3.3 |
| Total | 228.6 | 252.5 | 814.8 | 798.3 |
PARENT COMPANY INCOME STATEMENT, IN SUMMARY
| Quarter | Full year | Full year | ||
|---|---|---|---|---|
| Amounts in SEK million | Q4 2022 | Q4 2021 | 2022 | 2021 |
| Net sales | 0.0 | 5.9 | 10.5 | 14.0 |
| Cost of services sold | – | – | – | – |
| Gross profit | 0.0 | 5.9 | 10.5 | 14.0 |
| Other operating income and expenses | –6.1 | –9.7 | –22.3 | –26.7 |
| Operating profit | –6.1 | –3.8 | –11.8 | –12.7 |
| Result from participations in Group companies | 1.9 | – | 10.1 | |
| Net financial items | –4.0 | 4.1 | 23.0 | 15.2 |
| Profit/loss before tax | –8.2 | 0.3 | 21.3 | 2.5 |
| Appropriations | – | 73.7 | – | 73.7 |
| Income tax | 1.3 | –14.7 | –2.5 | –15.1 |
| NET PROFIT/LOSS FOR THE PERIOD | –6.9 | 59.3 | 18.8 | 61.1 |
PARENT COMPANY BALANCE SHEET, IN SUMMARY
| Amounts in SEK million | December 31, 2022 |
December 31, 2021 |
|---|---|---|
| ASSETS | ||
| Intangible assets | – | – |
| Financial non-current assets | 572.2 | 531.9 |
| Total non-current assets | 572.2 | 531.9 |
| Current assets | 21.1 | 80.7 |
| Cash and cash equivalents | – | – |
| Total current assets | 21.1 | 80.7 |
| TOTAL ASSETS | 593.3 | 612.6 |
| EQUITY AND LIABILITIES | ||
| Restricted equity | 233.5 | 233.5 |
| Non-restricted equity | 71.1 | 68.6 |
| TOTAL EQUITY | 304.6 | 302.1 |
| Non-current liabilities | 130.9 | 129.3 |
| Current liabilities | 157.8 | 181.2 |
| Total liabilities | 288.7 | 310.5 |
| TOTAL EQUITY AND LIABILITIES | 593.3 | 612.6 |
RECONCILIATIONS OF KEY RATIOS
Return on capital employed
| Amounts in SEK million | Full year 2022 |
Full year 2021 |
|---|---|---|
| Profit/loss after financial items | 64.1 | 77.6 |
| Financial expenses according to the income statement | 14.8 | 8.8 |
| Total | 78.9 | 86.3 |
| Balance sheet total | 936.5 | 760.5 |
| Provisions and other long-term liabilities | –228.5 | –137.1 |
| Trade and other payables | –257.2 | –210.0 |
| Opening capital employed | 450.8 | 413.4 |
| Balance sheet total | 1 022.4 | 936.5 |
| Provisions and other long-term liabilities | –227.9 | –228.5 |
| Trade and other payables | –257.4 | –257.2 |
| Closing capital employed | 537.1 | 450.9 |
| Average capital employed | 511.6 | 441.2 |
| Return on capital employed (last four quarters) | 15.6 | 19.5 |
See Definitions of key figures and ratios for a definition of alternative performance measures
Return on equity
| Amounts in SEK million | Full year 2022 |
Full year 2021 |
|---|---|---|
| Net profit/loss for the period | 47.9 | 63.2 |
| Total | 47.9 | 63.2 |
| Opening equity | 387.3 | 313.4 |
| Closing equity | 436.0 | 387.3 |
| Return on equity (last four quarters) | 11.6 | 18.1 |
See Definitions of key figures and ratios for a definition of alternative performance measures
Net debt
| Amounts in SEK million | December 31, 2022 |
December 31, 2021 |
|---|---|---|
| Current borrowing | 38.9 | 21.0 |
| Non-current borrowing | 62.3 | 42.5 |
| Total liabilities | 101.2 | 63.5 |
| Cash and cash equivalents | 120.1 | 108.4 |
| Net debt | –18.9 | –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.
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 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.
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, DECEMBER 31, 2022
| Number of shares | Share. % | |
|---|---|---|
| Karinen Family | 1,769,552 | 21.5 |
| Briban Invest AB | 1,343,362 | 16.3 |
| Peter Gyllenhammar | 1,245,000 | 15.2 |
| Caceis Bank, Switzerland Branch | 363,879 | 4.5 |
| Girell Family | 343,800 | 4.2 |
| Banque Pictet & CIE | 335,000 | 4.1 |
| Avanza Pensionsförsäkring AB | 319,802 | 3.9 |
| Leif Lundin | 206,500 | 2.5 |
| Malte Edenius | 192,864 | 2.3 |
| NordNet Pensionsförsäkring AB | 121,052 | 1.5 |
| Total 10 largest | 6,240,811 | 76.0 |
| Other shareholders | 1,977,800 | 24.0 |
| Total amounts 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.